MGHBX — MainStay MacKay Emerging Markets Debt Fund
Data updated: 2026-09-23
MGHBX — MainStay MacKay Emerging Markets Debt Fund. Intermediate Total / Aggregate Bond · $55.76M AUM. Holdings, fees, performance and SEC filings.
MGHBX Fund Overview
MGHBX — MainStay MacKay Emerging Markets Debt Fund is a US mutual fund managed by New York Life Investments Funds, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: New York Life Investments Funds
- Category: Intermediate Total / Aggregate Bond
- Assets under management: $55.76M
- 1-year return: 7.3%
- Ticker: MGHBX
- SEC CIK: 0000787441
- SEC series ID: S000006901
- Share class ID: C000018711
MGHBX Investment Objective and Strategy
MainStay MacKay Emerging Markets Debt Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by New York Life Investments Funds.
Investment objective
The Fund seeks current income. Capital appreciation is a secondary objective.
Principal investment strategy
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in fixed income securities of issuers in emerging markets. MacKay Shields LLC, the Fund's Subadvisor, has discretion to determine the countries considered to be emerging market countries, including taking into consideration a variety of factors such as the development of a country's financial and capital markets and inclusion in an index considered by the Subadvisor to be representative of emerging markets. Some of the foreign securities in which the Fund invests may be denominated in foreign currency. The debt securities in which the Fund invests may consist of securities that are rated below investment grade. Below investment grade securities are generally securities that receive low ratings from an independent rating agency, such as rated lower than BBB- by Standard & Poor's Ratings Services and Baa3 by Moody's Investors Service, Inc., or if unrated, are deemed to be of comparable quality by the Fund's Subadvisor, MacKay Shields LLC.
Securities rated below investment grade by independent rating agencies are commonly referred to as high yield securities or junk bonds. If independent rating agencies assign different ratings to the same security, the Fund will use the lower rating for purposes of determining the security's credit quality. The Fund's principal investments include Yankee (dollar-denominated) debt securities, Brady Bonds, variable rate notes, mortgage-related and asset-backed securities and mortgage dollar rolls. The Fund may also invest in derivative instruments, such as floaters, including inverse floaters, forward commitments, futures, options and swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. The Fund may invest up to 15% of its total assets in swaps, including credit default swaps.
The Fund may buy and sell currency on a spot basis, buy foreign currency options, and enter into foreign currency forward contracts. These techniques may be used for any legally permissible purpose, including to increase the Fund's return. In unusual market conditions, the Fund may invest all or a portion of its assets in fixed income securities of countries with established economies. Investment Process: The Subadvisor identifies investment opportunities by beginning with country selection, then assessing local currencies for upside potential and downside risk and, finally, evaluating specific securities based on the financial condition and competitiveness of the issuer. The Subadvisor considers factors it deems relevant such as prospects for a country's political stability, currency exchange rates, interest rates, inflation, relative economic growth and/or governmental policies.
The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of foreign economies and meaningful changes in the issuer's financial condition and competitiveness.
MGHBX Holdings
Top 10 holdings of MainStay MacKay Emerging Markets Debt Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Dominican Republic | 4.46% |
| Federal Republic of Nigeria | 4.14% |
| Kingdom of Saudi Arabia | 3.87% |
| Republic of Angola | 3.80% |
| Republic of Ecuador | 3.33% |
| Arab Republic of Egypt | 3.21% |
| Ukraine | 3.16% |
| Invesco Govt And Agcy Lex | 3.13% |
| Romania | 2.94% |
| Kingdom of Morocco | 2.91% |
MGHBX Portfolio Allocation
Asset-class allocation of MainStay MacKay Emerging Markets Debt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 95.7% |
| Cash & Equivalents | 3.9% |
MGHBX Performance
Total returns for MGHBX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.3% |
| 3 years (annualised) | -4.7% |
MGHBX Risk Information
Risk metrics for MGHBX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.9%
MGHBX Costs and Fees
MGHBX costs about $231 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.31%
- Gross expense ratio: 2.52%
- Portfolio turnover: 104%
- Brokerage commissions: 0.28 bps of average net assets (SEC N-CEN)
MGHBX Cashflows
Over the 12 months to 2026-04, MainStay MacKay Emerging Markets Debt Fund had net outflows of $80.15M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $21.45K |
| 2026-03 | $409.51K |
| 2026-02 | $797.04K |
| 2026-01 | −$41.19M |
| 2025-12 | −$38.80M |
| 2025-11 | −$1.47M |
MGHBX Debt Constituents
Largest debt holdings of MainStay MacKay Emerging Markets Debt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Dominican Republic | 4.46% |
| Federal Republic of Nigeria | 4.14% |
| Kingdom of Saudi Arabia | 3.87% |
| Republic of Angola | 3.80% |
| Republic of Ecuador | 3.33% |
| Arab Republic of Egypt | 3.21% |
| Ukraine | 3.16% |
| Romania | 2.94% |
| Kingdom of Morocco | 2.91% |
| Republic of Indonesia | 2.84% |
MGHBX Prospectus and SEC Filings
Official MainStay MacKay Emerging Markets Debt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-26
- Prospectus (485BPOS) — filed 2025-02-25
- Prospectus supplement (497) — filed 2025-02-28
- Portfolio holdings (N-PORT) — filed 2026-09-23
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-26
- Annual census (N-CEN) — filed 2026-01-13
- Annual census (N-CEN) — filed 2025-01-13
Related Funds
Other Intermediate Total / Aggregate 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.