MainStay Marketfield Fund

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Subadvisor

 

Founded in 2006, Marketfield Asset Management LLC utilizes independent thinking to assess global macroeconomic and market conditions, and fundamental analysis to identify attractive securities to implement their views.

Management Team

  • Michael C. Aronstein
  • Fund's Manager:
    Since Inception

    Industry Experience:
    34 years

  • Michael Shaoul, PhD
  • Industry Experience:
    21 years

Video Highlights

The Marketfield Philosophy
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Shaoul on Non-Traditional Solutions
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  • An all-weather foundation for your portfolio

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

Fund Objective: Seeks capital appreciation.

  • Investment Strategy and Process
    The Fund has a broad investment charter that allows it to allocate its assets among investments in equity securities, fixed-income instruments, commodities, futures, options, and other investment companies, including ETFs. Additionally, with respect to 50% of the Fund's net assets, the Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

    The Fund attempts to provide returns on capital substantially in excess of the risk-free rate rather than matching any particular index or external benchmark.

    + Read More

Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Total annual operating expenses are: Class A: 2.93%, INV: 2.95%, C: 3.68%, I: 2.66%, P: 2.66%, R2: 3.05%, R6: 2.58%.

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 I shares reflect a contractual fee waiver and/or expense limitation agreement in effect for two years (through 10/1/14) unless extended by New York Life Investments and approved by the Fund's Board, and without which total returns may have been lower.

Before You Invest

The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities involve additional risks such as credit risk, prepayment risk, possible illiquidity and default, and increased susceptibility to adverse economic developments. The Fund regularly makes short sales of securities, which involve the risk that losses may exceed the original amount invested, however a mutual fund investor’s risk is limited to the amount invested in a fund. The Fund may also use options and futures contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates, and currency exchange rates. The investment in options is not suitable for all investors. Investments in absolute return strategies are not intended to outperform stocks and bonds during strong market rallies. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.

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 10/8/12, Marketfield Fund was renamed MainStay Marketfield Fund. At that time, the Fund's existing no-load shares were redesignated Class I shares. Performance for Class I shares reflects the historical performance of the then-existing shares of Marketfield Fund (which was subject to a different fee structure) for periods prior to 10/8/12. Performance for Class A, C, and Investor Class shares includes the historical performance of Class I shares from inception (7/31/07) through 10/7/12 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 ($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 S&P 500® Index is an unmanaged index and is widely regarded as the standard for measuring large-cap U.S. stock-market performance. Index results assume the reinvestment of all capital gain and dividend distributions. The securities holdings and volatility of the Fund differ significantly from the stocks that make up the S&P 500 Index. 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

Past performance is not a guarantee of future results.

The Fund regularly utilizes short selling, which is borrowing a security and then selling it in anticipation that the price will decline, so it can be bought back at a lower price, thus generating a profit. Short selling involves the risk that the value of the security sold short will rise, in which case losses may exceed that of the original amount invested and are theoretically unlimited. There are additional transaction and borrowing costs associated with short selling. Investing proceeds from short selling could be considered a form of leverage, which could increase volatility.

Mutual fund investing involves risk. Principal loss is possible.

Investments in absolute-return strategies are not intended to outperform stocks and bonds during strong market rallies.

The Fund involves the risk that the macroeconomic trends identified by portfolio management will not come to fruition and their advantageous duration may not last as long as portfolio management forecasts.

The Fund may also use options and futures contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates, and currency exchange rates. The investment in options is not suitable for all investors.

Investments in asset-backed and mortgage-backed securities involve additional risks such as credit risk, prepayment risk, possible illiquidity and default, and increased susceptibility to adverse economic developments.

The Fund may invest in derivatives which often involves leverage, may increase the volatility of the Fund's NAV, and may result in a loss to the Fund.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater for investments in emerging markets.

MainStay Marketfield Fund (Class I) has a beta of 0.55 and standard deviation of 12.6% vs. 19.2% for the S&P 500 Index for the five-year time period ended 7/31/12. 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. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time.

The S&P 500® Index is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. An investment cannot be made directly into an index.

Morningstar rating – For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM (based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) MainStay Marketfield Fund Class I received 5 stars among 96 Long-Short Equity Funds for the three-year period & 5 stars among 56 Long-Short Equity Funds for the five-year period ending 12/31/12. Past performance is not a guarantee of future results.

The information and opinions herein are for general information use only. The opinions reflect those of the presenters but not necessarily that of New York Life Investment Management LLC (NYLIM). NYLIM does not guarantee their accuracy or completeness, nor does New York Life Investment Management LLC assume any liability for any loss.