Mutual Fund Insights: Payden Tax Exempt Bond Fund (PYTEX)

In-depth Analysis of Payden Tax Exempt Bond Fund (PYTEX)

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See Payden Tax Exempt Bond Fund (PYTEX) performance details as of February 28, 2010

  

Last Trade: $10.17 on 3/19/2010, Change: 0.00 (0%)

  

Fund Manager - Michael E. Salvay

Fund Manager Tenure: 0.1 years
Fundmojo Fund Grade: N/A (Score: *manager is new*)     (What does this score mean?)

Michael Michael E. Salvay is a senior portfolio manager and has responsibility for a number of domestic and global portfolios. Since joining the company in 1997, Michael E. Salvay has played a key role with client relationships and has also worked extensively with our clients to update and expand investment policy and guidelines. Before joining Payden & Rygel, Michael E. Salvay was a Senior Portfolio Manager at Dewey Square Investors in Boston, a wholly owned subsidiary of United Asset Management, one of the largest investment management groups in  Get more insights on Michael E. Salvay

  

 What we like about Payden Tax Exempt Bond Fund (PYTEX)

Data for Payden Tax Exempt Bond Fund (PYTEX) as of February 28, 2010

• Payden Tax Exempt Bond Fund (PYTEX) has good mid-term performance (3-year return 4.11% vs 4.00 % Muni National Interm category average)
• Payden Tax Exempt Bond Fund (PYTEX) has good Long-term performance (5-year return 3.74% vs 3.70 % Muni National Interm category average)
• Payden Tax Exempt Bond Fund (PYTEX) ratio of up-years vs down years is greater than 2
• Payden Tax Exempt Bond Fund (PYTEX) has an annual stock turnover rate of 24.00% vs Muni National Interm average of 42.33%. It is good that Payden Tax Exempt Bond management does not trade extensively for its return.
• Payden Tax Exempt Bond Fund (PYTEX) is less volatile than its peers as it has a 3-year Standard Deviation of 4.22, lower than category average of 5.39
• Payden Tax Exempt Bond Fund (PYTEX) has a lower management fee than its Muni National Interm average: 0.55% vs 0.90%
• Payden Tax Exempt Bond Fund (PYTEX) is a true no-load fund as it has no load and no 12b1 promotion, distributions, marketing expenses

  

 What we are cautious about Payden Tax Exempt Bond Fund (PYTEX)

Data for Payden Tax Exempt Bond Fund (PYTEX) as of February 28, 2010

• Payden Tax Exempt Bond Fund (PYTEX) management has been with Payden Tax Exempt Bond Fund for only 0.1 years, it is hard to judge manager's ability based on this fund's operation record
• Payden Tax Exempt Bond Fund is a focused fund with 34.68% of the portfolio on top 10 securities. This tends to produce more volatility compared to a diversified fund. See fund top 10 holdings.
• Payden Tax Exempt Bond Fund (PYTEX) has a less-than-ideal short-term performance (1-year return 5.94% vs 9.19 % Muni National Interm category average)
• Payden Tax Exempt Bond Fund (PYTEX) has a Morningstar rating of 3 and below

See Payden Tax Exempt Bond Fund (PYTEX) performance details as of February 28, 2010

  

  

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Payden Tax Exempt Bond Fund (PYTEX) Net Asset

Track net asset change of Payden Tax Exempt Bond fund (PYTEX)

Date	Net Asset
02/2010	$20.03M
01/2010	$21.99M
11/2009	$22.75M

More historic net asset information on Payden Tax Exempt Bond Fund (PYTEX)

  

Payden Tax Exempt Bond Fund (PYTEX) Portfolio Allocation

Track portfolio allocation change of Payden Tax Exempt Bond fund (PYTEX)

Date	Cash	Stock	Bond	Other
11/2009	11.39%	0%	88.61%	0%
09/2009	4.15%	0%	95.85%	0%
08/2009	3.24%	0%	96.76%	0%

Click here to see more historic asset allocation information on Payden Tax Exempt Bond Fund (PYTEX)

  

Most Recent Top 10 Holdings in Payden Tax Exempt Bond Fund (PYTEX)

Discover what Payden Tax Exempt Bond Fund (PYTEX) manager is buying

30-Nov-09 Dreyfus Tax-Exempt Cash Mgmt Instl [11.42%] California St G O Bds 5.5% [2.8%] Oconee Cnty S C Pollution Ctl Rev R 3.6% [2.76%] New Jersey Environmental Infra Env 5.25% [2.67%] Valdez Alaska Marine Term Rev Marine Te [2.65%] Lancaster Edl Assist Progr Install 5.25% [2.58%] Garden St N J Preservation Tr Open 5.8% [2.54%] Lower Colo Riv Auth 5% [2.43%] Washington St Go Bds 5% [2.43%] Huntsville Ala Ref Wts 3.25% [2.4%]

30-Sep-09 Dreyfus Tax-Exempt Cash Mgmt Instl [4.16%] California St G O Bds 5.5% [3.14%] Oconee Cnty S C Pollution Ctl Rev R 3.6% [2.92%] New Jersey Environmental Infra Env 5.25% [2.9%] Lancaster Edl Assist Progr Install 5.25% [2.79%] Tarrant Cnty Tex Ltd Go Bd 5.25% [2.76%] Garden St N J Preservation Tr Open 5.8% [2.72%] Washington St Go Bds 5% [2.65%] Lower Merion Pa Sch Dist 5% [2.62%] California St Pub Wks Brd Leas Lea 5.25% [2.52%]

31-Aug-09 Dreyfus Tax-Exempt Cash Mgmt Instl [3.24%] California St G O Bds 5.5% [3.17%] Oconee Cnty S C Pollution Ctl Rev R 3.6% [2.92%] New Jersey Environmental Infra Env 5.25% [2.9%] Lancaster Edl Assist Progr Install 5.25% [2.85%] Tarrant Cnty Tex Ltd Go Bd 5.25% [2.8%] Garden St N J Preservation Tr Open 5.8% [2.78%] Dallas Tex Wtrwks & Swr Sys Re Rev 5.5% [2.68%] Washington St Go Bds 5% [2.66%] Lower Merion Pa Sch Dist 5% [2.65%]

Click here for Stock Holding Change Map in Payden Tax Exempt Bond Fund (PYTEX)

  

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Latest News on Payden Tax Exempt Bond (PYTEX)

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Books and Resources

 

 

See more information on Payden Tax Exempt Bond Fund (PYTEX)

• Payden Tax Exempt Bond Fund Insights
• Payden Tax Exempt Bond Fund Performance Data
• Payden Tax Exempt Bond Fund News
• Payden Tax Exempt Bond Fund Score Explaination
• Payden Tax Exempt Bond Fund Manager Information
• Historic Payden Tax Exempt Bond Fund Asset Allocation Report
• Historic Payden Tax Exempt Bond Fund Top 10 Holding Tracking
• Historic Payden Tax Exempt Bond Fund Asset Under Management Tracking