Fund Evaluator:
Payden California Municipal Scl Imp Adv (PYCLX)
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Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
Payden California Municipal Scl Imp Adv Overview
Payden California Municipal Scl Imp Adv (PYCLX) is an actively managed Municipal Bond Muni California Intermediate fund. Paydenfunds launched the fund in 2023.
The investment seeks income that is exempt from Federal and California income tax and is consistent with preservation of capital. Under normal market circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in "California Municipal Securities," which are defined as debt obligations issued by the State of California, local governments and other authorities in California, and their agencies and instrumentalities, or by other issuers, all of which pay interest income exempt from Federal and California personal income tax.
About Payden California Municipal Scl Imp Adv (PYCLX)
There are 3 members of the management team with an average tenure of 3.75 years: Laura Lake (2026), Adam Congdon (2022), Mary Syal (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal MF CA Interm TR USD index with a weighting of 100%. Payden California Municipal Scl Imp Adv has 179 securities in its portfolio. The top 10 holdings constitute 27.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Payden California Municipal Scl Imp Adv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Payden California Municipal Scl Imp Adv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 110.0% (110.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Payden California Municipal Scl Imp Adv has -10.0% of the portfolio in cash.
Assets Under Management
The fund has $57 million in total assets, which is below the $621 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PYCLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Payden California Municipal Scl Imp Adv expense ratio is above average compared to funds in the Muni California Intermediate category. Payden California Municipal Scl Imp Adv has an expense ratio of 0.70%, which is 4% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Payden California Municipal Scl Imp Adv has a portfolio turnover rate of 54%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, Payden California Municipal Scl Imp Adv returned -1.8%, which earned it a grade of F, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Payden California Municipal Scl Imp Adv has a trailing yield of 3.22%, which is above the 3.02% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Payden California Municipal Scl Imp Adv Grades
Year to date, the fund has returned -0.1%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.3% over the past year (grade of C).
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PYCLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PYCLX Return (NAV) | -1.8% | -0.7% | 4.3% | na | na | na |
| PYCLX Grade | F | F | C | na | na | na |
| +/- Category | -0.4% | -0.3% | 0.0% | na | na | na |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| PYCLX Tax Cost Ratio | na | na | 0.0% | na | na | na |
PYCLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYCLX Return (NAV) | -0.1% | 4.7% | 2.0% | na | na | na | na | na | na | na | na |
| PYCLX Grade | F | A | B | na | na | na | na | na | na | na | na |
| +/- Category | -0.3% | 0.7% | 0.3% | na | na | na | na | na | na | na | na |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $316 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.4 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Syal Mary (2020), Congdon Adam (2022), Lake Laura (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 179 |
| % in Top 10 Holdings: | 27.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 110.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -10.0% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | November 30, 2023 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Payden California Municipal Social Imp |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
