Emerging Markets Small Cap Equity Fund
Share Class :
 
ISIN: LU0898765242
Emerging Markets Small Cap Equity Fund
ISIN: LU0898765242
Share Class :

Emerging Markets Small Cap Equity Fund

SHARE CLASS :
ISIN: LU0898765242
 
 
 
 
Investment Objective
Long term growth of your investment.
Investment Approach
We seek long term capital appreciation, measured in US Dollars, through investment primarily in a portfolio of small cap equity securities in emerging market countries, including frontier market countries.
 
-4.56
Alpha (3 yr) (%)
4.97
Tracking error (3 yr) (%)
Mar '13
Share Class Launch Date
 
 
Pricing & Performance

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The sources for all performance and Index data is Morgan Stanley Investment Management. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

The Blended Index performance shown is calculated using the MSCI Frontier Index from inception through 2 January 2019 and the MSCI Emerging Markets Small Cap Index thereafter.

As of 30-Jun-2019

As of 23-Jul-2019

As of 30-Jun-2019

As of 23-Jul-2019


Performance of 100 USD invested
Performance of 100 USD invested

     
Past performance is not a reliable indicator of future results.
 
 
Average Annual Total Returns As of 30-Jun-2019 As of 30-Jun-2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class I USD (%) -4.45 2.10 -2.11 -- 2.87
MSCI Emerging Markets Small Cap Index (%) 0.06 6.65 -1.70 -- 4.08
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class I USD (%) -4.45 2.10 -2.11 -- 2.87
MSCI Emerging Markets Small Cap Index (%) 0.06 6.65 -1.70 -- 4.08
2012 2013 2014 2015 2016 2017 2018
Share Class I USD (%) -- -- 3.53 -10.18 5.18 19.85 -22.65
MSCI Emerging Markets Small Cap Index (%) -- -- 6.84 -14.46 2.66 31.86 -16.41
2015 2016 2017 2018 2019
Share Class I USD (%) -5.72 -10.42 20.26 -7.38 -4.45
MSCI Emerging Markets Small Cap Index (%) -13.93 -12.09 19.22 1.69 0.06
 
Average Annual Total Returns
As of 30-Jun-2019
TIMEFRAME Share Class I USD (%) MSCI Emerging Markets Small Cap Index (%)
1 Yr -4.45 0.06
3 Yrs 2.10 6.65
5 Yrs -2.11 -1.70
10 Yrs -- --
Since Inception 2.87 4.08
As of 30-Jun-2019
TIMEFRAME Share Class I USD (%) MSCI Emerging Markets Small Cap Index (%)
1 Yr -4.45 0.06
3 Yrs 2.10 6.65
5 Yrs -2.11 -1.70
10 Yrs -- --
Since Inception 2.87 4.08
TIMEFRAME Share Class I USD (%) MSCI Emerging Markets Small Cap Index (%)
2012 -- --
2013 -- --
2014 3.53 6.84
2015 -10.18 -14.46
2016 5.18 2.66
2017 19.85 31.86
2018 -22.65 -16.41
TIMEFRAME Share Class I USD (%) MSCI Emerging Markets Small Cap Index (%)
2015 -5.72 -13.93
2016 -10.42 -12.09
2017 20.26 19.22
2018 -7.38 1.69
2019 -4.45 0.06
Past performance is not a reliable indicator of future results.
 
 
Risk/Return Statistics

TIMEFRAME:
    Share Class I Index
Beta 0.93 1.00
Information ratio -0.92 --
R squared 0.83 1.00
Sharpe ratio 0.06 0.45
Tracking error (%) 4.97 --
Volatility (Standard deviation) (%) 11.94 11.65
Up-capture ratio (%) 78.10 100.00
Down-capture ratio (%) 103.08 100.00
Past performance is not a reliable indicator of future results.
 
 
 
Risk and Reward Profile As of 19-Feb-2019
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in shares of companies from emerging and frontier emerging markets and the fund's simulated and/or realised return has experienced high rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such as risks linked to the ownership of shares.
  • There are increased risks of investing in emerging and frontier markets as political, legal and operational systems may be less developed than in developed markets.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • 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.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in shares of companies from emerging and frontier emerging markets and the fund's simulated and/or realised return has experienced high rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such as risks linked to the ownership of shares.
  • There are increased risks of investing in emerging and frontier markets as political, legal and operational systems may be less developed than in developed markets.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • 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.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
 
 
 
 
Composition 4 As of 30-Jun-2019
  Fund Index
Consumer Discretionary 24.39 14.03
Financials 20.45 10.87
Industrials 18.50 14.39
Information Technology 10.87 14.57
Consumer Staples 8.87 6.51
Communication Services 8.77 4.18
Health Care 4.79 7.80
Materials 4.07 11.84
Utilities 3.99 4.95
Cash & equivalents -4.68 --
Total 100.00 --


Geography4 As of 30-Jun-2019
  Fund Index
India 19.74 15.10
China 13.96 11.40
South Korea 13.73 15.80
Taiwan 12.92 18.88
Indonesia 5.12 2.40
Brazil 3.75 7.95
Philippines 3.48 0.99
Vietnam 3.29 --
Kenya 3.25 --
Nigeria 2.98 --
Other 22.46 --
Cash & equivalents -4.68 --
Total 100.00 --


Holdings As of 30-Jun-2019
Fund Index
Bank Tabungan Pensiunan Nasion 1.68 0.07
Pvr Ltd 1.58 0.11
Creditaccess Grameen Ltd 1.58 --
Gujarat Gas Ltd 1.54 0.06
Sunny Friend Environmental Technology Co. 1.54 0.08
Voltas Ltd 1.54 0.13
Ramco Cements Ltd 1.53 0.09
Dentium Co. Ltd 1.52 0.06
Blue Star Ltd 1.51 0.04
Poya Company Ltd. 1.50 0.11
Total 15.52 --

These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned.



Portfolio Characteristics
Fund Index
Active share (%) 95.83 --
Number of holdings 90 1,644
Price/earnings (Next 12 months) 14.24 10.87
5 year EPS growth (%) 15.03 7.97
 
 
Portfolio Managers
Tim Drinkall
Managing Director
24 years industry experience
Omair Ansari
Vice President
13 years industry experience
Team members may be subject to change at any time without notice.
 
 
 
 

** Calendar Year Return (%) is available by selecting the fund name in the pricing table.

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.

Past performance is not indicative of future results. 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.

1 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.

© 2019 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 MSCI Emerging Markets Small Cap Index includes small cap representation across 23 Emerging Markets countries. With 1,864 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. The small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalization segments.

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. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page. 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.

Effective 12th September 2017, the Morgan Stanley Investment Funds Frontier Emerging Markets Equity Fund was renamed to Morgan Stanley Investment Funds Frontier Markets Equity Fund. Subsequently, effective 2nd January 2019, the Morgan Stanley Investment Funds Frontier Markets Equity Fund was renamed to the Morgan Stanley Investment Funds Emerging Markets Small Cap Equity Fund, and the fund’s benchmark changed from the MSCI Frontier Index to the MSCI Emerging Markets Small Cap Index, and the fund’s investment objective changed. Please refer to the fund’s prospectus for further information on these changes.

 
 

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.

 

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