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| MainStay 130/30 International 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:
International |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 04/30/2008 |
| NAV: |
| Class A (09/28/2007) |
-6.03 |
n/a |
n/a |
n/a |
n/a |
-10.74 |
| Class INV (02/28/2008) |
-5.92 |
n/a |
n/a |
n/a |
n/a |
-10.64 |
| Class C (09/28/2007) |
-6.14 |
n/a |
n/a |
n/a |
n/a |
-11.13 |
With Sales Charges: |
| Class A (09/28/2007) |
-11.19 |
n/a |
n/a |
n/a |
n/a |
-15.65 |
| Class INV (02/28/2008) |
-11.09 |
n/a |
n/a |
n/a |
n/a |
-15.55 |
| Class C (09/28/2007) |
-7.08 |
n/a |
n/a |
n/a |
n/a |
-12.02 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (09/28/2007) |
-11.10 |
n/a |
n/a |
n/a |
n/a |
-15.56 |
| Class INV (02/28/2008) |
-10.99 |
n/a |
n/a |
n/a |
n/a |
-15.46 |
| Class C (09/28/2007) |
-11.23 |
n/a |
n/a |
n/a |
n/a |
-15.95 |
With Sales Charges: |
| Class A (09/28/2007) |
-15.99 |
n/a |
n/a |
n/a |
n/a |
-20.20 |
| Class INV (02/28/2008) |
-15.89 |
n/a |
n/a |
n/a |
n/a |
-20.11 |
| Class C (09/28/2007) |
-12.12 |
n/a |
n/a |
n/a |
n/a |
-16.79 |
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. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Gross Expenses: Class A & INV 4.69%, C 5.44%, I 4.44%
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| > View total monthly holdings (30-day delayed) | |
Top Sectors
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% of Net Assets |
| Financials |
21.8% |
|
| Industrials |
11.3% |
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| Materials |
11.3% |
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| Energy |
10.1% |
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| Consumer Discretionary |
9.1% |
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| Telecommunication Services |
8.8% |
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| Consumer Staples |
8.4% |
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| Health Care |
6.7% |
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| Utilities |
5.6% |
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| Information Technology |
3.2% |
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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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| | | Luke A. Smith, CFA | | Mr. Smith currently manages the MainStay 130/30 International Fund. Mr. Smith is a Managing Director at NYLIM and Portfolio Manager for the Equity Investors Group. He is responsible for the development and implementation of international quantitative equity strategies. Mr. Smith was previously a Senior Quantitative Portfolio Manager at Gartmore Investment Management in London where he co-managed long/short market-neutral hedge funds investing in Europe, Asia, and the U.S. Prior to that, he was a quantitative equity research analyst at Putnam Investments. He has 12 years of investment experience. Mr. Smith began his career at IBM as a software developer for the U.S. Navy's Trident Nuclear Submarine program and later as a consultant specializing in numerical applications. He received a Masters of Science in Finance from Boston College and a BA in Mathematics, Summa Cum Laude from Holy Cross.
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| | | Andrew Ver Planck, CFA | | Mr. Ver Planck currently manages the MainStay 130/30 International Fund. He is a Vice President at NYLIM and a Portfolio Manager for the Equity Investors Group. He is responsible for the development and implementation of international quantitative equity strategies. Mr. Ver Planck was previously a Senior Quantitative Analyst at Gartmore Investment Management in London where he was part of a management team responsible for long/short market neutral hedge funds investing in Europe, Asia, and the US. In addition, he co-managed a long only fund benchmarked to the EAFE Small Capitalization Index. Prior to Gartmore, he was a Quantitative Investment Associate at Putnam Investments in Boston where he began his career in quantitative equity research. Mr. Ver Planck received a BA in Operations Research and Industrial Engineering from Cornell University.
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Fund Objective
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| To provide long-term growth of capital with income as a secondary objective.
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Investment Strategy
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The Fund seeks to achieve its investment objective by investing primarily in equity securities of foreign companies with attractive valuations and strong momentum characteristics. The Fund may invest in equity securities of companies that trade in emerging or developing markets, as determined by NYLIM, with significant investments in at least three countries outside of the United States. |
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The Fund will take long positions in equity securities (i.e., purchase securities outright) that offer the potential for attractive returns. For long positions, NYLIM will seek to identify companies that are considered to have a high probability of providing a total return greater than the Morgan Stanley Capital International Europe, Australasia and Far East Index (the''MSCI EAFE Index''). |
| > |
Based upon quantitative analysis, the Fund may overweight issuers that it believes will outperform the MSCI EAFE Index and underweight issuers that it believes will underperform the MSCI EAFE to increase performance and achieve this goal. |
| > |
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 MSCI EAFE Index. |
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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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Under normal circumstances, the Fund will invest in securities of issuers associated with at least three different countries, excluding the United States. |
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The Fund may also use swaps (including equity swaps) to establish long and short equity positions without owning or taking physical custody of securities. In a typical swap transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular investments or instruments during the period of the swap. The payments may be adjusted for transaction costs, interest payments, the amount of dividends paid on the investment or instrument or other factors. |
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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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Fund Statistics
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Class A |
Class INV |
Class C |
| Total Net Assets |
.1M |
.1M |
.1M |
| Number of Holdings | 351 | | | | 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. |
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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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| Derivatives Risk | | The Fund's investments include derivatives such as equity swaps. The Fund may use derivatives to enhance return or reduce the risk of loss of (hedge) certain of its holdings. Regardless of the purpose, the Fund may lose money using derivatives. The use of derivatives may increase the volatility of the Fund's net asset value and may involve a small investment of cash relative to the magnitude of risk assumed. Also, the prices of equity swaps can be very volatile and result in losses for the Fund. |
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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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| 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: 09/28/07 |
| Class INV: 02/28/08 |
| Class C: 09/28/07 |
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| Class A: MYITX |
| Class INV: MYINX |
| Class C: MYICX |
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| > |
| Class A: 27885C510 |
| Class INV: 27885C379 |
| Class C: 27885C494 |
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| Class A: 1970 |
| Class INV: 2583 |
| Class C: 1971 |
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