Global Concentrated Real Estate Portfolio
Share Class :
 
MCQJX CUSIP: 61766J195
Global Concentrated Real Estate Portfolio
MCQJX CUSIP: 61766J195
Share Class :

Global Concentrated Real Estate Portfolio

SHARE CLASS :
MCQJX CUSIP: 61766J195
 
 
 
 
Investment Approach

We seek attractive long-term, risk-adjusted returns by primarily investing in publicly traded real estate securities located in developed countries of North America, Europe and Asia. We emphasize a value-oriented and disciplined bottom-up-driven investment strategy.

 
 
Pricing & Performance

As of 02/28/2019

As of 03/22/2019

As of 02/28/2019

As of 03/22/2019


Performance of $10,000 invested
Performance of $10,000 invested

    
Past performance is not indicative of future results.
 
 
Average Annual Total Returns As of 02/28/2019 As of 12/31/2018
 
 TIMEFRAME:
 
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MCQJX (%) -- -- -- -- 1.54
FTSE EPRA Nareit Developed Real Estate Index (%) -- -- -- -- 5.15
Lipper Category Average (%) -- -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MCQJX (%) -- -- -- -- -9.47
FTSE EPRA Nareit Developed Real Estate Index (%) -- -- -- -- -5.02
Lipper Category Average (%) -- -- -- -- --
 
Average Annual Total Returns
As of 02/28/2019
TIMEFRAME MCQJX USD (%) FTSE EPRA Nareit Developed Real Estate Index (%) Lipper Category Average (%)
1 Yr -- -- --
3 Yrs -- -- --
5 Yrs -- -- --
10 Yrs -- -- --
Since Inception 1.54 5.15 --
As of 12/31/2018
TIMEFRAME MCQJX USD (%) FTSE EPRA Nareit Developed Real Estate Index (%) Lipper Category Average (%)
1 Yr -- -- --
3 Yrs -- -- --
5 Yrs -- -- --
10 Yrs -- -- --
Since Inception -9.47 -5.02 --
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
 
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)
12/14/2018 12/17/2018 12/17/2018 0.428110 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)
12/14/2018 12/17/2018 12/17/2018 0.428110 0.000000 0.000000 0.000000
 
 
Composition As of 12/31/2018
  Fund
Real Estate 99.64
Cash 0.28
Total 100.00


Geography As of 12/31/2018
  Fund
United States 46.48
Hong Kong 25.43
United Kingdom 9.70
France 7.29
Japan 4.43
Australia 1.27
Netherlands 1.23
Spain 1.08
China 0.80
Ireland 0.48
Cash 0.28
Total 100.00


Holdings As of 02/28/2019
Fund
SL Green Realty Corp 6.57
Simon Property Group 6.46
Hongkong Land Holdings Ltd 5.58
Sun Hung Kai Properties Ltd 5.53
Klepierre 4.33
Vornado Realty Trust 4.28
Macerich Co. 4.16
Boston Properties Inc 3.89
Land Securities Group Plc 3.30
Swire Properties Limited 3.28
Total 47.38


Portfolio Characteristics
Fund
Active share (%) 65.49
Number of holdings 73
Weighted average market capitalization ($B) 16.35
Weighted median market capitalization ($B) 11.80
 
 
Portfolio Manager
Head of Global Listed Real Assets Investing
32 years industry experience
 
 
 
Resources
Product Literature
 
 
Prospectus & Reports
SAI
 
 
 
 
 

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 click on the monthly radio button above 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.

Class A shares include maximum front-end sales charge of 5.50% (Alternatives), 5.25% (Equity) and 4.25% (Fixed Income).  Class B shares include deferred sales charge of 5.00% which declines to zero after sixth year.  Class C shares include deferred sales charge of 1.00% which declines to zero after first year. Class L shares, Class I, and Class IS shares are not subject to a sales charge.

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 fund's current prospectus.

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 factor in making your investment decision.

Inception Returns reflect the inception date of the fund.

Class IS shares are being offered only to eligible investors who must meet a minimum initial investment of $10,000,000 or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades on an omnibus level, 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.

Performance and fund information is as of the most recent calendar quarter end, unless otherwise noted. Returns are net of fees and assume the reinvestment of all dividends and income. Returns for less than one year are cumulative (not annualized). Performance of other share classes will vary.

Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

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. 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. 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. 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. 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.

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. 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, and market risks. The risks of investing in emerging market countries are greater than the risks generally associated with foreign investments. Real estate investments, including real estate investment trusts, are subject to risks similar to those associated with the direct ownership of real estate and they are sensitive to such factors as management skills and changes in tax laws. Non-diversified portfolios often invest in a more limited number of issuers so changes in the financial condition or market value of a single issuer may cause greater volatility in the portfolio. Stocks of small- and medium-capitalization companies entail special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. When investing in value securities (those believed to be undervalued in comparison to their peers), the market may not have the same value assessment as the manager, and, therefore, the performance of the securities may decline.

Morningstar
Rankings: 
The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

© 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

OTHER CONSIDERATIONS

The FTSE EPRA Nareit Global Developed Real Estate Index is a free float-adjusted market capitalization weighted index designed to reflect the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the developed world.

Please consider the investment objectives, risks, charges and expenses of the fund(s) carefully before investing. The prospectus contains this and other information about the fund(s). To obtain a prospectus, contact your financial advisor or click here. Please read the prospectus carefully before investing.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

 
 

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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