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Morningstar

MainStay MacKay Strategic Bond Inv MSYDX

Morningstar Medalist Rating
Medalist Rating as of | See New York Life Investment Hub
  • NAV / 1-Day Return 8.27  /  0.12 %
  • Total Assets 693.3 Mil
  • Adj. Expense Ratio
    1.180%
  • Expense Ratio 1.170%
  • Distribution Fee Level Average
  • Share Class Type Front Load
  • Category Nontraditional Bond
  • Credit Quality / Interest Rate Sensitivity Medium / Limited
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.54%
  • Effective Duration 3.56 years

USD | NAV as of May 26, 2023 | 1-Day Return as of May 26, 2023, 10:43 PM GMT+0

Morningstar’s Analysis MSYDX

Will MSYDX 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 MSYDX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the MSYDX 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 MSYDX’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

Unlock our full analysis with Morningstar Investor

Portfolio Holdings MSYDX

More MSYDX Holdings
  • Current Portfolio Date Apr 30, 2023
  • Equity Holdings 2
  • Bond Holdings 479
  • Other Holdings 15
  • % Assets in Top 10 Holdings —
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 3.5%

3.45
23,717,000
Government

Federal National Mortgage Association 5%

2.17
14,899,926
Securitized

Federal National Mortgage Association 4%

1.38
9,467,383
Securitized

WEC Energy Group Inc. 0%

0.64
4,415,891
Corporate

Marriott International, Inc. 3.75%

0.60
4,098,240
Corporate

Air Lease Corporation 3.25%

0.56
3,841,657
Corporate

One Bryant Park Trust 2019-Obp 2.51641%

0.56
3,828,046
Securitized

CONNECTICUT AVENUE SECURITIES TRUST 0%

0.55
3,793,680
Securitized

Hyatt Hotels Corporation 1.8%

0.54
3,711,237
Corporate

MainStay US Government Liquidity I

0.53
3,662,899
Cash and Equivalents