Morgan Stanley Global Opportunity (A) LU0552385295 (B) LU0552385378
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  1. #1

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    Morgan Stanley Global Opportunity (A) LU0552385295 (B) LU0552385378

    visto che i mercati sono tendenzialmente un po' altini... volevo entrate con un pac su questo fondo azionario globale... Qualcuno lo conosce o ce l' ha in portafoglio ? ciao

  2. #2

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    Citazione Originariamente Scritto da Eurimaco Visualizza Messaggio
    visto che i mercati sono tendenzialmente un po' altini... volevo entrate con un pac su questo fondo azionario globale... Qualcuno lo conosce o ce l' ha in portafoglio ? ciao
    Io, da un paio di anni

    http://www.finanzaonline.com/forum/38466514-post80.html

    Ma in classe A

    Performance del Fondo |Rendimenti Annuali, Cumulati e Trimestrali |Morgan Stanley Investment Funds Global Opportunity A (EUR)|ISIN:LU0552385295

    Commissioni sui Fondi|Expense Ratio|Morgan Stanley Investment Funds Global Opportunity A (EUR)|ISIN:LU0552385295

    L' isin che hai scritto è della classe B che è gravata da un 1% in più all' anno di commissioni , che va al collocatore.
    La classe B di MS per i sottoscrittori è da evitare

    Commissioni sui Fondi|Expense Ratio|Morgan Stanley Investment Funds Global Opportunity Fund B Acc (EUR)|ISIN:LU0552385378

  3. #3

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    Alcune note biografiche e un' intervista di fine maggio '15 al gestore di MS Global Opportunity , Kristian Heugh , che spiegava in base a quali criteri sceglie le azioni in cui investire, azioni di società uniche con un vantaggio competitivo, aziende in grado di crescere, con una elevata redditività del capitale investito.

    By Thomas Streater
    May 28, 2015 9:04 p.m. ET

    Kristian Heugh has been investing since he was 10 years old. His first investment was a five share position in Coca Cola right before the company embarked on a large international expansion. The stock did well and the young boy was hooked.

    After graduating Duke University, Heugh joined Morgan Stanley Investment Management and was soon in charge of a portion of technology coverage. Frequent trips to Asia starting around 2001 proved instructive, where he witnessed Asia’s growth first-hand. He has been part of MSIM’s global opportunities strategy group since it was launched in 2007, and has developed a knack for finding companies with strong competitive advantages.
    As he puts it, competitive advantage is “the most important attribute of a business when making long term investments - that is the secret sauce” to sustainable generation of alpha, or absolute returns.

    Heugh, who moved to Hong Kong in 2008 and is a CFA charterholder, sat down with Barron’s Asia recently in a Morgan Stanley meeting room overlooking Hong Kong harbor to discuss his views on finding great investments in Asia.

    Barron’s Asia: The global opportunities strategy has outperformed in the last few years. What’s your investment philosophy?

    Heugh: The way to discuss our investment philosophy would be to call it Warren Buffett investment principles for growing companies. He describes competitive advantage as being a moat, and while of course we agree with the Oracle of Omaha, we prefer to describe it as uniqueness. We want to own a collection of unique companies. A company is unique when it performs a function in society that’s important and not easily replicated. Bargaining power of suppliers and customers, availability of substitute products, barriers to entry, the regulatory environment, and the intensity of competition against rivals are all critical to understanding a company’s uniqueness. Then we look how companies can monetize their businesses.

    If a company is very unique, has the ability to achieve high return on capital by investing capital wisely on behalf of shareholders and is trading at a large discount to intrinsic value, then you have a potentially lucrative investment opportunity. These are the types of opportunities we’re seeking.

    Q: How do you look at intrinsic value?

    A: This is not measured by price-to-earnings or any other short-term metric, but rather through an understanding of pricing, volumes, margins and the long-term free cash flow yield of a business.

    ...

    Kristian Heugh on Stocks with Competitive Edge


    Bing Traduttore


    Bluerating.com

    FondiOnLine.it


    Tech rally drives indexes; S&P 500 positive for year | Reuters

  4. #4
    L'avatar di DonaldDuck
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    questi fondi sono sottoscrivibili tramite qualsiasi banca? in caso affermativo come si possono ridurre le commisioni d'entrata visto che non vi è la possibilità di parlare direttamente con qualche responsabile della Morgan?

  5. #5

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    Citazione Originariamente Scritto da DonaldDuck Visualizza Messaggio
    questi fondi sono sottoscrivibili tramite qualsiasi banca? in caso affermativo come si possono ridurre le commisioni d'entrata visto che non vi è la possibilità di parlare direttamente con qualche responsabile della Morgan?
    Sono sottoscrivibili tramite banche e SIM che abbiano un contratto di collocamento con certe sicav.
    Ormai ci sono diverse banche e SIM che collocano MS e parecchie altre sicav e SGR.

    Di solito società di gestione come Morgan Stanley non incassano le commissioni d' entrata , che possono essere incassate dai collocatori.

    Su tutti i fondi collocati Sella.it , CheBanca! e Webank non applicano commissioni d' ingresso.

    Ho appena controllato che tramite Onlinesim, Fundstore e Sella.it LU0552385295 è sottoscrivibile con commissioni di ingresso azzerate ( 0,00 % )

  6. #6

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    un poò volatile eh ! belle escursioni

  7. #7
    L'avatar di consindip
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    Anni fa MS aveva un fondo chiamato Competitive Edge Best Ideas, portafoglio azionario globale concentrato sulle migliori idee di investimento, titoli con multipli molto elevati, .....chissà poi perchè quando prendono le legnate li chiudono

  8. #8

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    Nel 2015 lo stile growth ha vinto nettamente il confronto con lo stile value.
    In un contesto economico generale di bassa crescita nei paesi sviluppati e di crescita in calo nei paesi emergenti gli investitori hanno preferito acquistare azioni di società
    caratterizzate dalla capacità di crescere in misura notevole anche in tale contesto. Alcune società possono giustificare valutazioni a premio perché hanno punti di forza sostenibili nel tempo.

    La questione interessante riguarda cosa succederà nel 2016.
    È vero che certi investimenti azionari diversificati dovrebbero essere per il lungo periodo, ma non fa piacere avere fondi azionari che in un certo anno vanno nettamente peggio ( salendo meno o perdendo di più) di quelli con diversa impostazione.

    ACMBernstein Global Value Portfolio A,
    anche se nel 2015 e a 3 anni ha reso più della media di categoria Azionari Internazionali Large Cap Value e più dell' indice MSCI World Value ( ha il Fund manager attuale dal 3/2012 ) ,
    presenta una performance decisamente inferiore a quella di vari fondi azionari internazionali Large cap Growth, soprattutto nel 2015.

    ACMBernstein Global Value Portfolio A|LU0124673897

    Un' altro possibile criterio di selezione delle azioni è quello Quality, lo scegliere azioni di società di qualità con utili e fatturato abbastanza stabili, con moderata crescita ma senza crolli ciclici ( in estrema sintesi).

    Un articolo di Barron's parla di alcune delle Large cap con performance più elevata a Wall Street nel 2015 e delle prospettive per il 2016.


    TIERNAN RAY
    December 26, 2015
    Because Wall Street loves to get more of what it already knows it loves, get ready for “FANG 2: The Sequel” in 2016.

    FANG, of course, is the infamous acronym for four of the best-performing stocks of 2015, Facebook (ticker: FB), Amazon.com (AMZN), Netflix (NFLX), and Google, now Alphabet (GOOGL).

    It’s a good bet these four horsemen will continue to deliver in the New Year. They are generating better-than-average growth, are not replicable, and they aren’t going away anytime soon, even in the case of Amazon, where there are virtually no earnings.

    Facebook still has a long runway to capture new advertising dollars that are leaving old media such as print and television. And for the foreseeable future, its properties, including its namesake and the photo-sharing service Instagram, are unrivaled in terms of brand recognition for “engagement” of online users, at least as far as ad buyers are concerned.

    Alphabet is expected to reveal more information in January, when it reports results, about how much money it has been losing in its experiments—robots, self-driving cars—outside the core search business at Google. It could reveal more about YouTube, its second-largest business, as well (see cover story). That transparency could make investors more comfortable with the business.

    Amazon, along with Microsoft (MSFT), has totally changed information-technology buying by bringing workloads that used to run on corporate computers onto their cloud operations. That trend may cool at some point, but not in 2016.

    The FANG will benefit from a winding-down of private-market activity, with the slowing of investment in the so-called unicorns. Those are private companies with extraordinary valuations, such as Uber, the ride-sharing service most recently valued at $65 billion. Press reports suggest private-market valuations have fallen as venture investors realize the most ambitious expectations for these companies won’t hold up in public markets.

    The most challenging factor is that the valuation multiples have expanded for most of the FANG four.

    Going one by one, Facebook, at a recent price of $105.02, has actually gotten cheaper, and is trading at 37 times projected earnings for next year, 2016, of $2.85. A year ago at this time, Facebook was trading for 42 times what was then the projection for 2015, which was $1.93.

    Amazon, at a recent $662.79, trades for 121 times 2016 estimates, up from a 74 multiple a year ago, based on its earnings estimate at the time.

    And Alphabet, at a recent $765.84, trades for about 22 times 2016’s estimates, up from 20 times a year ago.

    At a recent $117.33, Netflix fetches an insane 293 times next year’s projected earnings. It has soared in valuation from a mere 64 times a year ago, after adjusting for the company’s 7-for-1 stock split this summer. This is the most “stretched” valuation of the group and perhaps the least likely to produce additional gains as a result.

    More vibrant than FANG will be the speculative returns to be had in mergers and acquisitions in tech. The window is closing for cheap funding, as the Federal Reserve has commenced its tightening phase with the first fed funds rate hike in almost a decade. Eventually, rising rates will turn off the spigot for leveraged buyouts of companies. In the meantime, however, that should prompt increased M&A activity as companies try to get deals done before that window closes.

    Some of the primary candidates should be some of the smaller Internet companies, such as Yelp (YELP) and the food-delivery service GrubHub (GRUB). It seems unlikely that these minnows will still exist as independent outfits by the end of 2016 amidst the Web’s whales.

    WHAT HAPPENS TO Old Tech, like Cisco Systems (CSCO) and Hewlett Packard Enterprise (HPE), as funds again flow to FANG? This will be a challenging year, as both try to improve their growth outlook. Their wares have been, to a certain extent, eclipsed by the move to the cloud, which commoditizes much of technology and steals some direct corporate sales.

    The Street sees Cisco’s sales rising just a fraction of a percent this fiscal year ending in July, though things should get better in fiscal ’17, with a 3.6% rise. HPE is expected to see sales fall 2.5% through October 2016. The two stocks, with dividend yields of 3.15% and 1.55%, respectively, are merely decent, not stellar, but they may draw some income investors in a world of rising rates.

    Microsoft is one of the better old-tech beneficiaries of cloud computing, as it is No. 2 behind Amazon, as my colleague Alexander Eule explored in last week’s cover story (“Growth Machine,” Dec. 21).

    As Alex’s story made clear, the best reason Microsoft will probably notch further gains in 2016, after a 20% gain this year, is that its stock is catching up from doing nothing for about a decade before Chief Executive Satya Nadella took the helm in 2014.

    A COUPLE OF smaller companies will gain in 2016 as they supply the cloud. Networker Arista Networks (ANET), a winner in 2015, should again see gains, as there is no indication that Cisco will catch the company anytime soon in the market for network switching, which is Arista’s main business. Another supplier that could benefit is Red Hat (RHT), the distributor of Linux software. Linux is being used by everyone, including Microsoft, to build cloud computing, and Red Hat has managed to partner with Microsoft and most everyone else.

    Some of the best deals in Old Tech will still be the semiconductor names, with the benchmark Philadelphia Semiconductor Index having trailed the market this year. Although an excellent company, Qualcomm (QCOM), the largest provider of smartphone modem chips, has become something of an enigma after a year of turmoil, including activist agitation. At a recent $49.55, the stock trades for just 10 times next year’s projected earnings, if you are keen to speculate on a rebound of some kind.

    And as this magazine opined in a cover story in October (“The Cloud Chip,” Nov. 2), Micron Technology (MU), the maker of memory chips, has some of the most valuable assets in the industry. Its shares have been devastated this year by falling chip prices. They should rebound in 2016 as the company reduces costs and sees some relief from price declines.

    Microsoft, Arista Networks, Red Hat, and Micron Could Prosper in 2016



    https://translate.google.it/?hl=it
    Ultima modifica di averytrader; 31-12-15 alle 13:29

  9. #9

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    Citazione Originariamente Scritto da consindip Visualizza Messaggio
    Anni fa MS aveva un fondo chiamato Competitive Edge Best Ideas, portafoglio azionario globale concentrato sulle migliori idee di investimento, titoli con multipli molto elevati, .....chissà poi perchè quando prendono le legnate li chiudono
    Ho cercato se si trovano ancora informazioni su quel fondo.
    Era insolito per il fatto di essere basato sulle azioni preferite del dipartimento di ricerca di MS , il portafoglio era basato sulle azioni selezionate dagli analisti. Leggendo qualche nome potevano non essere caratterizzate da multipli particolarmente elevati. Ma pare che non fosse mai andato bene.
    MS aveva deciso che fosse meglio chiuderlo nel 2002 e far scegliere le azioni dai team di gestori.



    By PATRICK McGEEHAN
    Published: July 7, 2002

    SEVERAL big investment firms offer mutual funds that show off their analysts' stock-picking prowess by buying their favorite stocks. But Morgan Stanley has come up with a better idea: dropping its ''best ideas'' fund after four years of subpar returns.

    Morgan Stanley, which boasts that it has one of the world's finest teams of stock analysts, told shareholders of its Competitive Edge Best Ideas fund that it would be renamed and overhauled under new management by the end of this month. That decision came after a short-lived plan to merge the fund into a very different fund, Dividend Growth Securities.

    The performance of the Competitive Edge fund has been a poor advertisement for Morgan Stanley's stock selection: the fund lost 8.68 percent of its value last quarter, dropping its three-year annualized return to a loss of 11.83 percent. By comparison, its benchmark, the MSCI Europe, Australasia and Far East, or EAFE, index, had a three-year annualized loss of 6.78 percent.

    Though the idea of a fund that picks the brains of analysts at one of the biggest Wall Street firms might have once seemed seductive, it has generally been a dud.

    ''It really surprises me that the best ideas of analysts are always so incredibly run-of-the-mill, so unoriginal'' said Gabriel Presler, an analyst at Morningstar Inc. ''They sound great and they're a great marketing tool. But they just don't seem to be very different. I'm perplexed.''

    In February, UBS changed the way it picks stocks for the UBS Strategy fund, which was founded on the broad investment themes espoused by Edward M. Kerschner, the chief strategist for UBS. In little more than two years of operation, it had lost more than half of its value.

    Another big investment bank, the Goldman Sachs Group, is contemplating some changes in the way it runs the Goldman Sachs Research Select fund, which lost 18.1 percent last quarter and has now lost more than half its value in two years.

    One of the few ''best ideas'' funds with a decent track record is MFS Research. It has gained almost 11 percent annually over the last 10 years, but it, too, has suffered lately. It lost 14.9 percent last quarter, knocking its three-year annualized return down to a loss of 10.2 percent.

    At Morgan Stanley, shareholders apparently noticed the failure of the promise. The fund, once had about $2 billion in assets, but now has about $600 million, a Morgan Stanley spokesman said. Mark Bavoso, who has managed the fund since its inception in 1998, declined to comment.

    Morgan Stanley says the fund's short list of large growth stocks, including Wal-Mart Stores, Sony and BMW, prevented it from tracking its benchmark index. Holding shares of about 40 companies that were expected to grow fast was a strategy built for a global bull market, not the worldwide slump of the last two years, an official of the firm said.

    As of the end of June, the fund had underperformed its benchmark for the previous day, week, month, quarter, year and three years, according to Morningstar. For that service, Morgan Stanley has charged a 5.25 percent commission, and expenses have eaten up more than 1 percent of the firm's assets annually.

    ''This fund definitely needed a face lift,'' Ms. Presler at Morningstar said. Since 1999, she said, its performance has been lackluster.

    The revamped fund, to be called Morgan Stanley Global Advantage, will no longer hold 40 stocks chosen primarily from a list compiled by the firm's research department, a Morgan Stanley spokesman said.

    Instead, it is expected to own shares of more than 100 companies worldwide, improving the fund's chances of tracking its benchmark. It will be managed by members of Morgan Stanley's Global Core investing team in London.
    ...

    Mutual Funds Report - Best Ideas, Rethought - NYTimes.com

    Forse un aspetto negativo di quel fondo era la rotazione del portafoglio pari a circa il 50% annuale.
    Può darsi che certe selezioni di azioni fossero funzionali per fornire idee a clienti che volevano comprare e vendere nell' arco di un anno ma meno adatte per un fondo che può investire in azioni per il lungo termine.

    Un fondo di Best ideas


    Il fondo di MS con multipli più elevati dovrebbe essere Morgan Stanley Investment Funds US Growth Fund A Acc che in una classe esiste dal 1998 , in una dal 1997 e forse in un' altra ancora dal 1993 ( sulle schede morningstar é scritto che ha un gestore dal 1993 , performance col grafico interattivo si vedono dal 1997-1998).
    Per cui ha attraversato 2 mercati orso molto negativi senza che sia stato chiuso.

    Morgan Stanley Investment Funds US Growth Fund A ...|LU0073232471

    Morgan Stanley Investment Funds US Growth Fund A ...|LU0073232471
    Ultima modifica di averytrader; 01-01-16 alle 13:04

  10. #10

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    Può essere interessante rileggere adesso un articolo del 2001 su Mary Meeker, analista di Morgan Stanley fino al 2010 ( quando ha lasciato MS per diventare partner di una società di Venture Capital ).

    By Peter Elkind Reporter Associates Mary Danehy, Jessica Sung, Julie Schlosser
    May 14, 2001
    ...
    It was a sign of those strange times that a Wall Street analyst could excite such fascination. Then again, Morgan Stanley's Mary Meeker was no ordinary analyst. Anointed by Barron's as "Queen of the Net," lovingly profiled by The New Yorker, equated with Alan Greenspan and Warren Buffett as a market mover by the Wall Street Journal, Meeker was the unquestioned diva of the Internet Age. Tech companies begged her to cover them. Morgan Stanley paid her an eye-popping $15 million in 1999. Ordinary investors hounded her for autographs. During the dot-com craze, Mary Meeker was by far the most important voice for the Internet--and the notion that companies without earnings could transform the world and climb to the moon.
    ...

    Yet even now Meeker is not ready to concede that these stocks are disasters, even with Priceline at $4 (from $162), Yahoo at $19.50 (from $237), and Amazon at $15 (from $106). On the contrary, she insists that they still deserve their "outperform" rating. After the "nuclear winter," she says, we'll see "the spring bloom" for her favorite stocks. Sometime within the next two to three years, the "aggregate" valuation of the "leading names" that make up her recommended list will exceed even the heights they reached during the dot-com bubble. Says Meeker: "Our bet is that the winners that come out of this, the market value of the leaders, are going to make all the things that came before them look like chump change."
    ...

    Where Mary Meeker Went Wrong She may be the greatest dealmaker around. The problem is, she's supposed to be an analyst. - May 14, 2001


    https://en.wikipedia.org/wiki/Mary_Meeker


    Anche se sul breve termine sarebbero scese ancora , Mary Meeker aveva ragione sulle prospettive di lungo termine di Priceline ( ieri a $ 1274,95 ) e Amazon che ieri era a $ 675,89.
    È servito più tempo di quel che pensava , ma hanno stabilito nuovi massimi e hanno raggiunto quotazioni molto più elevate di quelle del 2000, con notevole espansione del giro d' affari.

    PCLN: Summary for The Priceline Group Inc. - Yahoo! Finance


    AMZN: Summary for Amazon.com, Inc.- Yahoo! Finance

    Yahoo! rispetto a certi prezzi del 2001 è salita ma è ampiamente sotto i massimi del 1999-2000 , anche perché è emerso un concorrente come Google, di cui peraltro nel 2004 Morgan Stanley , con M. Meeker come analista principale del settore internet , era stata lead manager del collocamento in borsa

    YHOO: Summary for Yahoo! Inc.- Yahoo! Finance
    Ultima modifica di averytrader; 01-01-16 alle 13:41

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