Fund Evaluator:
NYLI Floating Rate Class A (MXFAX)
Follow This Fund
Best Performing in Bank Loan Over the Last Year
| 5.4% | Fidelity Advisor Floating Rate Hi Inc Z (FIQSX) |
| 5.3% | Fidelity Floating Rate High Income (FFRHX) |
| 4.9% | American Beacon DoubleLine Fltng Rt Inv (ADLPX) |
| 4.9% | Aristotle Floating Rate Income I-2 (PLFDX) |
| 4.7% | American Beacon DoubleLine Fltng Rt C (ADLCX) |
Fund Details
NYLI Floating Rate Class A Overview
NYLI Floating Rate Class A (MXFAX) is an actively managed Taxable Bond Bank Loan fund. New York Life Investment Management LLC launched the fund in 2004.
The investment seeks high current income. The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of floating rate loans and other floating rate debt securities. When the fund's Subadvisor believes that market or economic conditions are unfavorable to investors, up to 100% of the fund's assets may be invested in money market or short-term debt securities. The fund may invest up to 25% of its total assets in foreign securities which are generally U.S. dollar-denominated loans and other debt securities issued by one or more non-U.S. borrower(s) without a U.S. domiciled co-borrower.
About NYLI Floating Rate Class A (MXFAX)
There are 2 members of the management team with an average tenure of 7.84 years: Arthur Torrey (2012), Gregory Fantoni (2025). 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 Morningstar LSTA US LL TR USD index with a weighting of 100%. NYLI Floating Rate Class A has 485 securities in its portfolio. The top 10 holdings constitute 7.6% 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 Floating Rate Class A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. NYLI Floating Rate Class A has 14.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6%. There is 0.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.2% (83.5% domestic bond, 13.7% foreign bond and 0.0% convertible bond). NYLI Floating Rate Class A has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $542 million in total assets, which is above the $344 million average for the Bank Loan 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.
MXFAX 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 Floating Rate Class A expense ratio is high compared to funds in the Bank Loan category. NYLI Floating Rate Class A has an expense ratio of 0.96%, which is 9% 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. NYLI Floating Rate Class A has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of July 2026, NYLI Floating Rate Class A returned 0.6%, which earned it a grade of C, as the Bank Loan category had an average return of 0.6%. 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 Floating Rate Class A has a trailing yield of 6.78%, which is above the 6.73% category average. The fund normally distributes its income monthly 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 Floating Rate Class A Grades
Year to date, the fund has returned 1.5%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.4% over the past year (grade of C), 6.5% over the past three years (grade of C) and 5.3% per year over the past five years (grade of C) and 4.5% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about NYLI Floating Rate Class A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MXFAX 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 |
|
| MXFAX Return (NAV) | 0.6% | 1.2% | 3.4% | 6.5% | 5.3% | 4.5% |
| MXFAX Grade | C | C | C | C | C | C |
| +/- Category | 0.1% | 0.0% | -0.4% | -0.2% | 0.1% | 0.0% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| MXFAX Tax Cost Ratio | na | na | 2.7% | 3.0% | 2.6% | 2.1% |
MXFAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MXFAX Return (NAV) | 1.5% | 5.2% | 8.2% | 11.9% | -1.3% | 3.1% | 2.4% | 8.2% | -0.7% | 3.8% | 8.4% |
| MXFAX Grade | D | C | C | C | B | F | B | C | D | B | D |
| +/- Category | -0.4% | 0.1% | 0.0% | -0.2% | 1.0% | -1.5% | 1.1% | 0.6% | -0.3% | 0.1% | -0.9% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 1.9% |
| Total Risk Index: | 0.15 - Low |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (31% Rank) |
| Beta: | 0.05 |
| R-Squared: | 3% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1322 Mil |
| Fund Total Assets: | $ 543 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.4 years | |||
| Average Tenure: 7.8 years | |||
| Managers (Year): Torrey Arthur (2012), Fantoni Gregory (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 485 |
| % in Top 10 Holdings: | 7.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.6% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 83.5% |
| Foreign Bond: | 13.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.6% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | May 3, 2004 |
| Min. Initial Purchase: | $15,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.96% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | NYLI Floating Rate Class I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
