Global Infrastructure Portfolio

Share Class :
MTIIX CUSIP: 61756E651
Global Infrastructure Portfolio
MTIIX CUSIP: 61756E651
Share Class :

Global Infrastructure Portfolio

MTIIX CUSIP: 61756E651

Investment Objective

Seeks to provide both capital appreciation and income.

Investment Approach

We apply a well-defined, value-oriented, bottom-up driven investment process that focuses on investing primarily in equity securities of publicly listed infrastructure companies we believe offer the best value relative to their underlying infrastructure value and net asset value growth prospects, irrespective of short-term market trends. The bottom-up process is combined with a top-down allocation that provides exposure to major economic infrastructure sectors and countries, with an overweighting to those sectors/countries that we believe offer the best relative valuation.

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

As of 05/31/2024

As of 06/12/2024

As of 05/31/2024

As of 06/12/2024

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

Past performance is not indicative of future results.
Average Annual Total Returns As of 05/31/2024 As of 03/31/2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MTIIX 4.22 -0.27 3.50 3.99 7.72
Dow Jones Brookfield Global Infrastructure Index (%) 7.63 1.84 4.02 4.26 7.66
Lipper Category Average (%) 8.56 1.58 5.13 4.65 --
Morningstar Category Average (%) 9.87 2.29 6.45 5.09 --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MTIIX -1.37 1.29 3.58 4.43 7.75
Dow Jones Brookfield Global Infrastructure Index (%) 1.56 3.42 3.81 4.73 7.63
Lipper Category Average (%) 2.12 2.28 4.63 4.96 --
Morningstar Category Average (%) 2.79 2.65 5.29 4.94 --
2023 2022 2021 2020 2019 2018 2017
MTIIX 4.13 -8.40 14.14 -1.45 27.94 -8.02 12.70
Dow Jones Brookfield Global Infrastructure Index (%) 4.51 -6.62 19.87 -6.97 28.69 -7.87 15.79
Lipper Category Average (%) 4.84 -8.35 14.15 0.79 27.06 -8.73 17.40
Morningstar Category Average (%) 4.88 -8.59 14.74 0.52 27.13 -8.88 17.00
Average Annual Total Returns
As of 05/31/2024
TIMEFRAME MTIIX Dow Jones Brookfield Global Infrastructure Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 4.22 7.63 8.56 9.87
3 Yrs -0.27 1.84 1.58 2.29
5 Yrs 3.50 4.02 5.13 6.45
10 Yrs 3.99 4.26 4.65 5.09
Since Inception 7.72 7.66 } -- --
As of 03/31/2024
TIMEFRAME MTIIX Dow Jones Brookfield Global Infrastructure Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr -1.37 1.56 2.12 2.79
3 Yrs 1.29 3.42 2.28 2.65
5 Yrs 3.58 3.81 4.63 5.29
10 Yrs 4.43 4.73 4.96 4.94
Since Inception 7.75 7.63 } -- --
TIMEFRAME MTIIX Dow Jones Brookfield Global Infrastructure Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2023 4.13 4.51 4.84 4.88
2022 -8.40 -6.62 -8.35 -8.59
2021 14.14 19.87 14.15 14.74
2020 -1.45 -6.97 0.79 0.52
2019 27.94 28.69 27.06 27.13
2018 -8.02 -7.87 -8.73 -8.88
2017 12.70 15.79 17.40 17.00
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
Risk/Return Statistics

Alpha (%) -2.10
Beta (vs. benchmark) 1.00
Excess return (%) -2.10
Information ratio -0.63
R squared 0.96
Sharpe ratio -0.19
Standard deviation (%) 17.37
Tracking error (%) 3.32
Up-capture ratio (%) 95.55
Down-capture ratio (%) 104.13
Alpha (%) -0.46
Beta (vs. benchmark) 0.96
Excess return (%) -0.52
Information ratio -0.15
R squared 0.96
Sharpe ratio 0.08
Standard deviation (%) 17.01
Tracking error (%) 3.45
Up-capture ratio (%) 96.73
Down-capture ratio (%) 99.05
Past performance is not indicative of future results.
 Tax Center   
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)
12/14/2023 12/15/2023 12/15/2023 0.379093 0.000000 0.000000 0.000000
12/15/2022 12/16/2022 12/16/2022 0.355651 1.830300 0.022700 1.853000
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)
12/14/2023 12/15/2023 12/15/2023 0.379093 0.000000 0.000000 0.000000
12/15/2022 12/16/2022 12/16/2022 0.355651 1.830300 0.022700 1.853000
Composition As of 03/31/2024
Oil & Gas Storage & Transportation 35.05
Electricity Transmission & Distribution 14.74
Communications 14.57
Others 11.82
Diversified 9.50
Airports 6.11
Water 3.93
Toll Roads 2.70
Railroads 1.29
Cash 0.40
May not sum to 100% due to the exclusion of other assets and liabilities.

Geography As of 03/31/2024
United States 47.77
Canada 22.13
Spain 7.66
United Kingdom 6.79
France 4.30
Italy 3.14
Mexico 2.77
Australia 2.11
Japan 0.85
Switzerland 0.73
Other 1.49
Cash 0.40
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 04/30/2024
GFL Environmental Inc 6.06
American Tower Corp 5.38
Enbridge Inc 5.18
National Grid Plc 4.76
ONEOK Inc 4.46
Pembina Pipeline Corp 4.36
Sempra 3.46
Grupo Aeroportuario Del Pacifico Sab de 3.43
VINCI 3.33
Targa Resources Corp 3.09
Total 43.51

Portfolio Characteristics
Active share (%) 29.83
Number of holdings 55
Weighted average market capitalization ($B) 36.77
Weighted median market capitalization ($B) 29.34
Turnover (%) 42
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.

Class C shares include deferred sales charge of 1.00% which declines to zero after first year.

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. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus. The minimum initial investment is $1,000,000 for Class I shares.

The Fund has suspended offering Class L shares of the Portfolio for sale to all investors.

Class R6 shares, are  being offered only to eligible investors who must meet a minimum initial investment of $5,000,000 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.

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 and/or countries presented.

Returns are net of fees and assume the reinvestment of all dividends and income. Returns for less than one year are cumulative (not annualized). Performance of other share classes will vary.

Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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.

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. 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.

Excess Return 
or value added (positive or negative) is the portfolio’s return relative to the return of the benchmark. Alpha (Jensen's) is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. Prior to 6/30/2018 Alpha was calculated as the excess return of the fund versus benchmark. Beta is a measure of the relative volatility of a security or portfolio to the market's upward or downward movements. Information ratio is the portfolio’s alpha or excess return per unit of risk, as measured by tracking error, versus the portfolio’s benchmark. R squared measures how well an investment’s returns correlate to an index. An R squared of 100 means the portfolio performance is 100% correlated to the index’s, whereas a low r-squared means that the portfolio performance is less correlated to the index’s. Sharpe ratio is a risk-adjusted measure calculated as the ratio of excess return to standard deviation. The Sharpe ratio determines reward per unit of risk. The higher the Sharpe ratio, the better the historical risk-adjusted performance. Standard deviation measures how widely individual performance returns, within a performance series, are dispersed from the average or mean value. Tracking error is the amount by which the performance of the portfolio differs from that of the benchmark. Upside/downside market capture measures annualized performance in up/down markets relative to the market benchmark.

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. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. 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 market countries are greater than risks associated with investments in foreign developed countries. Companies within the infrastructure industry are subject to a variety of factors that may adversely affect their business or operations, including high interest, leverage and regulatory costs, difficulty raising capital, the effect of an economic slowdown or recession and surplus capacity, and increased competition. Other risks include technological innovation, significant changes in the number of end-users, an increasing deregulatory environment, natural and environmental risks, and terrorist attacks. Stocks of small- and medium- capitalization companies entail special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. Non-diversified portfolios often invest in a more limited number of issuers so changes in the financial condition or market value of a single issuer may cause greater volatility in the portfolio. Real estate investments, including real estate investment trusts (REITs), are subject to risks similar to those associated with the direct ownership of real estate and they are sensitive to such factors as management skills and changes in tax laws. 

The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: 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.

© 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.


See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market capitalization weighted index that measures the stock performance of companies that exhibit strong infrastructure characteristics. The Index intends to measure all sectors of the infrastructure market.

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

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 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.

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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