Global Bond Fund

Share Class :
ISIN: LU0552899485
Marketing Communication
Global Bond Fund
Marketing Communication
ISIN: LU0552899485
Share Class :

Global Bond Fund

ISIN: LU0552899485

Marketing Communication

Important Information

  • The Fund invests primarily in domestic, international and Euromarket fixed income securities of varying maturities denominated in US Dollars and other currencies, including emerging markets.
  • Investment involves risks. Key risks for this fund include Interest Rate Risk, Credit Risk, High Yield Securities Risk, Exchange Rate Risk, Emerging Market Currency Risk, Derivatives Risk, Downgrading Risk, Unrated Securities Risk and Risk of Exposure to the Euro and Eurozone.
  • There is a risk that you may potentially lose your entire investment in this Fund.
  • The investment decision is yours but you should not invest unless the intermediary who sells it to you has advised you that it is suitable for you and has explained why, including how buying it would be consistent with your investment objectives. You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund details including risk factors.
  • The Fund may use derivatives for investment or efficient portfolio management (including hedging) purposes which may expose to higher counterparty, liquidity and valuation risks. The Fund may suffer losses from its derivatives usage. 
Investment Objective
To provide an attractive rate of return.
Investment Approach
Seeks to provide an attractive rate of return, measured in U.S. dollars, through market, instrument and currency selection. The Fund consists of domestic, international and euromarket fixed income securities of varying maturities denominated in U.S. dollars and other currencies, including emerging markets.
Oct '10
Share Class Launch Date
Share Class Base Currency
Number of holdings
Average yield to maturity

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.

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 JPM Global Traded Unhedged Index from inception through 31 March 2004, the FTSE WGBI Index to 31 January 2010 and the Bloomberg Global Aggregate Bond Index thereafter.

This fund received a compensation payment in connection with Prudential Equity Group's settlement with the U.S. 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 USD 1,517,320 and USD 650,280, respectively.

As of 31-May-2024

As of 14-Jun-2024

As of 31-May-2024

As of 14-Jun-2024

Performance of 100 EUR invested
Performance of 100 EUR invested

Average Annual Total Returns As of 31-May-2024 As of 31-Mar-2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class AH (EUR) EUR (%) -0.71 -8.25 -3.70 -2.48 -1.32
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class AH (EUR) EUR (%) -1.44 -7.08 -3.30 -2.14 -1.22
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class AH (EUR) EUR (%) 2.99 -19.11 -6.46 8.11 5.01 -5.80 6.67 0.21 -5.94 1.29
Average Annual Total Returns
As of 31-May-2024
TIMEFRAME Share Class AH (EUR) EUR (%)
1 Yr -0.71
3 Yrs -8.25
5 Yrs -3.70
10 Yrs -2.48
Since Inception -1.32
As of 31-Mar-2024
TIMEFRAME Share Class AH (EUR) EUR (%)
1 Yr -1.44
3 Yrs -7.08
5 Yrs -3.30
10 Yrs -2.14
Since Inception -1.22
TIMEFRAME Share Class AH (EUR) EUR (%)
2023 2.99
2022 -19.11
2021 -6.46
2020 8.11
2019 5.01
2018 -5.80
2017 6.67
2016 0.21
2015 -5.94
2014 1.29

Composition 4 As of 30-Apr-2024
AAA 25.20
AA 12.41
A 23.62
BBB 20.93
BB 4.87
B 1.51
CCC 0.32
CC 0.36
Not Rated 8.55
Cash 2.23
US Dollar 46.19
Euro 21.78
Japanese Yen 9.87
Chinese Yuan Renminbi 9.49
British Pound 3.96
Australian Dollar 3.35
South Korean Won 1.13
Canadian Dollar 0.71
Mexican New Peso 0.53
Dominican Peso 0.49
Other 2.51
Credit 28.94
Investment Grade Corporates 21.84
High Yield Corporates 4.38
Convertibles 0.29
ETFs 2.15
Securitized 29.01
Agency RMBS 11.91
Non-Agency RMBS 8.62
ABS 3.26
CMBS 5.22
Government 37.50
Treasuries 27.62
Sovereign 1.39
Government Related 8.49
Interest Rate Swaps -0.03
Cash & Equivalents 4.58
May not sum to 100% due to the exclusion of other assets and liabilities.

Geography4 As of 30-Apr-2024
U.S. 39.14
United Kingdom 10.20
China 6.44
Spain 6.39
Italy 4.95
Germany 3.13
Canada 2.99
Japan 2.54
France 2.53
Mexico 1.87
Other 17.58
Cash 2.23
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 30-Apr-2024
United Kingdom (Government of), 3.500000%, 2025-10-22 2.28
Umbs, 5.500000%, 2054-01-25 2.27
Spain Government Bond, 3.250000%, 2034-04-30 2.12
Canadian Government Bond, 3.250000%, 2033-12-01 1.56
Japan (Government of), 0.400000%, 2041-06-20 1.53
Italy (Republic of), 4.000000%, 2030-11-15 1.53
Italy (Republic of), 0.650000%, 2027-10-28 1.44
Umbs, 3.000000%, 2052-01-25 1.13
United States Treasury, 1.750000%, 2034-01-15 1.07
Total 17.00

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
Duration (years) 5.95 6.56
Average yield to maturity (%) 4.86 4.06
Number of holdings 444 30,121
Portfolio Managers
Michael Kushma
CIO, Broad Markets Fixed Income
37 years industry experience
Richard Ford
Co-Head, Broad Markets Fixed Income
33 years industry experience
Utkarsh Sharma
Executive Director
14 years industry experience
Leon Grenyer
Head of European Multi-Sector
28 years industry experience

Team members may be subject to change at any time without notice

Effective 1 December 2023, Chris Roth is no longer serving as Portfolio Manager on the Fund.


This is a marketing communication. Applications for shares in the Fund should not be made without first consulting the current Prospectus and the Key Facts Statement, which are available in English and in the official language of your local jurisdiction at A summary of investor rights is available in the official languages of your local jurisdiction at the same 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 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.

The Blended Index performance shown is calculated using the JPM Global Traded Unhedged Index from inception through 31 March 2004, the FTSE WGBI Index to 31 January 2010 and the Bloomberg Global Aggregate Bond Index thereafter.

The Bloomberg Global Aggregate Index: provides a broad-based measure of the global investment grade fixed-rate debt markets. Total Returns shown is unhedged USD.The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

The JPM Global Traded Unhedged Index: provides a broad-based measure of the global investment grade fixed-rate debt markets. Total Returns shown is unhedged USD.The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

The FTSE WGBI Index: measures the performance of fixed-rate, local currency, and investment grade sovereign bonds. The WGBI provides a broad benchmark for the global sovereign fixed income market.

“Bloomberg®” and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

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. 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.

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. 

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.

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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