Payden Emerging Markets Local Bond Fund Investor Class is an actively managed mutual fund that focuses on sovereign and select corporate debt across emerging markets, with an emphasis on **local-currency** instruments. The strategy targets countries based on macroeconomic fundamentals, sovereign credit metrics, political stability, and business climate, seeking broad geographic diversification across Latin America, Europe, and Asia. While primarily invested in local currencies, the fund can allocate to **U.S. dollar–denominated** bonds when opportunities arise. It is benchmarked to the **J.P. Morgan GBI-EM Global Diversified Composite Index** and is positioned as a pure bond strategy with limited use of credit default swaps or distressed debt. The portfolio is managed by an experienced team at Payden & Rygel, with multi-decade tenure in emerging-market fixed income. Key fund characteristics include monthly distributions, an expense cap of **0.99%**, and a minimum initial investment typical for investor-class shares. The fund’s role in the market is to provide access to the local-currency segment of emerging-market debt, offering diversification benefits relative to developed-market fixed income.
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