Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Global Fixed Income Opportunities Fund
MFIRX (Mutual Fund)
Global Fixed Income Opportunities Fund
Name
As of 12/11/2024Price
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
7.6%
1 yr return
9.5%
3 Yr Avg Return
2.8%
5 Yr Avg Return
2.8%
Net Assets
$786 M
Holdings in Top 10
20.0%
52 WEEK LOW AND HIGH
$5.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 20.67%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 115.00%
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 12/11/2024Price
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
MFIRX - Profile
Distributions
- YTD Total Return 7.6%
- 3 Yr Annualized Total Return 2.8%
- 5 Yr Annualized Total Return 2.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.74%
- Dividend Yield 5.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameGlobal Fixed Income Opportunities Fund
-
Fund Family NameMorgan Stanley Funds
-
Inception DateJun 11, 2018
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChristian Roth
Fund Description
The Fund will normally invest at least 80% of its assets in a portfolio of fixed-income securities. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes. The Fund’s “Adviser,” Morgan Stanley Investment Management Inc. and/or “Sub-Adviser,” Morgan Stanley Investment Management Limited, will allocate the Fund’s investments among the following asset classes or market segments: (1) corporate securities, (2) residential and commercial mortgage-backed securities, (3) asset-backed securities, (4) emerging market securities, (5) convertible securities, (6) U.S. government securities and foreign sovereign debt, and (7) derivatives, including interest rate-related derivatives and currency derivatives. Securities may be rated either investment grade or below investment grade and denominated in any currency, hedged or un-hedged. The amount of the Fund’s assets committed to any one asset class or market segment will fluctuate. However, the Fund may invest up to
65% of its net assets in any one asset class or market segment. The Adviser and Sub-Adviser have the flexibility to select any combination of at least two asset classes of the aforementioned groups depending upon market conditions and the current economic environment and, as a result, at any given time the Fund’s assets may be invested in certain groups and not others.
The Fund’s investment process incorporates information about environmental, social and governance issues (also referred to as ESG) via an integrated approach within the investment team’s fundamental investment analysis framework. The Adviser and/or Sub-Adviser may engage with management of certain issuers regarding corporate governance practices as well as what the Adviser and/or Sub-Adviser deem to be materially important environmental and/or social issues facing a company.
The corporate securities in which the Fund will invest may include fixed-income securities issued by corporations located in or outside of the United States, certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, banks, commercial paper and convertible securities.
The types of mortgage-backed securities in which the Fund may invest include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), stripped mortgage-backed securities (“SMBS”) and commercial mortgage-backed securities (“CMBS”). 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 (when a debt security provides its final payment) 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 SMBS 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. In addition, the Fund may invest in to-be-announced pass-through mortgage-backed securities, which settle on a delayed delivery basis (“TBAs”).
Asset-backed securities represent an interest in a pool of assets such as, but not limited to, automobile loans, credit card receivables, student loans or home equity (prime and subprime) loans that have been securitized in pass-through structures similar to mortgage-backed securities.
The Fund may invest in fixed-income securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or 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 market or developing countries and sovereign debt. The Fund may also invest generally in foreign securities that are denominated in U.S. dollars or in currencies other than U.S. dollars.
In pursuit of its investment objectives, the Fund may regularly enter into 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.
In addition to its use of currency derivatives, 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. 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.
The Fund may invest up to 20% of its net assets in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. The Fund may also invest in restricted and illiquid securities.
MFIRX - Performance
Return Ranking - Trailing
| Period | MFIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -11.1% | 18.9% | 34.52% |
| 1 Yr | 9.5% | -9.2% | 20.8% | 37.62% |
| 3 Yr | 2.8%* | -16.9% | 16.8% | 26.03% |
| 5 Yr | 2.8%* | -14.7% | 13.4% | 40.36% |
| 10 Yr | N/A* | -7.0% | 7.1% | 16.76% |
* Annualized
Return Ranking - Calendar
| Period | MFIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -12.0% | 8.9% | 40.80% |
| 2022 | -12.1% | -31.8% | 18.4% | 42.16% |
| 2021 | -3.4% | -16.2% | 25.7% | 80.98% |
| 2020 | 1.7% | -31.1% | 18.7% | 52.41% |
| 2019 | 5.9% | -6.1% | 15.3% | 35.45% |
Total Return Ranking - Trailing
| Period | MFIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -11.1% | 18.9% | 34.52% |
| 1 Yr | 9.5% | -9.2% | 20.8% | 37.62% |
| 3 Yr | 2.8%* | -16.9% | 16.8% | 26.03% |
| 5 Yr | 2.8%* | -14.7% | 13.4% | 40.36% |
| 10 Yr | N/A* | -7.0% | 7.1% | 16.48% |
* Annualized
Total Return Ranking - Calendar
| Period | MFIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.4% | -6.9% | 22.2% | 41.89% |
| 2022 | -7.0% | -31.8% | 21.1% | 36.29% |
| 2021 | 0.1% | -13.5% | 49.9% | 78.52% |
| 2020 | 5.0% | -28.6% | 24.1% | 54.90% |
| 2019 | 10.6% | -4.8% | 19.1% | 31.02% |
NAV & Total Return History
MFIRX - Holdings
Concentration Analysis
| MFIRX | Category Low | Category High | MFIRX % Rank | |
|---|---|---|---|---|
| Net Assets | 786 M | 2.63 M | 143 B | 47.61% |
| Number of Holdings | 474 | 4 | 9638 | 52.42% |
| Net Assets in Top 10 | 159 M | -204 M | 89.4 B | 51.48% |
| Weighting of Top 10 | 20.00% | 5.8% | 265.8% | 66.82% |
Top 10 Holdings
- Morgan Stanley Institutional Liquidity Funds - Government Portfolio 9.18%
- Eaton Vance Floating-Rate ETF 2.73%
- Uniform Mortgage-Backed Security, TBA 1.48%
- U.S. Treasury Bills 1.32%
- Morgan Stanley Institutional Liquidity Funds - Government Portfolio 1.11%
- New Zealand Government Bonds 0.88%
- Credit Suisse First Boston Mortgage Securities Corp 0.88%
- Ford Motor Credit Co LLC 0.82%
- Peru Government Bond 0.82%
- Banco Santander SA 0.79%
Asset Allocation
| Weighting | Return Low | Return High | MFIRX % Rank | |
|---|---|---|---|---|
| Bonds | 74.04% | 0.00% | 199.60% | 73.63% |
| Other | 14.51% | -75.22% | 147.15% | 19.66% |
| Cash | 12.18% | -94.66% | 99.97% | 14.82% |
| Convertible Bonds | 6.48% | 0.00% | 33.50% | 9.46% |
| Stocks | 2.73% | -6.18% | 99.68% | 28.71% |
| Preferred Stocks | 0.00% | 0.00% | 21.58% | 64.12% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MFIRX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 66.60% |
| Technology | 0.00% | 0.00% | 28.30% | 61.89% |
| Real Estate | 0.00% | 0.00% | 100.00% | 65.37% |
| Industrials | 0.00% | 0.00% | 100.00% | 72.13% |
| Healthcare | 0.00% | 0.00% | 18.60% | 62.70% |
| Financial Services | 0.00% | 0.00% | 100.00% | 73.98% |
| Energy | 0.00% | 0.00% | 100.00% | 5.53% |
| Communication Services | 0.00% | 0.00% | 100.00% | 73.77% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 63.32% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 69.88% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 64.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MFIRX % Rank | |
|---|---|---|---|---|
| US | 2.73% | -6.18% | 99.68% | 28.24% |
| Non US | 0.00% | -0.30% | 17.73% | 46.33% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MFIRX % Rank | |
|---|---|---|---|---|
| Corporate | 46.68% | 0.00% | 96.66% | 37.68% |
| Securitized | 32.03% | 0.00% | 99.65% | 28.99% |
| Cash & Equivalents | 12.18% | 0.00% | 94.89% | 14.24% |
| Government | 10.39% | 0.00% | 99.43% | 54.43% |
| Derivative | 0.50% | -75.22% | 147.15% | 15.65% |
| Municipal | 0.00% | 0.00% | 54.26% | 57.97% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MFIRX % Rank | |
|---|---|---|---|---|
| US | 45.03% | 0.00% | 199.60% | 80.03% |
| Non US | 29.01% | 0.00% | 74.14% | 11.08% |
MFIRX - Expenses
Operational Fees
| MFIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 20.67% | 0.03% | 34.13% | 0.31% |
| Management Fee | 0.32% | 0.00% | 2.29% | 4.18% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.08% | 0.00% | 0.70% | 39.91% |
Sales Fees
| MFIRX 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% | 1.50% | N/A |
Trading Fees
| MFIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 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.
| MFIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 115.00% | 0.00% | 632.00% | 70.94% |
MFIRX - Distributions
Dividend Yield Analysis
| MFIRX | Category Low | Category High | MFIRX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.34% | 0.00% | 23.30% | 82.53% |
Dividend Distribution Analysis
| MFIRX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Quarterly |
Net Income Ratio Analysis
| MFIRX | Category Low | Category High | MFIRX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.74% | -1.55% | 11.51% | 57.37% |
Capital Gain Distribution Analysis
| MFIRX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.023 | OrdinaryDividend |
| Oct 31, 2024 | $0.026 | OrdinaryDividend |
| Sep 30, 2024 | $0.026 | OrdinaryDividend |
| Aug 30, 2024 | $0.026 | OrdinaryDividend |
| Jul 31, 2024 | $0.025 | OrdinaryDividend |
| Apr 30, 2024 | $0.023 | OrdinaryDividend |
| Mar 28, 2024 | $0.023 | OrdinaryDividend |
| Feb 29, 2024 | $0.023 | OrdinaryDividend |
| Jan 31, 2024 | $0.022 | OrdinaryDividend |
| Dec 22, 2023 | $0.020 | OrdinaryDividend |
| Nov 30, 2023 | $0.020 | OrdinaryDividend |
| Oct 31, 2023 | $0.020 | OrdinaryDividend |
| Sep 29, 2023 | $0.022 | OrdinaryDividend |
| Aug 31, 2023 | $0.021 | OrdinaryDividend |
| Jul 31, 2023 | $0.020 | OrdinaryDividend |
| Jun 23, 2023 | $0.020 | OrdinaryDividend |
| May 31, 2023 | $0.020 | OrdinaryDividend |
| Apr 28, 2023 | $0.020 | OrdinaryDividend |
| Mar 31, 2023 | $0.023 | OrdinaryDividend |
| Feb 28, 2023 | $0.019 | OrdinaryDividend |
| Jan 31, 2023 | $0.022 | OrdinaryDividend |
| Dec 23, 2022 | $0.109 | OrdinaryDividend |
| Nov 30, 2022 | $0.022 | OrdinaryDividend |
| Oct 31, 2022 | $0.020 | OrdinaryDividend |
| Sep 30, 2022 | $0.018 | OrdinaryDividend |
| Aug 31, 2022 | $0.018 | OrdinaryDividend |
| Jul 29, 2022 | $0.016 | OrdinaryDividend |
| Jun 23, 2022 | $0.016 | OrdinaryDividend |
| May 31, 2022 | $0.016 | OrdinaryDividend |
| Apr 29, 2022 | $0.016 | OrdinaryDividend |
| Mar 31, 2022 | $0.016 | OrdinaryDividend |
| Feb 28, 2022 | $0.015 | OrdinaryDividend |
| Jan 31, 2022 | $0.014 | OrdinaryDividend |
| Dec 23, 2021 | $0.054 | OrdinaryDividend |
| Nov 30, 2021 | $0.014 | OrdinaryDividend |
| Oct 29, 2021 | $0.014 | OrdinaryDividend |
| Sep 30, 2021 | $0.014 | OrdinaryDividend |
| Aug 31, 2021 | $0.014 | OrdinaryDividend |
| Jul 30, 2021 | $0.014 | OrdinaryDividend |
| Jun 23, 2021 | $0.014 | OrdinaryDividend |
| May 28, 2021 | $0.014 | OrdinaryDividend |
| Apr 30, 2021 | $0.013 | OrdinaryDividend |
| Mar 31, 2021 | $0.013 | OrdinaryDividend |
| Feb 26, 2021 | $0.013 | OrdinaryDividend |
| Jan 29, 2021 | $0.013 | OrdinaryDividend |
| Dec 23, 2020 | $0.013 | OrdinaryDividend |
| Dec 23, 2020 | $0.007 | CapitalGainShortTerm |
| Nov 30, 2020 | $0.013 | OrdinaryDividend |
| Oct 30, 2020 | $0.013 | OrdinaryDividend |
| Sep 30, 2020 | $0.013 | OrdinaryDividend |
| Aug 31, 2020 | $0.014 | OrdinaryDividend |
| Jul 31, 2020 | $0.014 | OrdinaryDividend |
| Jun 23, 2020 | $0.014 | OrdinaryDividend |
| May 29, 2020 | $0.014 | OrdinaryDividend |
| Apr 30, 2020 | $0.015 | OrdinaryDividend |
| Mar 31, 2020 | $0.016 | OrdinaryDividend |
| Feb 28, 2020 | $0.016 | OrdinaryDividend |
| Jan 31, 2020 | $0.016 | OrdinaryDividend |
| Dec 23, 2019 | $0.040 | OrdinaryDividend |
| Dec 23, 2019 | $0.024 | Extra |
| Nov 29, 2019 | $0.016 | OrdinaryDividend |
| Oct 31, 2019 | $0.016 | OrdinaryDividend |
| Sep 30, 2019 | $0.015 | OrdinaryDividend |
| Aug 30, 2019 | $0.017 | OrdinaryDividend |
| Jul 31, 2019 | $0.017 | OrdinaryDividend |
| Jun 21, 2019 | $0.017 | OrdinaryDividend |
| May 31, 2019 | $0.017 | OrdinaryDividend |
| Apr 30, 2019 | $0.017 | OrdinaryDividend |
| Mar 29, 2019 | $0.017 | OrdinaryDividend |
| Feb 28, 2019 | $0.017 | OrdinaryDividend |
| Jan 31, 2019 | $0.017 | OrdinaryDividend |
| Dec 21, 2018 | $0.084 | ExtraDividend |
| Dec 21, 2018 | $0.017 | OrdinaryDividend |
| Nov 30, 2018 | $0.017 | OrdinaryDividend |
| Oct 31, 2018 | $0.019 | OrdinaryDividend |
| Sep 28, 2018 | $0.017 | OrdinaryDividend |
| Aug 31, 2018 | $0.017 | OrdinaryDividend |
| Jul 31, 2018 | $0.018 | OrdinaryDividend |
| Jun 22, 2018 | $0.017 | OrdinaryDividend |
MFIRX - Fund Manager Analysis
Managers
Christian Roth
Start Date
Tenure
Tenure Rank
Mar 31, 2010
12.18
12.2%
Chris is the head of Global Multi-Sector on the Global Fixed Income team. He joined Morgan Stanley in 1991 and has 32 years of investment experience. Prior to joining the firm, he was a senior associate in the Merchant Banking group of Dean Witter Capital Corporation. Chris received a B.S. in economics from the Wharton School of the University of Pennsylvania. He holds the Chartered Financial Analyst designation and is a member of the Global Fixed Income Institute.
Michael Kushma
Start Date
Tenure
Tenure Rank
Apr 29, 2014
8.09
8.1%
Michael is Chief Investment Officer of Global Fixed Income. He joined Morgan Stanley in 1987 and has 22 years of investment experience. Previously, he was a global fixed income strategist for the firm's Fixed Income Division. Prior to joining the firm, he was a senior lecturer of economics at Columbia University. Michael received an A.B. in economics from Princeton University, an M.Sc. in economics from the London School of Economics and an M.Phil. in economics from Columbia University.
Richard Ford
Start Date
Tenure
Tenure Rank
Oct 03, 2014
7.66
7.7%
Ric is head of European Fixed Income. He joined Morgan Stanley in 1991 and has 25 years of investment experience. During his time at the firm he has worked as a risk manager and as a proprietary trader before joining MSIM in 2002. In addition to his experiences at Morgan Stanley, Ric was a chartered accountant with Ernst and Young and a portfolio manager with Pimco. Ric received a B.Com. in business studies from Edinburgh University and is a qualified Chartered Accountant.
James Caron
Start Date
Tenure
Tenure Rank
Oct 03, 2014
7.66
7.7%
Jim is a portfolio manager and senior member of the MSIM Global Fixed Income team and a member of the Asset Allocation Committee focusing on macro strategies. He joined Morgan Stanley in 2006 and has been with financial industry since 1992. Prior to this role, Jim held the position of global head of interest rates, foreign exchange and emerging markets strategy with Morgan Stanley Research. He authored two interest rate publications, the monthly Global Perspectives and the weekly Interest Rate Strategist. Previously, he was a director at Merrill Lynch where he headed the U.S. interest rate strategy group. Prior to that, Jim held various trading positions. He headed the U.S. options trading desk at Sanwa Bank, was a proprietary trader at Tokai Securities and traded U.S. Treasuries at JP Morgan. Jim received a B.A. in physics from Bowdoin College, a B.S. in aeronautical engineering from the California Institute of Technology and an M.B.A in finance from New York University, Stern School of Business.
Utkarsh Sharma
Start Date
Tenure
Tenure Rank
Aug 31, 2020
1.75
1.8%
Mr. Sharma is a portfolio manager on the Global Fixed Income team. He joined Morgan Stanley in 2014.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
