Fund Evaluator:
Payden Low Duration SI (PYLDX)
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Best Performing in Short-Term Bond Over the Last Year
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Fund Details
Payden Low Duration SI Overview
Payden Low Duration SI (PYLDX) is an actively managed Taxable Bond Short-Term Bond fund. Paydenfunds launched the fund in 2022.
The investment seeks a high level of total return that is consistent with preservation of capital. The fund invests in a wide variety of debt instruments and income-producing securities payable primarily in U.S. dollars. It invests at least 75% of its total assets in investment grade debt securities, but may invest up to 25% 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 Low Duration SI (PYLDX)
There are 5 members of the management team with an average tenure of 9.51 years: Adam Congdon (2022), Kerry Rapanot (2022), Mary Syal (2008), Nigel Jenkins (2020), Brian Matthews (2013). 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 ICE BofA 1-3Y US Trsy TR USD index with a weighting of 100%. Payden Low Duration SI has 296 securities in its portfolio. The top 10 holdings constitute 58.3% 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 Low Duration SI is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Low Duration SI has 11.3% 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 134.6% (123.3% domestic bond, 11.3% foreign bond and 0.0% convertible bond). Payden Low Duration SI has -34.6% of the portfolio in cash.
Assets Under Management
The fund has $340 million in total assets, which is below the $917 million average for the Short-Term 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.
PYLDX 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 Low Duration SI expense ratio is below average compared to funds in the Short-Term Bond category. Payden Low Duration SI has an expense ratio of 0.38%, which is 43% 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 Low Duration SI 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 135% for the Short-Term Bond category.
Recently, in the month of August 2026, Payden Low Duration SI returned 0.3%, which earned it a grade of B, as the Short-Term Bond category had an average return of 0.3%. 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 Low Duration SI has a trailing yield of 4.57%, which is above the 4.15% category average. The fund normally distributes its income monthly.
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 Low Duration SI Grades
Year to date, the fund has returned 1.2%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 2.8% over the past year (grade of C), 5.0% over the past three years (grade of C) and 2.7% per year over the past five years (grade of B) and 2.4% per year over the past 10 years (grade of C).
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PYLDX 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 |
|
| PYLDX Return (NAV) | 0.3% | 0.6% | 2.8% | 5.0% | 2.7% | 2.4% |
| PYLDX Grade | B | A | C | C | B | C |
| +/- Category | 0.0% | 0.2% | 0.1% | -0.0% | 0.4% | 0.1% |
| Short-Term Bond Avg | 0.3% | 0.4% | 2.7% | 5.0% | 2.3% | 2.3% |
| PYLDX Tax Cost Ratio | na | na | 1.8% | 1.8% | na | na |
PYLDX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYLDX Return (NAV) | 1.2% | 5.8% | 5.1% | 5.7% | -3.4% | -0.1% | 3.5% | 4.1% | 1.0% | 1.5% | 1.8% |
| PYLDX Grade | C | C | C | C | A | C | D | D | C | C | C |
| +/- Category | 0.0% | -0.1% | 0.1% | 0.1% | 1.7% | -0.0% | -0.7% | -0.7% | 0.3% | -0.4% | -0.7% |
| Short-Term Bond Avg | 1.2% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 1.6% |
| Total Risk Index: | 0.13 - Low |
| Category Risk Index: | 0.80 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | 0.25 |
| R-Squared: | 81% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $739 Mil |
| Fund Total Assets: | $ 340 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 18.5 years | |||
| Average Tenure: 9.5 years | |||
| Managers (Year): Syal Mary (2008), Matthews Brian (2013), Jenkins Nigel (2020), Congdon Adam (2022), Rapanot Kerry (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 296 |
| % in Top 10 Holdings: | 58.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 123.3% |
| Foreign Bond: | 11.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -34.6% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | February 28, 2022 |
| Min. Initial Purchase: | $10,000,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.38% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Payden Low Duration Fund |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
