Fund Evaluator:
Payden Emerging Markets Bond Adviser (PYEWX)
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Best Performing in Emerging Markets Bond Over the Last Year
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Fund Details
Payden Emerging Markets Bond Adviser Overview
Payden Emerging Markets Bond Adviser (PYEWX) is an actively managed Taxable Bond Emerging Markets Bond fund. Paydenfunds launched the fund in 2009.
The investment seeks a high level of total return. Under normal market conditions, the fund invests at least 80% of its total assets in debt securities and similar debt instruments issued by governments, agencies and instrumentalities of emerging market countries (or economically linked with such securities), and other issuers organized, headquartered or principally located in emerging market countries.
About Payden Emerging Markets Bond Adviser (PYEWX)
There are 4 members of the management team with an average tenure of 14.91 years: Kristin Ceva (1998), Arthur Hovsepian (2013), Zubin Kapadia (2023), Nigel Jenkins (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and JPM EMBI Global Diversified TR USD index with a weighting of 100%. Payden Emerging Markets Bond Adviser has 373 securities in its portfolio. The top 10 holdings constitute 22.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Payden Emerging Markets Bond Adviser is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Emerging Markets Bond Adviser has 93.1% 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 97.4% (4.3% domestic bond, 93.1% foreign bond and 0.0% convertible bond). Payden Emerging Markets Bond Adviser has 2.6% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $331 million average for the Emerging Markets Bond 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.
PYEWX 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 Emerging Markets Bond Adviser expense ratio is high compared to funds in the Emerging Markets Bond category. Payden Emerging Markets Bond Adviser has an expense ratio of 0.99%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Emerging Markets Bond Adviser has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 83% for the Emerging Markets Bond category.
Recently, in the month of August 2026, Payden Emerging Markets Bond Adviser returned 0.8%, which earned it a grade of C, as the Emerging Markets Bond category had an average return of 0.8%. 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 Emerging Markets Bond Adviser has a trailing yield of 6.51%, which is above the 5.95% 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 Emerging Markets Bond Adviser Grades
Year to date, the fund has returned 2.9%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 8.9% over the past year (grade of B), 10.8% over the past three years (grade of B) and 2.5% per year over the past five years (grade of C) and 3.5% per year over the past 10 years (grade of C).
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PYEWX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PYEWX Return (NAV) | 0.8% | 0.5% | 8.9% | 10.8% | 2.5% | 3.5% |
| PYEWX Grade | C | C | B | B | C | C |
| +/- Category | 0.1% | -0.1% | 0.9% | 0.9% | -0.2% | 0.0% |
| Emerging Markets Bond Avg | 0.8% | 0.6% | 8.0% | 9.9% | 2.7% | 3.5% |
| PYEWX Tax Cost Ratio | na | na | 2.6% | 2.7% | 2.7% | 2.4% |
PYEWX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYEWX Return (NAV) | 2.9% | 14.9% | 7.6% | 12.2% | -17.7% | -2.5% | 5.9% | 16.1% | -7.3% | 11.7% | 11.2% |
| PYEWX Grade | C | B | B | C | F | C | C | A | F | C | C |
| +/- Category | -0.4% | 1.1% | 1.2% | 0.6% | -2.8% | 0.3% | 0.4% | 2.9% | -1.9% | 0.5% | -0.7% |
| Emerging Markets Bond Avg | 3.3% | 13.8% | 6.4% | 11.6% | -14.9% | -2.9% | 5.5% | 13.1% | -5.4% | 11.2% | 11.9% |
| Risk Measures | |
| Standard Deviation: | 6.9% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 1.12 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 1.03 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 6.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $997 Mil |
| Fund Total Assets: | $ 30 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 27.7 years | |||
| Average Tenure: 14.9 years | |||
| Managers (Year): Ceva Kristin (1998), Jenkins Nigel (2011), Hovsepian Arthur (2013), Kapadia Zubin (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 373 |
| % in Top 10 Holdings: | 22.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 4.3% |
| Foreign Bond: | 93.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.6% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | November 2, 2009 |
| 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 (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.00% |
| Share Class: | Payden Emerging Markets Bond |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
