Products & Performance Morgan Stanley Investment Funds Fixed Income Global Convertible Bond Fund

Global Convertible Bond Fund

Share Class :
 
ISIN: LU0360484413
 
 
Overall Morningstar Rating1
Marketing Communication
Products & Performance Morgan Stanley Investment Funds Fixed Income Global Convertible Bond Fund
Global Convertible Bond Fund
Marketing Communication
ISIN: LU0360484413
Share Class :

Global Convertible Bond Fund

SHARE CLASS :
ISIN: LU0360484413
 
Overall Morningstar Rating1

Marketing Communication

 
 
Fund Facts
Asset Class: Fixed Income
Morningstar Category:1 EAA Fund Convertible Bond - Global, USD Hedged
Blended Index:2 Blended Benchmark
Benchmark:2 Refinitiv Convertible Global Focus (USD Hedged) Index
SFDR Classification:♰♰ Article 8
Fund Launch Date: 17-Jul-2002
Fund Base Currency: USD
Fund Assets (MM):
as of 23-Mar-2023 		552.11 USD
Net Asset Value:
as of 23-Mar-2023 		44.41 USD
Share Class Launch Date: 06-Aug-2010
Share Class Assets (MM):
as of 23-Mar-2023 		108.96 USD
Fund Codes
CUSIP: L65233394
ISIN: LU0360484413
Bloomberg: MSGCVBZ LX
Sedol: B50SB83
Valoren: 4222215
Lipper: 68057589
WKN: A0RJRL
Fees & Expenses 3
Max Entry Charge: 1.00 %
Ongoing Charges: 0.71 %
Management Fee: 0.60 %
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 long-term capital appreciation, measured in U.S. dollars, through investment primarily in convertible bonds issued by companies organised or operating in either the developed or emerging markets which will be denominated in global currencies.
 
USD
Share Class Base Currency
2.95
Duration (years)
64.40
Conversion Premium
0.81
Current Yield

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.

 
 
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 Benchmark performance shown is calculated using the ICE BofAML G300 Global Convertible Index Local Currency to 31 October 2005, the ICE BofAML G300 Global Convertible Index USD Hedged to 30 April 2011 and the Refinitiv Convertible Global Focus (USD Hedged) Index thereafter. Effective 21 February 2020, the Thomson Reuters Convertible Global Focus (USD Hedged) Index was renamed to Refinitiv Convertible Global Focus (USD Hedged) Index.

As of 28-Feb-2023

As of 23-Mar-2023

As of 28-Feb-2023

As of 23-Mar-2023


Performance of 100 USD invested
Performance of 100 USD invested
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Average Annual Total Returns As of 28-Feb-2023 As of 31-Dec-2022
 
 TIMEFRAME:
 
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) -4.90 5.03 4.65 4.67 4.76
Blended Benchmark (%) -8.37 1.41 2.58 4.05 4.64
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) -12.47 3.60 4.23 4.69 4.58
Blended Benchmark (%) -16.00 0.68 2.28 4.01 4.49
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Share Class Z USD (%) -12.47 3.88 22.30 14.82 -3.67 6.04 1.77 0.49 3.71 14.33
Blended Benchmark (%) -16.00 -1.11 22.84 13.10 -3.01 6.00 1.59 3.83 4.73 13.03
Average Annual Total Returns

As of 28-Feb-2023
TIMEFRAME Share Class Z USD (%) Blended Benchmark (%)
1 Yr -4.90 -8.37
3 Yrs 5.03 1.41
5 Yrs 4.65 2.58
10 Yrs 4.67 4.05
Since Inception 4.76 4.64
As of 31-Dec-2022
TIMEFRAME Share Class Z USD (%) Blended Benchmark (%)
1 Yr -12.47 -16.00
3 Yrs 3.60 0.68
5 Yrs 4.23 2.28
10 Yrs 4.69 4.01
Since Inception 4.58 4.49
TIMEFRAME Share Class Z USD (%) Blended Benchmark (%)
2022 -12.47 -16.00
2021 3.88 -1.11
2020 22.30 22.84
2019 14.82 13.10
2018 -3.67 -3.01
2017 6.04 6.00
2016 1.77 1.59
2015 0.49 3.83
2014 3.71 4.73
2013 14.33 13.03

 
 
Risk/Return Statistics

TIMEFRAME:
    Share Class Z Index
Excess Return (%) 3.62 --
Alpha (%) 3.66 --
Beta 0.93 1.00
Information ratio 1.44 --
R squared 0.96 1.00
Sharpe ratio 0.36 0.05
Tracking error (%) 2.51 --
Volatility (Standard deviation) (%) 11.50 12.16

Risk/Return statistics shown are calculated versus the Blended Benchmark when an Index is used in the calculation.

 
 
 
Risk and Reward Profile As of 27-Feb-2023
 
 
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 which convert into company shares 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.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.
  • 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 which convert into company shares 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.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.
  • 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 28-Feb-2023
  Fund
Information Technology 28.10
Consumer Discretionary 15.75
Communication Services 11.37
Health Care 10.78
Industrials 9.66
Materials 5.67
Financials 4.14
Consumer Staples 3.69
Utilities 3.07
Real Estate 1.59
Other 1.11
Cash & equivalents 5.07
 
May not sum to 100% due to rounding.


Geography4 As of 28-Feb-2023

  Fund
Americas 48.46
EMEA 29.26
Asia & Other 17.20
Cash 5.07
 
May not sum to 100% due to rounding.


Holdings As of 28-Feb-2023

Fund
EURO Stoxx 50 Price EUR 1.68
Cellnex Telecom S.A., 0.500000%, 2028-07-05 1.51
Nippon Steel Corp, 0.000000%, 2026-10-05 1.38
America Movil Bv, 0.000000%, 2024-03-02 1.36
Ford Motor Company, 0.000000%, 2026-03-15 1.21
Square Inc, 0.125000%, 2025-03-01 1.20
Cree Inc, 1.875000%, 2029-12-01 1.15
POSCO, 0.000000%, 2026-09-01 1.13
Akamai Tech, Inc., 0.125000%, 2025-05-01 1.13
Abu Dhabi National Oil Co., 0.700000%, 2024-06-04 1.11
Total 12.86

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) 2.95 2.50
Delta (equity sensitivity) 43.80 51.70
Current Yield (%) 0.81 0.95
Conversion premium 64.40 32.88
 
 
Portfolio Managers
Tom Wills
Tom D. Wills
Managing Director
25 years industry experience
Andrew Cohen
Andrew Cohen, CFA
Executive Director
21 years industry experience

Team members may change from time to time without notice.

Effective 1 October 2022, Christian Roth stepped down as Portfolio Manager and Andrew Cohen was added to the Fund.

Effective 27 May 2022, Richard Class has stepped down as a Portfolio Manager for the Fund.
 
 
Insights by High Yield Team
 
 
 

Applications for shares in the Fund should not be made without first consulting the current Prospectus and the Key Information Document (KID) or Key Investor Information Document (“KIID”), which are available in English and in the official language of your local jurisdiction at morganstanleyinvestmentfunds.com or free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

Information in relation to sustainability aspects of the Fund and the summary of investor rights is available at the aforementioned website.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

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.

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 Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund.

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1 Ratings as of 28-Feb-2023. 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.

© 2023 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 Blended Benchmark performance shown is calculated using the ICE BofAML G300 Global Convertible Index Local Currency to 31 October 2005, the ICE BofAML G300 Global Convertible Index USD Hedged to 30 April 2011 and the Refinitiv Convertible Global Focus (USD Hedged) Index thereafter. Effective 21 February 2020, the Thomson Reuters Convertible Global Focus (USD Hedged) Index was renamed to Refinitiv Convertible Global Focus (USD Hedged) Index.

The Refinitiv Convertible Global Focus USD Hedged Index is a market weighted index with a minimum size for inclusion of $500 million (US), 200 million (Europe), 22 billion Yen, and $275 million (Other) of Convertible Bonds with an Equity Link.

ICE BofAML G300 Global Convertible Index Local Currency is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. It is composed of securities denominated in their respective local currencies. 

ICE BofAML G300 Global Convertible Index USD Hedged is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. It is hedged to the U.S. dollar. 

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. 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.

 
♰♰

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