MainStay Continues to Broaden Product Lineup through Fund Adoption
and New Sub-Advisory Relationship with Marketfield Asset Management
NEW YORK--(BUSINESS WIRE)--
MainStay Investments, a New York Life company, today announced the
formation of a new subadvisory partnership with Marketfield Asset
Management (“Marketfield”) and the proposed adoption of The Marketfield
Fund (MFLDX) to the MainStay Family of Funds. The flexible allocation
fund, with $2 billion in assets, will be reorganized into the MainStay
Funds and become the “MainStay Marketfield Fund” pending shareholder
approval. MainStay Investments will become the investment advisor to the
new fund and Marketfield will be sub-advisor to the fund. Marketfield
will continue to be responsible for the day to day portfolio management
of the fund.
Founded in 2006 and led by President and Portfolio Manager Michael
Aronstein and Michael Shaoul, the Chairman and CEO, New York-based
Marketfield manages the Fund with a fundamental, macroeconomic
investment process. The Marketfield Fund has ranked in the top quartile
of Morningstar’s long-short category over the one year and three year
periods ended May 31, 2012, and was rated 5-stars overall by Morningstar
as of May 31, 2012.
“We are very pleased to welcome Marketfield to our team of diversified
and independent investment managers,” said Stephen Fisher, president of
the MainStay Funds. “The Marketfield investment team’s top-down
macro-economic approach, expressed primarily through liquid publicly
traded instruments, complements and enhances our existing fund family
offerings. We believe that the MainStay Marketfield Fund will be a key
driver for the continued growth of MainStay into the future.”
“Our team is very excited about the opportunities presented by this new
partnership with MainStay Investments,” said Marketfield’s Michael
Aronstein. “We believe the operational and distribution resources
offered by MainStay will play a key role in our future growth while
enabling our team to remain focused on the execution of our investment
process. The Marketfield Fund remains committed to the core principles
that have guided us over the last five years: a broad investment mandate
driven by our own internal proprietary macroeconomic and fundamental
research, transparency, and liquidity. It’s a model that has worked
effectively for us and one that we know is resonating with our
shareholders more than ever in this volatile economic climate.”
Aronstein and Shaoul bring over 50 years of combined investment
experience to The Marketfield Fund, and are regular contributors to
Bloomberg TV and other media outlets. Prior to joining Marketfield, Mr.
Aronstein served in senior roles providing independent macroeconomic and
strategic advice to professional investors as well as founding a
discretionary commodity management firm. In addition to his role at
Marketfield, Mr. Shaoul serves as chief executive officer of Oscar Grussand Son Incorporated. Previously, Mr. Shaoul managed a Manhattan-based
real estate investment and management company.
About MainStay Investments
With over $60 billion in mutual fund assets under management, as of
March 31, 2012, MainStay Investments is the mutual fund distribution arm
of New York Life. MainStay Investments provides financial advisors
access to a powerful mix of autonomous, institutional investment
managers, delivered by people who understand the needs of today’s
financial advisor. MainStay Funds has been designated a top three fund
family by Barron’s for the 10-year time period* for three
consecutive years (as of 12/31/11, out of 45 mutual fund families). As
an indirect subsidiary of New York Life Insurance Company, a Fortune
100 company** founded in 1845, MainStay Investments is owned by the
largest mutual life insurance company in the United States** and one of
the largest life insurers in the world.
About Marketfield Asset Management
Marketfield Asset Management is a registered investment advisor with
over $2 billion in assets under management as of May 31, 2012. The firm,
through its funds, seeks capital appreciation by employing a flexible
investment strategy based on the managers’ constant and thorough
assessment of general macroeconomic and business conditions.
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 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.
MainStay Investments is a registered name under which New York Life
Investment Management LLC does business. MainStay Investments, an
indirect subsidiary of New York Life Insurance Company, New York, NY
10010, provides investment advisory products and services. The MainStay
Funds are managed by New York Life Investment Management LLC and
distributed through NYLIFE Distributors LLC, 169 Lackawanna Avenue,
Parsippany, NJ 07054, a wholly owned subsidiary of New York Life
Insurance Company. NYLIFE Distributors LLC is a Member of FINRA/SIPC.
*How Barron’s Ranks the Fund Families: To qualify for the
Lipper/Barron’s Fund Survey, a fund family must have at least three
funds in Lipper’s general U.S.-stock category, one in world equity
(which combines global and international funds), one mixed-equity fund
(which holds stocks and bonds), at least two taxable-bond funds, and one
tax-exempt offering. Each fund’s returns are adjusted for 12b-1 fees.
Fund loads, or sales charges, aren’t included in the calculation of
returns, either. Each fund’s return is measured against those of all
funds in its Lipper category, such as, say, small-cap value. That leads
to a percentile ranking, with 100 the highest and 1 the lowest, which is
then weighted by asset size, relative to the fund family’s other assets
in its general classification, world equity, for instance. If a family’s
biggest funds do well, that boosts its overall ranking. Poor performance
in a big fund would have the opposite effect. Finally, the score is
multiplied by the weighting of its general classification, as determined
by the entire Lipper universe of funds. The category weightings for the
one-year results: general equity, 38.04%; world equity, 12.77%; mixed
equity, 17.36%; taxable bonds, 27.43%; and tax-exempt bonds, 4.40%. The
category weightings for the five-year results: general equity, 40.12%;
world equity, 12.32%; mixed equity, 17.30%; taxable bonds, 25.56%; and
tax-exempt bonds, 4.70%. The category weightings for the 10-year
results: general equity, 41.89%; world equity, 12.30%; mixed equity,
14.44%; taxable bonds, 25.99%; and tax-exempt bonds, 5.38%. The scoring:
Say a company has a fund in the general U.S. equity category with $50
million in assets that accounts for half of the company’s assets in that
category. Its ranking is the 75th percentile. The first calculation
would be 75 x 0.50, which comes to 37.5. That score is then multiplied
by 38.04%, general equity’s overall weighting in Lipper’s universe. So
it would be 37.5 x 0.3804, which totals 14.265. Similar calculations are
done for each fund in the study. Then, all the numbers are added up for
a total score. The fund family with the highest score wins, both for
every category and overall. The same process is repeated for the five-
and 10-year rankings based on their weightings. Ranking data is from
Lipper. Source: Barron’s, 2/6/12. Overall, MainStay Funds ranked seven
for the one-year period, eight for the five-year period, and three for
the 10-year period ended December 31, 2011, out of 58, 53, and 45 fund
families, respectively.
**Based on revenue as reported by “Fortune 500 ranked within
Industries, Insurance: Life, Health (Mutual),” Fortune magazine,
May 21, 2012.
Morningstar Rating For each fund with at least a three-year
history, Morningstar calculates a Morningstar Rating™ 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
next 10% receive one star. The Overall Morningstar Rating™ is derived
from a weighted average of the performance figures associated with its
three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics.
Funds with less than three years of performance history are not rated.
Morningstar Percent Rank in Category This is the fund’s
total-return percentile rank for the specified time period relative to
all funds that have the same Morningstar category. The highest (or most
favorable) percentile rank is 1 and the lowest (or least favorable)
percentile rank is 100. The top-performing fund in a category will
always receive a rank of 1. Percentile ranks within categories are most
useful in those categories that have a large number of funds.
Marketfield Fund rated five stars overall and five stars for the
three-year period ending 5/31/12 from among 81 Long-Short Equity Funds.
Morningstar percentile ranks for the one- and three-year periods are
from among 179 and 79 Long-Short Equity funds, respectively.
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. For
performance information current to the most recent month-end, please
visit our web site at mainstayinvestments.com.
Media:
New York Life
Allison Scott, 212-576-4517
allison_scott@nylim.com
Source: New York Life Investment Management LLC
Copyright:
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