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Morningstar Global Opportunistic Equity Fund

mutual fund
MSTSX
Payout Change
Pending
Price as of:
$11.95 +0.0 +0.0%
primary theme
N/A
share class
MSTSX (Mutual Fund)

Morningstar Global Opportunistic Equity Fund

Payout Change
Pending
Price as of:
$11.95 +0.0 +0.0%
primary theme
N/A
share class
MSTSX (Mutual Fund)

Morningstar Global Opportunistic Equity Fund

Payout Change
Pending
Price as of:
$11.95 +0.0 +0.0%
primary theme
N/A
share class

Name

As of 12/09/2024

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

$11.95

$321 M

2.04%

$0.24

0.82%

Vitals

YTD Return

15.7%

1 yr return

20.1%

3 Yr Avg Return

6.6%

5 Yr Avg Return

8.3%

Net Assets

$321 M

Holdings in Top 10

47.8%

52 WEEK LOW AND HIGH

$12.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.82%

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 12/09/2024

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

$11.95

$321 M

2.04%

$0.24

0.82%

MSTSX - Profile

Distributions

  • YTD Total Return 15.7%
  • 3 Yr Annualized Total Return 6.6%
  • 5 Yr Annualized Total Return 8.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.28%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Morningstar Global Opportunistic Equity Fund
  • Fund Family Name
    Morningstar
  • Inception Date
    Nov 02, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bertrand Cliquet

Fund Description

In seeking long-term capital appreciation over a full market cycle, the Fund has significant flexibility and invests predominantly in equities across asset classes and geographies according to the portfolio management team’s assessment of their valuations and fundamental characteristics. The Fund will normally invest at least 80% of its assets in equity securities. The Fund invests in investment companies such as ETFs, which could represent a significant percentage of assets.
The Fund invests in equity securities, which may include common stocks and real estate investment trusts (REITs). The Fund may invest in companies of any size from any country, including emerging markets. Under normal market conditions, the Fund will invest significantly (e.g., at least 40% of its assets, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its assets) in companies organized or located in multiple countries outside the United States or doing a substantial amount of business in multiple countries outside the United States.
To meet its objective, the Fund may also invest up to 20% of its assets in fixed-income securities of varying maturity, duration, and quality. These may include U.S. and non-U.S. corporate debt securities, U.S. government debt securities, including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. The Fund may invest up to 20% 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 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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MSTSX - Performance

Return Ranking - Trailing

Period MSTSX Return Category Return Low Category Return High Rank in Category (%)
YTD 15.7% -23.7% 16.4% 35.62%
1 Yr 20.1% -8.9% 48.3% 37.34%
3 Yr 6.6%* -2.2% 16.4% 21.83%
5 Yr 8.3%* -0.7% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period MSTSX Return Category Return Low Category Return High Rank in Category (%)
2023 13.6% -40.8% 20.6% 96.90%
2022 -11.8% -21.0% 24.5% 38.50%
2021 -9.2% -24.2% 27.8% 49.77%
2020 6.3% -23.1% 11.7% N/A
2019 12.9% -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period MSTSX Return Category Return Low Category Return High Rank in Category (%)
YTD 15.7% -23.7% 16.4% 34.76%
1 Yr 20.1% -12.8% 48.3% 34.53%
3 Yr 6.6%* -3.4% 16.4% 18.56%
5 Yr 8.3%* -1.1% 13.4% N/A
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MSTSX Return Category Return Low Category Return High Rank in Category (%)
2023 16.7% -40.8% 20.6% 96.90%
2022 -9.2% -21.0% 24.5% 38.50%
2021 8.5% -24.2% 27.8% 50.47%
2020 9.4% -23.1% 11.7% N/A
2019 18.7% -2.9% 23.1% N/A

NAV & Total Return History


MSTSX - Holdings

Concentration Analysis

MSTSX Category Low Category High MSTSX % Rank
Net Assets 321 M 1.12 M 110 B 65.87%
Number of Holdings 241 2 10961 28.60%
Net Assets in Top 10 151 M -31.7 M 22 B 64.93%
Weighting of Top 10 47.77% 10.8% 100.0% 36.14%

Top 10 Holdings

  1. Vanguard Index Funds VANGUARD TOTAL STK MKT ETF 21.91%
  2. Schwab Strategic Trust FUNDAMENTAL EMERGING MKTS L 5.94%
  3. iShare Trust GLB CNSM STP ETF 3.45%
  4. Northern Inst Fds TREAS PRT PRMR 2.72%
  5. Vanguard World Fund HEALTH CAR ETF 2.46%
  6. Vanguard World Fund VANGUARD CONSUMER STPLS ETF 2.43%
  7. Ishares Inc MSCI SOUTH KOREA ETF 2.37%
  8. Northern Inst Fds LIQ ASET PORTF 2.35%
  9. VanEck ETF Trust VANECK MORNINGSTAR WIDE MOAT ETF 2.07%
  10. Schwab Strategic Trust US REIT ETF 2.07%

Asset Allocation

Weighting Return Low Return High MSTSX % Rank
Stocks
95.77% -45.72% 98.42% 24.63%
Cash
7.88% -97.12% 185.58% 50.10%
Preferred Stocks
0.00% -0.03% 14.00% 50.94%
Other
0.00% -1.25% 197.12% 77.45%
Convertible Bonds
0.00% 0.00% 25.49% 25.26%
Bonds
0.00% -39.76% 93.84% 53.86%

Stock Sector Breakdown

Weighting Return Low Return High MSTSX % Rank
Financial Services
16.51% 0.00% 30.34% 33.33%
Consumer Cyclical
15.64% 0.00% 20.84% 12.10%
Healthcare
13.55% 0.00% 30.30% 27.81%
Communication Services
10.76% 0.00% 28.59% 6.37%
Industrials
9.67% 0.09% 32.39% 25.05%
Consumer Defense
9.35% 0.00% 31.85% 17.41%
Technology
9.08% 0.00% 39.48% 77.92%
Energy
7.75% 0.00% 38.61% 31.21%
Basic Materials
3.92% 0.00% 60.23% 81.53%
Utilities
2.26% 0.00% 40.29% 42.89%
Real Estate
1.51% 0.00% 90.14% 83.01%

Stock Geographic Breakdown

Weighting Return Low Return High MSTSX % Rank
US
70.83% -4.82% 95.75% 69.52%
Non US
24.94% -46.69% 57.06% 11.27%

MSTSX - Expenses

Operational Fees

MSTSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.82% 0.16% 2.71% 61.38%
Management Fee 0.47% 0.00% 1.70% 32.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

MSTSX 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

MSTSX 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.

MSTSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% 60.42%

MSTSX - Distributions

Dividend Yield Analysis

MSTSX Category Low Category High MSTSX % Rank
Dividend Yield 2.04% 0.00% 10.92% 48.23%

Dividend Distribution Analysis

MSTSX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Monthly

Net Income Ratio Analysis

MSTSX Category Low Category High MSTSX % Rank
Net Income Ratio 1.28% -5.20% 6.33% 58.17%

Capital Gain Distribution Analysis

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

Distributions History

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MSTSX - Fund Manager Analysis

Managers

Bertrand Cliquet


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Bertrand Cliquet is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. Before joining Lazard in 2004, Bertrand worked for Goldman Sachs International as a Research Analyst. Earlier, he worked in the Mergers and Acquisitions group at Deutsche Bank, focusing on the utility and retail sectors. He also did an internship at Enskilda Securities in Paris, where he worked as an analyst covering the retail sector. Bertrand has been working in the investment field since 1999. He attained a business degree from HEC in Paris, with a major in Finance. Bertrand was awarded the Prize of the "Club Finance International", and the Prize of the HEC Foundation for his thesis on "The deregulation of the European electricity market and its consequences for electricity prices and the strategic positioning of energy companies". Bertrand is fluent in both French and German. He is a CFA® charter holder.

Matthew Landy


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Matthew Landy—Matthew Landy is a portfolio manager/analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He began working in the investment field in 1995. Prior to joining Lazard in 2006, Landy worked in the private equity industry where he was involved in early stage venture capital in Europe and management buy-out investing in Australia. Previously he was an equity analyst with Tyndall Investment Management covering stocks in the consumer staples, consumer discretionary, and industrial sectors. Landy has a BCom and a BA from Monash University in Melbourne, Australia. Landy has served as a portfolio manager for the Fund since its inception.

John Mulquiney


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

John Mulquiney is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He has been working in the investment field since 1997. Prior to joining Lazard in August 2005, John worked at Tyndall Australia where he covered stocks in various sectors including financials, consumer discretionary, health care and materials. John was also in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects and health infrastructure. John holds a PhD from the Australian National University, and a BA (Hons) from Sydney University. He is a CFA® charter holder.

Warryn Robertson


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Warryn Robertson is a portfolio manager/analyst on the Lazard Asset Management's Global Listed Infrastructure and Global Equity Franchise teams. Prior to joining Lazard Asset Management in April 2001, Mr. Robertson spent three years with Capital Partners, an independent advisory house, where he was an associate director developing business valuations for infrastructure assets and other alternative equity investments including airports, toll roads, timber plantations, power stations and coal mines. Mr. Robertson is a member of the Securities Institute of Australia and the Institute of Chartered Accountants.

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.

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.

Tenure Analysis

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