Fund Evaluator:
Payden Global Fixed Income (PYGFX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
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Fund Details
Payden Global Fixed Income Overview
Payden Global Fixed Income (PYGFX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Paydenfunds launched the fund in 1992.
The investment seeks a high level of total return that is consistent with preservation of capital. The fund invests at least 80% of its total assets in a wide variety of debt instruments and income-producing securities. The fund invests at least 65% of its total assets in investment grade debt securities. However, the fund may invest up to 35% of its total assets in debt securities rated below investment grade. The overall average credit quality of the fund will remain investment grade.
About Payden Global Fixed Income (PYGFX)
There are 5 members of the management team with an average tenure of 7.02 years: Kristin Ceva (2020), Laura Lake (2026), Timothy Crawmer (2020), Paul Saint Pasteur (2023), Nigel Jenkins (2008). 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 Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. Payden Global Fixed Income has 437 securities in its portfolio. The top 10 holdings constitute 52.6% 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 Global Fixed Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Global Fixed Income has 64.8% 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 0.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 125.5% (60.7% domestic bond, 64.8% foreign bond and 0.0% convertible bond). Payden Global Fixed Income has -26.4% of the portfolio in cash.
Assets Under Management
The fund has $37 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
PYGFX 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 Global Fixed Income expense ratio is above average compared to funds in the Global Bond-USD Hedged category. Payden Global Fixed Income has an expense ratio of 0.70%, which is 4% 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 Global Fixed Income 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 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Payden Global Fixed Income returned -1.0%, which earned it a grade of B, as the Global Bond-USD Hedged category had an average return of -1.1%. 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 Global Fixed Income has a trailing yield of 4.15%, which is above the 3.99% 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 Global Fixed Income Grades
Year to date, the fund has returned -0.1%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.4% over the past year (grade of C), 4.3% over the past three years (grade of C) and 0.3% per year over the past five years (grade of C) and 1.8% per year over the past 10 years (grade of C).
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PYGFX 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 |
|
| PYGFX Return (NAV) | -1.0% | -0.1% | 2.4% | 4.3% | 0.3% | 1.8% |
| PYGFX Grade | B | F | C | C | C | C |
| +/- Category | 0.1% | -0.4% | 0.1% | -0.1% | -0.0% | -0.0% |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| PYGFX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.8% | 1.5% |
PYGFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYGFX Return (NAV) | -0.1% | 5.2% | 3.9% | 7.3% | -12.4% | -0.9% | 5.9% | 8.6% | -0.3% | 4.1% | 3.7% |
| PYGFX Grade | C | C | B | D | C | B | C | C | D | C | D |
| +/- Category | -0.2% | 0.0% | 0.5% | -0.6% | -0.4% | 0.8% | -0.8% | 0.0% | -0.3% | -0.2% | -0.8% |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 1.02 - Average |
| Category Risk Grade: | C (51% Rank) |
| Beta: | 0.78 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | Medium Quality Moderate Sensitivity |
| Yield: | 4.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $149 Mil |
| Fund Total Assets: | $ 37 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 18.4 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Jenkins Nigel (2008), Ceva Kristin (2020), Crawmer Timothy (2020), Saint Pasteur Paul (2023), Lake Laura (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 437 |
| % in Top 10 Holdings: | 52.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 64.8% |
Portfolio Allocation |
|
| Domestic Stock: | -0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.9% |
| Domestic Bond: | 60.7% |
| Foreign Bond: | 64.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -26.4% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | September 1, 1992 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| 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 (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Payden Global Fixed Income |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
