MFLDX: Marketfield I

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MFLDX Marketfield I

  • Fund
  • MFLDX
  • Price as of: Nov 15, 2019
  • $16.60 + $0.03 + 0.18%

MFLDX - Profile

Vitals

  • YTD Return 9.7%
  • 3 Yr Annualized Return 5.4%
  • 5 Yr Annualized Return N/A
  • Net Assets $190 M
  • Holdings in Top 10 54.0%

52 WEEK LOW AND HIGH

$16.60
$14.85
$16.69

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.47%

SALES FEES

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

BROKERAGE FEES

  • Turnover 40.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$25,000

IRA

N/A

Fund Classification

PRIMARY CATEGORY

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

Distributions

  • YTD Total Return 9.7%
  • 3 Yr Annualized Total Return 5.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.09%
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 6688548
  • 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 - Mutual Fund Categories

MFLDX - Performance

Return Ranking - Trailing

Period MFLDX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.7% -5.0% 30.0% 31.96%
1 Yr 6.8% -12.2% 26.4% 24.21%
3 Yr 5.4%* -34.2% 13.0% 16.46%
5 Yr N/A* -3.7% 9.7% N/A
10 Yr N/A* -1.1% 5.7% N/A

* Annualized


Return Ranking - Calendar

Period MFLDX Return Category Return Low Category Return High Rank in Category (%)
2018 -13.2% -23.0% 3.4% 78.65%
2017 21.2% -67.1% 21.4% 2.56%
2016 N/A -17.3% 25.3% N/A
2015 N/A -10.4% 11.6% N/A
2014 N/A -15.3% 11.3% N/A

Total Return Ranking - Trailing

Period MFLDX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.7% -5.0% 30.0% 31.96%
1 Yr 6.8% -11.1% 26.4% 24.21%
3 Yr 5.4%* -5.2% 13.0% 25.32%
5 Yr N/A* -2.3% 9.7% N/A
10 Yr N/A* -1.0% 6.1% N/A

* Annualized


Total Return Ranking - Calendar

Period MFLDX Return Category Return Low Category Return High Rank in Category (%)
2018 -13.2% -23.0% 5.2% 78.65%
2017 21.2% -1.5% 25.0% 6.41%
2016 N/A -7.5% 25.3% N/A
2015 N/A -6.0% 11.6% N/A
2014 N/A -15.0% 12.1% N/A

NAV & Total Return History

MFLDX - Holdings

Concentration Analysis

MFLDX Category Low Category High MFLDX % Rank
Net Assets 190 M 1.84 M 3.13 B 31.00%
Number of Holdings 66 2 2212 66.33%
Net Assets in Top 10 4.52 M -5.72 M 819 M 77.55%
Weighting of Top 10 54.04% 0.0% 161.4% 45.92%

Top 10 Holdings

  1. Invesco QQQ Trust 17.44%

  2. iShares MSCI Emerging Markets ETF 6.10%

  3. Consumer Staples Select Sector SPDR® ETF 6.00%

  4. Nikkei/Yen Sept19 5.30%

  5. iShares MSCI South Korea Capped ETF 4.74%

  6. iShares MSCI Taiwan Capped ETF 3.27%

  7. iShares US Home Construction ETF 2.87%

  8. Norfolk Southern Corp 2.86%

  9. Costco Wholesale Corp 2.86%

  10. Vanguard Real Estate ETF 2.58%


Asset Allocation

Weighting Return Low Return High MFLDX % Rank
Cash
57.86% -4.24% 145.38% 20.41%
Stocks
41.27% -4.09% 98.77% 40.82%
Bonds
0.87% 0.00% 79.21% 75.51%
Preferred Stocks
0.00% 0.00% 9.49% 88.78%
Other
0.00% -45.38% 49.28% 80.61%
Convertible Bonds
0.00% 0.00% 13.92% 90.82%

Stock Sector Breakdown

Weighting Return Low Return High MFLDX % Rank
Basic Materials
16.80% -2.89% 16.80% 4.26%
Industrials
13.96% -0.16% 31.44% 11.70%
Consumer Cyclical
11.17% -3.66% 21.19% 17.02%
Energy
3.38% -3.33% 10.84% 26.60%
Technology
2.20% -7.07% 43.78% 43.62%
Financial Services
1.52% -2.72% 18.25% 56.38%
Healthcare
1.23% -2.67% 16.58% 58.51%
Utilities
0.67% -0.98% 7.00% 26.60%
Communication Services
-2.40% -2.40% 8.29% 100.00%
Consumer Defense
-2.47% -2.47% 13.38% 100.00%
Real Estate
-8.74% -8.74% 6.37% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High MFLDX % Rank
Non US
38.15% -37.80% 61.37% 7.14%
US
3.12% -2.49% 92.02% 59.18%

MFLDX - Expenses

Operational Fees

MFLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.47% 0.93% 12.57% 53.61%
Management Fee 1.40% 0.35% 2.25% 65.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.45% N/A

Sales Fees

MFLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

MFLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 40.00% 0.00% 1816.00% 19.59%

MFLDX - Distributions

Dividend Yield Analysis

MFLDX Category Low Category High MFLDX % Rank
Dividend Yield 0.00% 0.00% 5.73% 92.08%

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
Net Income Ratio -0.09% -2.95% 4.74% 65.98%

Capital Gain Distribution Analysis

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

MFLDX - Managers

Michael C. Aronstein

Manager

Start Date

Tenure

Tenure Rank

Jul 31, 2007

12.26

12.3%

Michael C. Aronstein is President, Chief Investment Officer and a co-founding partner of Marketfield Asset Management, LLC (and its predecessor firm, which was created in 2007). Mr. Aronstein began his investment career in 1979 at Merrill Lynch, eventually becoming Manager of Global Investment Strategy before departing in 1987 to join Comstock Partners. Mr. Aronstein was the President of Comstock Partners for six years. In 1993, Mr. Aronstein founded West Course Capital, a discretionary commodity management firm. From 2001 to 2004, Mr. Aronstein was Chief Investment Strategist for Preservation Group, a provider of independent macroeconomic and strategic research to professional investors. In 2004, he joined Oscar Gruss & Son Incorporated and served as Chief Investment Strategist until 2012. Mr. Aronstein graduated from Yale College with a Bachelor of Arts in 1974.


Michael Shaoul

Manager

Start Date

Tenure

Tenure Rank

Apr 08, 2016

3.56

3.6%

Michael Shaoul, Ph.D. is Chairman, Chief Executive Officer and a co-founding partner of Marketfield Asset Management LLC (and its predecesor firm, which was created in 2007). 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

0.05

Category High

20.97

Category Average

4.14

Category Mode

5.35