MainStay MacKay Unconstrained Bond's management team is settling after the replacement of its longtime managers, but the support team is thin and keeps experiencing turnover. Additionally, the highly flexible process historically led to a heavy dose of credit risk in the portfolio. The strategy's cheaper share classes earn a Morningstar Analyst Rating of Neutral, while most expensive ones are rated Negative.
MainStay MacKay Unconstrained Bond I MSDIX
NAV / 1-Day Return
9.13
/
0.00
Total Assets
672.6 Mil
Adj. Expense Ratio
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
0.820%
Expense Ratio
1.020%
Fee Level
Average
Longest Manager Tenure
2.91
years
Category
Nontraditional Bond
Credit Quality / Interest Rate Sensitivity
Low / LimitedMin. Initial Investment
1,000,000
Status
Open
TTM Yield
2.54%
Effective Duration
2.44
years
Premium
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will MSDIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MSDIX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the MSDIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of MSDIX’s parent organization’s priorities and whether they’re in line with investors’ interests.
A short-tenured duo of managers is supported by a modest and unstable team.
