MainStay ICAP Select Equity Fund

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Investment
Subadvisor

 

Institutional Capital LLC is an affiliate of New York Life Investment Management LLC. Founded in 1970 as an institutional investment firm dedicated to the unique needs of institutional investors, ICAP currently manages assets for some of the world's largest and most respected corporations and institutions.

Portfolio Managers

  • Jerrold K. Senser, CFA
  • Fund's Manager:
    Since 1997

    Industry Experience:
    36 years

  • Thomas R. Wenzel, CFA
  • Fund's Manager:
    Since 1997

    Industry Experience:
    28 years

  • Thomas M. Cole, CFA
  • Fund's Manager:
    Since 2012

    Industry Experience:
    29 years

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  • ICAP’s best large-cap value ideas

  • Summary
  • Performance
  • Portfolio
  • Distributions
    & Yields
  • Fees &
    Expenses

Fund Objective: Seeks total return.

  • Investment Strategy and Process
    The Fund invests primarily in U.S. dollar-denominated equity securities of companies with market capitalizations of at least $3 billion at time of purchase.

    The Subadvisor uses a team approach with a primarily large-cap value oriented investment style.

    The Fund typically holds between 25 and 30 securities.

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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: 1.23%, INV: 1.38%, B 2.13%, C: 2.13%, I: 0.98%, R1: 1.08%, R2: 1.33%, R3: 1.58%, R6: 0.81%. Net annual fund operating expenses after recoupments/waivers/reimbursements are: Class A: 1.18%, INV: 1.38%, B 2.13%, C: 2.13%, I: 0.90%, R1: 1.08%, R2: 1.33%, R3: 1.58%, R6: 0.81%.

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 2/28/15, 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
Before You Invest

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 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. 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. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to economic changes. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes, and changes in interest rates.

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 9/1/06, ICAP Select Equity Fund was renamed MainStay ICAP Select Equity Fund. At that time, the Fund's existing no-load shares were redesignated Class I shares. Performance for Class A, B, and C shares includes the historical performance of Class I shares from inception (12/31/97) through 8/31/06 for Class A and Class C, and through 11/12/09 for Class B, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses. Performance for Investor Class shares includes the historical performance of Class A shares from inception through 4/28/08 adjusted to reflect the applicable 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 ($500,000 for MainStay Floating Rate, High Yield Municipal Bond, New York Tax Free Opportunities, Short Duration High Yield, and Tax Free Bond Funds), 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.

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. 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.