VIF Emerging Markets Debt Portfolio

Share Class :
 
MEMNX CUSIP: 61691F888
VIF Emerging Markets Debt Portfolio
MEMNX CUSIP: 61691F888
Share Class :

VIF Emerging Markets Debt Portfolio

SHARE CLASS :
MEMNX CUSIP: 61691F888
 

 
 
Investment Objective

Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries.

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 primarily 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 10/31/2024

As of 12/04/2024

As of 10/31/2024

As of 12/04/2024


    
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)
07/08/2024 07/09/2024 07/09/2024 0.599037 0.000000 0.000000 0.000000
07/05/2023 07/06/2023 07/06/2023 0.476474 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)
07/08/2024 07/09/2024 07/09/2024 0.599037 0.000000 0.000000 0.000000
07/05/2023 07/06/2023 07/06/2023 0.476474 0.000000 0.000000 0.000000
 
 
Composition As of 09/30/2024
Portfolio
Top 5 4.26
United States 3.17
Egypt 0.38
Benin 0.27
Angola 0.24
Indonesia 0.20
Portfolio
Top 5 1.30
Egypt 0.39
Benin 0.28
Angola 0.25
Indonesia 0.20
Brazil 0.18
Portfolio
Sovereign 64.84
Quasi-Sovereign 4.17
Corporates 29.31
Industrial 1.28
Financials 8.35
Oil & Gas 4.72
Consumer 2.77
Diversified 0.52
TMT 3.27
Infrastructure 0.42
Metals & Mining 2.81
Transport 0.85
Real Estate 1.85
Utilities 2.46
Cash & equivalents 1.68
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography As of 09/30/2024
  Fund
Egypt 5.73
Brazil 4.77
Tanzania 4.20
Ghana 4.05
Ecuador 3.88
Mexico 3.81
Angola 3.59
Turkey 3.10
Cameroon 3.03
Benin 3.00
Other 59.38
Cash 1.49
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 10/31/2024
Fund
Egypt (the Arab Republic of) 5.88
Angola (Republic of) 3.54
Tanzania 3.51
Ecuador (Republic of) 3.14
Sri Lanka Democratic Socialist (Republic 3.04
Cameroon 2.96
Suriname (Republic of) 2.92
Benin ( Republic of) 2.82
Ukraine (Government of) 2.58
Sharjah, Emirate of 2.41
Total 32.80


Portfolio Characteristics
Fund
Number of holdings 249
Duration (years) 6.69
Average maturity 7.76
Turnover (%) 117
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
 
 

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.
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.
Turnover is sourced from the fund's current prospectus.
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. 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. 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 a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes. 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. The use of leverage may increase volatility in the portfolio. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Sovereign debt securities are subject to default 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. 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. Leverage is the degree to which a company uses fixed-income securities such as debt and preferred equity. The more debt financing a company uses, the higher its financial leverage. A high degree of financial leverage means high interest payments, which negatively affect the company's bottom-line earnings per share. The value of foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated securities, changes in currency exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency.

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.

Effective close of business on December 31, 2019, the Portfolio’s primary benchmark index has changed to the J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBIGD).

The Blended Index is calculated using the J.P. Morgan Emerging Markets Bond Index from inception through 12/31/2019 and the J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBIGD) thereafter.

The J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBIGD) 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 Diversified  includes US dollar-denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. The diversified variant of this index has a distinct distribution scheme which allows a more even distribution of weights among the countries in the index, including limiting country weights to a maximum of 10%.

The J.P. 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. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

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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