1.How Barron’s Ranks the Fund Families: All mutual and exchange-traded funds are required to report their returns after fees are deducted—to regulators as well as in advertising and marketing material—to better reflect what investors have actually experienced. But our aim is to measure manager skill, independent of expenses beyond annual management fees. That’s why we calculate returns before any 12b-1 marketing fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns. Each fund’s performance is measured against all of the other funds in its Refinitiv Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking; poor performance in its biggest funds hurts a firm’s ranking. To be included in the ranking, a firm must have at least three funds in the general equity category, one world equity, one mixed equity (such as a balanced or target-date fund), two taxable bond funds, and one national tax-exempt bond fund Single-sector and country equity funds are factored into the rankings as general equity. We exclude all passive index funds, including pure index, enhanced index, and index-based, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies. 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 in 2022 were general equity, 36.1%; mixed asset, 22%; world equity, 16%; taxable bond, 21.5%; and tax-exempt bond, 4.5%. (Weightings don’t always add up to 100% because of rounding.) The category weightings for the five-year results were general equity, 36.1%; mixed asset, 22.7%; world equity, 16%; taxable bond, 21%; and tax-exempt bond, 4.3%. For the 10-year list, they were general equity, 36.6%; mixed asset, 23%; world equity, 15.9%; taxable bond, 20.1%; and tax-exempt bond, 4.4%. The scoring: Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 36.1%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times 0.361, which equals 13.5. Similar calculations are done for each fund in our study. Then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings. 1. Source: Barron’s, as of 12/31/2022. Overall, MainStay Funds ranked number 7 for the one-year period, 4 for the five-year period, and 15 for the 10-year period ended December 31, 2022, out of 49, 49, and 47 fund families, respectively. Past performance is no guarantee of future results, which will vary. For the most recent MainStay Funds performance, please visit our web site at newyorklifeinvestments.com.
2. How Barron’s Ranks the Fund Families: All mutual and exchange-traded funds are required to report their returns (to regulators as well as in advertising and marketing material) after fees are deducted, to better reflect what investors would actually experience. But our aim is to measure manager skill, independent of expenses beyond annual management fees. That’s why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.
Each fund’s performance is measured against all of the other funds in its Refinitiv Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking; poor performance in its biggest funds hurts a firm’s ranking.
To be included in the ranking, a firm must have at least three funds in the general equity category, one world equity, one mixed equity (such as a balanced or target-date fund), two taxable bond funds, and one national tax-exempt bond fund.
Single-sector and country equity funds are factored into the rankings as general equity. We exclude all passive index funds, including pure index, enhanced index, and index-based, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.
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 in 2021 were general equity, 37.1%; mixed asset, 20.6%; world equity, 16.8%; taxable bond, 20.9%; and tax-exempt bond, 4.5%.
The category weightings for the five-year results were general equity, 37.3%; mixed asset, 21%; world equity, 16.5%; taxable bond, 20.8%; and tax-exempt bond, 4.4%. For the 10-year list, they were general equity, 38.6%; mixed asset, 19.2%; world equity, 16.9%; taxable bond, 20.5%; and tax-exempt bond, 4.8%
The scoring: Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 37.1%, general equity’s overall weighting in Lipper’s universe. So it would be 37.5 times 0.371, which equals 13.9. Similar calculations are done for each fund in our study. Then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.
Source: Barron’s, 2/21/22. Overall, MainStay Funds ranked number 9 for the one-year period, 25 for the five-year period, and 31 for the 10-year period ended December 31, 2021, out of 51, 49, and 45 fund families, respectively. Past performance is no guarantee of future results, which will vary. For the most recent MainStay Funds performance, please visit our web site at newyorklifeinvestments.com.
The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted.
3. HowBarron’sRanks the Fund Families: To qualify for the Barron’s Fund Survey, a fund family must have at least three funds in Refinitiv Lipper’s general equity category, one in world equity, one mixed-asset fund (such as a balanced or target-date fund), two taxable-bond funds, and one national tax-exempt bond fund. Fund loads and 12b-1 fees aren’t included in the calculation of returns because the aim is to measure the manager’s skill.
Each fund’s return is measured against all funds in its Refinitiv Lipper category, resulting in a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall showing; poor performance in its biggest funds hurts a firm’s ranking. Finally, the score is multiplied by the general classification weightings as determined by the entire Lipper universe of funds.
The category weightings for the one-year results in 2020 were general equity, 35.6%; mixed asset, 20.7%; world equity, 17.3%; taxable bond, 21.9%; and tax-exempt bond, 4.8%. The category weightings for the five-year results in 2020 were general equity, 36.2%; mixed asset, 20.9%; world equity, 16.9%; taxable bond, 21.6%; and tax-exempt bond, 4.4%. For the 10-year list, they were general equity, 37.5%; mixed asset, 19.5%, world equity, 17.3%; taxable bond, 20.8%; and tax-exempt bond, 4.8%. Ranking data is from Lipper.
4. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
5. Investor’s Business Daily Best Mutual Funds awards are based on relative performance vs. the S&P 500 for the past 1, 3, 5 and 10 years as of 12/31/19. The Fund was one of 139 funds to achieve this result out of 1,323 funds in the U.S. Diversified Stock category.
Investor’s Business Daily Best Mutual Funds awards are based on relative performance vs. the S&P 500 for the past 1, 3, 5 and 10 years as of 12/31/19. The Fund was one of 135 funds to achieve this result out of 523 funds in the Growth category. Investor’s Business Daily Best Mutual Funds awards are based on relative performance vs. the S&P 500 for the past 1, 3, 5 and 10 years as of 12/31/19. The Fund was one of 88 funds to achieve this result out of 719 funds in the Large Cap category.
6.Investor’s Business Daily Best Mutual Funds awards are based on relative performance vs. the Bloomberg Barclays U.S. Aggregate Bond Index for the past 1, 3, 5 and 10 years as of 12/31/19. The fund was one of 203 funds to achieve this result out of 505 funds in the U.S. Taxable Bond category.
