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MFLDX Marketfield I

  • Fund
  • MFLDX
  • Price as of: Aug 08, 2016
  • $14.44
  • + $0.04
  • + 0.28%
  • Category
  • Long-Short

MFLDX - Profile

Vitals

  • YTD Return -3.0%
  • 3 Yr Annualized Return -6.2%
  • 5 Yr Annualized Return 1.7%
  • Net Assets $1.08 B
  • Holdings in Top 10 46.9%

52 WEEK LOW AND HIGH

$14.44
$13.47
$15.17

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.26%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 93.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$5,000,000

IRA

N/A

Investment Themes

CATEGORY

Long-Short
  • Fund Type Open End Mutual Fund
  • Investment Style Long-Short Equity

Distributions

  • YTD Total Return -3.0%
  • 3 Yr Annualized Total Return -6.2%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.82%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Marketfield Fund
  • Fund Family Name Marketfield Funds
  • Inception Date Jul 31, 2007
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Michael C. Aronstein

Fund Description

The MainStay Marketfield Fund Class I (MFLDX) is an actively managed market-neutral fund. The fund aims to provide long-term growth of capital with less volatility than the overall market. MFLDX does this by going long and short a variety of stocks, futures, ETFs and other financial instruments. The idea is to create a neutral mix that provides some upside while limiting the downside of the market. MFLDX’s managers use a variety of analyses and screens to create the proper mix for current conditions.

Given the fund’s mandate, MFLDX is best suited as a subcore position. The fund is managed by Marketfield Asset Management.

MFLDX - Performance

Return Ranking - Trailing

Period MFLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.0% -38.1% 15.3% 70.92% 4
1 Yr -6.1% -42.1% 24.0% 75.15% 4
3 Yr -6.2% * -16.8% 16.0% 92.73% 5
5 Yr 1.7% * -10.0% 14.4% 80.89% 5
10 Yr N/A * -4.5% 11.1% N/A N/A

* Annualized


Return Ranking - Calendar

Period MFLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.3% -50.0% 401.1% 76.27% 4
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period MFLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.0% -38.1% 15.3% 71.60% 4
1 Yr -6.1% -45.0% 19.0% 65.20% 4
3 Yr -6.2% * -18.4% 16.0% 93.18% 5
5 Yr 1.7% * -10.0% 14.4% 78.98% 4
10 Yr N/A * -4.5% 11.1% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period MFLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.3% -50.0% 401.1% 76.01% 4
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

MFLDX - Holdings

Filings data as of: Dec 31, 2015

Concentration Analysis

MFLDX Category Low Category High MFLDX % Rank Quintile
Net Assets 1.08 B 101 K 8.27 B 2.89% 1
Number of Holdings 134 2 1942 15.41% 3
Net Assets in Top 10 -166 M -280 M 1.59 B 39.53% 5
Weighting of Top 10 46.9% 0.0% 280.2% 13.66% 2

Top 10 Holdings

  1. iShares JPMorgan USD Emerg Markets Bond 5.86%
  2. Cds7 Cds Usd R V 00mevent Us836205an45 10.74%
  3. Cds7 Cds Usd P F 1.00000 Red Code 8b9825ad0 10.11%
  4. SPDR® S&P 500 ETF 6.39%
  5. Health Care Select Sector SPDR® ETF 2.51%
  6. Baggot Securities Ltd Jr Subordina 144a 12/49 10.24 2.76%
  7. Merlin Properties SOCIMI SA 2.32%
  8. Industria De Diseno Textil SA 2.13%
  9. S+p/Tsx 60 Ix Fut Mar16 Xmod 20160317 2.11%
  10. Kennedy Wilson Europe Real Estate Plc 1.95%

Asset Allocation

Weighting Category Low Category High MFLDX % Rank Quintile
Cash
68.51% -51.99% 199.33% 7.27% 1
Stocks
32.47% -99.33% 151.96% 30.92% 4
Other
4.25% -61.40% 70.59% 4.94% 1
Convertible Bonds
0.00% 0.00% 5.37% 3.49% 2
Preferred Stocks
0.00% -0.14% 10.76% 4.36% 3
Bonds
-5.22% -11.73% 89.36% 8.67% 5

Stock Sector Breakdown

Weighting Category Low Category High MFLDX % Rank Quintile
Consumer Cyclical
11.74% -7.58% 43.97% 10.09% 2
Industrials
10.22% -12.12% 49.18% 13.65% 2
Technology
6.82% -21.36% 46.54% 23.15% 4
Real Estate
4.72% -3.12% 71.23% 4.75% 1
Basic Materials
3.89% -3.34% 29.19% 11.87% 2
Communication Services
1.19% -8.18% 14.69% 21.36% 3
Consumer Defense
0.54% -18.65% 36.62% 29.08% 4
Energy
-0.41% -14.28% 17.95% 30.56% 5
Utilities
-1.09% -13.22% 21.49% 26.11% 5
Healthcare
-1.26% -12.48% 50.44% 35.01% 5
Financial Services
-4.55% -5.70% 72.96% 36.50% 5

Stock Geographic Breakdown

Weighting Category Low Category High MFLDX % Rank Quintile
Non US
36.81% -30.21% 223.90% 2.33% 1
US
-4.34% -162.17% 151.05% 37.50% 5

MFLDX - Expenses

Operational Fees

MFLDX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 2.26% 0.72% 74.87% 45.61% 2
Management Fee 1.40% 0.00% 2.45% 4.91% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.55% N/A N/A

Sales Fees

MFLDX Fees (% of AUM) Category Low Category High MFLDX Rank Quintile
Front Load N/A 2.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

MFLDX Fees (% of AUM) Category Low Category High MFLDX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover 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.

MFLDX Fees (% of AUM) Category Low Category High MFLDX Rank Quintile
Turnover 93.00% 0.00% 9956.00% 22.85% 2

MFLDX - Distributions

Dividend Yield Analysis

MFLDX Category Low Category High MFLDX % Rank Quintile
Dividend Yield 0.0% 0.00% 0.80% 92.93% 5

Dividend Distribution Analysis

MFLDX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

MFLDX Category Low Category High MFLDX % Rank Quintile
Net Income Ratio -0.82% -4.47% 2.98% 36.84% 3

Capital Gain Distribution Analysis

MFLDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

MFLDX - Managers

Michael C. Aronstein

Manager

Start Date

Jul 31, 2007

Tenure

9.01

Tenure Rank

2.4%

Michael C. Aronstein,President, Chief Investment Officer, and Portfolio Manager. In 2004, Mr. Aronstein joined Oscar Gruss & Son Incorporated, where he held the position of Chief Investment Strategist. Prior to joining Oscar Gruss, Mr. Aronstein was Chief Investment Strategist at Preservation Group, a provider of independent macroeconomic and strategic advice to professional investors. Mr. Aronstein began his investmentcareer in 1979 at Merrill Lynch, serving positions as Senior Market Analyst, Senior Investment Strategist, and Manager of Global Investment Strategy. Mr. Aronstein spent six years as President of Comstock Partners, a diversified investment advisor, and left to found West Course Capital, a discretionary commodity management firm. Mr. Aronstein graduated from Yale College with a Bachelor of Arts in 1974. His views on macroeconomic and strategic issues are regularly sought by and disseminated through the financial print and visual media.


Michael Shaoul

Manager

Start Date

Apr 08, 2016

Tenure

0.31

Tenure Rank

17.2%

Michael Shaoul, Ph.D. is Chairman, Chief Executive Officer and a co-founding partner of the Marketfield Asset Management (and its predecesor firm). In 1996 Mr. Shaoul joined Oscar Gruss & Son Incorporated. He became its Chief Executive Officer in 2001 and held this position until 2014. He is Treasurer of American Friends of Tel Aviv University and a member of the Board of North American Friends of Manchester University. He was awarded a Ph.D. in Accounting and Finance from the University of Manchester (UK) in 1992.


Tenure Analysis

Category Low

0.0

Category High

38.1

Category Average

4.09

Category Mode

1.6