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Morningstar Global Income Fund

mutual fund
MSTGX
Payout Change
Pending
Price as of:
$9.53 +0.04 +0.42%
primary theme
N/A
share class
MSTGX (Mutual Fund)

Morningstar Global Income Fund

Payout Change
Pending
Price as of:
$9.53 +0.04 +0.42%
primary theme
N/A
share class
MSTGX (Mutual Fund)

Morningstar Global Income Fund

Payout Change
Pending
Price as of:
$9.53 +0.04 +0.42%
primary theme
N/A
share class

Name

As of 10/11/2024

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

$9.53

$197 M

4.21%

$0.40

0.75%

Vitals

YTD Return

7.6%

1 yr return

16.8%

3 Yr Avg Return

2.3%

5 Yr Avg Return

4.7%

Net Assets

$197 M

Holdings in Top 10

32.3%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.75%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/11/2024

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

$9.53

$197 M

4.21%

$0.40

0.75%

MSTGX - Profile

Distributions

  • YTD Total Return 7.6%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 4.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.28%
DIVIDENDS
  • Dividend Yield 4.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morningstar Global Income Fund
  • Fund Family Name
    Morningstar
  • Inception Date
    Nov 02, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rahul Sharma

Fund Description

In seeking current income and long-term capital appreciation, the Fund has significant flexibility and invests across asset classes and geographies, according to the adviser’s or subadviser’s assessment of their valuations, fundamental characteristics, and income levels. The Fund invests in investment companies such as ETFs which could represent a significant percentage of the Fund’s assets. The Fund generally expects to invest at least 20% (or, if market conditions are not deemed favorable, at least 10%) of its assets in securities of issuers domiciled outside of the United States and may invest up to 100% of its assets in such securities.
The Fund invests in income-generating equity securities, which may include common stocks, preferred stocks, real estate investment trusts (REITs), and master limited partnerships (MLPs). The Fund may invest in companies of any size from any country, including emerging markets.
The Fund also invests in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non-U.S. corporate debt securities, U.S. and non-U.S. government debt securities, emerging-market debt securities, mortgage-backed and asset-backed securities, convertible securities, loans (including covenant lite loans) and floating-rate notes. The Fund may invest up to 60% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds) or, if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.
The Fund may also invest in derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes, including to hedge its currency exposure, or as part of its investment strategies.
Multimanager Approach—The Fund uses a multimanager approach, meaning the adviser may allocate assets to one or more subadvisers, in addition to open- and closed-end investment companies, ETFs, and individual securities (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s
investment objective, strategies, and restrictions. Morningstar is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of generating income and maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.
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MSTGX - Performance

Return Ranking - Trailing

Period MSTGX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -23.7% 16.4% 53.86%
1 Yr 16.8% -8.9% 48.3% 75.32%
3 Yr 2.3%* -2.2% 16.4% 84.19%
5 Yr 4.7%* -0.7% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period MSTGX Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -40.8% 20.6% 82.04%
2022 -18.3% -21.0% 24.5% 65.83%
2021 -2.0% -24.2% 27.8% 17.99%
2020 0.6% -23.1% 11.7% N/A
2019 15.0% -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period MSTGX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -23.7% 16.4% 52.58%
1 Yr 16.8% -12.8% 48.3% 66.53%
3 Yr 2.3%* -3.4% 16.4% 79.48%
5 Yr 4.7%* -1.1% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MSTGX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -40.8% 20.6% 82.04%
2022 -11.2% -21.0% 24.5% 65.83%
2021 8.2% -24.2% 27.8% 18.22%
2020 3.9% -23.1% 11.7% N/A
2019 20.6% -2.9% 23.1% N/A

NAV & Total Return History


MSTGX - Holdings

Concentration Analysis

MSTGX Category Low Category High MSTGX % Rank
Net Assets 197 M 1.12 M 110 B 60.69%
Number of Holdings 604 2 10961 33.40%
Net Assets in Top 10 62.4 M -31.7 M 22 B 56.78%
Weighting of Top 10 32.31% 10.8% 100.0% 35.25%

Top 10 Holdings

  1. SEP 24 US 2YR SEP 24 5.31%
  2. Vanguard Scottsdale Funds LONG-TERM TREASURY ETF 5.10%
  3. Schwab Strategic Trust SHORT-TERM US TREASURY ETF 4.87%
  4. FUT. CBT 5Y T-NOTE SEP24 4.69%
  5. FUT. U.S. T-BONDS SEP24 2.69%
  6. FUT. ICE 3MTH S ICF JUN24 2.05%
  7. Vanguard Scottsdale Funds INTERMEDIATE-TERM TREASURY 2.04%
  8. Opap SA EUR0.30 (CR) 1.92%
  9. Energy Transfer LP COM UNITS REP LTD PTN INT 1.90%
  10. Northern Inst Fds LIQ ASET PORTF 1.74%

Asset Allocation

Weighting Return Low Return High MSTGX % Rank
Stocks
58.31% -45.72% 98.42% 88.94%
Bonds
29.10% -39.76% 93.84% 13.36%
Other
23.16% -1.25% 197.12% 61.80%
Cash
7.65% -97.12% 185.58% 20.46%
Convertible Bonds
0.20% 0.00% 25.49% 56.99%
Preferred Stocks
0.00% -0.03% 14.00% 10.02%

Stock Sector Breakdown

Weighting Return Low Return High MSTGX % Rank
Financial Services
15.68% 0.00% 30.34% 11.68%
Energy
13.48% 0.00% 38.61% 19.32%
Healthcare
10.62% 0.00% 30.30% 79.62%
Communication Services
9.98% 0.00% 28.59% 23.57%
Consumer Defense
9.91% 0.00% 31.85% 43.10%
Consumer Cyclical
8.66% 0.00% 20.84% 15.50%
Industrials
8.10% 0.09% 32.39% 43.31%
Basic Materials
7.99% 0.00% 60.23% 28.24%
Utilities
7.66% 0.00% 40.29% 27.39%
Technology
5.05% 0.00% 39.48% 79.62%
Real Estate
2.87% 0.00% 90.14% 58.17%

Stock Geographic Breakdown

Weighting Return Low Return High MSTGX % Rank
US
40.33% -4.82% 95.75% 96.24%
Non US
17.98% -46.69% 57.06% 19.21%

Bond Sector Breakdown

Weighting Return Low Return High MSTGX % Rank
Corporate
43.11% 0.00% 99.90% 30.90%
Government
39.10% 0.00% 98.64% 41.96%
Derivative
15.59% 0.00% 41.88% 32.78%
Cash & Equivalents
7.65% 0.10% 100.00% 36.95%
Securitized
7.56% 0.00% 83.28% 62.00%
Municipal
0.00% 0.00% 31.28% 51.57%

Bond Geographic Breakdown

Weighting Return Low Return High MSTGX % Rank
US
27.83% -177.12% 87.76% 8.77%
Non US
1.27% -39.00% 137.36% 49.69%

MSTGX - Expenses

Operational Fees

MSTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% 0.16% 2.71% 81.84%
Management Fee 0.35% 0.00% 1.70% 25.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

MSTGX 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

MSTGX 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.

MSTGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% 48.06%

MSTGX - Distributions

Dividend Yield Analysis

MSTGX Category Low Category High MSTGX % Rank
Dividend Yield 4.21% 0.00% 10.92% 47.82%

Dividend Distribution Analysis

MSTGX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

MSTGX Category Low Category High MSTGX % Rank
Net Income Ratio 3.28% -5.20% 6.33% 11.76%

Capital Gain Distribution Analysis

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

Distributions History

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MSTGX - Fund Manager Analysis

Managers

Rahul Sharma


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Rahul Sharma serves as a Co - Portfolio Manager on the Global High Dividend ADR strategy and all the firm's other Global and International strategies. Mr. Sharma has been in the investment business for over 15 years. He joined Schafer Cullen in 1999 as a research analyst and moved into portfolio management for the International, Emerging, and Global Equity strategies in 2001. Prior to joining Schafer Cullen, he worked in small business management. Mr. Sharma received his B.A. in Mathematics from the College of William and Mary in 1994.

James Cullen


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Jim Cullen founded Schafer Cullen Capital Management in 1983 and has served as the CEO and Portfolio Manager since its formation in 1983. His experience in the investment business spans over 50 years. Prior to founding the Firm, Mr. Cullen was a Vice President at Donaldson, Lufkin & Jenrette. Previously to Donaldson, Mr. Cullen co-managed the New York Research, which specialized in low P/E research. He began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask & Company. Mr. Cullen spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a B.S. in finance from Seton Hall University.

Marta Norton


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Marta Norton is a portfolio manager for Morningstar’s Investment Management group. She leads the group’s U.S. outcome-based strategies team, which focuses on inflation-plus, cash-plus, and income investment strategies. Previously, Norton was an investment manager for Morningstar Investment Services, where she managed asset allocation, income, and absolute return strategies. Before that, she was a senior mutual fund analyst for Morningstar, Inc. and led Morningstar’s 529 college-savings plan coverage. Before joining Morningstar in 2005, Norton was an economist for the Bureau of Labor Statistics and a research analyst for LECG, LLC. Norton holds a bachelor’s degree from Wheaton College. She also holds the Chartered Financial Analyst® designation.

Hong Cheng


Start Date

Tenure

Tenure Rank

Dec 30, 2020

1.42

1.4%

Hong Cheng is a portfolio manager within Morningstar's Investment Management group. Hong's primary responsibilities include managing the income focused strategies, including portfolio construction, subadvisor and ETF selection. Hong also co-manages Morningstar Global Income fund, Morningstar Multisector Bond fund and Morningstar Defensive Bond fund. Hong is a member of Investment Management's Global Asset Allocation team focusing on U.S. below-investment grade credit sectors. Hong is a CFA Charter Holder, a member of the CFA Institute and the CFA Society of Chicago.

Ricky Williamson


Start Date

Tenure

Tenure Rank

Dec 30, 2020

1.42

1.4%

Ricky Williamson is a portfolio manager within Morningstar Investment Management. He is focused on portfolio construction, asset allocation, and manager due diligence. Williamson is also a member of Investment Management’s Global Asset Allocation team, focusing on emerging-market debt as well as general fixed-income research. He develops and implements asset-class positioning and fund-of-funds portfolios, evaluates investment managers, and performs capital-market research. He currently serves as a co-manager for three Morningstar mutual funds: Morningstar Total Return Bond Fund, Morningstar Municipal Bond Fund, and Morningstar Multisector Bond Fund. Prior to joining Morningstar Investment Management in 2013, Williamson was a consultant and analyst with Cardinal Investment Advisors, LLC., where he built asset-allocation models for defined-benefit plans, performed manager due diligence, and worked on capital-market research. Williamson holds a bachelor’s degree in economics and government from the University of Virginia. He also holds a Certificate in Investment Performance Measurement and the Chartered Financial Analyst® designation.

S. Leech


Start Date

Tenure

Tenure Rank

Feb 01, 2022

0.33

0.3%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

Gordon Brown


Start Date

Tenure

Tenure Rank

Feb 01, 2022

0.33

0.3%

Gordon Stuart Brown is Portfolio Manager at Western Asset Management Company. Prior to joining Western Asset in 2011, he was Senior Investment Manager of Emerging Market Rates and Currencies at Baillie Gifford & Co. from 2001 to 2011. He was Fund Manager in the Fixed Income Team where he specialized in government bonds. He was Head of Fixed Income for State Street Global Advisors in London. He is an Associate of the UK Society of Investment Professionals. He holds Masters Degrees’ in Business Economics from Strathclyde University and Investment Analysis from Stirling University. Gordon graduated with honors in Economic Science from the University of Aberdeen in 1992.

Annabel Rudebeck


Start Date

Tenure

Tenure Rank

Feb 01, 2022

0.33

0.3%

– Western Asset Management Company Limited – Head of Non-US Credit, 2016- – Rogge Global Partners – Senior Partner, Head of Global Investment Grade Credit, 2004-2016 – JP Morgan Securities – Associate, Credit Research, 1999-2003 – University of Cambridge, B.A. (Hons), M.A., Economics

Michael Buchanan


Start Date

Tenure

Tenure Rank

Feb 01, 2022

0.33

0.3%

– Western Asset Management Company, LLC – Deputy Chief Investment Officer, 2005– – Credit Suisse Asset Management – Managing Director, Head of U.S. Credit Products, 2003–2005 – Janus Capital Management – Executive Vice President, Portfolio Manager, 2003 – BlackRock Financial Management – Managing Director, Portfolio Manager, 1998–2003 – Conseco Capital Management – Vice President, Portfolio Manager, 1990–1998 – Brown University, B.A. – Chartered Financial Analyst

Tenure Analysis

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