Dynamic Value Portfolio

Share Class :
MAAQX CUSIP: 617455290
Dynamic Value Portfolio
MAAQX CUSIP: 617455290
Share Class :

Dynamic Value Portfolio

MAAQX CUSIP: 617455290

Investment Objective
Seeks capital appreciation.
Investment Approach
Dynamic Value combines 1) systematic selection of the cheapest 20% of stocks in each U.S. sector with 2) dynamic, top-down allocation to value based on the attractiveness of the factor. The result is a concentrated U.S. value equity strategy with high active share, in which risk is efficiently managed through diversification and dynamic management of the portfolio’s beta to value, based on the Global Multi-Asset team’s analysis of the fundamental environment.
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
MAAQX 24.49 5.97 -- -- 8.12
Russell 1000 Value Index (%) 21.71 5.45 -- -- 7.40
Lipper Category Average (%) 23.09 4.91 -- -- --
Morningstar Category Average (%) 22.47 6.25 -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MAAQX 20.77 9.32 -- -- 9.29
Russell 1000 Value Index (%) 20.27 8.11 -- -- 8.26
Lipper Category Average (%) 19.95 7.88 -- -- --
Morningstar Category Average (%) 20.70 8.87 -- -- --
2023 2022 2021 2020 2019 2018 2017
MAAQX 11.26 0.82 -- -- -- -- --
Russell 1000 Value Index (%) 11.46 -7.54 -- -- -- -- --
Lipper Category Average (%) 12.42 -6.63 -- -- -- -- --
Morningstar Category Average (%) 11.63 -5.90 -- -- -- -- --
Average Annual Total Returns
As of 05/31/2024
TIMEFRAME MAAQX Russell 1000 Value Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 24.49 21.71 23.09 22.47
3 Yrs 5.97 5.45 4.91 6.25
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 8.12 7.40 } -- --
As of 03/31/2024
TIMEFRAME MAAQX Russell 1000 Value Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 20.77 20.27 19.95 20.70
3 Yrs 9.32 8.11 7.88 8.87
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 9.29 8.26 } -- --
TIMEFRAME MAAQX Russell 1000 Value Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2023 11.26 11.46 12.42 11.63
2022 0.82 -7.54 -6.63 -5.90
2021 -- -- -- --
2020 -- -- -- --
2019 -- -- -- --
2018 -- -- -- --
2017 -- -- -- --
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
 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)
12/08/2023 12/11/2023 12/11/2023 0.243753 0.000000 0.000000 0.000000
12/09/2022 12/12/2022 12/12/2022 0.304394 0.004400 0.004300 0.008700
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)
12/08/2023 12/11/2023 12/11/2023 0.243753 0.000000 0.000000 0.000000
12/09/2022 12/12/2022 12/12/2022 0.304394 0.004400 0.004300 0.008700
Composition As of 03/31/2024
Current Allocation (%) Typical Min/Max Range (%)
Value Portfolio 114.43 70.00/130.00
Anti-Value portfolio -14.50 -30.00/30.00
Net Exposure (ex Cash) 99.93 100.00
May not sum to 100% due to rounding.

Holdings As of 04/30/2024
AT&T 1.30
Clearway Energy Inc 1.09
First Citizens Bancshares Inc/Nc 0.92
M&T Bank Corp 0.90
Ovintiv Inc 0.88
Columbia Banking System Inc 0.88
Bank Ozk 0.88
Nov Inc 0.86
Marathon Oil Corp 0.85
Reynolds Consumer Products Inc 0.85

Portfolio Characteristics
Fund Index
Active share (%) 85.54 --
Number of holdings 202 845
Median market capitalization ($B) 10.51 78.27
Value/Anti-Value Portfolio Characteristics
Value Anti-Value Russell 1000 Russell 1000 Value
Price/earnings (NTM) 10.66 35.76 21.65 16.71
Price/Book 1.53 5.27 4.58 2.61
Net Margins (ex Financials & REITS) 5.05 -5.21 8.85 6.74
Net Debt/EBITDA (ex Financials and REITS) 3.12 7.64 1.92 2.60
Dividend Yield (LTM) 2.20 0.60 1.21 2.07
Portfolio Managers
Cyril Moulle-Berteaux
Head of Global Multi-Asset Team
33 years industry experience
Mark Bavoso
Managing Director
41 years industry experience
Doug Rentz
Executive Director
25 years industry experience
Product Literature
Prospectus & Reports

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 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.

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.

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 region presented.  

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.

Diversification neither assures a profit nor guarantees against loss in a declining market.


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. For MSIFT Dynamic Value Portfolio, active share is calculated based on all long positions in the portfolio. Median market capitalization is the midpoint of market capitalization of the stocks in a portfolio. Half the stocks in the portfolio will have higher market capitalizations; half will have lower. 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. Net Debt/EBITDA is a measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA. The net debt-to-EBITDA ratio is a debt ratio that shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant using a share weighted approach. Net Margins is the ratio of net income or profit, divided by revenues using a share weighted approach. 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. Price/earnings (NTM) ratio is a valuation ratio of a company’s current share price compared to its per-share earnings. Calculated as market value per share/earnings per share. Value stocks are defined by the GMA Team’s proprietary screening process. Anti-Value stocks are defined as the most expensive Value stocks based on the GMA Team’s proprietary screening process.


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, equity securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. Value Investing. Value investing is an investment style. Value stocks are those believed to be undervalued in comparison to their peers due to market, company-specific or other factors. Value stocks can perform differently from the market as a whole and other types of stocks and may fail to increase in price as anticipated or may decrease in price. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the Portfolio’s performance. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). LIBOR Discontinuance or Unavailability Risk. The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBOR tenors may continue beyond 2021. As a result, it is possible that commencing in 2022 (or on a late date, if a particular LIBOR tenor is expected to continue beyond the end of 2021), LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some of the Fund’s portfolio. 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.


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 Russell 1000® Value Index is an index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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 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

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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