Global Asset Backed Securities Fund

Share Class :
 
ISIN: LU0858068314
Marketing Communication
Global Asset Backed Securities Fund
Marketing Communication
ISIN: LU0858068314
Share Class :

Global Asset Backed Securities Fund

SHARE CLASS :
ISIN: LU0858068314
 

Marketing Communication

 
 
Investment Objective
To provide an attractive rate of total return.
Investment Approach
Seeks to provide an attractive rate of total return, measured in U.S. dollars, through investment primarily in fixed income securities that are mortgage-backed securities, commercial mortgage-backed securities, collateralized mortgage obligations and covered bonds that are covered by mortgages ('mortgage backed securities').
 
A+
Average Quality
USD
Share Class Base Currency
6.02
Average yield to maturity
3.72
Duration (years)

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.

As of 30-Sep-2024

As of 11-Oct-2024

As of 30-Sep-2024

As of 11-Oct-2024


Performance of 100 USD invested
Performance of 100 USD invested

     
 
 
Average Annual Total Returns As of 30-Sep-2024 As of 30-Sep-2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) 11.93 2.46 2.58 3.55 3.84
Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%) 12.32 -1.20 0.04 1.41 1.44
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) 11.93 2.46 2.58 3.55 3.84
Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%) 12.32 -1.20 0.04 1.41 1.44
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class Z USD (%) 8.18 -6.62 1.91 2.62 6.91 2.14 7.37 4.71 1.77 7.89
Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%) 5.05 -11.81 -1.04 3.87 6.35 0.99 2.47 1.67 1.51 6.08
Average Annual Total Returns
As of 30-Sep-2024
TIMEFRAME Share Class Z USD (%) Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%)
1 Yr 11.93 12.32
3 Yrs 2.46 -1.20
5 Yrs 2.58 0.04
10 Yrs 3.55 1.41
Since Inception 3.84 1.44
As of 30-Sep-2024
TIMEFRAME Share Class Z USD (%) Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%)
1 Yr 11.93 12.32
3 Yrs 2.46 -1.20
5 Yrs 2.58 0.04
10 Yrs 3.55 1.41
Since Inception 3.84 1.44
TIMEFRAME Share Class Z USD (%) Bloomberg U.S. Mortgage Backed Securities (MBS) Index (%)
2023 8.18 5.05
2022 -6.62 -11.81
2021 1.91 -1.04
2020 2.62 3.87
2019 6.91 6.35
2018 2.14 0.99
2017 7.37 2.47
2016 4.71 1.67
2015 1.77 1.51
2014 7.89 6.08

 
 
Risk/Return Statistics

TIMEFRAME:
    Share Class Z Index
Excess Return (%) 3.65 --
Alpha (%) 1.22 --
Beta 0.50 1.00
Information ratio 0.79 --
R squared 0.82 1.00
Sharpe ratio -0.26 -0.58
Tracking error (%) 4.65 --
Volatility (Standard deviation) (%) 4.59 8.39
 
 
 
Risk and Reward Profile As of 19-Feb-2024
 
 
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • 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 fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • 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 31-Aug-2024
  Fund
Covered 2.65
Non-US RMBS 13.46
US Agency Passthroughs 33.00
US Non-Agency RMBS 19.82
US Non-Agency CMBS 4.94
US ABS 9.41
Non-US ABS 2.38
Non-US CMBS 4.68
US Agency CMOs 7.98
US Agency CMBS 0.49
Cash / FX 1.19
  Fund
AAA 56.53
AA 8.42
A 7.27
BBB 3.07
BB 3.04
B 2.50
CCC 1.29
CC 0.72
C 0.08
D 0.08
Not Rated 21.79
Cash -4.80
 
May not sum to 100% due to rounding.


Geography4 As of 31-Aug-2024
  Fund
U.S. 79.50
United Kingdom 8.85
Spain 3.78
Netherlands 2.92
Denmark 2.65
Italy 1.55
Ireland 1.13
Australia 1.10
Germany 0.57
Other 2.77
Cash -4.80
 
May not sum to 100% due to rounding.


Holdings As of 31-Aug-2024
Fund
Ginnie Mae Ii, 5.000000%, 2053-04-20 1.94
Umbs, 5.000000%, 2052-09-15 1.93
Ginnie Mae Ii, 6.000000%, 2053-05-20 1.61
Umbs, 6.000000%, 2053-04-25 1.44
Umbs, 4.500000% 1.20
Cascade Funding Mortgage Trust Cfmt_18-R, 4.000000%, 2068-10-25 1.18
Freddie Mac, 5.500000%, 2054-04-01 1.13
TBA UMBS SINGLE 5.5% 1.07
Ginnie Mae Ii, 7.500000%, 2054-01-20 0.96
Fannie Mae, 5.500000%, 2053-05-01 0.94

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) 3.79 5.45
Average quality A+ AAA/AA1
Average yield to maturity (%) 6.16 4.34
 
 
Portfolio Managers
Gregory Finck
Co-head of Mortgage and Securitized
32 years industry experience
Matt Buckley
Executive Director
26 years industry experience

Team members may be subject to change at any time without notice.

 
 
 
 

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.

Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations.

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.

© 2024 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.

The Bloomberg U.S. Mortgage Backed Securities (MBS) Index: tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

“Bloomberg®” and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

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.

Effective 15 January 2018, the Morgan Stanley Investment Funds Global Mortgage Securities Fund was renamed Morgan Stanley Investment Funds Global Asset Backed Securities Fund (the “Fund”).

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.

 
♰♰

This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

This is a Marketing Communication.

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    •    Your Privacy Choices Your Privacy Choices Icon    •    Terms of Use

©  Morgan Stanley. All rights reserved.