Fund Evaluator:
Payden Securitized Income Investor (PYSFX)
Follow This Fund
Best Performing in Securitized Bond - Diversified Over the Last Year
| 7.6% | Putnam Mortgage Opportunities Y (PMOYX) |
| 7.2% | Putnam Mortgage Securities Y (PUSYX) |
| 5.0% | Medlst MBS Ttl Rtn Inv (SEMPX) |
| 4.5% | Diamond Hill Short Dur Securitized BdInv (DHEAX) |
| 4.4% | Payden Securitized Income Investor (PYSFX) |
Fund Details
Payden Securitized Income Investor Overview
Payden Securitized Income Investor (PYSFX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Paydenfunds launched the fund in 2025.
The investment seeks a high level of total return combined with income generation that is consistent with preservation of capital. Under normal market conditions, the fund will invest at least 80% of its investable assets (net assets plus borrowing for investment purposes, if any) in securitized credit securities. Securitized credit securities include but not limited to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), agency and non-agency residential mortgage-backed securities (RMBS), and collateralized loan obligations (CLOs). It is non-diversified.
About Payden Securitized Income Investor (PYSFX)
There are 4 members of the management team with an average tenure of 1.16 years: Laura Lake (2026), Amy Marshall (2025), Josip Zdrilic (2025), Gary Greenberg (2025). Management tenure is more important for actively managed funds than passive index funds.
Payden Securitized Income Investor has 269 securities in its portfolio. The top 10 holdings constitute 23.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Payden Securitized Income Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Securitized Income Investor has 7.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. 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 112.7% (104.8% domestic bond, 7.9% foreign bond and 0.0% convertible bond). Payden Securitized Income Investor has -12.7% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
PYSFX 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 Securitized Income Investor expense ratio is above average compared to funds in the Securitized Bond - Diversified category. Payden Securitized Income Investor has an expense ratio of 0.66%, which is 33% lower than its category average, making the fund expense ratio grade a B. 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 Securitized Income Investor has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Payden Securitized Income Investor returned 0.2%, which earned it a grade of A, as the Securitized Bond - Diversified category had an average return of -0.7%. 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 Securitized Income Investor has a trailing yield of 5.01%, which is below the 5.10% 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 Securitized Income Investor Grades
Year to date, the fund has returned 2.1%, 1.0 percentage points better than the category, which translates into a grade of B. The fund has returned 4.4% over the past year (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Payden Securitized Income Investor, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PYSFX 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 |
|
| PYSFX Return (NAV) | 0.2% | 0.9% | 4.4% | na | na | na |
| PYSFX Grade | A | A | C | na | na | na |
| +/- Category | 0.9% | 0.9% | -0.2% | na | na | na |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| PYSFX Tax Cost Ratio | na | na | 2.0% | na | na | na |
PYSFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PYSFX Return (NAV) | 2.1% | na | na | na | na | na | na | na | na | na | na |
| PYSFX Grade | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.0% | na | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| 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: | na |
| Yield: | 5.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $143 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Marshall Amy (2025), Zdrilic Josip (2025), Greenberg Gary (2025), Lake Laura (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 269 |
| % in Top 10 Holdings: | 23.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 7.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 104.8% |
| Foreign Bond: | 7.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -12.7% |
Purchase Information
| Fund Family: | Paydenfunds |
| Phone Number: | 800-572-9336 |
| Website: | www.payden.com |
| Status: | Open |
| Inception Date: | March 5, 2025 |
| 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 (%): | 0.66% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Payden Securitized Income SI |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
