MGOIX: MainStay MacKay Government I

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MGOIX MainStay MacKay Government I


Profile

MGOIX - Profile

Vitals

  • YTD Return 4.1%
  • 3 Yr Annualized Return 2.2%
  • 5 Yr Annualized Return 0.6%
  • Net Assets $386 M
  • Holdings in Top 10 31.7%

52 WEEK LOW AND HIGH

$8.99
$8.14
$9.00

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.74%

SALES FEES

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

BROKERAGE FEES

  • Turnover 124.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 4.0%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.64%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Infrastructure Bond Fund
  • Fund Family Name
    MainStay
  • Inception Date
    Jan 02, 2004
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    David Dowden

Fund Description

The fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of infrastructure-related debt securities and/or securities intended primarily to finance infrastructure-related activities. It will invest at least 60% of its assets in taxable municipal debt securities. It may invest up to 20% of its assets in tax-exempt municipal debt securities.


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Categories

Performance

MGOIX - Performance

Return Ranking - Trailing

Period MGOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -2.4% 9.5% 1.61%
1 Yr 10.0% -3.2% 25.4% 5.45%
3 Yr 2.2%* -3.0% 5.6% 14.90%
5 Yr 0.6%* -3.0% 12.5% 26.17%
10 Yr 0.2%* -5.2% 3.9% 72.12%

* Annualized

Return Ranking - Calendar

Period MGOIX Return Category Return Low Category Return High Rank in Category (%)
2019 6.1% -1.7% 18.3% 16.75%
2018 -3.0% -11.7% 4.6% 63.99%
2017 -0.2% -4.4% 8.3% 87.94%
2016 -1.3% -7.8% 7.7% 56.54%
2015 -2.3% -18.3% 3.0% 72.02%

Total Return Ranking - Trailing

Period MGOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -2.4% 9.5% 1.61%
1 Yr 10.3% -3.2% 25.4% 5.23%
3 Yr 4.0%* -3.0% 8.1% 2.70%
5 Yr 2.6%* -3.0% 12.5% 4.88%
10 Yr 3.5%* -1.3% 7.0% 6.04%

* Annualized

Total Return Ranking - Calendar

Period MGOIX Return Category Return Low Category Return High Rank in Category (%)
2019 6.6% -1.7% 18.3% 12.20%
2018 -0.5% -11.7% 6.5% 12.02%
2017 2.2% -4.4% 10.4% 28.89%
2016 0.9% -7.8% 10.7% 30.35%
2015 0.3% -12.6% 4.2% 12.74%

NAV & Total Return History


Holdings

MGOIX - Holdings

Concentration Analysis

MGOIX Category Low Category High MGOIX % Rank
Net Assets 386 M 690 K 259 B 61.06%
Number of Holdings 202 1 17668 62.81%
Net Assets in Top 10 -26.3 M -216 M 21.4 B 98.89%
Weighting of Top 10 31.72% 2.5% 100.0% 25.75%

Top 10 Holdings

  1. US Treasury Bond Future Mar 20 11.68%
  2. 10 Year Treasury Note Future Mar 20 8.56%
  3. NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV 7.4% 1.77%
  4. MICHIGAN FIN AUTH REV 3.08% 1.66%
  5. NEW JERSEY ST TRANSN TR FD AUTH 2.63% 1.39%
  6. NORTH TEX TWY AUTH REV 8.91% 1.34%
  7. STATE PUB SCH BLDG AUTH PA LEASE REV 3.2% 1.34%
  8. Stetson University 4.09% 1.34%
  9. MONTEFIORE MED CTR NEW YORK 5.25% 1.33%
  10. Providence St Joseph Health Obligated Group 2.53% 1.31%

Asset Allocation

Weighting Return Low Return High MGOIX % Rank
Bonds
94.77% 80.02% 159.74% 71.78%
Cash
5.23% -59.74% 19.63% 19.69%
Stocks
0.00% -0.98% 25.43% 88.96%
Preferred Stocks
0.00% 0.00% 7.43% 91.21%
Other
0.00% -8.60% 31.85% 87.64%
Convertible Bonds
0.00% 0.00% 7.23% 94.00%

Bond Sector Breakdown

Weighting Return Low Return High MGOIX % Rank
Municipal
82.74% 0.00% 100.11% 43.91%
Corporate
9.98% 0.00% 99.62% 48.48%
Cash & Equivalents
4.35% -29.57% 27.25% 28.12%
Government
2.56% -2.21% 122.41% 52.45%
Securitized
0.36% 0.00% 98.40% 50.16%
Derivative
0.00% -0.83% 22.35% 90.32%

Bond Geographic Breakdown

Weighting Return Low Return High MGOIX % Rank
US
94.77% 58.28% 156.78% 44.16%
Non US
0.00% -12.35% 26.76% 97.36%

Expenses

MGOIX - Expenses

Operational Fees

MGOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 38.00% 53.66%
Management Fee 0.50% 0.00% 1.10% 89.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MGOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

MGOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

MGOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 124.00% 0.00% 489.00% 82.53%

Distributions

MGOIX - Distributions

Dividend Yield Analysis

MGOIX Category Low Category High MGOIX % Rank
Dividend Yield 0.21% 0.00% 3.16% 75.31%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MGOIX Category Low Category High MGOIX % Rank
Net Income Ratio 2.64% 0.00% 6.30% 48.34%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

MGOIX - Fund Manager Analysis

Managers

David Dowden


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

David joined MacKay Shields in 2009. Before joining the firm he was Chief Investment Officer at Financial Guaranty Insurance Company. David was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. David has an AB from Brown University and an MBA from Columbia University. He has been in the investment management industry since 1989.

Robert DiMella


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

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

Feb 28, 2019

0.92

0.9%

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.

Frances Lewis


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

Ms. Lewis joined MacKay Shields in July 2009 and is currently a 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.

John Lawlor


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

Robert Burke


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

Bob joined Mackay Shields in July 2017. Before joining the firm, Bob held various leadership roles in Capital Markets over the last 30 years, spending the majority of his time in the Municipal Markets. In his last role working for Bank of America Merrill Lynch, he managed the Global Futures, Derivative Clearing, and Foreign Exchange Prime Brokerage businesses for the Bank. Prior to that, Bob ran Credit Hedge Fund Sales, the group that was responsible for marketing credit & interest rate derivatives, as well as CLOs and structured products to institutional investors. He also worked in the firm’s private equity group, raising capital for LBO and venture capital funds. Bob started his career at BofA Merrill Lynch in the municipal bond department covering insurance, hedge fund, and asset management clients. Bob holds a Masters of Business Administration from the Gabelli School at Fordham University, and a Bachelor of Arts with High Honors in Economics from Colgate University. He is a CFA Charterholder.

Scott Sprauer


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

Scott joined MacKay Shields in 2009. Before joining the firm he was Head Trader, Fixed Income, at Financial Guaranty Insurance Company. Scott was previously with Dreyfus Corporation and Merrill Lynch Investment Managers as a Municipal Bond Portfolio Manager/Trader. He has a BSBA from Villanova University. Scott has been in the investment management industry since 1991.

Michael Petty


Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.92

0.9%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 33.19 7.42 0.08