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Trending ETFs

Morgan Stanley Mortgage Securities Trust

mutual fund
MTGDX
Payout Change
Pending
Price as of:
$7.72 -0.02 -0.26%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (MSMTX) I (MTGDX) A (MTGAX) R6 (MORGX) L (MTGCX)
MTGDX (Mutual Fund)

Morgan Stanley Mortgage Securities Trust

Payout Change
Pending
Price as of:
$7.72 -0.02 -0.26%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (MSMTX) I (MTGDX) A (MTGAX) R6 (MORGX) L (MTGCX)
MTGDX (Mutual Fund)

Morgan Stanley Mortgage Securities Trust

Payout Change
Pending
Price as of:
$7.72 -0.02 -0.26%
primary theme
U.S. Intermediate-Term Bond Duration
share class
C (MSMTX) I (MTGDX) A (MTGAX) R6 (MORGX) L (MTGCX)

Name

As of 12/12/2024

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

Morgan Stanley Mortgage Securities Trust

MTGDX | Fund

$7.72

$333 M

5.62%

$0.44

0.91%

Vitals

YTD Return

7.2%

1 yr return

8.3%

3 Yr Avg Return

2.0%

5 Yr Avg Return

2.2%

Net Assets

$333 M

Holdings in Top 10

23.0%

52 WEEK LOW AND HIGH

$7.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 317.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/12/2024

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

Morgan Stanley Mortgage Securities Trust

MTGDX | Fund

$7.72

$333 M

5.62%

$0.44

0.91%

MTGDX - Profile

Distributions

  • YTD Total Return 7.2%
  • 3 Yr Annualized Total Return 2.0%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.59%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morgan Stanley Mortgage Securities Trust
  • Fund Family Name
    Morgan Stanley Funds
  • Inception Date
    Jun 22, 2005
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Neil Stone

Fund Description

The Fund normally invests at least 80% of its assets in mortgage-related securities. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes.  These mortgage-related securities may include mortgage-backed securities such as mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), stripped mortgage-backed securities (“SMBS”), commercial mortgage-backed securities (“CMBS”) and inverse floating rate obligations (“inverse floaters”). The mortgage-backed securities in which the Fund invests may be issued or guaranteed by the U.S. Government, its agencies or instrumentalities or may be offered by non-governmental issuers, such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers. The Fund is not limited as to the maturities (when a debt security provides its final payment) or types of mortgage-backed securities in which it may invest.
In making investment decisions, the Adviser considers economic developments, interest rate levels and other factors. To identify attractive sectors and securities, the Adviser employs both top-down and bottom-up analyses. In addition, the Adviser combines quantitative and fundamental methodologies to limit the Fund’s investment universe from which potential investments are then selected. In a securitized strategy, such as the strategy employed by the Fund, a majority of the Adviser’s investment process is security selection related.
When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio.
The Fund may invest up to 50% of its net assets in high yield securities (commonly referred to as “junk bonds”). High yield securities are fixed-income securities rated by one or more rating agencies below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), below BBB- by S&P Global Ratings Group, a division of S&P Global Inc. (“S&P”), below BBB- by Fitch Ratings, Inc. (“Fitch”), or the equivalent by another nationally recognized statistical rating organization (“NRSRO”), or if unrated, considered by the Adviser to be of equivalent quality.
One type of mortgage-backed security in which the Fund may invest is a mortgage pass-through security, which represents a participation interest in a pool of residential mortgage loans originated by U.S. governmental or private lenders such as banks.
Mortgage pass-through securities provide for monthly payments that are a “pass-through” of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities (collectively “Mortgage Assets”). CMOs are issued in multiple classes and each class has a fixed or floating rate and a stated maturity or final distribution date. Certain classes will have more predictable cash flows than others. The Fund may invest in any class of CMO. SMBS are derivative multi-class mortgage-backed securities. A common type of stripped mortgage-backed security will have one class receiving some of the interest and most of the principal from the Mortgage Assets, while the other class receives most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). CMBS are generally multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Inverse floaters are obligations which pay interest at rates that vary inversely with changes in market rates of interest. Because the interest rate paid to holders of such obligations is generally determined by subtracting a variable or floating rate from a predetermined amount, the interest rate paid to holders of such obligations will decrease as such variable or floating rate increases and increase as such variable or floating rate decreases. In addition, the Fund may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis (“TBAs”).
The Fund also may invest in other U.S. government securities, including, but not limited to, U.S. Treasury bills, notes and bonds, securities (including mortgage-backed securities) issued by agencies or instrumentalities of the U.S. Government which may or may not be backed by the full faith and credit of the United States, and securities issued by agencies or instrumentalities which are backed solely by the credit of the  issuing agency or instrumentality.
The Fund may also invest in asset-backed securities and restricted and illiquid securities.
In addition, the Fund may invest up to 20% of its net assets in foreign securities, including U.S. dollar-denominated securities issued in the U.S. capital markets by foreign issuers, some of which are commonly known as “Yankee Bonds” and non-U.S. dollar-denominated securities, including Eurobonds.
The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other similar instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. These derivative instruments will be counted toward the Fund’s 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.
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MTGDX - Performance

Return Ranking - Trailing

Period MTGDX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.2% -4.6% 11.7% 1.24%
1 Yr 8.3% -2.4% 15.0% 1.55%
3 Yr 2.0%* -10.0% 28.5% 0.64%
5 Yr 2.2%* -7.2% 58.8% 3.58%
10 Yr 3.4%* -2.8% 74.0% 4.10%

* Annualized

Return Ranking - Calendar

Period MTGDX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -16.2% 8.1% 17.15%
2022 -12.0% -34.7% 131.9% 4.47%
2021 -1.5% -11.6% 4.4% 3.23%
2020 0.4% -9.9% 946.1% 96.32%
2019 1.9% -1.7% 16.9% 97.12%

Total Return Ranking - Trailing

Period MTGDX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.2% -4.6% 11.7% 1.24%
1 Yr 8.3% -2.4% 15.0% 1.55%
3 Yr 2.0%* -10.0% 28.5% 0.64%
5 Yr 2.2%* -7.2% 58.8% 3.58%
10 Yr 3.4%* -2.8% 74.0% 4.10%

* Annualized

Total Return Ranking - Calendar

Period MTGDX Return Category Return Low Category Return High Rank in Category (%)
2023 9.3% -11.3% 11.9% 1.25%
2022 -8.6% -32.2% 131.9% 2.02%
2021 1.3% -9.4% 9.2% 6.67%
2020 3.9% -1.9% 1009.0% 96.32%
2019 6.8% 1.1% 21668.0% 88.60%

NAV & Total Return History

MTGDX - Holdings

Concentration Analysis

MTGDX Category Low Category High MTGDX % Rank
Net Assets 333 M 2.9 M 314 B 73.47%
Number of Holdings 635 1 17880 54.10%
Net Assets in Top 10 86.2 M 1.62 M 35.1 B 74.87%
Weighting of Top 10 23.04% 4.7% 3984.6% 48.59%

Top 10 Holdings

  1. U.S. Treasury Bills 4.00%
  2. U.S. Treasury Bills 2.65%
  3. Uniform Mortgage-Backed Security, TBA 2.63%
  4. Uniform Mortgage-Backed Security, TBA 2.51%
  5. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 2.22%
  6. Uniform Mortgage-Backed Security, TBA 2.17%
  7. Ginnie Mae 2.03%
  8. Uniform Mortgage-Backed Security, TBA 1.87%
  9. HSBC USA Inc 1.54%
  10. U.S. Treasury Bills 1.42%

Asset Allocation

Weighting Return Low Return High MTGDX % Rank
Bonds 		71.48% 0.00% 9231.88% 94.30%
Other 		27.62% -27.25% 1695.17% 3.95%
Cash 		14.45% -54.51% 237.69% 9.97%
Stocks 		0.00% 0.00% 99.98% 46.84%
Preferred Stocks 		0.00% 0.00% 72.34% 42.06%
Convertible Bonds 		0.00% 0.00% 7.93% 90.06%

Bond Sector Breakdown

Weighting Return Low Return High MTGDX % Rank
Securitized 		68.00% 0.00% 98.40% 6.17%
Government 		26.28% 0.00% 86.23% 47.07%
Cash & Equivalents 		14.45% 0.00% 237.69% 10.18%
Corporate 		0.83% 0.00% 100.00% 93.93%
Derivative 		0.67% -6.56% 44.82% 9.24%
Municipal 		0.00% 0.00% 100.00% 79.71%

Bond Geographic Breakdown

Weighting Return Low Return High MTGDX % Rank
US 		69.01% 0.00% 9042.62% 95.12%
Non US 		2.47% 0.00% 189.26% 18.28%

MTGDX - Expenses

Operational Fees

MTGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.01% 39.64% 30.72%
Management Fee 0.47% 0.00% 1.76% 84.58%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.01% 0.50% 46.68%

Sales Fees

MTGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

MTGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

MTGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 317.00% 2.00% 493.39% 85.44%

MTGDX - Distributions

Dividend Yield Analysis

MTGDX Category Low Category High MTGDX % Rank
Dividend Yield 5.62% 0.00% 10.11% 4.15%

Dividend Distribution Analysis

MTGDX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MTGDX Category Low Category High MTGDX % Rank
Net Income Ratio 2.59% -1.28% 4.79% 8.65%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MTGDX - Fund Manager Analysis

Managers

Neil Stone

Start Date

Tenure

Tenure Rank

Mar 25, 2014

8.19

8.2%

Neil is a member of the Fixed Income team. He joined Morgan Stanley Investment Management in 1995 and has been with financial industry since 1985. Previously, he served as a vice president in mortgage research at Morgan Stanley. Prior to joining the firm, Neil was a director of fixed income research at Credit Suisse First Boston. He received a B.S. in accounting and decision sciences and an M.B.A. in social systems sciences from the Wharton School of the University of Pennsylvania.

Gregory Finck

Start Date

Tenure

Tenure Rank

Jan 09, 2015

7.39

7.4%

Greg is a portfolio manager and head of the Securitized team. He joined Morgan Stanley in December 2014 and has been with financial industry since 1992. Previously, he was a managing director and portfolio manager of mortgage-backed securities portfolios for various Fortress funds at Fortress Investment Group. Prior to that, Greg was a managing director at Goldman, Sachs & Co. where he ran the residential mortgage trading business. Greg received a B.S.E in civil engineering from Princeton University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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