Fund Evaluator:
NYLI MacKay Strategic Muni Allc Cl I (MTFGX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
NYLI MacKay Strategic Muni Allc Cl I Overview
NYLI MacKay Strategic Muni Allc Cl I (MTFGX) is an actively managed Municipal Bond Muni National Interm fund. New York Life Investment Management LLC launched the fund in 2019.
The investment seeks current income exempt from regular federal income tax. The fund, under normal circumstances, invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income tax. It will seek to maintain a portfolio dollar-weighted average duration of 3 to 10 years, although the fund may invest in instruments of any duration or maturity. The manager will invest, under normal circumstances, at least 65% of its net assets in investment grade quality bonds as rated by a nationally recognized statistical rating organization, or if unrated, judged to be of comparable quality the fund's subadvisor.
About NYLI MacKay Strategic Muni Allc Cl I (MTFGX)
There are 8 members of the management team with an average tenure of 5.68 years: Frances Lewis (2019), John Lawlor (2019), Michael Denlinger (2021), Sanjit Gill (2023), Matthew Hage (2024), 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 Municipal TR USD index with a weighting of 100% and Bloomberg Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. NYLI MacKay Strategic Muni Allc Cl I has 1379 securities in its portfolio. The top 10 holdings constitute 7.0% 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.
NYLI MacKay Strategic Muni Allc Cl I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLI MacKay Strategic Muni Allc Cl I has 4.0% 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 98.3% (94.2% domestic bond, 4.0% foreign bond and 0.0% convertible bond). NYLI MacKay Strategic Muni Allc Cl I has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $1 billion average for the Muni National Interm 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.
MTFGX 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 Strategic Muni Allc Cl I expense ratio is average compared to funds in the Muni National Interm category. NYLI MacKay Strategic Muni Allc Cl I has an expense ratio of 0.49%, which is 28% 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 MacKay Strategic Muni Allc Cl I has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, NYLI MacKay Strategic Muni Allc Cl I returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. 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 Strategic Muni Allc Cl I has a trailing yield of 3.68%, which is above the 3.27% 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.
NYLI MacKay Strategic Muni Allc Cl I Grades
Year to date, the fund has returned 0.6%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.0% over the past year (grade of B), 3.6% over the past three years (grade of A) and 1.3% per year over the past five years (grade of A).
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MTFGX 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 |
|
| MTFGX Return (NAV) | -1.5% | -0.3% | 5.0% | 3.6% | 1.3% | na |
| MTFGX Grade | B | B | B | A | A | na |
| +/- Category | 0.1% | 0.1% | 0.4% | 0.4% | 0.7% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| MTFGX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | na |
MTFGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MTFGX Return (NAV) | 0.6% | 5.0% | 2.3% | 6.2% | -6.8% | 2.6% | 4.7% | na | na | na | na |
| MTFGX Grade | B | A | B | B | B | A | B | na | na | na | na |
| +/- Category | 0.2% | 0.7% | 0.3% | 0.5% | 1.4% | 0.9% | 0.4% | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | 0.74 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2713 Mil |
| Fund Total Assets: | $2,153 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Lewis Frances (2019), Lawlor John (2019), Petty Michael (2019), Dowden David (2019), DiMella Robert (2019), Denlinger Michael (2021), Gill Sanjit (2023), Hage Matthew (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 1379 |
| % in Top 10 Holdings: | 7.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.2% |
| Foreign Bond: | 4.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | July 1, 2019 |
| Min. Initial Purchase: | $1,000,000 |
| 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 (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | NYLI MacKay Strategic Muni Allc Cl R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
