MainStay Short Term Bond Fund Class I
MIXIX
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- NYLI Short Term Bond Fund Class I (MIXIX) is an open-end mutual fund managed by New York Life Investment Management LLC (NYLIM) that seeks current income consistent with capital preservation by investing primarily in investment grade debt securities. The Fund, under normal circumstances, invests at least 80% of its net assets in investment grade quality bonds, including U.S. government and federal agency securities, corporate bonds, mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, and exchange-traded fixed income funds; it may allocate up to 20% to below-investment-grade high yield bonds. NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company and the Fund's subadvisor, employs a flexible, multi-sector approach with bottom-up fundamental research to opportunistically target sectors and issuers across the short end of the yield curve, maintaining a weighted average life of approximately 2.9 years and effective duration of 1.9 years. Operated within the short-term bond segment of the fixed income industry, the Fund targets institutional and high-net-worth investors seeking conservative, income-oriented exposure with lower interest rate sensitivity; its portfolio as of June 30, 2025, features top holdings such as U.S. Treasury securities and investment-grade corporate bonds from issuers like Deutsche Bank and Bank of America, with credit quality predominantly AAA (11.8%), AA (52.8%), and A/BBB rated. Headquartered in Jersey City, New Jersey, the Fund traces its inception to January 2, 1991, with total net assets across all classes reaching $127.7 million as of June 30, 2025; it distributes income monthly and maintains a high annual turnover rate of 377%. In a significant rebranding effort, effective August 28, 2024, the Fund—formerly known as MainStay Short Term Bond Fund—was renamed NYLI Short Term Bond Fund to align with the broader New York Life Investments branding across its mutual fund lineup, enhancing market recognition without altering its investment objective, strategy, or management team. Recent developments at the parent organization include NYLIM's completion of an acquisition of six municipal fixed income mutual funds from Aquila Investment Management in July 2024 and the announcement in December 2024 of a strategic partnership with Andera Partners—expected to close in H1 2025—through which NYLI and its affiliate Candriam will acquire a 40% minority stake to expand private markets capabilities.