contact us account access over 30 years of inspiring confidence with an unwavering commitment to our clients needs . with professionals in offices located in the united states europe and the united kingdom payden & rygel provides a full range of investment strategies and services to investors around the globe . in the news 1 ranked fundpayden equity income fund in wsj large cap value category kings click here for more fund information for the 1 year period ending june 30 2016 disclosure payden equity income fundlipper large cap value fund rankings through 6 30 16 1yr 3yr 5yr 7yr 10yr payden equity income fund rank 1 3 3 4 28 annualized total return % 11.78 11.26 12.84 15.14 6.22 number of funds in category 494 436 394 351 285 rankings are based on total return . click here for more information for more information and to obtain a prospectus or summary prospectus visit payden.com or call 800 572 9336 . before investing investors should carefully read and consider investment objectives risks charges expenses and other important information about the funds which is contained in these documents . the paydenfunds are distributed by payden & rygel distributors member finra . quoted performance data represent past performance which does not guarantee future results . investment returns and principal value will fluctuate so investors shares when sold may be worth more or less than their original cost . for the most recent month end performance which may be lower or higher than that quoted visit payden.com or call the phone number listed above . home who we are our strategies our funds library contact us account access who we are for over three decades our independence has enabled us to manage portfolios focused on our clients objectives . we build lasting relationships by providing an unparalleled level of service and problem solving . payden & rygel at a glance as of september 30 2016 103 .2 billion in aum founded in 1983 364 client relationships headquartered in los angeles offices in boston london and paris 180 employees we are one of the largest privately owned global investment advisers . founded in 1983 we are a leader in the active management of fixed income and equity portfolios through domestic and international solutions . advising the world s leading institutions and individual investors we provide strong performance and real world strategy on the global economy and capital markets . independence payden & rygel is one of the largest independent asset managers . 100 % of the company is owned by senior portfolio managers and executives involved in the day to day direction of the firm . this true independence provides our clients with a high level of customization and access to our resources . tenure and stability our company is only 34 years young yet the senior management team has been working together on average for nearly 25 years the firm s independence has contributed to stability in management and staff uncommon in our industry . our investment professionals have extensive capital markets experience which our clients draw upon daily . global presence we provide a full range of investment strategies to clients around the globe . with investment professionals in the united kingdom europe asia and the united states we are well positioned to collaboratively manage portfolios across a breadth of mandates . payden & rygel global limited our london based subsidiary provides a wide variety of investment services to clients in europe the united kingdom and the middle east in separately managed accounts and dublin domiciled ucits funds . size with assets under management of 100 billion payden & rygel is large enough to assure the most competitive bond prices yet small enough that we can invest exclusively in cash instruments . we are not forced to use derivatives to gain exposure . top down approach portfolios are constructed with a top down macro focus . the duration decision sector over and under weights country decisions industry positions and out of index investments will be the predominant drivers of performance relative to a benchmark . effectively each of our portfolio managers are part time economists as they assemble client portfolios . customization our independent culture allows us to customize portfolios based on each client s special objectives . managing unique mandates is a hallmark of our firm . risk management our process has always focused on a very basic principle an investment portfolio should behave in a manner consistent with the client s objectives . as simple as this sounds disasters in stock and bond portfolios over the past 20 years have occurred when investment managers have taken aggressive positions that were allowed under the letter of the client s guidelines but were not consistent with the spirit of the client s objectives . our firm independence tenure & stability global presence size top down approach customization risk management payden in focus our leadership our executive management team has been working together on average for nearly 25 years . independently owned we provide customized solutions and allow clients complete access to our resources . joan a. payden cfa president & ceo brian w. matthews cfa managing principal & cfo james p. sarni cfa managing principal mary beth syal cfa managing principal scott j. weiner phd managing principal edward s. garlock esq managing principal asha b. joshi cfa managing principal michael e. salvay cfa managing principal kristin j. ceva phd cfa managing principal gregory t. morrison cpa cfa managing principal robin b.b. creswell fcsi managing principal justin g. bullion cfa managing principal james t. wong cfa managing principal nigel jenkins asip managing principal david p. ballantine cfa cfp principal yot chattrabhuti principal mark j. morris cfa principal sabur s. moini principal erinn r. king cfa principal jeffrey c. cleveland principal chief economist arthur hovsepian cfa principal bradley f. hersh principal treasurer our clients and partners with 100 billion in assets under management we advise the world s leading institutional and individual investors with real world strategy on the global economy and capital markets . investment management is our only business and every client is important to us . our clients include corporations insurance companies public funds endowments foundations and non profits health care high net worth individuals our strategies we provide a number of strategies across global markets . strategies are customized based on each client s objectives but fall into four broad categories fixed income equity absolute return and balanced . strategies can be employed using customized separate accounts our us mutual funds or dublin based ucits funds . payden & rygel has been managing portfolios globally with an emphasis on customized investment solutions since inception . we believe that a one size fits all or product based approach to investing sacrifices the single most important aspect of our client relationships each client s unique circumstances . fixed income equity absolute return balanced cash management low duration & enhanced cash us govt bonds tax exempt core & core plus strategic income global fixed income emerging market bond high yield emerging market bond some of the fastest growing regions in the world are labeled emerging markets . for many years investors treated emerging markets as an alternative investment . today emerging markets and in particular emerging market bonds are an exciting asset class all their own . they offer the opportunity to invest in almost seventy countries that represent close to half of global output . payden & rygel s emerging market bond strategies can be used as stand alone investment vehicles or they can used in a broader portfolio to provide diversification and potentially enhance returns . the firm s investment process starts with a top down assessment of country risk accompanied by research trips to countries in latin america europe asia africa and the middle east . we assess country trajectories through a screening of their macroeconomic variables business environment political stability and the quality of their environmental social and government institutions . our robust relative value and risk management tools help to ensure diversification and minimize volatility . payden & rygel s emerging market bond effort dates back to the late 1990s making us a pioneer in the asset class . the stability of our team and consistency of our approach has delivered strong absolute and risk adjusted returns for our clients . beyond the firm s capabilities in sovereign us dollar and euro denominated bonds we have been at the forefront of the evolution of local currency and corporate bond markets . we offer both dedicated and blended strategies across the full range of emerging market debt opportunities . benchmark embi global diversified index securities employed sovereign and corporate bonds of emerging market countries maturity range 1 30 years duration range 5.0 7.0 years average credit quality bbb the value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors . investment portfolios could lose principal . cash management payden & rygel is a pioneer in developing cash management strategies for institutions which we began more than a quarter century ago . since then this strategy which focuses on liquidity management of operating funds or sweep funds has been refined and enhanced . our strategy helps institutions maximize the return on short term resources by deploying funds in the short term money markets where they maintain a high degree of security and liquidity . the money markets include short term debt securities like commercial paper negotiable certificates of deposit and treasury bills all with maturities of less than a year but usually less than 90 days . expert navigation of the vast money markets is essential to successfully managing short term cash . the value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors . investment portfolios could lose principal . enhanced cash low duration low duration plus payden & rygel pioneered cash management strategies for institutions nearly three decades ago . since that time our short term bond strategies which initially focused on liquidity management of operating funds or sweep funds have expanded to meet the dynamic needs of our clients and the ever changing investment landscape . our short term bond strategies are designed for investors who seek higher yields than those provided by money market funds but can withstand varying amounts of incremental price volatility . customized to meet the unique investment objectives of each client the firm s short term bond strategies offer a high quality diversified alternative to money market funds and other short term investments . today payden & rygel s short term bond strategies generally fall into three broad categories enhanced cash low duration and low duration plus . enhanced cash the enhanced cash strategy offers a higher yielding alternative to short term investments such as money market funds and bank certificates of deposit . short maturity government securities and non government securities such as corporate bonds asset backed and mortgage backed securities are utilized to provide potentially higher yields than money market funds while seeking to achieve a comparable level of principal stability . benchmark 3 month 6 month and 1 year u.s. treasury bill money market funds securities employed governments mortgage backed securities asset backed securities corporates commercial paper maturity range 0 5 years duration range 0.25 1.5 years average credit quality aa low duration the low duration strategy is an alternative to cash and short term bank deposits designed for investors seeking higher yields than generally available from money market funds and who are slightly more tolerant of principal fluctuation . the portfolio structure is based upon a client s liquidity requirements . typical clients include corporate operating funds construction funds hedge funds university operating funds pension funds central banks foundations endowments public funds and individuals . low duration investments range from money markets asset and mortgage backed securities corporate bonds us and international securities . benchmark merrill lynch 1 3 and