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Each of MainStay's boutique managers has its unique focus, process, and philosophy, as well as independent views on the markets and economy. To help you better understand today's investment landscape, our portfolio managers give their insights and perspectives on a wide variety of topics. 

 

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  • Podcasts

    Ep. 18: The Helicopters are Coming

    March 31,2020 - The helicopters are coming. Actively Speaking is back with Global Strategist Kevin Hebner as we discuss recent moves by the Fed and the $2tn fiscal package's goal to help mitigate the economic impact of COVID-19. Will these efforts be deployed efficiently and able to support vulnerable small and medium sized businesses? What are the prerequisites for markets to recover and begin to stabilize? Listen in.

    Ep. 13: Brexit Update 2020

    January 24,2020 - The UK is set to leave the EU on January 31st and will begin a yearlong transition period. How will this impact the UK and EU economies? What does the investment landscape look like during this transitional period? Epoch Co-CIO and Portfolio Manager Bill Booth joins the show to discuss the implications of Brexit in 2020.

    Ep. 12: Cold War 2.0

    January 9, 2020 - While the recent trade negotiations between the U.S. and China produced a welcomed truce, it should be quite apparent that this is so much more than a trade war. Greater than trade or tech are the values that will determine the architecture and governance of the global economic order. Epoch CEO and Co-CIO Bill Priest returns to discuss what this could mean for the global economy.

    Ep. 11: The State of ESG

    December 6, 2019 - Environmental, social and governance (ESG) factor consideration has grown substantially over the past decade as more managers seek to expand their investment lens to account for a growing number of issues. Epoch's Head of Sustainable Investment, Richard Watt, joins Actively Speaking to discuss ESG's growing influence on investing and the various hurdles it faces in achieving market standardization.

    Ep. 10: Cutting the Cord: the Content, the Competition, and the Chaos

    October 31, 2019 - One of the biggest battles of this century is happening right in your living room. As more people say goodbye to their cable company, established players and big, new entrants including Apple and Disney are looking transform how we consume media. Epoch Co-CIO and Portfolio Manager David Pearl walks us through the stakes of this heated fight for your screen time.

    Ep. 9: Used Cars: Solving the Problem of “The Market for Lemons”

    October 17, 2019 - Is that used-car you just bought really a lemon? Epoch analyst Stephen Salzone joins the show to shine a light on the various players in the used-car market, the economics behind each car sold, and how data is impacting this fragmented industry.

    Ep. 8: Behavioral Finance: Are We All Rational Wealth Maximizers?

    October 3, 2019 - From anchoring to mental accounting, host Steve Bleiberg does a deep dive into some of the behavioral biases investors should be aware of.

    Ep. 7: Negative Interest Rates: How We Got Here, Who’s Buying Bonds, and What It Means for Banks

    September 19, 2019 - Negative interest rates have been a distinguishing feature of the Japanese economy and many European economies for some years now, but how did we get here? Who would buy a bond with a negative yield? And how do they impact the profitability of banks? Epoch Senior Research Analyst Nikolay Petrakov answers these questions and more on Actively Speaking.

    Ep. 6: What Do We Mean When We Talk About Value?

    September 5, 2019 - Dividing the market up into "value stocks" and "growth stocks" has long been common practice in the investment world. But what do these labels really mean? Join Steve Bleiberg as he looks to answer "What is value?"

    Ep. 5: Back to School: An Active Manager’s Report Card

    August 22, 2019 -Actively Speaking is going back to school. Listen in as guest Wayne Lin discusses the fundamentals of the Sharpe ratio, information ratio and active share how to use them when evaluating active managers.

    Ep. 4: Blitzscale and Hope

    August 8, 2019 - Epoch Global Strategist Kevin Hebner makes his first appearance on Actively Speaking to talk about his most recent whitepaper, "Blitzscale and Hope." Kevin dives into the current hype about two-sided digital platforms and the surge in IPO listings, their share class structures and the potential for regulation in the tech sector.

    Ep. 3: The Future of Autonomous Vehicles

    July 22, 2019 - Listen in as guest and Epoch Analyst Jérôme Van Der Ghinst discusses the future of autonomous vehicles, who are the likely winners in the space, and the externalities this revolutionary technology could have on other industries and infrastructure.

    Ep. 2: The Limits of Theory

    July 10, 2019 - Modern Portfolio Theory (MPT) dominates investment thinking today, but the pre-MPT view of the world still holds valuable insights. Listen in as host Steve Bleiberg discusses his white paper and explores the limits of MPT in aiding successful investing.

    Ep. 1: Winning at Active Management with Epoch CEO Bill Priest

    June 18, 2019 - In Actively Speaking’s inaugural episode, Epoch CEO Bill Priest joins host Steve Bleiberg to discuss winning at active management


     

Ep. 18: The Helicopters are Coming

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1851193

Ep. 13: Brexit Update 2020

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Passporting allows a firm registered in the European Economic Area (EEA) to do business in any other EEA state without the need for further authorization from each country.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1843187

Ep. 12: Cold War 2.0

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Intellectual property (IP) is a broad categorical description for the set of intangibles owned and legally protected by a company from outside use or implementation without consent.

Arbitrage is the simultaneous purchase and sale of an asset to profit from an imbalance in the price.

Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners.

Dupont Analysis is an expanded return on equity formula, calculated by multiplying the net profit margin by the asset turnover by the equity multiplier.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is a service mark and name under which New York Life Investment Management LLC does business. New York Life Investments, an indirect subsidiary of New York Life Insurance Company, New York, New York 10010, provides investment advisory products and services. NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1843183

Ep. 11: The State of ESG
Active management
refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Passive management is a style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index. Passive management is the opposite of active management in which a fund's manager(s) attempt to beat the market with various investing strategies and buying/selling decisions of a portfolio's securities.

Environmental, social, and governance (ESG) criteria are a group of standards used by socially conscious investors to screen investments.

Socially responsible investing (SRI), also known as social investment, is an investment that is considered socially responsible due to the nature of the business the company conducts.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1841187

Ep. 10: Cutting the Cord: the Content, the Competition, and the Chaos

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Price elasticity is used by economists to understand how supply or demand changes given changes in price to understand the workings of the real economy.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1841185

Ep. 9: Used Cars: Solving the Problem of “The Market for Lemons”

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees. Gresham's law is a monetary principle stating that "bad money drives out good."

A commodity pool operator (CPO) is a salesperson for a fund, or commodity pool, that trades in securities such as futures contracts or foreign exchange contracts.

An original equipment manufacturer (OEM) traditionally is defined as a company whose goods are used as components in the products of another company, which then sells the finished item to users.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1841184

Ep. 8: Behavioral Finance, We are All Rational Wealth Maximizers

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Behavioral finance, a sub-field of behavioral economics, proposes that psychological influences and biases affect the financial behaviors of investors and financial practitioners.

Classical economics is a broad term that refers to the dominant school of thought for economics in the 18th and 19th centuries.

Anchoring is the use of irrelevant information, such as the purchase price of a security, as a reference for evaluating or estimating an unknown value of a financial instrument.

Mental accounting refers to the different values people place on money, based on subjective criteria, that often has detrimental results.

Regret theory states that people anticipate regret if they make the wrong choice, and they consider this anticipation when making decisions.

Confirmation bias suggests that investors seek out information that confirms their existing opinions and ignore contrary information that refutes them.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on the historical volatility of that investment. The greater the standard deviation of a security, the greater the variance between each price and the mean, which shows a larger price range.

Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1841183

Ep. 7: Negative Interest Rates: How We Got Here, Who’s Buying Bonds, and What It Means for Banks

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the Fund's portfolio. ROE is calculated by dividing net income by book value.

Troubled Asset Relief Program (TARP) was an initiative created and run by the U.S. Treasury to stabilize the country’s financial system, restore economic growth, and mitigate foreclosures in the wake of the 2008 financial crisis. TARP sought to achieve these targets by purchasing troubled companies’ assets and stock.

Quantitative easing (QE) is an unconventional monetary policy in which a central bank purchases government securities or other securities from the market in order to increase the money supply and encourage lending and investment.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1837272

Ep. 6: What Do We Mean When We Talk About Value?

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

A value stock is a stock that trades at a lower price relative to its fundamentals, such as dividends, earnings, or sales, making it appealing to value investors.

Price-to-book ratio is used to compare a firm's market to book value by dividing the price per share by book value per share (BVPS). An asset's book value is equal to its carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

The Russell 1000® Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the Fund's portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the Fund's portfolio. ROE is calculated by dividing net income by book value.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1837266

Ep. 5: Back to School: An Active Manager’s Report Card

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.

Sharpe ratio is used to help investors understand the return of an investment compared to its risk. The ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on the historical volatility of that investment. The greater the standard deviation of a security, the greater the variance between each price and the mean, which shows a larger price range.

Tracking error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark.

Active share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.

Information ratio (IR) is a measurement of portfolio returns beyond the returns of a benchmark, usually an index, compared to the volatility of those returns. The benchmark used is typically an index that represents the market or a particular sector or industry.

Jensen's alpha is a risk-adjusted performance measure that represents the average return on a portfolio or investment, above or below that predicted by the capital asset pricing model (CAPM), given the portfolio's or investment's beta and the average market return.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Alpha is a term used in investing to describe a strategy's ability to beat the market, or it's "edge." Alpha is thus also often referred to as “excess return” or “abnormal rate of return,” which refers to the idea that markets are efficient, and so there is no way to systematically earn returns that exceed the broad market as a whole.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company. New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1834761

Winning at Active Management with Epoch CEO Bill Priest
Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on the historical volatility of that investment. The greater the standard deviation of a security, the greater the variance between each price and the mean, which shows a larger price range.

Passive management is a style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index.

Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.

The S&P 500 Index is widely regarded as the standard for measuring large-cap U.S. stock market performance.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

New York Life Investments is a service mark and name under which New York Life Investment Management LLC does business. New York Life Investments, an indirect subsidiary of New York Life Insurance Company, New York, New York 10010, provides investment advisory products and services. NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1832956

 

The Limits of Theory

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

A beta coefficient is a measure of the volatility, or systematic risk, of an individual stock in comparison to the unsystematic risk of the entire market.

Price-to-book ratio is used to compare a firm's market to book value by dividing the price per share by book value per share (BVPS). An asset's book value is equal to its carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.

The Fama and French Three-Factor Model is an asset pricing model developed in 1992 that expands on the capital asset pricing model (CAPM) by adding size risk and value risk factors to the market risk factor in CAPM. This model considers the fact that value and small-cap stocks outperform markets on a regular basis. By including these two additional factors, the model adjusts for this outperforming tendency, which is thought to make it a better tool for evaluating manager performance.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on the historical volatility of that investment. The greater the standard deviation of a security, the greater the variance between each price and the mean, which shows a larger price range.

Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.

Equity risk premium refers to the excess return that investing in the stock market provides over a risk-free rate. This excess return compensates investors for taking on the relatively higher risk of equity investing. As a rule, high-risk investments are compensated with a higher premium.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

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The Future of Autonomous Vehicles

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

An original equipment manufacturer (OEM) traditionally is defined as a company whose goods are used as components in the products of another company, which then sells the finished item to users.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company. New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments.

NYLIFE Distributors LLC is located at 30 Hudson Street, Jersey City, NJ 07302. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1833749

 

Blitzscale and Hope

Active management refers to a portfolio management strategy where the manager makes specific investments with an aim to outperform an index. Active management typically charges higher fees.

Modern portfolio theory (MPT) is a theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward.

Initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors.

Quantitative easing (QE) is an unconventional monetary policy in which a central bank purchases government securities or other securities from the market in order to increase the money supply and encourage lending and investment.

New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments. Past performance is not indicative of future results. An investment cannot be made in an index. All investments are subject to market risk, including possible loss of principal.

This material represents an assessment of the market environment as at a specific date; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The opinions expressed are those of Epoch Investment Partners, Inc. as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company. New York Life Investment Management LLC engages the services of federally registered advisors. Epoch Investment Partners, Inc. is unaffiliated with New York Life Investments.

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