Global Convertible Bond Fund

Share Class :
 
ISIN: LU0410168768
 
 
Overall Morningstar Rating1
Marketing Communication
Global Convertible Bond Fund
Marketing Communication
ISIN: LU0410168768
Share Class :

Global Convertible Bond Fund

SHARE CLASS :
ISIN: LU0410168768
 
Overall Morningstar Rating1

Marketing Communication

Important Information

  • The Fund invests primarily in convertible bonds issued by companies organised or operating in either the developed or emerging markets which will be denominated in global currencies.
  • Investment involves risks. Key risks for this fund include High Yield Securities Risk, Credit Risk, Interest Rate Risk, Exchange Rate Risk, Downgrading Risk, Emerging Market Currency Risk, Derivatives 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 generate income and the long term growth of your investment.
Investment Approach
Seeks long-term capital appreciation, measured in U.S. dollars, through investment primarily in convertible bonds issued by companies organised or operating in either the developed or emerging markets which will be denominated in global currencies.
 
EUR
Share Class Base Currency
3.03
Duration (years)
35.54
Conversion Premium
1.34
Current Yield

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 Benchmark performance shown is calculated using the ICE BofA G300 Global Convertible Index Local Currency to 31 October 2005, the ICE BofA G300 Global Convertible Index USD Hedged to 30 April 2011 and the Refinitiv Convertible Global Focus (USD Hedged) Index thereafter. Effective 21 February 2020, the Thomson Reuters Convertible Global Focus (USD Hedged) Index was renamed to Refinitiv Convertible Global Focus (USD Hedged) Index. Effective 30th June 2024, the Refinitiv Convertible Global Focus (USD Hedged) Index was renamed to the FTSE Global Focus Convertible (USD Hedged) Index.

As of 31-Oct-2024

As of 12-Nov-2024

As of 31-Oct-2024

As of 12-Nov-2024


Performance of 100 EUR invested
Performance of 100 EUR invested

     
 
 
Average Annual Total Returns As of 31-Oct-2024 As of 30-Sep-2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class AH (EUR) EUR (%) 12.78 -1.97 4.02 2.38 4.65
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class AH (EUR) EUR (%) 9.91 -1.29 4.61 2.47 4.77
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class AH (EUR) EUR (%) 9.50 -15.02 2.33 19.63 10.84 -6.72 3.48 -0.06 -0.25 3.06
Average Annual Total Returns
As of 31-Oct-2024
TIMEFRAME Share Class AH (EUR) EUR (%)
1 Yr 12.78
3 Yrs -1.97
5 Yrs 4.02
10 Yrs 2.38
Since Inception 4.65
As of 30-Sep-2024
TIMEFRAME Share Class AH (EUR) EUR (%)
1 Yr 9.91
3 Yrs -1.29
5 Yrs 4.61
10 Yrs 2.47
Since Inception 4.77
TIMEFRAME Share Class AH (EUR) EUR (%)
2023 9.50
2022 -15.02
2021 2.33
2020 19.63
2019 10.84
2018 -6.72
2017 3.48
2016 -0.06
2015 -0.25
2014 3.06

 
 
 
 
Composition 4 As of 30-Sep-2024
  Fund
Information Technology 21.42
Consumer Discretionary 19.68
Health Care 15.26
Industrials 9.79
Financials 8.72
Utilities 7.50
Communication Services 4.97
Materials 3.39
Consumer Staples 2.25
Real Estate 2.14
Other 2.05
Cash & equivalents 2.82
 
May not sum to 100% due to rounding.


Geography4 As of 30-Sep-2024
  Fund
Americas 55.90
Asia & Other 21.68
EMEA 19.60
Cash 2.82
 
May not sum to 100% due to rounding.


Holdings As of 30-Sep-2024
Fund
Alibaba Group Holding Ltd, 0.500000%, 2031-06-01 3.11
Akamai Tech, Inc., 1.125000%, 2029-02-15 2.39
Ping An Insurance Group Co. of China Ltd, 0.875000%, 2029-07-22 2.19
Uber Technologies Inc, 0.000000%, 2025-12-15 1.86
Global Payments Inc., 1.500000%, 2031-03-01 1.83
Dexcom, 0.375000%, 2028-05-15 1.66
Jd.com Inc, 0.250000%, 2029-06-01 1.65
Ford Motor Company, 0.000000%, 2026-03-15 1.64
On Semiconductor Corp, 0.500000%, 2029-03-01 1.43
Pg&E Corp, 4.250000%, 2027-12-01 1.43
Total 19.19

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) 3.02 3.57
Delta (equity sensitivity) 48.38 52.36
Current Yield (%) 1.28 1.49
Conversion premium 35.38 30.27
 
 
 

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 morganstanleyinvestmentfunds.com. 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.

Ratings as of 31-Oct-2024. 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 The Blended Benchmark performance shown is calculated using the ICE BofA G300 Global Convertible Index Local Currency to 31 October 2005, the ICE BofA G300 Global Convertible Index USD Hedged to 30 April 2011 and the Refinitiv Convertible Global Focus (USD Hedged) Index thereafter. Effective 21 February 2020, the Thomson Reuters Convertible Global Focus (USD Hedged) Index was renamed to Refinitiv Convertible Global Focus (USD Hedged) Index. Effective 30th June 2024, the Refinitiv Convertible Global Focus (USD Hedged) Index was renamed to the FTSE Global Focus Convertible (USD Hedged) Index.

The FTSE Convertible Global Focus USD Hedged Index (Index) formerly known as Refinitiv Convertible Global Focus USD Hedged Index is derived from the FTSE Convertible Global Index (Global Index) using Regional Market Capitalization, Percentage Price, and Premium criteria. It aims to represent a sub-set of the Convertible market by selecting a sub-set of constituents from the Global Index with a common set of defined characteristics representing issues with what is termed a “balanced” profile. The Index is a market weighted index with a minimum size for inclusion of $500 million (US), €375 million (Europe), 22 billion Yen (Japan), $275 million (Asia ex-Japan), and $275 million (Other) of Convertible Bonds with an Equity Link.

ICE BofA G300 Global Convertible Index Local Currency is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. It is composed of securities denominated in their respective local currencies. 

ICE BofA G300 Global Convertible Index USD Hedged is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. It is hedged to the U.S. dollar. 

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. 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.

Premium is capped at 100% for individual bonds, to limit the impact on weighted average premium of the fund.

 

For performance purposes, if the time period being examined commences before the Global Bond Fund AH Share Class was launched, then the return is a blend of the Global Convertible Bond (Euro) Fund Class A to 19 March 2009 and the Global Bond Fund Class AH thereafter. This has been achieved by chain linking the respective share classes.

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.

 
♰♰

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