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Morgan Stanley Global Opportunity (MGGPX) to close to new investors
Selfishly I wish they had closed it sooner,'or' without the additional 60-days to buy in if you want but I have no idea what an adequate asset level is appropriate for a fund of this type.
Baron Global Advantage - BGAFX - is run by a former co-manager of Morgan Stanley Global Opportunity and has had better returns than the Morgan Stanley fund and it is wide open.
I believe MGGPX has had a single manager, Kristian Heugh, from its inception in 2008. It's true that Alex Umansky had co-managerial duties at Morgan Stanley, but not with Heugh. OTOH, BGAFX is a winner and I own some.
Global Franchise is also a good one of theirs, if memory serves.
Need to be careful on any loads or 12(b)-1 fees, though.
I haven't found any way as a retail investor to invest in a MS share class that doesn't have a 12b-1 fee, unless I can pony up $5M (e.g. at Fidelity or at Vanguard).
Even with the fees, the total cost of ownership is not out of line (M* rates it average). I'm just wondering if you've got any workaround on the 12b-1 fees. Or does one need to invest through one's employer's plan to get a break?
@msf: I don’t know how to avoid the fees, either. MS certainly complicates matters by offering multiple share classes and, even more confusing for me, giving their funds names that are so similar. Here are some of the names: Global Franchise, Counterpoint Global, Global Advantage, Global Concentrated, Global Permanence, Global Sustain, Global Core, etc.
From my perspective, MS may be closing Heugh’s Global Opportunity fund in all of its disguises, not so much because the fund is huge, but because the same manager has so many other funds to manage. M* provides the additional fund responsibilities of a PM. After selecting “People,” click on the blue bar representing the manager(s)’ years at the fund in question. The list for Heugh is long.
@BenWP, that's an excellent point about checking the total assets for which the manager has responsibility. In addition to other funds (to its credit, M* appears to list offshore as well as domestic funds), managers may also be responsible for private institutional/wealthy client accounts and/or pooled investment vehicles. You can find that information in the SAI.
"5 [other funds] $4.8 billion; 21 [pooled investments] $21.8 billion; 243 [other accounts] $2.5 billion" (That's in addition to the $6B in MGGPX.)
M* analyst reports sometimes give a little more information: "in 2006, the firm entrusted him to launch the Global Opportunities strategies and form his own team in Hong Kong. ... After adding two more funds to their coverage in 2020, the seven-person outfit now manages seven strategies. The supporting cast also lacks notable shared tenure ..."
Something else (if one wants to get really deep into the details) is how much overlap there is in the different charges. For example, years ago, Fidelity closed Contra FCNTX (Danoff) while keeping open the much smaller New Insights (FINSX). While the funds focused on similar parts of the market, the size difference was so huge that New Insights was able to benefit from smaller companies that Contra couldn't touch, at least in any meaningful way.
All that said, I agree it would make sense for MS to consider closing some of the sibling funds also.
MIOPX is a pure international fund managed by Kristin with strong exposure to emerging asian markets. Its my top international holding and a very consistent fund year to year. Take a look.
there is also MFAPX- managed by Heugh- Less North America more western Europe - Lower standard Deviation- higher sharpe -lower returns over 9 year period
Hey @newgirl . Yes thats also a great fund. A bit less volatile and also a bit less on the return side. This one doesnt have EM exposure. All devloped markets
Morgan Stanley funds currently managed by Kristian Heugh:
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010) Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020) Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010) Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008) Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008) Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015) Morgan Stanley Inst Asia Opp IS (since 12/29/2015) Morgan Stanley Cntrpnt Global A (since 6/29/2018) Morgan Stanley Developing Opportunity IS (since 2/14/2020) Morgan Stanley Developing Opportunity C (since 2/14/2020) Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020) Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010) Morgan Stanley Institutional Opportunity H (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010) Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015) Morgan Stanley Inst Global Opp IR (since 5/30/2008) Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020) Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020) VALIC Company I International Growth (since 3/8/2018) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006) Morgan Stanley Inst Intl Advtg IS (since 12/28/2010) Morgan Stanley Cntrpnt Global I (since 6/29/2018) Morgan Stanley Institutional Global Opportunity H (since 5/30/2008) Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010) Morgan Stanley Cntrpnt Global IS (since 6/29/2018) Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010) Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006) Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020) Morgan Stanley Inst Asia Opp C (since 12/29/2015) Morgan Stanley Inst International Opp IR (since 5/31/2010) Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020) Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010) Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008) Morgan Stanley Cntrpnt Global C (since 6/29/2018) Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010) Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010) Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008) Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008)
Maybe MS wants to clip the wings of its successful manager. I assume he gets a cut of all the AUM. Just sayin' (maybe the dumbest idiom to come along in some years).
Morgan Stanley funds currently managed by Kristian Heugh:
Actually, these are all the share classes that he manages. I've grouped the list by funds so that this is clearer. Also, the H share class is defunct, as is an entire fund (Opportunity Portfolio). Morgan Stanley Institutional Advantage Fund http://financials.morningstar.com/fund/purchase-info.html?t=MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010) MAPPX Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010) MSPRX Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010) MPAIX Morgan Stanley Inst Intl Advtg IS (since 12/28/2010) MADSX Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010) MAPLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement. Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020) EUGAX Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020) MSEEX Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020) EUGDX Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020) EUGCX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010) MIOPX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010) MSOCX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010) MIOIX Morgan Stanley Inst International Opp IR (since 5/31/2010) MRNPX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010) MNOPX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010) MIOLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement. Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008) MGGPX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008) MSOPX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008) MGGIX Morgan Stanley Inst Global Opp IR (since 5/30/2008) MGORX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008) MGTSX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008) MGGLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement. Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015) MSAUX Morgan Stanley Inst Asia Opp C (since 12/29/2015) MSAWX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015) MSAQX Morgan Stanley Inst Asia Opp IS (since 12/29/2015) MSAYX Morgan Stanley Cntrpnt Global http://financials.morningstar.com/fund/purchase-info.html?t=GLCAX
Morgan Stanley Cntrpnt Global A (since 6/29/2018) GLCAX Morgan Stanley Cntrpnt Global C (since 6/29/2018) GLCDX Morgan Stanley Cntrpnt Global I (since 6/29/2018) GLCIX Morgan Stanley Cntrpnt Global IS (since 6/29/2018) GLCSX
Morgan Stanley Institutional Opportunity In 2015 this fund was reorganized into the Global Opportunity Fund (see 2015 prospectus, p. 18)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006) Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006) Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020) MDOAX Morgan Stanley Developing Opportunity C (since 2/14/2020) MDOBX Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020) MDOEX Morgan Stanley Developing Opportunity IS (since 2/14/2020) MDODX
VALIC Company I International Growth (since 3/8/2018) VCINX
Comments
Need to be careful on any loads or 12(b)-1 fees, though.
Even with the fees, the total cost of ownership is not out of line (M* rates it average). I'm just wondering if you've got any workaround on the 12b-1 fees. Or does one need to invest through one's employer's plan to get a break?
From my perspective, MS may be closing Heugh’s Global Opportunity fund in all of its disguises, not so much because the fund is huge, but because the same manager has so many other funds to manage. M* provides the additional fund responsibilities of a PM. After selecting “People,” click on the blue bar representing the manager(s)’ years at the fund in question. The list for Heugh is long.
"5 [other funds] $4.8 billion; 21 [pooled investments] $21.8 billion; 243 [other accounts] $2.5 billion"
(That's in addition to the $6B in MGGPX.)
M* analyst reports sometimes give a little more information: "in 2006, the firm entrusted him to launch the Global Opportunities strategies and form his own team in Hong Kong. ... After adding two more funds to their coverage in 2020, the seven-person outfit now manages seven strategies. The supporting cast also lacks notable shared tenure ..."
Something else (if one wants to get really deep into the details) is how much overlap there is in the different charges. For example, years ago, Fidelity closed Contra FCNTX (Danoff) while keeping open the much smaller New Insights (FINSX). While the funds focused on similar parts of the market, the size difference was so huge that New Insights was able to benefit from smaller companies that Contra couldn't touch, at least in any meaningful way.
All that said, I agree it would make sense for MS to consider closing some of the sibling funds also.
Lower standard Deviation- higher sharpe -lower returns over 9 year period
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015)
Morgan Stanley Inst Asia Opp IS (since 12/29/2015)
Morgan Stanley Cntrpnt Global A (since 6/29/2018)
Morgan Stanley Developing Opportunity IS (since 2/14/2020)
Morgan Stanley Developing Opportunity C (since 2/14/2020)
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015)
Morgan Stanley Inst Global Opp IR (since 5/30/2008)
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020)
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020)
VALIC Company I International Growth (since 3/8/2018)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010)
Morgan Stanley Cntrpnt Global I (since 6/29/2018)
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010)
Morgan Stanley Cntrpnt Global IS (since 6/29/2018)
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020)
Morgan Stanley Inst Asia Opp C (since 12/29/2015)
Morgan Stanley Inst International Opp IR (since 5/31/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008)
Morgan Stanley Cntrpnt Global C (since 6/29/2018)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010)
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008)
Morgan Stanley Institutional Advantage Fund
http://financials.morningstar.com/fund/purchase-info.html?t=MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010) MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010) MSPRX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010) MPAIX
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010) MADSX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010) MAPLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund
http://financials.morningstar.com/fund/purchase-info.html?t=EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020) EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020) MSEEX
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020) EUGDX
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020) EUGCX
Morgan Stanley Institutional International Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010) MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010) MSOCX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010) MIOIX
Morgan Stanley Inst International Opp IR (since 5/31/2010) MRNPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010) MNOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010) MIOLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund Global Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008) MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008) MSOPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008) MGGIX
Morgan Stanley Inst Global Opp IR (since 5/30/2008) MGORX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008) MGTSX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008) MGGLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Asia Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MSAUX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015) MSAUX
Morgan Stanley Inst Asia Opp C (since 12/29/2015) MSAWX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015) MSAQX
Morgan Stanley Inst Asia Opp IS (since 12/29/2015) MSAYX
Morgan Stanley Cntrpnt Global
http://financials.morningstar.com/fund/purchase-info.html?t=GLCAX
Morgan Stanley Cntrpnt Global A (since 6/29/2018) GLCAX
Morgan Stanley Cntrpnt Global C (since 6/29/2018) GLCDX
Morgan Stanley Cntrpnt Global I (since 6/29/2018) GLCIX
Morgan Stanley Cntrpnt Global IS (since 6/29/2018) GLCSX
Morgan Stanley Institutional Opportunity
In 2015 this fund was reorganized into the Global Opportunity Fund (see 2015 prospectus, p. 18)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Developing Opportunity
http://financials.morningstar.com/fund/purchase-info.html?t=MDOAX
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020) MDOAX
Morgan Stanley Developing Opportunity C (since 2/14/2020) MDOBX
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020) MDOEX
Morgan Stanley Developing Opportunity IS (since 2/14/2020) MDODX
VALIC Company I International Growth (since 3/8/2018) VCINX
The Developing Opportunity Fund MDOAX looks appealing.