Fund Evaluator:
Payden Floating Rate Investor (PYFRX)
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Best Performing in Bank Loan Over the Last Year
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| 4.9% | Aristotle Floating Rate Income I-2 (PLFDX) |
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Fund Details
Payden Floating Rate Investor Overview
Payden Floating Rate Investor (PYFRX) is an actively managed Taxable Bond Bank Loan fund. Paydenfunds launched the fund in 2013.
The investment seeks a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation. The fund invests at least 80% of its total assets in income producing floating rate loans and other floating rate debt instruments. Floating rate loans are typically debt obligations with interest rates that adjust or "float" periodically, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate plus a premium. It invests primarily in senior floating rate loans of domestic and foreign borrowers.
About Payden Floating Rate Investor (PYFRX)
There are 5 members of the management team with an average tenure of 7.28 years: Jordan Lopez (2013), Natalie Trevithick (2023), Timothy Crawmer (2020), Alfred Giles (2017), Nicholas Burns (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Leveraged Loan TR USD index with a weighting of 100%. Payden Floating Rate Investor has 182 securities in its portfolio. The top 10 holdings constitute 26.9% 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 Floating Rate Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Floating Rate Investor has 30.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.1% (59.2% domestic bond, 29.9% foreign bond and 0.0% convertible bond). Payden Floating Rate Investor has 10.5% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $344 million average for the Bank Loan 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.
PYFRX 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 Floating Rate Investor expense ratio is above average compared to funds in the Bank Loan category. Payden Floating Rate Investor has an expense ratio of 0.71%, which is 33% lower than its category average, making the fund expense ratio grade a A. 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 Floating Rate Investor has a portfolio turnover rate of 86%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of July 2026, Payden Floating Rate Investor returned 0.7%, which earned it a grade of B, as the Bank Loan category had an average return of 0.6%. 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 Floating Rate Investor has a trailing yield of 6.97%, which is above the 6.73% 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 Floating Rate Investor Grades
Year to date, the fund has returned 2.4%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.4% over the past year (grade of A), 7.7% over the past three years (grade of A) and 6.4% per year over the past five years (grade of A) and 5.0% per year over the past 10 years (grade of A).
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PYFRX 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 |
|
| PYFRX Return (NAV) | 0.7% | 1.4% | 5.4% | 7.7% | 6.4% | 5.0% |
| PYFRX Grade | B | B | A | A | A | A |
| +/- Category | 0.1% | 0.2% | 1.6% | 1.0% | 1.2% | 0.6% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| PYFRX Tax Cost Ratio | na | na | 2.8% | 3.2% | 2.8% | 2.2% |
PYFRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYFRX Return (NAV) | 2.4% | 6.6% | 8.9% | 12.9% | 0.3% | 3.9% | 1.7% | 8.5% | 0.3% | 2.8% | 6.7% |
| PYFRX Grade | B | A | A | B | A | D | C | B | A | F | F |
| +/- Category | 0.4% | 1.5% | 0.7% | 0.8% | 2.6% | -0.8% | 0.5% | 0.9% | 0.7% | -0.8% | -2.5% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 1.8% |
| Total Risk Index: | 0.15 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.06 |
| R-Squared: | 3% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 7.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $135 Mil |
| Fund Total Assets: | $ 50 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 86% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 12.7 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Lopez Jordan (2013), Giles Alfred (2017), Crawmer Timothy (2020), Burns Nicholas (2022), Trevithick Natalie (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 182 |
| % in Top 10 Holdings: | 26.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 59.2% |
| Foreign Bond: | 29.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 10.5% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | November 11, 2013 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Payden Floating Rate SI |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
