The redemptions are dominated by a continued sell-off of the MainStay Marketfield Fund (MFADX), the largest in the alternative category, which posted its seventh month of outflows, according to Morningstar Inc.
(More: Liquid alts get warning from SEC's Norm Champ)
Marketfield has posted a -10.7% return this year as of Wednesday, underperforming 97% of its competitors and the S&P 500's 12.2% advance, Morningstar said.
The fund is distributed by a unit of the New York Life Insurance Co. New York Life spokeswoman Allison Scott did not respond to a request for comment.
Investor dollars into alternatives have tapered off.
Liquid alternative mutual funds had $2.6 bill of outflows in October, the first month of net outflows since April '12 pic.twitter.com/72sgmfx3S2
— Jason Kephart (@JasonKephart) November 13, 2014
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