Why Invest in High Quality Equities

MARKETING COMMUNICATIONINVESTMENT IDEA | 1H 2024

Equity-Style Upside and Bond-Style Downside Participation

Avoiding the permanent destruction of capital can be just as important for investors as the chance to earn outsizedinvestment returns. The classic risk-return trade-off typically means that equities are for return, and bonds forstability1 — ​yet inflation may erode a portfolio’s real value, giving pause for thought when looking at asset allocation.

What are high quality
equities and why do they
offer resilience?

We believe long-term investors can benefit from looking beyond broad-based equity and bond indices. That’s because actively managed highquality equities2 have stood the test of time, offering equity-style upside alongside bond-style downside participation … even after inflation.



The Case for High Quality
1

SUPERIOR EARNINGS RESILIENCEHigh quality equities’ recurring revenue and pricing power can protect earnings during times of demand destruction
Earnings per share (NTM, Indexed to 2001)

500
400

-19% peak to troughGlobal Franchise/Brands

300
200

0
Apr-01

Dec-06

Oct-09Aug-12Global Franchise/Brands

Historically, high quality equities
have demonstrated resilient
earnings in market downturns.

-22%-44% peak to trough
MSCI World Index
Feb-04Characterised by powerfulintangible assets—notably brands
and networks—strong balance
sheets and high gross margins,
their pricing power and recurring
revenues mean they should retain
their customers and margins
through the market cycle.

-10%
-12%

100



-8%

Well-managed companies withsustainably high, long-term returns
on operating capital employed,
low volatility of unlevered
operating profit and long-term
growth potential.

MSCI World has outperformed ICE BofA Global
Government Bond Index 61% of periods (vs 39%
for bonds) but lost money nearly twice as often(20% for equities vs 12% for bonds) — ​5-year
nominal quarterly rolling gross return, unhedged
USD from January 1997 to December 2023.
Source: FactSet, MSCI and ICE BofA.
2
Throughout, we use Global Franchise/Brands asa representative for a high quality equity portfolio.
1

Jun-15

Apr-18Feb-21

Dec-23MSCI World Index

Source: FactSet. Data as of December 31, 2023 for the Global Franchise Representative account. Forecasts/estimates are based on current market conditions, subject
to change, and may not necessarily come to pass. MSCI World Net Index shown for comparative purposes only. Inception date of the Global Franchise Representative
Account is October 29, 2000. Start date used shows the earliest data available. NTM = next twelve months.

23

LONG-TERM CAPITAL APPRECIATIONPRESERVATION OF VALUE IN REAL TERMS

Superior earnings resilience has helped high quality equities to compound at a higher rate thanboth global government bonds and broad global equities over the past quarter century.

When looking at rolling five year returns over the past 25 years, the capital preservation
advantage of global bonds disappears after inflation — ​in contrast to high quality equities.

Long-term, Powerful Compounding Relative to MSCI World and Global
Government Bond Indices

In Real Terms, High Quality Equities Have Preserved Value Over Most 5-Year
Periods — Unlike Bonds

Growth of $100 in Nominal Terms

Global Government Bond Index vs. Global Brands — Real Returns

20

2500

1500
1000

6.2x

500
2.2x

’96

’99

’02

’05

Global Franchise/Brands

’08

’11

MSCI World

’14

’17

’20

’23

Global Government Bond Index

Global Franchise Composite 5Y
Rolling Real Net Return (%)

20.3x

2000

0

Growth of $100 in Real Terms

s
and

ou

tpe

tp
/ Br
ou
is e
ds
nch
on
a
B
r
F
v.
Go
bal
bal
Glo
o
l
G

10

r

m
for

or
er f

ed

me

85

d1

5

f
%o

f
%o

pe
pe

r io

r io

ds

ds

0

In real terms, Global Brands
only lost money once over 5 years3

10
-10

2500

0

10

20

Global Government Bond Index 5Y Rolling Real Gross Return (%)

2000
1500
10.4x

1000
500
0

In real terms, Bonds
lost money 28
times over 5 years 4

’96

’99

’02

’05

Global Franchise/Brands

’08

’11

MSCI World

’14

’17

’20

’23

INFLATION ADJUSTED
1997 - 2023 (USD)

ICE BofA

MSCI WORLDGLOBALFRANCHISE/BRANDS

Annualised Return

0.5%

4.9%

9.1%

Annualised Volatility

7.9%

17.6%

13.8%

3.2x

Sharpe Ratio

0.12x

0.30x

0.69x

1.2x

3

Global Government Bond Index

Source: MSIM, FactSet, MSCI and ICE BofA. The charts show the total return in USD of the ICE BofA Global
Government Bond Index (gross), Global Franchise Commingled Composite (net) and MSCI World Index (gross)from January 1997 to December 2023. Returns are inflation adjusted using US CPI sourced from the US Bureauof Labor Statistics. Returns may increase or decrease as a result of currency fluctuations. The value of theinvestments and the income from them can go down as well as up and an investor may not get back the amountinvested. There are additional risks involved with this type of investment. The composite returns are shownin NET of investment advisory fees and does not take account of commissions and costs incurred on the issue
and redemption of units and include the reinvestment of dividends and income.

5 years to March-09.
Over Rolling 5Y Quarters 1997-2023 (USD).
Source: FactSet, MSCI, and ICE BofA. The scatter plot shows the 5-year quarterly rolling inflation adjusted
return of the ICE BofA Global Government Bond Index (gross) and the Global Franchise Commingled Composite(net), both in unhedged USD from January 1997 to December 2023. The first table shows the annualised return,volatility, and Sharpe ratio from January 1997 to December 2023. Returns are inflation adjusted using US CPI
sourced from the US Bureau of Labor Statistics. The Sharpe ratio is calculated using the inflation adjusted
constant maturity 3-month US Treasury Bill. The second table shows quarterly rolling 5-year return summary
statistics. Returns may increase or decrease as a result of currency fluctuations. The value of the investments
and the income from them can go down as well as up and an investor may not get back the amount invested.
There are additional risks involved with this type of investment. The composite returns are shown in NET
of investment advisory fees and does not take account of commissions and costs incurred on the issue andredemption of units and include the reinvestment of dividends and income.
4

A Range of Strategies Designed to Work for You“I like to say you win twice by investing in ourhigh quality approach: you win by sticking withwinning businesses that compound in a superior
way over the long term and you win again bylosing less in market downturns. Winning twice
drives good long-term absolute returns.”

The International Equity team has a 25+ year history in high quality investing with a distinctive
rigorous approach to managing both earnings and valuation risk. All these strategies areconcentrated and are designed for long-term investors seeking to grow their capital steadily.

—William Lock, Head of MSIM International Equity TeamGLOBAL BRANDSGLOBAL QUALITYGLOBAL SUSTAINAMERICAN RESILIENCE

INTERNATIONAL RESILIENCE

Key features

Flagship, defensive

Slightly more flexibility

Selective and low-carbon

U.S. exposure

International exposure

Stock range

20-40

35-55

25-50

20-50

20-50

Description

Our most concentrated,flagship global equity fund

Designed for investors whoseek exposure to a slightly
broader range of highquality stocks

In additional to seeking
attractive long-term capital
appreciation, seeks agreenhouse gas emissions
intensity significantly lower
than MSCI AC World

Designed to offer clients
who allocate to the US
access to the team’s wellestablished high quality
investment process

Designed to offer clients
who allocate outside theU.S. access to the team’s
well-established high quality
investment process

Designed for investors whoseek capital growth, earnings
resilience and reduced
downside participation

Flexibility for slightly higher
cyclicality of earnings than for
Global Brands

Designed for carbon-conscious
investors who want to avoid
sectors such as fossil fuels,
alcohol, tobacco and weapons

Benchmark

MSCI World Net Index

MSCI World Net Index

MSCI World Net Index

S&P 500 Index

MSCI AC World ex-US Net Index

Strategy Inception

31 March 1996

30 June 2013

30 April 2018

31 May 2022

31 May 2022

MS INVF Inception

10 June 2008

01 August 201329 June 201915 December 2022

29 September 20235

ISIN

LU030482987

LU0955011258

LU1842711688

LU2562895800

LU1121079674

Quality is worth the wait

MS INVF International Equity was renamed MS INVF International Resilience effective 29 September 2023. The investment policy was amended to reflect a change from investing in a combination of high quality compounders andvalue opportunities to investing only in high quality compounders and the benchmark changed from MSCI EAFE to MSCI ACWI ex US.
5

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