Effective 10/8/12, Marketfield Fund was renamed MainStay Marketfield Fund. At that time, the Fund's existing no-load shares were redesignated Class I shares. Institutional shares require a minimum initial investment amount of $5 million for individuals; there is no minimum for institutions. Due to sales charges, performance for other share classes will be lower.
Past performance is not a guarantee of future results.
The Fund regularly utilizes short selling, which is borrowing a security and then selling it in anticipation that the price will decline, so it can be bought back at a lower price, thus generating a profit. Short selling involves the risk that the value of the security sold short will rise, in which case losses may exceed that of the original amount invested and are theoretically unlimited. There are additional transaction and borrowing costs associated with short selling. Investing proceeds from short selling could be considered a form of leverage, which could increase volatility.
Mutual fund investing involves risk. Principal loss is possible.
Investments in absolute-return strategies are not intended to outperform stocks and bonds during strong market rallies.
The Fund involves the risk that the macroeconomic trends identified by portfolio management will not come to fruition and their advantageous duration may not last as long as portfolio management forecasts.
The Fund may also use options and futures contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates, and currency exchange rates. The investment in options is not suitable for all investors.
Investments in asset-backed and mortgage-backed securities involve additional risks such as credit risk, prepayment risk, possible illiquidity and default, and increased susceptibility to adverse economic developments.
The Fund may invest in derivatives which often involves leverage, may increase the volatility of the Fund's NAV, and may result in a loss to the Fund.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.
Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.
The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater for investments in emerging markets.
MainStay Marketfield Fund (Class I) has a beta of 0.55 and standard deviation of 12.6% vs. 19.2% for the S&P 500 Index for the five-year time period ended 7/31/12. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time.
The S&P 500® Index is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. An investment cannot be made directly into an index.
The information and opinions herein are for general information use only. The opinions reflect those of the presenters but not necessarily that of New York Life Investment Management LLC (NYLIM). NYLIM does not guarantee their accuracy or completeness, nor does New York Life Investment Management LLC assume any liability for any loss.