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Payden Managed Income Fund
mutual fund
PKBIX
Payout Change
Pending
Price as of:
$10.72
+0.01
+0.09%
primary theme
Bond Sector Diversified
share class
PKBIX (Mutual Fund)
Payden Managed Income Fund
Payout Change
Pending
Price as of:
$10.72
+0.01
+0.09%
primary theme
Bond Sector Diversified
share class
PKBIX (Mutual Fund)
Payden Managed Income Fund
Payout Change
Pending
Price as of:
$10.72
+0.01
+0.09%
primary theme
Bond Sector Diversified
share class
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
7.8%
1 yr return
8.1%
3 Yr Avg Return
3.3%
5 Yr Avg Return
3.1%
Net Assets
$114 M
Holdings in Top 10
14.6%
52 WEEK LOW AND HIGH
$10.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 155.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$25,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PKBIX - Profile
Distributions
- YTD Total Return 7.8%
- 3 Yr Annualized Total Return 3.3%
- 5 Yr Annualized Total Return 3.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.95%
- Dividend Yield 5.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NamePayden Managed Income Fund
-
Fund Family NamePaydenfunds
-
Inception DateJun 01, 2016
-
Shares OutstandingN/A
-
Share ClassS
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Matthews
Fund Description
| ª | The Fund is designed as an investment vehicle for cash balance pension plans. The Fund seeks to earn a total return, net of fees and expenses, that is equivalent to the interest crediting rate established by the Internal Revenue Service for cash balance pension plans using the 30‑year U.S. Treasury Bond Yield. The Fund seeks to earn this rate each calendar year. |
| ª | The Fund invests in a wide variety of debt instruments and income-producing securities. These include (1) debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities, loans and commercial paper issued by U.S. and foreign companies; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations; (4) U.S. and foreign asset-backed debt securities, including collateralized debt obligations and collateralized loan obligations; (5) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; (6) convertible bonds and preferred stock; and (7) real estate investment trusts. |
| ª | The Fund may invest up to 60% of its total assets in securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities determined by Payden to be of comparable quality. |
| ª | The Fund may invest up to 40% of its total assets in securities issued by governments, agencies and instrumentalities of emerging market countries, and other issuers organized or headquartered in emerging market countries. |
| ª | The Fund invests in debt securities of any maturity and there is no limit on the Fund’s minimum or maximum average portfolio maturity. |
| ª | The Fund invests in securities payable in U.S. dollars and foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar. |
| ª | The Fund may invest up to 30% of its total assets in equity securities of U.S. and foreign companies. |
| ª | The Fund may invest in derivative instruments, such as option contracts on individual stocks, indices or exchange-traded funds, futures contracts, currency forward contracts and swap agreements, including interest rate swaps, principally to hedge market risk, but also to efficiently add specific sector, currency, interest rate or style exposure to the Fund. |
| ª | To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds (“ETFs”) and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds). |
PKBIX - Performance
Return Ranking - Trailing
| Period | PKBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.8% | -12.8% | 18.9% | 17.80% |
| 1 Yr | 8.1% | -13.9% | 19.8% | 16.56% |
| 3 Yr | 3.3%* | -17.4% | 13.4% | 18.89% |
| 5 Yr | 3.1%* | -15.3% | 13.3% | 24.29% |
| 10 Yr | 2.9%* | -7.1% | 6.9% | 42.93% |
* Annualized
Return Ranking - Calendar
| Period | PKBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -12.0% | 8.9% | 78.36% |
| 2022 | -5.7% | -31.8% | 18.4% | 10.62% |
| 2021 | 1.7% | -16.2% | 25.7% | 8.69% |
| 2020 | -1.6% | -31.1% | 18.7% | 74.51% |
| 2019 | 2.9% | -6.1% | 15.3% | 73.41% |
Total Return Ranking - Trailing
| Period | PKBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.8% | -12.8% | 18.9% | 17.80% |
| 1 Yr | 8.1% | -13.9% | 19.8% | 16.56% |
| 3 Yr | 3.3%* | -17.4% | 13.4% | 18.89% |
| 5 Yr | 3.1%* | -15.3% | 13.3% | 24.29% |
| 10 Yr | 2.9%* | -7.1% | 6.9% | 42.93% |
* Annualized
Total Return Ranking - Calendar
| Period | PKBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.2% | -6.9% | 22.2% | 78.36% |
| 2022 | -3.9% | -31.8% | 21.1% | 21.55% |
| 2021 | 4.0% | -13.5% | 49.9% | 19.34% |
| 2020 | 1.9% | -28.6% | 24.1% | 77.72% |
| 2019 | 6.4% | -4.8% | 19.1% | 74.95% |
NAV & Total Return History
PKBIX - Holdings
Concentration Analysis
| PKBIX | Category Low | Category High | PKBIX % Rank | |
|---|---|---|---|---|
| Net Assets | 114 M | 2.63 M | 143 B | 82.32% |
| Number of Holdings | 368 | 4 | 9638 | 57.88% |
| Net Assets in Top 10 | 17.4 M | -204 M | 89.4 B | 91.11% |
| Weighting of Top 10 | 14.63% | 5.8% | 265.8% | 79.56% |
Top 10 Holdings
- Brazil Letras do Tesouro Nacional 4.73%
- United States Treasury Bill 2.68%
- Payden Emerging Markets Local Bond Fund 1.28%
- Republic of South Africa Government Bond 0.96%
- ARES Loan Funding III Ltd 0.92%
- Exeter Automobile Receivables Trust 2022-1 0.89%
- Carlyle Global Market Strategies CLO 2012-4 Ltd 0.86%
- Open Text Corp 0.81%
- Freddie Mac STACR REMIC Trust 2024-DNA3 0.76%
- Freddie Mac STACR REMIC Trust 2021-DNA6 0.74%
Asset Allocation
| Weighting | Return Low | Return High | PKBIX % Rank | |
|---|---|---|---|---|
| Bonds | 84.94% | 0.00% | 199.60% | 57.10% |
| Other | 13.99% | -75.22% | 147.15% | 21.37% |
| Stocks | 2.65% | -6.18% | 99.68% | 28.71% |
| Cash | 0.44% | -94.66% | 99.97% | 85.18% |
| Convertible Bonds | 0.39% | 0.00% | 33.50% | 68.43% |
| Preferred Stocks | 0.00% | 0.00% | 21.58% | 65.52% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PKBIX % Rank | |
|---|---|---|---|---|
| Financial Services | 22.82% | 0.00% | 100.00% | 25.51% |
| Technology | 19.56% | 0.00% | 28.30% | 8.70% |
| Industrials | 18.03% | 0.00% | 100.00% | 8.70% |
| Energy | 13.60% | 0.00% | 100.00% | 40.00% |
| Healthcare | 6.65% | 0.00% | 18.60% | 17.97% |
| Consumer Cyclical | 5.72% | 0.00% | 89.95% | 22.03% |
| Consumer Defense | 4.64% | 0.00% | 99.97% | 22.03% |
| Real Estate | 4.54% | 0.00% | 100.00% | 24.64% |
| Utilities | 4.45% | 0.00% | 100.00% | 21.45% |
| Communication Services | 0.00% | 0.00% | 100.00% | 67.54% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 64.35% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PKBIX % Rank | |
|---|---|---|---|---|
| US | 2.65% | -6.18% | 99.68% | 28.24% |
| Non US | 0.00% | -0.30% | 17.73% | 50.86% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PKBIX % Rank | |
|---|---|---|---|---|
| Securitized | 42.63% | 0.00% | 99.65% | 20.13% |
| Corporate | 19.44% | 0.00% | 96.66% | 69.89% |
| Government | 9.20% | 0.00% | 99.43% | 58.45% |
| Derivative | 0.86% | -75.22% | 147.15% | 12.05% |
| Cash & Equivalents | 0.44% | 0.00% | 94.89% | 82.94% |
| Municipal | 0.00% | 0.00% | 54.26% | 62.32% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PKBIX % Rank | |
|---|---|---|---|---|
| US | 70.96% | 0.00% | 199.60% | 61.31% |
| Non US | 13.98% | 0.00% | 76.68% | 24.96% |
PKBIX - Expenses
Operational Fees
| PKBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.71% | 0.03% | 34.13% | 27.99% |
| Management Fee | 1.10% | 0.00% | 2.29% | 87.62% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.15% | 0.00% | 0.70% | 67.61% |
Sales Fees
| PKBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
| PKBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PKBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 155.00% | 0.00% | 632.00% | 83.58% |
PKBIX - Distributions
Dividend Yield Analysis
| PKBIX | Category Low | Category High | PKBIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.15% | 0.00% | 23.30% | 41.11% |
Dividend Distribution Analysis
| PKBIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| PKBIX | Category Low | Category High | PKBIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.95% | -1.55% | 11.51% | 80.03% |
Capital Gain Distribution Analysis
| PKBIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $0.552 | OrdinaryDividend |
| Dec 29, 2022 | $0.192 | OrdinaryDividend |
| Dec 30, 2021 | $0.229 | OrdinaryDividend |
| Dec 30, 2020 | $0.368 | OrdinaryDividend |
| Dec 30, 2019 | $0.347 | OrdinaryDividend |
| Dec 28, 2018 | $0.332 | OrdinaryDividend |
| Dec 28, 2017 | $0.260 | OrdinaryDividend |
| Dec 29, 2016 | $0.176 | OrdinaryDividend |
| Dec 30, 2015 | $0.205 | OrdinaryDividend |
| Dec 30, 2014 | $0.179 | OrdinaryDividend |
| Dec 30, 2013 | $0.283 | OrdinaryDividend |
| Dec 28, 2012 | $0.215 | OrdinaryDividend |
| Dec 29, 2011 | $0.219 | OrdinaryDividend |
| Dec 30, 2010 | $0.186 | OrdinaryDividend |
| Dec 29, 2009 | $0.074 | OrdinaryDividend |
| Dec 23, 2009 | $0.033 | CapitalGainShortTerm |
| Jan 29, 2009 | $0.035 | OrdinaryDividend |
| Dec 29, 2008 | $0.014 | CapitalGainShortTerm |
| Dec 29, 2008 | $0.024 | CapitalGainLongTerm |
| Dec 29, 2008 | $0.028 | OrdinaryDividend |
| Nov 26, 2008 | $0.010 | OrdinaryDividend |
PKBIX - Fund Manager Analysis
Managers
Brian Matthews
Start Date
Tenure
Tenure Rank
Feb 27, 2009
13.26
13.3%
Brian Matthews, CFA, is a managing principal and the chief financial officer at Payden & Rygel, and is a member of the Executive Committee of the board of directors. Matthews is a member of the firm’s Investment Policy Committee and serves as a senior portfolio manager advising institutional clients, including corporations, pension funds, insurance companies and foundations and endowments. He is a director of Metzler/Payden LLC, the firm’s joint venture with Metzler Bank of Frankfurt, Germany. Matthews is also co-chairman of Payden/Kravitz LLC, a joint venture specializing in cash balance retirement plans. Prior to joining Payden & Rygel, Matthews was an investment officer at Brown Brothers Harriman & Company in New York, where he was responsible for managing fixed-income portfolios and asset/liability management. Matthews is a member of the CFA Society of Los Angeles, the CFA Institute and the Investment Counsel Association of America, Inc. He is past chairman of the board of directors for the Boy Scouts of America Los Angeles Area Council and serves on the board of directors for Oaks Christian School, St. Anne’s, Kids in Sports, and the board of visitors for Pepperdine University and is a board member of the Patron of the Arts in the Vatican Museums. Brian Matthews holds the Chartered Financial Analyst designation. He earned a BS in Economics at the University of Notre Dame.
Eric Souders
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
Eric Souders, CFA®, is a Director and portfolio manager on the global unconstrained fixed income team with a focus on absolute return solutions. In this capacity, he is responsible for idea generation, strategy implementation, and risk management. Prior to joining Payden & Rygel, Souders worked as a Portfolio Manager at Guggenheim Partners, focusing on multi-sector and structured product dedicated strategies. In addition, he worked as a Portfolio Manager at Blackrock, focusing on investment-grade corporate credit strategies. Previously, he worked at BNY Mellon in their Wealth Management division. Eric Souders holds the Chartered Financial Analyst® designation, and is a member of the CFA® Society of Los Angeles and the CFA® Institute. He earned a BA in Business-Finance at California State University, Fullerton.
Nigel Jenkins
Start Date
Tenure
Tenure Rank
Feb 28, 2022
0.25
0.3%
Nigel Jenkins is a Managing Principal and portfolio manager who has been with Payden & Rygel since 2006. who is responsible for the management of UK and European benchmarked fixed-income and money market portfolios. Prior to joining Payden & Rygel, Jenkins was a founding partner of Centric Capital LLP, a fixed-income and currency hedge fund focusing on quantitative methodologies. Previously he was head of global fixed-income at WestLB, and a director of the fixed income & currency group at Rothschild Asset Management, both in London. Jenkins holds the ASIP designation of the UK Society of Investment Professionals, a member society of the CFA Institute. He earned a MA degree in Economics from the University of Cambridge.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
