MainStay Epoch U.S. Equity Yield Fund

Product Finder

Barron's 2018 Top 2 US Equity logo

Overall and category Barron’s rankings are based on total returns for the 2018 calendar year among 57 qualifying fund families. Past performance is no guarantee of future results.

Investment
Subadvisor

 

Founded in April 2004 by experienced professionals, Epoch Investment Partners is a global asset management firm providing investment management services to investment companies, pension and profit-sharing plans, other institutional clients, and high net worth individuals.

Portfolio Managers

  • Michael A.
    Welhoelter, CFA
  • Fund's Manager:
    Since Inception

    Industry Experience:
    32 years

  • William W. Priest, CFA
  • Fund's Manager:
    Since Inception

    Industry Experience:
    53 years

  • John Tobin, PhD, CFA
  • Fund's Manager:
    Since 2013

    Industry Experience:
    36 years

  • Kera Van Valen, CFA
  • Fund's Manager:
    Since 2013

    Industry Experience:
    17 years

Fund Objective: Seeks current income and capital appreciation.

  • Focus on free cash flow
    The Subadvisor invests in companies with a history of generating free cash flow, and management teams committed to using that cash to increase shareholder value.

  • Well-diversified portfolio
    The Fund invests in domestic equities of various market capitalizations, with a focus on companies that pay dividends, buy back stock and reduce debt.

  • Risk management helps lower volatility
    The team employs a comprehensive risk management discipline designed to limit security and portfolio level risk.

Class A & INV: 5.5% maximum initial sales charge; a 1% CDSC may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC.

See the prospectus and/or Fees & Expenses tab above for Total Annual Fund Operating Expenses (including Waivers/Reimbursements if applicable).

Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance figures reflect a contractual fee waiver and/or expense limitation agreement, 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.

Style Box

MainStay Epoch Global Equity Yield Fund has provided income and growth with less risk than its peers.

Source: Morningstar. Less risk as measured by beta and standard deviation relative to the MSCI World Index and Morningstar World Large Stock Category, calculated on a monthly basis since the Fund’s inception (9/1/2006 to 12/31/2018). During this time period, Class A shares of MainStay Epoch Global Equity Yield Fund’s beta was 0.75, which was lower than 96% of its peers, while its standard deviation was 12.4%, which was also lower than 97% of its peers.

MainStay Epoch US Equity Yield Fund Lipper Rankings: one-year (out of 428 funds): Class A #25; Class B #32; Class C #32; Class I #22; Class Inv #27; Class R1 #24; Class R2 #26; Class R3 #28; Class R6 #21; five-year (out of 325): Class A #31; Class B N/A; Class C #84; Class I #21; Class Inv #40; Class R1 N/A; Class R2 N/A; Class R3 N/A; Class R6 N/A; ten-year (out of 242) Class A #130; Class B N/A; Class C N/A; Class I #104; Class Inv N/A; Class R1 N/A; Class R2 N/A; Class R3 N/A; Class R6 N/A. As of 6/30/19. Past performance is no guarantee of future results. The rankings shown in this presentation are based on the relative performance of the funds in the Multi-Cap Value Funds category.

Before You Invest

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. Stocks of small companies may be subject to higher price volatility, significantly lower trading volumes, and greater spreads between bid and ask prices, than stocks of larger companies. Small-capitalization companies may be more vulnerable to adverse business or market developments than mid- or large-capitalization companies. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic 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 than for developed markets.

Disclosure

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 include the change in share price and reinvestment of dividends and capital gain distributions. Effective after the close of business 11/13/09, Epoch U.S. Large Cap Equity Fund was reorganized as MainStay Epoch U.S. Equity Fund. On August 31, 2012, the Fund changed its investment objective and principal investment strategies. Performance figures for dates prior to August 31, 2012 reflect the Fund’s prior investment objective and principal investment strategies. Performance for Class A and I shares reflects the performance of the Class P and Institutional Class shares, respectively, of Epoch U.S. Large Cap Equity Fund (which was subject to a different fee structure) adjusted to reflect sales charges, but not fees and expenses; absent these adjustments, performance may have been lower. Performance for Class C and Investor Class shares includes the performance of Class I shares from inception (12/3/08) through 11/15/09 adjusted to reflect the sales charge (or CDSC) and fees and expenses. Class I shares are generally available only to corporate and institutional investors.

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, MainStay Tax Free Bond Fund, MainStay Floating Rate Fund, MainStay Short Duration High Yield Fund, and MainStay MacKay Infrastructure Bond Fund). For purchases of Class A and Investor Class shares of each MainStay Fund made without an initial sales charge on or after August 1, 2017, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase.

Investment Definitions

The Russell 1000® Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000® Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000® Index, which includes the 3,000 largest U.S. companies based on total market capitalization. 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.