Emerging Markets Debt Fund

Share Class :
 
ISIN: LU0379383515
Marketing Communication
Emerging Markets Debt Fund
Marketing Communication
ISIN: LU0379383515
Share Class :

Emerging Markets Debt Fund

SHARE CLASS :
ISIN: LU0379383515
 

Marketing Communication

 
 
Investment Objective
To seek to maximise total return.
Investment Approach
Seeks to maximise total return, measured in U.S. dollars, through investment in the debt securities of government and government-related issuers located in emerging countries.
 
Apr '18
Share Class Launch Date
0.26
Share Class Assets
(MM USD)
7.86
Average yield to maturity
227
Number of holdings

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.

Blended Benchmark refers to performance of Fund's benchmark since inception - 01 April 1995 to 08 June 2020 – J.P. Morgan Emerging Markets Bond Index Global; 08 June 2020 and beyond – J.P. Morgan Emerging Markets Bond Index Global Diversified.

As of 30-Nov-2024

As of 20-Dec-2024

As of 30-Nov-2024

As of 20-Dec-2024


Performance of 100 USD invested
Performance of 100 USD invested

     
 
 
Average Annual Total Returns As of 30-Nov-2024 As of 30-Sep-2024
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CX USD (%) 17.05 0.26 0.55 -- 1.14
Blended Benchmark (%) 13.16 0.02 1.00 -- 2.18
1 YR 3 YRS 5 YRS 10 YRS Since Inception
Share Class CX USD (%) 20.59 -0.85 0.43 -- 1.07
Blended Benchmark (%) 18.60 -0.40 1.15 -- 2.33
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Share Class CX USD (%) 11.81 -19.75 -3.55 5.32 12.93 -- -- -- -- --
Blended Benchmark (%) 11.09 -17.78 -1.80 6.45 14.42 -- -- -- -- --
Average Annual Total Returns
As of 30-Nov-2024
TIMEFRAME Share Class CX USD (%) Blended Benchmark (%)
1 Yr 17.05 13.16
3 Yrs 0.26 0.02
5 Yrs 0.55 1.00
10 Yrs -- --
Since Inception 1.14 2.18
As of 30-Sep-2024
TIMEFRAME Share Class CX USD (%) Blended Benchmark (%)
1 Yr 20.59 18.60
3 Yrs -0.85 -0.40
5 Yrs 0.43 1.15
10 Yrs -- --
Since Inception 1.07 2.33
TIMEFRAME Share Class CX USD (%) Blended Benchmark (%)
2023 11.81 11.09
2022 -19.75 -17.78
2021 -3.55 -1.80
2020 5.32 6.45
2019 12.93 14.42
2018 -- --
2017 -- --
2016 -- --
2015 -- --
2014 -- --

 
 
Risk/Return Statistics

TIMEFRAME:
    Share Class CX Index
Excess Return (%) 0.23 --
Alpha (%) 0.72 --
Beta 1.12 1.00
Information ratio 0.08 --
R squared 0.96 1.00
Sharpe ratio -0.29 -0.35
Tracking error (%) 2.87 --
Volatility (Standard deviation) (%) 12.61 10.99

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
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
  • 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 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 Sub-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.
  • 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 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 fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.
  • 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 Sub-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.
  • 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 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 4 As of 30-Nov-2024
  Fund
Sovereign 55.27
Corporates 28.61
Quasi-Sovereign 2.82
Cash 13.30
  Fund
AA 0.27
A 0.89
BBB 13.86
BB 21.87
B 32.28
CCC 9.63
CC 4.27
C 0.15
D 0.08
Not Rated 3.41
Cash 13.30
 
May not sum to 100% due to rounding.


Geography4 As of 30-Nov-2024
  Fund
Egypt 5.81
Brazil 4.70
Mexico 3.97
Angola 3.50
Ecuador 3.21
Turkey 3.05
Benin 3.03
Sri Lanka 3.01
Cameroon 2.96
Other 53.45
Cash 13.30
 
May not sum to 100% due to rounding.


Holdings As of 30-Nov-2024
Fund
Cameroon, 9.500000%, 2031-07-31 2.64
Ethiopia Federal Democratic Republic of, 6.625000%, 2024-12-11 2.15
Ecuador (Republic of), 6.900000%, 2030-07-31 2.09
Angola (Republic of), 8.750000%, 2032-04-14 1.76
Egypt (the Arab Republic of), 5.625000%, 2030-04-16 1.69
Sharjah, Emirate of, 6.500000%, 2032-11-23 1.53
Suriname (Republic of), 7.950000%, 2033-07-15 1.53
Digicel Intermediate Holdings Ltd / Digi, 12.000000%, 2027-05-25 1.51
Sri Lanka Democratic Socialist (Republic, 6.850000%, 2025-11-03 1.48
Indonesia (Republic of), 4.700000%, 2034-02-10 1.44
Total 17.82

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
Interest Rate Duration (years) 6.20 6.65
Average yield to maturity (%) 7.86 6.59
Number of holdings 227 981
 
 
Portfolio Managers
Sahil Tandon
Managing Director
20 years industry experience
Akbar Causer
Managing Director
19 years industry experience
Kyle Lee
Co-Head of Emerging Markets
17 years industry experience
Federico Sequeda
Executive Director
15 years industry experience
Team members may be subject to change at any time without notice.
 
 
 
 

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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.

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© 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 Blended Benchmark refers to performance of Fund's benchmark since inception - 01 April 1995 to 08 June 2020 – J.P. Morgan Emerging Markets Bond Index Global; 08 June 2020 and beyond – J.P. Morgan Emerging Markets Bond Index Global Diversified.

Effective 08 June 2020, the Fund's primary benchmark index has changed to J.P. Morgan Emerging Markets Bond Index Global Diversified.

J.P. Morgan Emerging Markets Bond Index Global Diversified – 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.

3 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. 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.

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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