A 50% Currency Hedge Has Consistently Lowered Volatility in International Equity Portfolios 2
Currency hedging has historically, contributed to improved risk-adjusted returns and reduced volatility, without altering local equity exposure, as measured by metrics like the Sharpe ratio. This passive investing approach has offered international diversification with reduced exposure to currency fluctuations.
Manage Volatility
Without Equity Tilts 1
A 50% currency hedge mitigates the volatility associated with fully hedged or unhedged strategies
Seeks enhanced risk-adjusted returns over time with lower volatility
Employs a passive approach to international equity investing for broad developed market exposure
Why HFXI Now?
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Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
EPSYX
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructure funds, as of 03/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
HFXI
NYLI FTSE International Equity Currency Neutral ETF
EQUITIES
In international investing, currency exposure can be used to help manage volatility without having to reweight equities. This exposure can help provide competitive up and down capture to the MSCI EAFE Index, along with risk adjusted return potential, as represented by the Sharpe ratio. In fact, HFXI includes securities that take a 50% hedge on the U.S. dollar and has historically delivered better up/down capture relative to its peers (Foreign Large Blend stocks), lower volatility and higher returns.
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Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 03/31/25
Class A Information
Class A Information
Global Infrastructure Earnings
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
6.5%
8.5%
LT Average
2 Year CAGR (2024f-2026f)
Listed Infrastructure Earnings Growth
Global listed infrastructure’s growth outlook continues to improve, with earnings growth expected to continue at a higher than historical average over the next two years.
Above Average Earnings Growth 4
Global listed infrastructure has historically demonstrated stable and resilient cash flows that have little relationship to cyclical economic conditions and have the potential to rise in excess of inflation due to reinvestment in assets.
Lower Volatility of Underlying Cash Flows 3
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The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. The NYLI CBRE Global Infrastructure Fund won the award in the Global Infrastructure Funds category over 10 years from among 14 funds for the period ended 12/31/2024. For more information, see lipperfundawards.com.
LSEG Lipper Fund Awards, ©2025 LSEG. All rights reserved. Used under license. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.
Can be used as an equity allocation diversifier or for real asset exposure
The growth outlook for global listed infrastructure continues to improve
Invests in infrastructure, a defensive asset class with a history of defined and resilient cash flows
Why VCRIX Now?
View Product Details
Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
EPSYX
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructure funds, as of 03/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 03/31/25
HFXI
NYLI FTSE International Equity Currency Neutral ETF
EQUITIES
Class A Information
Class A Information
The Power of Dividends:
Enhancing Returns While Managing Risk 5
Historically, companies with consistent dividend growth have delivered higher returns with lower volatility. Dividends are a key mechanism for companies to return free cash flow to shareholders and enhance shareholder value. Dividend policies can play an important role in shaping risk and return.
Companies reinvest capital if the expected return is greater than the company's cost of capital. Remaining free cash flow may be returned to investors via shareholder yield. EPSYX invests in companies with a history of generating free cash flow and have a commitment to using that cash to increase value
Companies Maximize Returns by Allocating Capital Well
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The Fund utilizes fundamental and quantitative research to determine whether a company's distributions can grow, while also seeking to mitigate risk
Companies with consistent dividend growth have delivered higher returns with lower volatility
Holds companies with a history of generating free cash flow and seeks to use that cash to increase shareholder value
Why EPSYX Now?
View Product Details
The MainStay MacKay Short Duration High Income Fund (formerly MainStay MacKay Short Duration High Yield Fund) won the 2023 LSEG Lipper U.S. Award for consistent return in its category over 10 years.
View Product Details
Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
EPSYX
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructure funds, as of 03/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 03/31/25
HFXI
NYLI FTSE International Equity Currency Neutral ETF
EQUITIES
Class A Information
Class A Information
EPSYX
Morningstar Rating: Overall, based on the risk-adjusted returns from among 259 Muni National Intermediate funds.
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructur funds, as of 3/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 3/31/25
HFXI
NYLI FTSE International Equity Currency Neutral ETF
EQUITIES
Class A
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructur funds, as of 3/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
EPSYX
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Risk-adjusted returns have improved without impacting local equity exposure, leading to a reduction in volatility and improvement in Sharpe ratio. By hedging currencies, returns are smoothed without active management, while offering international diversification minus the risk of currency fluctuations.
A 50% Currency Hedge Has Consistently Lowered Volatility in International Equity Portfolios
With lower standard deviation vs. the MSCI EAFE Index and Foreign Large Blend, HFXI enhances risk-adjusted returns, via a higher Sharpe ratio. Strong up/down capture ratios also provide stability in both rising and declining markets, helping investors achieve smoother returns without equity tilts.
Mitigate Volatility Risk Without Equity Tilts
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The MainStay MacKay Short Duration High Income Fund (formerly MainStay MacKay Short Duration High Yield Fund) won the 2023 LSEG Lipper U.S. Award for consistent return in its category over 10 years.
Explore Product Details
A 50% currency hedge mitigates the volatility associated with fully hedged or un hedged strategies
Employs a passive approach to international equity investing for broad developed market exposure
Has enhanced risk-adjusted returns over time with lower volatility
Why HFXI Now?
View Product Details
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 3/31/25
NYLI FTSE International Equity Currency Neutral ETF
HFXI
EQUITIES
Class A
Class A
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructur funds, as of 3/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
Class A
EQUITIES
Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
ESPYX
NYLI Epoch Global Equity Yield Fund
Class I
EQUITIES
Global listed infrastructure’s growth outlook continues to improve, with earnings growth expected to continue at a higher than historical average over the next two years.
Above Average Earnings Growth
VCRIX has historically experienced stable and resilient cash flows that have been uncorrelated to cyclical economic conditions. For investors seeking steady performance across different market environments, VCRIX’s has also provided more stable and resilient earnings growth vs. broad global equities
Lower Volatility of Underlying Cash Flows
View Product Details
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. guaranteed by LSEG Lipper. The NYLI CBRE Global Infrastructure Fund (VCRIX) won the award in its category over 10 years from among 14 funds. For more information, see lipperfundawards.com.
LSEG Lipper Fund Awards, ©2025 LSEG. All rights reserved. Used under license.
Can be used as an equity allocation diversifier or for real asset exposure
The growth outlook for Global listed infrastructure continues to improve
Invests in infrastructure, a defensive asset class with a history of stable and resilient cash flow
Why VCRIX Now?
View Product Details
HFXI
NYLI FTSE International Equity Currency Neutral ETF
EQUITIES
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 3/31/25
Class A
Overall Morningstar Rating based on risk-adjusted returns from among 82 Infrastructur funds, as of 3/31/25
VCRIX
NYLI CBRE Global Infrastructure Fund
Class I
EQUITIES
Morningstar Rating: Overall, based on the risk-adjusted returns from among 215 Bank Loan funds.
EPSYX
NYLI Epoch Global Equity Yield Fund
Class I
Class A
EQUITIES
Historically, companies with consistent dividend growth have delivered higher returns with lower volatility. Dividends are a key mechanism for companies to return free cash flow to shareholders and enhance shareholder value. Dividend policies can play an important role in shaping risk and return.
The Power of Dividends: Enhancing Returns While Managing Risk
Companies reinvest capital if the expected return is greater than the company's cost of capital. Remaining free cash flow may be returned to investors via shareholder yield. EPSYX invests in companies with a history of generating free cash flow and have a commitment to using that cash to increase value
Companies Maximize Returns by Allocating Capital Well
View Product Details
Holds quality companies with lower volatility compared to benchmark and good upside participation with better downside protection
Consistent dividend growth companies have delivered higher returns with lower volatility
Invests in companies with a history of generating free cash flow and using that cash to increase shareholder value
Why EPSYX Now?
View Product Details
Overall Morningstar Rating based on risk-adjusted returns from among 651 Foreign Large Blend funds, as of 3/31/25
NYLI FTSE International Equity Currency Neutral ETF
HFXI
EQUITIES
Class A
Class A
