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Payden & Rygel: In The News


High-yield bonds’ minor correction
High yield bonds have stalled recently, Sabur Moini, high yield portfolio manager at Payden & Rygel, tells journalist Vivienne Rodrigues why he thinks the recent sell-off was a minor correction only and offers an opportunity.
Financial Times, August 19, 2014

US Economy on good footing: Economist
Jeffrey Cleveland, Payden & Rygel chief economist, provides perspective on the latest jobs numbers.
cnbc.com, August 14, 2014

Should investors wait before getting into the markets?
Payden & Rygel chief economist Jeffrey Cleveland, Mainstay Capital Management CEO and Intrader Market Strategist Bill Baruch on the outlook for economy and stocks.
Fox Business, August 1, 2014

Initial Jobless Claims 336,000; January CPI UP 0.1%
Jeffrey Cleveland, chief economist, breaks down the latest numbers on unemployment and consumer prices on CNBC’s “Squawk Box.”
cnbc.com, February 20, 2014

The Mutual Fund Observer profiles the Payden Global Low Duration Fund (PYGSX)
“Short-term bond funds make a lot of sense as a conservative slice of your portfolio, most especially during the long bull market in US bonds. The question is: what happens when the bull market here stalls out? One good answer is: look for a fund that’s equally adept at investing “there” as well as “here.” Over 17 years of operation, PYGSX has made a good case that they are that fund.”
The Mutual Fund Observer, May 1, 2013

The Best Performing Mutual Funds
Bloomberg Markets magazine’s ranking of “The Best Performing Mutual Funds” includes the Payden Emerging Markets Bond Fund among its top 10 funds in the U.S. Bonds category.
Bloomberg Markets, May 2013

Will Markets Get a Bernanke Bounce or Bust?
Payden & Rygel's senior economist weighs in on what to expect from the FOMC meeting.
CNBC.com, March 20, 2013

Options abound for income-seekers
With rates at historic lows, investors can’t rely on bonds but also must look at equities.
By James Wong, principal at Payden & Rygel and co-portfolio manager of the Payden Value Leaders Fund.
InvestmentNews, September 16, 2012

Finding yield in the energy market
Key evaluation factors: Business mix and geography of assets, partnerships’ fundamentals.
Jay Wong, principal and a portfolio manager of the Payden Value Leaders Fund, which invests in MLPs, offers three crucial factors that financial advisers should consider when investing in MLPs for client portfolios.
InvestmentNews, February 12, 2013

Payden Ginnie Mae Fund Seeks Yield Amid Falling Coupons
Michael Aneiro's Income Investing blog article highlights the Payden GNMA Fund with comments from managers Dave Ballantine and Gary Greenberg, while underscoring both the benefits and risks of GNMA securities for investors. Aniero writes, "They [GNMA securities] cater to a relatively risk-averse investor base seeking bonds that are fully backed by the government while offering a yield premium over ten-year Treasuries."
Barrons.com, August 22, 2012

Winner's Circle
Payden's Value Leaders Fund and co-portfolio manager James Wong are highlighted in The Wall Street Journal's Winners' Circle column. Wong discusses the current environment, fund strategy, and several yield generating stockholdings.
The Wall Street Journal, July 9, 2012

Flouting Risks, Investors Gorge on Fat Yields on Emerging Market Debt
Many fund managers are grabbing what they can. Sabur Moini, manager of the $1.1 billion Payden High Income fund (PYHRX), recently upped the fund's allocation to emerging-market corporate debt to 5%, from just 1% in August.
The Wall Street Journal, April 10, 2012

Better Yields From 4 Top Junk Bond Funds
Payden's High Income Fund (PYHRX) is highlighted with portfolio manager, Sabur Moini. Author James K. Glassman writes, “My advice: Stick with funds, such as the Payden offering, that are run by experienced humans rather than by computer algorithms.”
Kiplinger magazine, April 2012

Emerging Opportunities; Although some say emerging markets are fully valued, that hasn’t stopped managers from introducing funds to take advantage of growing economies.
Because of the euro’s woes, some managers are opting for debt funds denominated in local currencies. “It’s a newer asset class,” says Kristin Ceva, a managing principal at Payden & Rygel, and a manager on its Payden Emerging Markets Local Bond Fund (PYELX), launched in November 2011. “Some clients wanted 100% local currency,” says Ceva, who also directs the firm’s global sovereign debt strategies. “They wanted to diversify away from [the] dollar or other currencies.” Ceva finds it improves inflows. “Investment flows tend to support currencies of those countries,” she says.
Financial Advisor magazine, March 2012

EU Firewall Not Replacement for Structural Overhaul
Nigel Jenkins, senior fixed-income strategist and director at Payden & Rygel Global Ltd., talks with Bloomberg Television about the financial firewall as backstop for indebted euro-zone nations.
Bloomberg, March 2.

Why is the Fed still so nervous?
"The Fed increased transparency but they did not provide greater clarity. They need to be data dependent. The interest rate projections cannot be guarantees," said Jeffrey Cleveland, senior economist at Payden & Rygel, a money management firm in Los Angeles.
CNNMoney, January 26, 2012

Payden High Dividend Strategy Seeks To Limit Equity Volatility
Portfolio manager Jay Wong tells Barron’s “his strategy appeals to investors who want income as well as a level of equity-market participation. He seeks a reasonably high level of correlation to the S&P500, allowing the fund to gain from any stock market rally, but tries to limit the fund’s volatility.”
Barron’s, January 24, 2012

Consumer Stock Join Energy, REITs on Dividend Playlist; Dividend Stocks look to continue to reward longer-horizon investors otherwise collecting anemic yields elsewhere
“The economic woes in Europe are creating volatility for US markets that is not going to abate any time soon,” says Jay Wong, co-portfolio manager of the Payden Value Leaders Fund (PYVLX).
USNews & World Report, December 29, 2011


Stocks End at Lows as EU Summit Hopes Fade
“We may see a short-term rally on the bark, but I’m skeptical that the [EU summit resolution] will have a bite—there are so many divergent perspectives that it’s very unrealistic to get a complete package that satisfies all parties,” said Jay Wong, portfolio manager of the Payden Value Leaders Fund.
While Wong is “mildly optimistic” on a year-end rally, he notes that sustainability will be an issue due to expected market volatility.
CNBC.com, December 8, 2011

Dividend-centered fund on a run
InvestmentNews highlights the Payden Value Leaders Fund (PYVLX). “Our objective is to spin off dividend yields that are competitive with bond funds,” says co-manager Jay Wong. “It’s the right environment for a strategy like this,” he says, “and the fundamentals are supporting dividend-paying stocks.”
InvestmentNews, August 12, 2011

The State of the US bond market
The markets have been going back and forth since news of the S&P downgrade, but is US credit really in bad shape? Payden & Rygel's Asha Joshi gives Marketplace radio an explainer on the bond market in light of the US credit downgrade.
Marketplace, November 23, 2011

US government in race to avoid defaulting on its debt
Payden & Rygel's senior economist, Jeffrey Cleveland, talks with Radio 5 live's Wake Up To Money on the US economy and debt crisis.
BBC News, July 22, 2011

4 Bright Spots for the US Economy; Despite the recent dim economic reports, the economy is doing better overall
"More than two million people are now employed versus a year ago. It's a step in the right direction," says Jeffrey Cleveland, senior economist at Payden & Rygel. "April probably was a little exaggerated with more than 250,000 [jobs added], so that was probably overestimating the actual trend, and May was the payback. If you look [at] the three-month average, you get a better sense. We're somewhere between 100,000 and 150,000 jobs being created every month."
USNews, July 6, 2011


Payden Fund Scours Emerging Markets
Payden Emerging Markets Bond Fund is the winner of TheStreet's 2011 Best Mutual Fund Award in the fixed-income emerging markets category.
TheStreet, April 25, 2011

Flexing After an Energy Boost
The Metzler/Payden European Emerging Markets Fund is featured as a top-performing fund in the first quarter of 2011.
New York Times, April 10, 2011

7 Problems That Could Derail the Global Recovery; Rising commodity prices and slowing consumer spending are among the risks
"The story really is how complex and interconnected the world economy is," says Jeffrey Cleveland, senior economist at money management firm Payden & Rygel.
US News & World Report, March 30, 2011

Does Asset Management Under Solvency II Have To Be Boring?
Justin Bullion, Alverne Bolitho and Erinn King share their expert views on the investment opportunities around Solvency II. “We have developed a framework for evaluating and comparing investment alternatives on a capital-adjusted basis. Three observations emerge from our analysis: corporate bond risk is best taken through shorter-duration bonds; active duration postures versus liabilities are perhaps prohibitively expensive; and don't rule out local currency (sovereign) emerging market debt, particularly if an insurer has liabilities denominated in emerging currencies.”
Insider Quarterly (from the publisher of The Insurance Insider), Spring 2011

Junk bonds: Still a good bet
Junk bond yields are near record lows, but investors like Sabur Moini of the Payden High Income Fund say the spread between high-yield bonds and Treasuries is still attractive.
CNNMoney.com, February 18, 2011

Strumming Right Along; Why top performing emerging-market bond fund managers favor Brazil, Russia and Indonesia.
Profile on the Payden Emerging Markets Bond Fund (PYEMX). “Thanks to robust growth and improved fiscal management, the economies tracked by [Kristin] Ceva, her co-manager Cristina Panait and strategist Arthur Hovsepian have generated both strong returns and less volatility.”
Barron’s, January 17, 2011

Extending a Big Winning Streak; Emerging-markets debt has posted stellar performance in the last decade. Look for smaller—but perfectly respectable—gains in 2011.
Payden Emerging Markets is one of Barron’s top picks for Investors in Emerging-Market Debt.
Barron’s, January 8, 2011

Emerging Returns; The credit trends of some emerging markets are looking better than those of some of the wealthiest nations, says Payden & Rygel’s Kristin Ceva.
Payden & Rygel’s emerging market bond strategy is profiled in Bloomberg Markets. “‘You’ve got the emerging-markets countries with half the fiscal deficit of the developed world and debt-to-GDP ratios that are between 30 and 40 percent, not 100-plus percent,’ as with the advanced economies such as Greece and Japan, she says.
Bloomberg Markets, December 2010

A Tamer Route; Once the bad boys of the bond market, emerging market debt is now seen as less risky.
“‘Today, many emerging markets have more sustainable debt dynamics than developed markets,’ says Kristin Ceva, the manager of Payden & Rygel’s Payden Emerging Markets Bond Fund. ‘The divergence in macroeconomic development between emerging markets and developed markets is unprecedented.’”
Financial Advisor magazine, December 2010

Emerging Market Bonds Still A Buy
“[Kristin Ceva] makes an impressive case that [emerging markets] offer attractive fixed income deals relative to the US.”
Forbes Investment Guide, Bonds & Income, December 6, 2010


Safety, Promise in Emerging Markets
Kristin Ceva, co-portfolio manager of the Payden Emerging Markets Bond Fund, on investment-grade ratings of emerging markets. “…about half of the emerging markets enjoy investment-grade ratings. That includes Chile, Brazil, Panama and even Peru in Latin America; Malaysia, Thailand, and of course, China in Asia; and Bulgaria and Lithuania in Eastern Europe. ‘This is a continuing improving credit story,’ says Ceva, as opposed to fiscally ailing developed nations like Greece, Portugal and Italy.”
Barron’s, August 23, 2010


Fidelity Recommends the Payden Global Fixed Income Fund
Fidelity looked for "global, foreign and emerging bond no-load funds with experienced international managers, low expense ratios and a solid track record." They recommend the Payden Global Fixed Income Fund for "investors who want broad international exposure" and comments that it is "among the least volatile in its category". Fidelity also observes that the Payden Global Low Duration "follows many of the same guiding principles as it's longer-term counterpart .. making this fund a good choice for investors who are reluctant to invest internationally but want to capture some of the higher yields coming in from overseas."
Fidelity.com, September 3, 2010

Income Plays for a Low-Yield World
Managing Principal James Sarni "prefers below-investment-grade corporate issues and recommends double-B rated bonds maturing in three to five years, which represent the best tradeoff between maximizing yield and maintaining the value of your portfolio"
Bloomberg Businessweek, August 15, 2010

Institutional Investor : America’s Biggest Money Managers
“Among the winners have been … Payden & Rygel Investment Management,” says Institutional Investor. “Larger firms are unable and unwilling to customize products. Investors get something off the shelf” says James Sarni, Managing Principal and Senior Portfolio Manager of Payden & Rygel.
Institutional Investor, August 13, 2010

Retailer Bonds Pull Away as Time Warner Sells
Greg Tornga, head of investment-grade credit, comments on bonds in the Retail sector.
Bloomberg Businessweek, July 8, 2010


Do We Need More Stimulas?
Tom Higgins debates whether another economic stimulas is needed after mixed economic releases and words from President Obama.
CNBC, June 16, 2010

Payden & Rygel launches sterling fund in bid to improve deposit returns
Robin Creswell, managing principal of Payden & Rygel's London office, comments on low interest rates as favorable environment for the fund.
Professional Pensions, June 16, 2010

Metzler/Payden's Milev Says Markets Might Have 'Overreacted' on Hungary
Vlad Milev, analyst at Metzler Payden, talks with Bloomberg's Pimm Fox about the outlook for Hungary. Prime Minister Viktor Orban's week-old government backed down from earlier plans to increase the budget deficit after cabinet and party members' comments last week that likened the state of the economy to debt-laden Greece's prompted investors to sell Hungarian stocks, bonds and the currency.
Bloomberg, June 7, 2010

Oil-Related Companies Could Be Hit by Potential Regulation
Equity Portfolio Manager Jay Wong comments on the possibility of reduced profitability in the sector due to increased regulation.
Market Watch, June 2, 2010


Big Borrower California Won't Slip Like Greece
Jeffrey Cleveland says to "just look at the ratio of debt to state gross domestic product. It's 10 percent for California and somewhere between 104 percent and 150 percent for Greece."
Reuters, May 13, 2010

Metzler/Payden European Emerging Markets Fund included in Smart Money's list of 15 funds for international investors
Smart Money "searched for funds with top-tier performance track records over the trailing three- and five-year track records and for ones in positive territory during the year-to-date period. In addition, we wanted funds that charged reasonable annual fees."
Smart Money, May 2, 2010

Ukraine Considers Selling Eurobonds
Emerging Market analyst Cristina Panait discusses the possible Ukrainian debt sale. "There have been recently positive developments in the Ukraine compared with the beginning of the year. They've passed the elections and the new gas agreement with Russia is a positive," she says.
San Francisco Chronicle, April 23, 2010

EU plans on bank resolution could hit bond investors
Robin Creswell comments on the impact of European Commission proposals on bank resolution.
Risk.net, April 20, 2010

Markus Brueck on the transition of power in Poland
Manager of the Metzler/Payden European Emerging Markets Fund comments on the transition of power following the weekend’s tragedy in Poland.
Market Watch, April 13, 2010

Insurance Companies Expected to Take a More Active Approach, Altering Asset Allocations
Robin Creswell, Managing Principal of Payden & Rygel Global Limited, says some of the larger Lloyd’s players have dipped their toes into equities, high yield bonds and hedge funds over the past five years, a lead he expects others to follow.
Financial Times, April 4, 2010 (Registration required)

Jeffrey Cleveland on California bonds
Municipal bond analyst Jeffrey Cleveland comments on the state's debt service here.
Dow Jones Newswires, March 31, 2010

Nigel Jenkins on the Euro
   Strategy Director Nigel Jenkins discusses our views on the Euro with CNBC.
CNBC, March 26, 2010

Thomas Higgins on Today's Economic Data
   Thomas Higgins, chief economist, talks with the CNBC news team on today's durable goods numbers and new home sales data.
CNBC, October 28, 2009

Kristin Ceva on emerging markets
   Kristin Ceva discusses opportunities in emerging markets bonds on Bloomberg TV’s “Taking Stock.”
Bloomberg, September 4, 2009


Thomas Higgins on the ISM numbers
   Payden & Rygel's chief economist, Thomas Higgins, discussed the ISM manufacturing numbers on CNBC's The Call with Larry Kudlow.
CNBC, September 1, 2009

Morningstar cites Payden GNMA Fund as "a solid fund in good times and bad"
Morningstar calls Payden GNMA Fund "a solid fund in good times and bad" and cites the manager’s "consistent ability to capitalize on Ginnie Maes’ attributes." See Morningstar’s full report here (Premium membership required)
Morningstar, April 19, 2009

Florida Trust Day to Day Fund Rated AAAm
The Florida Trust Day to Day Fund, sub-advised by Payden & Rygel, launched on January 12, 2009. Standard & Poor’s assigned its ‘AAAm’ rating to the fund. According to S&P, “the rating – the highest assigned to money-market funds – is based on our analysis of the fund’s credit quality, market price exposure, and management .. The ‘AAAm’ rating reflects the fund’s extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit, market and/or liquidity risks. This is achieved through conservative investment practices and strict internal controls."
Click here to see S&P’s press release.
Standard & Poor’s, January 9, 2009

Jim Sarni Prefers Debt from CVS, Kroger and Muni Bonds
   Jim Sarni talks with Bloomberg’s Julie Hyman about the US bond market. Sarni says Payden & Rygel sees opportunity in corporate and municipal bonds.
Bloomberg, December 30, 2008

Today’s Market Action
   Payden & Rygel’s chief economist, Thomas Higgins, talks with CNBC on what to expect in 2009.
CNBC, December 30, 2008

High Yield Bond Outlook
   Payden & Rygel’s Sabur Moini, portfolio manager of the Payden High Income Fund, talks with Bloomberg’s Pimm Fox about opportunities in the high yield bond market.
Bloomberg, December 30, 2008

Shopping for Junk. Risk averse investors have been fleeing the high-yield market. Sabur Moini says that has made for some great buys.
Sabur Moini talks with Forbes’ Susan Kitchens about the high yield market. “We see an incredibly compelling market right now,” says Moini. “Yields have never been anything like this.”
Forbes, 2009 Investment Guide, December 8, 2008

Target-Date Technique
Payden & Rygel’s Greg Brown discusses the many target date fund pitfalls that can trap investors by managing their assets up to, but not through retirement. “Advisors can render their clients service by selecting target-date funds designed to comprehensively account for liabilities, ensuring that income needs are met through retirement. Thus, the retirement date isn’t an end to the investment, but a point along the way.”
Financial Planning, , November 1, 2008