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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

$9.27

$901 M

3.33%

$0.31

0.43%

Vitals

YTD Return

0.1%

1 yr return

3.8%

3 Yr Avg Return

0.3%

5 Yr Avg Return

1.1%

Net Assets

$901 M

Holdings in Top 10

14.7%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.43%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 28.00%

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

$9.27

$901 M

3.33%

$0.31

0.43%

MSTIX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.89%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Short Term Municipal Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    Jan 02, 1991
  • Shares Outstanding
    104852864
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Frances Lewis

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government 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). The Fund invests in an actively managed, diversified portfolio of tax-exempt municipal debt securities.

Municipal debt securities include bonds issued by, or on behalf of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies, authorities and instrumentalities. Municipal debt securities also 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. All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax.

The Fund invests in investment grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”), such as rated BBB- Baa3 or better at the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor; and invests in commercial paper only if rated in the top two highest rating categories by a NRSRO, such as A-1 to A-2 or Prime-1 to Prime-2 at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality.

The Fund may also invest up to 10% of its net assets in taxable municipal debt securities.

The Fund's principal investments may have fixed, variable or floating interest rates and include: tax-exempt and taxable municipal securities; obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; certificates of deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations; and debt securities issued by corporate entities, governments and agencies, and supranational organizations. The Fund may also invest in municipal debt securities with special features, such as put rights, which allow the Fund to sell a security at a predetermined price. Normally, the Fund will have a dollar-weighted average maturity of three years or less.

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

Investment Process: The Subadvisor seeks to allocate investments primarily across the tax-exempt debt market, but can also utilize the taxable debt markets. Allocations to the tax-exempt and taxable debt markets are based on the current economic environment, the level of absolute and relative yields, and the Subadvisor’s interest rate outlook.

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 no longer believes that the security will contribute to meeting the investment objective of the Fund, which may be determined by an evaluation of economic conditions, the issuer's financial condition, or relative yield and return expectations.

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MSTIX - Performance

Return Ranking - Trailing

Period MSTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.2% 8.0% 18.01%
1 Yr 3.8% -0.8% 37.6% 78.26%
3 Yr 0.3%* -10.3% 2.7% 8.62%
5 Yr 1.1%* -4.9% 1103.5% 57.79%
10 Yr 1.1%* -0.2% 248.2% 87.48%

* Annualized

Return Ranking - Calendar

Period MSTIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -1.4% 41.0% 97.04%
2022 -4.6% -40.2% 0.3% 7.91%
2021 -0.4% -5.6% 6.9% 45.99%
2020 1.1% -2.6% 310.0% 76.55%
2019 0.7% 0.0% 26.0% 97.65%

Total Return Ranking - Trailing

Period MSTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.2% 8.0% 18.01%
1 Yr 3.8% -0.8% 37.6% 78.26%
3 Yr 0.3%* -10.3% 2.7% 8.62%
5 Yr 1.1%* -4.9% 1103.5% 57.79%
10 Yr 1.1%* -0.2% 248.2% 87.48%

* Annualized

Total Return Ranking - Calendar

Period MSTIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -1.3% 41.0% 85.63%
2022 -3.5% -40.2% 1.1% 7.52%
2021 0.5% -4.8% 23761504.0% 75.92%
2020 2.7% -1.5% 17057.9% 81.06%
2019 2.5% 0.2% 3514.6% 96.27%

NAV & Total Return History


MSTIX - Holdings

Concentration Analysis

MSTIX Category Low Category High MSTIX % Rank
Net Assets 901 M 3.48 M 68.1 B 30.15%
Number of Holdings 278 2 12848 43.72%
Net Assets in Top 10 128 M -317 M 3.4 B 32.88%
Weighting of Top 10 14.70% 1.9% 100.4% 64.40%

Top 10 Holdings

  1. Matching Fund Special Purpose Securitization Corp., Series A 1.77%
  2. Black Belt Energy Gas District, Series B 1.71%
  3. State of Tennessee, Series 2023 A 1.50%
  4. Texas Municipal Gas Acquisition and Supply Corp. II, Series C 1.49%
  5. City of Detroit, Series D 1.44%
  6. Capital Area Housing Finance Corp. 1.44%
  7. Lehigh County General Purpose Authority 1.43%
  8. Arizona Health Facilities Authority, Series 2015 B 1.42%
  9. Montgomery County Industrial Development Authority, Series A 1.32%
  10. Louisiana Local Government Environmental Facilities Community Development Auth 1.19%

Asset Allocation

Weighting Return Low Return High MSTIX % Rank
Bonds
96.28% 0.00% 150.86% 83.98%
Cash
3.72% -50.86% 50.09% 12.50%
Stocks
0.00% 0.00% 99.88% 76.81%
Preferred Stocks
0.00% 0.00% 0.52% 73.59%
Other
0.00% -8.54% 33.35% 74.87%
Convertible Bonds
0.00% 0.00% 0.93% 73.10%

Bond Sector Breakdown

Weighting Return Low Return High MSTIX % Rank
Municipal
91.74% 44.39% 100.00% 90.67%
Cash & Equivalents
1.24% 0.00% 48.02% 24.36%
Government
0.09% 0.00% 52.02% 4.95%
Corporate
0.02% 0.00% 9.41% 18.08%
Derivative
0.00% -8.54% 24.50% 73.01%
Securitized
0.00% 0.00% 5.93% 73.17%

Bond Geographic Breakdown

Weighting Return Low Return High MSTIX % Rank
US
96.28% 0.00% 142.23% 80.83%
Non US
0.00% 0.00% 23.89% 75.77%

MSTIX - Expenses

Operational Fees

MSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.43% 0.03% 20.65% 89.65%
Management Fee 0.34% 0.00% 1.20% 23.51%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MSTIX 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.

MSTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 28.00% 0.00% 283.00% 76.78%

MSTIX - Distributions

Dividend Yield Analysis

MSTIX Category Low Category High MSTIX % Rank
Dividend Yield 3.33% 0.00% 4.63% 67.46%

Dividend Distribution Analysis

MSTIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

MSTIX Category Low Category High MSTIX % Rank
Net Income Ratio 0.89% -0.53% 5.33% 89.88%

Capital Gain Distribution Analysis

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

Distributions History

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MSTIX - Fund Manager Analysis

Managers

Frances Lewis


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

Robert DiMella


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

John Loffredo


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

Scott Sprauer


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

Michael Petty


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

David Dowden


Start Date

Tenure

Tenure Rank

Jun 01, 2015

7.0

7.0%

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.

John Lawlor


Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58