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Morningstar

MainStay MacKay Strategic Bond I MSDIX

Morningstar Medalist Rating
Medalist Rating as of | See New York Life Investment Hub
  • NAV / 1-Day Return 8.19  /  0.12 %
  • Total Assets 692.1 Mil
  • Adj. Expense Ratio
    0.700%
  • Expense Ratio 0.700%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Nontraditional Bond
  • Credit Quality / Interest Rate Sensitivity Medium / Limited
  • Min. Initial Investment 1,000,000
  • Status Open
  • TTM Yield 4.62%
  • Effective Duration 3.63 years

USD | NAV as of Sep 22, 2023 | 1-Day Return as of Sep 22, 2023, 10:07 PM GMT+0

Morningstar’s Analysis MSDIX

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 multi-sector strategy fully loaded with credit risk.

Senior Analyst Peter Marchese

Peter Marchese

Senior Analyst

Summary

MainStay MacKay Strategic Bond's managers completed a three-year restructuring plan for their team in 2021, which had led to meaningful staff turnover. The turnover has stopped in 2022, but the support team here is still slimmer than those at rival fund houses. Additionally, the highly flexible process has historically led to a heavy dose of credit risk in the strategy, from both corporate and securitized bonds, and middling returns. The fund earns a Morningstar Analyst Rating of Neutral for the I and R6 share classes and Negative for the remaining share classes.

by Peter Marchese
Rated on Published on

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Portfolio Holdings MSDIX

More MSDIX Holdings
  • Current Portfolio Date
  • Equity Holdings 2
  • Bond Holdings 483
  • Other Holdings 16
  • % Assets in Top 10 Holdings —
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 4.75%

5.87
41,484,055
Government

United States Treasury Notes 3.375%

2.10
14,864,721
Government

Federal National Mortgage Association 5%

1.73
12,216,227
Securitized

Federal National Mortgage Association 4%

1.28
9,034,660
Securitized

MainStay US Government Liquidity I

0.86
6,112,169
Cash and Equivalents

WEC Energy Group Inc. 0%

0.67
4,714,710
Corporate

CONNECTICUT AVENUE SECURITIES TRUST 0%

0.60
4,219,347
Securitized

Marriott International, Inc. 3.75%

0.58
4,108,083
Corporate

Air Lease Corporation 3.25%

0.54
3,832,598
Corporate

Hyatt Hotels Corporation 1.8%

0.53
3,754,210
Corporate