AIP Multi-Strategy Fund A
 
AIP Multi-Strategy Fund A

AIP Multi-Strategy Fund A

SHARE CLASS :
 
 
 
 
Investment Approach
AIP Multi-Strategy Fund A (the "Fund") seeks long-term capital appreciation by investing substantially all its assets in private investment funds (commonly referred to as hedge funds) that are managed by a select group of alternative investment managers who employ different investment strategies in pursuit of attractive risk-adjusted returns (returns adjusted to take into account volatility of those returns) consistent with the preservation of capital. The Fund intends to invest in private investment funds that employ the following principal strategies: relative value strategies, security selection strategies, specialist credit strategies and directional strategies.
 
 
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 07/31/2019

As of 07/31/2019

As of 07/31/2019

As of 07/31/2019


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

    
Past performance is not indicative of future results. Growth of investment performance is since the Fund's inception date, based on the net of fees return experience of the Fund. Fund net return is unaudited and subject to change and represents the total return for the month based on information received from underlying managers. The return is equal to the change in value of the Fund, including capital appreciation and income, as a percentage of the beginning value. The amount earned is the difference between the beginning and ending values, adjusted for the net of all contributions and withdrawals (cash flow). The rate of return is calculated on a time-weighted basis for all investments and is net of 1) underlying manager fees; 2) broker commissions and expenses related to trading and the administration of the underlying managers' funds and the Fund; 3) the reinvestment of dividends and capital gains; 4) the 1.00% per annum management fee (1.50% prior to May 1, 2005); and 5) operating expenses. For the period May 3, 2010 to July 31, 2010, an affiliate of the Adviser was the only investor in the Fund and its feeder fund, AIP Multi-Strategy Fund P. Performance links monthly performance through compound multiplication. Results are hypothetical.
 
 
Average Annual Total Returns As of 07/31/2019 As of 06/30/2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Fund (%) 1.71 4.29 2.98 -- 4.73
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Fund (%) 1.17 4.55 2.86 -- 4.71
2018 2017 2016 2015 2014
Fund (%) 1.13 3.50 2.26 1.85 4.81
 
Average Annual Total Returns
As of 07/31/2019
TIMEFRAME Fund USD (%)
1 Yr 1.71
3 Yrs 4.29
5 Yrs 2.98
10 Yrs --
Since Inception 4.73
As of 06/30/2019
TIMEFRAME Fund USD (%)
1 Yr 1.17
3 Yrs 4.55
5 Yrs 2.86
10 Yrs --
Since Inception 4.71
TIMEFRAME Fund USD (%)
2018 1.13
2017 3.50
2016 2.26
2015 1.85
2014 4.81
Past performance is not indicative of future results. 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. Performance figures are not audited and subject to change. Investment returns and principal value will fluctuate and the Fund shares, when repurchased by the Fund, may be worth more or less than their original cost. Performance reflects all Annual Fund Expenses as set forth in the Fund's prospectus.
 
 
 
 
Composition As of 07/31/2019
Weight
Directional 43.65
Macro 19.96
CTA/Managed Futures 13.33
Equity L/S Opportunistic 10.01
Other Directional 0.22
Commodities 0.14
Relative Value 49.15
Statistical Arbitrage 14.93
Equity L/S High Hedge 11.52
Mortgage Arbitrage 11.03
Fixed Income Arbitrage 8.85
Volatility Arbitrage 1.25
Convertible Arbitrage 0.98
Relative Value Credit 0.44
Other Arbitrage 0.14
Event Driven 7.20
Merger/Risk Arbitrage 3.62
Distressed 2.30
Event Driven Equity 0.75
Private Placements 0.54


Geography As of 07/31/2019
  Weight
North America 61.83
Developed Europe 17.11
Developed Asia 11.09
Emerging/Other 9.97


 
 
Resources
Product Literature
 
 
Prospectus & Reports
SAI
 
 
 
 
 

Please consider the investment objectives, risks, charges and expenses of the AIP Multi-Strategy Fund A and AIP Multi-Strategy Fund P, as applicable, carefully before investing. The prospectus for each of the Funds contains this and other information about the relevant Fund and can be obtained by contacting your financial advisor. Please read the prospectus of the relevant Fund carefully before investing. 

AIP Multi-Strategy Fund A and AIP Multi-Strategy Fund P are Delaware statutory trusts that issue shares. 

Morgan Stanley does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax advisor for information concerning their individual situations. 

Morgan Stanley is a full-service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

Investments and services are offered through Morgan Stanley Distribution, Inc., member SIPC. 

Past performance is not indicative of future returns. 

Risk Considerations

Alternative investments, like AIP Multi-Strategy Fund A and AIP Multi-Strategy Fund P, are speculative and include a high degree of risk.

Investors could lose all or a substantial amount of their investment. AIP Multi-Strategy Fund A is suitable only for long-term investors willing to forgo liquidity and put capital at risk for an indefinite period of time. AIP Multi-Strategy Fund A is highly illiquid - there is no secondary market for the shares of AIP Multi-Strategy Fund A, and there are restrictions on assigning or otherwise transferring interests in AIP Multi-Strategy Fund A. The shares of AIP Multi-Strategy Fund A are not readily marketable and liquidity is provided only through expected quarterly repurchase offers. AIP Multi-Strategy Fund A has higher fees and expenses than other investment vehicles, and such fees and expenses will lower the returns achieved by investors. Funds of funds often have a higher fee structure than single manager funds as a result of the additional layer of fees. The underlying funds in which AIP Multi-Strategy Fund A invests (the "Underlying Funds") often engage in leverage and other speculative practices that may increase volatility and risk of loss. The Underlying Funds are often unregulated, are not subject to the same regulatory requirements as mutual funds, and are not required to provide periodic pricing or valuation information to investors.

See Risk Factors and Other Considerations for important disclosures. Investment in the Fund involves a high degree of risk and is suitable only for investors who can bear the risks associated with limited liquidity and therefore should be viewed as a long-term investment. For a complete description of terms and conditions, fees and other expenses, see the Fund's prospectus.

The Fund is offering shares solely pursuant to its prospectus, and any information regarding the Fund or shares in the Fund that is not contained in the relevant prospectus shall not constitute an offering of shares in the Fund. Consequently, this material has been prepared solely for informational purposes and is not an offer, or a solicitation of an offer, to buy or sell shares of the Funds or any other security or instrument or to participate in any trading strategy. No person or entity has been authorized in connection with this offering to give any information or make any representations other than as contained in the prospectus or in this marketing material. This does not constitute an offer to, or solicitation of, such person or entity.

Fund net return is unaudited and subject to change and represents the total return for the month based on information received from underlying managers. The return is equal to the change in value of the Fund, including capital appreciation and income, as a percentage of the beginning value. The amount earned is the difference between the beginning and ending values, adjusted for the net of all contributions and withdrawals (cash flow). The rate of return is calculated on a time-weighted basis for all investments and is net of 1) underlying manager fees; 2) broker commissions and expenses related to trading and the administration of the underlying managers' funds and the Fund; 3) the reinvestment of dividends and capital gains; 4) the 1.00% (1.50% prior to May 1, 2015) per annum management fee; and 5) operating expenses. 

a Subject to authorization by Board of Trustees, generally in an amount up to 15% of NAV.

b The Acquired Fund Fees and Expenses include the operating expenses (3.14%), trading expenses (3.47%) and performance-based incentive fees of the Investment Funds in which the Fund was invested (1.21%) for the period ended December 31, 2018. The operating expenses consist of management fees, administration fees, professional fees (i.e., audit and legal fees), and other operating expenses. Trading expenses are primarily interest and dividend expenses and are the byproduct of leveraging or hedging activities employed by the Investment Managers in order to enhance the Investment Funds’ returns. The information used to determine the Acquired Fund Fees and Expenses is generally based on the most recent shareholder reports received from the respective Investment Funds or, when not available, from the most recent communication from the Investment Funds. The agreements related to investments in Investment Funds provide for compensation to the Investment Funds’ managers/general partners in the form of management fees generally ranging from 1.0% to 3.0% annually of net assets and performance incentive allocations generally ranging from 10% to 30% of net profits earned. Some Investment Funds employ a pass-through expense arrangement with no stated management fee. Fees and expenses of Investment Funds are based on historical fees and expenses. Future Investment Funds’ fees and expenses may be substantially higher or lower because certain fees are based on the performance of the Investment Funds, which may fluctuate over time.

c Total Annual Fund Expenses include the Fund’s Management Fee (1.00%), Acquired Fund Fees and Expenses (7.82%), Interest Payments on Borrowed Funds (0.66%) and Other Expenses (0.52%).

 

Subject to authorization by Board of Trustees, generally in an amount up to 15% of NAV.

 
 

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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