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Trending ETFs

MainStay Floating Rate Fund

mutual fund
MXFMX
Payout Change
Pending
Price as of:
$8.87 +0.0 +0.0%
primary theme
Bank Loan
MXFMX (Mutual Fund)

MainStay Floating Rate Fund

Payout Change
Pending
Price as of:
$8.87 +0.0 +0.0%
primary theme
Bank Loan
MXFMX (Mutual Fund)

MainStay Floating Rate Fund

Payout Change
Pending
Price as of:
$8.87 +0.0 +0.0%
primary theme
Bank Loan

Name

As of 10/02/2024

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

$8.87

$1.56 B

8.09%

$0.72

1.20%

Vitals

YTD Return

6.0%

1 yr return

8.6%

3 Yr Avg Return

5.0%

5 Yr Avg Return

N/A

Net Assets

$1.56 B

Holdings in Top 10

6.9%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.20%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/02/2024

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

$8.87

$1.56 B

8.09%

$0.72

1.20%

MXFMX - Profile

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return 5.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.42%
DIVIDENDS
  • Dividend Yield 8.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay Floating Rate Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    Aug 31, 2020
  • Shares Outstanding
    2945
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Dial

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of floating rate loans and other floating rate debt securities. The Fund may also purchase fixed-income and variable rate debt securities and money market securities or instruments. When NYL Investors LLC, the Fund's Subadvisor, believes that market or economic conditions are unfavorable to

investors, up to 100% of the Fund's assets may be invested in money market or short-term debt securities. The Subadvisor may also invest in these types of securities or hold a higher than ordinary level of cash, while looking for suitable investment opportunities or to maintain an appropriate level of liquidity.

The Fund may invest up to 25% of its total assets in foreign securities which are generally U.S. dollar-denominated loans and other debt securities issued by one or more non-U.S. borrower(s) without a U.S. domiciled co-borrower. 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.

Investment Process: The Subadvisor seeks to identify investment opportunities based on the financial condition and competitiveness of individual companies. The Subadvisor seeks to invest in companies with a high margin of safety that are leaders in industries with high barriers to entry. The Subadvisor prefers companies with positive free cash flow, solid asset coverage and management teams with strong track records. In virtually every phase of the investment process, the Subadvisor attempts to control risk and limit defaults.

Floating rate loans may offer a favorable yield spread over other short-term debt alternatives. Historically, floating rate loans have displayed little correlation to the movements of U.S. common stocks, high-grade bonds and U.S. government securities. Securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such as securities rated lower than BBB- and Baa3), commonly referred to as “high-yield securities” or “junk bonds.” Floating rate loans are speculative investments and are usually rated below investment grade by an NRSRO. They typically have less credit risk and historically have had lower default rates than junk bonds. These loans are typically the most senior source of capital in a borrower's capital structure and usually have certain of the borrower's assets pledged as collateral. Floating rate loans feature rates that reset regularly, maintaining a fixed spread over the Secured Overnight Financing Rate or another reference rate or benchmark. The interest rates for floating rate loans typically reset quarterly, although rates on some loans may adjust at other intervals. Floating rate loans mature, on average, in five to seven years, but loan maturity can be as long as nine years.

The Subadvisor’s investment process relies on a comprehensive fundamental investment discipline, including, but not limited to, consideration of environmental, social and governance (“ESG”) factors that may be material to a company’s performance and prospects. In addition to internal research, the Subadvisor may use third-party ESG data to compare internal views with external perspectives.

The Subadvisor may reduce or eliminate the Fund's position in a holding if it no longer believes the holding will contribute to meeting the investment objective of the Fund. In considering whether to sell a holding, the Subadvisor may evaluate, among other things, meaningful changes in the issuer's financial condition and competitiveness. The Subadvisor continually evaluates market factors and comparative metrics to determine relative value.

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MXFMX - Performance

Return Ranking - Trailing

Period MXFMX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -3.4% 9.5% 59.70%
1 Yr 8.6% -4.0% 13.8% 60.07%
3 Yr 5.0%* -6.7% 8.1% 49.61%
5 Yr N/A* -6.5% 37.8% 68.30%
10 Yr N/A* -2.1% 19.6% 80.29%

* Annualized

Return Ranking - Calendar

Period MXFMX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -12.0% 11.1% 41.42%
2022 -5.7% -22.9% 5.1% 16.86%
2021 0.6% -12.2% 11.1% 78.04%
2020 N/A -14.1% 289.8% N/A
2019 N/A -8.1% 7.5% N/A

Total Return Ranking - Trailing

Period MXFMX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -3.4% 9.5% 59.70%
1 Yr 8.6% -4.0% 13.8% 60.07%
3 Yr 5.0%* -6.7% 8.1% 49.61%
5 Yr N/A* -6.5% 37.8% 62.45%
10 Yr N/A* -2.1% 19.6% 75.12%

* Annualized

Total Return Ranking - Calendar

Period MXFMX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -12.0% 22.1% 74.63%
2022 -2.3% -22.9% 5.1% 51.34%
2021 3.1% -10.2% 11.1% 88.63%
2020 N/A -14.1% 306.9% N/A
2019 N/A -3.6% 10.5% N/A

NAV & Total Return History


MXFMX - Holdings

Concentration Analysis

MXFMX Category Low Category High MXFMX % Rank
Net Assets 1.56 B 29.9 M 13.5 B 29.01%
Number of Holdings 553 2 1977 18.08%
Net Assets in Top 10 110 M -191 M 2.37 B 48.85%
Weighting of Top 10 6.86% 5.2% 100.7% 94.21%

Top 10 Holdings

  1. U.S. Treasury Bills 1.64%
  2. U.S. Treasury Bills 0.84%
  3. U.S. Treasury Bills 0.79%
  4. Allied Universal Holdco LLC, First Lien Initial US Dollar Term Loan 0.68%
  5. UKG, Inc., First Lien Initial Term Loan 0.55%
  6. White Cap Supply Holdings LLC, First Lien Facility Tranche Term Loan C 0.51%
  7. Agiliti Health, Inc., First Lien Term Loan 0.48%
  8. UFC Holdings LLC, First Lien Term Loan B3 0.46%
  9. AmWINS Group, Inc., First Lien Term Loan 0.45%
  10. Jazz Financing Lux SARL, First Lien Dollar Tranche Term Loan B2 0.45%

Asset Allocation

Weighting Return Low Return High MXFMX % Rank
Bonds
97.79% 0.00% 161.82% 23.08%
Cash
3.47% -61.90% 16.36% 46.92%
Stocks
0.13% 0.00% 100.74% 82.69%
Convertible Bonds
0.03% 0.00% 5.51% 44.19%
Other
0.00% -52.39% 34.87% 59.23%
Preferred Stocks
0.00% -3.99% 7.30% 83.08%

Stock Sector Breakdown

Weighting Return Low Return High MXFMX % Rank
Utilities
0.00% 0.00% 100.00% 80.08%
Technology
0.00% 0.00% 100.00% 75.39%
Real Estate
0.00% 0.00% 48.61% 71.88%
Industrials
0.00% 0.00% 100.00% 78.52%
Healthcare
0.00% 0.00% 100.00% 1.56%
Financial Services
0.00% 0.00% 89.61% 73.44%
Energy
0.00% 0.00% 100.00% 70.70%
Communication Services
0.00% 0.00% 100.00% 89.06%
Consumer Defense
0.00% 0.00% 100.00% 77.73%
Consumer Cyclical
0.00% 0.00% 97.66% 82.42%
Basic Materials
0.00% 0.00% 1.36% 21.88%

Stock Geographic Breakdown

Weighting Return Low Return High MXFMX % Rank
US
0.13% -0.01% 100.74% 80.77%
Non US
0.00% 0.00% 0.68% 63.85%

Bond Sector Breakdown

Weighting Return Low Return High MXFMX % Rank
Corporate
84.14% 0.00% 99.80% 83.33%
Cash & Equivalents
3.47% 0.00% 25.03% 46.92%
Securitized
2.02% 0.00% 91.68% 26.36%
Government
0.01% 0.00% 3.18% 25.97%
Derivative
0.00% -10.96% 0.85% 46.92%
Municipal
0.00% 0.00% 0.47% 74.81%

Bond Geographic Breakdown

Weighting Return Low Return High MXFMX % Rank
US
97.79% 0.00% 123.41% 17.69%
Non US
0.00% 0.00% 63.23% 74.62%

MXFMX - Expenses

Operational Fees

MXFMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.20% 0.03% 5.51% 43.82%
Management Fee 0.59% 0.00% 1.89% 33.33%
12b-1 Fee 0.50% 0.00% 1.00% 65.19%
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

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

Trading Fees

MXFMX 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.

MXFMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 4.00% 180.00% 5.31%

MXFMX - Distributions

Dividend Yield Analysis

MXFMX Category Low Category High MXFMX % Rank
Dividend Yield 8.09% 0.00% 11.13% 72.01%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MXFMX Category Low Category High MXFMX % Rank
Net Income Ratio 2.42% 1.77% 9.82% 95.70%

Capital Gain Distribution Analysis

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

Distributions History

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MXFMX - Fund Manager Analysis

Managers

Robert Dial


Start Date

Tenure

Tenure Rank

May 03, 2004

18.09

18.1%

Robert Dial joined New York Life Investment Management LLC (predecessor of NYL Investors LLC) in 2001. Mr. Dial is a Managing Director and the Head of the High Yield Credit team with NYL Investors’ Fixed Income Investors. In this role, he oversees the investment activity related to all non-investment grade assets. Mr. Dial has 29 years of investment experience and is also a Senior portfolio manager on all bank loan mandates including retail mutual funds, institutional separate accounts and CLOs. Prior to joining New York Life, he worked extensively in the leveraged finance markets for Fleet Securities, Credit Lyonnais and Chase Manhattan Bank. Mr. Dial received a B.A. from Yale University and an M.B.A. from the University of Chicago.

Mark Campellone


Start Date

Tenure

Tenure Rank

Feb 28, 2012

10.26

10.3%

Mr. Campellone has managed the MainStay Floating Rate Fund since 2012. He is a Managing Director in Fixed Income Investors within NYL Investors and currently serves as Head of Floating Rate Loan Trading in the High Yield Credit Group. Mr. Campellone joined New York Life Investments in 2003 (NYL Investors’ predecessor). He is responsible for the management of non-investment-grade assets including floating rate loans and high-yield bonds and is also a portfolio manager on all floating rate loan mandates including retail mutual funds, institutional accounts and collateralized loan obligation funds (“CLOs”). Prior to joining NYLIM, Mr. Campellone was a leveraged finance portfolio manager for Lyon Capital Management. He has also worked at Credit Lyonnais and First Fidelity Bank in various capacities in the leveraged and corporate finance markets, as well as middle market lending. Mr. Campellone received a B.A. from Muhlenberg College and an M.B.A. from Rutgers Business School.

Arthur Torrey


Start Date

Tenure

Tenure Rank

Feb 28, 2012

10.26

10.3%

Mr. Torrey has managed the MainStay Floating Rate Fund since 2012. Mr. Torrey is a Managing Director in Fixed Income Investors within NYL Investors and is in the High Yield Credit Group. Mr. Torrey joined New York Life Investments in 2006 (NYL Investors’ predecessor). He is responsible for the management of non investment-grade assets including floating rate loans and high-yield bonds. He is also a portfolio manager on all floating rate loan mandates including retail mutual funds, institutional accounts and CLOs. Mr. Torrey received a BSBA from the University of Denver.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.06 3.25