Variable Investment Series European Equity Portfolio
Share Class :
 
XXVG CUSIP: 61748Q507
Variable Investment Series European Equity Portfolio
XXVG CUSIP: 61748Q507
Share Class :

Variable Investment Series European Equity Portfolio

SHARE CLASS :
XXVG CUSIP: 61748Q507
 
 
 
 
Investment Approach

We seek companies that typically exhibit strong cash generation and high returns on investment. We are active, fundamental, bottom-up stock pickers. While markets are largely efficient, short-term inefficiencies provide opportunities for long-term stock pickers. Our process is built on finding these long-term investment opportunities using primary financial analysis such that the key drivers of a company's financial statements are fully understood and the catalysts that can unlock a company's value identified.

 
Mar '91
Share Class Launch Date
42
Number of holdings
77.6
Weighted Average Market Capitalization ($B)
 
 
Pricing

As of 04/30/2018

As of 07/16/2018

As of 04/30/2018

As of 07/16/2018


    
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)
07/03/2018 07/05/2018 07/05/2018 0.423647 0.000000 0.000000 0.000000
07/03/2017 07/05/2017 07/05/2017 0.500037 0.000000 0.000000 0.000000
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)
07/03/2018 07/05/2018 07/05/2018 0.423647 0.000000 0.000000 0.000000
07/03/2017 07/05/2017 07/05/2017 0.500037 0.000000 0.000000 0.000000
 
 
Composition As of 03/31/2018
  Fund Index
Financials 19.18 21.06
Consumer Staples 15.99 13.39
Health Care 14.83 12.07
Industrials 13.30 13.15
Consumer Discretionary 9.44 10.93
Information Technology 8.03 5.00
Energy 6.63 7.40
Materials 5.50 8.32
Telecommunication Services 4.90 3.66
Real Estate 1.05 1.36
Cash 0.62 --


Geography As of 03/31/2018
  Fund Index
United Kingdom 24.32 27.28
Switzerland 19.20 12.31
France 15.98 17.23
Germany 14.91 15.36
Netherlands 13.05 5.78
Spain 3.62 5.10
Denmark 2.43 2.87
Sweden 2.05 4.19
Ireland 1.96 0.74
Italy 1.32 3.97


Holdings As of 06/30/2018
Fund Index
Nestle S.A. 4.23 2.65
Royal Dutch Shell Plc 3.83 3.23
BP Plc 3.81 1.67
SAP SE 3.50 1.25
Novartis AG 3.40 1.86
British American Tobacco Plc 3.26 1.28
Asml Holding NV 3.08 0.89
Airbus Se 3.05 0.75
Bayer AG 2.85 1.09
Unilever NV 2.78 0.95
Total 33.79 --

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
Number of holdings 44 446
Price/earnings (NTM) 14.51 13.94
Price/cash flow 10.73 9.25
Price/book 2.08 1.82
Return on equity (%) 15.62 14.36
Weighted average market capitalization ($B) 81.36 60.23
Weighted median market capitalization ($B) 65.48 41.67
Turnover (Inactive) 19 --
 
 
Portfolio Managers
Head of European Equity Team
25 years industry experience
Executive Director
25 years industry experience
Executive Director
22 years industry experience
Executive Director
24 years industry experience
 
 
Insights by European Equity Team
Market Outlook
The Markets - A Review
Dec 31, 2017
Morgan Stanley’s European Equity Team discusses whether it is time to become more bearish in 2018.
MARKET OUTLOOK
2018 Outlook - Is Goldilocks set to continue?
Dec 13, 2017
Morgan Stanley’s European Equity Team discusses its outlook for the European equity asset class in 2018.
 
 
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.

PORTFOLIO CHARACTERISTICS DEFINITIONS 
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. 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.

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.

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.

RISK CONSIDERATIONS
There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund. Please be aware that this fund 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 the risks generally associated with investments in foreign developed countries. 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. Concentrated investments in Europe are more susceptible to such risks affecting European issuers than a fund that holds more geographically diversified investments.

OTHER CONSIDERATIONS

The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. 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.

The Variable Investment Series and Select Dimensions Investment Series are registered with the Securities and Exchange Commission as an open-end investment company. The Portfolios that make up the Series are not available for direct investment. Only individuals or institutions domiciled in the United States of America are legally permitted to invest in these funds. The performance of the Portfolio's two share classes varies because each has different expenses. The Portfolio's adviser has waived or reimbursed fees and expenses from time to time; absent such waivers/reimbursements the Portfolio's returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Withdrawals are taxed as ordinary income. Withdrawals prior to age 59 1/2 are subject to a 10% tax penalty. Only individuals or institutions domiciled in the United States of America are legally permitted to invest in these funds.

Please consider the investment objective, risks, charges and expenses of the portfolio carefully before investing. The prospectus contains this and other information about the portfolio. To obtain a prospectus, download one at www.morganstanley.com/im. Please read the prospectus carefully before you invest or send money.

As of January 1, 2011, the SEC requires fund companies to file a new exhibit with risk/return summary information in interactive data (XBRL) format. Click here for XBRL files. 

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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