PIA Morgan Stanley European Property EUR Ser B
Performance
Discrete performance - to last month end
| 30/11/19 to 30/11/20 |
30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
|
|---|---|---|---|---|---|
| Fund | -21.0% | 16.4% | -28.2% | 4.3% | 8.4% |
| Sector | -14.6% | 23.4% | -16.4% | -6.4% | 17.0% |
| Rank | 35/38 | 35/41 | 39/41 | 2/41 | 34/40 |
| Quartile | 4 | 4 | 4 | 1 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | -6.7% | -5.7% | -0.2% | |
| Sector | -2.9% | -0.7% | 2.1% | |
| Rank | 34/39 | 35/36 | 29/32 | |
| Quartile | 4 | 4 | 4 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| VONOVIA SE | 9.54 |
| Segro Segro Ord GBP0.1 | 7.60 |
| LEG IMMOBILIEN SE | 6.14 |
| MERLIN PROPERTIES SOCIMI S.A. | 5.22 |
| UNIBAIL-RODAMCO-WESTFIELD SE | 5.07 |
| CASTELLUM AKTIEBOLAG | 4.52 |
| BRITISH LAND COMPANY PUBLIC LIMITED COMPANY(THE) | 4.48 |
| FASTIGHETS AB BALDER | 4.21 |
| UNITE GROUP PLC(THE) | 4.06 |
| Tritax Big Box REIT Plc Tritax Big Box REIT Ord GBP0.01 | 3.86 |
| Total | 54.71 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the Morgan Stanley European Property Fund (Euro) - the underlying fund.
Underlying Fund Objective: The fund seeks to provide long term capital appreciation, measured in euro, by investing primarily in equity securities of companies in the European real estate industry located throughout Europe. Companies in the real estate industry or closely related to the real estate industry may include companies principally engaged in the development and/or ownership of income-producing property; companies that operate, construct, finance or sell real estate; companies with substantial real estate related holdings and/or services or products related to the real estate industry, including, but not limited to, real estate management, brokers, building products and property technology; and collective investment vehicles with exposure to property, such as publicly quoted property unit trusts, all types of eligible closed-end Real Estate Investment Trusts (REITS) and undertakings for collective investment.
The Investment Adviser actively integrates sustainability into the investment process by assessing key ESG risks and opportunities in its bottom-up stock selection process. The fund is denominated in euro.
Fund Manager
Michiel joined Morgan Stanley in 1997 as a Research Analyst and has 16 years of investment experience. He is a Managing Director and a Portfolio Manager for the group’s European real estate securities investment business. Prior to joining the Firm, he worked for the Limburg Institute of Financial Economics and Global Property Research as a research analyst. Michiel received a Masters from the Maastricht University in 1997 in Economics.
Sven joined Morgan Stanley in 1997 and has 16 years of investment experience. He is a Portfolio Manager for our European Real Estate portfolio. Prior to joining the Firm, he was a research analyst for the Limburg Institute of Financial Economics. Sven received a masters in Econometrics from the Maastricht University in 1999.
Ted joined Morgan Stanley in 1995 and has 24 years of investment experience. He is a Managing Director at Morgan Stanley Investment Management and is the Head of Global Real Estate Securities Investing. Ted is the portfolio manager for the U.S. and global real estate securities portfolios and oversees the global team, which has investment teams in New York, Amsterdam and Singapore. Ted is also the lead portfolio manager for the Global Infrastructure Securities team. Prior to joining the Firm in 1995, he was a Director at CS First Boston, where he worked for eight years in the real estate investment banking group. He established and managed the REIT effort at CS First Boston, and had primary responsibility for $2.5 billion of REIT initial public offerings. Ted received a B.A. from Brandeis University in Economics and an M.B.A. from Harvard Business School. He is a member of the Investor Advisory Council of the National Association of Real Estate Investment Trusts.
Fund Overview
| Bid (23/12/2024) | 1.10 |
| Offer (23/12/2024) | 1.16 |
| Fund size (31/10/2024) | €0.30m |
| Underlying Fund size | £26.39m |
| Number of holdings | 29 |
| Launch date | 28/10/2005 |
Fund Charges
| Annual Management Charge (AMC) | 1.70% |
| Further Costs | 0.19% |
| Yearly Total | 1.89% |
Asset Allocation
| Property | 45.90% | |
| International Equities | 43.93% | |
| UK Equities | 9.41% | |
| Cash and Equivalents | 0.76% | |
| Other Assets | 0.01% |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in the fund's currency of denomination with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| Property | 45.90% | |
| International Equities | 43.93% | |
| UK Equities | 9.41% | |
| Cash and Equivalents | 0.76% | |
| Other Assets | 0.01% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Real Estate | 97.91% | - | - | - | |
| Real Estate | - | 97.91% | - | - | |
| Real Estate Investment Trusts | - | - | 60.88% | - | |
| Diversified REITs | - | - | - | 14.97% | |
| Retail REITs | - | - | - | 14.00% | |
| Industrial REITs | - | - | - | 11.15% | |
| Office REITs | - | - | - | 9.18% | |
| Residential REITs | - | - | - | 4.06% | |
| Other Specialty REITs | - | - | - | 3.86% | |
| Storage REITs | - | - | - | 1.94% | |
| Health Care REITs | - | - | - | 1.71% | |
| Real Estate Investment & Services | - | - | 37.03% | - | |
| Real Estate Holding and Development | - | - | - | 37.03% | |
| Telecommunications | 1.33% | - | - | - | |
| Telecommunications | - | 1.33% | - | - | |
| Telecommunications Service Providers | - | - | 1.33% | - | |
| Telecommunications Services | - | - | - | 1.33% | |
| Cash and Equivalents | 0.76% | - | - | - | |
| Non-Classified | 0.01% | - | - | - | |
| Non-Classified | - | 0.01% | - | - | |
| Non-Classified | - | - | 0.01% | - | |
| Non-Classified | - | - | - | 0.01% | |
Regional Allocation
| Property | 45.90% | |
| Developed Europe - Excl UK | 43.93% | |
| UK | 9.41% | |
| Cash and Equivalents | 0.76% | |
| Non-Classified | 0.01% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Property | 45.90% | - | |
| Developed Europe - Excl UK | 43.93% | - | |
Germany
|
- | 15.68% | |
Sweden
|
- | 14.04% | |
Switzerland
|
- | 4.20% | |
France
|
- | 3.63% | |
Netherlands
|
- | 3.11% | |
Belgium
|
- | 1.94% | |
Spain
|
- | 1.33% | |
| UK | 9.41% | - | |
United Kingdom
|
- | 9.41% | |
| Cash and Equivalents | 0.76% | - | |
| Non-Classified | 0.01% | - | |
Breakdown By Market Cap (%)
| Mega |
|
1.33% |
| Large |
|
36.38% |
| Medium |
|
49.24% |
| Small |
|
8.08% |
| Non-Classified |
|
4.22% |
| Cash |
|
0.76% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | VONOVIA SE | 9.54% | Real Estate Investment & Services | Germany |
| 2 | Segro Segro Ord GBP0.1 | 7.60% | Real Estate Investment Trusts | Direct Property and REITs |
| 3 | LEG IMMOBILIEN SE | 6.14% | Real Estate Investment & Services | Germany |
| 4 | MERLIN PROPERTIES SOCIMI S.A. | 5.22% | Real Estate Investment Trusts | Direct Property and REITs |
| 5 | UNIBAIL-RODAMCO-WESTFIELD SE | 5.07% | Real Estate Investment Trusts | Direct Property and REITs |
| 6 | CASTELLUM AKTIEBOLAG | 4.52% | Real Estate Investment & Services | Sweden |
| 7 | BRITISH LAND COMPANY PUBLIC LIMITED COMPANY(THE) | 4.48% | Real Estate Investment Trusts | Direct Property and REITs |
| 8 | FASTIGHETS AB BALDER | 4.21% | Real Estate Investment & Services | Sweden |
| 9 | UNITE GROUP PLC(THE) | 4.06% | Real Estate Investment Trusts | Direct Property and REITs |
| 10 | Tritax Big Box REIT Plc Tritax Big Box REIT Ord GBP0.01 | 3.86% | Real Estate Investment Trusts | United Kingdom |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Telecommunications | - | 1.33% | - | - | - | - | - | - | 1.33% |
| Real Estate | 9.41% | 42.60% | - | - | - | 45.90% | - | - | 97.91% |
| Cash and Equivalents | - | - | - | - | - | - | - | 0.76% | 0.76% |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B0MSSL8 |
| Mex Code | SBMSEP |
| Isin Code | IE00B0MSSL88 |
| Citi Code | TI42 |
Fund Charges
| Annual Management Charge (AMC) | 1.70% |
| Further Costs | 0.19% |
| Yearly Total | 1.89% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the Morgan Stanley European Property Fund (Euro) - the underlying fund. Underlying Fund Objective: The fund seeks to provide long term capital appreciation, measured in euro, by investing primarily in equity securities of companies in the European real estate industry located throughout Europe. Companies in the real estate industry or closely related to the real estate industry may include companies principally engaged in the development and/or ownership of income-producing property; companies that operate, construct, finance or sell real estate; companies with substantial real estate related holdings and/or services or products related to the real estate industry, including, but not limited to, real estate management, brokers, building products and property technology; and collective investment vehicles with exposure to property, such as publicly quoted property unit trusts, all types of eligible closed-end Real Estate Investment Trusts (REITS) and undertakings for collective investment. The Investment Adviser actively integrates sustainability into the investment process by assessing key ESG risks and opportunities in its bottom-up stock selection process. The fund is denominated in euro. |
| Benchmark | FTSE EPRA Nareit Developed Europe Net Index |
| ABI Sector | Property Other |
Ratings
| FE Crown |  |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Charges and further costs may vary in the future and may be higher than they are now.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in the fund's currency of denomination with gross income reinvested. The value of your investment can go down as well as up so you might get back less than you put in.
This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
The registered office of Prudential International is in Ireland at Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Prudential International Assurance plc is authorised and regulated by the Central Bank of Ireland and in the context of its UK regulated activities only, is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Prudential International is part of the same corporate group as The Prudential Assurance Company Limited. Both The Prudential Assurance Company Limited and Prudential International are direct and indirect subsidiaries respectively of M&G plc, a company incorporated in the United Kingdom. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.