Asian Fixed Income Opportunities Strategy
Asian Fixed Income Opportunities Strategy

Asian Fixed Income Opportunities Strategy

 
 
 
Summary

The Asian Fixed Income Opportunities Strategy seeks to provide access to the full spectrum of Asian ex-Japan fixed income, selecting investment opportunities across hard and local currency, sovereign and corporate debt. The team invests with no sector limitations, utilizing an approach that combines top-down macro assessment with rigorous fundamental analysis to identify the best investment ideas in each segment of the market.

0-6 years
Typical Duration
3.5-6.5%
Typical Yield to Maturity
Max 50%
Non-U.S. Dollar-Denominated Exposure
 
 
Investment Approach
Philosophy

The investment team believes that in the long run, value prevails and research wins. Hence, an active and flexible approach is the best way to invest. Central to the team’s investment philosophy is a structure that allows the team to:

Think Globally

Collaborate

Diversify

Debate

 
Differentiators
Asset allocation benefits

The team analyses regional and macro themes, country fundamentals and rate, currency and credit dynamics to generate broad investment targets.

Deep research

The team has a thorough process to help identify the best individual investments in each segment of the market.

Experienced team

Our experienced Emerging Markets Debt team provides extensive research and analysis of the Asian fixed income markets. This is supported by the broader knowledge and experience of the Global Fixed Income Team.

 
 
 
Investment Process
1
Macro analysis

The process begins with a top-down, value assessment of the global fixed income universe, with specific focus on the Asia ex-Japan region. The team seeks to identify the themes driving asset prices across countries, credit, rates, and currencies which, in turn, drives the asset allocation process. The team seeks first to identify areas where implied market forecasts are out of line relative to historic trends and secondly, to identify what the catalyst will be for the market to adjust, and for the sector to re-value.

2
Asset allocation

Following this assessment the team sets the overall investment direction of the portfolio, and sector positions. The asset allocation process is an integral part of the investment process which allows the team to capture the breath of opportunities within the Asian ex-Japan fixed income markets. This enables the team to build diversified portfolios, one of the four key principles of the team’s investment philosophy and fundamental to the ethos of the Asian Fixed Income Opportunities Strategy.

3
Security selection

Research is conducted by dedicated economists and analysts that specialize in the Asia credit, rates, and currency universe. This process is supported by additional macro and credit specialists from the Global Fixed Income Team. Portfolio Managers then work with the research analysts to implement these ideas across fixed income portfolios, in accordance with each portfolio’s objectives and guidelines.

4
Portfolio construction

The team uses a Positioning & Sizing framework that takes into consideration the total return potential of investment alternatives, the volatility of returns and correlation of such potential positions to assess risk, and a conviction factor about the return/risk trade-off based on a comprehensive review of event risk (including near-term political factors) and the market technicals such as planned issuance, investors’ positioning, and outlook for asset class flows.

5
Risk management

Risk management is integrated throughout the team’s investment process. An independent team also monitors portfolio adherence to guidelines, overall risk levels, and composition.

 
 
Portfolio Managers
Managing Director
23 years industry experience
Chief Investment Officer of Global Fixed Income
30 years industry experience
Managing Director
24 years industry experience
Executive Director
14 years industry experience
 
 
 
 

ご案内の運用戦略の中には、日本でご紹介していないものも含まれています。また、受託資産額が運用上限に達したため受託を一時的に停止している運用戦略が含まれている場合があります。詳細につきましては、お問い合わせ下さい。

リスクについて

受託資産の運用は、受託資産に組入れられた株式その他の有価証券等の価格変動リスクや株式その他の有価証券等の発行体の信用リスク等による影響を受けます。受託資産の運用による損益はすべてお客様に帰属し、元本が保証されているものではなく、元本損失又は受託資産に関して行われる取引に際し預託すべき委託証拠金その他の保証金の額を上回ることとなるおそれがあります。個別の受託資産ごとに投資対象資産の種類や投資制限、取引市場、投資対象国等が異なることから、リスクの内容や性質が異なりますので、投資一任契約を締結する際には、契約締結前交付書面をよくご覧ください。

受託資産の運用に係る費用について

投資顧問契約及び投資一任契約に係る投資顧問報酬として、契約資産額に対して年率2.16%(税込)を上限とする料率を乗じた金額が契約期間に応じてかかります。投資一任契約に基づいて投資信託を組み入れる場合は、投資する投資信託に係る費用等が投資顧問報酬に加えてかかる場合があります。また、一部の戦略では投資顧問報酬に加えて成功報酬がかかる場合があります。その他の費用として、組み入れ有価証券の売買手数料、先物・オプション取引に要する費用、有価証券の保管費用等を間接的にご負担頂いただく場合があります。これらの手数料等は契約内容、契約資産の額、運用状況等により異なる為、事前に料率、上限額等を示すことができません。

当ページの情報は、モルガン・スタンレー・インベストメント・マネジメント株式会社(以下、当社)が、投資一任契約においてご提供する運用プロダクトについての情報提供を目的として作成したものです。本資料は当社が信頼できると判断した情報を元に、十分な注意を払い作成しておりますが、当社はその正確性や完全性をお約束するものではありません。