Active International Allocation Strategy
Active International Allocation Strategy

Active International Allocation Strategy

 
 
 
Summary

The Active International Allocation (AIA) Strategy seeks long-term capital appreciation. The investment team relies on a proprietary, top-down framework to quantitatively and qualitatively rank developed and emerging countries, where allocation decisions are based on a country's projected future economic growth and equity market return potential. The approach combines country analysis with sector allocation and bottom-up stock selection, where investment decisions are implemented either through sector, industry or stock-specific allocations within and across markets. Investments are based on fundamental analysis, in an effort to identify those equities that stand to benefit the most from the team's investment view.

 
 
Investment Approach
Philosophy

The investment team believes that the key determination of successful investment in international equity markets is the choice of region, country and sector/industry. Thus, the team analyzes regions, countries, sectors and industries. It believes that macro investment factors can be just as potent as bottom-up investment factors. Though bottom-up investing can be attractive, the team believes that corporate managements and stocks will be impacted by economic growth, fiscal and monetary policy decision-makers and overall moves in investor sentiment. This strategy offers clients a diversified way of investing and a diversified portfolio.

 
Differentiators
A diversified portfolio

Complementing the more widely available bottom-up core investment capabilities, the AIA team has a top-down approach that informs clients of  important drivers of economies and markets. The AIA team strives to build portfolios that are well-diversified with limited stock-specific risk.

Continuously evolving quantitative and qualitative analyses

The team continues to expand the array of quantitative indicators they analyze across regions, countries, sectors and industries. These indicators provide insight into marginal changes in the team’s three factors for an investment decision: fundamentals, valuations, and sentiment.

 
 
 
Investment Process
1
Fundamental Change

The catalyst for market performance can be marginal changes in economic, corporate and political environments. The team gains market insight by visiting countries, meeting with central bankers, government officials, strategists, and economists, and analyzing both internal and external research to form investment opinions. In particular, the team searches for incremental shifts in policy or the operating environment, which they believe will impact profitability.

2
Valuations

Valuations are the core of the team’s decision-making process as the team invests in undervalued countries and sectors. The team analyzes and monitors relative and absolute valuation relative to long-term historical data across asset classes, regions, countries and sectors. The team then ranks the markets and sectors/industries on relative attractiveness and consistently examines ranking changes.

3
Sentiment

Overall market sentiment of particular countries and sectors/industries can be an important indicator of risk and return. The team consistently monitors global investor sentiment indicators, global fund manager asset allocation and equity positioning, and cross- and intra-asset global portfolio flows.

4
Portfolio Implementation

To implement investment decisions, the team builds baskets of stocks selected by a risk model, which does not factor in bottom-up analysis of names and is designed to broadly track country or sector/industry performance. The team invests in a diversified selection of stocks in the country, sector or industry.

Strategy_Active_International_Allocation(AIA)
 
 
Portfolio Managers  
Ben Rozin
Executive Director
15 years industry experience
Jitania Kandhari
Head of Macroeconomic Research, Global Emerging Markets Team
21 years industry experience
 
 
 
 

ご案内の運用戦略の中には、日本でご紹介していないものも含まれています。また、受託資産額が運用上限に達したため受託を一時的に停止している運用戦略が含まれている場合があります。詳細につきましては、お問い合わせ下さい。

リスクについて

受託資産の運用は、受託資産に組入れられた株式その他の有価証券等の価格変動リスクや株式その他の有価証券等の発行体の信用リスク等による影響を受けます。受託資産の運用による損益はすべてお客様に帰属し、元本が保証されているものではなく、元本損失又は受託資産に関して行われる取引に際し預託すべき委託証拠金その他の保証金の額を上回ることとなるおそれがあります。個別の受託資産ごとに投資対象資産の種類や投資制限、取引市場、投資対象国等が異なることから、リスクの内容や性質が異なりますので、投資一任契約を締結する際には、契約締結前交付書面をよくご覧ください。

受託資産の運用に係る費用について

投資顧問契約及び投資一任契約に係る投資顧問報酬として、契約資産額に対して年率2.20%(税込)を上限とする料率を乗じた金額が契約期間に応じてかかります。投資一任契約に基づいて投資信託を組み入れる場合は、投資する投資信託に係る費用等が投資顧問報酬に加えてかかる場合があります。また、一部の戦略では投資顧問報酬に加えて成功報酬がかかる場合があります。その他の費用として、組み入れ有価証券の売買手数料、先物・オプション取引に要する費用、有価証券の保管費用等を間接的にご負担頂いただく場合があります。これらの手数料等は契約内容、契約資産の額、運用状況等により異なる為、事前に料率、上限額等を示すことができません。

当ページの情報は、モルガン・スタンレー・インベストメント・マネジメント株式会社(以下、当社)が、投資一任契約においてご提供する運用プロダクトについての情報提供を目的として作成したものです。本資料は当社が信頼できると判断した情報を元に、十分な注意を払い作成しておりますが、当社はその正確性や完全性をお約束するものではありません。