Global Infrastructure Fund
Share Class :
ISIN: LU0512093203
Global Infrastructure Fund
ISIN: LU0512093203
Share Class :

Global Infrastructure Fund

ISIN: LU0512093203
Investment Objective
Long term growth of your investment.
Investment Approach
We apply a well-defined, value-oriented, bottom-up driven investment process that focuses on investing in equity securities of publicly listed infrastructure companies we believe offer the best value relative to their underlying infrastructure value and net asset value growth prospects, irrespective of short-term market trends.
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.

As of 31-Aug-2019

As of 13-Sep-2019

As of 31-Aug-2019

As of 13-Sep-2019

Performance of 100 EUR invested
Performance of 100 EUR invested

Past performance is not a reliable indicator of future results.
Total Returns Average Annual Total Returns As of 31-Aug-2019 As of 30-Jun-2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CH (EUR) EUR (%) 5.78 2.52 0.46 -- 5.61
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CH (EUR) EUR (%) 5.78 7.77 2.32 -- 44.88
Morningstar Category Average (%) -- -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CH (EUR) EUR (%) 7.13 2.82 0.83 -- 5.69
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CH (EUR) EUR (%) 7.13 8.71 4.22 -- 44.28
Morningstar Category Average (%) -- -- -- -- --
2018 2017 2016 2015 2014 2013 2012
Share Class CH (EUR) EUR (%) -12.05 8.69 11.47 -16.18 13.98 16.07 --
2015 2016 2017 2018 2019
Share Class CH (EUR) EUR (%) -12.54 8.56 6.37 -4.22 5.78
Total Returns
As of 31-Aug-2019
TIMEFRAME Share Class CH (EUR) EUR (%)
1 Yr 5.78
3 Yrs 2.52
5 Yrs 0.46
10 Yrs --
Since Inception 5.61
TIMEFRAME Share Class CH (EUR) EUR (%) Morningstar Category Average (%)
1 Yr 5.78 --
3 Yrs 7.77 --
5 Yrs 2.32 --
10 Yrs -- --
Since Inception 44.88 --
As of 30-Jun-2019
TIMEFRAME Share Class CH (EUR) EUR (%)
1 Yr 7.13
3 Yrs 2.82
5 Yrs 0.83
10 Yrs --
Since Inception 5.69
TIMEFRAME Share Class CH (EUR) EUR (%) Morningstar Category Average (%)
1 Yr 7.13 --
3 Yrs 8.71 --
5 Yrs 4.22 --
10 Yrs -- --
Since Inception 44.28 --
TIMEFRAME Share Class CH (EUR) EUR (%)
2018 -12.05
2017 8.69
2016 11.47
2015 -16.18
2014 13.98
2013 16.07
2012 --
TIMEFRAME Share Class CH (EUR) EUR (%)
2015 -12.54
2016 8.56
2017 6.37
2018 -4.22
2019 5.78
Past performance is not a reliable indicator of future results.
Composition 4 As of 31-Jul-2019
Oil & Gas Storage & Transportation 30.45
Electricity Transmission & Distribution 16.14
Communications 14.71
Toll Roads 10.97
Diversified 8.91
Renewables 5.85
Water 5.30
Airports 4.18
Others 0.47
Ports 0.08
Cash & equivalents 2.95
Total 100.00
May not sum to 100% due to rounding. Cash & equivalents may include other assets and liabilities of the portfolio.

Geography4 As of 31-Jul-2019
United States 40.68
Canada 14.13
Spain 7.30
United Kingdom 6.74
Mexico 5.82
France 5.48
Australia 5.00
China 3.78
Italy 3.48
Other 4.65
Cash & equivalents 2.95
Total 100.00
May not sum to 100% due to rounding. Cash & equivalents may include other assets and liabilities of the portfolio.

Holdings As of 31-Jul-2019
American Tower Corp 7.64
Operadora de Infraestructura, S.A.B. de 5.82
Atlantica Yield plc 4.68
Hydro One Limited 4.51
Crown Castle International Cor 4.29
Tc Energy Corp 3.89
Enbridge Inc 3.85
National Grid plc 3.68
Vinci 3.54
Sempra Energy 2.97
Total 44.87

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 (%) 30.55
Number of holdings 58
Weighted average market capitalization ($B) 29.85
Weighted median market capitalization ($B) 21.77
Portfolio Managers
Ted Bigman
Head of Global Listed Real Assets Investing
32 years industry experience
Matthew King
Managing Director
19 years industry experience
Team members may be subject to change at any time without notice.

** 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 investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID 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.

© 2019 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 Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market capitalization weighted index that measures the stock performance of companies that exhibit strong infrastructure characteristics. The Index intends to measure all sectors of the infrastructure market. 

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.

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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