Emerging Markets ex China Portfolio

Share Class :
 
MSDUX CUSIP: 61768B638
Emerging Markets ex China Portfolio
MSDUX CUSIP: 61768B638
Share Class :

Emerging Markets ex China Portfolio

SHARE CLASS :
MSDUX CUSIP: 61768B638
 

 
 
Investment Objective
Seeks long-term capital appreciation.
Investment Approach
A diversified, core fund which seeks to invest in quality growth companies in emerging markets excluding China and Hong Kong. In our integrated process, we combine original macro and thematic top-down analysis with bottom-up fundamental research to arrive at a core portfolio of 60 – 80 stocks in attractive countries.
 
 
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 06/18/2024

As of 05/31/2024

As of 06/18/2024


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
MSDUX 22.02 -- -- -- 22.81
MSCI Emerging Markets ex China Net Index (%) 15.84 -- -- -- 18.42
Lipper Category Average (%) 13.61 -- -- -- --
Morningstar Category Average (%) 14.21 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MSDUX 23.11 -- -- -- 25.08
MSCI Emerging Markets ex China Net Index (%) 20.51 -- -- -- 22.07
Lipper Category Average (%) 9.83 -- -- -- --
Morningstar Category Average (%) 10.31 -- -- -- --
2023 2022 2021 2020 2019 2018 2017
MSDUX 21.57 -- -- -- -- -- --
MSCI Emerging Markets ex China Net Index (%) 20.03 -- -- -- -- -- --
Lipper Category Average (%) 11.76 -- -- -- -- -- --
Morningstar Category Average (%) 12.32 -- -- -- -- -- --
Average Annual Total Returns
As of 05/31/2024
TIMEFRAME MSDUX MSCI Emerging Markets ex China Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 22.02 15.84 13.61 14.21
3 Yrs -- -- -- --
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 22.81 18.42 } -- --
As of 03/31/2024
TIMEFRAME MSDUX MSCI Emerging Markets ex China Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 23.11 20.51 9.83 10.31
3 Yrs -- -- -- --
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 25.08 22.07 } -- --
TIMEFRAME MSDUX MSCI Emerging Markets ex China Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2023 21.57 20.03 11.76 12.32
2022 -- -- -- --
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.
 
 
Distributions
 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)
12/14/2023 12/15/2023 12/15/2023 0.206828 0.065100 0.514700 0.579800
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)
12/14/2023 12/15/2023 12/15/2023 0.206828 0.065100 0.514700 0.579800
 
 
Composition As of 03/31/2024
  Fund Index
Financials 31.49 24.31
Information Technology 26.62 29.66
Materials 9.46 8.58
Consumer Staples 7.69 5.78
Consumer Discretionary 7.39 6.63
Industrials 7.05 7.42
Energy 3.27 5.81
Health Care 2.18 3.13
Real Estate 1.32 1.29
Communication Services -- 4.55
Utilities -- 2.85
Cash 3.50 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography As of 03/31/2024
  Fund Index
India 28.88 23.64
Taiwan 18.41 23.55
South Korea 12.58 17.12
Brazil 7.50 6.99
Mexico 7.00 3.61
Indonesia 5.24 2.48
South Africa 4.12 3.72
Poland 3.62 1.30
United Kingdom 2.19 --
Thailand 2.00 2.03
Other 4.91 15.57
Cash 3.50 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.
If you would like to request more recent information on the fund, including regional allocations, please email empr@morganstanley.com.


Holdings As of 05/31/2024
Fund Index
Taiwan Semiconductor Mfg Co. Ltd 12.00 11.84
Samsung Electronics Co. Ltd 5.48 4.81
SK Hynix Inc 3.21 1.42
Reliance Industries Ltd 3.11 1.98
HDFC Bank Ltd 3.10 0.98
ICICI Bank Ltd 2.70 1.32
State Bank of India 2.44 0.34
Mahindra & Mahindra Ltd 2.43 0.53
Grupa Kety S.A. 1.98 --
Infosys Ltd 1.94 1.06
Total 38.39 --


Portfolio Characteristics
Fund Index
Active share (%) 65.38 --
Number of holdings 69 672
Price/earnings (LTM) 18.43 15.45
Price/cash flow 10.90 9.40
Price/book 2.50 1.94
Return on equity (%) 16.29 15.17
Weighted average market capitalization ($B) 136.50 133.51
Weighted median market capitalization ($B) 30.61 28.65
Turnover (%) 40 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
Resources
Product Literature
 
 
Sustainability
 
 
Prospectus & Reports
SAI
 
 
 
 
 

Effective June 21, 2023, the Fund changed its name from Morgan Stanley Institutional Fund Sustainable Emerging Markets Portfolio to Morgan Stanley Institutional Fund Emerging Markets ex China Portfolio, and modified its non-fundamental investment policy to reflect that, under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities of issuers located in emerging market countries excluding China and Hong Kong.

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 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.

Short-term returns may not be indicative of the fund’s long-term performance potential. A fund’s performance, especially for very short time periods, should not be the sole factorin making your investment decision.

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. 

Shares of the portfolio redeemed within 30 days of purchase will be subject to a 2% redemption fee, payable to the portfolio. The redemption fee is designed to protect the portfolio and its remaining shareholders from the effects of short-term trading.

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.

PORTFOLIO CHARACTERISTICS 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. Number of holdings provided are a typical range, not a maximum number. The portfolio may exceed this from time to time due to market conditions and outstanding trades. 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/cash flow is a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's per-share stock price by the per-share operating cash flow. Price/earnings (LTM) is the price of a stock divided by its earnings per share for the past 12 months. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Weighted average market capitalization is an average of the market capitalization of stocks held by a portfolio or comprising an index, adjusted by each stock’s corresponding weight in the portfolio or index. 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 capitalization, and consequently the other half of the market value is invested in stocks with a lower market capitalization 

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. 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 strategy. Please be aware that this strategy 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 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). Strategies that incorporate impact investing and/or Environmental, Social and Governance (ESG) factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. As a result, there is no assurance strategies that incorporate ESG factors could result in more favorable investment performance.

OTHER CONSIDERATIONS

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 MSCI Emerging Markets ex China Net Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries* excluding China. With 654 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. 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. 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.

Effective June 21, 2023, the Fund changed its name from Morgan Stanley Institutional Fund Sustainable Emerging Markets Portfolio to Morgan Stanley Institutional Fund Emerging Markets ex China Portfolio, and modified its non-fundamental investment policy to reflect that, under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities of issuers located in emerging market countries excluding China and Hong Kong.

LTM = Last 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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