NYLI MacKay Convertible Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
10.9%
1 yr return
13.7%
3 Yr Avg Return
2.3%
5 Yr Avg Return
9.9%
Net Assets
$1.56 B
Holdings in Top 10
22.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.95%
SALES FEES
Front Load 5.50%
Deferred Load N/A
TRADING FEES
Turnover 49.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$15,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MCOAX - Profile
Distributions
- YTD Total Return 10.9%
- 3 Yr Annualized Total Return 2.3%
- 5 Yr Annualized Total Return 9.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.19%
- Dividend Yield 1.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameNYLI MacKay Convertible Fund
-
Fund Family NameMainstay Group of Funds
-
Inception DateJan 03, 1995
-
Shares Outstanding40674365
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEdward Silverstein
Fund Description
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in "convertible securities" such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities. The balance of the Fund may be invested or held in non-convertible debt, equity securities that do not pay regular dividends, U.S. government securities, and cash or cash equivalents.
Investment Process: The Fund takes a flexible approach by investing in a broad range of securities of a variety of companies and industries. The Fund invests in investment grade and below investment grade debt securities. Below investment grade securities are generally securities that receive low ratings from a nationally recognized statistical rating organization (“NRSRO”), or if unrated, are determined to be of equivalent quality by MacKay Shields LLC, the Fund's Subadvisor. Securities that are rated below investment grade by independent rating agencies are commonly referred to as “high-yield securities” or "junk bonds." The Subadvisor may also invest without restriction in securities with lower ratings from a NRSRO. 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.
In selecting convertible securities for purchase or sale, the Subadvisor takes into account a variety of investment considerations, including the potential return of the common stock into which the convertible security is convertible, credit risk, projected interest return, and the premium for the convertible security relative to the underlying common stock.
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 Fund may also invest in "synthetic" convertible securities, which are derivative positions composed of two or more securities whose investment characteristics, taken together, resemble those of traditional convertible securities. Unlike traditional convertible securities whose conversion values are based on the common stock of the issuer of the convertible security, "synthetic" and "exchangeable" convertible securities are preferred stocks or debt obligations of an issuer which are structured with an embedded equity component whose conversion value is based on the value of the common stocks of one or more different issuers or a particular benchmark (which may include indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose stock is not yet publicly traded). The value of a synthetic convertible is the sum of the values of its preferred stock or debt obligation component and its convertible component.
The Fund may invest in foreign securities, which are securities issued by companies organized outside the United States or that trade primarily in non-U.S. securities 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 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 economy, meaningful changes in the issuer's financial condition, changes in credit risk, and changes in projected interest return.
MCOAX - Performance
Return Ranking - Trailing
Period | MCOAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.9% | 0.3% | 19.7% | 85.53% |
1 Yr | 13.7% | 5.6% | 24.3% | 85.53% |
3 Yr | 2.3%* | -13.2% | 4.2% | 25.33% |
5 Yr | 9.9%* | -6.1% | 12.6% | 36.62% |
10 Yr | 8.7%* | -0.1% | 11.4% | 26.32% |
* Annualized
Return Ranking - Calendar
Period | MCOAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.4% | -7.7% | 13.1% | 75.32% |
2022 | -15.4% | -37.8% | -12.8% | 15.79% |
2021 | -11.2% | -18.9% | 2.4% | 44.74% |
2020 | 25.9% | 5.9% | 54.0% | 69.44% |
2019 | 19.0% | 9.9% | 24.4% | 26.39% |
Total Return Ranking - Trailing
Period | MCOAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.9% | 0.3% | 19.7% | 85.53% |
1 Yr | 13.7% | 5.6% | 24.3% | 85.53% |
3 Yr | 2.3%* | -13.2% | 4.2% | 25.33% |
5 Yr | 9.9%* | -6.1% | 12.6% | 36.62% |
10 Yr | 8.7%* | -0.1% | 11.4% | 26.32% |
* Annualized
Total Return Ranking - Calendar
Period | MCOAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.9% | -7.7% | 15.3% | 45.45% |
2022 | -12.3% | -37.8% | -10.6% | 14.47% |
2021 | 9.9% | -12.2% | 11.3% | 10.53% |
2020 | 35.0% | 8.7% | 64.4% | 70.83% |
2019 | 22.1% | 12.2% | 28.7% | 63.89% |
NAV & Total Return History
MCOAX - Holdings
Concentration Analysis
MCOAX | Category Low | Category High | MCOAX % Rank | |
---|---|---|---|---|
Net Assets | 1.56 B | 13.4 M | 3.69 B | 16.88% |
Number of Holdings | 110 | 41 | 381 | 48.05% |
Net Assets in Top 10 | 350 M | 3.92 M | 608 M | 7.79% |
Weighting of Top 10 | 22.54% | 9.5% | 46.5% | 41.56% |
Top 10 Holdings
- MainStay U.S. Government Liquidity Fund, Class I 4.75%
- TransMedics Group, Inc. 2.32%
- Lantheus Holdings, Inc. 2.31%
- Microchip Technology, Inc. 2.24%
- Tetra Tech, Inc. 2.08%
- BioMarin Pharmaceutical, Inc. 1.82%
- Merit Medical Systems, Inc. 1.77%
- Southwest Airlines Co. 1.76%
- Post Holdings, Inc. 1.75%
- Ford Motor Co. 1.74%
Asset Allocation
Weighting | Return Low | Return High | MCOAX % Rank | |
---|---|---|---|---|
Bonds | 88.63% | 0.00% | 98.77% | 38.96% |
Convertible Bonds | 82.98% | 37.15% | 99.72% | 37.66% |
Cash | 6.95% | -78.94% | 7.59% | 5.19% |
Preferred Stocks | 5.02% | 0.00% | 22.50% | 81.82% |
Stocks | 1.31% | 0.00% | 23.09% | 32.47% |
Other | 0.00% | -17.11% | 5.40% | 57.14% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MCOAX % Rank | |
---|---|---|---|---|
Energy | 40.56% | 0.00% | 40.56% | 1.43% |
Industrials | 20.62% | 0.00% | 23.08% | 7.14% |
Financial Services | 20.48% | 0.00% | 20.48% | 1.43% |
Utilities | 18.34% | 0.00% | 100.00% | 90.00% |
Healthcare | 0.01% | 0.00% | 20.31% | 62.86% |
Technology | 0.00% | 0.00% | 23.73% | 52.86% |
Real Estate | 0.00% | 0.00% | 27.87% | 45.71% |
Communication Services | 0.00% | 0.00% | 100.00% | 42.86% |
Consumer Defense | 0.00% | 0.00% | 25.78% | 50.00% |
Consumer Cyclical | 0.00% | 0.00% | 24.79% | 50.00% |
Basic Materials | 0.00% | 0.00% | 24.08% | 44.29% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MCOAX % Rank | |
---|---|---|---|---|
US | 1.31% | 0.00% | 22.42% | 27.27% |
Non US | 0.00% | 0.00% | 1.55% | 42.86% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MCOAX % Rank | |
---|---|---|---|---|
Corporate | 93.81% | 91.11% | 100.00% | 74.03% |
Cash & Equivalents | 6.95% | 0.00% | 7.86% | 6.49% |
Derivative | 0.00% | 0.00% | 0.76% | 54.55% |
Securitized | 0.00% | 0.00% | 0.00% | 35.06% |
Municipal | 0.00% | 0.00% | 0.00% | 35.06% |
Government | 0.00% | 0.00% | 2.94% | 41.56% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MCOAX % Rank | |
---|---|---|---|---|
US | 88.63% | 0.00% | 98.77% | 35.06% |
Non US | 0.00% | 0.00% | 17.05% | 51.95% |
MCOAX - Expenses
Operational Fees
MCOAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.95% | 0.20% | 2.87% | 62.34% |
Management Fee | 0.55% | 0.20% | 1.00% | 22.08% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 43.48% |
Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
MCOAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.50% | 2.25% | 5.75% | 37.50% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
MCOAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 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.
MCOAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 49.00% | 30.00% | 154.00% | 28.99% |
MCOAX - Distributions
Dividend Yield Analysis
MCOAX | Category Low | Category High | MCOAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.06% | 0.00% | 4.30% | 2.60% |
Dividend Distribution Analysis
MCOAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
MCOAX | Category Low | Category High | MCOAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.19% | -3.72% | 3.69% | 60.53% |
Capital Gain Distribution Analysis
MCOAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.053 | OrdinaryDividend |
Mar 28, 2024 | $0.028 | OrdinaryDividend |
Dec 14, 2023 | $0.613 | OrdinaryDividend |
Sep 29, 2023 | $0.048 | OrdinaryDividend |
Jun 30, 2023 | $0.047 | OrdinaryDividend |
Mar 31, 2023 | $0.051 | OrdinaryDividend |
Dec 15, 2022 | $0.595 | OrdinaryDividend |
Sep 30, 2022 | $0.023 | OrdinaryDividend |
Jun 30, 2022 | $0.014 | OrdinaryDividend |
Mar 31, 2022 | $0.012 | OrdinaryDividend |
Dec 06, 2021 | $4.697 | OrdinaryDividend |
Sep 30, 2021 | $0.012 | OrdinaryDividend |
Jun 30, 2021 | $0.014 | OrdinaryDividend |
Mar 31, 2021 | $0.009 | OrdinaryDividend |
Dec 07, 2020 | $1.521 | OrdinaryDividend |
Sep 30, 2020 | $0.011 | OrdinaryDividend |
Jun 30, 2020 | $0.019 | OrdinaryDividend |
Mar 31, 2020 | $0.030 | OrdinaryDividend |
Dec 09, 2019 | $0.073 | OrdinaryDividend |
Dec 09, 2019 | $0.307 | CapitalGainLongTerm |
Sep 30, 2019 | $0.023 | OrdinaryDividend |
Jun 28, 2019 | $0.021 | OrdinaryDividend |
Mar 29, 2019 | $0.046 | OrdinaryDividend |
Dec 10, 2018 | $0.062 | OrdinaryDividend |
Dec 10, 2018 | $0.320 | CapitalGainShortTerm |
Dec 10, 2018 | $0.509 | CapitalGainLongTerm |
Sep 28, 2018 | $0.036 | OrdinaryDividend |
Jun 29, 2018 | $0.036 | OrdinaryDividend |
Mar 29, 2018 | $0.051 | OrdinaryDividend |
Dec 11, 2017 | $0.093 | OrdinaryDividend |
Dec 11, 2017 | $0.057 | CapitalGainShortTerm |
Dec 11, 2017 | $0.957 | CapitalGainLongTerm |
Sep 29, 2017 | $0.056 | OrdinaryDividend |
Jun 30, 2017 | $0.040 | OrdinaryDividend |
Mar 31, 2017 | $0.032 | OrdinaryDividend |
Dec 13, 2016 | $0.110 | OrdinaryDividend |
Dec 13, 2016 | $0.258 | CapitalGainLongTerm |
Sep 30, 2016 | $0.051 | OrdinaryDividend |
Jun 30, 2016 | $0.051 | OrdinaryDividend |
Mar 31, 2016 | $0.056 | OrdinaryDividend |
Dec 10, 2015 | $0.484 | OrdinaryDividend |
Dec 10, 2015 | $0.149 | CapitalGainShortTerm |
Dec 10, 2015 | $0.551 | CapitalGainLongTerm |
Sep 30, 2015 | $0.026 | OrdinaryDividend |
Jun 30, 2015 | $0.019 | OrdinaryDividend |
Mar 31, 2015 | $0.029 | OrdinaryDividend |
Dec 08, 2014 | $0.391 | OrdinaryDividend |
Dec 08, 2014 | $0.279 | CapitalGainShortTerm |
Dec 08, 2014 | $1.186 | CapitalGainLongTerm |
Sep 29, 2014 | $0.016 | OrdinaryDividend |
Jun 27, 2014 | $0.014 | OrdinaryDividend |
Mar 28, 2014 | $0.018 | OrdinaryDividend |
Dec 06, 2013 | $0.465 | OrdinaryDividend |
Dec 06, 2013 | $0.229 | CapitalGainShortTerm |
Sep 27, 2013 | $0.027 | OrdinaryDividend |
Jun 27, 2013 | $0.043 | OrdinaryDividend |
Mar 28, 2013 | $0.097 | OrdinaryDividend |
Dec 05, 2012 | $0.145 | OrdinaryDividend |
Dec 05, 2012 | $0.620 | CapitalGainLongTerm |
Sep 27, 2012 | $0.072 | OrdinaryDividend |
Jun 28, 2012 | $0.071 | OrdinaryDividend |
Mar 29, 2012 | $0.067 | OrdinaryDividend |
Dec 13, 2011 | $0.100 | OrdinaryDividend |
Dec 13, 2011 | $0.172 | CapitalGainShortTerm |
Dec 13, 2011 | $0.597 | CapitalGainLongTerm |
Sep 29, 2011 | $0.084 | OrdinaryDividend |
Jun 29, 2011 | $0.088 | OrdinaryDividend |
Mar 30, 2011 | $0.066 | OrdinaryDividend |
Dec 20, 2010 | $0.085 | OrdinaryDividend |
Sep 29, 2010 | $0.086 | OrdinaryDividend |
Jun 29, 2010 | $0.081 | OrdinaryDividend |
Mar 30, 2010 | $0.093 | OrdinaryDividend |
Dec 16, 2009 | $0.093 | OrdinaryDividend |
Sep 25, 2009 | $0.091 | OrdinaryDividend |
Jun 26, 2009 | $0.090 | OrdinaryDividend |
Mar 27, 2009 | $0.127 | OrdinaryDividend |
Nov 24, 2008 | $0.026 | OrdinaryDividend |
Sep 24, 2008 | $0.070 | OrdinaryDividend |
Jun 25, 2008 | $0.058 | OrdinaryDividend |
Mar 26, 2008 | $0.041 | OrdinaryDividend |
Dec 12, 2007 | $0.065 | OrdinaryDividend |
Dec 07, 2007 | $1.278 | CapitalGainLongTerm |
Sep 26, 2007 | $0.068 | OrdinaryDividend |
Mar 28, 2007 | $0.061 | OrdinaryDividend |
Dec 14, 2006 | $0.102 | OrdinaryDividend |
Sep 26, 2006 | $0.044 | OrdinaryDividend |
Jun 27, 2006 | $0.037 | OrdinaryDividend |
Mar 28, 2006 | $0.033 | OrdinaryDividend |
Dec 15, 2005 | $0.043 | OrdinaryDividend |
Sep 30, 2005 | $0.077 | OrdinaryDividend |
Jun 30, 2005 | $0.061 | OrdinaryDividend |
Dec 16, 2004 | $0.035 | OrdinaryDividend |
Sep 30, 2004 | $0.040 | OrdinaryDividend |
Jun 30, 2004 | $0.035 | OrdinaryDividend |
Mar 31, 2004 | $0.046 | OrdinaryDividend |
Dec 18, 2003 | $0.045 | OrdinaryDividend |
Jun 30, 2003 | $0.044 | OrdinaryDividend |
Mar 31, 2003 | $0.054 | OrdinaryDividend |
Dec 19, 2002 | $0.057 | OrdinaryDividend |
Sep 30, 2002 | $0.061 | OrdinaryDividend |
Jun 28, 2002 | $0.061 | OrdinaryDividend |
Mar 28, 2002 | $0.069 | OrdinaryDividend |
Dec 18, 2001 | $0.080 | OrdinaryDividend |
Sep 28, 2001 | $0.092 | OrdinaryDividend |
Jun 29, 2001 | $0.068 | OrdinaryDividend |
Mar 30, 2001 | $0.124 | OrdinaryDividend |
Dec 19, 2000 | $0.154 | OrdinaryDividend |
Dec 19, 2000 | $2.494 | CapitalGainShortTerm |
Dec 19, 2000 | $0.007 | CapitalGainLongTerm |
Sep 29, 2000 | $0.164 | OrdinaryDividend |
Jun 30, 2000 | $0.129 | OrdinaryDividend |
Mar 31, 2000 | $0.124 | OrdinaryDividend |
Dec 21, 1999 | $0.123 | OrdinaryDividend |
Dec 21, 1999 | $1.114 | CapitalGainShortTerm |
Dec 21, 1999 | $0.423 | CapitalGainLongTerm |
Sep 30, 1999 | $0.132 | OrdinaryDividend |
Jun 30, 1999 | $0.126 | OrdinaryDividend |
Mar 31, 1999 | $0.138 | OrdinaryDividend |
Dec 22, 1998 | $0.178 | OrdinaryDividend |
Dec 22, 1998 | $0.260 | CapitalGainShortTerm |
Dec 22, 1998 | $0.384 | CapitalGainLongTerm |
MCOAX - Fund Manager Analysis
Managers
Edward Silverstein
Start Date
Tenure
Tenure Rank
May 01, 2001
21.1
21.1%
Mr. Silverstein became a portfolio manager of the MainStay MacKay Convertible Fund in 2001. He is a Senior Managing Director and Head of Convertibles at MacKay Shields, where he oversees the management and research of the firm’s Convertible strategy. He joined the firm as a Research Analyst in 1998, becoming a Portfolio Manager/Research Analyst in 1999. Prior to joining MacKay Shields, he worked as a Portfolio Manager and Law Clerk at the Bank of New York. He also interned at the New York Stock Exchange Enforcement Division. He has a BS from the University of Vermont, an MBA from the Baruch College and a JD from Brooklyn Law School. He is a CFA® charterholder and also a member of the New York State Bar. He authored, “Wise Up!: A Portfolio Manager's Guide to Better Investment Decisions”. He has been working in the investment industry since 1995.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 36.97 | 10.28 | 7.42 |