Global Buy and Hold 2020 Bond Fund
Share Class :
 
ISIN: LU1506359691
Global Buy and Hold 2020 Bond Fund
ISIN: LU1506359691
Share Class :

Global Buy and Hold 2020 Bond Fund

SHARE CLASS :
ISIN: LU1506359691
 
 
 
 
Investment Objective
To generate income from your investment over a 4 year period expiring in 2020.
Investment Approach
Seeks to provide attractive stable income by investing in a globally diversified fixed income portfolio made up of our best ideas and with a defined investment period of four years. Asset gathering period: 21 October – 21 December 2016.
 
 
Pricing & Performance

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The sources for all performance and Index data is Morgan Stanley Investment Management. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

As of 28-Feb-2019

As of 19-Mar-2019

As of 28-Feb-2019

As of 19-Mar-2019


Performance of 100 EUR invested
Performance of 100 EUR invested

     
Past performance is not a reliable indicator of future results.
 
 
Average Annual Total Returns As of 28-Feb-2019 As of 31-Dec-2018
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class I EUR (%) -0.94 -- -- -- 0.69
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class I EUR (%) -2.80 -- -- -- -0.04
2012 2013 2014 2015 2016 2017 2018
Share Class I EUR (%) -- -- -- -- -- 3.01 -2.80
2015 2016 2017 2018 2019
Share Class I EUR (%) -- -- -- 2.03 -0.94
 
Average Annual Total Returns
As of 28-Feb-2019
TIMEFRAME Share Class I EUR (%)
1 Yr -0.94
3 Yrs --
5 Yrs --
10 Yrs --
Since Inception 0.69
As of 31-Dec-2018
TIMEFRAME Share Class I EUR (%)
1 Yr -2.80
3 Yrs --
5 Yrs --
10 Yrs --
Since Inception -0.04
TIMEFRAME Share Class I EUR (%)
2012 --
2013 --
2014 --
2015 --
2016 --
2017 3.01
2018 -2.80
TIMEFRAME Share Class I EUR (%)
2015 --
2016 --
2017 --
2018 2.03
2019 -0.94
Past performance is not a reliable indicator of future results.
 
 
 
Risk and Reward Profile As of 19-Feb-2019
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in fixed income securities and the fund's simulated and/or realised return has experienced medium rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the fund.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in fixed income securities and the fund's simulated and/or realised return has experienced medium rises and falls historically.
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the fund.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in Fixed Income Securities via the China Interbank Bond Market may also entail additional risks, such as counterparty and liquidity risk.
  • There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.
  • Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
  • Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.
 
 
 
 
Composition 3 As of 28-Feb-2019
  Fund
AA 1.60
A 3.21
BBB 20.81
BB 24.99
B 36.09
CCC 3.18
Not Rated 5.80
Cash 4.34
Total 100.00
  Fund
High Yield Corporates 57.52
Investment Grade Corporates 16.01
Non-Agency RMBS 5.43
CMBS 5.21
Government Related 5.16
ABS 4.82
Cash Securities 4.71
Sovereign 1.52
FX -0.38
Total 100.00
  Fund
Financial 21.84
Communications 14.18
Consumer, Non-Cyclical 10.17
Energy 9.00
Mortgage Securities 8.10
Consumer, Cyclical 7.37
Asset Backed Securities 7.36
Technology 4.13
Industrial 4.04
Other 9.48
Cash & equivalents 4.35
Total 100.00


Geography3 As of 28-Feb-2019
  Fund
U.S. 35.13
United Kingdom 9.19
Germany 4.15
Russia 3.66
Nigeria 3.43
Luxembourg 3.24
Turkey 3.08
Colombia 2.61
Mexico 2.28
Other 28.51
Cash & equivalents 4.71
Total 100.00


Holdings As of 28-Feb-2019
Fund
Bbva Bancomer S.A./Texas, 6.500000%, 2021-03-10 2.28
Digicel Ltd, 6.000000%, 2021-04-15 2.12
Dukinfield Dkfld_1, 3.069880%, 2045-08-15 1.70
Nostrum Oil & Gas Finance Bv, 8.000000%, 2022-07-25 1.44
Teva Pharmaceutical Finance Neth, 2.200000%, 2021-07-21 1.28
United Bank For Africa plc, 7.750000%, 2022-06-08 1.25
Kingswood Kngwd_15_1, 2.694000%, 2052-10-27 1.25
Wfcg Commercial Mortgage Trust W, 5.059750%, 2029-11-15 1.22
Intrum AB, 2.750000%, 2022-07-15 1.21
Warwick Finance Residential Mortgages Nu, 3.609940%, 2049-09-21 1.21
Total 14.96

These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned.



Portfolio Characteristics
Fund
Duration (years) 1.57
Average yield to maturity (%) 3.64
Number of holdings 134
 
 
Portfolio Managers
Managing Director
27 years industry experience
Managing Director
23 years industry experience
Managing Director
17 years industry experience
Managing Director
27 years industry experience
Team members may be subject to change at any time without notice.
 
 
Insights by Global Fixed Income Team
Market Outlook
4Q18 Review/Outlook: Global Fixed Income Opportunities
Jan 23, 2019
Jim Caron reviews the fourth quarter of 2018 and shares his outlook on how cash may be dethroned as king in 2019.
Global Fixed Income Bulletin
Where To From Here?
Mar 20, 2019
Central banks becoming more dovish, U.S.-China relations and Brexit have left uncertainty hanging over the markets. Where will we go from here? The Global Fixed Income team shares their views.
 
 
 

** Calendar Year Return (%) is available by selecting the fund name in the pricing table.

Please visit our Glossary page for fund related terms and definitions.

Performance data quoted is based on average annualized returns and net of fees.

The source for all performance and index data is Morgan Stanley Investment Management Limited.

Past performance is not indicative of future results. The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. Returns may increase or decrease as a result of currency fluctuations. Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and key investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID carefully before you invest.

1 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.

The Europe/Asia and South Africa category (EAA) includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system.

© 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.

2 Entry Charge is a maximum possible figure. In some cases you might pay less, you can find this out from your financial adviser. Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges. The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

May not sum to 100% due to rounding. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page. Quality distribution data for securities is sourced from Fitch, Moody's and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the 'highest' rating is applied. The rating of credit default swaps is based on the 'highest' rating of the underlying reference bond. 'Cash' includes investments in short term instruments, including investments in Morgan Stanley liquidity funds. Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments.  Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values.

The asset gathering period may run for up to nine weeks from the launch of the fund on 21st October 2016. As of 5th December 2016, the end date of the asset gathering period was revised from 9th December 2016 to 21st December 2016.

 
 

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.

 

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