VIF Emerging Markets Equity Portfolio

Share Class :
 
MEMEX CUSIP: 61691F102
VIF Emerging Markets Equity Portfolio
MEMEX CUSIP: 61691F102
Share Class :

VIF Emerging Markets Equity Portfolio

SHARE CLASS :
MEMEX CUSIP: 61691F102
 

 
 
Investment Objective

Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries.

Investment Approach

We seek long-term capital appreciation by investing in emerging market countries where economies are developing strongly and markets are becoming more sophisticated. We believe that future economic growth matters a great deal for stock returns and that identifying those countries where growth will likely beat expectations over three to five years is critical to amplifying the portfolio's potential returns. We seek to translate our original macro-thematic research and fundamental bottom-up analysis into a growth-oriented portfolio.

 
Oct '96
Share Class Launch Date
95
Number of holdings
136.7
Weighted Average Market Capitalization ($B)
 
 
Pricing

As of 04/30/2024

As of 05/20/2024

As of 04/30/2024

As of 05/20/2024


    
Past performance is not indicative of future results.
 
 
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)
07/05/2023 07/06/2023 07/06/2023 0.202436 0.219100 0.000000 0.219100
07/05/2022 07/06/2022 07/06/2022 0.062481 1.509100 0.000000 1.509100
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)
07/05/2023 07/06/2023 07/06/2023 0.202436 0.219100 0.000000 0.219100
07/05/2022 07/06/2022 07/06/2022 0.062481 1.509100 0.000000 1.509100
 
 
Composition As of 03/31/2024
  Fund Index
Financials 29.96 22.35
Information Technology 22.48 23.73
Consumer Discretionary 13.91 12.41
Industrials 8.63 6.95
Consumer Staples 8.59 5.64
Materials 5.36 7.20
Communication Services 4.74 8.62
Energy 3.38 5.32
Health Care 1.41 3.47
Real Estate 1.03 1.52
Utilities -- 2.78
Cash 1.67 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography As of 03/31/2024
  Fund Index
India 23.82 17.70
China 20.96 25.13
Taiwan 15.57 17.63
South Korea 10.82 12.82
Brazil 6.88 5.23
Mexico 5.63 2.70
South Africa 4.24 2.78
Indonesia 3.92 1.86
Poland 1.98 0.97
Saudi Arabia 1.79 4.23
Other 3.88 8.94
Cash 1.67 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 04/30/2024
Fund Index
Taiwan Semiconductor Mfg Co. Ltd 9.06 8.28
Samsung Electronics Co. Ltd 4.44 3.71
Tencent Holdings Ltd 4.17 4.07
ICICI Bank Ltd 2.58 0.99
Reliance Industries Ltd 2.52 1.48
SK Hynix Inc 2.45 0.95
Mahindra & Mahindra Ltd 2.28 0.33
Alibaba Group Holding Ltd 2.25 2.14
Anglo American Plc 2.06 --
State Bank of India 1.89 0.24
Total 33.70 --


Portfolio Characteristics
Fund Index
Active share (%) 62.13 --
Number of holdings 95 1,376
Price/earnings (LTM) 16.09 13.78
Price/cash flow 9.73 7.85
Price/book 2.16 1.64
Return on equity (%) 16.36 14.81
Weighted average market capitalization ($B) 136.54 128.65
Weighted median market capitalization ($B) 42.25 31.93
Turnover (%) 33 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 
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.

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.
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.
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.
Return on capital is a measure of a company’s efficiency at allocating the capital under its control to profitable investments, calculated by dividing operating income [excluding dividends and taxes] 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 Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index.
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.

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 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.

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. 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, equity securities’ values also fluctuate in response to activities specific to a company. 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 foreign investments. 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. China risk. Investments in China involve risk of a total loss due to government action or inaction. Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth in China. An economic downturn in China would adversely impact the Portfolio’s investments. Risks of investing through stock connect. Any investments in A-shares listed and traded through Stock Connect, or on such other stock exchanges in China which participate in Stock Connect is subject to a number of restrictions that may affect the Portfolio's investments and returns. Moreover, Stock Connect A shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. The Stock Connect program may be subject to further interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future developments regarding the program may restrict or adversely affect the Portfolio's investments or returns

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 Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging 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 MSCI Emerging Markets Net Index currently consists of 23 emerging market country indices. 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.

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.

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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