Michael Welhoelter
Managing Director, Co-CIO, Portfolio Manager, Head of Risk Management
Michael Welhoelter

Michael is Co-Chief Investment Officer and Chief Risk Officer of Epoch Investment Partners. He is responsible for integrating risk management into the investment process and is a Portfolio Manager for the MainStay Epoch Funds. 

Michael joined the firm in 2005 as Head of Quantitative Research and Risk Management. Previously, he was a Director and Portfolio Manager in the Quantitative Strategies Group at Columbia Management Group, Inc. He was also a Portfolio Manager in the Structured Equity Group at Credit Suisse Asset Management Group and a Portfolio Manager and Quantitative Research Analyst at Chancellor/LGT Asset Management. He is an author (with co-authors Bill Priest and Steven Bleiberg) of Winning at Active Management: The Essential Roles of Culture, Philosophy, and Technology. He has worked in the financial services industry since 1986.  

Michael earned a B.A. in Computer and Information Science from Colgate University.


Chartered Financial Analyst (CFA)

New York Society of Security Analysts Member

Society of Quantitative Analysts Member


Products Managed

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.