Fund Evaluator:
NYLIM MacKay California Muni Class C2 (MCAMX)
Follow This Fund
Best Performing in Muni California Long Over the Last Year
| 6.9% | Invesco California Municipal Y (OCAYX) |
| 6.3% | American Century CA High Yield Muni Y (ACYHX) |
| 6.1% | American Century CA High Yield Muni Inv (BCHYX) |
| 5.6% | Victory CA Bond (USCBX) |
| 5.6% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
NYLIM MacKay California Muni Class C2 Overview
NYLIM MacKay California Muni Class C2 (MCAMX) is an actively managed Municipal Bond Muni California Long fund. New York Life Investment Management LLC launched the fund in 2020.
The investment seeks current income exempt from federal and California income taxes. The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. It may invest up to 20% of its net assets in municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and California income taxes.
About NYLIM MacKay California Muni Class C2 (MCAMX)
There are 5 members of the management team with an average tenure of 8.91 years: Frances Lewis (2017), Michael Perilli (2024), Michael Denlinger (2021), Scott Sprauer (2013), Robert DiMella (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. NYLIM MacKay California Muni Class C2 has 362 securities in its portfolio. The top 10 holdings constitute 13.0% 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.
NYLIM MacKay California Muni Class C2 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLIM MacKay California Muni Class C2 has 10.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.4% (88.4% domestic bond, 10.0% foreign bond and 0.0% convertible bond). NYLIM MacKay California Muni Class C2 has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $452 million average for the Muni California Long 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.
MCAMX 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 NYLIM MacKay California Muni Class C2 expense ratio is high compared to funds in the Muni California Long category. NYLIM MacKay California Muni Class C2 has an expense ratio of 1.18%, which is 44% higher than its category average, making the fund expense ratio grade a D. 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. NYLIM MacKay California Muni Class C2 has a portfolio turnover rate of 80%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 33% for the Muni California Long category.
Recently, in the month of August 2026, NYLIM MacKay California Muni Class C2 returned -0.3%, which earned it a grade of B, as the Muni California Long category had an average return of -0.3%. 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.
NYLIM MacKay California Muni Class C2 has a trailing yield of 2.93%, which is below the 3.54% category average. The fund normally distributes its income monthly.
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.
NYLIM MacKay California Muni Class C2 Grades
Year to date, the fund has returned 0.0%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.0% over the past year (grade of F), 2.9% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and 1.3% per year over the past 10 years (grade of D).
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MCAMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MCAMX Return (NAV) | -0.3% | -1.3% | 4.0% | 2.9% | -0.4% | 1.3% |
| MCAMX Grade | B | D | F | F | F | D |
| +/- Category | 0.0% | -0.1% | -1.1% | -0.6% | -0.4% | -0.3% |
| Muni California Long Avg | -0.3% | -1.2% | 5.1% | 3.5% | 0.0% | 1.6% |
| MCAMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
MCAMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MCAMX Return (NAV) | 0.0% | 1.8% | 2.1% | 6.3% | -11.4% | 1.8% | 4.4% | 7.7% | 1.3% | 6.1% | 0.4% |
| MCAMX Grade | F | F | D | C | D | D | C | C | A | C | B |
| +/- Category | -0.3% | -1.0% | -0.4% | -0.1% | -0.2% | -0.7% | 0.0% | -0.3% | 0.5% | -0.1% | 0.3% |
| Muni California Long Avg | 0.4% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.9% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 1.04 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $1286 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 80% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 13.5 years | |||
| Average Tenure: 8.9 years | |||
| Managers (Year): Sprauer Scott (2013), DiMella Robert (2013), Lewis Frances (2017), Denlinger Michael (2021), Perilli Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 362 |
| % in Top 10 Holdings: | 13.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.4% |
| Foreign Bond: | 10.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | August 31, 2020 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.65% |
Expenses and Fees | |
| Expense Ratio (%): | 1.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | NYLIM MacKay California Muni Class I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
