Emerging Markets Breakout Nations Portfolio
Share Class :
 
EMIPX CUSIP: 61766J799
Emerging Markets Breakout Nations Portfolio
EMIPX CUSIP: 61766J799
Share Class :

Emerging Markets Breakout Nations Portfolio

SHARE CLASS :
EMIPX CUSIP: 61766J799
 
 
 
 
Investment Approach

The MSIF Emerging Markets Breakout Nations Portfolio seeks to invest in countries with sustainably high or accelerating economic growth, as we believe that future economic growth is the most important driver of stock returns. We use our proprietary "Rules of the Road" framework to identify strong structural growth economies and take high conviction positions in those markets. Our investment universe is Emerging Markets ex China and select Frontier countries. We apply a highly active, benchmark-agnostic approach to Emerging Markets investing.

 
 
Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here

The Index performance shown is calculated using the MSCI Emerging Markets Net Index from inception through 12/31/2018 and the MSCI Emerging Markets ex China Net Index thereafter.

As of 06/30/2019

As of 07/19/2019

As of 06/30/2019

As of 07/19/2019


Performance of $10,000 invested
Performance of $10,000 invested

    
Past performance is not indicative of future results.
 
 
Average Annual Total Returns As of 06/30/2019 As of 06/30/2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
EMIPX 3.99 -- -- -- 5.31
MSCI Emerging Markets ex China Net Index (%) 5.13 -- -- -- 10.31
Blended Index (%) 0.28 -- -- -- 10.68
MSCI Emerging Markets Net Index (USD) (%) 1.21 -- -- -- 11.08
Lipper Category Average (%) 1.28 -- -- -- --
Morningstar Category Average (%) 1.16 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
EMIPX 3.99 -- -- -- 5.31
MSCI Emerging Markets ex China Net Index (%) 5.13 -- -- -- 10.31
Blended Index (%) 0.28 -- -- -- 10.68
MSCI Emerging Markets Net Index (USD) (%) 1.21 -- -- -- 11.08
Lipper Category Average (%) 1.28 -- -- -- --
Morningstar Category Average (%) 1.16 -- -- -- --
2012 2013 2014 2015 2016 2017 2018
EMIPX -- -- -- -- -- 22.44 -17.10
MSCI Emerging Markets ex China Net Index (%) -- -- -- -- -- 31.25 -12.42
Blended Index (%) -- -- -- -- -- 37.28 -14.57
MSCI Emerging Markets Net Index (USD) (%) -- -- -- -- -- 37.28 -14.57
Lipper Category Average (%) -- -- -- -- -- 34.57 -16.27
Morningstar Category Average (%) -- -- -- -- -- 34.17 -16.10
Average Annual Total Returns
As of 06/30/2019
TIMEFRAME EMIPX MSCI Emerging Markets ex China Net Index (%) Blended Index (%) MSCI Emerging Markets Net Index (USD) (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 3.99 5.13 0.28 1.21 1.28 1.16
3 Yrs -- -- -- -- -- --
5 Yrs -- -- -- -- -- --
10 Yrs -- -- -- -- -- --
Since Inception 5.31 10.31 10.68 11.08 -- --
As of 06/30/2019
TIMEFRAME EMIPX MSCI Emerging Markets ex China Net Index (%) Blended Index (%) MSCI Emerging Markets Net Index (USD) (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 3.99 5.13 0.28 1.21 1.28 1.16
3 Yrs -- -- -- -- -- --
5 Yrs -- -- -- -- -- --
10 Yrs -- -- -- -- -- --
Since Inception 5.31 10.31 10.68 11.08 -- --
TIMEFRAME EMIPX MSCI Emerging Markets ex China Net Index (%) Blended Index (%) MSCI Emerging Markets Net Index (USD) (%) Lipper Category Average (%) Morningstar Category Average (%)
2012 -- -- -- -- -- --
2013 -- -- -- -- -- --
2014 -- -- -- -- -- --
2015 -- -- -- -- -- --
2016 -- -- -- -- -- --
2017 22.44 31.25 37.28 37.28 34.57 34.17
2018 -17.10 -12.42 -14.57 -14.57 -16.27 -16.10
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
 
 
Distributions
 
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
07/05/2018 07/06/2018 07/06/2018 0.025892 0.069200 0.058600 0.127800
12/15/2017 12/18/2017 12/18/2017 0.042162 0.016300 0.440200 0.456500
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
07/05/2018 07/06/2018 07/06/2018 0.025892 0.069200 0.058600 0.127800
12/15/2017 12/18/2017 12/18/2017 0.042162 0.016300 0.440200 0.456500
 
 
Composition As of 06/30/2019
  Fund Index
Financials 34.54 26.33
Consumer Staples 13.27 8.18
Consumer Discretionary 10.13 8.75
Communication Services 6.92 5.87
Industrials 4.77 5.42
Energy 4.25 9.56
Real Estate 1.89 1.73
Materials 1.56 10.14
Health Care 1.47 2.44
Utilities 0.97 2.67
Information Technology 0.70 18.91
Other 5.42 --
Cash & equivalents 14.11 --
Total 100.00 --


Geography As of 06/30/2019
  Fund Index
Brazil 13.98 11.17
China 10.20 --
India 9.45 13.10
Indonesia 7.50 3.10
Mexico 7.22 3.71
Egypt 5.33 0.20
Peru 5.13 0.59
Poland 4.64 1.63
Argentina 4.22 0.51
South Africa 4.10 8.68
Other 14.10 --
Cash & equivalents 14.11 --
Total 100.00 --


Holdings As of 06/30/2019
Fund Index
iShares MSCI India Index Fund 5.38 --
Tencent Holdings Ltd 5.38 --
Credicorp Ltd 3.57 0.41
Petroleo Brasileiro S.A. 3.10 1.42
Alibaba Group Holding Ltd 2.50 --
Commercial Intl Bank Egypt Ltd 2.50 0.16
Itau Unibanco Holding S.A. 2.39 1.21
Fomento Economico Mexicano S.A.B. de C.V. 2.29 0.50
SM Investments Corp 2.08 0.12
Ambev S.A. 2.08 0.58
Total 31.27 --


Portfolio Characteristics
Fund Index
Active share (%) 86.55 --
Number of holdings 71 703
Price/earnings (LTM) 17.67 12.98
Price/cash flow 11.74 7.78
Price/book 2.58 1.58
Return on equity (%) 17.88 14.56
Weighted average market capitalization ($B) 62.89 34.11
Weighted median market capitalization ($B) 20.91 10.47
Turnover (%) 36 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
Portfolio Managers
Jitania Kandhari
Managing Director
20 years industry experience
Ruchir Sharma
Head of Emerging Markets and Chief Global Strategist
25 years industry experience
 
 
 
Resources
Product Literature
 
 
Prospectus & Reports
SAI
 
 
 
 
 

Class A shares include maximum front-end sales charge of 5.50% (Alternatives), 5.25% (Equity) and 4.25% (Fixed Income).  Class C shares include deferred sales charge of 1.00% which declines to zero after first year. Class I and Class IS shares are not subject to a sales charge.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Expenses are based on the fund's current prospectus.

Class IS shares, are being offered only to eligible investors who must meet a minimum initial investment of $10,000,000 or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, whether or not qualified under the Internal Revenue Code of 1986, as amended (the "Code"), in each case subject to the discretion of the Portfolio's investment advisor.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees, but does not include sales charges. Performance would have been lower if sales charges had been included. Results are hypothetical.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

PORTFOLIO CHARACTERISTICS DEFINITIONS
Active Share is the fraction of the portfolio or fund that is invested differently than its benchmark as of the last day of the reporting period. A portfolio with a high degree of Active Share does not assure a fund’s relative outperformance. Active Share calculation may consolidate holdings with the same economic exposure. The Net Asset Value (NAV) per share is determined by dividing the value of the fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the fund at a given time. Number of holdings provided are a typical range, not a maximum number. The portfolio may exceed this from time to time due to market conditions and outstanding trades. Price/earnings (P/E) is the price of a stock divided by its earnings per share. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting. Price/ cash flow is a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's per-share stock price by the per-share operating cash flow. Price/book compares a stock's market value to the book value per share of total assets less total liabilities. This number is used to judge whether a stock is undervalued or overvalued. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index. The Weighted Median Market Capitalization is the point at which half of the market value of a portfolio or index is invested in stocks with a greater market cap, while the other half of the market value is invested in stocks with a lower market cap.

Turnover is sourced from the fund's current prospectus.

RISK CONSIDERATIONS
There is no assurance that a Portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the Portfolio will decline and that the value of Portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this Portfolio. Please be aware that this Portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging and frontier markets are greater than risks associated with investments in other foreign or U.S. issuers and they are often considered highly speculative in nature. Investment opportunities in many frontier emerging markets may be concentrated in the banking industry, which could have a disproportionate impact on the portfolio’s performance. By investing in investment company securities, the portfolio is subject to the underlying risks of that investment company's portfolio securities. In addition to the Portfolio's fees and expenses, the Portfolio generally would bear its share of the investment company's fees and expenses. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Privately placed and restricted securities may be subject to resale restrictions as well as a lack of publicly available information, which will increase their illiquidity and could adversely affect the ability to value and sell them (liquidity risk).

Subject to change daily. Fund information, Portfolio Composition and Characteristics are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the sectors or regions presented.

OTHER CONSIDERATIONS
1 The MSCI Emerging Markets ex China Net Index captures large and mid cap representation across 22 of the 24 Emerging Markets (EM) countries excluding China. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

2 The Blended Index performance shown is calculated using the MSCI Emerging Markets Net Index from inception through 12/31/2018 and the MSCI Emerging Markets ex China Net Index thereafter.

3 The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Net Index currently consists of 23 emerging-market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. The index does not include any expenses, fees or sales charges, which would lower performance.

The index is unmanaged and should not be considered an investment. It is not possible to invest directly in an index.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one at morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley.

Effective January 1, 2019, the benchmark changed from the MSCI Emerging Markets Net Index to the MSCI Emerging Markets ex China Net Index.

LTM = Last Twelve Months.

 
 
 

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.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months

 

LTM = Last Twelve Months

 

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

 

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

 

Global equities is represented by the MSCI All Country World Index.

 

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

 

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

 

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

 

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

 

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