MORGAN STANLEY INSTITUTIONAL FUND INC Form 485BPOS Filed

Total Page:16

File Type:pdf, Size:1020Kb

MORGAN STANLEY INSTITUTIONAL FUND INC Form 485BPOS Filed SECURITIES AND EXCHANGE COMMISSION FORM 485BPOS Post-effective amendments [Rule 485(b)] Filing Date: 2016-12-13 SEC Accession No. 0001104659-16-161877 (HTML Version on secdatabase.com) FILER MORGAN STANLEY INSTITUTIONAL FUND INC Mailing Address Business Address 522 FIFTH AVENUE 522 FIFTH AVENUE CIK:836487| IRS No.: 000000000 | State of Incorp.:MD | Fiscal Year End: 1231 NEW YORK NY 10036 NEW YORK NY 10036 Type: 485BPOS | Act: 33 | File No.: 033-23166 | Film No.: 162048833 800-548-7786 MORGAN STANLEY INSTITUTIONAL FUND INC Mailing Address Business Address 522 FIFTH AVENUE 522 FIFTH AVENUE CIK:836487| IRS No.: 000000000 | State of Incorp.:MD | Fiscal Year End: 1231 NEW YORK NY 10036 NEW YORK NY 10036 Type: 485BPOS | Act: 40 | File No.: 811-05624 | Film No.: 162048834 800-548-7786 Copyright © 2016 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document As filed with the Securities and Exchange Commission on December 13, 2016. 1933 Act File No. 033-23166 1940 Act File No. 811-05624 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D. C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x Pre-Effective Amendment No. o Post-Effective Amendment No. 157 x and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x Amendment No. 158 x Morgan Stanley Institutional Fund, Inc. (Exact Name of Registrant as Specified in Charter) 522 Fifth Avenue New York, New York 10036 (Address of Principal Executive Offices) Registrant's Telephone Number, Including Area Code: (800) 548-7786 Mary E. Mullin, Esq. Morgan Stanley Investment Management Inc. 522 Fifth Avenue New York, New York 10036 (Name and Address of Agent for Service) Copy To: Stuart M. Strauss, Esq. Carl Frischling, Esq. Dechert LLP Perkins Coie LLP 1095 Avenue of the 30 Rockefeller Plaza Americas Copyright © 2013 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document New York, New York New York, New York 10112 10036 It is proposed that this filing will become effective (check appropriate box) immediately upon filing pursuant to X paragraph (b) on (date) pursuant to paragraph (b) 60 days after filing pursuant to paragraph (a) (1) on (date) pursuant to paragraph (a) (1) 75 days after filing pursuant to paragraph (a) (2) On (date) pursuant to paragraph (a) (2) of rule 485. INVESTMENT MANAGEMENT Morgan Stanley Institutional Fund, Inc. Emerging Markets Breakout Nations Portfolio Prospectus December 13, 2016 Ticker Portfolio Symbol Emerging Markets Breakout Nations Copyright © 2013 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Class I EMIPX Class A EMAPX Class C EMCPX Class IS EMSPX The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. FSVPRO-00 Table of Contents Page Portfolio Summary 1 Details of the Portfolio 6 Additional Information about the Portfolio's Investment Strategies and Related Risks 9 Fund Management 15 Shareholder Information 16 Financial Highlights 26 Morgan Stanley Institutional Fund, Inc. Prospectus Portfolio Summary Emerging Markets Breakout Nations Portfolio Objective Annual Portfolio Operating Expenses (expenses that you pay each The Emerging Markets Breakout Nations Portfolio (the year as a percentage of the value of your investment) "Portfolio") seeks long-term capital appreciation. Class I Class A Class C Class IS Advisory Fee 0.90 % 0.90 % 0.90 % 0.90 % Fees and Expenses Distribution and/ The table below describes the fees and expenses that you may or Shareholder pay if you buy and hold shares of the Portfolio. For purchases of Service (12b-1) Class A shares, you may qualify for a sales charge discount if the Fee None 0.25 % 1.00 % None cumulative net asset value ("NAV") of Class A shares of the Portfolio being purchased in a single transaction, together with Other 3 the NAV of any Class A, Class C and Class L shares of the Expenses 1.46 % 1.53 % 1.53 % 1.38 % Portfolio of Morgan Stanley Institutional Fund, Inc. (the "Fund") Total Annual already held in Related Accounts as of the date of the transaction Portfolio as well as Class A, Class C and Class L shares of any other Operating Morgan Stanley Multi-Class Fund (as defined in the section of Expenses* 2.36 % 2.68 % 3.43 % 2.28 % this Prospectus entitled "Shareholder InformationExchange Fee Waiver and/ Privilege" and including shares of Morgan Stanley Money or Expense Reimbursement* 1.17 % 1.17 % 1.17 % 1.18 % Copyright © 2013 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Market Funds (as defined in the section of this Prospectus Total Annual 1 entitled "Shareholder InformationExchange Privilege") which Portfolio you acquired in an exchange from Class A shares of the Portfolio Operating or Class A shares of another Morgan Stanley Multi-Class Fund) Expenses After held in Related Accounts (as defined in the section of this Fee Waiver and/ Prospectus entitled "Shareholder InformationSales Charges or Expense Applicable to Purchases of Class A Shares") which you acquired Reimbursement* 1.19 % 1.51 % 2.26 % 1.10 % in an exchange from Class A shares of the Portfolio or Class A shares of another Morgan Stanley Multi-Class Fund already held Example in Related Accounts as of the date of the transaction, amounts to The example below is intended to help you compare the cost of $25,000 or more. More information about this combined investing in the Portfolio with the cost of investing in other purchase discount and other discounts is available from your mutual funds. authorized financial intermediary and on page 18 of this The example assumes that you invest $10,000 in the Portfolio, Prospectus in the section entitled "Shareholder your investment has a 5% return each year and that the InformationSales Charges Applicable to Purchases of Class A Portfolio's operating expenses remain the same (except that the Shares." example incorporates the fee waiver and/or expense Shareholder Fees (fees paid directly from your investment) reimbursement arrangement for only the first year). Although Class I Class A Class C Class IS your actual costs may be higher or lower, based on these assumptions your costs would be: Maximum sales If You SOLD Your Shares: charge 1 Year 3 Years (load) Class I $ 121 $ 624 imposed on Class A $ 671 $ 1,208 purchases Class C $ 329 $ 945 (as Class IS $ 112 $ 599 a percentage If You HELD Your Shares: of offering 1 Year 3 Years price) None 5.25 % None None Class I $ 121 $ 624 Maximum Class A $ 671 $ 1,208 deferred Class C $ 229 $ 945 sales Class IS $ 112 $ 599 charge 1 Investments that are not subject to any sales charges at the time of (load) purchase are subject to a contingent deferred sales charge ("CDSC") of (as a 1.00% that will be imposed if you sell your shares within 18 months after percentage the last day of the month of purchase, except for certain specific based on circumstances. See "Shareholder InformationHow to Redeem Portfolio the Shares" for further information about the CDSC waiver categories. lesser of the 2 offering The Class C CDSC is only applicable if you sell your shares within one price year after the last day of the month of purchase. See "Shareholder or NAV at InformationHow to Redeem Portfolio Shares" for a complete discussion redemption) None None1 1.00 %2 None of the CDSC. Redemption Emerging Markets Breakout Nations Fee Portfolio (Cont'd) (as a percentage 2.00 % 2.00 % 2.00 % 2.00 % Copyright © 2013 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document of the emerging markets, whose capital markets have traditionally been amount difficult for foreign investors to enter or are in early stages of redeemed capital market and/or economic development. The countries that on comprise frontier emerging markets may change from time to redemptions time. The Portfolio may invest in equity securities of companies made within operating in frontier emerging market countries that exist now 30 days of and/or in the future. Under normal circumstances, no more than purchase) 30% of the Portfolio's assets, determined at the time of investment, will be invested in equity securities of issuers located 3 Other expenses have been estimated for the current fiscal year. in frontier emerging market countries. * The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., The equity securities in which the Portfolio may primarily invest has agreed to reduce its advisory fee and/or reimburse the Portfolio so include common and preferred stocks, convertible securities and that Total Annual Portfolio Operating Expenses, excluding certain equity-linked securities, rights, warrants, depositary receipts, investment related expenses, taxes, interest and other extraordinary limited partnership interests and other specialty securities having expenses (including litigation), will not exceed 1.20% for Class I, 1.55% equity features. The Portfolio may invest in American Depositary for Class A, 2.30% for Class C and 1.10% for Class IS. The fee waivers Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and and/or expense reimbursement will continue for at least one year or until other types of depositary receipts with respect to companies such time as the Fund's Board of Directors acts to discontinue all or a operating in emerging market and frontier emerging market portion of such waivers and/or reimbursements when it deems such countries and securities of other open- and closed-end investment action is appropriate. companies, including exchange-traded funds ("ETFs"). The Portfolio Turnover Portfolio may hold or have exposure to equity securities of The Portfolio pays transaction costs, such as commissions, when companies in any industry or sector.
Recommended publications
  • THE NEW E-MAIL ID of UNION of INDIA IS “[email protected]
    09.09.2021 THE NEW E-MAIL ID OF UNION OF INDIA IS “[email protected]” AND TELEPHONE NUMBER IS 011- 23384193 FOR SERVICE OF MATTER/S FOR UNION OF INDIA IN THE DELHI HIGH COURT WITH EFFECT FROM 13th SEPTEMBER, 2021. THEREAFTER, NO SERVICE OF THE MATTER/S SHALL BE ENTERTAINED ON THE EXISTING MAIL ID I.E. “[email protected]” AND MOB. NO. 9999864964. DELHI HIGH COURT LEGAL SERVICES COMMITTEE NOTICE A LIST OF CANDIDATES SHORTLISTED FOR INTERVIEW FOR VARIOUS PANELS OF DELHI HIGH COURT LEGAL SERVICES COMMITTEE IS AVAILABLE ON THE WEBSITE OF DHCLSC(www.dhclsc.org) AS WELL AS ON THE NOTICE BOARD. THE INTERVIEW SCHEDULE WILL BE COMMUNICATED IN DUE COURSE. HIGH COURT OF DELHI AT NEW DELHI No.289/RG/DHC/2021 Dated: 23-04-2021 O FFICE ORD ER In continuation of this Court's Office Order No.4/RG/DHC/2021 dated 23.4.2021, it is further directed that in view of the prevailing circumstances, wherever so required, the concerned Counsel or party-in-person may,at the time of filing any petition, etc., submit an application seeking exemption from filing sworn/affirmed affidavit(s). Sd/- (MANOJ JAIN) REGISTRAR GENERAL As approved by Hon'ble Chairman, DHCLSC, National Lok Adalat is to be held on 11.09.2021(SECOND SATURDAY) at High Court of Delhi for pending cases under following category:- 1. Criminal Compoundable Offence 2. NI Act cases under Section 138; 3. Bank Recovery cases; 4. MACT cases; 5. Labour disputes cases; 6. Electricity and Water Bills[excluding non-compoundable] 7.
    [Show full text]
  • America's Decline – Israel's Trouble
    MARKETPLACE SHLOMO MAITAL America’s decline – Israel’s trouble YOU ECONOMISTS! You always see the Americans reach the age of collecting Social ture interest rates in response. This inverted tunnel at the end of the light! President Trump Security and Medicare, the federal govern- yield curve has signaled recessions in the past says the US economy is stronger than it has ment will be unable to fund much else.” but it also sounds false alarms at times. ever been. And the numbers back him up. It is not only the US federal government Summing it all up, The New York Times’s Numbers, shmumbers – America is sink- that is drowning in debt, with a budget deficit Binyamin Appelbaum notes, “Emerging ing. One consequence is that Israel is in trou- of $1 trillion. US companies, too, are sunk signs of weakness in major economic sectors, ble. Here is why. in debt they piled up during the decade-long including auto manufacturing, agriculture It is true that US unemployment was 3.7% zero-interest rate orgy. As a result, CNBC and home building, are prompting some fore- of the labor force in October, a 50-year low. predicts that a recession worse than that of casters to warn that one of the longest periods Third quarter GDP growth was 3.5%. The 2008 may be on the way. of economic growth in American history may economic expansion is in its tenth year. Con- According to a report by the Internation- be approaching the end of its run.” sumer confidence is strong. But there is a al Monetary Fund, summarized by CNN: General Motors recently announced it is dark side.
    [Show full text]
  • Build Back Better: Toward a Visual Strategic Plan for Successful Emergence from COVID-19 the Case of Israel
    Economy Economy Science & Technology Build Back Better: Environment & Energy Toward a Visual Strategic Long-term Plan for Successful Planning Emergence from COVID-19 Industry & Innovation e Case of Israel Physical Part II Infrastructure SWOT Analysis: Health A Global Benchmarking Study of Israel Human Capital Prof. Shlomo Maital Ella Barzani Higher Education Society Education Tel. 972-4-8292329 | Fax. 97-4-8231889 Technion City, Haifa 3200003, Israel September www.neaman.org.il 2020 Build Back Better: Toward a Visual Strategic Plan for Successful Emergence from COVID-19 The Case of Israel Part II SWOT Analysis: A Global Benchmarking Study of Israel Researchers: Prof. Shlomo Maital Ella Barzani Graphics: Adva Gilad-Yakir September 2020 Technion, Haifa 3200003 Tel. 04-8292329 Fax. 04-8231889 [email protected] No part of this publication may be reproduced without prior written permission from the Samuel Neaman Institute except for the purpose of quoting short passages in review articles and similar publications, with an explicit indication of the source. The opinions and conclusions expressed in this publication are in the opinion of the author(s) and do not necessarily reflect the opinion of the Samuel Neaman Institute . 3 Contents Abstract ......................................................................................... 4 Background: Successful States, Failed States .............................. 5 Introduction: 10 Rules of Successful Nations: A Framework for Israel’s Emergence Strategy ........................................................
    [Show full text]
  • The Ever-Emerging Markets: Why Economic Forecasts Fail Sharma, Ruchir
    Page 1 of 6 Back to previous page document 1 of 1 The Ever-Emerging Markets: Why Economic Forecasts Fail Sharma, Ruchir. Foreign Affairs 93.1 (Jan/Feb 2014): 52-56. Find a copy http://sfxhosted.exlibrisgroup.com/nps?url_ver=Z39.88- 2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&genre=unknown&sid=ProQ:ProQ% 3Aabiglobal&atitle=The+Ever-Emerging+Markets% 3A+Why+Economic+Forecasts+Fail&title=Foreign+Affairs&issn=00157120&date=2014-01- 01&volume=93&issue=1&spage=52&au=Sharma% 2C+Ruchir&isbn=&jtitle=Foreign+Affairs&btitle=&rft_id=info:eric/&rft_id=info:doi/ Abstract (summary) In the middle of the last decade, the average growth rate in emerging markets hit over 7% a year for the first time ever, and forecasters raced to hype the implications. Today, more than five years after the financial crisis of 2008, much of that euphoria and all those acronyms have come to seem woefully out of date. The average growth rate in the emerging world fell back to 4% in 2013. As the hype fades, forecasters are left reconsidering the mistakes they made at the peak of the boom. Their errors were legion. Prognosticators stopped looking at emerging markets as individual stories and started lumping them into faceless packs with catchy but mindless acronyms. Above all, they made the cardinal error of extrapolation. Forecasters assumed that recent trends would continue indefinitely and that hot economies would stay hot, ignoring the inherently cyclical nature of both political and economic development. Euphoria overcame sound judgment. Full Text In the middle of the last decade, the average growth rate in emerging markets hit over seven percent a year for the first time ever, and fore- casters raced to hype the implications.
    [Show full text]
  • CPEC Is a Sea Change and Work to Achieve Peace As If There’S No Terror YITZHAK RABIN It Transforms the Matrix of Opportunities and Threats in India’S Neighbourhood
    https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS THE TIMES OF INDIA, AHMEDABAD 14 AN EPIPHANY OF IDEAS THURSDAY, MAY 25, 2017 A thought for today We must fight terrorism as if there’s no peace process CPEC Is A Sea Change and work to achieve peace as if there’s no terror YITZHAK RABIN It transforms the matrix of opportunities and threats in India’s neighbourhood [email protected] Thus, while there will be a panoply of tax and duty concessions for Chinese Raising Costs President Donald enterprises – not available to Pakistani Trump’s “America first” businessmen, let alone investors from policies have led to other countries – the bulk of the aid will Assaults on Pakistan army posts must be America contemplating consist either of expensive loans or equity complemented by other anti-terror strategies (mostly) its own navel, transfers. Pakistan was made to refuse a while the domestic loan offer from the multilateral Asian fter the beheading of two Indian soldiers on May 1, India has politics of Great Britain – that former Development Bank for its $8 billion sought to “proactively dominate” the LoC with “punitive fire empire builder – seems to be about how to Peshawar-Karachi railway line, whose assaults” against Pakistan army posts. Such assaults them- make itself irrelevant in the world. Into funds must be drawn from a Chinese A that breach has stepped President Xi bank instead. Thousands of acres of land selves have precedence, but what is novel is the Indian army publicising Jinping with visions of making China are to be leased to Chinese entities.
    [Show full text]
  • Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund (MS INVF)
    Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund (MS INVF) February 2011 Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. In addition, investing in emerging markets may involve a relative higher degree of volatility. For Institutional Investor Use Only And May Not Be Used With The General Public Page 1 Section 1 Introduction and Product Summary Page 2 Morgan Stanley Investment Management MSIM Coverage Spans 48 Offices in 21 Countries Over $265 billion 1 in assets under management Amsterdam Luxembourg Over $221 billion in Frankfurt Institutional Assets Greenwich Stockholm New York MSIM has 740 investment Montreal professionals globally West Conshohocken Paris • Portfolio managers – 136 Chicago London Munich Oakbrook Terrace • Research analysts – 136 Zurich Milan • Traders – 50 Beijing Seoul San Francisco Athens Tokyo Jersey City Shanghai • Portfolio specialists – 49 Menlo Park Atlanta Dubai New Delhi Los Angeles Hong Kong Merchant Banking Mumbai Chennai • Real Estate – 249 Singapore • Private Equity – 76 Mexico City Madrid Austin • Infrastructure – 40 Tampa Miami MSIM investment professionals Sydney throughout the world Melbourne • U.S. – 354 • Europe / UK – 177 • Asia – 209 MSIM Office MSIM Client Coverage 1. Assets under management as of September 30, 2010, presented in U.S.$. Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley. Assets are managed by teams representing different MSIM legal entities with offices in New York, Philadelphia, Houston, Chicago, London, Tokyo, Amsterdam, Singapore and Mumbai. Figure represents MSIM’s total assets under management/supervision.
    [Show full text]
  • Redefining Emerging Markets May 11Th 2016 • the Metropolitan Club • New York
    Supported by Growth Crossings: Redefining emerging markets May 11th 2016 • The Metropolitan Club • New York Emerging markets (EMs) have fallen out of fashion. The International Monetary Fund predicts that 2016 will be the sixth successive year of underwhelming emerging-market growth, clocking in at just over 4%. Two of the famed “BRIC” economies, Russia and Brazil, are mired in recession. China’s growth is stuttering, and most analysts fear the country’s economy is weaker than official figures suggest. Rising interest rates in the United States, and a stronger dollar, will only increase stress on EMs. Knowing this, even patient investors are panicking, and selling emerging- market assets in droves. Is the fear justified? Are emerging markets finished? Or could their prospects be sunnier than the prevailing mood? Growth Crossings: Redefining emerging markets will gather senior finance leaders, investors and experts to examine the fundamental changes sweeping across emerging markets. We will ask, amid the gloom, where are the bright spots? 8.00am Breakfast and registration 8.30am Opening remarks and series overview 9.00am The one that matters: China’s path to stability China’s slowdown is rippling across developed and developing markets. Its demand for commodities over the last two decades has fuelled growth across Asia, Africa and the Americas. Now, as the country undergoes a structural transition, all its major trade partners are feeling the pinch. Few trust the Chinese central bank’s 6.8% growth prediction for 2016; the reality should be closer to 5%. Despite Beijing’s best efforts, capital is flowing out of the country in waves.
    [Show full text]
  • The BRICS Fallacy
    Harsh V. Pant The BRICS Fallacy The term BRICSÑ/referring to the association of emerging economies of Brazil, Russia, India, China, and South AfricaÑ/dominated the headlines in March 2013 as Durban hosted the annual group summit. South African President Jacob Zuma suggested that the nascent organization’s leadership has ‘‘firmly established BRICS as a credible and constructive grouping in our quest to forge a new paradigm of global relations and cooperation.’’1 The meeting resulted in a much-/hyped proposal to create a joint BRICS development bank that would finance investments in developing nations. Notwithstanding the pomp and ceremony in South Africa, the BRICS grouping has begun to lose much of its sheen. Reports have even emerged detailing its impending demise. For example, the U.S. Conference Board released a global economic outlook in November 2012 that called into question the BRICS miracle, arguing that the ‘‘low hanging fruit’’ from cheap labor and imported technology has already been picked.2 The report said that China’s double-/digit expansion rates will soon be ‘‘romantic memory’’ as growth will fall dramatically over the next few years, with investment returns going into ‘‘rapid decline’’ and an aging crisis hitting the country hard. India will also see a fall in its growth rate by 2018, from 5.5 percent to around 4.7 percent. The report underlined that ‘‘as China, India, Brazil and others mature from rapid, investment-/intensive ‘catch-/up’ growth, the structural ‘speed limits’ of their economies are likely to decline.’’3 Prominent economic analysts such as Ruchir Sharma have also suggested that growth rates in Brazil, Russia, India, and China Harsh V.
    [Show full text]
  • Ruchir Sharma, Breakout Nations (2013)
    Markets, Globalization & Development Review Volume 2 Number 3 The Globalization Hiccup Article 6 2017 Ruchir Sharma, Breakout Nations (2013) Victoria L. Rodner University of Stirling Follow this and additional works at: https://digitalcommons.uri.edu/mgdr Part of the Anthropology Commons, Economics Commons, International Business Commons, Marketing Commons, Other Business Commons, and the Sociology Commons Recommended Citation Rodner, Victoria L. (2017) "Ruchir Sharma, Breakout Nations (2013)," Markets, Globalization & Development Review: Vol. 2: No. 3, Article 6. DOI: 10.23860/MGDR-2017-02-03-06 Available at: https://digitalcommons.uri.edu/mgdr/vol2/iss3/6https://digitalcommons.uri.edu/mgdr/vol2/ iss3/6 This Book Review is brought to you for free and open access by DigitalCommons@URI. It has been accepted for inclusion in Markets, Globalization & Development Review by an authorized editor of DigitalCommons@URI. For more information, please contact [email protected]. Ruchir Sharma, Breakout Nations (2013) This book review is available in Markets, Globalization & Development Review: https://digitalcommons.uri.edu/mgdr/ vol2/iss3/6 Rodner: Book Review - Breakout Nations Book Review Ruchir Sharma, Breakout Nations (2013) Breakout Nations is an international bestseller. It has been heralded by the Wall Street Journal (and other similar outlets) as the ‘best choice’ out there on our ‘ongoing developing world’. The full title of this 2013 book is Breakout Nations – In Pursuit of the Next Economic Miracles, and it is published by W.W. Norton & Company, in New York. It goes without saying that Sharma is a truly global individual and it is evident that he hobnobs with the elite: peppered throughout the book are snippets of conversations Sharma has had with senior government officials, multinational bank managers, ultra-rich and ultra- influential businesspeople, and several presidents and/or prime ministers from across the globe.
    [Show full text]
  • Why Markets Are Partying Through the Pandemic
    Tales from the Emerging World Why Markets Are Partying Through the Pandemic ACTIVE FUNDAMENTAL EQUITY | GLOBAL EMERGING MARKETS TEAM | MACRO INSIGHT | 2020 One of the questions we get most frequently now AUTHOR is about why stock markets are rallying amid the worst economic crisis since the Great Depression. RUCHIR SHARMA The answer, we think, is threefold: the shocking scale and Head of Emerging Markets and Chief Global Strategist speed of the global economic contraction has been matched by the shocking scale and speed of the largest stimulus rescue operations in history. Markets are counting on governments to save the day, and are now confident that with central banks holding rates near zero and buying up bonds at a record clip, even the most heavily indebted Zombie companies will survive this passing disaster. The “passing” factor is key. Markets seem to see this crisis as akin to a hurricane or flood, a natural disaster that can’t linger for long, and will certainly be gone before the year is out. They now seize on every piece of positive pandemic news — ​and there has been plenty of late, with curves flattening in many major countries — ​as new reason to buy the dips. The panic that seized markets back in March already feels like a memory. As the coronavirus started to break out of China, economists began to rip up what had been rosy forecasts for 2020, and replace them with predictions of double digit GDP declines in the first half of the year. The scale of the revisions was unprecedented, and the market’s waterfall decline in March was the steepest in recent history.
    [Show full text]
  • The Emerging Military Balance in East Asia the Emerging Military Michael Beckley Balance in East Asia How China’S Neighbors Can Check Chinese Naval Expansion
    The Emerging Military Balance in East Asia The Emerging Military Michael Beckley Balance in East Asia How China’s Neighbors Can Check Chinese Naval Expansion For 70 years, the U.S. military has dominated the seas and skies of East Asia, enjoying almost total freedom of movement and the ability to deny such freedom to enemies. Now, however, China may be able to destroy U.S. ships, aircraft, and bases within 500 miles of China’s territory and disrupt the satellite and computer networks that underpin U.S. military power throughout East Asia.1 Many American analysts fear that China could use these antiaccess/area-denial (A2/AD) capabilities to hold the U.S. military at bay while enforcing its expansive terri- torial claims, which include most of the East and South China Seas.2 Left un- checked, some analysts fear, China will eventually become the hegemon of East Asia and start projecting military power into other regions, including the Western Hemisphere.3 The debate about how the U.S. military should respond to China’s A2/AD Michael Beckley is a fellow in the International Security Program at the Belfer Center for Science and Inter- national Affairs at the John F. Kennedy School of Government at Harvard University and Assistant Profes- sor of Political Science at Tufts University. Parts of this article draw on chapter 4 of his book, The Unipolar Era, forthcoming from Cornell University Press. The author thanks Stephen Brooks, Avery Goldstein, Eric Hundman, Jennifer Lind, Jonathan Markowitz, Daryl Press, Benjamin Valentino, Stephen Walt, William Wohlforth, and the anony- mous reviewers for excellent feedback on earlier drafts.
    [Show full text]
  • Morgan Stanley Variable Insurance Fund, Inc
    Toppan Merrill - MS Variable Insurance Funds Pros and SAI Supplement N-1A 333-03013 08-03-2020 ED | mmcgee | 04-Aug-20 09:21 | 20-26461-4.ca | Sequence: 1 CHKSUM Content: 38745 Layout: 27157 Graphics: 0 CLEAN Statement of Additional Information Supplement August 4, 2020 Morgan Stanley Variable Insurance Fund, Inc. Supplement dated Jason C. Yeung, a member of the Counterpoint Global team and portfolio manager of the Funds, ended a August 4, 2020 to the temporary leave of absence, during which he participated on a Government established COVID-19 task force Morgan Stanley related to testing, and returned full-time to the Adviser. Accordingly, the supplement filed on June 19, 2020 is Variable Insurance withdrawn. Fund, Inc. Statement of Additional Information dated April 30, 2020 Discovery Portfolio (Class I) Discovery Portfolio (Class II) Growth Portfolio (Class I) Growth Portfolio (Class II) (together, the “Funds”) Please retain this supplement for future reference. JOB: 20-26461-4 CYCLE#;BL#: 3; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: Black, ~note-color 2 GRAPHICS: none V1.5 Toppan Merrill - MS Variable Insurance Funds 497 Pros and SAI Supplement N-1A 333-03013 06-30-2020 ED | akiesli | 19-Jun-20 11:51 | 20-22432-20.bc | Sequence: 1 CHKSUM Content: 11946 Layout: 42315 Graphics: 0 CLEAN Statement of Additional Information Supplement June 19, 2020 Morgan Stanley Variable Insurance Fund, Inc. Supplement dated Jason C. Yeung, a member of the Counterpoint Global team and portfolio manager of the Funds, is currently June 19, 2020 to the on a temporary leave of absence from the Adviser to participate on a Government established COVID-19 task Morgan Stanley force related to testing.
    [Show full text]