Emerging Markets Debt Fund

Share Class :
 
ISIN: LU2875870664
Marketing Communication
Emerging Markets Debt Fund
Marketing Communication
ISIN: LU2875870664
Share Class :

Emerging Markets Debt Fund

SHARE CLASS :
ISIN: LU2875870664
 

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.
 
Aug '24
Share Class Launch Date
38.11
Share Class Assets
(MM USD)
8.34
Average yield to maturity
236
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 31-Oct-2024

As of 20-Nov-2024

As of 31-Oct-2024

As of 20-Nov-2024


     
 
 
 
 
Composition 4 As of 31-Oct-2024
  Fund
Sovereign 60.24
Corporates 32.76
Quasi-Sovereign 3.12
Cash 3.86
  Fund
AA 0.29
A 0.97
BBB 14.17
BB 24.63
B 35.06
CCC 12.63
CC 3.87
C 0.31
D 0.08
Not Rated 4.10
Cash 3.88
 
May not sum to 100% due to rounding.


Geography4 As of 31-Oct-2024
  Fund
Egypt 6.11
Brazil 5.06
Angola 3.96
Mexico 3.93
Turkey 3.75
Ghana 3.52
Benin 3.36
Ecuador 3.34
Cameroon 3.26
Other 59.81
Cash 3.88
 
May not sum to 100% due to rounding.


Holdings As of 31-Oct-2024
Fund
Cameroon, 9.500000%, 2031-07-31 2.69
Ethiopia Federal Democratic Republic of, 6.625000%, 2024-12-11 2.11
Ecuador (Republic of), 6.900000%, 2030-07-31 1.99
Angola (Republic of), 8.750000%, 2032-04-14 1.81
Sharjah, Emirate of, 6.500000%, 2032-11-23 1.61
Suriname (Republic of), 7.950000%, 2033-07-15 1.60
Digicel Intermediate Holdings Ltd / Digi, 12.000000%, 2027-05-25 1.56
Egypt (the Arab Republic of), 5.625000%, 2030-04-16 1.46
Angola (Republic of), 9.125000%, 2049-11-26 1.43
Egypt (the Arab Republic of), 8.875000%, 2050-05-29 1.40
Total 17.66

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
Interest Rate Duration (years) 6.67
Average yield to maturity (%) 8.34
Number of holdings 236
 
 
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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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.

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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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This is a Marketing Communication.

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