MainStay Investments, a New York Life company, has added the MainStay New York Tax Free Opportunities Fund, the firm's first state-specific municipal bond strategy, to its portfolio.
The fund is managed by Robert DiMella and John Loffredo at affiliate MacKay Shields LLC. According to Mainstay, New York issues about 15% of the supply in the entire municipal marketplace, second only to California, creating the opportunity to manage diversified portfolios and deliver a relative value within the state of New York.
"When you factor in the higher taxes in New York and that there are a lot of residents in upper tax brackets in the state, this fund could prove to be a compelling value for residents as well as for some outside of New York, who may be looking for diversification within their entire municipal bond exposure," said Stephen Fisher, president of the MainStay Funds.
