1421 GMT - In unconstrained fixed income portfolios, Payden & Rygel has a preference for sourcing credit risk through structured opportunities. These include select commercial mortgage-backed securities, rather than broad collateralized loan obligations or generic corporate beta. Payden & Rygel also prefers to focus consumer exposure on prime and super-prime borrowers and defensive sectors, while avoiding areas most reliant on stretched discretionary spending. Among riskier fixed income, it favors emerging-market sovereign debt, both in hard currency and local currency. (emese.bartha@wsj.com)
(END) Dow Jones Newswires
January 28, 2026 09:21 ET (14:21 GMT)
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