1 United Nations as of December 31, 2018.
2 MSIM, World Bank, Haver Analytics. IMF forecasts.
3 MSIM, Haver. Data as of November 2020.
4 Applied Global Macro Research as of October 1, 2020.
5 MSIM, Bloomberg, Factset, Haver. Data as of December 2020.
6 Forbes, July 2020.
7 The commodities markets may fluctuate widely based on a variety of uncontrollable factors such as inflation, weather, political unrest, acts of terrorism, new technologies and even rumors. Investors in commodities should be able to bear a total loss of their investment. The Global Emerging Markets strategies do not invest directly in commodities.
8 MSIM, Bloomberg, Factset, Global Insight. Data as of December 31, 2020. Index includes all industrial metals, industrial non-food agricultural commodities and food.
9 MSIM, IMF, Statista. Data as of November 2020.
10 MSIM, IMF, Statista. Data as of November 2020.
11 The Economist, Reuters, as of December 31, 2020.
12 UBS, Nielsen NNTV as of November 2020.
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio.? Please be aware that this portfolio may be subject to certain additional risks. In general,?equities securities’?values also fluctuate in response to activities specific to a company. Investments in?foreign markets?entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in?emerging market countries?are greater than the risks generally associated with investments in foreign developed countries. Stocks of?small-capitalization companies?entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies.?Derivative instruments?can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the Portfolio’s performance.?Illiquid securities?may be more difficult to sell and value than public traded securities (liquidity risk).?Non-diversified?portfolios often invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility.
The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all portfolio managers at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.
Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific MSIM product.
Certain information herein is based on data obtained from third party sources believed to be reliable. However, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness.
The information herein is a general communications which is not impartial and has been prepared solely for information and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The material contained herein has not been based on a consideration of any individual client circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.
Past performance is no guarantee of future results.
This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the strategy’s / product’s relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles.
This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.
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U.S.:?A separately managed account may not be appropriate for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.
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