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Trending ETFs

MainStay MacKay Short Duration High Income Fund

mutual fund
MDHIX
Payout Change
Pending
Price as of:
$9.58 +0.01 +0.1%
primary theme
High Yield Bond
MDHIX (Mutual Fund)

MainStay MacKay Short Duration High Income Fund

Payout Change
Pending
Price as of:
$9.58 +0.01 +0.1%
primary theme
High Yield Bond
MDHIX (Mutual Fund)

MainStay MacKay Short Duration High Income Fund

Payout Change
Pending
Price as of:
$9.58 +0.01 +0.1%
primary theme
High Yield Bond

Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.58

$2.13 B

6.11%

$0.59

0.81%

Vitals

YTD Return

6.0%

1 yr return

10.7%

3 Yr Avg Return

4.6%

5 Yr Avg Return

4.8%

Net Assets

$2.13 B

Holdings in Top 10

9.3%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.81%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 47.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.58

$2.13 B

6.11%

$0.59

0.81%

MDHIX - Profile

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return 4.6%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.05%
DIVIDENDS
  • Dividend Yield 6.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Short Duration High Income Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    Dec 17, 2012
  • Shares Outstanding
    115865848
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Susser

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or that are unrated but are considered to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. Debt securities in which the Fund may invest include all types of debt obligations such as bonds, debentures, notes, bank debt, loan participations, commercial paper, floating rate loans, U.S. Government securities (including obligations, such as repurchase agreements, secured by such instruments), and convertible corporate bonds. The Fund will generally seek to maintain a weighted average duration of three years or less, although the Fund may invest in instruments of any duration or maturity. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

Securities that are rated below investment grade by an NRSRO (such securities rated lower than BBB- and Baa3) are commonly referred to as “high-yield securities” or "junk bonds." If NRSROs assign different ratings to the same security for purposes of determining the security's credit quality, the Fund will use the middle rating when three NRSROs rate the security. For securities where only two NRSROs rate the security, the Fund will use the higher rating. If only one rating is available for a security, the Fund will use that rating.

The Fund may invest up to 20% of its net assets in equity securities, including preferred shares. The Fund also may invest in securities of non-U.S. issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. The Fund may hold cash or invest in investment grade short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities.

The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

In times of unusual or adverse market, economic or political conditions, the Fund may invest without limit in investment grade securities and may invest in U.S. government securities or other high quality money market instruments. Periods of unusual or adverse market, economic or political conditions may exist in some cases, for up to a year or longer. The yield on cash, investment grade debt or other high quality instruments tends to be lower than the yield on other investments normally purchased by the Fund. Although investing heavily in these investments may help to preserve the Fund's assets, it may not be consistent with the Fund's primary investment objective and may limit the Fund's ability to achieve a high level of income.

Investment Process: The Subadvisor seeks to identify investment opportunities through analyzing individual companies and evaluates each company's competitive position, financial condition, and business prospects. The Fund seeks to minimize interest rate risk through its emphasis on duration management and investments in securities with short and intermediate maturities. The Fund invests in companies in which the Subadvisor has judged that there is sufficient asset coverage—that is, the Subadvisor's subjective appraisal of a company's value compared to the value of its debt, with the intent of maximizing risk-adjusted income and returns.

The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objectives of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the price of the security and meaningful changes in the issuer's financial condition and competitiveness.

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MDHIX - Performance

Return Ranking - Trailing

Period MDHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -5.8% 15.9% 82.52%
1 Yr 10.7% -1.2% 20.0% 89.97%
3 Yr 4.6%* -14.4% 21.1% 6.29%
5 Yr 4.8%* -11.9% 37.3% 20.18%
10 Yr 4.7%* -5.1% 20.2% 14.62%

* Annualized

Return Ranking - Calendar

Period MDHIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -4.7% 14.3% 81.82%
2022 -6.8% -33.4% 3.6% 3.61%
2021 0.5% -8.4% 8.2% 35.03%
2020 -1.7% -13.2% 302.7% 80.56%
2019 4.3% -4.4% 13.3% 87.93%

Total Return Ranking - Trailing

Period MDHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -5.8% 15.9% 82.52%
1 Yr 10.7% -1.2% 20.0% 89.97%
3 Yr 4.6%* -14.4% 21.1% 6.29%
5 Yr 4.8%* -11.9% 37.3% 20.18%
10 Yr 4.7%* -5.1% 20.2% 14.62%

* Annualized

Total Return Ranking - Calendar

Period MDHIX Return Category Return Low Category Return High Rank in Category (%)
2023 10.2% -4.7% 18.7% 84.42%
2022 -2.5% -33.4% 47.8% 2.95%
2021 4.7% -8.4% 12.4% 57.82%
2020 3.6% -9.6% 325.6% 76.88%
2019 9.4% -3.8% 19.4% 88.83%

NAV & Total Return History


MDHIX - Holdings

Concentration Analysis

MDHIX Category Low Category High MDHIX % Rank
Net Assets 2.13 B 3.13 M 23.6 B 24.27%
Number of Holdings 450 2 3879 36.10%
Net Assets in Top 10 233 M -492 M 5.25 B 28.78%
Weighting of Top 10 9.29% 4.2% 146.0% 82.28%

Top 10 Holdings

  1. Great Outdoors Group LLC, First Lien Term Loan B1 1.27%
  2. TransDigm, Inc. 1.04%
  3. TransDigm, Inc. 0.98%
  4. T-Mobile USA, Inc. 0.92%
  5. Churchill Downs, Inc. 0.92%
  6. NMG Holding Co., Inc. 0.90%
  7. Big River Steel LLC 0.87%
  8. IHO Verwaltungs GmbH 0.86%
  9. Organon Co. 0.78%
  10. Jazz Financing Lux SARL, First Lien Dollar Tranche Term Loan B2 0.77%

Asset Allocation

Weighting Return Low Return High MDHIX % Rank
Bonds
94.09% 0.00% 145.36% 62.94%
Cash
5.19% -52.00% 48.02% 32.68%
Convertible Bonds
3.53% 0.00% 17.89% 8.46%
Stocks
0.54% 0.00% 99.64% 43.37%
Preferred Stocks
0.18% 0.00% 4.97% 32.03%
Other
0.00% -39.08% 99.96% 78.54%

Stock Sector Breakdown

Weighting Return Low Return High MDHIX % Rank
Energy
69.28% 0.00% 100.00% 33.63%
Industrials
30.72% 0.00% 93.12% 4.09%
Utilities
0.00% 0.00% 100.00% 79.24%
Technology
0.00% 0.00% 33.17% 82.46%
Real Estate
0.00% 0.00% 86.71% 80.12%
Healthcare
0.00% 0.00% 22.17% 77.49%
Financial Services
0.00% 0.00% 100.00% 82.75%
Communication Services
0.00% 0.00% 99.99% 89.18%
Consumer Defense
0.00% 0.00% 100.00% 77.49%
Consumer Cyclical
0.00% 0.00% 100.00% 83.63%
Basic Materials
0.00% 0.00% 100.00% 79.53%

Stock Geographic Breakdown

Weighting Return Low Return High MDHIX % Rank
US
0.54% 0.00% 99.64% 41.63%
Non US
0.00% -0.01% 0.83% 77.56%

Bond Sector Breakdown

Weighting Return Low Return High MDHIX % Rank
Corporate
93.21% 0.00% 100.00% 66.29%
Derivative
0.00% -14.19% 42.26% 74.31%
Cash & Equivalents
0.00% 0.00% 48.02% 98.70%
Securitized
0.00% 0.00% 97.24% 87.46%
Municipal
0.00% 0.00% 1.17% 74.59%
Government
0.00% 0.00% 99.07% 82.57%

Bond Geographic Breakdown

Weighting Return Low Return High MDHIX % Rank
US
94.09% 0.00% 126.57% 48.46%
Non US
0.00% 0.00% 96.91% 85.04%

MDHIX - Expenses

Operational Fees

MDHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.02% 38.33% 64.29%
Management Fee 0.65% 0.00% 1.75% 78.28%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MDHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MDHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MDHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 47.00% 1.00% 255.00% 23.80%

MDHIX - Distributions

Dividend Yield Analysis

MDHIX Category Low Category High MDHIX % Rank
Dividend Yield 6.11% 0.00% 11.76% 49.27%

Dividend Distribution Analysis

MDHIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MDHIX Category Low Category High MDHIX % Rank
Net Income Ratio 4.05% -2.39% 9.30% 67.38%

Capital Gain Distribution Analysis

MDHIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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MDHIX - Fund Manager Analysis

Managers

Andrew Susser


Start Date

Tenure

Tenure Rank

Dec 17, 2012

9.46

9.5%

Mr. Susser is an Executive Managing Director of MacKay Shields. Prior to joining MacKay Shields in 2006, Mr. Susser was a Portfolio Manager with Golden Tree Asset Management. Previously, he was a Managing Director and Head of High Yield Bond Research at Banc of America Securities. From 1999 to 2004, Andrew was named to the Institutional Investor All-America Fixed Income Research Team; from 2002 to 2004, he was ranked by Institutional Investor as the No. 1 analyst in the high yield sector. Andrew also worked as a Fixed Income Analyst for Salomon Brothers, as a Senior Analyst at Moody's Investors Service and as a Market Analyst and Institutional Trading Liaison for Merrill Lynch Capital Markets. He began his career as a Corporate Finance and M&A Attorney at Shearman & Sterling in their New York office. Andrew received a BA from Vassar College, an MBA from the Wharton Graduate School of Business and a JD from the University of Pennsylvania Law School. He has been working in the investment industry since 1986.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.3 8.17