VIF Global Franchise Portfolio
Share Class :
 
MBIIX CUSIP: 61691F300
VIF Global Franchise Portfolio
MBIIX CUSIP: 61691F300
Share Class :

VIF Global Franchise Portfolio

SHARE CLASS :
MBIIX CUSIP: 61691F300
 
 
 
 
Investment Approach

The investment team believes that high-quality companies can generate superior returns over the long term. Such businesses are typically built on dominant market positions, underpinned by powerful, hard to replicate intangible assets that can generate high, unlevered returns on capital and strong free cash flows. Other characteristics are recurring revenue streams, pricing power, low capital intensity and the opportunity for organic growth.

 
 
 
Pricing

As of 08/31/2019

As of 09/16/2019

As of 08/31/2019

As of 09/16/2019


    
Past performance is not indicative of future results.
 
 
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)
07/03/2019 07/05/2019 07/05/2019 0.122330 1.782500 0.000000 1.782500
07/03/2018 07/05/2018 07/05/2018 0.145801 2.270900 0.022600 2.293500
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)
07/03/2019 07/05/2019 07/05/2019 0.122330 1.782500 0.000000 1.782500
07/03/2018 07/05/2018 07/05/2018 0.145801 2.270900 0.022600 2.293500
 
 
Composition As of 06/30/2019
  Fund Index
Consumer Staples 39.03 8.51
Information Technology 29.60 16.31
Health Care 17.60 12.59
Industrials 6.04 11.21
Financials 2.72 15.78
Consumer Discretionary 1.85 10.48
Communication Services 1.54 8.32
Cash & equivalents 1.62 --
Total 100.00 --
 
May not sum to 100% due to rounding. Cash & equivalents may include other assets and liabilities of the portfolio.


Holdings As of 08/31/2019
Fund Index
Microsoft Corp 8.00 2.48
Reckitt Benckiser Plc 7.55 0.14
Philip Morris Inc 6.14 0.28
Visa Inc 5.52 0.78
Unilever Plc 5.27 0.17
SAP SE 5.25 0.29
Accenture Plc 4.82 0.31
Baxter International Inc 4.41 0.11
Danaher Corp 3.72 0.23
Coca-Cola Company 3.70 0.55
Total 54.38 --

Complete holdings for Global Franchise Portfolio will be publicly available on a quarterly basis 15 calendar days after the quarter-end by calling (800) 548-7786 or emailing client service at msimcs@morganstanley.com

Please note, prior to February 13, 2018, holdings and related composition data, shown as of December 31, 2017, were reflecting data as of January 2, 2018. Holdings data for these periods are available upon request by emailing client service at msimcs@morganstanley.com



Portfolio Characteristics
Fund Index
Active share (%) 92.72 --
Number of holdings 28 1,655
Price/earnings (NTM) 21.32 15.68
Turnover (%) 27 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
Investment Team
William Lock
Head of International Equity Team
27 years industry experience
Bruno Paulson
Managing Director
25 years industry experience
Dirk Hoffmann-Becking
Executive Director
21 years industry experience
Nic Sochovsky
Managing Director
21 years industry experience
Vladimir Demine
Executive Director
17 years industry experience
Nathan Wong
Executive Director
19 years industry experience
Marcus Watson
Executive Director
11 years industry experience
Alex Gabriele
Executive Director
10 years industry experience
Richard Perrott
Vice President
13 years industry experience
 
 
 
Resources
Prospectus & Reports
SAI
 
 
 
 
 

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 portfolio’s current annual report.

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.

Net Asset Value (NAV) is the dollar value of a single fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day.
Return on capital is a measure of a company’s efficiency at allocating the capital under its control to profitable investments, calculated by dividing net income minus dividends by total capital. 
Earnings per share (EPS) growth is the weighted average of earnings per share growth for all securities in the portfolio projected for the past five fiscal years. Earnings per share for a company is defined as total earnings divided by shares outstanding.
Sales growth is the increase in sales over a specific period of time, often but not necessarily annually.
Weighted median market capitalization is the point at which half of the market value of a portfolio is invested in stocks with a greater market cap, and consequently the other half is invested in stocks with a lower market cap.
Debt/equity (D/E) is a measure of a company’s financial leverage calculated by dividing its total liabilities by stockholders’ equity.
Turnover is sourced from the fund's current prospectus.
Weighted average market capitalization is a stock market index weighted by the market capitalization of each stock in the index. In such a weighting scheme, larger companies account for a greater portion of the index. Most indexes are constructed in this manner, with the best example being the S&P 500.
Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.
Average maturity is the weighted average of the time until all maturities on mortgages in a mortgage-backed security (MBS). The higher the weighted average to maturity, the longer the mortgages in the security have until maturity.

Subject to change daily. Portfolio information, 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 presented. Monthly Holdings are updated 15 calendar days after month-end.

The index data displayed under allocations are calculated using MSIM and other third-party methodologies and may differ from data published by the vendor.

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. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect global franchise companies and may negatively impact the portfolio to a greater extent than if the portfolio’s assets were invested in a wider variety of companies. In general, equity securities’ values also fluctuate in response to activities specific to a company. Stocks of small-capitalization companies carry special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. 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 the risks generally associated with investments in foreign developed countries. Nondiversified portfolios often invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility.Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). 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.

OTHER CONSIDERATIONS
The MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed 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 performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. 

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

Complete holdings for Global Franchise will be available on a quarterly basis 15 calendar days after the quarter-end to current shareholders who email client service at msimcs@morganstanley.com.

On March 30, 2015, The Universal Institutional Funds, Inc. Global Franchise Portfolio recommenced offering Class II shares to new investors.

Effective May 1, 2017, The Universal Institutional Funds, Inc. (UIF) changed its name to Morgan Stanley Variable Insurance Fund, Inc. (VIF). There were no other changes to the Portfolio or investment process.

NTM = Next 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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