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MACKAY SHIELDS LLC

299 PARK AVENUE 32ND FLOOR, NEW YORK, NY 10171 • 212-230-3811

Q4 2025 · Filed 2026-01-29
Market Value
$414M
-15.3%
Holdings
48
-6
New Purchases
2
Added To
1
Closed
8
Reduced
18
Top 10 Concentration
66.6%
Turnover
20.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
APO-PA 13.01% 10.41% +2.59% $54M
TALO 8.00% 6.07% +1.93% $33M
BAC-PL 6.32% 4.60% +1.72% $26M
IAU 9.30% 7.80% +1.50% $39M
BTT 7.51% 6.51% +1.00% $31M
MHD 6.14% 5.20% +0.94% $25M
MUJ 3.54% 2.92% +0.62% $15M
GPOR 5.45% 4.84% +0.61% $23M
MHN 2.94% 2.49% +0.45% $12M
WFC-PL 4.33% 3.90% +0.44% $18M
MYN 2.81% 2.38% +0.43% $12M
NBH 3.01% 2.60% +0.41% $12M
GLD 1.47% 1.11% +0.35% $6M
MIY 1.88% 1.53% +0.35% $8M
MQT 2.45% 2.10% +0.34% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NEA 0.00% 4.19% -4.19% $0
NVG 0.00% 2.93% -2.93% $0
NZF 0.98% 3.61% -2.62% $4M
NAD 0.00% 2.53% -2.53% $0
NAC 0.00% 1.20% -1.20% $0
VOD 0.00% 0.88% -0.88% $0
ENX 0.00% 0.85% -0.85% $0
VKI 0.23% 0.73% -0.49% $965K
IQI 0.00% 0.19% -0.19% $0
VMO 0.47% 0.61% -0.13% $2M
NRK 1.56% 1.66% -0.10% $6M
KTF 0.20% 0.24% -0.04% $841K
MFM 0.44% 0.48% -0.03% $2M
WBD 1.57% 1.60% -0.02% $7M
NINEQ 0.00% 0.02% -0.02% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 76.3%
Energy 21.7%
Communication Services 2.0%
Consumer Defensive 0.0%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $44M 10.7%
Large Cap 5 $105M 25.3%
Mid Cap 7 $61M 14.7%
Small Cap 24 $181M 43.6%
Micro Cap 10 $24M 5.7%

Portfolio Analytics

Avg Market Cap
$22.6B
Median Market Cap
$538M
Avg P/E
30.1
Median P/E
31.6
Avg Dividend Yield
0.05%
Avg Beta
0.73
# Stocks
18
# ETFs / Funds
30

Top Holdings (48 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 APO-PA 13.01% 714,292 $54M $75.48 $3M -7,555 -1.1%
2 IAU 9.30% 475,000 $39M $81.17 $352K -50,000 -9.5%
3 TALO 8.00% 3,008,435 $33M $11.02 $3M -90,000 -2.9%
4 BTT 7.51% 1,364,127 $31M $22.82 -$761K -55,767 -3.9%
5 BAC-PL 6.32% 20,927 $26M $1,252.08 $4M +3,343 +19.0%
6 MHD 6.14% 2,166,270 $25M $11.74 -$22K
7 GPOR 5.45% 108,592 $23M $207.99 -$1M -22,364 -17.1%
8 WFC-PL 4.33% 14,770 $18M $1,216.40 -$1M -634 -4.1%
9 MUJ 3.54% 1,232,873 $15M $11.90 $382K
10 NBH 3.01% 1,233,578 $12M $10.12 -$247K
11 MHN 2.94% 1,191,469 $12M $10.23 $12K
12 MYN 2.81% 1,174,171 $12M $9.91 -$23K
13 MUC 2.51% 981,326 $10M $10.60 -$245K
14 MQT 2.45% 1,008,573 $10M $10.05 -$163K -18,232 -1.8%
15 BFK 2.02% 833,784 $8M $10.03 -$17K
16 MVF 1.99% 1,192,311 $8M $6.93 -$133K -31,554 -2.6%
17 MIY 1.88% 664,819 $8M $11.74 $306K
18 MYD 1.76% 697,362 $7M $10.49 -$205K -14,761 -2.1%
19 WBD 1.57% 226,250 $7M $28.82 -$1M -173,750 -43.4%
20 NRK 1.56% 641,105 $6M $10.09 -$2M -156,530 -19.6%
21 GLD 1.47% 15,336 $6M $396.31 $626K
22 BYM 1.27% 479,613 $5M $10.94 -$5K
23 VFL 1.00% 401,695 $4M $10.27 $4K
24 NZF 0.98% 324,502 $4M $12.58 -$14M -1,081,921 -76.9%
25 MQY 0.98% 357,837 $4M $11.30 -$125K
26 BLE 0.92% 363,951 $4M $10.44 -$4K
27 VGM 0.77% 308,543 $3M $10.37 -$546K -61,619 -16.6%
28 VKQ 0.76% 325,107 $3M $9.65
29 EIM 0.75% 318,814 $3M $9.73 -$67K
30 NQP 0.66% 229,220 $3M $11.89 -$74K -4,090 -1.8%
31 VMO 0.47% 205,338 $2M $9.57 -$1M -102,367 -33.3%
32 MFM 0.44% 339,657 $2M $5.43 -$490K -93,498 -21.6%
33 CWB 0.29% 13,633 $1M $89.20 +13,633 NEW
34 BKN 0.25% 92,077 $1M $11.20 -$13K
35 VKI 0.23% 105,768 $965K $9.12 -$3M -299,193 -73.9%
36 KTF 0.20% 92,505 $841K $9.09 -$359K -38,302 -29.3%
37 TPB 0.18% 6,802 $737K $108.40 $65K
38 MVT 0.17% 65,678 $710K $10.81 $12K
39 SECR 0.07% 11,136 $287K $25.73 +11,136 NEW
40 VPV 0.04% 14,433 $151K $10.46 $2K
41 NINEQ —% -$74K -116,342 -100.0% SOLD
42 VOD —% -$4M -371,152 -100.0% SOLD
43 NVG —% -$14M -1,165,469 -100.0% SOLD
44 NAC —% -$6M -511,343 -100.0% SOLD
45 NAD —% -$12M -1,058,093 -100.0% SOLD
46 ENX —% -$4M -421,971 -100.0% SOLD
47 NEA —% -$21M -1,801,320 -100.0% SOLD
48 IQI —% -$936K -94,994 -100.0% SOLD

New Positions

SymbolValue% Port
CWB $1M 0.29%
SECR $287K 0.07%

Sold Out Positions

SymbolValue% Port
NEA —%
NVG —%
NAD —%
IQI —%
NAC —%
VOD —%
ENX —%
NINEQ —%
View SEC EDGAR Filings for MACKAY SHIELDS LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms