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Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Inflation-Linked Fixed Income Fund

TILUX | Fund

$8.18

$145 M

1.09%

$0.09

2.35%

Vitals

YTD Return

2.7%

1 yr return

6.0%

3 Yr Avg Return

-2.4%

5 Yr Avg Return

1.8%

Net Assets

$145 M

Holdings in Top 10

48.3%

52 WEEK LOW AND HIGH

$8.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.35%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 104.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Inflation-Linked Fixed Income Fund

TILUX | Fund

$8.18

$145 M

1.09%

$0.09

2.35%

TILUX - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return -2.4%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.08%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Inflation-Linked Fixed Income Fund
  • Fund Family Name
    MORGAN STANLEY PATHWAY FUNDS
  • Inception Date
    Mar 08, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Rodosky

Fund Description

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. The Fund seeks to allocate assets among investments to achieve the highest level of real return (total return less the rate of inflation). The Fund will shift its investments among the following general asset classes: inflation-indexed securities issued by governments, corporations, and municipal issuers; investment grade fixed income securities and high-yield fixed income securities (i.e., junk bonds) issued by governments, corporations, and municipal issuers; and short-term non-dollar denominated debt securities. The Fund may also, to a lesser extent, invest in equity securities with high correlation to broad measures of inflation.
Inflation-indexed securities are fixed income securities that are structured to provide protection against inflation. The value of the security’s principal or the interest income paid on the security will be adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as their inflation measure. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government.
The Fund invests primarily in investment grade debt securities; however, the Fund may invest up to 20% of its total assets in below investment grade debt securities (i.e., junk bonds), as rated by Moody’s, S&P or Fitch or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality to such a rating. The Fund may also invest up to 30% of its total assets in foreign currency denominated securities, including emerging market securities. For purposes of pursuing its investment goal, the Fund may enter into currency-related transactions involving certain derivative instruments, including currency and cross currency forward contracts. The use of derivative currency transactions may allow the Fund to reduce a specific risk exposure of a portfolio security or its denominated currency or to obtain net long exposure to selected currencies. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets.
The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, or swap
agreements, or in mortgage- or asset- backed securities, subject to applicable law and any other restrictions described in this Prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred stocks.
The Fund’s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.
Read More

TILUX - Performance

Return Ranking - Trailing

Period TILUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -10.2% 9.2% 62.56%
1 Yr 6.0% -8.9% 13.3% 56.65%
3 Yr -2.4%* -17.4% 4.5% 59.09%
5 Yr 1.8%* -7.2% 5.1% 64.92%
10 Yr N/A* -2.3% 3.4% N/A

* Annualized

Return Ranking - Calendar

Period TILUX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -8.7% 5.1% 15.92%
2022 -24.2% -52.3% -4.0% 95.96%
2021 -3.6% -7.9% 7.7% 94.85%
2020 10.2% -29.4% 23.0% 12.57%
2019 5.7% 0.8% 16.7% 48.95%

Total Return Ranking - Trailing

Period TILUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -10.2% 9.2% 62.56%
1 Yr 6.0% -8.9% 13.3% 56.65%
3 Yr -2.4%* -17.4% 4.5% 59.09%
5 Yr 1.8%* -7.2% 5.1% 64.92%
10 Yr N/A* -2.3% 3.4% N/A

* Annualized

Total Return Ranking - Calendar

Period TILUX Return Category Return Low Category Return High Rank in Category (%)
2023 7.9% -5.2% 9.5% 1.00%
2022 -11.1% -40.1% 9.2% 44.95%
2021 4.9% -2.7% 37.6% 73.20%
2020 13.7% -0.5% 27.5% 14.14%
2019 8.9% 2.8% 19.3% 10.53%

NAV & Total Return History

TILUX - Holdings

Concentration Analysis

TILUX Category Low Category High TILUX % Rank
Net Assets 145 M 963 K 51.8 B 88.18%
Number of Holdings 254 2 1463 28.57%
Net Assets in Top 10 71.1 M 891 K 24.2 B 82.76%
Weighting of Top 10 48.29% 9.4% 100.0% 47.03%

Top 10 Holdings

  1. UNITED STATES TREASURY INFLATION INDEXED BONDS 1.12500000 6.88%
  2. FUTURE CONTRACT ON US 10YR ULTRA FUT DEC24 0.00000000 6.22%
  3. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.62500000 5.76%
  4. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.50000000 5.45%
  5. UNITED STATES TREASURY INFLATION INDEXED BONDS 1.37500000 4.57%
  6. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.12500000 4.46%
  7. UNITED STATES TREASURY INFLATION INDEXED BONDS 1.62500000 4.31%
  8. UNITED STATES TREASURY INFLATION INDEXED BONDS 2.37500000 4.01%
  9. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.37500000 3.34%
  10. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.12500000 3.28%

Asset Allocation

Weighting Return Low Return High TILUX % Rank
Bonds 		142.81% 0.00% 198.42% 1.97%
Cash 		15.77% -42.00% 15.77% 0.49%
Convertible Bonds 		0.42% 0.00% 3.96% 16.75%
Stocks 		0.00% 0.00% 100.03% 22.17%
Preferred Stocks 		0.00% 0.00% 0.78% 20.20%
Other 		-58.58% -58.58% 68.12% 100.00%

Bond Sector Breakdown

Weighting Return Low Return High TILUX % Rank
Government 		75.10% 6.70% 112.97% 80.79%
Securitized 		7.13% 0.00% 58.03% 19.70%
Cash & Equivalents 		0.64% 0.00% 11.92% 42.86%
Corporate 		0.20% 0.00% 50.64% 65.52%
Municipal 		0.00% 0.00% 1.28% 32.51%
Derivative 		-26.67% -26.67% 16.13% 100.00%

Bond Geographic Breakdown

Weighting Return Low Return High TILUX % Rank
US 		135.68% 0.00% 174.44% 1.97%
Non US 		7.13% 0.00% 42.19% 11.33%

TILUX - Expenses

Operational Fees

TILUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.35% 0.03% 22.29% 1.99%
Management Fee 0.50% 0.00% 0.99% 87.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.40% 3.95%

Sales Fees

TILUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

TILUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TILUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 104.00% 0.00% 246.00% 85.57%

TILUX - Distributions

Dividend Yield Analysis

TILUX Category Low Category High TILUX % Rank
Dividend Yield 1.09% 0.00% 14.25% 79.31%

Dividend Distribution Analysis

TILUX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Quarterly

Net Income Ratio Analysis

TILUX Category Low Category High TILUX % Rank
Net Income Ratio 5.08% -0.06% 6.71% 19.50%

Capital Gain Distribution Analysis

TILUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

TILUX - Fund Manager Analysis

Managers

Stephen Rodosky

Start Date

Tenure

Tenure Rank

May 20, 2019

3.03

3.0%

Mr. Rodosky is a managing director in the Newport Beach office and a portfolio manager for real return and U.S. long duration strategies. He leads the rates liquid products team and also serves as head of talent management for portfolio management in the U.S. Prior to joining PIMCO in 2001, Mr. Rodosky was vice president of institutional sales with Merrill Lynch. He has 25 years of investment experience and holds a master's degree in financial markets from Illinois Institute of Technology. He received an undergraduate degree from Villanova University.

Daniel He

Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Mr. He is a Senior Vice President and portfolio manager. Mr. He is a member of the liquid products group specializing in real return and mortgage-backed securities. Prior to joining PIMCO in 2011, he structured and traded derivative strategies for a global macro hedge fund. He previously developed trading strategies at a hedge fund that focused on foreign exchange volatility. Mr. He has investment experience since 2005 and holds an MBA from the University of Chicago Booth School of Business. He also holds a master’s degree in financial engineering and an undergraduate degree in computer science from the National University of Singapore.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 20.51 6.55 11.1

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