MainStay VP MacKay Convertible Portfolio
Data updated: 2026-08-24
C000168875 — MainStay VP MacKay Convertible Portfolio. Short Preferred / Convertible Bond · $1.32B AUM. Holdings, fees, performance and SEC filings.
C000168875 Fund Overview
MainStay VP MacKay Convertible Portfolio is a US mutual fund managed by Mainstay Vp Funds Trust, categorised as Short Preferred / Convertible Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Mainstay Vp Funds Trust
- Category: Short Preferred / Convertible Bond
- Assets under management: $1.32B
- 1-year return: 35.6%
- SEC CIK: 0000887340
- SEC series ID: S000009427
- Share class ID: C000168875
C000168875 Investment Objective and Strategy
MainStay VP MacKay Convertible Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Mainstay Vp Funds Trust.
Investment objective
The Portfolio seeks capital appreciation together with current income.
Principal investment strategy
"The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in ""convertible securities"" such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible into common stocks or their equivalent value. The balance of the Portfolio may be invested or held in non-convertible debt, equity securities that do not pay regular dividends, U.S. government securities, and cash or cash equivalents. Investment Process: The Portfolio takes a flexible approach by investing in a broad range of securities of a variety of companies and industries.
The Portfolio invests in investment grade and below investment grade debt securities. Below investment grade securities are generally securities that receive low ratings from a nationally recognized statistical rating organization (NRSRO), or if unrated, are determined to be of equivalent quality by MacKay Shields LLC, the Portfolio's Subadvisor. Securities that are rated below investment grade by independent rating agencies are commonly referred to as high-yield securities or ""junk bonds."" The Subadvisor may also invest without restriction in securities with lower ratings from a NRSRO. If NRSROs assign different ratings to the same security, the Portfolio will use the higher rating for purposes of determining the security's credit quality. In selecting convertible securities for purchase or sale, the Subadvisor takes into account a variety of investment considerations, including the potential return of the common stock into which the convertible security is convertible, credit risk, projected interest return, and the premium for the convertible security relative to the underlying common stock.
The Subadvisors investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (ESG) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisors consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Portfolio. The Portfolio may also invest in ""synthetic"" convertible securities, which are derivative positions composed of two or more securities whose investment characteristics, taken together, resemble those of traditional convertible securities.
Unlike traditional convertible securities whose conversion values are based on the common stock of the issuer of the convertible security, ""synthetic"" and ""exchangeable"" convertible securities are preferred stocks or debt obligations of an issuer which are structured with an embedded equity component whose conversion value is based on the value of the common stocks of one or more different issuers or a particular benchmark (which may include indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose stock is not yet publicly traded). The value of a synthetic convertible is the sum of the values of its preferred stock or debt obligation component and its convertible component. The Portfolio may invest in foreign securities, which are securities issued by companies organized outside the United States or that trade primarily in non-U.S.
securities markets. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's ""country of risk"" (or similar designation) as determined by a third-party such as Bloomberg. The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial condition, changes in credit risk, and changes in projected interest return."
C000168875 Holdings
Top 10 holdings of MainStay VP MacKay Convertible Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| MKS, Inc. | 3.65% |
| Western Digital Corp. | 3.51% |
| Alphabet, Inc. | 3.09% |
| Welltower OP LLC | 2.70% |
| NYLIM U.S. Government Liquidity Fund | 2.31% |
| Hewlett Packard Enterprise Co. | 2.21% |
| Lantheus Holdings, Inc. | 2.13% |
| Lumentum Holdings, Inc. | 1.97% |
| QXO, Inc. | 1.82% |
| Boeing Co. (The) | 1.73% |
C000168875 Portfolio Allocation
Asset-class allocation of MainStay VP MacKay Convertible Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 80.4% |
| Equity | 14.9% |
| Cash & Equivalents | 5.3% |
C000168875 Performance
Total returns for C000168875 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 24.3% |
| 1 year | 35.6% |
| 3 years (annualised) | 17.0% |
| 5 years (annualised) | 8.7% |
C000168875 Risk Information
Risk metrics for C000168875, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.5%
C000168875 Costs and Fees
C000168875 costs about $94 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.94%
- Gross expense ratio: 0.94%
- Portfolio turnover: 43%
- Brokerage commissions: 0.44 bps of average net assets (SEC N-CEN)
C000168875 Cashflows
Over the 12 months to 2026-06, MainStay VP MacKay Convertible Portfolio had net outflows of $550.31M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$20.65M |
| 2026-05 | −$14.77M |
| 2026-04 | −$236.86M |
| 2026-03 | −$19.69M |
| 2026-02 | −$18.56M |
| 2026-01 | −$10.13M |
C000168875 Debt Constituents
Largest debt holdings of MainStay VP MacKay Convertible Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| MKS, Inc. | 3.65% |
| Western Digital Corp. | 3.51% |
| Welltower OP LLC | 2.70% |
| Lantheus Holdings, Inc. | 2.13% |
| Lumentum Holdings, Inc. | 1.97% |
| Uber Technologies, Inc. | 1.71% |
| Snowflake, Inc. | 1.62% |
| Chefs' Warehouse, Inc. (The) | 1.50% |
| Tetra Tech, Inc. | 1.41% |
| Etsy, Inc. | 1.40% |
C000168875 Prospectus and SEC Filings
Official MainStay VP MacKay Convertible Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-16
- Prospectus (485BPOS) — filed 2025-04-16
- Prospectus (485BPOS) — filed 2024-04-19
- Portfolio holdings (N-PORT) — filed 2026-08-24
- Portfolio holdings (N-PORT) — filed 2026-05-26
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Short Preferred / Convertible Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.