Experienced risk managers The team seeks to control the Fund’s risk exposure through its disciplined investment process and by diversifying over a large number of securities. Swanson, Executive Vice President. In certain cases, the Subadvisor may deviate from positions or weightings suggested by the quantitative analysis to account for events and conditions that may not be quantifiable by the analysis, such as company-specific and market events. Portfolio Manager. If they were, returns would be less than those shown. From time to time, markets may experience periods of stress for potentially prolonged periods that may result in i increased market volatility; ii reduced market liquidity; and iii increased redemptions.
Government can encourage private firms to adopt renewable energy technologies by committing to an initial investment in the application of the new technology. Additional funds are needed to cover the initial investment of the project. The value of their monthly tax collections exceeds initial investment by far. The cost-sharing of subscriptions and the initial investment in databases would lead to a reduction in costs. However, constraints such as the initial investment costs and capacities to maintain such a system pose real constraints to their widespread application, particularly in developing countries. High quality individualized support and inclusive mainstream services may require an initial investment.
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Variable Universal Life VUL is a type of permanent insurance which provides a death benefit in exchange for flexible premiums. The policy’s cash value, including any assets allocated to the Investment Divisions, is subject to market risks and fluctuates in value. VUL policies are subject to insurance related fees and charges such as mortality and expense risk charges, cost of insurance, administrative fees, and underlyingfund expenses. This material is authorized for distribution to the general public only if preceded or accompanied by an effective policy prospectus and fund prospectus. Policyowners should consider the investment objectives, risks, charges, and expenses of the policy and the Investment Divisions carefully before investing. The prospectus for the policy and the underlying fund prospectus contain this and other information.
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Variable Universal Life VUL is a type of permanent insurance which provides a death benefit in exchange for flexible premiums. The policy’s cash value, including any assets allocated to the Investment Divisions, is subject to market risks and fluctuates in value. VUL policies are subject to insurance related fees and charges such as mortality and expense risk charges, cost of insurance, administrative fees, and underlyingfund expenses.
This material is authorized for distribution to the general public only if preceded or accompanied by an effective policy prospectus and fund prospectus. Policyowners should consider the investment objectives, risks, charges, and expenses of the policy and the Investment Divisions carefully before investing. The prospectus for the policy and the underlying fund prospectus contain this and other information. Please read the prospectuses carefully before investing.
To obtain a copy of the prospectuses, please contact your Registered Representative or call Investment Information Investment Strategy The investment seeks long-term capital growth, consistent with preservation of capital and balanced current income. Fixed-income securities may include corporate debt securities, U. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation.
Included are the stocks of industrial, financial, utility, and transportation companies. Since midthis composition has been more flexible and the number maunstay issues in each sector has varied. It is market capitalization-weighted. Avg Eff Maturity. Avg Wtd Coupon 3. The Risk Levels are defined by Morningstar Inc. The Risk Levels are analyzed and updated at least on an annual basis. Morningstar Inc. Principal Risks as of Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves.
During periods of growth stock underperformance, the Portfolio s performance may suffer. Portfolios that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner. Prepayment risk is associated with mortgage-backed and asset-backed securities.
Foreign securities may be subject to greater risks than U. These risks are likely to be greater for emerging markets than for developed markets. Since R. Gibson Smith. Since Mayur Saigal. Since Jeremiah Buckley. Since Darrell W. Overall QQQQ. Note An investment’s overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3- 5- and 1-year Ratings. Page 1 of 6. Sharpe Ratio Tracking Error Excess Return Stocks Stocks 1. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, when redeemed, may be worth or more less than investmennts original cost.
See Disclosure page for more information. Portfolio Initial Class 2. It does not reflect mortality and expense risk charges, cost of insurance charges, monthly contract charges, sales expense charges, or state and federal premium tax charges. If these charges were reflected, the returns would be significantly lower. We recommend that you obtain a personalized illustration which takes into account the amount of insurance purchased, complete fees and charges under the policy, gender, age and underwriting classification of the insured.
The performance data shown represents past performance and is no guarantee of initia results. The investment returns and the Cash Value of your policy will fluctuate so that the Cash Value of your policy, if surrendered, may be more or less than the value of the premiums paid.
Performance reflects the percentage change in net asset value for the period shown with capital gains and dividends reinvested. Visit to obtain performance data current to the most recent month-end. Due to market volatility, current performance may be better or worse than the figures shown. The returns should be considered in light of the investment objectives and policies, characteristics and quality of the Portfolio in which the Investment Division invests and the market conditions during the given time period, and should not be considered as inveetments representation of what may be achieved in the future.
The Cash Value of your policy will depend on a number of factors, including the allocations among Mainsttay Divisions and the different investment rates of return for the Investment Division.
It’s calculated by multiplying the stock s portfolio weight by the natural log of the market cap. The results for each stock are summed and divided by sum of the portfolio weights, and then the exponential of the resulting number is mainsttay. Alpha: Alpha measures a fund investents performance after adjusting for the fund s systematic risk as measured by the fund s beta with respect to its benchmark index. An investor could have formed a passive portfolio with the same beta as that of the fund initial class investments mainstay investing in the index and either borrowing or lending at the risk-free rate of return.
Alpha is the difference between the average excess return on the fund and the average excess return on the levered or de-levered index portfolio. There are limitations to alpha s ability to accurately depict mainstayy fund s added or subtracted value. In some cases, a negative alpha can result from the expenses that are present in the fund s figures but are not present in the figures of the comparison index.
The usefulness of alpha is completely dependent on the accuracy of beta. If the investor accepts beta as a conclusive definition of risk, a positive alpha would be a conclusive indicator of good fund performance. Beta: Beta is a measure of a fund s sensitivity to movements in its benchmark index.
By construction, the beta of the index is A fund with a 1. A beta of. A low beta ijitial not imply that the fund has a low level of volatility, though; rather, a low beta means only that the fund s index-related risk is low.
A specialty fund that invests primarily in gold, for example, will usually have a low beta and a low R-squaredas its performance is tied more closely to the price of gold and gold-mining stocks than to the overall stock market. Thus, although the specialty fund might fluctuate wildly because of investmejts changes in gold prices, its beta will be low.
Correlation: This indicates the strength and direction of a linear relationship between two random variables. The value will range between -1 and 1. A value of 1 indicates a perfect positive dependency and -1 indicates a perfect negative dependency between the 2 investments. A correlation value of indicates that no relationship between the 2 investments exist, and are said to be independent of each.
The correlation between two investments can be determined based on the returns of the investments or the excess returns of the investments over a risk-free rate. Information Ratio: Information ratio is a risk-adjusted performance measure. The information ratio mainstau a special version of the Sharpe Ratio in that the benchmark doesn’t have to be the risk-free rate.
The Israelson method is an adjustment of the Information Ratio to take into account the inconsistency of the IR when excess returns are negative. If this data is not available in the Annual Report, a month average is calculated using surveyed net assets.
Max Drawdown: The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Morningstar Rating: The Morningstar Rating brings loadadjustments, performance returns and risk together into one evaluation. The Overall Morningstar Rating is a weighted average of the available three- five- and 1-year ratings.
Morningstar Style Box: The Morningstar Style Box reveals a fund’s investment style as of the date noted on this report. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style value, blend, or growth. A darkened square in the style box indicates the weighted average style of the portfolio. For fixed-income nainstay, the vertical axis shows the lnitial quality of the long bonds owned and the horizontal axis shows interestrate sensitivity as measured by a bond’s effective duration.
Morningstar seeks credit rating information from fund companies on a periodic basis for example, quarterly. In compiling credit rating information, Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations.
Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. Please Note: Morningstar Inc. NRSRO or rating agency ratings can change from time to time. For credit quality, Morningstar combines the credit rating information provided by the invesrments companies with an average default rate calculation to come up with a weighted-average credit quality.
The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality.
Funds with a «low» credit quality are those whose weighted-average credit quality is determined to be less than BBB- ; «medium» are those less than AA- but greater or equal to BBB- invesments and «high» are those with a weighted-average credit quality of AA- or higher. Investmsnts classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates as determined by Morningstar s analysis of actual historical default rates.
Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund’s interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index, which is currently three years.
For municipal-bond funds, Morningstar also obtains from fund companies the average effective duration.
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Class I shares are generally mqinstay only to corporate and institutional investors. This agreement will remain in effect until March 1,and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. Copy to:. The Subadvisor also initial class investments mainstay for companies it believes have strong management, superior industry positions, excellent balance sheets and superior earnings growth.
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