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Trending ETFs

Morgan Stanley Long Duration Government Opportunities Fund

mutual fund
USGDX
Payout Change
Pending
Price as of:
$6.94 -0.05 -0.72%
primary theme
U.S. Intermediate-Term Bond Duration
share class
L (USGCX) I (USGDX) A (USGAX) C (MSGVX)
USGDX (Mutual Fund)

Morgan Stanley Long Duration Government Opportunities Fund

Payout Change
Pending
Price as of:
$6.94 -0.05 -0.72%
primary theme
U.S. Intermediate-Term Bond Duration
share class
L (USGCX) I (USGDX) A (USGAX) C (MSGVX)
USGDX (Mutual Fund)

Morgan Stanley Long Duration Government Opportunities Fund

Payout Change
Pending
Price as of:
$6.94 -0.05 -0.72%
primary theme
U.S. Intermediate-Term Bond Duration
share class
L (USGCX) I (USGDX) A (USGAX) C (MSGVX)

Name

As of 12/11/2024

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

Morgan Stanley Long Duration Government Opportunities Fund

USGDX | Fund

$6.94

$203 M

4.79%

$0.34

0.91%

Vitals

YTD Return

-0.6%

1 yr return

6.4%

3 Yr Avg Return

-2.8%

5 Yr Avg Return

-0.9%

Net Assets

$203 M

Holdings in Top 10

59.2%

52 WEEK LOW AND HIGH

$7.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 376.00%

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 12/11/2024

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

Morgan Stanley Long Duration Government Opportunities Fund

USGDX | Fund

$6.94

$203 M

4.79%

$0.34

0.91%

USGDX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -2.8%
  • 5 Yr Annualized Total Return -0.9%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 2.33%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morgan Stanley Long Duration Government Opportunities Fund
  • Fund Family Name
    Morgan Stanley Funds
  • Inception Date
    Jul 28, 1997
  • 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 net assets in a portfolio of U.S. government securities. This policy may be changed without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes. In making investment decisions, the Adviser considers economic developments, interest rate trends and other factors.  The Fund is not limited as to the maturities of the U.S. government securities in which it may invest. The  U.S. government securities that the Fund may purchase include: U.S. Treasury bills, notes and bonds, all of which are direct obligations of the U.S. Government; securities (including mortgage-backed securities) issued by agencies and instrumentalities of the U.S. Government which are backed by the full faith and credit of the United States; securities (including mortgage-backed securities) issued by agencies and instrumentalities which are not backed by the full faith and credit of the United States, but whose issuing agency or instrumentality has the right to borrow, to meet its obligations, from the U.S. Treasury; securities issued by agencies and instrumentalities which are backed solely by the credit of the issuing agency or instrumentality; and securities guaranteed by the U.S. Government or its agencies and instrumentalities or securities supported by the U.S. Government in some other way, such as the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality. The Fund’s investments may include zero coupon securities, which are purchased at a discount and generally accrue interest, but make no payment until maturity. Under normal circumstances, the Adviser expects to construct an investment portfolio for the Fund with a dollar-weighted average effective duration of at least ten years.Duration measures the time-weighted expected cash flows of a fixed-income security.
The mortgage-backed securities in which the Fund may invest include mortgage pass-through securities, commercial mortgage-backed securities (“CMBS”), collateralized mortgage obligations (“CMOs”), stripped mortgage-backed securities (“SMBS”) and inverse floating rate obligations (“inverse floaters”). In addition, the Fund may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis (“TBAs”).
The Fund may also invest in (i) asset-backed securities and (ii) commercial paper rated in the highest investment grade (currently A1/P1/F1) by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings Group, a division of S&P Global Inc. (“S&P”) or Fitch Ratings Inc. (“Fitch”). For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest in restricted and illiquid securities.
The Fund may, but it is not required to, use derivative instruments for risk management or other portfolio management purposes, including to adjust the Fund’s dollar-weighted average effective duration. The Fund’s use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related 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 is not a money market fund, does not seek to maintain a stable NAV and does not qualify for the tax relief afforded to money market funds by the U.S. Treasury.
Read More

USGDX - Performance

Return Ranking - Trailing

Period USGDX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.6% 11.7% 98.86%
1 Yr 6.4% -2.4% 15.0% 13.06%
3 Yr -2.8%* -10.0% 28.5% 84.66%
5 Yr -0.9%* -7.2% 58.8% 93.08%
10 Yr 0.8%* -2.8% 74.0% 88.23%

* Annualized

Return Ranking - Calendar

Period USGDX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -16.2% 8.1% 78.90%
2022 -15.3% -34.7% 131.9% 28.94%
2021 -4.3% -11.6% 4.4% 84.65%
2020 2.9% -9.9% 946.1% 69.51%
2019 3.3% -1.7% 16.9% 91.00%

Total Return Ranking - Trailing

Period USGDX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.6% 11.7% 98.86%
1 Yr 6.4% -2.4% 15.0% 13.06%
3 Yr -2.8%* -10.0% 28.5% 84.66%
5 Yr -0.9%* -7.2% 58.8% 93.08%
10 Yr 0.8%* -2.8% 74.0% 88.23%

* Annualized

Total Return Ranking - Calendar

Period USGDX Return Category Return Low Category Return High Rank in Category (%)
2023 6.4% -11.3% 11.9% 37.11%
2022 -12.7% -32.2% 131.9% 22.45%
2021 -1.5% -9.4% 9.2% 69.41%
2020 6.1% -1.9% 1009.0% 87.46%
2019 7.0% 1.1% 21668.0% 86.43%

NAV & Total Return History

USGDX - Holdings

Concentration Analysis

USGDX Category Low Category High USGDX % Rank
Net Assets 203 M 2.9 M 314 B 81.35%
Number of Holdings 185 1 17880 89.20%
Net Assets in Top 10 141 M 1.62 M 35.1 B 67.29%
Weighting of Top 10 59.18% 4.7% 3984.6% 8.24%

Top 10 Holdings

  1. Uniform Mortgage-Backed Security, TBA 9.81%
  2. Uniform Mortgage-Backed Security, TBA 9.48%
  3. Government National Mortgage Association 7.04%
  4. Government National Mortgage Association 6.49%
  5. Government National Mortgage Association 5.13%
  6. Uniform Mortgage-Backed Security, TBA 4.80%
  7. Uniform Mortgage-Backed Security, TBA 4.51%
  8. Ginnie Mae 4.31%
  9. Freddie Mac REMICS 3.91%
  10. Fannie Mae REMICS 3.70%

Asset Allocation

Weighting Return Low Return High USGDX % Rank
Bonds 		134.11% 0.00% 9231.88% 3.21%
Cash 		1.86% -54.51% 237.69% 63.55%
Other 		0.01% -27.25% 1695.17% 78.82%
Stocks 		0.00% 0.00% 99.98% 95.23%
Preferred Stocks 		0.00% 0.00% 72.34% 94.50%
Convertible Bonds 		0.00% 0.00% 7.93% 99.16%

Bond Sector Breakdown

Weighting Return Low Return High USGDX % Rank
Securitized 		57.36% 0.00% 98.40% 8.58%
Government 		22.77% 0.00% 86.23% 55.75%
Municipal 		12.62% 0.00% 100.00% 2.82%
Cash & Equivalents 		1.86% 0.00% 237.69% 60.75%
Corporate 		0.25% 0.00% 100.00% 97.28%
Derivative 		0.01% -6.56% 44.82% 39.56%

Bond Geographic Breakdown

Weighting Return Low Return High USGDX % Rank
US 		134.11% 0.00% 9042.62% 2.70%
Non US 		0.00% 0.00% 189.26% 95.64%

USGDX - Expenses

Operational Fees

USGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.01% 39.64% 31.35%
Management Fee 0.42% 0.00% 1.76% 76.60%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.01% 0.50% 50.66%

Sales Fees

USGDX 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

USGDX 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.

USGDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 376.00% 2.00% 493.39% 88.23%

USGDX - Distributions

Dividend Yield Analysis

USGDX Category Low Category High USGDX % Rank
Dividend Yield 4.79% 0.00% 10.11% 5.70%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

USGDX Category Low Category High USGDX % Rank
Net Income Ratio 2.33% -1.28% 4.79% 15.44%

Capital Gain Distribution Analysis

USGDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

View More +

USGDX - Fund Manager Analysis

Managers

Neil Stone

Start Date

Tenure

Tenure Rank

Jan 17, 2012

10.38

10.4%

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.

James Caron

Start Date

Tenure

Tenure Rank

Jan 16, 2013

9.38

9.4%

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.

Matthew Dunning

Start Date

Tenure

Tenure Rank

Oct 03, 2014

7.66

7.7%

Matt is a portfolio manager on the Global Fixed Income team. He re-joined Morgan Stanley in 2014 and has been with financial industry since 1994. Prior to re-joining the firm, Matt managed the Municipal Valuation Rates group and was a senior taxable municipal bond analyst for the BVAL group at Bloomberg. Previously, he worked for the Customized Fixed Income group at MSIM (formerly Miller, Anderson & Sherred) in trading and portfolio management roles. Matt received a B.A. in business management and business administration from Lycoming College and an M.B.A. in financial institutions management from St. Joseph's University.

Tenure Analysis

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

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