NYLI MacKay Short Duration High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, NYLI MacKay Short Duration High Income Fund held 458 positions with $2.92B in net assets. Its ten largest holdings made up 8.6% of the fund. The MDHAX share class costs 1.02% a year. Over the 12 months to May 2026, MDHAX returned 5.8%, with dividends reinvested. In 2026 Q3 it added 48 new positions and exited 46.
The Fund seeks high current income. Capital appreciation is a secondary objective.
The fund invests at least 80% of its assets in high-yield debt securities rated below investment grade by a nationally recognized statistical rating organization, or unrated securities deemed comparable by the Subadvisor MacKay Shields LLC, which manages the fund day-to-day. The Subadvisor selects securities by analyzing individual companies' competitive position, financial condition, and business prospects, with emphasis on asset coverage and duration management to keep weighted average duration at three years or less. Because security selection depends on the Subadvisor's subjective judgments about asset coverage and issuer quality, fund returns will vary with the accuracy of those assessments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Great Outdoors Group LLC 6.90% floating · due 2032-01-23 | 1.11% | $32.41M | — |
Churchill Downs, Inc. 5.50% · due 2027-04-01 | 1.01% | $29.48M | — |
Cloud Software Group, Inc. 6.50% · due 2029-03-31 | 0.94% | $27.49M | — |
TransDigm, Inc. 6.75% · due 2028-08-15 | 0.91% | $26.68M | — |
Organon & Co. 4.13% · due 2028-04-30 | 0.89% | $25.87M | — |
TransDigm, Inc. 6.38% · due 2029-03-01 | 0.84% | $24.48M | — |
Big River Steel LLC 6.63% · due 2029-01-31 | 0.74% | $21.68M | — |
Jazz Securities DAC 4.38% · due 2029-01-15 | 0.74% | $21.69M | — |
Star Leasing Co. LLC 7.63% · due 2030-02-15 | 0.71% | $20.64M | — |
SS&C Technologies, Inc. 5.50% · due 2027-09-30 | 0.70% | $20.53M | — |
The 200 largest of 458 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 82.96% |
| Loans | 12.96% |
| Stocks | 0.58% |
By sector
- Other
- 55.3%
- International
- 14.1%
- Consumer Discretionary
- 7.2%
- Communication Services
- 4.0%
- 9 other sectors
- 19.3%
- Other
- 55.3%
- International
- 14.1%
- Consumer Discretionary
- 7.2%
- Communication Services
- 4.0%
- Energy
- 3.4%
- Industrials
- 3.0%
- Health Care
- 2.8%
- Financials
- 2.7%
- Utilities
- 2.5%
- Consumer Staples
- 2.0%
- Information Technology
- 1.7%
- Materials
- 0.9%
- Real Estate
- 0.2%
How it has done
MDHAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.48%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.02% | +5.78% | +22.15% | +24.58% | -0.79% | |
| 1.80% | +4.97% | +19.24% | +19.59% | -0.91% | |
| 0.78% | +6.02% | +22.89% | +26.07% | -0.65% | |
| — | — | — | — | — | |
| 1.05% | +5.75% | +21.87% | +24.21% | -0.68% | |
| — | — | — | — | — |
Fees & fund details
NYLI MacKay Short Duration High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.69% – 1.80%· MDHAX 1.02%
- Portfolio turnover
- 33.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
48 new· the largest 7
46 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.6% |
| Floating rate | 16.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.9% |
| 1-3y | 41.8% |
| 3-5y | 43.5% |
| 5-10y | 9.4% |
| 10y+ | 2.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 57% |
| Interest rates | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.21 yr |
| Investment grade | +0.05 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.59 yr | 35% |
| 5 yr | 1.02 yr | 60% |
| 10 yr | 0.01 yr | 1% |
| 30 yr | 0.06 yr | 4% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.67 yr | 30% |
| 5 yr | 1.40 yr | 62% |
| 10 yr | 0.05 yr | 2% |
| 30 yr | 0.14 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $8 | $1.3k |
| 1 yr | +0.59 | +0.02 | +0.64 | $7.2k | $187.3k |
| 5 yr | +1.02 | +0.03 | +1.37 | $7.5k | $400.9k |
| 10 yr | +0.01 | +0.00 | +0.05 | $0 | $13.9k |
| 30 yr | +0.06 | +0.00 | +0.14 | $0 | $40.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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