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NYLI MacKay Tax Free Bond Fund
mutual fund
MTBDX
Payout Change
Pending
Price as of:
$9.5
-0.01
-0.11%
primary theme
Municipal Bond
share class
MTBDX (Mutual Fund)
NYLI MacKay Tax Free Bond Fund
Payout Change
Pending
Price as of:
$9.5
-0.01
-0.11%
primary theme
Municipal Bond
share class
MTBDX (Mutual Fund)
NYLI MacKay Tax Free Bond Fund
Payout Change
Pending
Price as of:
$9.5
-0.01
-0.11%
primary theme
Municipal Bond
share class
Name
As of 12/09/2024Price
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
Vitals
YTD Return
3.7%
1 yr return
5.5%
3 Yr Avg Return
-0.3%
5 Yr Avg Return
1.5%
Net Assets
$8.98 B
Holdings in Top 10
5.9%
52 WEEK LOW AND HIGH
$9.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 39.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
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
MTBDX - Profile
Distributions
- YTD Total Return 3.7%
- 3 Yr Annualized Total Return -0.3%
- 5 Yr Annualized Total Return 1.5%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.92%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameNYLI MacKay Tax Free Bond Fund
-
Fund Family NameMainstay Group of Funds
-
Inception DateNov 01, 2019
-
Shares Outstanding64967811
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Loffredo
Fund Description
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”). On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax. 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 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). 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 in derivatives, such as 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 pursuing 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 achieve the Fund's investment objective, to seek to enhance the Fund's investment return and to seek 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, 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.
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.
MTBDX - Performance
Return Ranking - Trailing
| Period | MTBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.7% | -4.4% | 40.7% | 39.49% |
| 1 Yr | 5.5% | -2.6% | 45.9% | 38.42% |
| 3 Yr | -0.3%* | -10.2% | 6.4% | 53.96% |
| 5 Yr | 1.5%* | -6.5% | 1105.2% | 13.39% |
| 10 Yr | N/A* | -0.9% | 249.0% | 18.86% |
* Annualized
Return Ranking - Calendar
| Period | MTBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.6% | -1.4% | 41.0% | 58.25% |
| 2022 | -13.0% | -39.7% | 0.3% | 71.67% |
| 2021 | -0.4% | -5.6% | 6.9% | 45.22% |
| 2020 | 3.5% | -2.6% | 310.0% | 3.92% |
| 2019 | N/A | 0.0% | 26.0% | N/A |
Total Return Ranking - Trailing
| Period | MTBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.7% | -4.4% | 40.7% | 39.49% |
| 1 Yr | 5.5% | -2.6% | 45.9% | 38.42% |
| 3 Yr | -0.3%* | -10.2% | 6.4% | 53.96% |
| 5 Yr | 1.5%* | -6.5% | 1105.2% | 13.39% |
| 10 Yr | N/A* | -0.9% | 249.0% | 19.46% |
* Annualized
Total Return Ranking - Calendar
| Period | MTBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.6% | -1.3% | 41.0% | 27.54% |
| 2022 | -10.2% | -39.7% | 1.1% | 62.46% |
| 2021 | 2.6% | -4.8% | 23761504.0% | 23.78% |
| 2020 | 6.8% | -1.5% | 17057.9% | 3.43% |
| 2019 | N/A | 0.2% | 3514.6% | N/A |
NAV & Total Return History
MTBDX - Holdings
Concentration Analysis
| MTBDX | Category Low | Category High | MTBDX % Rank | |
|---|---|---|---|---|
| Net Assets | 8.98 B | 3.22 M | 71.9 B | 3.09% |
| Number of Holdings | 1124 | 4 | 13418 | 8.33% |
| Net Assets in Top 10 | 549 M | -317 M | 3.09 B | 5.10% |
| Weighting of Top 10 | 5.93% | 1.8% | 100.3% | 94.89% |
Top 10 Holdings
- BlackRock Liquidity Funds MuniCash 1.40%
- Lamar Consolidated Independent School District 0.78%
- San Francisco City County Airport Comm-San Francisco International Airport, Series SECOND SER 2019E 0.57%
- Oklahoma Turnpike Authority, Series 2023 0.53%
- San Antonio Water System, Series B 0.47%
- Development Authority of Burke County (The), Series 2018 0.45%
- City of Chicago, Series A 0.44%
- Triborough Bridge Tunnel Authority 0.43%
- Los Angeles Unified School District, Series B-1 0.43%
- City of San Antonio, Series A 0.42%
Asset Allocation
| Weighting | Return Low | Return High | MTBDX % Rank | |
|---|---|---|---|---|
| Bonds | 98.20% | 0.00% | 150.86% | 65.37% |
| Cash | 2.48% | -50.86% | 44.62% | 25.12% |
| Stocks | 0.00% | 0.00% | 99.78% | 77.85% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 75.89% |
| Other | 0.00% | -3.69% | 53.54% | 74.21% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 75.52% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MTBDX % Rank | |
|---|---|---|---|---|
| Municipal | 95.74% | 44.39% | 100.00% | 76.26% |
| Cash & Equivalents | 2.48% | 0.00% | 44.41% | 19.95% |
| Corporate | 0.09% | 0.00% | 9.41% | 14.30% |
| Derivative | 0.00% | -3.69% | 53.54% | 73.67% |
| Securitized | 0.00% | 0.00% | 5.93% | 75.59% |
| Government | 0.00% | 0.00% | 52.02% | 77.95% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MTBDX % Rank | |
|---|---|---|---|---|
| US | 98.20% | 0.00% | 142.23% | 62.93% |
| Non US | 0.00% | 0.00% | 23.89% | 77.90% |
MTBDX - Expenses
Operational Fees
| MTBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.43% | 0.01% | 8.02% | 89.18% |
| Management Fee | 0.41% | 0.00% | 1.20% | 46.64% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| MTBDX 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
| MTBDX 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.
| MTBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 39.00% | 0.00% | 283.00% | 86.97% |
MTBDX - Distributions
Dividend Yield Analysis
| MTBDX | Category Low | Category High | MTBDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.75% | 0.00% | 14.51% | 3.89% |
Dividend Distribution Analysis
| MTBDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MTBDX | Category Low | Category High | MTBDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.92% | -0.53% | 5.33% | 52.01% |
Capital Gain Distribution Analysis
| MTBDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2024 | $0.030 | OrdinaryDividend |
| Oct 31, 2024 | $0.030 | OrdinaryDividend |
| Sep 30, 2024 | $0.030 | OrdinaryDividend |
| Aug 31, 2024 | $0.031 | OrdinaryDividend |
| Jul 31, 2024 | $0.031 | OrdinaryDividend |
| Jun 30, 2024 | $0.030 | OrdinaryDividend |
| Apr 30, 2024 | $0.030 | OrdinaryDividend |
| Mar 31, 2024 | $0.031 | OrdinaryDividend |
| Feb 29, 2024 | $0.029 | OrdinaryDividend |
| Jan 31, 2024 | $0.030 | OrdinaryDividend |
| Dec 31, 2023 | $0.031 | OrdinaryDividend |
| Nov 30, 2023 | $0.029 | OrdinaryDividend |
| Oct 31, 2023 | $0.031 | OrdinaryDividend |
| Sep 30, 2023 | $0.029 | OrdinaryDividend |
| Aug 31, 2023 | $0.030 | OrdinaryDividend |
| Jul 31, 2023 | $0.030 | OrdinaryDividend |
| Jun 30, 2023 | $0.029 | OrdinaryDividend |
| May 31, 2023 | $0.030 | OrdinaryDividend |
| Apr 30, 2023 | $0.029 | OrdinaryDividend |
| Mar 31, 2023 | $0.030 | OrdinaryDividend |
| Feb 28, 2023 | $0.027 | OrdinaryDividend |
| Jan 31, 2023 | $0.029 | OrdinaryDividend |
| Dec 31, 2022 | $0.029 | OrdinaryDividend |
| Nov 30, 2022 | $0.028 | OrdinaryDividend |
| Oct 31, 2022 | $0.028 | OrdinaryDividend |
| Sep 30, 2022 | $0.026 | OrdinaryDividend |
| Aug 31, 2022 | $0.027 | OrdinaryDividend |
| Jul 31, 2022 | $0.027 | OrdinaryDividend |
| Jun 30, 2022 | $0.025 | OrdinaryDividend |
| May 31, 2022 | $0.027 | OrdinaryDividend |
| Apr 30, 2022 | $0.024 | OrdinaryDividend |
| Mar 31, 2022 | $0.023 | OrdinaryDividend |
| Feb 28, 2022 | $0.021 | OrdinaryDividend |
| Jan 31, 2022 | $0.023 | OrdinaryDividend |
| Jan 13, 2022 | $0.001 | OrdinaryDividend |
| Dec 31, 2021 | $0.023 | OrdinaryDividend |
| Dec 08, 2021 | $0.030 | CapitalGainLongTerm |
| Nov 30, 2021 | $0.022 | OrdinaryDividend |
| Oct 31, 2021 | $0.020 | OrdinaryDividend |
| Sep 30, 2021 | $0.018 | OrdinaryDividend |
| Aug 31, 2021 | $0.022 | OrdinaryDividend |
| Jul 31, 2021 | $0.022 | OrdinaryDividend |
| Jun 30, 2021 | $0.021 | OrdinaryDividend |
| May 31, 2021 | $0.023 | OrdinaryDividend |
| Apr 30, 2021 | $0.022 | OrdinaryDividend |
| Mar 31, 2021 | $0.023 | OrdinaryDividend |
| Feb 28, 2021 | $0.020 | OrdinaryDividend |
| Jan 31, 2021 | $0.023 | OrdinaryDividend |
| Dec 31, 2020 | $0.024 | OrdinaryDividend |
| Nov 30, 2020 | $0.025 | OrdinaryDividend |
| Oct 30, 2020 | $0.024 | OrdinaryDividend |
| Sep 30, 2020 | $0.024 | OrdinaryDividend |
| Aug 31, 2020 | $0.024 | OrdinaryDividend |
| Jul 31, 2020 | $0.025 | OrdinaryDividend |
| Jun 30, 2020 | $0.026 | OrdinaryDividend |
| May 29, 2020 | $0.026 | OrdinaryDividend |
| Apr 30, 2020 | $0.026 | OrdinaryDividend |
| Mar 31, 2020 | $0.026 | OrdinaryDividend |
| Feb 28, 2020 | $0.025 | OrdinaryDividend |
| Jan 31, 2020 | $0.025 | OrdinaryDividend |
| Dec 31, 2019 | $0.025 | OrdinaryDividend |
| Nov 29, 2019 | $0.024 | OrdinaryDividend |
MTBDX - Fund Manager Analysis
Managers
John Loffredo
Start Date
Tenure
Tenure Rank
Jul 01, 2009
12.92
12.9%
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.
Robert DiMella
Start Date
Tenure
Tenure Rank
Jul 01, 2009
12.92
12.9%
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 Petty
Start Date
Tenure
Tenure Rank
Feb 28, 2011
11.26
11.3%
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.
Frances Lewis
Start Date
Tenure
Tenure Rank
Feb 28, 2014
8.26
8.3%
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.
Scott Sprauer
Start Date
Tenure
Tenure Rank
Feb 28, 2014
8.26
8.3%
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.
David Dowden
Start Date
Tenure
Tenure Rank
Feb 28, 2014
8.26
8.3%
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.
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 | 35.05 | 7.36 | 1.58 |
