Fund Evaluator:

NYLI Fiera SMID Growth Class R6 Overview

NYLI Fiera SMID Growth Class R6 (APSDX) is an actively managed U.S. Equity Mid-Cap Growth fund. New York Life Investment Management LLC launched the fund in 2023.

The investment seeks long term capital growth. The “Subadvisor” seeks to achieve the fund’s investment objective by investing in a diversified portfolio of common stocks of companies believed to be small- and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which the Subadvisor expects to grow faster than the U.S. economy.

About NYLI Fiera SMID Growth Class R6 (APSDX)

There are 2 members of the management team with an average tenure of 14.10 years: David Cook (2012), Sunil Reddy (2012). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 Growth TR USD index with a weighting of 100%. NYLI Fiera SMID Growth Class R6 has 79 securities in its portfolio. The top 10 holdings constitute 27.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

NYLI Fiera SMID Growth Class R6 is part of the Equity global asset class and is within the U.S. Equity fund group. NYLI Fiera SMID Growth Class R6 has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.5%. There is 2.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NYLI Fiera SMID Growth Class R6 has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $78 million in total assets, which is below the $658 million average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

APSDX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLI Fiera SMID Growth Class R6 expense ratio is high compared to funds in the Mid-Cap Growth category. NYLI Fiera SMID Growth Class R6 has an expense ratio of 0.82%, which is 25% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLI Fiera SMID Growth Class R6 has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.

Recently, in the month of July 2026, NYLI Fiera SMID Growth Class R6 returned -4.0%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of -5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

NYLI Fiera SMID Growth Class R6 has a trailing yield of 0.00%, which is below the 0.03% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

NYLI Fiera SMID Growth Class R6 Grades

Year to date, the fund has returned 2.4%, 3.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.1% over the past year (grade of B), 6.5% over the past three years (grade of D) and 3.1% per year over the past five years (grade of B) and 10.9% per year over the past 10 years (grade of C).

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