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| MainStay 130/30 Growth Fund |
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Get to know each MainStay Fund with these in-depth views. Simply click on the tabs below for related information. |
| Fund Performance
| Share Class (Inception) |
Category:
Equity |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 04/30/2008 |
| NAV: |
| Class A (06/29/2007) |
-6.58 |
n/a |
n/a |
n/a |
n/a |
-2.00 |
| Class INV (02/28/2008) |
-6.39 |
n/a |
n/a |
n/a |
n/a |
-1.80 |
| Class C (06/29/2007) |
-6.79 |
n/a |
n/a |
n/a |
n/a |
-2.60 |
With Sales Charges: |
| Class A (06/29/2007) |
-11.72 |
n/a |
n/a |
n/a |
n/a |
-7.39 |
| Class INV (02/28/2008) |
-11.54 |
n/a |
n/a |
n/a |
n/a |
-7.20 |
| Class C (06/29/2007) |
-7.73 |
n/a |
n/a |
n/a |
n/a |
-3.57 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (06/29/2007) |
-10.58 |
n/a |
n/a |
n/a |
n/a |
-6.20 |
| Class INV (02/28/2008) |
-10.49 |
n/a |
n/a |
n/a |
n/a |
-6.10 |
| Class C (06/29/2007) |
-10.72 |
n/a |
n/a |
n/a |
n/a |
-6.70 |
With Sales Charges: |
| Class A (06/29/2007) |
-15.50 |
n/a |
n/a |
n/a |
n/a |
-11.36 |
| Class INV (02/28/2008) |
-15.41 |
n/a |
n/a |
n/a |
n/a |
-11.26 |
| Class C (06/29/2007) |
-11.61 |
n/a |
n/a |
n/a |
n/a |
-7.63 |
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 data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
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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, generally available to corporate & institutional investors with a minimum initial investment of $5 million. Gross Expenses: Class A & INV 3.05%, C 3.80%, I 2.75%
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| > View total monthly holdings (30-day delayed) | |
Top Sectors
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% of Net Assets |
| Information Technology |
29.5% |
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| Health Care |
16.0% |
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| Industrials |
15.0% |
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| Consumer Staples |
9.6% |
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| Consumer Discretionary |
8.9% |
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| Energy |
8.2% |
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| Financials |
7.5% |
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| Utilities |
2.1% |
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| Materials |
1.2% |
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| Telecommunication Services |
0.9% |
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| | Portfolio Composition
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Investment Advisor
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| MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.
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Portfolio Manager(s)
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| | | Harish Kumar, Ph.D., CFA | | Dr. Kumar is Portfolio Manager for the MainStay 130/30 Growth Fund, Growth Equity Fund, and Income Manager Fund. He is also Portfolio Manager for the MainStay Growth Equity Fund. Dr. Kumar is a Managing Director and Head of Growth Portfolios at NYLIM's Equity Investors Group, a division of NYLIM. Prior to joining NYLIM in 2005, Dr. Kumar served as a Senior Portfolio Manager at ING Investment Management since 2002. He received his Ph.D. from Columbia University, his master's degree from the University of Colorado-Boulder, and graduated with honors from Birla Institute of Technology and Science in Pilani, India, receiving a bachelor's degree in mechanical engineering. Dr. Kumar is a CFA charterholder, and has 8 years of investment experience.
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| | | Michael Reifel, CFA | | Mr. Reifel is the Portfolio Manger of the MainStay 130/30 Growth Fund and also Vice President at NYLIM Equity Investors. He worked at Citigroup Asset Management from 1999 to 2005 as Senior Quantitative Analyst. There he conducted research to improve quantitative security selection models for various equity products. He also worked on portfolio construction implementations and risk monitoring of several equity funds. Mr. Reifel received his M.B.A from Harvard Business School in 1999. Prior to that he worked at the Chicago Mercantile Exchange and Andersen Consulting. He received a B.S. in Mathematics from University of Illinois at Chicago.
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Fund Objective
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| To seek long-term growth of capital. |
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Investment Strategy
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The Fund invests primarily in large and mid capitalization stocks. The Fund will take long positions in common stocks (i.e. purchase securities outright) that it believes offer the potential for attractive returns. For long positions, it will seek to identify companies that are considered to have a high probability of outperforming the Russell 1000® Growth Index over the long term. Based upon quantitative analysis, the Fund may overweight issuers that it believes will outperform the index and underweight issuers that it believes will underperform the index to increase performance and achieve this goal. |
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Based upon quantitative analysis, the Fund will sell short securities that it believes are likely to underperform. This means that the Fund may sell a security that it does not own, which it may do, for example, when the portfolio manager thinks that the value of the security will decline. By employing this strategy, the Fund seeks to produce returns that exceed those of the Russell 1000® Growth Index. NYLIM believes that this long/short strategy enables it to reflect negative and positive views on individual stocks and to seek higher performance. |
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The Fund will generally hold long positions equal to approximately 130% of the Fund's net assets and short positions equal to approximately 30% of the Fund's net assets. However, the long and short positions held by the Fund may vary over time as market opportunities develop. The Fund's long positions may range from 120% to 140% and its short positions may range from 20% to 40%. |
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The Fund may invest in American Depositary Receipts (ADRs). ADRs are issued by U.S. depositary banks. Each ADR represents one or more shares of foreign stock or a fraction of a share. ADR holders have the right to obtain the foreign stock it represents. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. |
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The Fund may also invest in real estate investment trusts (REITs). REITs are pooled investment vehicles that invest primarily in either real estate or real estate related loans. The value of a REIT is affected by changes in the values of the properties owned by the REIT or securing mortgages held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs. |
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Fund Statistics
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Class A |
Class INV |
Class C |
| Total Net Assets |
.2M |
.1M |
.2M |
| Number of Holdings | 232 | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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What You Should Know
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| Principal Risks | Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in Management's ability to anticipate such changes that can adversely affect the value of the Fund's holdings. Opportunities for greater gain often come with greater risk of loss. Some of the securities, therefore, may carry above-average risk, compared to common stock indices, such as the S&P 500® Index and the Russell 1000® Index.
The principal risk of growth stocks is that investors expect growth companies to increase their earnings at a rate that is generally higher than the rate expected for non-growth companies. If these expectations are not met, the market price of the stock may decline significantly, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.
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| Short Sales Risk | 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. The Fund will have substantial short positions and must borrow those securities to make delivery to the buyer. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Fund may not be able to successfully implement its short sale strategy due to the limited availability of desired securities or for other reasons.
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. The Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. Also, the lender of a security may terminate the loan at a time when the Fund is unable to borrow the same security for delivery. In that case, the Fund would need to purchase a replacement security at the then current market price or "buy in" by paying the lender an amount equal to the cost of purchasing the security.
Until the Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund's short position. Securities held in a segregated account cannot be sold while the position they are covering is outstanding, unless they are replaced with similar securities. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral held by the broker), marked-to-market daily, to cover the short sale obligation. This may limit the Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.
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. In certain cases, purchasing a security to cover a short position can itself cause the price of the security to rise further, thereby exacerbating the loss. Conversely, gains on short sales, after transaction and related costs, are generally the difference between the price at which the Fund sold the borrowed security and the price it paid to purchase the security for delivery to the buyer. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.
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| Leverage Risk | | 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. There is no guarantee that the
Fund will leverage its portfolio, or if it does, that the Fund's leveraging strategy
will be successful. The Fund cannot guarantee that the use of leverage will
produce a higher return on an investment. |
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| Portfolio Turnover Risk | | Due to its trading strategies, the Fund may experience a portfolio turnover rate of over 100%. Portfolio turnover measures the amount of trading a Fund does during the year. Funds with high turnover rates (over 100%) often have higher transaction costs (which are paid by the Fund) and may generate short-term capital gains (on which you will pay taxes, even if you do not sell any shares by year-end). |
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| Real Estate Investment Trust Risk | | 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. In addition
to these risks, REITs are dependent upon management skills, may not be
diversified, may experience substantial cost in the event of borrower or lessee
defaults. REITS are also subject to heavy cash flow dependency. |
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| Foreign Securities Risk | Since the Fund will invest in American Depositary Receipts (ADRs), it will be
subject to various risks of loss that are different from the risks of investing in
securities of U.S.-based companies. These include losses due to:
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Fluctuating currency values |
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Less liquid trading markets |
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Greater price volatility |
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Political and economic instability |
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Less publicly available information about issuers |
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Changes in U.S. or Foreign tax or currency laws, and |
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Changes in monetary policy |
The risks are likely to be greater in emerging market countries than in
developed market countries.
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| View the Prospectus | This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.
NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.
These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.
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All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.
Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.
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| > Back to Top |
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| > |
| Class A: 06/29/07 |
| Class INV: 02/28/08 |
| Class C: 06/29/07 |
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| Class A: MYGAX |
| Class INV: MYGNX |
| Class C: MYGCX |
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| > |
| Class A: 27885C478 |
| Class INV: 27885C395 |
| Class C: 27885C460 |
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| Class A: 1967 |
| Class INV: 2581 |
| Class C: 1968 |
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