US Advantage Fund
Share Class :
ISIN: LU0225737302
Overall Morningstar Rating
US Advantage Fund
ISIN: LU0225737302
Share Class :

US Advantage Fund

ISIN: LU0225737302
Overall Morningstar Rating
Investment Objective
Long term growth of your investment.
Investment Approach
We seek high-quality established companies with strong brand recognition, sustainable competitive advantages, strong current free-cash-flow yields and favorable returns on invested capital trends. We focus on long-term growth rather than short-term events, with our stock selection informed by rigorous fundamental analysis.
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.

Please Note: Time periods where NAV figures are not displayed are due to the Fund being fully redeemed and then re-launched at a later date.

The Blended Index performance shown is calculated using the S&P 500 Index from inception through 31 August 2009, the Russell 1000 Growth Net 30% Withholding Tax TR Index to 31 March 2010 and the S&P 500 Index thereafter.


As of 31-Aug-2020

As of 28-Sep-2020

As of 31-Aug-2020

As of 28-Sep-2020

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-Aug-2020 As of 30-Jun-2020
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A USD (%) 54.81 29.20 22.57 19.34 13.13
S&P 500 Index (%) 21.94 14.52 14.46 15.16 9.50
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A USD (%) 54.81 115.69 176.63 486.19 516.44
S&P 500 Index (%) 21.94 50.17 96.47 310.38 281.38
Morningstar Category Average (%) 35.34 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A USD (%) 31.61 23.61 18.55 17.59 12.02
S&P 500 Index (%) 7.51 10.73 10.73 13.99 8.69
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class A USD (%) 31.61 88.88 134.18 405.57 422.96
S&P 500 Index (%) 7.51 35.77 66.45 270.31 236.82
Morningstar Category Average (%) 16.92 -- -- -- --
2019 2018 2017 2016 2015 2014 2013
Share Class A USD (%) 25.53 0.96 31.12 1.49 10.69 8.04 35.20
S&P 500 Index (%) 31.49 -4.38 21.83 11.96 1.38 13.69 32.39
2016 2017 2018 2019 2020
Share Class A USD (%) 9.94 16.65 28.86 8.12 54.81
S&P 500 Index (%) 12.55 16.23 19.66 2.92 21.94
Total Returns
As of 31-Aug-2020
TIMEFRAME Share Class A USD (%) S&P 500 Index (%)
1 Yr 54.81 21.94
3 Yrs 29.20 14.52
5 Yrs 22.57 14.46
10 Yrs 19.34 15.16
Since Inception 13.13 9.50
TIMEFRAME Share Class A USD (%) S&P 500 Index (%) Morningstar Category Average (%)
1 Yr 54.81 21.94 35.34
3 Yrs 115.69 50.17 --
5 Yrs 176.63 96.47 --
10 Yrs 486.19 310.38 --
Since Inception 516.44 281.38 --
As of 30-Jun-2020
TIMEFRAME Share Class A USD (%) S&P 500 Index (%)
1 Yr 31.61 7.51
3 Yrs 23.61 10.73
5 Yrs 18.55 10.73
10 Yrs 17.59 13.99
Since Inception 12.02 8.69
TIMEFRAME Share Class A USD (%) S&P 500 Index (%) Morningstar Category Average (%)
1 Yr 31.61 7.51 16.92
3 Yrs 88.88 35.77 --
5 Yrs 134.18 66.45 --
10 Yrs 405.57 270.31 --
Since Inception 422.96 236.82 --
TIMEFRAME Share Class A USD (%) S&P 500 Index (%)
2019 25.53 31.49
2018 0.96 -4.38
2017 31.12 21.83
2016 1.49 11.96
2015 10.69 1.38
2014 8.04 13.69
2013 35.20 32.39
TIMEFRAME Share Class A USD (%) S&P 500 Index (%)
2016 9.94 12.55
2017 16.65 16.23
2018 28.86 19.66
2019 8.12 2.92
2020 54.81 21.94
Past performance is not a reliable indicator of future results.
Risk/Return Statistics

    Share Class A Index
Excess Return (%) 14.69 --
Alpha (%) 14.93 --
Beta 0.98 1.00
Information ratio 1.31 --
R squared 0.70 1.00
Sharpe ratio 1.34 0.73
Tracking error (%) 11.23 --
Volatility (Standard deviation) (%) 20.52 17.51
Down-capture ratio (%) 71.17 100.00
Up-capture ratio (%) 125.73 100.00
Past performance is not a reliable indicator of future results.
Composition 4 As of 31-Aug-2020
  Fund Index
Information Technology 41.90 28.71
Communication Services 18.85 11.10
Health Care 14.92 13.98
Consumer Discretionary 11.12 11.44
Materials 5.16 2.49
Industrials 3.46 7.99
Consumer Staples 2.44 6.89
Financials 1.56 9.62
Energy 0.19 2.32
Cash 1.17 --
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 31-Aug-2020
Fund Index
Shopify Inc. 7.91 -- Inc 7.07 5.00
Square Inc 6.52 --
Spotify Technology S.A. 5.79 --
Veeva Systems Inc-Class A 5.09 --
Twilio Inc 5.05 --
Intuitive Surgical Inc 4.96 0.29
Facebook Inc 3.81 2.44
Coupa Software Inc 3.79 --
Servicenow Inc 3.72 0.32
Total 53.71 --

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.

Portfolio Characteristics
Fund Index
Active share (%) 87.76 --
Number of holdings 38 505
Return on capital (%) 8.29 16.95
5 year EPS growth (%) 34.10 16.68
Sales growth (%) 28.88 6.86
Weighted median market capitalization ($B) 56.24 156.72
D/E weighted median (%) 48.34 82.58
Dividend Yield (%) 0.11 1.69
Dennis Lynch
Head of Counterpoint Global
26 years industry experience
Sandeep Chainani
Managing Director
24 years industry experience
Armistead Nash
Managing Director
20 years industry experience
David Cohen
Managing Director
32 years industry experience
Alex Norton
Executive Director
25 years industry experience

May not represent all Investors.


** Calendar Year Return (%) is available by selecting the fund name in the pricing table.

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.

© 2020 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 Standard & Poor’s 500® Index (S&P 500®) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy.

The Russell 1000 Growth Net 30% Withholding Tax TR Index measures the performance of the large-cap growth segment of the U.S. equity universe, net 30% withholding tax TR. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index is an index of approximately 1,000 of the largest U.S. companies based on a combination of market capitalization and current index membership.

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.

Dennis Lynch, David Cohen, Sam Chainani, Alexander Norton, Jason Yeung and Armistead Nash started to manage the fund in June 2009.

^ 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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