Fund Evaluator:
NYLI MacKay Convertible Class C (MCCVX)
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Best Performing in Convertibles Over the Last Year
| 24.2% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 24.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 24.0% | Fidelity Convertible Securities (FCVSX) |
| 23.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 21.1% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
NYLI MacKay Convertible Class C Overview
NYLI MacKay Convertible Class C (MCCVX) is an actively managed Allocation Convertibles fund. New York Life Investment Management LLC launched the fund in 1998.
The investment seeks capital appreciation together with current income. The fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in "convertible securities" such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities. The balance of the fund may be invested or held in non-convertible debt, equity securities that do not pay regular dividends, U.S. government securities, and cash or cash equivalents.
About NYLI MacKay Convertible Class C (MCCVX)
There are 2 members of the management team with an average tenure of 13.85 years: Edward Silverstein (2001), Thomas Wynn (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA All US Convertible TR USD index with a weighting of 100%. NYLI MacKay Convertible Class C has 111 securities in its portfolio. The top 10 holdings constitute 26.9% 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 MacKay Convertible Class C is part of the Hybrid Securities global asset class and is within the Allocation fund group. NYLI MacKay Convertible Class C has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.5%. There is 0.0% allocated to foreign stock, and 11.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.1% (1.1% domestic bond, 0.0% foreign bond and 76.4% convertible bond). NYLI MacKay Convertible Class C has 9.4% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $212 million average for the Convertibles 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.
MCCVX 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 MacKay Convertible Class C expense ratio is high compared to funds in the Convertibles category. NYLI MacKay Convertible Class C has an expense ratio of 1.91%, which is 72% higher than its category average, making the fund expense ratio grade a F. 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 MacKay Convertible Class C has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of July 2026, NYLI MacKay Convertible Class C returned -2.9%, which earned it a grade of B, as the Convertibles category had an average return of -4.5%. 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 MacKay Convertible Class C has a trailing yield of 1.27%, which is below the 1.71% category average. The fund normally distributes its income quarterly 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 MacKay Convertible Class C Grades
Year to date, the fund has returned 17.2%, 4.1 percentage points better than the category, which translates into a grade of A. The fund has returned 24.9% over the past year (grade of B), 12.7% over the past three years (grade of D) and 6.8% per year over the past five years (grade of B) and 10.1% per year over the past 10 years (grade of D).
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MCCVX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MCCVX Return (NAV) | -2.9% | 3.0% | 24.9% | 12.7% | 6.8% | 10.1% |
| MCCVX Grade | B | B | B | D | B | D |
| +/- Category | 1.6% | 2.0% | 4.0% | -1.1% | 1.2% | -0.7% |
| Convertibles Avg | -4.5% | 1.1% | 20.9% | 13.8% | 5.6% | 10.7% |
| MCCVX Tax Cost Ratio | na | na | 2.2% | 1.6% | 2.2% | 1.7% |
MCCVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MCCVX Return (NAV) | 17.2% | 14.3% | 7.1% | 7.8% | -13.1% | 8.8% | 33.7% | 20.9% | -3.4% | 9.8% | 10.4% |
| MCCVX Grade | A | D | F | D | A | B | D | D | D | D | B |
| +/- Category | 4.1% | -1.8% | -4.1% | -1.0% | 4.8% | 3.9% | -8.7% | -2.0% | -1.9% | -4.0% | 2.3% |
| Convertibles Avg | 13.0% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 9.8% |
| Total Risk Index: | 0.80 - Average |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (20% Rank) |
| Beta: | 0.93 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1859 Mil |
| Fund Total Assets: | $ 22 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 25.3 years | |||
| Average Tenure: 13.8 years | |||
| Managers (Year): Silverstein Edward (2001), Wynn Thomas (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 111 |
| % in Top 10 Holdings: | 26.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 1.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 11.8% |
| Domestic Bond: | 1.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 76.4% |
| Other: | 0.0% |
| Cash: | 9.4% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | September 1, 1998 |
| Min. Initial Purchase: | $1,000 |
| 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: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | NYLI MacKay Convertible Class A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
