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Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
7.3%
1 yr return
14.5%
3 Yr Avg Return
3.0%
5 Yr Avg Return
3.9%
Net Assets
$674 M
Holdings in Top 10
14.6%
Expense Ratio 0.65%
Front Load N/A
Deferred Load N/A
Turnover 53.00%
Redemption Fee N/A
Standard (Taxable)
$0
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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.
Period | MSYEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.3% | -8.0% | 14.7% | 22.05% |
1 Yr | 14.5% | -6.4% | 30.0% | 20.37% |
3 Yr | 3.0%* | -16.8% | 16.7% | 18.84% |
5 Yr | 3.9%* | -14.1% | 14.4% | 15.14% |
10 Yr | N/A* | -6.9% | 6.9% | 45.33% |
* Annualized
Period | MSYEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.7% | -12.0% | 15.7% | 14.83% |
2022 | -10.5% | -31.8% | 18.4% | 34.17% |
2021 | -0.1% | -16.2% | 25.7% | 25.61% |
2020 | 4.0% | -31.1% | 18.7% | 26.41% |
2019 | 3.7% | -6.1% | 15.3% | 64.64% |
Period | MSYEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.3% | -8.0% | 14.7% | 22.05% |
1 Yr | 14.5% | -6.4% | 30.0% | 20.37% |
3 Yr | 3.0%* | -16.8% | 16.7% | 18.84% |
5 Yr | 3.9%* | -14.1% | 14.4% | 15.14% |
10 Yr | N/A* | -6.9% | 6.9% | 40.93% |
* Annualized
Period | MSYEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.9% | -6.9% | 22.2% | 22.94% |
2022 | -7.4% | -31.8% | 21.1% | 39.18% |
2021 | 2.3% | -13.5% | 49.9% | 49.59% |
2020 | 7.2% | -28.6% | 24.1% | 32.22% |
2019 | 7.0% | -4.8% | 19.1% | 68.06% |
MSYEX | Category Low | Category High | MSYEX % Rank | |
---|---|---|---|---|
Net Assets | 674 M | 2.53 M | 143 B | 49.45% |
Number of Holdings | 503 | 4 | 9195 | 50.31% |
Net Assets in Top 10 | 105 M | -204 M | 80.4 B | 62.04% |
Weighting of Top 10 | 14.56% | 6.2% | 209.5% | 82.12% |
Weighting | Return Low | Return High | MSYEX % Rank | |
---|---|---|---|---|
Bonds | 85.32% | 0.00% | 192.97% | 62.19% |
Other | 13.32% | -73.61% | 112.16% | 25.15% |
Convertible Bonds | 3.89% | 0.00% | 33.50% | 25.52% |
Cash | 1.98% | -94.66% | 91.07% | 66.67% |
Stocks | 0.04% | -4.92% | 99.66% | 64.35% |
Preferred Stocks | 0.00% | 0.00% | 26.42% | 92.28% |
Weighting | Return Low | Return High | MSYEX % Rank | |
---|---|---|---|---|
Consumer Defense | 99.97% | 0.00% | 99.97% | 1.42% |
Industrials | 0.03% | 0.00% | 100.00% | 52.14% |
Utilities | 0.00% | 0.00% | 100.00% | 93.45% |
Technology | 0.00% | 0.00% | 28.30% | 92.31% |
Real Estate | 0.00% | 0.00% | 100.00% | 93.73% |
Healthcare | 0.00% | 0.00% | 18.60% | 92.31% |
Financial Services | 0.00% | 0.00% | 100.00% | 95.73% |
Energy | 0.00% | 0.00% | 100.00% | 97.44% |
Communication Services | 0.00% | 0.00% | 100.00% | 93.16% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 93.16% |
Basic Materials | 0.00% | 0.00% | 100.00% | 93.73% |
Weighting | Return Low | Return High | MSYEX % Rank | |
---|---|---|---|---|
US | 0.04% | -4.84% | 99.66% | 61.88% |
Non US | 0.00% | -0.26% | 17.73% | 89.97% |
Weighting | Return Low | Return High | MSYEX % Rank | |
---|---|---|---|---|
Corporate | 43.88% | 0.00% | 96.66% | 41.72% |
Securitized | 38.57% | 0.00% | 99.65% | 24.04% |
Government | 6.19% | 0.00% | 99.43% | 64.97% |
Cash & Equivalents | 1.98% | 0.00% | 88.00% | 61.46% |
Derivative | 0.45% | -73.61% | 112.16% | 23.37% |
Municipal | 0.40% | 0.00% | 54.26% | 23.57% |
Weighting | Return Low | Return High | MSYEX % Rank | |
---|---|---|---|---|
US | 85.32% | 0.00% | 192.97% | 42.90% |
Non US | 0.00% | 0.00% | 74.14% | 95.99% |
MSYEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.65% | 0.03% | 20.67% | 88.00% |
Management Fee | 0.59% | 0.00% | 2.29% | 48.70% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
MSYEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.50% | N/A |
MSYEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
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.
MSYEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 53.00% | 0.00% | 632.00% | 27.37% |
MSYEX | Category Low | Category High | MSYEX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.34% | 0.00% | 23.30% | 49.08% |
MSYEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
MSYEX | Category Low | Category High | MSYEX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.83% | -1.55% | 11.51% | 53.29% |
MSYEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.039 | OrdinaryDividend |
Aug 30, 2024 | $0.039 | OrdinaryDividend |
Jul 31, 2024 | $0.039 | OrdinaryDividend |
Apr 30, 2024 | $0.040 | OrdinaryDividend |
Mar 28, 2024 | $0.038 | OrdinaryDividend |
Feb 29, 2024 | $0.037 | OrdinaryDividend |
Jan 31, 2024 | $0.039 | OrdinaryDividend |
Dec 20, 2023 | $0.045 | OrdinaryDividend |
Nov 30, 2023 | $0.029 | OrdinaryDividend |
Oct 31, 2023 | $0.032 | OrdinaryDividend |
Sep 29, 2023 | $0.033 | OrdinaryDividend |
Aug 31, 2023 | $0.034 | OrdinaryDividend |
Jul 31, 2023 | $0.033 | OrdinaryDividend |
Jun 30, 2023 | $0.032 | OrdinaryDividend |
May 31, 2023 | $0.034 | OrdinaryDividend |
Apr 28, 2023 | $0.033 | OrdinaryDividend |
Mar 31, 2023 | $0.035 | OrdinaryDividend |
Feb 28, 2023 | $0.030 | OrdinaryDividend |
Jan 31, 2023 | $0.032 | OrdinaryDividend |
Dec 20, 2022 | $0.042 | OrdinaryDividend |
Nov 30, 2022 | $0.024 | OrdinaryDividend |
Oct 31, 2022 | $0.029 | OrdinaryDividend |
Sep 30, 2022 | $0.026 | OrdinaryDividend |
Aug 31, 2022 | $0.025 | OrdinaryDividend |
Jul 29, 2022 | $0.025 | OrdinaryDividend |
Jun 30, 2022 | $0.021 | OrdinaryDividend |
May 31, 2022 | $0.021 | OrdinaryDividend |
Apr 29, 2022 | $0.020 | OrdinaryDividend |
Mar 31, 2022 | $0.019 | OrdinaryDividend |
Feb 28, 2022 | $0.017 | OrdinaryDividend |
Jan 31, 2022 | $0.020 | OrdinaryDividend |
Dec 15, 2021 | $0.014 | OrdinaryDividend |
Nov 30, 2021 | $0.011 | OrdinaryDividend |
Oct 29, 2021 | $0.016 | OrdinaryDividend |
Sep 30, 2021 | $0.017 | OrdinaryDividend |
Aug 31, 2021 | $0.020 | OrdinaryDividend |
Jul 30, 2021 | $0.019 | OrdinaryDividend |
Jun 30, 2021 | $0.018 | OrdinaryDividend |
May 28, 2021 | $0.017 | OrdinaryDividend |
Apr 30, 2021 | $0.020 | OrdinaryDividend |
Mar 31, 2021 | $0.021 | OrdinaryDividend |
Feb 26, 2021 | $0.017 | OrdinaryDividend |
Jan 29, 2021 | $0.025 | OrdinaryDividend |
Dec 16, 2020 | $0.016 | OrdinaryDividend |
Nov 30, 2020 | $0.018 | OrdinaryDividend |
Oct 30, 2020 | $0.020 | OrdinaryDividend |
Sep 30, 2020 | $0.022 | OrdinaryDividend |
Aug 31, 2020 | $0.022 | OrdinaryDividend |
Jul 31, 2020 | $0.022 | OrdinaryDividend |
Jun 30, 2020 | $0.021 | OrdinaryDividend |
May 29, 2020 | $0.021 | OrdinaryDividend |
Apr 30, 2020 | $0.022 | OrdinaryDividend |
Mar 31, 2020 | $0.021 | OrdinaryDividend |
Mar 29, 2020 | $0.021 | OrdinaryDividend |
Feb 28, 2020 | $0.020 | OrdinaryDividend |
Jan 31, 2020 | $0.019 | OrdinaryDividend |
Dec 19, 2019 | $0.022 | OrdinaryDividend |
Nov 29, 2019 | $0.023 | OrdinaryDividend |
Oct 31, 2019 | $0.019 | OrdinaryDividend |
Sep 30, 2019 | $0.022 | OrdinaryDividend |
Aug 30, 2019 | $0.021 | OrdinaryDividend |
Jul 31, 2019 | $0.024 | OrdinaryDividend |
Jun 28, 2019 | $0.025 | OrdinaryDividend |
May 31, 2019 | $0.025 | OrdinaryDividend |
Apr 30, 2019 | $0.026 | OrdinaryDividend |
Mar 29, 2019 | $0.024 | OrdinaryDividend |
Feb 28, 2019 | $0.025 | OrdinaryDividend |
Jan 31, 2019 | $0.021 | OrdinaryDividend |
Dec 20, 2018 | $0.032 | OrdinaryDividend |
Nov 30, 2018 | $0.023 | OrdinaryDividend |
Oct 31, 2018 | $0.025 | OrdinaryDividend |
Sep 28, 2018 | $0.025 | OrdinaryDividend |
Aug 31, 2018 | $0.025 | OrdinaryDividend |
Jul 31, 2018 | $0.029 | OrdinaryDividend |
Jun 29, 2018 | $0.031 | OrdinaryDividend |
May 31, 2018 | $0.029 | OrdinaryDividend |
Apr 30, 2018 | $0.028 | OrdinaryDividend |
Mar 29, 2018 | $0.024 | OrdinaryDividend |
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.
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.
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.
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.
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.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |
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