Products & Performance Morgan Stanley Investment Funds Fixed Income Euro Corporate Bond Fund
Euro Corporate Bond Fund
Share Class :
 
ISIN: LU1732804759
Products & Performance Morgan Stanley Investment Funds Fixed Income Euro Corporate Bond Fund
Euro Corporate Bond Fund
ISIN: LU1732804759
Share Class :

Euro Corporate Bond Fund

SHARE CLASS :
ISIN: LU1732804759
 
 
 
 
Fund Facts
Asset Class: Fixed Income
Morningstar Category:1 EAA Fund Other Bond
Benchmark:2 Bloomberg Barclays Euro-Aggregate: Corporate Index
Fund Launch Date: 04-Sep-2001
Fund Base Currency: EUR
Fund Assets (Bn):
as of 20-Feb-2019 		3.6 EUR
Net Asset Value:
as of 21-Feb-2019 		25.49 USD
Share Class Launch Date: 14-Mar-2018
Share Class Assets (MM):
as of 20-Feb-2019 		13.45 EUR
Fund Codes
CUSIP: L6523G791
ISIN: LU1732804759
Bloomberg: MSECZHU LX
Sedol: BF4WPH8
Valoren: 4082633
Lipper: 68475714
WKN: A2JGHC
Fees & Expenses 3
Max Entry Charge: 1.00 %
Ongoing Charges: 0.64 %
Management Fee: 0.45 %
Minimum Initial Investment: 0 USD
Minimum Subsequent Investment: 0 USD
Investment Objective
To generate income and the long term growth of your investment.
Investment Approach
Seeks to provide an attractive rate of relative return, measured in Euro, through investment primarily in high quality issues of Euro denominated fixed income securities, issued by corporations and other non-government related issuers ('corporate bonds').
 
 
 
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.

The Blended Index performance shown is calculated using the MSCI ECCI Index from inception through 31 May 2007 and the Bloomberg Barclays Euro-Aggregate Corporate Index thereafter.

As of 31-Jan-2019

As of 21-Feb-2019

As of 31-Jan-2019

As of 21-Feb-2019


     
Download
Past performance is not a reliable indicator of future results.
 
 
 
 
 
Risk and Reward Profile As of 19-Feb-2019
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in fixed income securities and the fund's simulated and/or realised return has experienced medium rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the Sub-Fund.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • In order to achieve the currency hedging, this share class relies on other parties to fulfil certain contractual obligations, as these parties may fail to do so there is a higher risk to your investment.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • 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.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in fixed income securities and the fund's simulated and/or realised return has experienced medium rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the Sub-Fund.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • In order to achieve the currency hedging, this share class relies on other parties to fulfil certain contractual obligations, as these parties may fail to do so there is a higher risk to your investment.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • 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.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
 
 
 
 
Composition 4 As of 31-Jan-2019
  Fund
Financial 45.82
Utilities 14.08
Consumer, Non-Cyclical 10.58
Communications 7.78
Consumer, Cyclical 5.68
Energy 4.43
Basic Materials 4.32
Industrial 4.31
Technology 1.50
Other 0.25
Cash & equivalents 1.26
Total 100.00
  Fund
AAA 0.42
AA 1.67
A 38.09
BBB 55.89
BB 1.25
Not Rated 1.74
Cash 0.93
Total 100.00


Geography4 As of 31-Jan-2019

  Fund
U.S. 14.21
France 12.52
United Kingdom 11.78
Germany 10.46
Italy 8.50
Spain 6.40
Australia 6.20
Netherlands 6.04
China 3.42
Other 19.58
Cash & equivalents 0.89
Total 100.00


Holdings As of 31-Jan-2019

Fund
F2i Reti Italia Srt, 1.608000%, 2027-10-31 1.12
AT&T Inc, 2.350000%, 2029-09-05 1.09
AXA, 3.250000%, 2049-05-28 0.95
Anheuser-Busch Inbev NV, 2.750000%, 2036-03-17 0.93
ING Groep NV, 2.000000%, 2030-03-22 0.91
Caixabank, 2.250000%, 2030-04-17 0.91
Banco Santander S.A., 3.125000%, 2027-01-19 0.90
Vw Intl Fin N.V., 4.125000%, 2038-11-16 0.84
Bank Gospodarstwa Krajowego S.A., 1.625000%, 2028-04-30 0.84
Brighthouse Financial Inc, 3.700000%, 2027-06-22 0.79
Total 9.28

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
Fund Index
Duration (years) 4.33 5.02
Average yield to maturity (%) 2.04 1.19
Number of holdings 318 2,468
 
 
Portfolio Managers
Richard Ford
Managing Director
28 years industry experience
Leon Grenyer
Managing Director
23 years industry experience
Team members may be subject to change at any time without notice.
 
 
Insights by Global Fixed Income Team
Global Fixed Income Bulletin
Brave New Year
Jan 22, 2019
With a turbulent end to 2018, what will the New Year bring? The Morgan Stanley Global Fixed Income Team shares their outlook for investment opportunities in 2019.
Read More 
Global Fixed Income Bulletin
November's Blues
Dec 14, 2018
As the weather has cooled, so have the markets. The Global Fixed Income Team shares their outlook for investment opportunities in 2019.
Read More 
 
 
 

** 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 Bloomberg Barclays Euro-Aggregate: Corporate Index is a rules based benchmark measuring investment grade, EUR denominated, fixed rate, and corporate only. Only bonds with a maturity of 1 year and above are eligible.

The MSCI Euro Credit Corporate Index (ECCI) includes fixed rate corporate debt denominated in the euro.

3 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 www.msci.com/gics and the glossary page. Quality distribution data for securities is sourced from Fitch, Moody's and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the 'highest' rating is applied. The rating of credit default swaps is based on the 'highest' rating of the underlying reference bond. 'Cash' includes investments in short term instruments, including investments in Morgan Stanley liquidity funds. 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.

 
 

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.

 

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.