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Trending ETFs

Name

As of 02/23/2024

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

$11.87

$7.53 B

4.10%

$0.49

0.61%

Vitals

YTD Return

1.0%

1 yr return

8.9%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

2.8%

Net Assets

$7.53 B

Holdings in Top 10

11.7%

52 WEEK LOW AND HIGH

$11.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.61%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 14.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/23/2024

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

$11.87

$7.53 B

4.10%

$0.49

0.61%

MMHIX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.90%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay High Yield Municipal Bond Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    Mar 31, 2010
  • Shares Outstanding
    511381002
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Petty

Fund Description

The Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds. The Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds.

Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax). Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. Issuers may be states, territories and possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities.

Although the Fund may invest in municipal bonds in any rating category, MacKay Shields LLC, the Fund's Subadvisor, intends to invest at least 65% of the Fund's net assets in medium- to low-quality bonds as rated by a nationally recognized statistical rating organization (“NRSRO”) or if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest 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 a NRSRO or if unrated, judged to be of comparable quality by the Subadvisor ("distressed securities"). Some obligations rated below investment grade are commonly referred to as "junk bonds." It is possible that the Fund could invest up to 100% of its net assets in these securities. However, the Fund reserves the right to invest less than 65% of its net assets in medium- to low-quality bonds if the Subadvisor determines that there is an insufficient supply of such obligations available that are appropriate for investment or for temporary defensive measures. The Fund will generally invest in municipal bonds that have a maturity of five years or longer at the time of purchase. If NRSROs assign different ratings to the same security, the Fund will use the lower rating for purposes of determining the security's credit quality.

The Fund may also 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. Some of the Fund's earnings may be subject to federal income tax and most may be subject to state and local taxes.

The Fund may also invest in industrial development bonds. Such bonds are usually revenue bonds issued to pay for facilities with a public purpose operated by private corporations. The credit quality of industrial development bonds is usually directly related to the credit standing of the owner or user of the facilities. Industrial development bonds issued after August 7, 1986, as well as certain other bonds, are now classified as "private activity bonds." Some, but not all, private activity bonds issued after that date qualify to pay tax-exempt interest.

The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor uses active management in an effort to identify tax-exempt securities it believes to be mispriced and to 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, 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, 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.

Generally, the Fund will invest in distressed securities when the Subadvisor believes that such an investment offers significant potential for higher returns or can be exchanged for other securities that offer this potential. However, the Fund cannot guarantee that it will achieve these returns or that an issuer will make an exchange offer or emerge from bankruptcy.

The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objectives 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.

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MMHIX - Performance

Return Ranking - Trailing

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.9% 2.3% 32.04%
1 Yr 8.9% -0.2% 10.0% 2.43%
3 Yr -0.1%* -9.0% 2.1% 14.93%
5 Yr 2.8%* -4.2% 527.8% 7.81%
10 Yr 4.8%* 0.4% 156.2% 4.72%

* Annualized

Return Ranking - Calendar

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% -1.5% 7.5% 5.83%
2022 -17.2% -26.9% -3.5% 54.19%
2021 3.3% -1.9% 5.6% 12.50%
2020 1.6% -10.1% 4.2% 21.72%
2019 5.0% 2.0% 9.1% 55.73%

Total Return Ranking - Trailing

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.9% 2.3% 32.04%
1 Yr 8.9% -0.2% 10.0% 2.43%
3 Yr -0.1%* -9.0% 2.1% 14.93%
5 Yr 2.8%* -4.2% 527.8% 7.81%
10 Yr 4.8%* 0.4% 156.2% 4.72%

* Annualized

Total Return Ranking - Calendar

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% 0.4% 10.9% 4.85%
2022 -14.3% -26.9% -2.9% 59.61%
2021 6.8% -1.9% 10.0% 19.50%
2020 5.7% -4.1% 8.2% 13.64%
2019 9.5% 3.5% 1028633.9% 28.65%

NAV & Total Return History


MMHIX - Holdings

Concentration Analysis

MMHIX Category Low Category High MMHIX % Rank
Net Assets 7.53 B 9.07 K 15.9 B 12.56%
Number of Holdings 1290 1 3078 21.84%
Net Assets in Top 10 845 M -102 M 3.6 B 8.74%
Weighting of Top 10 11.70% 5.0% 99.4% 65.85%

Top 10 Holdings

  1. Buckeye Tobacco Settlement Financing Authority, Series B-2 2.05%
  2. Puerto Rico Commonwealth Aqueduct Sewer Authority, Series A 1.52%
  3. Matching Fund Special Purpose Securitization Corp., Series A 1.38%
  4. GDB Debt Recovery Authority of Puerto Rico 1.12%
  5. Metropolitan Washington Airports Authority Dulles Toll Road, Series B 1.07%
  6. Bartow-Cartersville Joint Development Authority, Series 2023A 1.01%
  7. Puerto Rico Sales Tax Financing Corp., Series A-1 0.90%
  8. New York Liberty Development Corp. 0.90%
  9. New Jersey Turnpike Authority, Series D-1 0.89%
  10. New York Transportation Development Corp. 0.86%

Asset Allocation

Weighting Return Low Return High MMHIX % Rank
Bonds
95.43% 0.00% 146.69% 86.12%
Cash
3.61% -0.64% 100.00% 16.99%
Other
0.45% -10.85% 8.29% 12.14%
Stocks
0.00% 0.00% 23.40% 84.69%
Preferred Stocks
0.00% -47.61% 1.89% 78.64%
Convertible Bonds
0.00% 0.00% 0.00% 79.13%

Bond Sector Breakdown

Weighting Return Low Return High MMHIX % Rank
Municipal
97.30% 0.00% 100.00% 65.05%
Cash & Equivalents
2.60% 0.00% 100.00% 13.59%
Derivative
0.45% -10.85% 1.08% 6.80%
Corporate
0.41% 0.00% 2.83% 35.92%
Securitized
0.00% 0.00% 22.44% 81.07%
Government
0.00% 0.00% 0.09% 79.13%

Bond Geographic Breakdown

Weighting Return Low Return High MMHIX % Rank
US
95.43% 0.00% 139.84% 83.01%
Non US
0.00% 0.00% 13.35% 79.61%

MMHIX - Expenses

Operational Fees

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.61% 0.21% 3.79% 87.32%
Management Fee 0.52% 0.00% 1.41% 66.99%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 2.00% 121.00% 26.56%

MMHIX - Distributions

Dividend Yield Analysis

MMHIX Category Low Category High MMHIX % Rank
Dividend Yield 4.10% 0.00% 4.23% 79.90%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MMHIX Category Low Category High MMHIX % Rank
Net Income Ratio 2.90% 1.11% 5.70% 66.99%

Capital Gain Distribution Analysis

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

Distributions History

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MMHIX - Fund Manager Analysis

Managers

Michael Petty


Start Date

Tenure

Tenure Rank

Mar 31, 2010

12.18

12.2%

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.

John Loffredo


Start Date

Tenure

Tenure Rank

Mar 31, 2010

12.18

12.2%

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.

Robert DiMella


Start Date

Tenure

Tenure Rank

Mar 31, 2010

12.18

12.2%

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.

Scott Sprauer


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

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.

David Dowden


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

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.

Frances Lewis


Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.46 2.52