MTFFX: MainStay MacKay Intermediate Tax Free Bond Fund

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MTFFX MainStay MacKay Intermediate Tax Free Bond Fund


Profile

MTFFX - Profile

Vitals

  • YTD Return 0.7%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $54.4 M
  • Holdings in Top 10 34.6%

52 WEEK LOW AND HIGH

$10.17
$9.16
$10.32

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.38%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 108.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification


Distributions

  • YTD Total Return 0.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.11%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Intermediate Tax Free Bond Fund
  • Fund Family Name
    MainStay
  • Inception Date
    Jun 28, 2019
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    John Loffredo

Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income tax. It will seek to maintain a portfolio dollar-weighted average duration of 3 to 10 years, although the fund may invest in instruments of any duration or maturity. The manager will invest, under normal circumstances, at least 80% of its net assets in investment grade quality bonds as rated by a nationally recognized statistical rating organization, or if unrated, judged to be of comparable quality the fund's subadvisor.


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Categories

Performance

MTFFX - Performance

Return Ranking - Trailing

Period MTFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.7% -31.9% 954.9% 72.02%
1 Yr 0.5% -27.2% 945.1% 72.47%
3 Yr N/A* -18.4% 120.9% N/A
5 Yr N/A* -9.1% 60.6% N/A
10 Yr N/A* -5.2% 14.4% N/A

* Annualized

Return Ranking - Calendar

Period MTFFX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -5.8% 20.3% N/A
2018 N/A -29.6% 4.6% N/A
2017 N/A -4.4% 15.8% N/A
2016 N/A -6.1% 15.0% N/A
2015 N/A -11.6% 2.6% N/A

Total Return Ranking - Trailing

Period MTFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.7% -31.9% 954.9% 72.02%
1 Yr 0.5% -27.2% 945.1% 72.42%
3 Yr N/A* -18.4% 120.9% N/A
5 Yr N/A* -9.1% 60.6% N/A
10 Yr N/A* -5.2% 16.1% N/A

* Annualized

Total Return Ranking - Calendar

Period MTFFX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -5.8% 20.3% N/A
2018 N/A -29.6% 4.6% N/A
2017 N/A -4.4% 15.8% N/A
2016 N/A -6.1% 15.0% N/A
2015 N/A -9.9% 3.0% N/A

NAV & Total Return History


Holdings

MTFFX - Holdings

Concentration Analysis

MTFFX Category Low Category High MTFFX % Rank
Net Assets 54.4 M 619 K 88.4 B 91.73%
Number of Holdings 106 1 10083 84.67%
Net Assets in Top 10 5.86 M -170 M 26.9 B 95.05%
Weighting of Top 10 34.59% 2.6% 100.0% 20.76%

Top 10 Holdings

  1. Us 10yr Note (Cbt)sep20 Xcbt 20200921 11.33%
  2. MISSISSIPPI HOSP EQUIP & FACS AUTH REV 5% 3.31%
  3. MINNESOTA ST 5% 3.21%
  4. SHENANDOAH VY SCH DIST PA 4% 2.89%
  5. COOK CNTY ILL TWP HIGH SCH DIST NO 220 BURBANK 5% 2.49%
  6. CALIFORNIA MUN FIN AUTH STUDENT HSG REV 5% 2.40%
  7. ETOWAH WTR & SWR AUTH GA REV 4% 2.37%
  8. SHREVEPORT LA WTR & SWR REV 5% 2.29%
  9. WASHINGTON ST CONVENTION CTR PUB FACS DIST 5% 2.22%
  10. GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV 5% 2.07%

Asset Allocation

Weighting Return Low Return High MTFFX % Rank
Bonds
94.36% 78.92% 188.18% 65.64%
Cash
5.64% -83.41% 19.68% 25.28%
Stocks
0.00% -4.99% 21.62% 29.51%
Preferred Stocks
0.00% -0.17% 10.40% 36.04%
Other
0.00% -9.30% 31.94% 29.22%
Convertible Bonds
0.00% 0.00% 9.45% 58.53%

Bond Sector Breakdown

Weighting Return Low Return High MTFFX % Rank
Municipal
94.93% 0.00% 100.06% 34.31%
Cash & Equivalents
5.07% -26.49% 93.17% 32.53%
Derivative
0.00% 0.00% 39.43% 33.54%
Securitized
0.00% 0.00% 97.53% 64.63%
Corporate
0.00% 0.00% 99.00% 71.50%
Government
0.00% -2.21% 99.96% 68.04%

Bond Geographic Breakdown

Weighting Return Low Return High MTFFX % Rank
US
90.34% 49.78% 163.25% 54.88%
Non US
4.02% -12.10% 39.65% 50.84%

Expenses

MTFFX - Expenses

Operational Fees

MTFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.38% 0.01% 34.57% 19.54%
Management Fee 0.40% 0.00% 1.60% 54.54%
12b-1 Fee 0.50% 0.00% 1.00% 65.19%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MTFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load 1.00% 0.25% 5.50% 35.10%

Trading Fees

MTFFX 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.

MTFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 108.00% 0.00% 496.90% 78.30%

Distributions

MTFFX - Distributions

Dividend Yield Analysis

MTFFX Category Low Category High MTFFX % Rank
Dividend Yield 0.00% 0.00% 3.89% 25.71%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MTFFX Category Low Category High MTFFX % Rank
Net Income Ratio 1.11% -0.81% 5.05% 97.42%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

MTFFX - Fund Manager Analysis

Managers

John Loffredo


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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

Jun 24, 2019

1.19

1.2%

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.

Scott Sprauer


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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.

Michael Petty


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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 Lawlor


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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.

David Dowden


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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.

Robert DiMella


Start Date

Tenure

Tenure Rank

Jun 24, 2019

1.19

1.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 33.3 6.93 0.17