European Aggregate Core Plus Strategy
European Aggregate Core Plus Strategy

European Aggregate Core Plus Strategy

 
 
 
Summary

The Euro Strategic Bond Strategy is a value-oriented fixed income strategy that seeks attractive total returns from income and price appreciation by investing in a globally diversified portfolio of government, corporation, and non-government debt denominated in euro and non-euro currencies. To help achieve this objective, the strategy combines a top-down assessment of macroeconomic conditions and the corporate bond universe with rigorous bottom-up fundamental analysis. The strategy has a broad investment universe and can purchase securities rated BB- and above.

 

+/-10%
Benchmark Security Weight
<5%
Single Issuer
100-175
Typical Number of Holdings
 
 
Investment Approach
Philosophy

The investment team believes that market participants may often mis-value a company’s default risk, resulting in bond prices that fail to reflect the true credit profile of a company. However, the team believes that the market will re-value the bond prices of high-quality issuers based over time, thereby offering investors the opportunity to potentially exploit these pricing inefficiencies and earn superior returns over the long term. The team believes that successful credit management depends on four factors:

  • A value-driven process
  • Forward-looking credit analysis
  • Broad diversification to help reduce portfolio risk
  • A global approach
 
Differentiators
Combined Quantitative and Qualitative Approach

The team’s investment approach integrates strong qualitative analysis with robust quantitative valuation tools at every stage of the investment process, providing a robust credit management process.

Extensive Experience

The Global Fixed Income Team at Morgan Stanley Investment Management has invested in fixed income assets since 1975, and in European fixed income assets since 1990.

Global Research

An emphasis on a team-based approach to research and investment, allows investors to benefit from the combined insight and expertise of the Global Fixed Income Team of 60 investment professionals. Approximately 80% of Morgan Stanley Investment Management’s research is generated in-house, and this is supplemented by Morgan Stanley sell-side and 3rd party research.

 
 
 
Investment Process
1
Macro Analysis

The process begins with a top-down value assessment of the bond universe, including a consideration of macroeconomic conditions, the corporate earnings environment and relative valuations.

2
Screening

The team applies what they believe to be a unique combination of quantitative and qualitative filters to identify bond issuers that meet its investment criteria in terms of competitive position, franchise value and management quality.

3
Credit Analysis

The team conduct rigorous credit analysis and focus on financial risk, business risk and management ability/intentions.

4
Valuation Analysis

The team’s credit analysis narrows the universe to approximately 200 investment candidates on which a relative valuation assessment is conducted.

5
Portfolio Construction:

A portfolio based on specific client guidelines is constructed, with sector allocation driven primarily from bottom-up security selection (subject to our risk management guidelines).

 
 
Portfolio Managers
Managing Director
27 years industry experience
Managing Director
18 years industry experience
 
 
Insights
Global Fixed Income Bulletin
A Bumpy Ride
Jun 15, 2018
The Global Fixed Income team discusses how May was a schizophrenic month for financial markets, with both bouts of "risk on" and "risk off", and how they expect the high volatility to continue.
Global Fixed Income Bulletin
Ranges Are Meant to be Broken
May 11, 2018
The Global Fixed Income team discusses how we may have seen markets settle in a range in April, but that new economic data (better or worse) could force the market to change its expectations.
 
 
 
 

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。