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Multi-Asset Real Return Portfolio
mutual fund
MRJAX
Payout Change
Suspended
Price as of:
$11.17
+0.02
+0.18%
primary theme
N/A
share class
MRJAX (Mutual Fund)
Multi-Asset Real Return Portfolio
Payout Change
Suspended
Price as of:
$11.17
+0.02
+0.18%
primary theme
N/A
share class
MRJAX (Mutual Fund)
Multi-Asset Real Return Portfolio
Payout Change
Suspended
Price as of:
$11.17
+0.02
+0.18%
primary theme
N/A
share class
Name
As of 12/10/2024Price
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
Vitals
YTD Return
2.8%
1 yr return
10.1%
3 Yr Avg Return
4.1%
5 Yr Avg Return
6.6%
Net Assets
$15.6 M
Holdings in Top 10
85.2%
52 WEEK LOW AND HIGH
$11.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.96%
SALES FEES
Front Load 5.25%
Deferred Load N/A
TRADING FEES
Turnover 232.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
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
MRJAX - Profile
Distributions
- YTD Total Return 2.8%
- 3 Yr Annualized Total Return 4.1%
- 5 Yr Annualized Total Return 6.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.48%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameMulti-Asset Real Return Portfolio
-
Fund Family NameMorgan Stanley Funds
-
Inception DateJun 11, 2018
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark 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”) (including those which may be managed by the Adviser or its affiliates).
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).
MRJAX - Performance
Return Ranking - Trailing
| Period | MRJAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.8% | -23.7% | 16.4% | 12.45% |
| 1 Yr | 10.1% | -8.9% | 48.3% | 8.37% |
| 3 Yr | 4.1%* | -2.2% | 16.4% | 15.14% |
| 5 Yr | 6.6%* | -0.7% | 13.4% | N/A |
| 10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MRJAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -40.8% | 20.6% | 41.02% |
| 2022 | -1.3% | -21.0% | 24.5% | 77.68% |
| 2021 | 5.2% | -24.2% | 27.8% | 11.68% |
| 2020 | -1.1% | -23.1% | 11.7% | N/A |
| 2019 | 16.2% | -100.0% | 20.6% | N/A |
Total Return Ranking - Trailing
| Period | MRJAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.8% | -23.7% | 16.4% | 12.45% |
| 1 Yr | 10.1% | -12.8% | 48.3% | 13.56% |
| 3 Yr | 4.1%* | -3.4% | 16.4% | 36.24% |
| 5 Yr | 6.6%* | -1.1% | 13.4% | N/A |
| 10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MRJAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.1% | -40.8% | 20.6% | 41.02% |
| 2022 | 2.7% | -21.0% | 24.5% | 77.68% |
| 2021 | 21.6% | -24.2% | 27.8% | 11.68% |
| 2020 | -0.1% | -23.1% | 11.7% | N/A |
| 2019 | 17.9% | -2.9% | 23.1% | N/A |
NAV & Total Return History
MRJAX - Holdings
Concentration Analysis
| MRJAX | Category Low | Category High | MRJAX % Rank | |
|---|---|---|---|---|
| Net Assets | 15.6 M | 1.12 M | 110 B | 90.28% |
| Number of Holdings | 227 | 2 | 10961 | 50.52% |
| Net Assets in Top 10 | 16.2 M | -31.7 M | 22 B | 79.96% |
| Weighting of Top 10 | 85.23% | 10.8% | 100.0% | 15.30% |
Top 10 Holdings
- U.S. Treasury Inflation-Indexed Notes 65.68%
- Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio 14.39%
- Exxon Mobil Corp 1.27%
- Linde PLC 0.80%
- Newmont Corp 0.68%
- Chevron Corp 0.63%
- BHP Group Ltd 0.55%
- Shell PLC 0.51%
- Air Liquide SA 0.39%
- TotalEnergies SE 0.34%
Asset Allocation
| Weighting | Return Low | Return High | MRJAX % Rank | |
|---|---|---|---|---|
| Bonds | 65.68% | -39.76% | 93.84% | 57.83% |
| Stocks | 19.23% | -45.72% | 98.42% | 94.99% |
| Cash | 15.47% | -97.12% | 185.58% | 1.04% |
| Preferred Stocks | 0.00% | -0.03% | 14.00% | 88.52% |
| Convertible Bonds | 0.00% | 0.00% | 25.49% | 91.44% |
| Other | -0.38% | -1.25% | 197.12% | 18.79% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MRJAX % Rank | |
|---|---|---|---|---|
| Real Estate | 67.12% | 0.00% | 90.14% | 21.02% |
| Basic Materials | 32.88% | 0.00% | 60.23% | 0.85% |
| Utilities | 0.00% | 0.00% | 40.29% | 98.30% |
| Technology | 0.00% | 0.00% | 39.48% | 98.73% |
| Industrials | 0.00% | 0.09% | 32.39% | 99.15% |
| Healthcare | 0.00% | 0.00% | 30.30% | 95.54% |
| Financial Services | 0.00% | 0.00% | 30.34% | 96.39% |
| Energy | 0.00% | 0.00% | 38.61% | 5.31% |
| Communication Services | 0.00% | 0.00% | 28.59% | 97.24% |
| Consumer Defense | 0.00% | 0.00% | 31.85% | 98.51% |
| Consumer Cyclical | 0.00% | 0.00% | 20.84% | 0.64% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MRJAX % Rank | |
|---|---|---|---|---|
| US | 10.77% | -4.82% | 95.75% | 92.69% |
| Non US | 8.46% | -46.69% | 57.06% | 95.62% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MRJAX % Rank | |
|---|---|---|---|---|
| Government | 76.84% | 0.00% | 98.64% | 14.20% |
| Cash & Equivalents | 14.66% | 0.10% | 100.00% | 20.46% |
| Securitized | 0.00% | 0.00% | 83.28% | 90.19% |
| Corporate | 0.00% | 0.00% | 99.90% | 97.08% |
| Municipal | 0.00% | 0.00% | 31.28% | 78.50% |
| Derivative | -0.44% | 0.00% | 41.88% | 82.05% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MRJAX % Rank | |
|---|---|---|---|---|
| US | 65.68% | -177.12% | 87.76% | 26.72% |
| Non US | 0.00% | -39.00% | 137.36% | 92.69% |
MRJAX - Expenses
Operational Fees
| MRJAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.96% | 0.16% | 2.71% | 44.89% |
| Management Fee | 0.60% | 0.00% | 1.70% | 40.90% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 43.03% |
| Administrative Fee | 0.08% | 0.01% | 0.70% | 40.53% |
Sales Fees
| MRJAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.25% | 0.00% | 5.75% | 56.32% |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| MRJAX 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.
| MRJAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 232.00% | 0.00% | 441.00% | 96.17% |
MRJAX - Distributions
Dividend Yield Analysis
| MRJAX | Category Low | Category High | MRJAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 10.92% | 75.26% |
Dividend Distribution Analysis
| MRJAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| MRJAX | Category Low | Category High | MRJAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.48% | -5.20% | 6.33% | 22.66% |
Capital Gain Distribution Analysis
| MRJAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 11, 2023 | $0.478 | OrdinaryDividend |
| Dec 12, 2022 | $0.401 | OrdinaryDividend |
| Dec 12, 2022 | $0.035 | CapitalGainShortTerm |
| Dec 12, 2022 | $0.001 | CapitalGainLongTerm |
| Dec 13, 2021 | $0.140 | OrdinaryDividend |
| Dec 13, 2021 | $0.774 | CapitalGainShortTerm |
| Dec 13, 2021 | $0.669 | CapitalGainLongTerm |
| Jul 02, 2021 | $0.062 | OrdinaryDividend |
| Apr 05, 2021 | $0.024 | OrdinaryDividend |
| Dec 11, 2020 | $0.031 | OrdinaryDividend |
| Oct 02, 2020 | $0.041 | OrdinaryDividend |
| Apr 02, 2020 | $0.029 | OrdinaryDividend |
| Dec 11, 2019 | $0.019 | OrdinaryDividend |
| Oct 02, 2019 | $0.046 | OrdinaryDividend |
| Jul 02, 2019 | $0.052 | OrdinaryDividend |
| Apr 02, 2019 | $0.030 | OrdinaryDividend |
| Dec 11, 2018 | $0.042 | OrdinaryDividend |
| Dec 11, 2018 | $0.150 | ExtraDividend |
| Oct 02, 2018 | $0.069 | OrdinaryDividend |
MRJAX - 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 |
