Fund Evaluator:
NYLIM MacKay U.S. Infras Bd Cl R6 (MGVDX)
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Fund Details
NYLIM MacKay U.S. Infras Bd Cl R6 Overview
NYLIM MacKay U.S. Infras Bd Cl R6 (MGVDX) is an actively managed Taxable Bond Intermediate Core Bond fund. New York Life Investment Management LLC launched the fund in 2019.
The investment seeks current income. The fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. It invests at least 60% of its assets in taxable municipal debt securities. It may invest up to 20% of its assets in tax-exempt municipal debt securities.
About NYLIM MacKay U.S. Infras Bd Cl R6 (MGVDX)
There are 10 members of the management team with an average tenure of 6.91 years: John Loffredo (2019), Frances Lewis (2019), John Lawlor (2019), Robert Burke (2019), Michael Denlinger (2021), Scott Sprauer (2019), Sanjit Gill (2023), Michael Petty (2019), David Dowden (2019), Robert DiMella (2019). 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 Bloomberg Municipal Taxable 5-10Y TR USD index with a weighting of 100%. NYLIM MacKay U.S. Infras Bd Cl R6 has 594 securities in its portfolio. The top 10 holdings constitute 12.0% 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 U.S. Infras Bd Cl R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. NYLIM MacKay U.S. Infras Bd Cl R6 has 0.0% 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 97.1% (97.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NYLIM MacKay U.S. Infras Bd Cl R6 has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $505 million in total assets, which is below the $3 billion average for the Intermediate Core Bond 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.
MGVDX 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 U.S. Infras Bd Cl R6 expense ratio is average compared to funds in the Intermediate Core Bond category. NYLIM MacKay U.S. Infras Bd Cl R6 has an expense ratio of 0.51%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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 U.S. Infras Bd Cl R6 has a portfolio turnover rate of 71%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of August 2026, NYLIM MacKay U.S. Infras Bd Cl R6 returned 0.4%, which earned it a grade of A, as the Intermediate Core Bond 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 U.S. Infras Bd Cl R6 has a trailing yield of 4.74%, which is above the 4.04% 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 U.S. Infras Bd Cl R6 Grades
Year to date, the fund has returned 0.2%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 2.4% over the past year (grade of A), 5.0% over the past three years (grade of A) and 0.6% per year over the past five years (grade of A) and 1.9% per year over the past 10 years (grade of A).
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MGVDX 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 |
|
| MGVDX Return (NAV) | 0.4% | -0.4% | 2.4% | 5.0% | 0.6% | 1.9% |
| MGVDX Grade | A | A | A | A | A | A |
| +/- Category | 0.1% | 0.3% | 0.8% | 1.0% | 1.0% | 0.5% |
| Intermediate Core Bond Avg | 0.3% | -0.8% | 1.6% | 4.0% | -0.4% | 1.4% |
| MGVDX Tax Cost Ratio | na | na | 1.9% | 1.9% | 1.7% | na |
MGVDX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MGVDX Return (NAV) | 0.2% | 8.5% | 2.8% | 7.0% | -12.8% | 0.8% | 6.6% | 9.1% | -0.7% | 1.8% | 0.6% |
| MGVDX Grade | A | A | A | A | B | A | F | B | D | F | F |
| +/- Category | 0.6% | 1.5% | 1.3% | 1.4% | 0.3% | 2.3% | -1.5% | 0.6% | -0.3% | -1.8% | -2.2% |
| Intermediate Core Bond Avg | -0.4% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.0% |
| Total Risk Index: | 0.41 - Low |
| Category Risk Index: | 0.90 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.88 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2424 Mil |
| Fund Total Assets: | $ 506 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 71% |
Management Team
| Number of Managers: 10 | |||
| Longest Tenure: 7.5 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Loffredo John (2019), Lewis Frances (2019), Lawlor John (2019), Burke Robert (2019), Sprauer Scott (2019), Petty Michael (2019), Dowden David (2019), DiMella Robert (2019), Denlinger Michael (2021), Gill Sanjit (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 594 |
| % in Top 10 Holdings: | 12.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | November 1, 2019 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.51% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.56% |
| Share Class: | NYLIM MacKay U.S. Infras Bd Cl A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
