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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 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
3.3%
1 yr return
9.3%
3 Yr Avg Return
0.8%
5 Yr Avg Return
1.8%
Net Assets
$1.46 B
Holdings in Top 10
6.9%
Expense Ratio 0.77%
Front Load 4.50%
Deferred Load N/A
Turnover 66.00%
Redemption Fee N/A
Standard (Taxable)
$15,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds, the income from which is exempt from federal income tax. The Fund will seek to maintain a portfolio dollar-weighted average duration of 3 to 10 years, 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.
The Fund will invest, under normal circumstances, at least 65% of its net assets in investment grade quality bonds as rated by a nationally recognized statistical rating organization (“NRSRO”) (such as bonds rated BBB- or higher, or Baa3 or higher), or if unrated, judged to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. The Fund may invest up to 35% of its net assets in municipal bonds rated below investment grade by an NRSRO, commonly referred to as “high yield” or “junk” bonds, 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 an NRSRO (such as bonds rated D) (“distressed securities”), or if unrated, judged to be of comparable quality by the Subadvisor. 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 not invest more than 20% of its net assets in investments subject to the federal alternative minimum tax. Some of the Fund's earnings may be subject to federal tax and most may be subject to state and local taxes.
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 (for example, securities whose issuers are located in the same state).
The Fund may invest in privately issued securities.
The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.
Investment Process: The Subadvisor employs a relative value research-driven approach in seeking to achieve the Fund's investment objective. The Subadvisor's strategies include duration management, sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in various portfolio strategies to seek to achieve the Fund's investment objective, to enhance the Fund's investment return and to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets.
The Subadvisor uses active management in an effort to identify mispriced tax-exempt securities and 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 and 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, with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party service providers 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, industries or individual issuers are explicitly excluded from the Fund.
On an ongoing basis, the Subadvisor meets to discuss and, where necessary, make changes to the Fund’s portfolio allocations. Typically, the Subadvisor considers a number of factors including overall market conditions, and the economic, technical, fundamental and regulatory factors that influence the relative value of municipal securities. In addition to setting target guidelines with respect to yield curve positioning, quality distribution, sector weights and individual security exposures, the Subadvisor will establish the Fund’s target allocation between investment grade municipal securities and high yield municipal securities. The asset allocation decision is based on the Subadvisor’s subjective assessment of the risk-adjusted expected returns of investment grade securities and high yield municipal securities over the next twelve to eighteen months.
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.
Period | MTFDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.3% | -1.9% | 26.5% | 35.10% |
1 Yr | 9.3% | 2.3% | 37.3% | 68.68% |
3 Yr | 0.8%* | -9.9% | 3.4% | 12.76% |
5 Yr | 1.8%* | -6.7% | 1104.9% | 6.36% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Period | MTFDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.2% | -1.4% | 41.0% | 67.13% |
2022 | -9.3% | -39.7% | 0.3% | 28.34% |
2021 | -0.2% | -5.6% | 6.9% | 37.23% |
2020 | 2.6% | -2.6% | 310.0% | 14.65% |
2019 | N/A | 0.0% | 26.0% | N/A |
Period | MTFDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.3% | -1.9% | 26.5% | 35.10% |
1 Yr | 9.3% | 2.3% | 37.3% | 68.68% |
3 Yr | 0.8%* | -9.9% | 3.4% | 12.76% |
5 Yr | 1.8%* | -6.7% | 1104.9% | 6.36% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Period | MTFDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.8% | -1.3% | 41.0% | 47.44% |
2022 | -7.2% | -39.7% | 1.1% | 27.73% |
2021 | 2.6% | -4.8% | 23761504.0% | 22.69% |
2020 | 4.7% | -1.5% | 17057.9% | 21.88% |
2019 | N/A | 0.2% | 3514.6% | N/A |
MTFDX | Category Low | Category High | MTFDX % Rank | |
---|---|---|---|---|
Net Assets | 1.46 B | 3.22 M | 71.9 B | 23.49% |
Number of Holdings | 993 | 4 | 13418 | 9.81% |
Net Assets in Top 10 | 99.7 M | -317 M | 3.45 B | 43.97% |
Weighting of Top 10 | 6.91% | 1.9% | 100.1% | 91.84% |
Weighting | Return Low | Return High | MTFDX % Rank | |
---|---|---|---|---|
Bonds | 99.41% | 0.00% | 150.86% | 36.85% |
Cash | 1.32% | -50.86% | 43.45% | 40.32% |
Stocks | 0.00% | 0.00% | 99.89% | 32.07% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 23.01% |
Other | 0.00% | -3.72% | 51.88% | 31.30% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 22.57% |
Weighting | Return Low | Return High | MTFDX % Rank | |
---|---|---|---|---|
Municipal | 89.85% | 44.39% | 100.00% | 94.21% |
Cash & Equivalents | 1.32% | 0.00% | 43.45% | 23.01% |
Derivative | 0.00% | -3.72% | 51.88% | 28.45% |
Securitized | 0.00% | 0.00% | 5.93% | 23.90% |
Corporate | 0.00% | 0.00% | 9.41% | 36.02% |
Government | 0.00% | -2.28% | 52.02% | 28.89% |
Weighting | Return Low | Return High | MTFDX % Rank | |
---|---|---|---|---|
US | 99.41% | 0.00% | 142.23% | 34.95% |
Non US | 0.00% | 0.00% | 23.89% | 27.19% |
MTFDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.77% | 0.01% | 8.02% | 45.65% |
Management Fee | 0.40% | 0.00% | 1.20% | 38.90% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 43.14% |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
MTFDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.50% | 0.50% | 4.75% | 2.87% |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
MTFDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
MTFDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 66.00% | 0.00% | 283.00% | 96.10% |
MTFDX | Category Low | Category High | MTFDX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.33% | 0.00% | 14.51% | 13.12% |
MTFDX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
MTFDX | Category Low | Category High | MTFDX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.47% | -0.53% | 5.33% | 73.09% |
MTFDX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.027 | OrdinaryDividend |
Aug 31, 2024 | $0.027 | OrdinaryDividend |
Jul 31, 2024 | $0.028 | OrdinaryDividend |
Jun 30, 2024 | $0.028 | OrdinaryDividend |
Apr 30, 2024 | $0.028 | OrdinaryDividend |
Mar 31, 2024 | $0.029 | OrdinaryDividend |
Feb 29, 2024 | $0.027 | OrdinaryDividend |
Jan 31, 2024 | $0.029 | OrdinaryDividend |
Dec 31, 2023 | $0.029 | OrdinaryDividend |
Nov 30, 2023 | $0.026 | OrdinaryDividend |
Oct 31, 2023 | $0.027 | OrdinaryDividend |
Sep 30, 2023 | $0.027 | OrdinaryDividend |
Aug 31, 2023 | $0.028 | OrdinaryDividend |
Jul 31, 2023 | $0.028 | OrdinaryDividend |
Jun 30, 2023 | $0.027 | OrdinaryDividend |
May 31, 2023 | $0.028 | OrdinaryDividend |
Apr 30, 2023 | $0.027 | OrdinaryDividend |
Mar 31, 2023 | $0.028 | OrdinaryDividend |
Feb 28, 2023 | $0.025 | OrdinaryDividend |
Jan 31, 2023 | $0.026 | OrdinaryDividend |
Dec 31, 2022 | $0.025 | OrdinaryDividend |
Dec 13, 2022 | $0.005 | CapitalGainShortTerm |
Dec 13, 2022 | $0.018 | CapitalGainLongTerm |
Nov 30, 2022 | $0.024 | OrdinaryDividend |
Oct 31, 2022 | $0.023 | OrdinaryDividend |
Sep 30, 2022 | $0.020 | OrdinaryDividend |
Aug 31, 2022 | $0.018 | OrdinaryDividend |
Jul 31, 2022 | $0.017 | OrdinaryDividend |
Jun 30, 2022 | $0.015 | OrdinaryDividend |
May 31, 2022 | $0.013 | OrdinaryDividend |
Apr 30, 2022 | $0.012 | OrdinaryDividend |
Mar 31, 2022 | $0.014 | OrdinaryDividend |
Feb 28, 2022 | $0.013 | OrdinaryDividend |
Jan 31, 2022 | $0.014 | OrdinaryDividend |
Jan 13, 2022 | $0.000 | OrdinaryDividend |
Dec 31, 2021 | $0.015 | OrdinaryDividend |
Dec 08, 2021 | $0.003 | CapitalGainShortTerm |
Dec 08, 2021 | $0.093 | CapitalGainLongTerm |
Nov 30, 2021 | $0.014 | OrdinaryDividend |
Oct 31, 2021 | $0.015 | OrdinaryDividend |
Sep 30, 2021 | $0.015 | OrdinaryDividend |
Aug 31, 2021 | $0.015 | OrdinaryDividend |
Jul 31, 2021 | $0.014 | OrdinaryDividend |
Jun 30, 2021 | $0.014 | OrdinaryDividend |
May 31, 2021 | $0.016 | OrdinaryDividend |
Apr 30, 2021 | $0.014 | OrdinaryDividend |
Mar 31, 2021 | $0.015 | OrdinaryDividend |
Feb 28, 2021 | $0.016 | OrdinaryDividend |
Jan 31, 2021 | $0.016 | OrdinaryDividend |
Dec 31, 2020 | $0.016 | OrdinaryDividend |
Nov 30, 2020 | $0.018 | OrdinaryDividend |
Oct 30, 2020 | $0.016 | OrdinaryDividend |
Sep 30, 2020 | $0.017 | OrdinaryDividend |
Aug 31, 2020 | $0.016 | OrdinaryDividend |
Jul 31, 2020 | $0.017 | OrdinaryDividend |
Jun 30, 2020 | $0.016 | OrdinaryDividend |
May 29, 2020 | $0.015 | OrdinaryDividend |
Apr 30, 2020 | $0.016 | OrdinaryDividend |
Mar 31, 2020 | $0.016 | OrdinaryDividend |
Feb 28, 2020 | $0.017 | OrdinaryDividend |
Jan 31, 2020 | $0.015 | OrdinaryDividend |
Dec 31, 2019 | $0.015 | OrdinaryDividend |
Dec 11, 2019 | $0.042 | CapitalGainShortTerm |
Dec 11, 2019 | $0.005 | CapitalGainLongTerm |
Nov 29, 2019 | $0.019 | OrdinaryDividend |
Oct 31, 2019 | $0.024 | OrdinaryDividend |
Sep 30, 2019 | $0.023 | OrdinaryDividend |
Aug 30, 2019 | $0.001 | OrdinaryDividend |
Jul 31, 2019 | $0.010 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
John Lawlor joined MacKay Shields as a Director in 2016. Before joining the firm, he was a senior trader on the floor of the New York Stock Exchange. Mr. Lawlor has a broad and diverse set of skills in sales, trading and electronic trading platforms. He earned a Bachelor's degree in Finance from Lehigh University and has been in the financial services industry since 1997.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Jun 24, 2019
2.94
2.9%
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.
Start Date
Tenure
Tenure Rank
Aug 28, 2021
0.76
0.8%
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.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.33 | 1.58 |
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