International Resilience Fund

Share Class :
 
ISIN: LU1121079674
Marketing Communication
International Resilience Fund
Marketing Communication
ISIN: LU1121079674
Share Class :

International Resilience Fund

SHARE CLASS :
ISIN: LU1121079674
 

Marketing Communication

 
 

Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this UCITS presents disproportionate communication on the consideration of extra-financial criteria in its management.

Investment Objective
Long term growth of your investment, measured in US Dollars.
Investment Approach
The International Resilience Fund is a concentrated portfolio of high quality, predominantly non-U.S. companies, featuring hard-to-replicate intangible assets. The investment team uses bottom-up fundamental analysis to invest in high quality companies that can sustain their high returns on operating capital over the long term. Analysis of financially material ESG risks and opportunities and active, portfolio manager-led engagement are core parts of the investment process.
 
39
Number of holdings
Nov '14
Share Class Launch Date
4.28
Tracking error (3 yr) (%)

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.

 
 
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 30-Sep-2024

As of 11-Oct-2024

As of 30-Sep-2024

As of 11-Oct-2024


Performance of 100 USD invested
Performance of 100 USD invested

     
 
 
Average Annual Total Returns As of 30-Sep-2024 As of 30-Sep-2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) 24.92 5.30 7.41 -- 5.05
Blended Index (%) 25.35 5.69 8.32 -- 5.94
MSCI AC World ex-US Net Index (%) 25.35 4.14 7.59 -- 5.40
MSCI EAFE Index (%) 24.77 5.48 8.20 -- 5.88
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class Z USD (%) 24.92 5.30 7.41 -- 5.05
Blended Index (%) 25.35 5.69 8.32 -- 5.94
MSCI AC World ex-US Net Index (%) 25.35 4.14 7.59 -- 5.40
MSCI EAFE Index (%) 24.77 5.48 8.20 -- 5.88
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class Z USD (%) 17.27 -13.52 4.11 11.54 20.31 -14.24 25.03 -2.51 0.41 --
Blended Index (%) 17.65 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 --
MSCI AC World ex-US Net Index (%) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 --
MSCI EAFE Index (%) 18.24 -14.45 11.26 7.82 22.01 -13.79 25.03 1.00 -0.81 --
Average Annual Total Returns
As of 30-Sep-2024
TIMEFRAME Share Class Z USD (%) Blended Index (%) MSCI AC World ex-US Net Index (%) MSCI EAFE Index (%)
1 Yr 24.92 25.35 25.35 24.77
3 Yrs 5.30 5.69 4.14 5.48
5 Yrs 7.41 8.32 7.59 8.20
10 Yrs -- -- -- --
Since Inception 5.05 5.94 5.40 5.88
As of 30-Sep-2024
TIMEFRAME Share Class Z USD (%) Blended Index (%) MSCI AC World ex-US Net Index (%) MSCI EAFE Index (%)
1 Yr 24.92 25.35 25.35 24.77
3 Yrs 5.30 5.69 4.14 5.48
5 Yrs 7.41 8.32 7.59 8.20
10 Yrs -- -- -- --
Since Inception 5.05 5.94 5.40 5.88
TIMEFRAME Share Class Z USD (%) Blended Index (%) MSCI AC World ex-US Net Index (%) MSCI EAFE Index (%)
2023 17.27 17.65 15.62 18.24
2022 -13.52 -14.45 -16.00 -14.45
2021 4.11 11.26 7.82 11.26
2020 11.54 7.82 10.65 7.82
2019 20.31 22.01 21.51 22.01
2018 -14.24 -13.79 -14.20 -13.79
2017 25.03 25.03 27.19 25.03
2016 -2.51 1.00 4.50 1.00
2015 0.41 -0.81 -5.66 -0.81
2014 -- -- -- --

 
 
Risk/Return Statistics

TIMEFRAME:
    Share Class Z Index
Excess Return (%) -0.39 --
Alpha (%) -0.36 --
Beta 0.98 1.00
Information ratio -0.09 --
R squared 0.94 1.00
Tracking error (%) 4.28 --
Volatility (Standard deviation) (%) 17.02 16.76
Down-capture ratio (%) 94.95 100.00
Up-capture ratio (%) 93.42 100.00

Risk/Return statistics shown are calculated versus the Custom Benchmark when an Index is used in the calculation.

 
 
 
Risk and Reward Profile As of 19-Feb-2024
 
 
  • The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • 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.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such as risks linked to the ownership of shares.
  • 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 fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • 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.
  • Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.
  • There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities.
  • Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such as risks linked to the ownership of shares.
  • 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 4 As of 31-Aug-2024
  Fund Index
Information Technology 25.04 13.22
Health Care 16.72 10.09
Consumer Staples 16.65 7.42
Industrials 15.93 13.76
Financials 13.67 22.06
Communication Services 5.26 5.30
Consumer Discretionary 4.95 10.93
Energy -- 5.34
Materials -- 6.86
Real Estate -- 1.83
Utilities -- 3.20
Cash 1.75 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography4 As of 31-Aug-2024
  Fund Index
United Kingdom 23.14 9.65
Germany 17.10 5.60
France 15.93 7.23
United States 10.08 --
Sweden 4.54 2.07
Netherlands 4.05 3.16
Japan 3.85 14.65
Italy 3.62 1.77
Canada 3.11 7.72
Other 12.80 48.14
Cash 1.75 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 31-Aug-2024
Fund Index
SAP SE 5.61 0.84
RELX PLC 3.75 0.32
Deutsche Börse AG 3.69 0.16
Haleon plc 3.51 0.13
Halma plc 3.40 0.05
AstraZeneca plc 3.18 0.99
Constellation Software Inc 3.11 0.24
Qiagen NV 3.11 0.04
Visa Inc 3.09 --
Hexagon AB 2.98 0.08
Total 35.43 --

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 Index
Active share (%) 89.35 --
Number of holdings 40 2,156
Price/free cash flow (NTM) 25.27 19.39
Price/earnings (NTM) 21.58 13.37
Dividend Yield (%) 1.55 2.81
 
 
Investment Team
William Lock
Head of International Equity Team
32 years industry experience
Bruno Paulson
Managing Director
30 years industry experience
Nic Sochovsky
Managing Director
26 years industry experience
Marcus Watson
Managing Director
16 years industry experience
Alex Gabriele
Managing Director
15 years industry experience
Richard Perrott
Executive Director
18 years industry experience
Isabelle Mast
Executive Director
19 years industry experience
Anton Kryachok
Executive Director
14 years industry experience
Marte Borhaug
Head of ESG
14 years industry experience

Team members may be subject to change at any time without notice. The investment team currently has 15 members; information on additional team members can be found on MSIM.com.

 
 
 
 

Applications for shares in the Fund should not be made without first consulting the current Prospectus and the Key Information Document (KID) or Key Investor Information Document (“KIID”), which are available in English and in the official language of your local jurisdiction at morganstanleyinvestmentfunds.com or free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

Information in relation to sustainability aspects of the Fund and the summary of investor rights is available at the aforementioned website.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

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.

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 Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund.

Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations.

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.

© 2024 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 The Blended Index performance shown is calculated using the MSCI EAFE Index from inception through 29 September 2023 and then the MSCI All Country World Ex-U.S. Index thereafter.

The MSCI All Country World Ex-U.S. Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the U.S. 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 MSCI EAFE Index (Europe, Australia, Far East) is a free float-adjusted market capitalization index that is designed to measure the international equity market performance of developed markets, excluding the US & Canada. 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 MSCI EAFE Index currently consists of 21 developed market country indices. 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. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

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.

4 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. 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.

Effective 29 September 2023, the MS INVF International Equity ex-U.S. Fund was renamed the MS INVF International Resilience Fund. An amendment to the investment policy was implemented at this time, reflecting a change from investing in a combination of high quality compounders and value opportunities to investing only in high quality compounders. In addition, the benchmark was changed from the MSCI EAFE Index to the MSCI ACWI ex U.S. Index. Performance generated prior to the transition date was the result of a broader investment policy and was reported versus a different benchmark.

NTM = Next Twelve Months

 

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.

 

This is a Marketing Communication.

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.


Privacy & Cookies    •    Your Privacy Choices Your Privacy Choices Icon    •    Terms of Use

©  Morgan Stanley. All rights reserved.