Global Opportunity Fund
Share Class :
ISIN: LU0552385451
Overall Morningstar Rating
Global Opportunity Fund
ISIN: LU0552385451
Share Class :

Global Opportunity Fund

ISIN: LU0552385451
Overall Morningstar Rating
Investment Objective
Long term growth of your investment.
Investment Approach
The Portfolio seeks long-term capital appreciation by investing globally in high-quality established and emerging companies that the investment team believes are undervalued at the time of purchase. To achieve its objective, the investment team seeks companies with sustainable competitive advantages and long-term growth that creates value, rather than focusing on short-term events, with stock selection informed by rigorous fundamental analysis.
Nov '10
Share Class Launch Date
Tracking error (3 yr) (%)
R Squared
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.

As of 31-Oct-2019

As of 15-Nov-2019

As of 31-Oct-2019

As of 15-Nov-2019

Performance of 100 USD invested
Performance of 100 USD invested

Past performance is not a reliable indicator of future results.
Total Returns Average Annual Total Returns As of 31-Oct-2019 As of 30-Sep-2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class C USD (%) 18.08 17.32 14.16 -- 13.11
MSCI All Country World Index (%) 12.59 11.33 7.08 -- 8.59
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class C USD (%) 18.08 61.49 93.90 -- 199.92
MSCI All Country World Index (%) 12.59 38.00 40.78 -- 108.54
Morningstar Category Average (%) 13.93 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class C USD (%) 1.46 15.93 13.73 -- 12.81
MSCI All Country World Index (%) 1.38 9.71 6.65 -- 8.35
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class C USD (%) 1.46 55.83 90.31 -- 189.96
MSCI All Country World Index (%) 1.38 32.04 37.99 -- 102.99
Morningstar Category Average (%) 0.27 -- -- -- --
2018 2017 2016 2015 2014 2013 2012
Share Class C USD (%) -8.10 47.25 -1.33 17.67 6.55 37.55 8.22
MSCI All Country World Index (%) -9.41 23.97 7.86 -2.36 4.16 22.80 16.13
2015 2016 2017 2018 2019
Share Class C USD (%) 15.44 4.01 35.28 1.10 18.08
MSCI All Country World Index (%) -0.03 2.05 23.20 -0.52 12.59
Total Returns
As of 31-Oct-2019
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%)
1 Yr 18.08 12.59
3 Yrs 17.32 11.33
5 Yrs 14.16 7.08
10 Yrs -- --
Since Inception 13.11 8.59
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%) Morningstar Category Average (%)
1 Yr 18.08 12.59 13.93
3 Yrs 61.49 38.00 --
5 Yrs 93.90 40.78 --
10 Yrs -- -- --
Since Inception 199.92 108.54 --
As of 30-Sep-2019
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%)
1 Yr 1.46 1.38
3 Yrs 15.93 9.71
5 Yrs 13.73 6.65
10 Yrs -- --
Since Inception 12.81 8.35
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%) Morningstar Category Average (%)
1 Yr 1.46 1.38 0.27
3 Yrs 55.83 32.04 --
5 Yrs 90.31 37.99 --
10 Yrs -- -- --
Since Inception 189.96 102.99 --
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%)
2018 -8.10 -9.41
2017 47.25 23.97
2016 -1.33 7.86
2015 17.67 -2.36
2014 6.55 4.16
2013 37.55 22.80
2012 8.22 16.13
TIMEFRAME Share Class C USD (%) MSCI All Country World Index (%)
2015 15.44 -0.03
2016 4.01 2.05
2017 35.28 23.20
2018 1.10 -0.52
2019 18.08 12.59
Past performance is not a reliable indicator of future results.
Risk/Return Statistics

    Share Class C Index
Excess Return (%) 5.99 --
Alpha (%) 4.95 --
Beta 1.11 1.00
Information ratio 0.71 --
R squared 0.69 1.00
Sharpe ratio 1.05 0.87
Tracking error (%) 8.48 --
Volatility (Standard deviation) (%) 15.03 11.27
Down-capture ratio (%) 103.11 100.00
Up-capture ratio (%) 130.35 100.00
Past performance is not a reliable indicator of future results.
Composition 4 As of 31-Oct-2019
  Fund Index
Information Technology 28.79 16.54
Consumer Discretionary 28.37 10.82
Communication Services 10.98 8.76
Consumer Staples 7.28 8.35
Industrials 6.42 10.48
Financials 4.22 16.74
Materials 3.18 4.70
Health Care 1.97 11.57
Other -0.01 --
Cash 8.84 --
May not sum to 100%.

Geography4 As of 31-Oct-2019
  Fund Index
North America 51.65 58.49
Pacific Basin 15.64 8.91
Non-EURO Europe 7.31 9.09
EURO Europe 6.49 9.59
Japan 4.81 7.42
Indian Sub-Continent 4.22 1.05
South America 1.08 1.11
Cash 8.84 --
May not sum to 100%.

Holdings As of 30-Sep-2019
Fund Index
Mastercard Inc 7.53 0.53 Inc 6.48 1.56
Tal Education Group 5.83 0.03
Dsv B Shs 4.77 0.04
Alphabet Inc 4.74 1.60
Hdfc Bank Ltd 4.44 --
Visa Inc 3.96 0.64
Servicenow Inc 3.88 0.10
Adobe Inc 3.81 0.29
Booking Holdings Inc 3.62 0.18
Total 49.06 --

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.

Full Holdings Report available at least 45 calendar days after quarter-end.

Complete holdings for the Portfolio will be available at least 15 calendar days after month-end to current shareholders who email client service at

Portfolio Characteristics
Fund Index
Active share (%) 93.06 --
Return on capital (%) 17.42 14.03
5 year EPS growth (%) 27.64 10.91
Sales growth (%) 22.90 10.14
Net cash to equity (%) 3.00 -62.00
Weighted average market capitalization ($B) 171.30 148.54
Number of holdings 39 2,853

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 facts statement (KFS) contains this and other information about the fund. Please read the prospectus and KFS 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.

2 The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends.

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 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.

BENCHMARK Hong Kong as of September 30, 2018, Class A shares. Based upon total return in U.S.$. The winners in the Mutual Fund Retail Class category are those which: 1. Are an open-ended onshore or offshore fund authorized by the Hong Kong SFC, 2. Have a minimum fund size of US$100 million, 3. Have a minimum 3-year track record, 4. Are not a fund with back-end/redemption fees, and 5. Have a minimum initial investment of less than USD 50,000. The Best-in-Class (BIC) awardees are the highest scoring funds based on (USD) performances between October 1, 2017 and September 30, 2018, by using the following weighting: 1-year Return: 20%; 3-year Return: 30%; 5-Year Return: 20%; 3-Year Sortino Ratio: 30%. Monthly score sets are calculated by aggregating the 12-monthly rolling one-year, three-and five-year (USD) returns, and by adding a risk score for their risk-adjusted returns. Funds in the final score set with a negative Sortino ratio will be excluded from the assessment for the awards. For more information on the methodology, please refer to Past performance is no guarantee of future results.


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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