Short Maturity Euro Bond Fund
Share Class :
 
ISIN: LU0360478795
 
 
Overall Morningstar Rating
Short Maturity Euro Bond Fund
ISIN: LU0360478795
Share Class :

Short Maturity Euro Bond Fund

SHARE CLASS :
ISIN: LU0360478795
 
Overall Morningstar Rating
 
 
 
Investment Objective

Seeks to provide an attractive rate of relative return, measured in euro, through investment primarily in high quality issues of euro denominated fixed income securities, whether issued by corporations, government or government guaranteed issuers. The Fund will invest primarily, in order to reduce volatility, in individual securities with maturity dates having a maximum of five years.

 
Jun '08
Share Class Launch Date
190
Number of holdings
1,740.44
Share Class Assets
(MM EUR)
 
 
Pricing & Performance

Past performance is not indicative of future results. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

As of 31-Oct-2017

As of 16-Nov-2017


Performance of 100 EUR invested
Performance of 100 EUR invested

    
Past performance is not indicative of future results.
 
 
Average Annual Total Returns As of 31-Oct-2017 As of 30-Sep-2017
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z EUR (%) 0.69 0.48 0.94 -- 2.26
Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index (%) 0.10 0.39 1.00 -- 2.31
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z EUR (%) 0.52 0.39 0.99 -- 2.27
Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index (%) -0.19 0.29 1.03 -- 2.32
2012 2013 2014 2015 2016
Share Class Z EUR (%) 5.38 1.59 1.10 0.30 0.49
Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index (%) 4.07 1.83 1.68 0.68 0.38
 
Average Annual Total Returns
TIMEFRAME Share Class Z Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index
1 Yr 0.69 0.10
3 Yrs 0.48 0.39
5 Yrs 0.94 1.00
10 Yrs -- 2.34
Since Inception 2.26 2.31
TIMEFRAME Share Class Z Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index
1 Yr 0.52 -0.19
3 Yrs 0.39 0.29
5 Yrs 0.99 1.03
10 Yrs -- 2.36
Since Inception 2.27 2.32
TIMEFRAME Share Class Z Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index
2012 5.38 4.07
2013 1.59 1.83
2014 1.10 1.68
2015 0.30 0.68
2016 0.49 0.38
Past performance is not indicative of future results.
 
 
Risk/Return StatisticsAs of 31-Oct-2017

TIMEFRAME:
    Share Class Z Index
Alpha (%) 0.09 --
Beta 0.44 --
R squared 0.09 --
Information ratio 0.15 --
Tracking error (%) 0.65 --
Volatility (Standard deviation) (%) 0.63 0.43
Past performance is not indicative of future results.
Risk and Reward Profile As of 20-Apr-2017
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards

The higher the category (1-7), the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

Refer to the fund's Key Investor Information Document (KIID) under Resources for share class tailored risk rating and warnings.

 
 
 
 
Composition As of 31-Oct-2017
  Fund
Government 42.18
Financial 33.35
Utilities 5.34
Energy 3.45
Consumer, Non-Cyclical 2.79
Industrial 1.85
Consumer, Cyclical 1.67
Basic Materials 1.50
Communications 0.76
Other 0.57
Cash & equivalents 6.53
Total 100.00
  Fund
AAA 4.61
AA 13.88
A 25.02
BBB 49.70
BB 0.16
Not Rated 0.15
Cash 6.48
Total 100.00


Geography As of 31-Oct-2017
  Fund
Italy 19.61
Spain 15.56
France 7.64
United Kingdom 7.24
Germany 5.90
United States 4.03
China 3.98
Australia 3.83
Netherlands 3.47
Other 22.19
Cash & equivalents 6.53
Total 100.00


Holdings As of 31-Oct-2017
Fund
Italy (Republic of), 2.100000%, 2021-09-15 4.69
Spain Government Bond, 4.300000%, 2019-10-31 4.67
Italy (Republic of), 1.050000%, 2019-12-01 3.48
France Government Bond Oat, 1.000000%, 2019-05-25 3.04
Spain Government Bond, 0.250000%, 2019-01-31 2.96
Italy (Republic of), 4.000000%, 2020-09-01 2.52
France Government Bond Oat, 0.000000%, 2020-05-25 2.20
Italy (Republic of), 0.350000%, 2020-06-15 2.16
Spain Government Bond, 2.750000%, 2019-04-30 2.05
Italy (Republic of), 0.050000%, 2019-10-15 2.04


Portfolio Characteristics As of 31-Oct-2017
Fund Index
Interest Rate Duration 1.21 1.99
Average yield to maturity 0.21 -0.49
Number of holdings 190 75
 
 
Portfolio Managers
Managing Director
25 years industry experience
Managing Director
17 years industry experience
 
 
 
 
 

Performance data quoted is based on average annualized returns and net of fees.

The source for all performance and index data is Morgan Stanley Investment Management Limited. 

Past performance is not a guarantee of future performance. The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. Returns may increase or decrease as a result of currency fluctuations. Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and key investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID carefully before you invest.

The higher the category (1-7), the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment. Refer to the fund's Key Investor Information document (KIID) under Resources for share class tailored risk rating and warnings.

The Ongoing Charges Figure (“OCF”) reflects the payments and expenses which cover aspects of operating the fund and is deducted from the assets over the period. It includes fees paid for investment management, trustee/custodian, and administration charges.

Total expenses ("TER") charged to the share class for the current reporting month, calculated net of any waivers and expressed as an annualised percentage of average net assets for the month.

Morningstar
Ratings: 
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. The top 10% of products in each product category receive 5 stars, 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. Ratings do not take into account sales loads.

© 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The benchmark name changed from Barclays Euro-Aggregate: Treasury 1-3 Years Index to Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Years Index on 24th August 2016.

The benchmark for the Fund is a blend of the MSCI EMU Sovereign Debt 1-3 Yrs Index to 30 April 2007 and Bloomberg Barclays Euro-Aggregate: Treasury 1-3 Yrs Index thereafter. The benchmark is calculated by geometrically chain-linking the monthly returns.

Quality distribution data for securities is sourced from Fitch, Moody’s and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the ‘highest’ rating is applied. The rating of credit default swaps is based on the ‘highest’ rating of the underlying reference bond. 'Cash’ includes investments in short term instruments, including investments in Morgan Stanley liquidity funds.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Please be aware that liquidity instruments may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall. In a declining interest-rate environment, the portfolio may generate less income.

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

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