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Trending ETFs

MainStay MacKay Strategic Bond Fund

mutual fund
MSICX
Payout Change
Pending
Price as of:
$8.56 -0.02 -0.23%
primary theme
Bond Sector Diversified
MSICX (Mutual Fund)

MainStay MacKay Strategic Bond Fund

Payout Change
Pending
Price as of:
$8.56 -0.02 -0.23%
primary theme
Bond Sector Diversified
MSICX (Mutual Fund)

MainStay MacKay Strategic Bond Fund

Payout Change
Pending
Price as of:
$8.56 -0.02 -0.23%
primary theme
Bond Sector Diversified

Name

As of 11/01/2024

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

$8.56

$674 M

4.09%

$0.35

2.01%

Vitals

YTD Return

4.6%

1 yr return

10.3%

3 Yr Avg Return

1.1%

5 Yr Avg Return

2.1%

Net Assets

$674 M

Holdings in Top 10

14.6%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.01%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 53.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/01/2024

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

$8.56

$674 M

4.09%

$0.35

2.01%

MSICX - Profile

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return 2.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.55%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Strategic Bond Fund
  • Fund Family Name
    Mainstay Group of Funds
  • Inception Date
    Sep 01, 1998
  • Shares Outstanding
    3748711
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Shu-Yang Tan

Fund Description

The Fund seeks to achieve its investment objective through a flexible investment process that allocates investments across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible bonds; and variable or floating rate debt securities. The Fund may invest in debt securities that are rated investment grade and below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” 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 securities may be denominated in U.S. or foreign currencies, and may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without limitation in securities of foreign issuers, including emerging markets. 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 currency exposure of non-U.S. investments may or may not be hedged. The Fund may invest up to 15% of its net assets in equity securities.

The Fund intends to utilize various investment strategies in a broad array of fixed-income sectors to achieve its investment objective. The Fund will not be constrained by portfolio management relative to an index. Because the Fund does not track a fixed-income index, its performance may vary at times and demonstrate low correlation to traditional fixed-income indices. In pursuing its investment objective, the Fund’s investment strategy is subject to market risk and shares may gain or lose value.

The average portfolio duration of the Fund will normally vary from 0 to 7 years. 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.

The Fund may invest in derivatives, such as futures, options, forward commitments and interest rate swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings or manage duration. The Fund may invest up to 25% of its total assets in swaps.

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund's short positions, either direct short positions or through credit default swaps or total return swaps, may total up to 20% of the Fund’s net assets. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

Investment Process: MacKay Shields LLC, the Fund’s Subadvisor, seeks to identify investment opportunities through an investment process focused on macroeconomic analysis and bottom-up security selection. The Subadvisor allocates the Fund's investments among the various bond market sectors based on current and projected economic and market conditions. The Fund may invest across bond market sectors, geographies and credit qualities.

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 believes the security will no longer 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 domestic and foreign economies, and meaningful changes in the issuer's financial condition, including changes in the issuer's credit risk and competitiveness.

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MSICX - Performance

Return Ranking - Trailing

Period MSICX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -10.3% 16.6% 67.28%
1 Yr 10.3% -4.5% 27.2% 43.67%
3 Yr 1.1%* -17.2% 16.2% 46.99%
5 Yr 2.1%* -14.5% 14.0% 55.60%
10 Yr 1.8%* -7.2% 6.7% 76.69%

* Annualized

Return Ranking - Calendar

Period MSICX Return Category Return Low Category Return High Rank in Category (%)
2023 4.6% -12.0% 8.9% 14.95%
2022 -10.5% -31.8% 18.4% 34.28%
2021 -0.1% -16.2% 25.7% 26.31%
2020 3.7% -31.1% 18.7% 27.18%
2019 3.7% -6.1% 15.3% 63.34%

Total Return Ranking - Trailing

Period MSICX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -10.3% 16.6% 67.28%
1 Yr 10.3% -4.5% 27.2% 43.67%
3 Yr 1.1%* -17.2% 16.2% 46.99%
5 Yr 2.1%* -14.5% 14.0% 55.60%
10 Yr 1.8%* -7.2% 6.7% 76.69%

* Annualized

Total Return Ranking - Calendar

Period MSICX Return Category Return Low Category Return High Rank in Category (%)
2023 8.4% -6.9% 22.2% 42.22%
2022 -8.6% -31.8% 21.1% 48.50%
2021 1.0% -13.5% 49.9% 67.32%
2020 5.5% -28.6% 24.1% 51.15%
2019 5.8% -4.8% 19.1% 79.27%

NAV & Total Return History


MSICX - Holdings

Concentration Analysis

MSICX Category Low Category High MSICX % Rank
Net Assets 674 M 2.53 M 143 B 49.21%
Number of Holdings 503 4 9195 49.14%
Net Assets in Top 10 105 M -204 M 80.4 B 61.74%
Weighting of Top 10 14.56% 5.8% 265.8% 80.88%

Top 10 Holdings

  1. U.S. Treasury Notes 2.63%
  2. U.S. Treasury Notes 2.53%
  3. U.S. Treasury Notes 2.06%
  4. MainStay U.S. Government Liquidity Fund, Class I 1.90%
  5. U.S. Treasury Notes 1.64%
  6. U.S. Treasury Inflation Linked Notes 1.52%
  7. FHLMC STACR REMIC Trust, Series 2021-HQA2, Class B2 0.59%
  8. FHLMC STACR REMIC Trust, Series 2019-FTR3, Class B2 0.58%
  9. FHLMC STACR REMIC Trust, Series 2021-DNA7, Class B2 0.55%
  10. STACR REMIC Trust, Series 2018-HRP2, Class B2 0.55%

Asset Allocation

Weighting Return Low Return High MSICX % Rank
Bonds
85.32% 0.00% 199.60% 60.81%
Other
13.32% -73.61% 147.15% 23.95%
Convertible Bonds
3.89% 0.00% 33.50% 25.08%
Cash
1.98% -94.66% 91.07% 65.79%
Stocks
0.04% -6.18% 99.66% 64.23%
Preferred Stocks
0.00% 0.00% 26.42% 47.90%

Stock Sector Breakdown

Weighting Return Low Return High MSICX % Rank
Consumer Defense
99.97% 0.00% 99.97% 0.29%
Industrials
0.03% 0.00% 100.00% 50.58%
Utilities
0.00% 0.00% 100.00% 53.76%
Technology
0.00% 0.00% 28.30% 41.33%
Real Estate
0.00% 0.00% 100.00% 48.55%
Healthcare
0.00% 0.00% 18.60% 42.49%
Financial Services
0.00% 0.00% 100.00% 58.38%
Energy
0.00% 0.00% 100.00% 75.14%
Communication Services
0.00% 0.00% 100.00% 50.00%
Consumer Cyclical
0.00% 0.00% 89.95% 53.18%
Basic Materials
0.00% 0.00% 100.00% 44.80%

Stock Geographic Breakdown

Weighting Return Low Return High MSICX % Rank
US
0.04% -6.18% 99.66% 61.74%
Non US
0.00% -0.26% 17.73% 28.62%

Bond Sector Breakdown

Weighting Return Low Return High MSICX % Rank
Corporate
43.88% 0.00% 96.66% 41.41%
Securitized
38.57% 0.00% 99.65% 23.60%
Government
6.19% 0.00% 99.43% 64.04%
Cash & Equivalents
1.98% 0.00% 88.00% 59.59%
Derivative
0.45% -73.61% 147.15% 22.93%
Municipal
0.40% 0.00% 54.26% 23.11%

Bond Geographic Breakdown

Weighting Return Low Return High MSICX % Rank
US
85.32% 0.00% 199.60% 42.46%
Non US
0.00% 0.00% 74.14% 71.07%

MSICX - Expenses

Operational Fees

MSICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.01% 0.03% 20.67% 17.98%
Management Fee 0.59% 0.00% 2.29% 46.14%
12b-1 Fee 1.00% 0.00% 1.00% 80.12%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

MSICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load 1.00% 1.00% 1.50% 13.41%

Trading Fees

MSICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

MSICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 53.00% 0.00% 632.00% 26.88%

MSICX - Distributions

Dividend Yield Analysis

MSICX Category Low Category High MSICX % Rank
Dividend Yield 4.09% 0.00% 23.30% 79.04%

Dividend Distribution Analysis

MSICX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

MSICX Category Low Category High MSICX % Rank
Net Income Ratio 1.55% -1.55% 11.51% 85.78%

Capital Gain Distribution Analysis

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

Distributions History

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MSICX - Fund Manager Analysis

Managers

Shu-Yang Tan


Start Date

Tenure

Tenure Rank

Feb 28, 2018

4.25

4.3%

Shu-Yang Tan, CFA, is a Senior Portfolio Manager on the Global Credit team. He is part of the leadership team responsible for managing corporate credit across the group’s portfolios and is also a member of the Investment Policy and Credit Committees. In addition to managing portfolios, Shu-Yang also leads the ESG (Environmental, Social and Governance) investment efforts within the team and is responsible for its implementation. He is also charged with oversight of the team’s trading function. Prior to joining MacKay Shields, Shu-Yang spent 15 years as an Analyst, Trader, Senior Credit Portfolio Manager and Head of Credit Research with the Corporate Credit and Emerging Market Debt teams at UBS Asset Management. Before UBS, he was a Structured Product analyst with Eaton Vance and a Treasury Analyst at Wells Fargo Bank. Shu-Yang is a CFA charterholder and earned a BSc degree in Computer Science from York University in Toronto, and an MBA from Berkeley Haas at the University of California.

Matthew Jacob


Start Date

Tenure

Tenure Rank

Feb 28, 2018

4.25

4.3%

Mr. Jacob has managed the MainStay MacKay Strategic Bond Fund since 2018. He is a Managing Director and Senior Portfolio Manager on the Global Credit team and also a member of the Investment Policy Committee. As the Co-Chair of the Credit Committee, Mr. Jacob is responsible for corporate credit investments across all the group’s portfolios as well as dedicated corporate investment grade, high yield and bank loan strategies. In addition to his portfolio management duties, he is a member of the Investment Policy Committee. He joined the firm as a Portfolio Analyst for the Global Fixed Income team in February 2011. He came to MacKay Shields from KDI Capital Partners where as an Equity Sector Leader he led the firm’s fundamental research efforts in the core consumer sector. Prior to KDI, he worked at Buckingham Research Group and Johnson Rice & Company, LLC, where he gained extensive experience in equity sales and research. Mr. Jacob received his MBA with a concentration in Finance from Tulane University, Freeman School of Business in 2006 and a BS in Finance with a specialization in Internal Audit from Louisiana State University in 2001. He has been in the investment research industry since 2002. Matt received his MBA with a concentration in Finance from Tulane University, Freeman School of Business in 2006 and a BS in Finance with a specialization in Internal Audit from Louisiana State University in 2001. He has been in the investment research industry since 2002.

Neil Moriarty


Start Date

Tenure

Tenure Rank

Oct 18, 2018

3.62

3.6%

Neil Moriarty is a Senior Portfolio Manager of the Global Fixed Income team. Neil is responsible for managing all Multi- Sector and related strategies. Prior to joining MacKay Shields in January 2018, he was with Aberdeen via the 2005 acquisition of Deutsche Asset Management's London and Philadelphia fixed income businesses. While at Aberdeen, his responsibilities included Head of US Core, Structured Products and Co-Head of US Core Short Duration. Neil joined Deutsche in 2002 from Swathmore/Cypress Capital Management where he worked in fixed income portfolio management. Previously, he worked for Chase Securities in fixed income trading and research. Prior to that, Neil worked for Paine Webber in fixed income trading and research. Neil graduated with a BA from University of Massachusetts, Amherst. He has been working in the investment industry since 1987.

Stephen Cianci


Start Date

Tenure

Tenure Rank

Oct 18, 2018

3.62

3.6%

Steve Cianci, CFA, is the Head of the Global Fixed Income team and a Senior Portfolio Manager. Steve is responsible for managing all Multi-Sector and related strategies and in addition, he is responsible for strategic initiatives as the team’s business head. He is an adjunct professor of finance and a member of the Business Advisory Council at Widener University. Steve graduated with a MBA and BA from Widener University and is a CFA charterholder. He has been working in the investment industry since 1992.

Lesya Paisley


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Lesya Paisley, CFA is a Portfolio Manager on the Global Fixed Income Team. She is responsible for managing Multi-Sector strategies at MacKay Shields. Prior to joining MacKay Shields, Lesya served as Investment Director and Portfolio Manager at Aberdeen Standard Investments where she was responsible for managing US dollar strategies including Credit, Corporates, and Core/Core+ strategies. Before Aberdeen, she worked at Deutsche Asset Management as a Credit Research Analyst. Combined, Lesya spent well over a decade in Credit Research covering a variety of sectors including Emerging Markets, High Yield, Investment Grade, and Municipals. She has been in the investment industry since 2003. Lesya is a CFA charterholder and earned a BSc degree in Finance and Accounting from the University of Virginia, McIntire School of Commerce.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19