VIF Global Franchise Portfolio

Share Class :
MBIIX CUSIP: 61691F300
VIF Global Franchise Portfolio
MBIIX CUSIP: 61691F300
Share Class :

VIF Global Franchise Portfolio

MBIIX CUSIP: 61691F300
Investment Objective

Seeks long-term capital appreciation.

Investment Approach

The investment team believes that high-quality companies can generate superior returns over the long term. Such businesses are typically built on dominant market positions, underpinned by powerful, hard to replicate intangible assets that can generate high, unlevered returns on capital and strong free cash flows. Other characteristics are recurring revenue streams, pricing power, low capital intensity and the opportunity for organic growth.


As of 11/30/2021

As of 12/07/2021

As of 11/30/2021

As of 12/07/2021

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)
07/06/2021 07/07/2021 07/07/2021 0.091440 1.391200 0.012500 1.403700
07/06/2020 07/07/2020 07/07/2020 0.106903 1.265000 0.035100 1.300100
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)
07/06/2021 07/07/2021 07/07/2021 0.091440 1.391200 0.012500 1.403700
07/06/2020 07/07/2020 07/07/2020 0.106903 1.265000 0.035100 1.300100
Composition As of 09/30/2021
  Fund Index
Consumer Staples 31.27 6.89
Information Technology 30.15 22.53
Health Care 23.61 12.61
Industrials 5.74 10.31
Financials 4.84 13.69
Consumer Discretionary 2.75 12.13
Cash 1.67 --
May not sum to 100% due to the exclusion of other assets and liabilities.

Geography As of 09/30/2021
  Fund Index
United States 72.83 67.66
United Kingdom 12.29 4.18
France 5.97 3.26
Germany 4.57 2.65
Netherlands 2.09 1.41
Italy 0.62 0.71
Cash 1.67 --
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 10/31/2021
Fund Index
Microsoft Corp 9.90 3.88
Philip Morris International Inc 7.75 0.24
Reckitt Benckiser Plc 6.33 0.09
Accenture Plc 5.06 0.37
Thermo Fisher Scientific Inc 4.86 0.41
Danaher Corp 4.64 0.33
Visa Inc 4.64 0.59
SAP SE 4.60 0.25
Abbott Laboratories 4.39 0.37
Procter & Gamble 4.31 0.57
Total 56.48 --

Complete holdings for Global Franchise Portfolio will be publicly available on a quarterly basis 15 calendar days after the quarter-end by calling (800) 548-7786 or emailing client service at

Portfolio Characteristics
Fund Index
Active share (%) 90.49 --
Number of holdings 31 1,561
Price/earnings (NTM) 22.86 18.61
Price/free cash flow (NTM) 23.07 22.11
Turnover (%) 17 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
Investment Team
William Lock
Head of International Equity Team
29 years industry experience
Bruno Paulson
Managing Director
27 years industry experience
Nic Sochovsky
Managing Director
23 years industry experience
Marcus Watson
Executive Director
13 years industry experience
Alex Gabriele
Executive Director
12 years industry experience
Nathan Wong
Executive Director
21 years industry experience
Richard Perrott
Executive Director
15 years industry experience
Vladimir Demine
Head of ESG Research
19 years industry experience
Isabelle Mast
Executive Director
16 years industry experience

Team members may be subject to change at any time without notice. The investment team currently has 13 members; information on additional team members can be found on

Effective March 31, 2021, Dirk Hoffmann-Becking has retired and is no longer serving as a portfolio manager for the Portfolio.

Prospectus & Reports

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.

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 (P/E) is the price of a stock divided by its earnings per share. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Price to Free Cash Flow (P/FCF) is a ratio used to compare a company’s market value to its free cash flow. It is calculated by dividing the company’s per-share stock price by its per-share free cash flow. Free Cash flow is calculated by subtracting a company’s Capital Expenditures from its Operating Cash flow.

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

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. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect global franchise companies and may negatively impact the portfolio to a greater extent than if the portfolio’s assets were invested in a wider variety of companies. In general, equity securities’ values also fluctuate in response to activities specific to a company. Stocks of small-capitalization companies carry special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. 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 investments in foreign developed countries. 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.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. ESG 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 ESG strategies could result in more favorable investment performance.

The MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed 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 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.

Complete holdings for Global Franchise will be available on a quarterly basis 15 calendar days after the quarter-end to current shareholders who email client service at

On March 30, 2015, The Universal Institutional Funds, Inc. Global Franchise Portfolio recommenced offering Class II shares to new investors.

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.

NTM = Next 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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Not FDIC Insured—Offer No Bank Guarantee—May Lose Value
Not Insured By Any Federal Government Agency—Not A Deposit

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