Edward Silverstein and the MainStay Convertible Fund are profiled in the latest issue of Barron’s
MacKay’s Edward Silverstein, lead manager of the $1.1 billion MainStay Convertible (MCOAX) fund since 2004, is profiled in the latest issue of Barron’s magazine. The fund (MCOAX) invests in small, high-growth companies and seeks to offer investors the potential upside of owning stock while managing risk. Over the course of the interview Edward makes the case for investing in convertibles, while explaining his team’s investment process and where they’re finding opportunities.
Read more about the MainStay fund in Barron’s here.
Go back to our newsroom to read more stories.
There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.
Average Annual Total Returns
MainStay Convertible Fund
|Share Class||1 year||3 year||5 year||10 year|
|Class A (max. 5.5% load)||4.71%||4.84%||9.19%||6.01%|
Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance reflects a contractual fee waiver and/or expense limitation and management fee waiver agreements in effect through 2/28/18, without which total returns may have been lower. These agreements renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. Visit mainstayinvestments.com for the most recent month-end performance. Total annual fund operating expenses for Class A: 1.01%.
Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions.
ICE Bank of America Merrill Lynch U.S. Convertible Bond Index is a market capitalization-weighted index of domestic corporate convertible securities. In order to be included in the Index, bonds and preferred stocks must be convertible only to common stock.
Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Before considering an investment in the Fund, you should understand that you could lose money.
Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets. 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, in which the bond issuer may fail to pay interest and principal in a timely manner.
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.
New York Life Investment Management LLC engages the services of federally registered advisors. MacKay Shields LLC is an affiliate of New York Life. MainStay Investments® is a registered service mark and 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 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 FINRA/SIPC.
No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Dow Jones. This reprint is provided by New York Life Insurance Company as a courtesy for informational purposes only. Reprinted with permission. It is for general informational purposes only and represents the views and opinions of its author, who is solely responsible for its content. Individuals should evaluate their own personal needs before making decisions regarding their financial situation.