New York Life Investment Management Delivers 2018 Lipper Fund Award Winners
NEW YORK, March 26, 2018 – New York Life Investment Management (NYLIM) announces that two of its MainStay Funds, the MainStay Unconstrained Bond Fund (Class I: MSDIX) and MainStay New York Tax Free Opportunities Fund (Class I: MNOIX), have been recognized as 2018 Lipper Fund Award winners.
Over the past five years, MainStay Unconstrained Bond Fund has received the Lipper Fund Award four times and the MainStay New York Tax Free Opportunities Fund has been recognized twice.
Kirk Lehneis, chief operating officer of New York Life Investment Management said: “These awards underscore the value of our multi-boutique model, which delivers a range of consistent, top-performing investment solutions to investors. We congratulate the MacKay Shields investment teams who manage the two award-winning funds. Their track record of generating strong risk-adjusted long-term investment returns is a hallmark of NYLIM’s commitment to our clients.”
Lipper award winners:
MainStay MacKay Unconstrained Bond Fund (Class I: MSDIX) received the 2018 Lipper Fund Award in the Alternative Credit Focus Funds category based on at least 36 months of performance history as of 12/31/2017 for the ten-year period. The investment team is led by Dan Roberts, Ph.D., head and CIO of MacKay Shields’ Global Fixed Income Team. The Fund provides a flexible investment process that allocates investments across the global fixed-income markets. Morningstar rated the Fund’s Class I shares four stars overall as of 2/28/2018 based on the risk-adjusted returns from among 279 Nontraditional Bond funds¹.
MainStay MacKay New York Tax Free Opportunities Fund (Class I: MNOIX) received the 2018 Lipper Fund Award in the New York Municipal Debt Funds category based on at least 36 months of performance history as of 12/31/2017 for the three-year period. The investment team is led by John Loffredo and Robert DiMella, co-heads of MacKay Municipal Managers. The Fund invests at least 80 percent of its assets in municipal bonds, whose interest is exempt from federal and New York income taxes. Morningstar rated the Fund’s Class I shares five stars overall as of 2/28/2018 based on the risk-adjusted returns from among 63 Muni New York Long funds².
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+). ** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Visit www.newyorklife.com for more information.
New York Life Investment Management LLC, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member of FINRA/SIPC.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/1/17.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About MacKay Shields LLC
MacKay Shields LLC (“MacKay”) is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay is a fixed-income and equity investment management firm with $114 billion in assets under management as of January 31, 2018. MacKay manages fixed income and equity strategies for high-net worth individuals, institutional clients, and mutual funds. For more information, visit mackayshields.com
Lipper Fund Awards
The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world’s top funds, fund management firms, sell-side firms, research analysts and investor relations teams. For more information, please visit http://excellence.thomsonreuters.com/award/lipper.
According to Lipper, the awards recognize funds for their consistently strong risk-adjusted performance relative to their peers, based on Lipper’s proprietary performance-based methodology. Those funds with the most consistent return within their classification were declared the winner over three, five or 10 years.
For a detailed explanation, please review the Lipper Fund Awards Methodology document at www.lipperweb.com.
1. Class I Shares rated four stars overall for the period ended 02/28/2018 from among 282 US Fund Nontraditional Bond funds. Class I Shares rated three stars, four stars and four stars, for the three-, five- and ten-year periods ended 02/28/2018 from among 282, 172 and 47 US Fund Nontraditional Bond funds, respectively.
2. Class I Shares rated five stars overall for the period ended 02/28/2018 from among 63 US Fund Muni New York Long funds. Class I Shares rated five stars and five stars, for the three- and five-year periods ended 02/28/2018 from among 63 and 58 US Fund Muni New York Long funds, respectively.
Past performance is not indicative of future results.
Municipal bond income may be subject to the alternative minimum tax, if applicable.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
About Risk: All investments are subject to risk and will fluctuate in value. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk which is the possibility that the bond issuer may fail to
For more information about MainStay Funds, call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.
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New York Life Insurance Company