European Equity Alpha Fund
Share Class :
 
ISIN: LU0073234501
 
 
Overall Morningstar Rating
European Equity Alpha Fund
ISIN: LU0073234501
Share Class :

European Equity Alpha Fund

SHARE CLASS :
ISIN: LU0073234501
 
Overall Morningstar Rating
 
 
 
Investment Objective

Seeks long-term capital growth, measured in euro, through investment primarily in a concentrated portfolio of equity securities of companies listed on European stock exchanges. Investments will be sought in equity securities that the Company believes to have the highest potential for long term capital appreciation based primarily on fundamental market factors and stock specific research.

 
43
Number of holdings
3.10
Tracking error (3 yr) (%)
-1.03
Information ratio
64.74
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 30-Sep-2017

As of 18-Oct-2017


Performance of 100 EUR invested
Performance of 100 EUR invested

    
Past performance is not indicative of future results.
 
 
Total Returns As of 30-Sep-2017 As of 30-Sep-2017
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A EUR (%) 13.13 3.51 7.53 2.43 5.00
MSCI Europe (Net) Index (%) 16.26 6.69 10.21 2.96 6.13
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A EUR (%) 13.13 10.90 43.74 27.11 174.18
MSCI Europe (Net) Index (%) 16.26 21.44 62.59 33.92 241.43
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A EUR (%) 13.13 3.51 7.53 2.43 5.00
MSCI Europe (Net) Index (%) 16.26 6.69 10.21 2.96 6.13
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A EUR (%) 13.13 10.90 43.74 27.11 174.18
MSCI Europe (Net) Index (%) 16.26 21.44 62.59 33.92 241.43
2012 2013 2014 2015 2016
Share Class A EUR (%) 14.88 22.37 2.87 4.64 -0.84
MSCI Europe (Net) Index (%) 17.29 19.82 6.84 8.22 2.58
 
Total Returns
TIMEFRAME Share Class A MSCI Europe (Net) Index
1 Yr 13.13 16.26
3 Yrs 10.90 21.44
5 Yrs 43.74 62.59
10 Yrs 27.11 33.92
Since Inception 174.18 241.43
TIMEFRAME Share Class A MSCI Europe (Net) Index
1 Yr 13.13 16.26
3 Yrs 10.90 21.44
5 Yrs 43.74 62.59
10 Yrs 27.11 33.92
Since Inception 174.18 241.43
TIMEFRAME Share Class A MSCI Europe (Net) Index
2012 14.88 17.29
2013 22.37 19.82
2014 2.87 6.84
2015 4.64 8.22
2016 -0.84 2.58
Past performance is not indicative of future results.
 
 
Risk/Return StatisticsAs of 30-Sep-2017

TIMEFRAME:
    Share Class A Index
Alpha (%) -3.18 --
Beta 1.02 1.00
R squared 0.95 1.00
Information ratio -1.03 --
Tracking error (%) 3.10 --
Volatility (Standard deviation) (%) 13.84 13.16
Past performance is not indicative of future results.
 
 
Composition As of 30-Sep-2017
  Fund Index
Financials 18.93 21.38
Health Care 15.93 12.79
Consumer Staples 15.05 13.68
Industrials 12.06 13.13
Consumer Discretionary 8.79 10.55
Information Technology 7.80 4.82
Energy 6.18 6.95
Telecommunication Services 5.43 3.84
Materials 4.94 7.89
Other 2.93 --
Cash & equivalents 1.95 --
Total 100.00 --


Geography As of 30-Sep-2017
  Fund Index
United Kingdom 25.70 27.50
France 17.63 16.62
Germany 16.22 15.06
Switzerland 15.94 12.73
Netherlands 12.24 5.74
Denmark 2.47 2.87
Ireland 2.18 0.70
Sweden 2.09 4.53
Spain 2.05 5.35
Other 1.52 --
Cash & equivalents 1.95 --
Total 100.00 --


Holdings As of 30-Sep-2017
Fund Index
Nestle S.A. 4.57 2.80
Novartis AG 3.46 2.04
British American Tobacco plc 3.45 1.55
Royal Dutch Shell plc 3.16 2.69
Roche Holding AG 3.06 1.93
Bayer AG 3.03 1.21
BP plc 3.03 1.35
Sap Se 2.97 1.16
Bnp Paribas 2.92 0.97
Prudential plc 2.88 0.66
Total 32.53 --


Portfolio Characteristics As of 30-Sep-2017
Fund Index
P/CF 14.18 11.30
P/BV 2.33 1.99
P/E 22.22 19.70
Yield 3.09 2.94
Number of holdings 43 444
 
 
Portfolio Managers
Head of European Equity Team
24 years industry experience
Executive Director
24 years industry experience
Executive Director
21 years industry experience
 
Insights by European Equity Team
Macro Insight
The Markets – A Review
Aug 31, 2017
European equity markets appear fundamentally sound, following a summer that bore witness to consolidation. Morgan Stanley’s European Equity Team explains its outlook for the coming months.
Macro Insight
The Markets – A Review
Sep 30, 2017
Morgan Stanley’s European Equity Team discusses the current global economy and earnings expectations as year-end approaches.
 
 
 

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: 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.

Source: Morningstar. Morningstar counts each share class as a separate fund for purposes of its ranking and ratings calculations. Morningstar compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Past performance is no guarantee of future results. Morningstar rankings and ratings may vary for other share classes. © 2016 Morningstar, Inc. 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.

Morningstar:
Ratings as of 30/09/2016. Ratings: Morningstar, Inc. is an independent publisher of mutual fund research and ratings. Ratings reflect a fund’s risk-adjusted 3-, 5-, and 10-year total returns, including any sales charge. A Fund is rated against all other funds in its category. Overall Rating for a fund is derived from a weighted average of the ratings for the time periods indicated. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%; 3 stars to the next 35%; 2 stars to the next 22.5%; and 1 star to the bottom 10%. Morningstar only rates funds with at least a 3-year history. Source: Morningstar. Morningstar counts each share class as a separate fund for purposes of its ranking and ratings calculations. Morningstar compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Past performance is no guarantee of future results. Morningstar rankings and ratings may vary for other share classes. © 2015 Morningstar, Inc. 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.

This communication was issued by Morgan Stanley Asia Limited for use in Hong Kong, and its contents have not been reviewed by the Securities & Futures Commission of Hong Kong.

Only A and C share classes of the Fund are authorized by the Securities & Futures Commission of Hong Kong to be offered to the public in Hong Kong. 

This fund received a windfall compensation payment in connection with Prudential Equity Group's settlement with the US SEC relating to market timing charges. Consequently, the net cash injection received in March 2010 and the related withholding tax, accrued in September 2010 and received in August 2011, have increased the fund’s AUM by EUR 5,437,850 and EUR2,455,464 respectively, enhancing the overall 2010 fund’s performance by 297bps.

 
 

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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