US Property Fund

Share Class :
ISIN: LU0073233958
Marketing Communication
US Property Fund
Marketing Communication
ISIN: LU0073233958
Share Class :

US Property Fund

ISIN: LU0073233958

Marketing Communication

Important Information

  • The Fund invests primarily in equity securities of companies in the US real estate industry.
  • Investment involves risks. Key risks for this fund include Risk of Investment in the Real Estate Industry and REITs, Risk of Investment in Equity 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
Investment Objective
Long term growth of your investment.
Investment Approach
We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. We utilize proprietary research to assess both real estate specific factors and broader equity market factors, as well as Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors.

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.

As of 31-May-2024

As of 20-Jun-2024

As of 31-May-2024

As of 20-Jun-2024

Performance of 100 USD invested
Performance of 100 USD 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 A USD (%) 7.36 -2.14 -1.49 0.81 5.90
FTSE Nareit Equity REITs (Net) Index (%) 8.78 -0.91 2.38 4.44 6.66
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A USD (%) 9.13 1.75 -1.54 1.76 6.05
FTSE Nareit Equity REITs (Net) Index (%) 9.14 2.98 2.94 5.32 6.82
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class A USD (%) 13.45 -27.48 40.04 -19.10 15.79 -10.82 2.30 3.09 -1.17 29.71
FTSE Nareit Equity REITs (Net) Index (%) 12.28 -25.17 41.66 -9.07 24.50 -6.17 3.95 7.34 2.02 28.65
Average Annual Total Returns
As of 31-May-2024
TIMEFRAME Share Class A USD (%) FTSE Nareit Equity REITs (Net) Index (%)
1 Yr 7.36 8.78
3 Yrs -2.14 -0.91
5 Yrs -1.49 2.38
10 Yrs 0.81 4.44
Since Inception 5.90 6.66
As of 31-Mar-2024
TIMEFRAME Share Class A USD (%) FTSE Nareit Equity REITs (Net) Index (%)
1 Yr 9.13 9.14
3 Yrs 1.75 2.98
5 Yrs -1.54 2.94
10 Yrs 1.76 5.32
Since Inception 6.05 6.82
TIMEFRAME Share Class A USD (%) FTSE Nareit Equity REITs (Net) Index (%)
2023 13.45 12.28
2022 -27.48 -25.17
2021 40.04 41.66
2020 -19.10 -9.07
2019 15.79 24.50
2018 -10.82 -6.17
2017 2.30 3.95
2016 3.09 7.34
2015 -1.17 2.02
2014 29.71 28.65

Risk/Return Statistics

    Share Class A Index
Excess Return (%) -1.23 --
Alpha (%) -1.61 --
Beta 0.90 1.00
Information ratio -0.21 --
R squared 0.92 1.00
Sharpe ratio -0.26 -0.18
Tracking error (%) 5.95 --
Volatility (Standard deviation) (%) 20.08 21.35
Composition 4 As of 31-May-2024
Data Centers 14.81
Health Care 13.74
Industrial 13.71
Apartments 11.58
Self Storage 6.28
Specialty 5.63
Shopping Centers 5.38
Regional Malls 4.97
Free Standing 4.84
Other 17.58
Cash 0.85
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 31-May-2024
Welltower Inc 9.03
Equinix Inc 8.75
Prologis Inc 8.08
Digital Realty Trust Inc 6.06
AvalonBay Communities Inc 5.77
Simon Property Group 4.97
Public Storage Inc 4.70
American Homes 4 Rent 4.34
Iron Mountain Inc 3.67
VICI Properties Inc 3.64
Total 59.01

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
Active share (%) 37.70
Dividend Yield (%) 3.58
Number of holdings 34
Weighted average market capitalization ($B) 38.29

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.

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.

© 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 FTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index : is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems.

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 the exclusion of other assets and liabilities. 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.

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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