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Name

As of 04/16/2024

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 Strategic Municipal Allocation Fund

MTFHX | Fund

$9.43

$927 M

0.00%

0.51%

Vitals

YTD Return

-0.2%

1 yr return

3.4%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

N/A

Net Assets

$927 M

Holdings in Top 10

9.6%

52 WEEK LOW AND HIGH

$9.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 66.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/16/2024

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 Strategic Municipal Allocation Fund

MTFHX | Fund

$9.43

$927 M

0.00%

0.51%

MTFHX - Profile

Distributions

  • YTD Total Return -0.2%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.72%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Strategic Municipal Allocation Fund
  • Fund Family Name
    MainStay
  • Inception Date
    Jun 28, 2019
  • Shares Outstanding
    2686
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Frances Lewis

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds, the income from which is exempt from federal income tax. The Fund 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. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

The Fund will invest, under normal circumstances, at least 65% of its net assets in investment grade quality bonds as rated by a nationally recognized statistical rating organization (“NRSRO”) (such as bonds rated BBB- or higher, or Baa3 or higher), or if unrated, judged to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. The Fund may invest up to 35% of its net assets in municipal bonds rated below investment grade by an NRSRO, commonly referred to as “high yield” or “junk” bonds, including 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 NRSRO (such as bonds rated D) (“distressed securities”), or if unrated, judged to be of comparable quality by the Subadvisor. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.

The Fund may not invest more than 20% of its net assets in investments subject to the federal alternative minimum tax. Some of the Fund's earnings may be subject to federal tax and most may be subject to state and local taxes.

The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state).

The Fund may invest in privately issued securities.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: The Subadvisor employs a relative value research-driven approach in seeking to achieve the Fund's investment objective. The Subadvisor's strategies include duration management, sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in various portfolio strategies to seek to achieve the Fund's investment objective, to enhance the Fund's investment return and to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets.

The Subadvisor uses active management in an effort to identify mispriced tax-exempt securities and build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process which includes fundamental, "bottom-up" credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market and tax policies, and analyzes individual municipal securities and sectors. 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.

On an ongoing basis, the Subadvisor meets to discuss and, where necessary, make changes to the Fund’s portfolio allocations. Typically, the Subadvisor considers a number of factors including overall market conditions, and the economic, technical, fundamental and regulatory factors that influence the relative value of municipal securities. In addition to setting target guidelines with respect to yield curve positioning, quality distribution, sector weights and individual security exposures, the Subadvisor will establish the Fund’s target allocation between investment grade municipal securities and high yield municipal securities. The asset allocation decision is based on the Subadvisor’s subjective assessment of the risk-adjusted expected returns of investment grade securities and high yield municipal securities over the next twelve to eighteen months.

The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's financial condition.

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MTFHX - Performance

Return Ranking - Trailing

Period MTFHX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -4.4% 10.8% 16.46%
1 Yr 3.4% -5.7% 31.7% 9.66%
3 Yr -0.1%* -11.1% 2.5% 9.81%
5 Yr N/A* -5.9% 1102.0% N/A
10 Yr N/A* -0.4% 248.1% N/A

* Annualized

Return Ranking - Calendar

Period MTFHX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -1.4% 41.0% 66.15%
2022 -9.3% -39.7% 0.3% 29.27%
2021 -0.3% -5.6% 6.9% 41.21%
2020 2.5% -2.6% 310.0% 17.57%
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period MTFHX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -4.4% 10.8% 16.46%
1 Yr 3.4% -5.7% 31.7% 9.66%
3 Yr -0.1%* -11.1% 2.5% 9.81%
5 Yr N/A* -5.9% 1102.0% N/A
10 Yr N/A* -0.4% 248.1% N/A

* Annualized

Total Return Ranking - Calendar

Period MTFHX Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -1.3% 41.0% 38.79%
2022 -6.9% -39.7% 1.1% 25.97%
2021 2.8% -4.8% 23761504.0% 18.65%
2020 4.9% -1.5% 17057.9% 17.37%
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

MTFHX - Holdings

Concentration Analysis

MTFHX Category Low Category High MTFHX % Rank
Net Assets 927 M 3.22 M 71.9 B 30.21%
Number of Holdings 607 2 13067 19.20%
Net Assets in Top 10 91 M -317 M 3.4 B 45.31%
Weighting of Top 10 9.59% 1.9% 100.4% 85.45%

Top 10 Holdings

  1. Missouri Housing Development Commission, Series 2023 E 1.20%
  2. New Jersey Transportation Trust Fund Authority, Series 2023 BB 1.18%
  3. Connecticut State Health Educational Facilities Authority, Series 2013A 1.16%
  4. Chicago Transit Authority Sales Tax Receipts Fund, Series 2014 1.06%
  5. Southern California Public Power Authority, Series 2024A 1.05%
  6. California Community Choice Financing Authority, Series C 0.95%
  7. County of King, Series 2014 A 0.80%
  8. City County of Denver, Series 2018 A 0.79%
  9. San Francisco City County Airport Comm-San Francisco International Airport, Series 2023 C 0.72%
  10. State of Louisiana Gasoline Fuels Tax, Series C 0.69%

Asset Allocation

Weighting Return Low Return High MTFHX % Rank
Bonds 		94.96% 0.00% 150.86% 88.24%
Cash 		5.04% -50.86% 50.09% 9.70%
Stocks 		0.00% 0.00% 99.81% 82.95%
Preferred Stocks 		0.00% 0.00% 0.52% 79.44%
Other 		0.00% -8.54% 33.35% 75.82%
Convertible Bonds 		0.00% 0.00% 0.93% 79.56%

Bond Sector Breakdown

Weighting Return Low Return High MTFHX % Rank
Municipal 		89.85% 44.39% 100.00% 94.35%
Cash & Equivalents 		3.26% 0.00% 48.02% 12.09%
Derivative 		0.00% -8.54% 23.38% 69.10%
Securitized 		0.00% 0.00% 5.93% 73.65%
Corporate 		0.00% 0.00% 9.41% 76.57%
Government 		0.00% 0.00% 52.02% 75.02%

Bond Geographic Breakdown

Weighting Return Low Return High MTFHX % Rank
US 		94.96% 0.00% 142.23% 84.94%
Non US 		0.00% 0.00% 23.89% 80.16%

MTFHX - Expenses

Operational Fees

MTFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.51% 0.01% 20.65% 81.62%
Management Fee 0.40% 0.00% 1.20% 43.15%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MTFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

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

MTFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 66.00% 0.00% 283.00% 96.41%

MTFHX - Distributions

Dividend Yield Analysis

MTFHX Category Low Category High MTFHX % Rank
Dividend Yield 0.00% 0.00% 14.56% 5.10%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MTFHX Category Low Category High MTFHX % Rank
Net Income Ratio 1.72% -0.53% 5.33% 62.37%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MTFHX - Fund Manager Analysis

Managers

Frances Lewis

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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.

David Dowden

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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.

John Loffredo

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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.

John Lawlor

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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.

Scott Sprauer

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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

Jun 24, 2019

2.94

2.9%

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.

Robert DiMella

Start Date

Tenure

Tenure Rank

Jun 24, 2019

2.94

2.9%

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.

Michael Denlinger

Start Date

Tenure

Tenure Rank

Aug 28, 2021

0.76

0.8%

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 35.05 7.37 1.58

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