MMHIX: MainStay MacKay High Yield Muncpl Bd I

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MMHIX MainStay MacKay High Yield Muncpl Bd I


Profile

MMHIX - Profile

Vitals

  • YTD Return -5.8%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $6.43 B
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$12.24
$11.37
$13.48

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.62%

SALES FEES

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

BROKERAGE FEES

  • Turnover 27.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification


Distributions

  • YTD Total Return -5.8%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.93%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay High Yield Municipal Bond Fund
  • Fund Family Name
    MainStay
  • Inception Date
    Mar 31, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael Petty

Fund Description

The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds. It may invest up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by an independent rating agency or if unrated, judged to be of comparable quality by the subadvisor.


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Categories

Performance

MMHIX - Performance

Return Ranking - Trailing

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.8% -14.0% 0.5% 25.91%
1 Yr -4.7% -14.0% 5.3% 24.74%
3 Yr -0.6%* -3.0% 1.8% 20.48%
5 Yr 0.4%* -2.2% 1.7% 17.65%
10 Yr 1.8%* -1.4% 1.8% 1.03%

* Annualized

Return Ranking - Calendar

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
2019 5.0% -0.7% 9.1% 54.55%
2018 0.1% -4.8% 9.2% 10.92%
2017 4.4% -9.7% 8.6% 40.65%
2016 -2.7% -6.1% -0.8% 33.11%
2015 1.0% -5.6% 2.9% 13.74%

Total Return Ranking - Trailing

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.8% -14.0% 0.5% 25.91%
1 Yr -4.7% -14.0% 5.3% 24.74%
3 Yr -0.6%* -3.0% 1.8% 23.49%
5 Yr 0.4%* -2.2% 2.3% 21.32%
10 Yr 2.8%* -1.4% 4.3% 5.15%

* Annualized

Total Return Ranking - Calendar

Period MMHIX Return Category Return Low Category Return High Rank in Category (%)
2019 5.0% -0.7% 9.1% 54.55%
2018 0.1% -4.8% 9.2% 13.22%
2017 4.4% -9.7% 8.8% 43.87%
2016 -2.7% -6.1% 1.0% 34.46%
2015 1.3% -5.6% 5.3% 13.74%

NAV & Total Return History


Holdings

MMHIX - Holdings

Concentration Analysis

MMHIX Category Low Category High MMHIX % Rank
Net Assets 6.43 B 366 K 17.9 B 12.76%
Number of Holdings 1137 6 3645 22.80%
Net Assets in Top 10 572 M -38.7 M 2.51 B 12.95%
Weighting of Top 10 14.51% 4.2% 98.8% 38.86%

Top 10 Holdings

  1. 10 Year Treasury Note Future June 20 2.69%
  2. 10 Year Treasury Note Future June 20 2.69%
  3. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 2.07%
  4. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 0.01% 1.78%
  5. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 1.55%
  6. GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO 7.5% 1.28%
  7. TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV 5% 1.19%
  8. DULUTH MINN ECONOMIC DEV AUTH HEALTH CARE FACS REV 5.25% 1.04%
  9. NEW JERSEY ST TPK AUTH TPK REV 1.81% 1.04%
  10. LUCAS CNTY OHIO HOSP REV 5.25% 1.00%

Asset Allocation

Weighting Return Low Return High MMHIX % Rank
Bonds
96.86% 79.21% 148.07% 70.10%
Cash
3.05% -1.98% 17.48% 25.91%
Other
0.09% -0.09% 1.67% 15.54%
Stocks
0.00% 0.00% 3.82% 69.59%
Preferred Stocks
0.00% -48.07% 0.00% 65.80%
Convertible Bonds
0.00% 0.00% 0.00% 66.32%

Bond Sector Breakdown

Weighting Return Low Return High MMHIX % Rank
Municipal
97.05% 82.40% 100.00% 62.18%
Cash & Equivalents
2.95% 0.00% 17.60% 26.42%
Derivative
0.00% 0.00% 0.26% 69.95%
Securitized
0.00% 0.00% 0.00% 66.32%
Corporate
0.00% 0.00% 5.11% 76.68%
Government
0.00% -2.36% 1.20% 71.50%

Bond Geographic Breakdown

Weighting Return Low Return High MMHIX % Rank
US
85.45% 74.35% 141.91% 84.97%
Non US
11.41% 0.00% 14.58% 9.33%

Expenses

MMHIX - Expenses

Operational Fees

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.62% 0.21% 2.78% 88.02%
Management Fee 0.53% 0.00% 1.25% 69.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

MMHIX 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.

MMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 27.00% 5.10% 125.00% 58.03%

Distributions

MMHIX - Distributions

Dividend Yield Analysis

MMHIX Category Low Category High MMHIX % Rank
Dividend Yield 0.00% 0.00% 0.80% 79.19%

Dividend Distribution Analysis

MMHIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MMHIX Category Low Category High MMHIX % Rank
Net Income Ratio 3.93% 1.99% 5.67% 42.19%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

MMHIX - Fund Manager Analysis

Managers

Michael Petty


Start Date

Tenure

Tenure Rank

Mar 31, 2010

10.09

10.1%

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.

John Loffredo


Start Date

Tenure

Tenure Rank

Mar 31, 2010

10.09

10.1%

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.

Robert DiMella


Start Date

Tenure

Tenure Rank

Mar 31, 2010

10.09

10.1%

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.

Scott Sprauer


Start Date

Tenure

Tenure Rank

Feb 28, 2014

6.17

6.2%

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.

David Dowden


Start Date

Tenure

Tenure Rank

Feb 28, 2014

6.17

6.2%

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.

Frances Lewis


Start Date

Tenure

Tenure Rank

Feb 28, 2017

3.17

3.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.35 6.94 0.44