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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.77

$28.5 M

4.89%

$0.53

17.87%

Vitals

YTD Return

-0.7%

1 yr return

3.9%

3 Yr Avg Return

8.2%

5 Yr Avg Return

7.1%

Net Assets

$28.5 M

Holdings in Top 10

81.6%

52 WEEK LOW AND HIGH

$10.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 17.87%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 232.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.77

$28.5 M

4.89%

$0.53

17.87%

MRJSX - Profile

Distributions

  • YTD Total Return -0.7%
  • 3 Yr Annualized Total Return 8.2%
  • 5 Yr Annualized Total Return 7.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.75%
DIVIDENDS
  • Dividend Yield 4.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Multi-Asset Real Return Portfolio
  • Fund Family Name
    Morgan Stanley Funds
  • Inception Date
    Jun 11, 2018
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Bavoso

Fund Description

The Fund’s Adviser seeks to achieve the Fund’s investment objective by investing in inflation-sensitive securities, such as inflation-sensitive global equities (such as energy and materials), commodities (such as gold and other precious metals and industrial metals) and inflation-linked bonds (collectively, “Core Real Assets”). The Adviser will also opportunistically allocate assets to infrastructure, real estate, and other real asset equities with inflation-hedging characteristics. The Fund’s investment allocation to Core Real Assets may vary significantly and is not subject to a minimum threshold. The Fund will opportunistically take directional and non-directional (or hedged) positions across multiple asset classes globally with attractive real return potential. To implement this approach, the Adviser will take long and short positions in a range of securities, other instruments and asset classes. The Adviser may implement these positions either directly by purchasing securities or in the case of short positions, through the use of derivatives.
The Adviser will actively manage the Fund by: (1) periodically adjusting allocations to Core Real Assets; (2) varying weights of sub-categories within Core Real Assets and (3) opportunistically adding directional and non-directional positions with inflation-hedging and/or real return characteristics.
In selecting investments for the Fund, the Adviser uses a top-down macro-driven discretionary fundamental approach. Investment decisions will be based on an assessment of factors including macroeconomic and structural trends (e.g. economic growth, interest rates, political cycles and inflation), with a particular focus on inflation, asset valuations and investor sentiment/positioning.
Under normal market conditions, the Fund typically expects to invest between 50-100% of its total assets in Core Real Assets. However, at the Adviser’s discretion based on market and other conditions, the Fund may at times have less or no exposure to Core Real Assets.
The Fund may invest in real estate investment trusts and similar entities established outside the United States. In addition, the Fund may invest in fixed-income securities issued or guaranteed by foreign governments or supranational organizations or any of their instrumentalities, including debt obligations of governmental issuers located in emerging markets or developing countries and
sovereign debt, as well as fixed-income securities that are rated below “investment grade” or are not rated (commonly referred to as “junk bonds” or “high yield/high risk securities”) but are determined by the Adviser to be of equivalent quality. The Fund may invest in asset-backed securities. The Fund may also invest in privately placed and restricted securities. The mortgage-backed securities in which the Fund may invest include mortgage pass-through securities which represent a participation interest in a pool of mortgage loans originated by U.S. governmental or private lenders, such as banks. The Fund may also invest in other investment companies, including exchange-traded funds (“ETFs”).
The Fund will use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or income earning purposes. The Fund’s use of derivatives may involve engaging in futures, options, swaps, structured investments (including commodity-linked notes) and other related derivative instruments and techniques. The Fund may also invest in currency derivatives, including, but not limited to, foreign currency forward exchange contracts, and currency and currency index futures and options contracts for hedging and non-hedging purposes. The use of these currency derivatives may allow the Fund to obtain net long or net negative (short) exposure to selected currencies. At times, the Fund may enter into “cross-currency” transactions involving currencies other than those in which securities held or proposed to be purchased are denominated. Derivative instruments used by the Fund will be counted toward the Fund’s exposure in the types of securities listed above to the extent they have economic characteristics similar to such securities.
The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Subsidiary is advised by the Adviser. Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets while meeting the federal tax requirements that apply to regulated investment companies, like the Fund. The Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include, but are not limited to, total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. The Subsidiary may also invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for its swap positions, and foreign currency transactions (including forward contracts).
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MRJSX - Performance

Return Ranking - Trailing

Period MRJSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.7% -23.7% 16.4% 12.02%
1 Yr 3.9% -8.9% 48.3% 7.51%
3 Yr 8.2%* -2.2% 16.4% 12.47%
5 Yr 7.1%* -0.7% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period MRJSX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -40.8% 20.6% 40.35%
2022 -1.2% -21.0% 24.5% 79.04%
2021 5.3% -24.2% 27.8% 12.62%
2020 -1.2% -23.1% 11.7% N/A
2019 16.0% -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period MRJSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.7% -23.7% 16.4% 12.02%
1 Yr 3.9% -12.8% 48.3% 6.78%
3 Yr 8.2%* -3.4% 16.4% 10.70%
5 Yr 7.1%* -1.1% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MRJSX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -40.8% 20.6% 40.35%
2022 3.2% -21.0% 24.5% 79.04%
2021 22.2% -24.2% 27.8% 12.62%
2020 0.2% -23.1% 11.7% N/A
2019 18.4% -2.9% 23.1% N/A

NAV & Total Return History


MRJSX - Holdings

Concentration Analysis

MRJSX Category Low Category High MRJSX % Rank
Net Assets 28.5 M 1.12 M 110 B 89.85%
Number of Holdings 168 2 10961 50.10%
Net Assets in Top 10 29.3 M -31.7 M 22 B 79.54%
Weighting of Top 10 81.58% 10.8% 100.0% 14.86%

Top 10 Holdings

  1. United States Treasury Bill 38.80%
  2. Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio 25.83%
  3. SWAP BANK OF AMERICA COC 4.72%
  4. Truist Financial Corp 2.64%
  5. US ULTRA BOND CBT MAR24 2.34%
  6. RTX Corp 2.10%
  7. Lockheed Martin Corp 1.69%
  8. MT Bank Corp 1.24%
  9. Northrop Grumman Corp 1.15%
  10. General Dynamics Corp 1.07%

Asset Allocation

Weighting Return Low Return High MRJSX % Rank
Cash
69.88% -97.12% 185.58% 0.63%
Stocks
26.86% -45.72% 98.42% 94.57%
Bonds
2.54% -39.76% 93.84% 57.41%
Other
0.72% -1.25% 197.12% 18.37%
Preferred Stocks
0.00% -0.03% 14.00% 76.62%
Convertible Bonds
0.00% 0.00% 25.49% 82.05%

Stock Sector Breakdown

Weighting Return Low Return High MRJSX % Rank
Real Estate
67.12% 0.00% 90.14% 20.59%
Basic Materials
32.88% 0.00% 60.23% 0.42%
Utilities
0.00% 0.00% 40.29% 96.39%
Technology
0.00% 0.00% 39.48% 96.60%
Industrials
0.00% 0.09% 32.39% 98.73%
Healthcare
0.00% 0.00% 30.30% 93.63%
Financial Services
0.00% 0.00% 30.34% 93.84%
Energy
0.00% 0.00% 38.61% 4.88%
Communication Services
0.00% 0.00% 28.59% 95.97%
Consumer Defense
0.00% 0.00% 31.85% 96.82%
Consumer Cyclical
0.00% 0.00% 20.84% 0.21%

Stock Geographic Breakdown

Weighting Return Low Return High MRJSX % Rank
US
21.32% -4.82% 95.75% 92.28%
Non US
5.53% -46.69% 57.06% 95.20%

Bond Sector Breakdown

Weighting Return Low Return High MRJSX % Rank
Government
76.84% 0.00% 98.64% 13.78%
Cash & Equivalents
69.35% 0.10% 100.00% 20.04%
Derivative
0.72% 0.00% 41.88% 62.00%
Securitized
0.00% 0.00% 83.28% 79.96%
Corporate
0.00% 0.00% 99.90% 95.62%
Municipal
0.00% 0.00% 31.28% 51.36%

Bond Geographic Breakdown

Weighting Return Low Return High MRJSX % Rank
US
2.54% -177.12% 87.76% 26.30%
Non US
0.00% -39.00% 137.36% 88.94%

MRJSX - Expenses

Operational Fees

MRJSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 17.87% 0.16% 2.71% 81.63%
Management Fee 0.60% 0.00% 1.70% 40.04%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.01% 0.70% 36.84%

Sales Fees

MRJSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

MRJSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MRJSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 232.00% 0.00% 441.00% 95.69%

MRJSX - Distributions

Dividend Yield Analysis

MRJSX Category Low Category High MRJSX % Rank
Dividend Yield 4.89% 0.00% 10.92% 47.61%

Dividend Distribution Analysis

MRJSX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

MRJSX Category Low Category High MRJSX % Rank
Net Income Ratio 1.75% -5.20% 6.33% 40.52%

Capital Gain Distribution Analysis

MRJSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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MRJSX - Fund Manager Analysis

Managers

Mark Bavoso


Start Date

Tenure

Tenure Rank

Jun 18, 2018

3.95

4.0%

Mark Bavoso is a senior portfolio manager on the Global Multi-Asset team. He joined Morgan Stanley in 1986 and has been with financial industry since 1983. Previously, he was a senior vice president and portfolio manager at Dean Witter InterCapital and a vice president in the equity marketing and research departments of Dean Witter Reynolds. Prior to joining the firm, he was a vice president and equity research analyst at Sutro & Co. Mark received a BA in both history and political science from the University of California, Davis. Mark is also a member of the Economic Club of New York.

Cyril Moullé-Berteaux


Start Date

Tenure

Tenure Rank

Aug 31, 2021

0.75

0.8%

Cyril Moullé-Berteaux, Managing Director. Cyril Moullé-Berteaux is head of the GMA team at MSIM. He re-joined the firm in 2011 and has been with financial industry since 1991. Before returning to Morgan Stanley, Cyril was a founding partner and portfolio manager at Traxis Partners, a macro hedge fund firm. At Traxis Partners, Cyril managed absolute-return portfolios and was responsible for running the firm’s fundamental and quantitative research effort. Prior to co-founding Traxis Partners, in 2003, he was a managing director at MSIM, running Asset Allocation Research and heading the Global Asset Allocation team. Previously, from 1991 to 1995, Cyril worked at Bankers Trust as a corporate finance analyst and as a derivatives trader in the emerging markets group. He received a BA in economics from Harvard University.

Sergei Parmenov


Start Date

Tenure

Tenure Rank

Aug 31, 2021

0.75

0.8%

Sergei Parmenov, Managing Director. Sergei Parmenov rejoined MSIM in 2011 in the Global Multi-Asset team and has been with financial industry since1996. Before returning to Morgan Stanley, Sergei was a founder and manager of Lyncean Capital Management. Between 2003 and 2008, Sergei was an analyst and a portfolio manager at Traxis Partners. From 2002 to 2003, Sergei was an analyst at J. Rothschild Capital Management in London. Prior to this, he was a Vice President in the private equity department of Deutsche Bank and from 1999 to 2001, Sergei was an Associate and subsequently Vice President at Whitney & Co, focusing on European private equity investments. Sergei started his career in MSIM in 1996. He received a BA in economics from Columbia University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25