Insight Article Desktop Banner
Market Pulse
March 11, 2020

Coronavirus: Positioning Portfolios for a Delayed Recovery

Insight Article Mobile Banner

Market Pulse

Coronavirus: Positioning Portfolios for a Delayed Recovery

Coronavirus: Positioning Portfolios for a Delayed Recovery

Share Icon

March 11, 2020


Since our note of 27 February, the global spread of COVID-19 has continued to increase exponentially, causing substantial and sustained market volatility. Although China is seeing a reduction in cases and a return to normal manufacturing production levels, the virus has now spread to more than 60 countries, many of which have been slow to respond.

At the beginning of the outbreak, we saw global equities fall as the impact on China became visible. This led to opportunistic buying, which pulled markets back up, only to have them turn down again sharply as the contagion spread globally, hitting prospects for global growth in 2020. In this note, the Global Balanced Risk Control (GBaR) team provides an update on its latest market views and asset allocation positioning. These changes reflect our revised base case of a prolonged disruption to global growth in 2020, as well as how we are both defending the portfolios we manage and seeking opportunities.


Revisions to Global Growth

In early February, our initial expectation was that the virus would be contained within China and Asia. We believed that although countries economically exposed to these regions would take a hit, with negative impact to supply chains, containment and stimulus would revive growth to pre-virus levels.

Until the week commencing 24 February, we still expected the hit to GDP growth to be approximately 0.5% to at most 1%. This is similar to the OECD’s1 base case scenario of a contained outbreak, which estimates a reduction to 2020 global GDP growth of 0.5%. This positive view would have meant a V-shaped recovery, largely confined to Q1 2020. With fiscal stimulus and pent-up demand, there would have been the prospect of a sharp rebound in growth in Q2.

When the markets fell sharply from 24 to 26 February, we were expecting more decisive and credible action from western governments, as the virus started spreading further. We also expected investors to take the view that the virus’ impact on the global economy would be moderate and to buy into the decline. However, the virus has now spread beyond Asia to more than 60 countries. Crucially, no meaningful or credible actions are being taken in the US or most European nations, (aside from Italy, where the entire country is in lockdown) to slow what is clearly an exponential spread of the virus.

Our view is that the delay in taking appropriate action in the West only means that more drastic and economically more disruptive action will need to be taken shortly. Importantly, politicians seem to be counting on the virus running its natural course and are tolerating the rise in deaths among vulnerable elements of the population. We believe that the public will not tolerate this approach - especially as the hospital systems become overwhelmed – and that public opinion will force the drastic, economically-disruptive policies that will be needed to slow the spread of COVID-19.

We now envision global growth to be closer to that of the OECD’s “domino” scenario of broader contagion, where the virus’ negative impact could lower 2020 global GDP growth by an estimated 1.5% from pre-virus levels in 2020. Under this scenario, we see a more extended, U-shaped recovery. This scenario would lead to at least technical recessions in many regions and in any event to a more lasting adverse impact on growth.

Oil Price Shocks and High Yield

COVID-19 has been a catalyst for negative developments that could cascade many regions into at least a technical recession. The most obvious of these negative developments has been the strain that COVID-19-related declines in oil demand have put on the stability of the OPEC+ (OPEC + Russia) cartel. The COVID-19-linked falls in oil demand have led directly to cartel meetings aiming to further curb the supply of crude oil and thereby support its price. During the OPEC+ production meeting on 6 March these talks deadlocked, resulting in a complete breakdown in cooperation – at least for the moment – between cartel members, after Russia announced they will no longer cut production, believing that such cuts are reducing their market share. Saudi Arabia countered this with discounts to preferred customers and an increase in production. This has led to dramatic declines in oil prices.

The negative consequences of this are potential bankruptcies of indebted US shale oil producers, whose bonds make up roughly 17% of the US High Yield bond indices. US High Yield credit spreads have already widened sharply and are a likely knock-on effect to credit-sensitive instruments globally. There are likely to be losses in employment associated with this strain on shale producers and credit-sensitive companies more generally. A second negative implication is on the earnings of energy companies as a whole – these companies are some of the most capital-intensive, so a drop in their earnings is likely to lead to a noticeable pullback in business fixed investment. This in turn would weaken manufacturing, which had until recently looked like it was recovering from a prolonged slump. There is a silver lining in that lower energy prices in the medium term are a substantial economic stimulus, but this effect takes many months to be realised, while the negative effects above typically occur rapidly.

Widespread Impact on Economic Growth

The negative developments on economic growth from COVID-19 extend beyond this, including the well-documented shock to travel and leisure, as well as the likely shock to global consumption. Moreover, US household ownership of listed equities has recently risen to relatively high levels, and US non-financial corporations in general have increased leverage sharply. Both of these phenomena are likely due to the prolonged period over which central bank intervention has kept interest rates extremely low. Households received little, if any, interest on their bank savings or in ‘safe’ assets, so bought equities for their potential higher returns or higher yields. Similarly, non-financial corporations were able to finance stock purchases at very attractive interest rates and many did so, raising corporate leverage levels on a macro level. The COVID-19 related stock market corrections will impact US household wealth sharply, exacerbating the likely decline in US consumption, which is already suffering from virus-related reductions in travel and entertainment. The economic weakness due to the direct and indirect virus effects will probably stress the earnings of the leveraged US non-financial corporate sector generally (not just the High Yield segment) leading to job cuts and reductions in investment, which in turn will weaken economic growth.

Federal Reserve Rate Cuts

After cutting rates three times in 2019, our base case prior to the escalation of COVID-19 was that the Federal Reserve would pause. Last week, the Fed’s 50bps out-of-cycle cut spooked markets, which may have interpreted this as a signal that the situation is worse than previously thought. The last time we saw such a cut was in 2008. However, we believe that the willingness by the Fed to do whatever it takes is positive for markets in the long run.


Prior to the emergence of COVID-19, equity valuations were elevated, so there was potential for markets to revise valuations for 2020. EPS estimates and prices have both been revised lower, with earnings expectations suggesting a moderate impact from COVID-19. If this is the case, current valuations are already attractive. However, if countries are increasingly unable to contain the spread of the virus and the impact proves to be severe, equity valuations are still expensive and may need to be revised down further.

US Politics

As mentioned in our note issued on 27 February, whilst the 2020 US Presidential election is not the primary driver of the recent volatility, its influence should not be underestimated. Indeed, as the year progresses it should become an increasingly important focus for markets. In late February, Bernie Sanders’ success in the Primaries was a likely contributor to the market sell-off as the threat of a business-unfriendly Democratic Nominee became a real prospect. However, Joe Biden’s surprise wins in unexpected territory in early March have made him the frontrunner for the candidacy.  

Managing Portfolios’ Broad Asset Allocations

Managing the risk profile in our portfolios is the single most important consideration. As reported earlier, we gradually reduced risk over the course of February. However, the sell-off continues with the spread of COVID-19 outside China and the crash in oil prices has added to market jitters. Therefore, we have taken action to decrease the overall risk level of our portfolios further, by trimming equities based on our view that a correction in equities will likely range between 15%-20%.

Tactical Asset Allocation Changes

We have been focusing on overall risk levels and also on areas which may have been hit too hard during the sell-off. Within equities, we have shifted from more cyclical to defensive sectors such as Consumer Staples. Without a V-shaped recovery, the performance of cyclicals is likely to lag the index. Conversely, defensive equities are likely to benefit from a protracted slowdown and a U-shaped recovery.

With respect to Fixed Income, we have also reduced risk, underweighting High Yield and removing our overweight to Emerging Market Local Debt, as spreads have lagged the move in equities in this sell-off. The more prolonged the disruption to growth, the higher the risk of credit downgrades and defaults. Instead, we have been moving into “safe haven” assets, such as US Treasuries and cash.

Below we have provided an overview of the key tactical asset allocation changes we have made recently:


China: Initiating an Overweight

Whilst China was first to be hit by COVID-19, it is also closer to getting back on track. Chinese authorities were swift to react to the crisis and this appears to have been effective. The number of reported new cases of COVID-19 has begun to decline in China and we believe that whilst economic activity has fallen in the short term, the disruption should be temporary, given the decisive monetary and fiscal response. Whilst the situation is escalating in the West, China is already back to 55% - 75%2 of its original manufacturing production levels. It is estimated that by the end of March the majority of activity should be back to normal levels3.

Japan: Moving from Overweight to Underweight

Japan is not only contending with the impact of the virus, but has the additional layer of the increased consumption tax, hitting consumer confidence, as its impact has been worse than anticipated. Although there is fiscal stimulus, there is likely to be a lag before its effects are fully apparent.

Consumer Staples: Initiating an Overweight

Although consumer confidence has been undermined, Consumer Staples should still do well due to people self-quarantining, working from home and preparing for the worst by stockpiling.

Fixed Income

High Yield: Moving from Neutral to Underweight

High yield spreads are widening significantly and liquidity is low. High yield is likely to suffer, given the sharp decline in oil prices, especially as oil companies represent a significant proportion of US High Yield. Although the oil price shock could lead to oil companies slashing investment, as was the case in 2014, this could in time lead to cheaper energy, which could help consumers and businesses. That said, there is likely to be a substantial lag before any of this effect is seen.

Emerging Market Local Currency Debt: Moving from Overweight to Neutral

There are two opposing forces at play (FX and Rates), given the downward revision to the growth outlook. This should give central banks an opportunity to cut rates, especially in those countries in which real rates are already quite high (e.g. LatAm, Russia). However, this complicates the outlook for FX, as currencies struggle to rally in a slowing global growth environment. The key is where the duration rally could offset the small FX depreciation. We have seen this happen before, so this could happen again.

US Treasuries: Overweight

US 10-year Treasuries are one of the few asset classes which are up over the past few days. The flight to safety has, at the time of writing, also seen US Investment Grade and Yen up, whilst Gold has remained flat.

We have provided the latest tactical asset allocation signals as follows, as of 9 March 2020:


Source: Morgan Stanley Investment Management (MSIM) GBaR team, as of 9 March 2020. For informational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The tactical views expressed above are a broad reflection of our team’s views and implementations, expressed for client communication purposes.


1 Organisation for Economic Co-operation and Development. OECD Interim Economic Assessment Coronavirus: The world economy at risk. 2 March 2020. 

2 Source: Morgan Stanley, company data. Data as of 4 March 2020.

3 Ibid.



There is no assurance that the Strategy will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this portfolio. Please be aware that this strategy may be subject to certain additional risks. There is the risk that the Adviser’s asset allocation methodology and assumptions regarding the Underlying Portfolios may be incorrect in light of actual market conditions and the Portfolio may not achieve its investment objective. Share prices also tend to be volatile and there is a significant possibility of loss. The portfolio’s investments in commodity-linked notes involve substantial risks, including risk of loss of a significant portion of their principal value. In addition to commodity risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility, that do not affect traditional equity and debt securities. Currency fluctuations could erase investment gains or add to investment losses. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes.Equity and foreign securities are generally more volatile than fixed income securities and are subject to currency, political, economic and market risks. Equity values fluctuate in response to activities specific to a company. Stocks of small-capitalization companies carry special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed markets.  Exchange traded funds (ETFs) shares have many of the same risks as direct investments in common stocks or bonds and their market value will fluctuate as the value of the underlying index does. By investing in exchange traded funds ETFs and other Investment Funds, the portfolio absorbs both its own expenses and those of the ETFs and Investment Funds it invests in. Supply and demand for ETFs and Investment Funds may not be correlated to that of the underlying securities. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the portfolio’s performance.  A currency forward is a hedging tool that does not involve any upfront payment. The use of leverage may increase volatility in the Portfolio. Diversification does not protect you against a loss in a particular market; however, it allows you to spread that risk across various asset classes. 

Managing Director
Global Balanced Risk Control Team
Managing Director
Global Balanced Risk Control Team
Executive Director


The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all portfolio managers at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific Morgan Stanley Investment Management product.

Except as otherwise indicated, the views and opinions expressed herein are those of the portfolio management team, are based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date hereof.

Certain information herein is based on data obtained from third party sources believed to be reliable. However, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness.

The information herein is a general communications which is not impartial and has been prepared solely for information and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy.

The material contained herein has not been based on a consideration of any individual client circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Past performance is no guarantee of future results. Charts and graphs provided herein are for illustrative purposes only.

This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This commentary is only intended for, and will be only distributed to, persons resident in jurisdictions where distribution or availability would not be contrary to local laws or regulations.

There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the product’s relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles.


This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.

EMEA: This communication has been issued by Morgan Stanley Investment Management Limited (“MSIM”). Authorised and regulated by the Financial Conduct Authority. Registered in England No. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA.

Hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong.


A separately managed account may not be suitable for all investors. Separate accounts managed according to the strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.

Please consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectuses contain this and other information about the funds. To obtain a prospectus, please download one at or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Distribution, Inc. serves as the distributor for Morgan Stanley Funds.


Singapore: This publication should not be considered to be the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor under section 304 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), (ii) to a “relevant person” (which includes an accredited investor) pursuant to section 305 of the SFA, and such distribution is in accordance with the conditions specified in section 305 of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. This publication has not been reviewed by the Monetary Authority of Singapore.

Australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accepts responsibility for its contents. This publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act.

Taiwan: This material is provided for information purposes only and does not constitute a solicitation where such a solicitation is unlawful. The products mentioned herein this material may or may not have been registered with the Securities and Futures Bureau of the Financial Supervisory Commission in Taiwan, Republic of China (“ROC”) pursuant to relevant securities laws and regulations. Such products may only be made available in the ROC if they are (a) registered for public sale in the ROC or (b) availed on a private placement basis to specified financial institutions and other entities and individuals meeting specific criteria pursuant to the private placement provisions of the ROC Rules Governing Offshore Funds.

Korea: This material is not, and under no circumstances is to be construed as an offering of securities in Korea. No representation is being made with respect to the eligibility of any recipients of this material under the laws of Korea, including but without limitation, the Foreign Exchange Transaction Law and Regulations thereunder. The Fund’s mentioned herein this material may or may not have been registered with the Financial Services Commission of Korea under the Financial Investment Services and Capital Markets Act and may not be offered directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.

Japan: For professional investors, this document is circulated or distributed for informational purposes only. For those who are not professional investors, this document is provided in relation to Morgan Stanley Investment Management (Japan) Co., Ltd. (“MSIMJ”)’s business with respect to discretionary investment management agreements (“IMA”) and investment advisory agreements (“IAA”). This is not for the purpose of a recommendation or solicitation of transactions or offers any particular financial instruments. Under an IMA, with respect to management of assets of a client, the client prescribes basic management policies in advance and commissions MSIMJ to make all investment decisions based on an analysis of the value, etc. of the securities, and MSIMJ accepts such commission. The client shall delegate to MSIMJ the authorities necessary for making investment. MSIMJ exercises the delegated authorities based on investment decisions of MSIMJ, and the client shall not make individual instructions. All investment profits and losses belong to the clients; principal is not guaranteed. Please consider the investment objectives and nature of risks before investing. As an investment advisory fee for an IAA or an IMA, the amount of assets subject to the contract multiplied by a certain rate (the upper limit is 2.20% per annum (including tax)) shall be incurred in proportion to the contract period. For some strategies, a contingency fee may be incurred in addition to the fee mentioned above. Indirect charges also may be incurred, such as brokerage commissions for incorporated securities. Since these charges and expenses are different depending on a contract and other factors, MSIMJ cannot present the rates, upper limits, etc. in advance. All clients should read the Documents Provided Prior to the Conclusion of a Contract carefully before executing an agreement. This document is disseminated in Japan by MSIMJ, Registered No. 410 (Director of Kanto Local Finance Bureau (Financial Instruments Firms)), Membership: the Japan Securities Dealers Association, The Investment Trusts Association, Japan, the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association.


BRAZIL. This document does not constitute a public offering of securities for the purposes of the applicable Brazilian regulations and has therefore not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários) or any other government authority in Brazil. All information contained herein is confidential and is for the exclusive use and review of the intended addressee of this document, and may not be passed on to any third party.

CHILE. Neither the Fund nor the interests in the Fund are registered in the Registry of Offshore Securities (el Registro de Valores Extranjeros) or subject to the supervision of the Commission for the Financial Market (la Comisión para el Mercado Financiero). This document and other offering materials relating to the offer of the interests in the Fund do not constitute a public offer of, or an invitation to subscribe for or purchase, the Fund interests in the Republic of Chile, other than to individually identified purchasers pursuant to a private offering within the meaning of Article 4 of the Chilean Securities Act (la Ley del Mercado de Valores) (an offer that is not “addressed to the public at large or to a certain sector or specific group of the public”).

COLOMBIA. This document does not constitute an invitation to invest or a public offer in the Republic of Colombia and is not governed by Colombian law. The interests in the Fund have not been and will not be registered with the National Register of Securities and Issuers (el Registro Nacional de Valores y Emisores) maintained by the Financial Supervisory Authority of Colombia (la Superintendencia Financiera de Colombia) and will not be listed on the Colombian Stock Exchange (la Bolsa de Valores de Colombia). The interests in the Fund are being offered under circumstances which do not constitute a public offering of securities under applicable Colombian securities laws and regulations. The offer of the interests in the Fund is addressed to fewer than one hundred specifically identified investors. Accordingly, the interests in the Fund may not be marketed, offered, sold or negotiated in Colombia, except under circumstances which do not constitute a public offering of securities under applicable Colombian securities laws and regulations. This document is provided at the request of the addressee for information purposes only and does not constitute a solicitation. The interests in the Fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is carried out in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and securities related products or services in Colombia.

Colombian eligible investors acknowledge that the interests in the Fund (i) are not financial products, (ii) are transferable only in accordance with the terms of the Fund's constitutional documents and (iii) do not offer any principal protection.

Colombian eligible investors acknowledge Colombian laws and regulations (in particular, foreign exchange, securities and tax regulations) applicable to any transaction or investment consummated in connection with an investment in the Fund, and represent that they are the sole liable party for full compliance with any such laws and regulations. In addition, Colombian investors acknowledge and agree that the Fund will not have any responsibility, liability or obligation in connection with any consent, approval, filing, proceeding, authorization or permission required by the investor or any actions taken or to be taken by the investor in connection with the offer, sale or delivery of the interests in the Fund under Colombian law.

MEXICO. Any prospective purchaser of the interests in the Fund must be either an institutional investor (inversionista institucional) or a qualified investor (inversionista calificado) within the meaning of the Mexican Securities Market Law (Ley del Mercado de Valores) (the “Securities Market Law”) and other applicable Mexican laws in effect.

The interests in the Fund have not and will not be registered in the National Registry of Securities (Registro Nacional de Valores) maintained by the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores). The interests in the Fund may not be offered or sold in the United Mexican States by any means except in circumstances which constitute a private offering pursuant to Article 8 of the Securities Market Law and its regulations. No Mexican regulatory authority has approved or disapproved the interests in the Fund or passed on the solvency of the Fund. All applicable provisions of the Securities Market Law must be complied with in respect of any sale, offer or distribution of, or intermediation in respect of, the Fund interests in, from or otherwise involving Mexico, and any resale of the interests in the Fund within Mexican territory must be made in a manner that will constitute a private offering pursuant to Article 8 of the Securities Market Law and its regulations.

PERU. The interests in the Fund have not been and will not be registered in Peru under Decreto Legislativo 862: Ley de Fondos de Inversión y sus Sociedades Administradoras or under Decreto Legislativo 861: Ley del Mercado de Valores (the “Securities Market Law”), and are being offered to institutional investors only (as defined in article 8 of the Securities Market Law) pursuant to a private placement, according to article 5 of the Securities Market Law. The interests in the Fund have not been registered in the securities market public registry (Registro Público del Mercado de Valores) maintained by, and the offering of the Fund interests in Peru is not subject to the supervision of, the Superintendencia del Mercado de Valores. Any transfers of the Fund interests shall be subject to the limitations contained in the Securities Market Law and the regulations issued thereunder.

URUGUAY. The offering of the Interests qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627.  The Interests will not be offered or sold to the public (Individuals or Companies) in Uruguay, except in circumstances which do not constitute a public offering or distribution through a recognized Exchange under Uruguayan laws and regulations,.  Neither the Fund nor the Interests are or will be registered with la Superintendencia de Servicios Financieros del Banco Central del Uruguay. The Fund corresponds to an investment fund that is not an investment fund regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without MSIM’s express written consent.

All information contained herein is proprietary and is protected under copyright law.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

​This document may be translated into other languages. Where such a translation is made this English version remains definitive. If there are any discrepancies between the English version and any version of this document in another language, the English version shall prevail.


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.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.

Privacy & Cookies    •    Terms of Use

©  Morgan Stanley. All rights reserved.