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.”
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The Mutual Fund Observer, May 1, 2013
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.
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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."
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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.
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The Wall Street Journal, July 9, 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.
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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.
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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.”
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Barron’s, January 24, 2012
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.”
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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.
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Marketplace, November 23, 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
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
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
| 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 |
| 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 |
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
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
| 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 |
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|
Payden & Rygel's chief economist, Thomas Higgins, discussed the ISM manufacturing numbers on CNBC's The Call with Larry Kudlow.
– CNBC, September 1, 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
| Today’s Market Action |
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|
Payden & Rygel’s chief economist, Thomas Higgins, talks with CNBC on what to expect in 2009.
– CNBC, December 30, 2008
|
| High Yield Bond Outlook |
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|
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
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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
