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Trending ETFs

MainStay MacKay New York Tax Free Opportunities Fund

mutual fund
MNODX
Payout Change
Pending
Price as of:
$9.68 -0.04 -0.41%
primary theme
Municipal Bond
share class
R6 (MNODX) Investor (MNOVX) C2 (MNOLX) A (MNOAX) C (MNOCX) I (MNOIX)
MNODX (Mutual Fund)

MainStay MacKay New York Tax Free Opportunities Fund

Payout Change
Pending
Price as of:
$9.68 -0.04 -0.41%
primary theme
Municipal Bond
share class
R6 (MNODX) Investor (MNOVX) C2 (MNOLX) A (MNOAX) C (MNOCX) I (MNOIX)
MNODX (Mutual Fund)

MainStay MacKay New York Tax Free Opportunities Fund

Payout Change
Pending
Price as of:
$9.68 -0.04 -0.41%
primary theme
Municipal Bond
share class
R6 (MNODX) Investor (MNOVX) C2 (MNOLX) A (MNOAX) C (MNOCX) I (MNOIX)

Name

As of 12/13/2024

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

MainStay MacKay New York Tax Free Opportunities Fund

MNODX | Fund

$9.68

$1.21 B

3.82%

$0.37

0.48%

Vitals

YTD Return

3.3%

1 yr return

3.9%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

1.3%

Net Assets

$1.21 B

Holdings in Top 10

18.9%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.48%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/13/2024

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

MainStay MacKay New York Tax Free Opportunities Fund

MNODX | Fund

$9.68

$1.21 B

3.82%

$0.37

0.48%

MNODX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 1.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.34%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay New York Tax Free Opportunities Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    Nov 01, 2019
  • Shares Outstanding
    74695
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Loffredo

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and New York income taxes.

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and New York income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of New York. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and New York income taxes.

Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, MacKay Shields LLC, the Fund's Subadvisor, intends to invest primarily in investment grade quality bonds as rated by at least one nationally recognized statistical rating organization (“NRSRO”) or if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 20% of its net assets in municipal bonds that are rated below investment grade (commonly referred to as “high-yield securities” or “junk bonds”) as rated by at least one NRSRO, including up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by a NRSRO, or if unrated, judged to be of comparable quality by the Subadvisor (“distressed securities”). If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security's credit quality.

The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. The Fund generally invests in municipal bonds that have a maturity of five years or longer at the time of purchase.

If the supply of New York state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from New York income taxes.

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.

Investment Process: In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor uses active management in an effort to identify municipal bonds it believes to be mispriced and to build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process, which includes fundamental, “bottom-up” credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund.

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

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MNODX - Performance

Return Ranking - Trailing

Period MNODX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -4.5% 38.3% 17.39%
1 Yr 3.9% -2.5% 44.5% 24.51%
3 Yr -0.9%* -10.2% 5.8% 66.19%
5 Yr 1.3%* -6.5% 1104.9% 15.50%
10 Yr N/A* -0.9% 249.0% 10.22%

* Annualized

Return Ranking - Calendar

Period MNODX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -1.4% 41.0% 24.78%
2022 -14.9% -39.7% 0.3% 87.78%
2021 1.4% -5.6% 6.9% 4.60%
2020 2.2% -2.6% 310.0% 24.72%
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period MNODX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -4.5% 38.3% 17.39%
1 Yr 3.9% -2.5% 44.5% 24.51%
3 Yr -0.9%* -10.2% 5.8% 66.19%
5 Yr 1.3%* -6.5% 1104.9% 15.50%
10 Yr N/A* -0.9% 249.0% 10.87%

* Annualized

Total Return Ranking - Calendar

Period MNODX Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% -1.3% 41.0% 10.71%
2022 -12.3% -39.7% 1.1% 87.30%
2021 4.2% -4.8% 23761504.0% 5.77%
2020 5.7% -1.5% 17057.9% 8.82%
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

MNODX - Holdings

Concentration Analysis

MNODX Category Low Category High MNODX % Rank
Net Assets 1.21 B 3.22 M 71.9 B 27.82%
Number of Holdings 423 4 13418 28.81%
Net Assets in Top 10 248 M -317 M 3.09 B 15.31%
Weighting of Top 10 18.90% 1.8% 100.3% 45.23%

Top 10 Holdings

  1. BlackRock Liquidity Funds MuniCash 7.47%
  2. New York State Dormitory Authority, Series 2024A 1.83%
  3. New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2020 B-1 1.61%
  4. New York City Municipal Water Finance Authority, Series AA-1 1.53%
  5. Puerto Rico Sales Tax Financing Corp., Series A-2 1.42%
  6. Nuveen New York AMT-Free Quality Municipal Income Fund 1.14%
  7. Battery Park City Authority, Series 2023 A 1.04%
  8. New York City Municipal Water Finance Authority, Series FISCAL 2022 DD 1.01%
  9. Matching Fund Special Purpose Securitization Corp., Series A 0.94%
  10. Triborough Bridge Tunnel Authority Sales Tax, Series A 0.88%

Asset Allocation

Weighting Return Low Return High MNODX % Rank
Bonds 		91.10% 0.00% 150.86% 94.63%
Cash 		8.66% -50.86% 44.62% 4.84%
Stocks 		0.00% 0.00% 99.78% 32.89%
Preferred Stocks 		0.00% 0.00% 0.07% 19.74%
Convertible Bonds 		0.00% 0.00% 0.93% 19.55%
Other 		-0.13% -3.69% 53.54% 98.46%

Bond Sector Breakdown

Weighting Return Low Return High MNODX % Rank
Municipal 		96.86% 44.39% 100.00% 66.89%
Cash & Equivalents 		8.48% 0.00% 44.41% 4.90%
Securitized 		0.00% 0.00% 5.93% 21.17%
Corporate 		0.00% 0.00% 9.41% 33.04%
Government 		0.00% 0.00% 52.02% 24.75%
Derivative 		-0.13% -3.69% 53.54% 98.52%

Bond Geographic Breakdown

Weighting Return Low Return High MNODX % Rank
US 		91.10% 0.00% 142.23% 94.29%
Non US 		0.00% 0.00% 23.89% 24.31%

MNODX - Expenses

Operational Fees

MNODX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.01% 8.02% 84.14%
Management Fee 0.45% 0.00% 1.20% 56.64%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MNODX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

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

MNODX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 283.00% 19.99%

MNODX - Distributions

Dividend Yield Analysis

MNODX Category Low Category High MNODX % Rank
Dividend Yield 3.82% 0.00% 14.51% 3.42%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MNODX Category Low Category High MNODX % Rank
Net Income Ratio 2.34% -0.53% 5.33% 28.48%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MNODX - Fund Manager Analysis

Managers

John Loffredo

Start Date

Tenure

Tenure Rank

May 14, 2012

10.05

10.1%

John joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the Chairman and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager and/or municipal analyst since 1990, with a broad range of portfolio management and analytic experience in the municipal markets. John was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers (MLIM), he served as Chief Investment Officer of the Municipal Products Group. He was employed by Merrill Lynch from 1990 to 2006. Before Merrill Lynch, he worked for the City of Boston Treasury Department. John is a member of the firm’s Senior Leadership Team. He graduated with an MBA and Certificate of Public Management from Boston University and with a Bachelors degree in Finance, cum laude, from Utah State University where he was a Harry S. Truman Scholar. He is a CFA Charterholder.

Scott Sprauer

Start Date

Tenure

Tenure Rank

May 14, 2012

10.05

10.1%

Mr. Sprauer is a Senior Managing Director. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Head Trader, Fixed Income at Financial Guaranty Insurance Company. Mr. Sprauer was previously with Dreyfus Corporation and Merrill Lynch Investment Managers as a Municipal Bond Portfolio Manager/Trader. He has a BSBA from Villanova University, and has been in the investment management industry since 1991.

David Dowden

Start Date

Tenure

Tenure Rank

May 14, 2012

10.05

10.1%

Mr. Dowden is a Managing Director and Portfolio Manager at MacKay Shields. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Chief Investment Officer at Financial Guaranty Insurance Company. He was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. He has an AB from Brown University and an MBA from Columbia University. He has been in the investment management industry since 1989.

Robert DiMella

Start Date

Tenure

Tenure Rank

May 14, 2012

10.05

10.1%

Robert joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the President and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Robert was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1993 to 2006. Robert is a member of the firm’s Senior Leadership Team. He earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut. He is a CFA Charterholder.

Michael Petty

Start Date

Tenure

Tenure Rank

May 14, 2012

10.05

10.1%

Mike joined MacKay Shields in July 2009. Before joining the firm he was a Portfolio Manager for Mariner Municipal Managers. He has been a municipal bond portfolio manager since 1992, and has worked in the municipal products market since 1985. Mike has a broad array of trading, portfolio management, and sales experience. Prior to joining Mariner Municipal Managers, he was a Senior Portfolio Manager at Dreyfus Corporation from 1997 to 2009. From 1992 to 1997, he served as a Portfolio Manager for Merrill Lynch Investment Managers. He is a member of the firm’s Management Committee. Mike graduated from Hobart College with a B.S. in Mathematics and Economics.

Frances Lewis

Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

Frances Lewis joined MacKay Shields in July 2009 and is currently a Senior Managing Director. Ms. Lewis was the Director of Research for Mariner Municipal Managers and was previously at Merrill Lynch. Ms. Lewis began her municipal analyst career in 1991 as an Analyst for Merrill Lynch Investment Managers where she was a Senior Fund Analyst covering various sectors of the municipal market and becoming a Director in the Municipal Research Group in 1997. Ms. Lewis earned an MBA from Boston University and a BA from the University of Michigan.

Michael Denlinger

Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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