The World of Fixed Income Is Changing

The beta avalanche is ending

Since 1995, 93% of fixed income returns have been derived from declining yields, a trend unlikely to continue with today’s ultra-low rates.

Fixed income remains a portfolio diversifier

In our view, skilled active management is crucial to producing positive returns and providing diversification across multiple market environments.

A changing era requires a focus on alpha

Consider strategies with the latitude to generate alpha through duration positioning, credit analyis, yield curve exposure, and security selection.

Flexible Solutions for Evolving Markets

Our active fixed income strategies seek to add alpha by providing enhanced flexibility to invest opportunistically across the fixed income universe.

 

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IMPORTANT INFORMATION
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There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the strategy's / product's relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles.

This is a general communication, which is not impartial and has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. All investments involve risks, including the possible loss of principal. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

In addition, this is not intended to be a client specific suitability analysis. Do not use this profile as the sole basis for investment decisions. Do not select an investment strategy based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon.

The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested. This material is a general communication, which is not impartial and has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory / advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

The views are not of all the portfolio managers at MSIM or of the firm as a whole. Except as otherwise indicated herein, the views and opinions expressed herein are those of the portfolio management team, are based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date hereof. Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific Morgan Stanley Investment Management product.

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