MainStay U.S. Equity Opportunities Fund

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Founded in 1993, Cornerstone Capital Management is an investment manager with a broad array of quantitative and fundamental equity strategies across multiple capitalizations and styles including domestic and global long-only and absolute return strategies.

Portfolio Managers

  • Mona Patni
  • Fund's Manager:
    Since Inception

    Industry Experience:
    12 years

  • Andrew Ver Planck, CFA
  • Fund's Manager:
    Since 2013

    Industry Experience:
    13 years

  • Migene Kim, CFA
  • Fund's Manager:
    Since 2014

    Industry Experience:
    18 years

Video Highlights

Insights from Cornerstone
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  • Summary
  • Performance
  • Portfolio
  • Distributions
    & Yields
  • Fees &
    Expenses

Fund Objective: Seeks long-term growth of capital.

  • Investment Strategy and Process
    The Fund normally invests at least 80% of its assets in U.S. equity securities. The Fund primarily invests in common stocks of well-established U.S. companies, primarily those with large capitalizations, that are in the Russell 1000 Index or have market capitalizations that are similar to companies in that index.

    The Fund may hold long and short positions. The Fund generally will hold long positions, either directly or through derivatives, which may total up to 140% of the Fund's net assets, and short positions, either directly or through derivatives, which may total up to 40% of the Fund's net assets.

    The portfolio management team seeks to construct a broadly diversified portfolio across sectors and industries, selecting investments using an objective, disciplined, and broadly applied process while seeking to limit exposure to risk.

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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: 2.59%, INV: 2.85%, C: 3.62%, I: 2.36%.

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 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. There is also a voluntary fee waiver and/or expense limitation for Class C and Investor Class shares, which may be discontinued at any time without notice.

Style Box
Before You Invest

Short sales involve costs and risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. When borrowing a security for delivery to a buyer, the Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. By investing the proceeds received from selling securities short, the Fund is employing a form of leverage, which creates special risks. The use of leverage may increase the Fund’s exposure to long equity positions and make any change in the Fund’s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. 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. 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. The Fund may invest in derivatives, which may increase the volatility of the Fund’s net asset value and may result in a loss to the Fund. 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. 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. Performance for Investor Class shares includes the historical performance of Class A shares from inception (6/29/07) through 2/27/08 adjusted to reflect the applicable 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 ($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® 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.

Video Disclosure

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.

Axioma, Inc., an unaffiliated software vendor, creates flexible tools to help portfolio managers quickly and accurately implement their investment strategies. It helps them measure total risk by reviewing stock-specific risk factors, such as beta, sectors, and geography.

When the portfolio manager states he will “be long” the most attractive names, he is referring to the buying of a security such as a stock, commodity, or currency, with the expectation that the asset will rise in value.