Thomas G. Kamp
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Investment Strategy and Process
Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of large-capitalization growth companies with market capitalizations that, at the time of investment, are similar to companies appearing in the Russell 1000 Growth Index.
The Fund is a focused, large-cap growth fund that normally holds between 35 and 55 securities. The 25 most highly regarded of these companies, in the Subadvisor's opinion, usually constitute approximately 70% of the Fund’s net asset value.
The Subadvisor seeks equity securities, the prospective earnings growth of which, in the opinion of the Subadvisor, are not fully appreciated by the market or reflected in current market valuations. Stock selection is further focuses on strong company management, superior industry positions, excellent balance sheets, and superior growth potential.
Class A & INV: 5.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Total annual operating expenses are: Class A: 1.19%, INV: 1.32%, B: 2.07%, C: 2.07%, I: 0.94%, Class R2: 1.29%.
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate, so that upon redemption, shares may be worth more or less than their original cost. Performance figures for Class A and Class I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. There is an additional voluntary fee waiver and/or expense limitation for Class A and Class I shares, which may be discontinued at any time without notice, and without which total returns may have been lower.
Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Fund’s performance may suffer. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets. By concentrating in a smaller number of investments, the Fund’s risk is increased because each investment has a greater effect on the Fund’s performance. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.
1. POP (Public Offering Price) is the NAV (Net Asset Value) plus a sales charge. All POPs are subject to revision and include the maximum sales charge.
2. Average annual total returns shown include the change in share price and reinvestment of dividends and capital gain distributions. Effective 1/11/13, Keystone Large Cap Growth Fund was reorganized with and into MainStay Cornerstone Growth Fund. Performance figures for Class A and Class I shares reflect the historical performance of the then-existing Class A and Class I shares of Keystone Large Cap Growth Fund (which was subject to a different fee structure) for periods prior to 1/11/13. Performance for Class B, C, and Investor Class shares includes the historical performance of Class A shares from inception (8/7/06) through 1/14/13 adjusted to reflect differences in fees and expenses. Class I shares are generally available only to corporate and institutional investors. Class R shares are available only through corporate-sponsored retirement programs.
4. No sales charge applies to Class A and Investor Class share investments of $1,000,000 or more ($250,000 or more with respect to MainStay California Tax Free Opportunities Fund, MainStay High Yield Municipal Bond Fund, MainStay New York Tax Free Opportunities Fund, MainStay Tax Advantaged Short Term Bond Fund, and MainStay Tax Free Bond Fund; or $500,000 or more with respect to MainStay Floating Rate Fund and MainStay Short Duration High Yield Fund), but a CDSC of 1% may be imposed on certain redemptions of such shares within one year (18 months for MainStay Short Duration High Yield Fund) of the date of purchase.
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.
The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the Fund's portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs 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. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. 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. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. R-Squared measures the percentage of a fund's movements that result from movements in the index. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. The Annual Turnover Rate is as of the most recent annual shareholder report. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the Fund's benchmark.
The opinions expressed are those of Cornerstone Capital Management as of the date of this video and are subject to change. This 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. Cornerstone Capital Management LLC is an affiliate of Cornerstone Capital Management Holdings LLC, a wholly owned subsidiary of New York Life Investment Management Holdings LLC.
There can be no guarantee that investment objectives will be met.