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Name

As of 11/22/2024

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

MainStay MacKay U.S. Infrastructure Bond Fund

MGVDX | Fund

$7.52

$1.1 B

4.62%

$0.35

0.56%

Vitals

YTD Return

3.3%

1 yr return

7.5%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

0.7%

Net Assets

$1.1 B

Holdings in Top 10

14.4%

52 WEEK LOW AND HIGH

$7.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.56%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 51.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

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

MainStay MacKay U.S. Infrastructure Bond Fund

MGVDX | Fund

$7.52

$1.1 B

4.62%

$0.35

0.56%

MGVDX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.77%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay U.S. Infrastructure Bond Fund
  • Fund Family Name
    Mainstay Group of Funds
  • Inception Date
    Nov 01, 2019
  • Shares Outstanding
    16313823
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Loffredo

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 U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include securities with special features (e.g., puts and variable or floating rates) that have price volatility characteristics similar to other debt securities.

Infrastructure-related investments include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy. Examples of these investments include, but are not limited to, transportation assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities and networks) and social assets (e.g., hospitals and schools).

The Fund may also invest in securities of issuers that (i) directly invest in infrastructure-related companies; (ii) operate or utilize infrastructure-related assets (e.g., airlines, automakers and technology companies); or (iii) have indirect exposure to infrastructure-related assets (e.g., suppliers of construction materials).

The Fund invests at least 60% of its assets in taxable municipal debt securities. The Fund may invest up to 20% of its assets in tax-exempt municipal debt securities. On average, the Fund will invest in municipal bonds that have a maturity of 5 years or longer.

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. 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 does not seek to provide income exempt from federal income tax. The Fund may invest in both taxable and tax-exempt municipal bonds.

The Fund invests in investment grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”) 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 an NRSRO 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's principal investments may have fixed, variable or floating interest rates and include: taxable and tax-exempt municipal debt securities; obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; mortgage-related and asset-backed securities; certificates of deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations; and debt securities issued by United States.

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 taxable fixed income market but can also utilize the tax-exempt fixed income market as well as treasuries and agencies. Allocations are based on the current economic environment, the level of absolute and relative yields, and the 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.

Read More

MGVDX - Performance

Return Ranking - Trailing

Period MGVDX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -6.4% 11.1% 12.22%
1 Yr 7.5% -2.1% 16.6% 38.19%
3 Yr -0.9%* -9.8% 27.8% 9.24%
5 Yr 0.7%* -7.5% 58.4% 18.63%
10 Yr N/A* -2.9% 73.8% 98.51%

* Annualized

Return Ranking - Calendar

Period MGVDX Return Category Return Low Category Return High Rank in Category (%)
2023 2.4% -16.2% 8.1% 32.20%
2022 -15.4% -34.7% 131.9% 32.84%
2021 -1.8% -11.6% 4.4% 3.85%
2020 3.2% -10.1% 946.1% 65.07%
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period MGVDX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -6.4% 11.1% 12.22%
1 Yr 7.5% -2.1% 16.6% 38.19%
3 Yr -0.9%* -9.8% 27.8% 9.24%
5 Yr 0.7%* -7.5% 58.4% 18.63%
10 Yr N/A* -2.9% 73.8% 98.16%

* Annualized

Total Return Ranking - Calendar

Period MGVDX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -11.3% 11.9% 18.83%
2022 -12.3% -32.2% 131.9% 14.53%
2021 1.8% -9.4% 9.2% 3.63%
2020 6.9% -1.9% 1009.0% 81.57%
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History

MGVDX - Holdings

Concentration Analysis

MGVDX Category Low Category High MGVDX % Rank
Net Assets 1.1 B 2.9 M 314 B 55.08%
Number of Holdings 321 1 17787 77.39%
Net Assets in Top 10 173 M 1.62 M 35.1 B 63.62%
Weighting of Top 10 14.45% 4.4% 432.9% 81.73%

Top 10 Holdings

  1. MainStay U.S. Government Liquidity Fund, Class I 4.44%
  2. New Hampshire Business Finance Authority, Series 2024 A 1.75%
  3. Port of Morrow, Series 2024 1.24%
  4. Metropolitan Pier Exposition Authority, Series 2023 B 1.07%
  5. Missouri Highway Transportation Commission, Series B 1.03%
  6. Cornell University 1.03%
  7. JobsOhio Beverage System, Series 2013B 1.01%
  8. Metropolitan Transportation Authority, Series B-1 1.00%
  9. County of Santa Clara, Series 2024C 0.95%
  10. Commonwealth of Massachusetts, Series A 0.92%

Asset Allocation

Weighting Return Low Return High MGVDX % Rank
Bonds 		94.57% 0.00% 993.61% 52.41%
Cash 		4.97% -54.51% 237.69% 28.47%
Stocks 		0.00% 0.00% 99.99% 51.69%
Preferred Stocks 		0.00% 0.00% 71.02% 45.43%
Other 		0.00% -27.25% 53.64% 83.04%
Convertible Bonds 		0.00% 0.00% 7.93% 90.17%

Bond Sector Breakdown

Weighting Return Low Return High MGVDX % Rank
Municipal 		88.66% 0.00% 100.00% 0.21%
Cash & Equivalents 		4.94% -0.46% 237.69% 27.95%
Corporate 		4.61% 0.00% 100.00% 92.86%
Securitized 		0.05% 0.00% 98.40% 97.62%
Derivative 		0.00% -1.91% 44.82% 53.03%
Government 		0.00% 0.00% 86.23% 97.72%

Bond Geographic Breakdown

Weighting Return Low Return High MGVDX % Rank
US 		94.57% 0.00% 993.61% 46.87%
Non US 		0.00% 0.00% 30.95% 52.72%

MGVDX - Expenses

Operational Fees

MGVDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.56% 0.01% 39.64% 64.12%
Management Fee 0.50% 0.00% 1.76% 89.30%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

MGVDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

MGVDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 51.00% 2.00% 493.39% 19.18%

MGVDX - Distributions

Dividend Yield Analysis

MGVDX Category Low Category High MGVDX % Rank
Dividend Yield 4.62% 0.00% 10.11% 19.79%

Dividend Distribution Analysis

MGVDX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

MGVDX Category Low Category High MGVDX % Rank
Net Income Ratio 1.77% -1.28% 4.79% 45.18%

Capital Gain Distribution Analysis

MGVDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

MGVDX - Fund Manager Analysis

Managers

John Loffredo

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

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

3.25

3.3%

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.

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.

Robert Burke

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

Mr. Burke has managed the MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Mr. Burke joined MacKay Shields as a Managing Director in July 2017. Before joining the firm, he held various leadership roles in capital markets over the last 30 years, spending most of his time in the municipal markets. In his last role, he managed the Global Futures, Derivative Clearing, and Foreign Exchange Prime Brokerage businesses at Bank of America Merrill Lynch. Prior to that, Mr. Burke 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 leveraged buyout and venture capital funds. He started his career at Bank of America Merrill Lynch in the municipal bond department covering insurance, hedge fund, and asset management clients. Mr. Burke holds a Master of Business Administration degree from the Gabelli School at Fordham University, and a Bachelor of Arts degree with High Honors in Economics from Colgate University. He is a CFA® charterholder.

Scott Sprauer

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

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.

Michael Petty

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

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

Feb 28, 2019

3.25

3.3%

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.

Robert DiMella

Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

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.

Michael Denlinger

Start Date

Tenure

Tenure Rank

Feb 28, 2021

1.25

1.3%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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