Inception Portfolio

Share Class :
MSSGX CUSIP: 61744J309
Overall Morningstar Rating
Inception Portfolio
MSSGX CUSIP: 61744J309
Share Class :

Inception Portfolio

MSSGX CUSIP: 61744J309
Overall Morningstar Rating
Ratings are historical and do not guarantee future results. For standardized ratings information refer to the Pricing & Performance section. Please click here for additional disclosures.
Investment Objective

Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of small-capitalization companies.

Investment Approach
We seek to invest primarily in established and emerging small cap companies in the United States, that we believe have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward.
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 10/31/2021

As of 11/26/2021

As of 10/31/2021

As of 11/26/2021

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

Past performance is not indicative of future results.
Average Annual Total Returns As of 10/31/2021 As of 09/30/2021
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MSSGX 81.15 55.11 38.37 22.37 14.14
Russell 2000 Growth Index (%) 38.45 18.64 17.90 14.57 8.95
Lipper Category Average (%) 43.38 22.01 20.28 15.16 --
Morningstar Category Average (%) 45.00 22.75 20.79 15.47 --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MSSGX 67.78 46.80 35.57 23.45 14.07
Russell 2000 Growth Index (%) 33.27 11.70 15.34 15.74 8.82
Lipper Category Average (%) 37.87 15.14 17.85 16.15 --
Morningstar Category Average (%) 39.55 15.66 18.25 16.46 --
2020 2019 2018 2017 2016 2015 2014
MSSGX 150.57 37.11 0.29 21.87 -0.35 -9.58 -9.68
Russell 2000 Growth Index (%) 34.63 28.48 -9.31 22.17 11.32 -1.38 5.60
Lipper Category Average (%) 38.35 29.08 -4.53 23.16 9.80 -2.18 2.23
Morningstar Category Average (%) 38.62 27.68 -5.76 21.50 11.20 -2.41 2.44
Average Annual Total Returns
As of 10/31/2021
TIMEFRAME MSSGX Russell 2000 Growth Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 81.15 38.45 43.38 45.00
3 Yrs 55.11 18.64 22.01 22.75
5 Yrs 38.37 17.90 20.28 20.79
10 Yrs 22.37 14.57 15.16 15.47
Since Inception 14.14 8.95 } -- --
As of 09/30/2021
TIMEFRAME MSSGX Russell 2000 Growth Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 67.78 33.27 37.87 39.55
3 Yrs 46.80 11.70 15.14 15.66
5 Yrs 35.57 15.34 17.85 18.25
10 Yrs 23.45 15.74 16.15 16.46
Since Inception 14.07 8.82 } -- --
TIMEFRAME MSSGX Russell 2000 Growth Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2020 150.57 34.63 38.35 38.62
2019 37.11 28.48 29.08 27.68
2018 0.29 -9.31 -4.53 -5.76
2017 21.87 22.17 23.16 21.50
2016 -0.35 11.32 9.80 11.20
2015 -9.58 -1.38 -2.18 -2.41
2014 -9.68 5.60 2.23 2.44
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

    MSSGX Index
Alpha (%) 29.46 --
Beta (vs. benchmark) 1.40 1.00
Excess return (%) 36.47 --
Information ratio 1.53 --
R squared 0.71 1.00
Sharpe ratio 1.34 0.72
Standard deviation (%) 40.44 24.37
Tracking error (%) 23.82 --
Up-capture ratio (%) 199.24 100.00
Down-capture ratio (%) 107.68 100.00
    MSSGX Index
Alpha (%) 15.51 --
Beta (vs. benchmark) 1.30 1.00
Excess return (%) 20.47 --
Information ratio 1.02 --
R squared 0.66 1.00
Sharpe ratio 1.13 0.81
Standard deviation (%) 32.95 20.71
Tracking error (%) 20.07 --
Up-capture ratio (%) 157.10 100.00
Down-capture ratio (%) 97.73 100.00
Past performance is not indicative of future results.
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)
12/10/2020 12/11/2020 12/11/2020 0.000000 1.084000 1.363800 2.447800
12/10/2019 12/11/2019 12/11/2019 0.000000 1.670900 0.269400 1.940300
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)
12/10/2020 12/11/2020 12/11/2020 0.000000 1.084000 1.363800 2.447800
12/10/2019 12/11/2019 12/11/2019 0.000000 1.670900 0.269400 1.940300
Composition As of 09/30/2021
  Fund Index
Health Care 31.13 28.89
Consumer Discretionary 21.64 14.82
Information Technology 19.33 22.15
Communication Services 7.41 3.09
Real Estate 4.48 2.83
Industrials 2.36 14.14
Consumer Staples 2.22 3.65
Materials 1.19 2.93
Financials 0.54 5.09
Other 7.18 --
Cash 4.74 --
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 10/31/2021
Fund Index
Fastly Inc 4.78 -- Inc 4.72 0.26
Redfin Corp 4.56 0.34
Victoria Plc 3.24 --
Anterix Inc 2.94 0.01
Matterport Inc 2.76 --
Covetrus Inc 2.74 --
Appian Corp 2.61 0.25
Cricut Inc 2.57 --
Vimeo Inc 2.46 --
Total 33.38 --

Full Holdings Report available at least 45 calendar days after quarter-end.

Portfolio Characteristics
Fund Index
Active share (%) 94.31 --
Number of holdings 95 1,226
Return on capital (%) -4.49 1.82
5 year EPS growth (%) 9.93 15.86
Sales growth (%) 32.15 6.92
Weighted median market capitalization ($B) 3.17 3.46
D/E weighted median (%) 8.88 47.41
Turnover (%) 132 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
Dennis Lynch
Head of Counterpoint Global
27 years industry experience
Sandeep Chainani
Managing Director
25 years industry experience
Armistead Nash
Managing Director
21 years industry experience
David Cohen
Managing Director
33 years industry experience
Alex Norton
Executive Director
26 years industry experience

May not represent all Investors.


The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Other share classes may have different performance and expense characteristics. From Refinitiv Lipper Awards, © 2021 Refinitiv. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

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 $5,000,000 for Class I shares.

For Class C shares, short-term returns may not be indicative of the fund’s long-term performance potential.

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.

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

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 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 high double-digit and/or triple-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.  

Forecasts/estimates are based on current market conditions, subject to change, and may not necessarily come to pass.

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.

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.  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. 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. Weighted median Debt to Equity ratio is the point at which half of the market value of a portfolio or index is invested in stocks with a greater Debt to Equity ratio, while the other half of the market value is invested in stocks with a lower Debt to Equity ratio. 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.

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

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. 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. Investments in small capitalization companies tend to be more volatile and less liquid than those of larger, more established, companies. 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. 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). Portfolio Turnover. Consistent with its investment policies, the Fund will purchase and sell securities without regard to the effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs. 

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.

© 2021 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 Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership.

The index is unmanaged and does not include any expenses, fees or sales charges. 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 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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