VIF Emerging Markets Debt Portfolio
Share Class :
 
MBDBX CUSIP: 61691F870
VIF Emerging Markets Debt Portfolio
MBDBX CUSIP: 61691F870
Share Class :

VIF Emerging Markets Debt Portfolio

SHARE CLASS :
MBDBX CUSIP: 61691F870
 
 
 
 
Investment Approach

We seek high total return from income and price appreciation by investing in a range of sovereign, quasi-sovereign and corporate debt securities in emerging markets. Investments are denominated in U.S. dollars. We believe that emerging markets experiencing positive fundamental change may present attractive investment opportunities for investors. To help achieve its objective, we combine top-down country allocation with bottom-up security selection.

 
 
 
Pricing

As of 10/31/2017

As of 01/19/2018


    
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)  
07/03/2017 07/05/2017 07/05/2017 0.445732 0.000000 0.000000 0.000000
06/29/2016 06/30/2016 06/30/2016 0.441784 0.000000 0.000000 0.000000
Ex-Date /<br />Payable Date Net Investment Income ($ per share) Total Capital Gains ($ per share)
07/05/2017 /
07/05/2017
0.445732 0.000000
06/30/2016 /
06/30/2016
0.441784 0.000000
 
 
Composition As of 09/30/2017
Index Active Wt Portfolio
Top 5 274.45 68.08 342.53
Mexico 105.73 22.64 128.37
Indonesia 67.40 17.61 85.01
Argentina 34.06 15.93 49.98
Brazil 31.38 10.03 41.42
Russian Federation 35.88 1.87 37.75
Bottom 5 13.48 -- --
Index Active Wt Portfolio
Top 5 278.18 62.73 340.92
Mexico 107.47 19.12 126.59
Indonesia 68.21 17.84 86.05
Argentina 34.45 16.12 50.58
Brazil 31.75 10.14 41.88
Russian Federation 36.30 -0.49 35.81
Bottom 5 13.63 -- --
Index Active Wt Portfolio
Sovereign 69.82 -6.99 62.83
Quasi-Sovereign 30.18 -8.71 21.47
Corporates -- 11.32 11.32
Industrial -- 1.99 1.99
Financials -- -- --
Oil & Gas -- 1.87 1.87
Consumer -- 0.62 --
Cash -- 4.38 4.38


Geography As of 09/30/2017
  Fund
Mexico 13.74
Indonesia 9.45
Russia 8.07
Argentina 7.78
Brazil 5.50
Turkey 5.03
Ukraine 4.02
China 3.39
Kazakhstan 2.67
Philippines 2.63


Holdings As of 12/31/2017
Fund
Petroleos Mexicanos 7.60
Russian Federation 7.24
Indonesia (Republic of) 6.38
Turkey (Rep of) 4.21
Ukraine (Government of) 4.10
Brazil (Federative Republic of) 3.29
Argentina (Republic of) 3.19
Mexico (United Mexican States) 3.01
Philippines (Republic of) 2.61
Sinopec Group Overseas Developme 2.18
Total 43.81


Portfolio Characteristics As of 11/30/2017
Fund
Number of holdings 130
Effective Duration 6.66
Average maturity 10.67
Turnover (%) 53
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
Portfolio Managers
Managing Director
24 years industry experience
Executive Director
14 years industry experience
Managing Director
23 years industry experience
 
Insights by Global Fixed Income Team
Global Fixed Income Insights
2018 Emerging Markets Debt Outlook
Dec 18, 2017
The Emerging Markets Debt Team discusses their outlook for the 2018 and why there is a case for medium-term optimism.
Global Fixed Income Bulletin
2018 - A Focus on Alpha
Jan 09, 2018
The Global Fixed Income team provides their outlook for global fixed income in 2018 and how a focus on alpha is likely to be a large driving force of performance.
 
 
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 
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: The portfolio may engage in active and frequent trading of its portfolio securities. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income. Mortgage- and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Foreign securities are subject to 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. 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. Credit quality. Investments in securities rated below investment grade (commonly known as “junk bonds”) present greater risk of loss to principal and interest than investments in higher-quality securities. Certain public bank loans are illiquid, to the extent a bank loan has been deemed illiquid, it will be subject to the fund’s restrictions on investment in illiquid securities. Bank loans that are rated below investment grade share the same risks of other below-investment-grade securities. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). 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.

OTHER CONSIDERATIONS
The JP Morgan Emerging Markets Bond Index Global (EMBI Global) tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the EMBI+. As with the EMBI+, the EMBI Global includes US dollar-denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

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.

 
 

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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