Michael Denlinger, CFA
Managing Director , Portfolio Manager/Trader

Michael joined MacKay Shields in 2019. Before joining the firm he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Michael earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014 and an MBA from the University of North Carolina Kenan-Flagler Business School in 2022. He is a CFA Charterholder. He has been in the financial services industry since 2014.

Affiliations

Chartered Financial Analyst (CFA)

   

Products Managed

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Morningstar Rating Risk Adjusted Returns As of 12/31/2025 Average Annual Total Returns As of 12/31/2025 As of 12/31/2025
Symbol Name Asset Class Share Class Overall Rating Category Funds in Category YTD 1Y 3Y 5Y 10Y SI Incept. Date
MTBAX NYLI MacKay Tax Free Bond Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.55 0.55 -2.47 -2.47 3.93 3.93 0.81 0.81 3.86 3.86 2.81 2.81 0.47 0.47 -0.45 -0.45 2.33 2.33 1.86 1.86 4.07 4.07 3.92 3.92 01/03/1995
MTFDX NYLI MacKay Strategic Muni Allocation Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.63 0.63 -2.39 -2.39 4.68 4.68 1.54 1.54 4.21 4.21 3.16 3.16 1.51 1.51 0.58 0.58 - - - - 2.22 2.22 1.50 1.50 06/28/2019
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.49 0.49 2.29 2.29 2.55 2.55 4.50 4.50 3.92 3.92 2.24 2.24 -0.10 -0.10 -2.61 -2.61 3.30 3.30 2.84 2.84 4.45 4.45 3.51 3.51 06/26/2012
UTAVX NYLI MacKay Utah Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.64 0.64 -2.38 -2.38 4.81 4.81 1.66 1.66 - - - - - - - - - - - - 3.78 3.78 1.62 1.62 07/22/2024
MMCA NYLI MacKay California Muni Intermediate ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni California Intermediate 53 0.65 0.65 0.50 0.50 5.55 5.55 5.78 5.78 4.33 4.33 4.40 4.40 - - - - - - - - -0.05 -0.05 0.00 0.00 12/21/2021
AZTAX NYLI MacKay Arizona Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.71 0.71 -2.31 -2.31 4.46 4.46 1.32 1.32 - - - - - - - - - - - - 3.69 3.69 1.53 1.53 07/22/2024
MNOAX NYLI MacKay New York Muni Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.54 0.54 -2.47 -2.47 3.17 3.17 0.07 0.07 4.17 4.17 3.12 3.12 0.54 0.54 -0.38 -0.38 2.27 2.27 1.80 1.80 3.04 3.04 2.69 2.69 05/14/2012
MMMA NYLI MacKay Muni Allocation ETF Fixed Income - - Muni National Long 156 0.76 0.76 0.60 0.60 - - - - - - - - - - - - - - - - 0.43 0.43 0.45 0.45 12/16/2025
MSCAX NYLI MacKay California Muni Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.63 0.63 -2.39 -2.39 2.40 2.40 -0.68 -0.68 3.88 3.88 2.84 2.84 0.40 0.40 -0.52 -0.52 2.36 2.36 1.89 1.89 2.88 2.88 2.51 2.51 02/28/2013
MMIN NYLI MacKay Muni Insured ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.52 0.52 0.50 0.50 4.27 4.27 4.56 4.56 4.23 4.23 4.29 4.29 0.47 0.47 0.43 0.43 - - - - 2.52 2.52 2.52 2.52 10/18/2017
MMIOX NYLI MacKay Muni Income Opportunities Fund Fixed Income I - Muni National Long 156 0.64 0.64 - - 4.04 4.04 - - - - - - - - - - - - - - 4.62 4.62 - - 03/25/2024
MMIPX NYLI MacKay Muni Income Opportunities Fund Fixed Income A1 - Muni National Long 156 0.62 0.62 -2.40 -2.40 3.53 3.53 0.42 0.42 - - - - - - - - - - - - 4.10 4.10 2.32 2.32 03/25/2024
MMIRX NYLI MacKay Muni Income Opportunities Fund Fixed Income A2 - Muni National Long 156 0.62 0.62 - - 3.52 3.52 - - - - - - - - - - - - - - 4.15 4.15 - - 03/25/2024
MMIVX NYLI MacKay Muni Income Opportunities Fund Fixed Income A3 - Muni National Long 156 0.61 0.61 - - 3.27 3.27 - - - - - - - - - - - - - - 3.84 3.84 - - 03/25/2024
ORTBX NYLI MacKay Oregon Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.68 0.68 -2.34 -2.34 4.06 4.06 0.94 0.94 - - - - - - - - - - - - 2.98 2.98 0.84 0.84 07/22/2024
COTAX NYLI MacKay Colorado Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.62 0.62 -2.40 -2.40 3.65 3.65 0.54 0.54 - - - - - - - - - - - - 3.09 3.09 0.94 0.94 07/22/2024
MMIT NYLI MacKay Muni Intermediate ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.58 0.58 0.53 0.53 4.77 4.77 4.99 4.99 3.95 3.95 3.94 3.94 1.12 1.12 1.09 1.09 - - - - 2.68 2.68 2.69 2.69 10/18/2017
MGVAX NYLI MacKay U.S. Infrastructure Bond Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Intermediate Core Bond 414 0.14 0.14 -2.86 -2.86 8.28 8.28 5.03 5.03 5.83 5.83 4.76 4.76 0.69 0.69 -0.24 -0.24 1.99 1.99 1.53 1.53 3.91 3.91 3.75 3.75 01/03/1995

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance figures for all Funds reflect contractual waivers and/or expense limitations, without which total returns may have been lower. These limitations may be modified or terminated only with Board approval.


The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.


Click on the product name for the most recent overall risk-adjusted Morningstar ratings shown above, including ratings by share class and time period and the number of funds in each category. The Fund page also includes the prospectus, investment objectives, performance, risk and other important information.