Emerging Markets Local Income Fund

Share Class :
ISIN: LU2802095542
Marketing Communication
Emerging Markets Local Income Fund
Marketing Communication
ISIN: LU2802095542
Share Class :

Emerging Markets Local Income Fund

ISIN: LU2802095542

Marketing Communication

Investment Objective
To generate total return, being income plus capital appreciation.
Investment Approach
The investment team applies its fundamental, country-level economic and political research process combined with valuation analysis across more than 100 countries in directing Fund investments. The Fund provides exposures to select currencies and local interest rates of emerging-market economies in a benchmark-aware fashion while including significant exposure to off-benchmark countries.

The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.

Composition 4 As of 30-Apr-2024
AAA 3.27
AA 7.12
A 14.23
BBB 23.53
BB 26.24
B 23.69
CCC 0.61
Not Rated 1.31
Egypt 16.49
Poland 12.31
Mexico 11.79
Indonesia 11.69
Brazil 11.31
Malaysia 10.10
Thailand 8.05
Uzbekistan 7.16
Hungary 7.10
Turkey 7.06
Indonesia 0.73
China 0.63
Thailand 0.58
Mexico 0.49
Czech Republic 0.46
South Africa 0.45
Malaysia 0.43
Brazil 0.39
Hungary 0.38
Poland 0.30
May not sum to 100% due to rounding.

Portfolio Characteristics
Countries Represented 40
Off Benchmark (%) 48.00
Local Sovereign (%) 147.37
External Sovereign (%) 3.01
Corporate (%) 5.68
Portfolio Managers
Brian Shaw
Executive Director
17 years industry experience
Patrick Campbell
Managing Director
16 years industry experience
Team members may be subject to change at any time without notice.

Applications for shares in the Fund should not be made without first consulting the current Prospectus and the Key Information Document (KID) or Key Investor Information Document (“KIID”), which are available in English and in the official language of your local jurisdiction at morganstanleyinvestmentfunds.com or free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

Information in relation to sustainability aspects of the Fund and the summary of investor rights is available at the aforementioned website.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

Please visit our Glossary page for fund related terms and definitions.

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.

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 Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund.

Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations.

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.

The Europe/Asia and South Africa category (EAA) includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system.

© 2024 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.

2 J.P. Morgan Government Bond Index Emerging Market (JPM GBI-EM) Global Diversified is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments.

3 Entry Charge is a maximum possible figure. In some cases you might pay less, you can find this out from your financial adviser. Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges. The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

4 May not sum to 100% due to rounding. 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. Foreign Currency Exposures by Country include all foreign exchange denominated assets, currency derivatives and commodities. Interest-Rate Exposures by Country are based on option-adjusted interest-rate duration relative to net assets. Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments.  Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values.

Prior to 11 August 2023, the Fund was known as the Eaton Vance International (Ireland) Emerging Markets Local Income Fund.

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.


This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

This is a Marketing Communication.

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.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.

Privacy & Cookies    •    Your Privacy Choices Your Privacy Choices Icon    •    Terms of Use

©  Morgan Stanley. All rights reserved.