MainStay MacKay International Equity Fund

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 MacKay Shields

MacKay ShieldsMacKay Shields LLC is an affiliate of New York Life Investment Management LLC. MacKay Shields has specialized in money management for over 70 years. They offer a broad range of fixed income related strategies and solutions for a wide array of global clients including pension funds, government and financial institutions, family offices, high net worth individuals, endowments and foundations, and retail clients.

Portfolio Managers

  • Carlos Garcia-Tunon, CFA
  • Fund's Manager:
    Since 2013

    Industry Experience:
    19 years

  • Lawrence Rosenberg, CFA
  • Fund's Manager:
    Since 2017

    Industry Experience:
    20 years

  • Ian Murdoch, CFA
  • Fund's Manager:
    Since 2017

    Industry Experience:
    18 years

Fund Objective: Seeks long-term growth of capital.

  • High conviction portfolio
    The team knows what they own and why, investing in a portfolio of 40-70 securities that have been thoroughly researched.

  • Strict risk management
    The team invests in high quality companies and continuously monitors the fund at the portfolio and security levels to manage risk.

  • Highly experienced team
    The portfolio management team has nearly two decades of international equity experience, supported by a deep roster of investment analysts.

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 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.

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 for Investor Class shares reflect a voluntary fee waiver and/or expense limitation, which may be discontinued at any time without notice, and without which total returns may have been lower.

Style Box

Effective 2/28/17, Class B shares are closed to new investors and new share purchases. Existing Class B shareholders may continue to reinvest dividends and capital gains distributions, as well as exchange their Class B shares for Class B shares of other Funds as permitted by the current exchange privileges. Existing Class B shareholders can find more information in the Fund's current prospectus.

Before You Invest

Foreign securities can 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 in developed markets. 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.


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. Performance for Class A, C, and I shares includes the historical performance of Class B shares from inception (9/13/94) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, 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 2/27/08 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 ($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 U.S. 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 MSCI ACWI® (All Country World Index) Ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the USA. 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.

Video Disclosure

The opinions expressed are those of Cornerstone Capital Management as of the date of this video 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. 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.

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 large-capitalization companies. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies.

The Fund is non-diversified which means it may invest a greater percentage of its assets than other funds in a particular issuer, making it more susceptible to risks associated with an individual issuer, and to single economic, political, or regulatory occurrences.

Tracking Error is one possible measurement of the dispersion of a portfolio’s returns from its stated benchmark. More specifically, it is the standard deviation of such excess returns. Tracking error figures are representations of statistical expectations falling within “normal” distributions of return patterns. Normal statistical distributions of returns suggest that approximately two thirds of the time the annual gross returns of the accounts will lie in a range equal to the benchmark return plus or minus the tracking error if the market behaves in a manner suggested by historical returns. Targeted tracking error therefore applies statistical probabilities (and the language of uncertainty) and so cannot be predictive of actual results. The tracking error that will actually be achieved may inherently lie outside of the range suggested by a “normal” statistical distribution of returns. The actual tracking error is the result of many factors (including but not limited to market volatility, company specific anomalies, instability of correlation between benchmark holdings, timing differences between the calculation of the portfolio value and the valuation of the benchmark by the index provider). In addition, past tracking error is not indicative of future tracking error and there can be no assurance that the tracking error actually reflected in your accounts will be at levels either specified in the investment objectives or suggested by our forecasts.