PAYDEN & RYGEL

PAYDEN & RYGEL is an independent institutional asset manager headquartered in Los Angeles, California. Founded in 1983 by Joan A. Payden, the firm has built its franchise around active fixed income, global multi-asset, and complementary equity strategies for institutional investors, intermediaries, and select private clients. The business is organized as an SEC-registered investment adviser and manages both segregated accounts and pooled vehicles, including the PAYDEN & RYGEL INVESTMENT GROUP mutual fund complex. The adviser reports to the U.S. Securities and Exchange Commission as an institutional investment manager under CIK #0000919219. Its Form 13F filings aggregate reportable long U.S. equity and ADR holdings over which PAYDEN & RYGEL has investment discretion across separate accounts, mutual funds, and other vehicles. Given the firm’s heritage and ongoing emphasis on fixed income, most of the underlying mandates are bond or multi-asset strategies; the 13F disclosures therefore reflect the equity sleeves embedded within those products rather than a standalone, equity-only franchise. When organized into a multi-period 13F History, these filings give allocators a regulator-defined view of how the adviser’s listed-equity exposures have evolved over time.

PAYDEN & RYGEL is primarily known as a fixed income and global multi-asset manager. Its capabilities span U.S. and global core and core-plus bonds, low-duration and liquidity mandates, multi-sector credit, and global macro-oriented strategies. Equities are used as a complementary source of capital growth and income within balanced, global, and outcome-oriented portfolios, and in a smaller number of dedicated equity and dividend strategies. Within the U.S. equity universe—the portion visible in Form 13F—the firm applies a fundamentally driven, benchmark-aware but active approach. Portfolios generally emphasize: - Established large- and mid-cap companies with durable business models and identifiable earnings power - Solid balance sheets and consistent free-cash-flow generation - Reasonable valuations relative to long-term earnings, dividend, and cash-flow prospects The style at the adviser level is best described as core-plus and income-oriented. Equity sleeves tend to blend quality growth franchises with more value- or dividend-focused holdings, consistent with the needs of multi-asset and income-oriented mandates. Sector allocations are typically diversified across financials, healthcare, information technology, consumer discretionary and staples, industrials, and selectively other areas. International mandates contribute additional exposure through U.S.-listed ADRs. Because equity is usually one component within a broader, fixed income–anchored structure, the overall equity weight and sector tilts in the 13F filings will reflect both bottom-up stock selection and top-down asset-allocation decisions in the underlying strategies. For allocators, analyzing the adviser’s 13F Portfolio Composition over time—issuer counts, sector mix, capitalization profile, and the balance between dividend payers, defensives, and cyclicals—provides an empirical view of how PAYDEN & RYGEL has implemented its equity sleeves in support of fixed income and multi-asset objectives.

Viewed through its filings under CIK #0000919219, PAYDEN & RYGEL appears as a fixed income–centric, institutional asset manager that uses U.S. equities and ADRs as complementary building blocks within balanced, global, and income-oriented mandates. The 13F record points to diversified, long-only equity sleeves tilted toward high-quality large- and mid-cap issuers in core sectors, implemented with moderate turnover and coordinated with the firm’s broader fixed income and asset-allocation views. For allocators using 13F as a secondary analytical lens, structuring PAYDEN & RYGEL’s disclosures into a coherent 13F History and analyzing them via a Portfolio Simulator or similar Backtesting Service enables a disciplined assessment of its equity implementation: how sector and style tilts have shifted across rate and equity cycles, how concentrated the largest positions have been, and how reconstructed capital paths compare with broad equity benchmarks. Performance Backtests Online grounded in this holdings history—and anchored in metrics such as 13F Portfolio Composition, equity Volatility Profile, reconstructed Historical Track Record, and implied Sharpe Ratio—offer a quantitative complement to fixed income–focused due diligence and firm-level risk reporting. Because Form 13F covers only the reportable U.S. equity slice of PAYDEN & RYGEL’s activity, any conclusions drawn from these analytics should be integrated with full portfolio information, fixed income risk reports, and mandate-level documentation. As interest-rate dynamics, credit conditions, and equity style leadership continue to evolve, a central question for allocators is how sensitive the firm’s equity sleeves—viewed through this 13F prism—will be to future shifts in equity and rate regimes, and how those sensitivities interact with the fixed income engines that anchor most PAYDEN & RYGEL strategies.

At the firm level, PAYDEN & RYGEL’s risk profile is dominated by interest-rate, credit, and currency exposures tied to its fixed income and multi-asset mandates. The 13F dataset isolates only the long U.S. equity and ADR positions and therefore represents the risk characteristics of the equity component that sits alongside bonds and cash in many client portfolios. Within this listed-equity subset, key risk drivers include: - Broad equity-market beta, as the equity sleeves are materially exposed to U.S. and, via ADRs, global equity moves - Style tilts toward large- and mid-cap issuers, quality balance sheets, and income-generative or moderately valued growth names - Sector allocations across financials, healthcare, technology, consumer, and industrials, which influence sensitivity to cyclical versus defensive regimes and to interest-rate expectations Portfolios are multi-name and multi-sector, limiting single-stock risk relative to concentrated equity managers, though top holdings and recurring issuer exposures can still exert a meaningful influence on realized outcomes. Because equity exposures are integrated into fixed income–centric structures, the household- or plan-level risk experienced by clients is often more muted and differently shaped than the equity-only slice visible in 13F. Using historical 13F filings, allocators can approximate PAYDEN & RYGEL’s equity Volatility Profile by mapping quarter-end holdings to historical price series and replaying those positions through time. When this reconstructed path is run in a Portfolio Simulator or Backtesting Service—normalized to a user-defined starting notional—it produces an indicative Historical Track Record for the adviser’s reportable U.S. equity sleeve. From that capital trajectory, one can estimate drawdown depth and duration, downside capture in major stress episodes, and an implied Sharpe Ratio as a summary measure of risk-adjusted outcomes for the visible long-equity allocations. It is essential to interpret these analytics as a lens on the equity component only. The dominant fixed income holdings, cash management, and any derivative overlays engineered by PAYDEN & RYGEL do not appear in Form 13F and thus are not captured in such reconstructions.