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| Fund Overview | The Fund makes allocations across currency pairs, primarily using currency forward contracts and potentially using other derivatives. The models used by the Manager consider interest rates, volatility, correlations and transaction costs to arrive at a portfolio allocation within the parameters of the specified risk and return targets of the Fund. Forward positions are rebalanced systematically based on quantitative model outputs. The models are designed to be sensitive to perceived increases in risk and aim to reduce exposures to those currencies where risks are perceived as increasing. The Manager also maintains a stop loss policy at the portfolio level. The intention of a stop loss policy is to limit the possibility of losses, however, Morgan Stanley does not guarantee that losses will be limited to a particular level. The FX Alpha Plus (Class A) Fund shares the same strategy and processes with the Morgan Stanley FX Alpha Fund. However the FX Alpha Plus Fund (class A) has a higher target volatility of approximately 10% achieved through the use of leverage. |
| Manager Comments | While investors continue to worry about euro zone problems the fund moved to significantly reduce its EUR short position while also reducing its long Russia position. Long positions were increased in Turkey, Indonesia and Philipinnes while a short position in Singapore was also increased. |
| More Information | » View detailed profile of this fund |
