Fundamental Growth Select UMA - Morgan Stanley
Fundamental GrowthSelect UMAAmundi Pioneer Asset Management60 State StreetBoston, Massachusetts 02109PRODUCT OVERVIEWStyle:Sub-Style:Firm AUM:Firm Strategy AUM:US Large Cap GrowthConservative Growth 94.9 billion 11.8 billionYear Founded:GIMA Status:Firm Ownership:Professional-Staff:PORTFOLIO STATISTICSTARGET PORTFOLIO CHARACTERISTICS35 to 45Number of stock holdings:We seek to outperform the Russell 1000 Growth Index over a full marketcycle, with less volatility, and endeavor to achieve a competitive rankingSimilar to/Below theP/E ratio:against relevant peer universes over the same period, while retaining the0 to 5%Cash level over market cycle:integrity of the investment style. We believe that a concentrated portfolioof companies with business that generate high returns on incrementalSimilar to/Below theRisk (standard deviation):invested capital, possess a sustainable competitive advantage, and20 to 40%Average turnover rate:capitalize on secular trends can provide consistent, competitiveperformance over time. Pioneer U.S. Fundamental Growth strategyNoUse ADRs:emphasizes fundamental bottom-up security selection. OurMega and Large companiesCapitalization:macroeconomic view can impact our view of a company's intermediateterm outlook, but bottom-up research is at the heart of the process.Pioneer Investments portfolio managers and analysts interact in acollaborative research-rich environment. Co-Portfolio Managers AndrewAcheson and Paul Cloonan have full authority and discretion and arejointly responsible for all decisions made relating to the management ofthe portfolio. The portfolio managers may accept or reject any individualstock recommendation by our fundamental analysts, but historically themajority of positions held in the portfolio have been added as a result ofa recommendation from our central research team. A buy or overweightrating from a member of our analyst team serves as the primary startingPORTFOLIO'S EQUITY SECTOR WEIGHTINGS point for most securities added to the portfolio and all stocks in the---------------12/20--------06/20portfolio are covered by the analyst team. While authority, nd accountability are clearly defined, the investment process is collegialInvmtsInvmtsand intended to ensure that all relevant inputs from all sources areconsidered. Investment decisions are based on ongoing dialogue and0.000.080.00Energyshared ideas among experienced professionals, including equity portfolio1.840.812.08Materialsmanagers, fundamental and quantitative analysts, and portfoliomanagers and analysts on our fixed income team, as well as other7.164.546.17Industrialssources of information.15.6316.7715.68Consumer 6341.1245.1237.20Communication neous0.000.000.00Real Estate/REITs0.001.620.00Consumer StaplesHealth CareFinancialsInformation --12/20--------------PioneerIndex***InvmtsNumber of stock holdingsDividend �37.80x39.10x27.80x0.92—0.93Mega capitalization 63.1%69.0%0.0%Large capitalization 35.6%27.8%0.0%Medium capitalization 0.0%3.2%0.0%Small capitalization 0.0%0.0%0.0%Micro capitalization 1.3%0.0%0.0%Distribution RateWtd avg P/E ratio ¹Wtd avg portfolio betaPORTFOLIO'S TOP FIVE EQUITY HOLDINGSAMAZON.COM INCMICROSOFT CORPALPHABET INC CL CAPPLE INCQUALCOMM INC%7.26.86.25.14.7% PROCESS BASED ON02575Asset allocation - cash vs. stockIndustry or sector weightingStock SelectionMANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Bottom-up / portfolio structure based on individual securities¹The P/E used here is calculated by the harmonic mean. Total may not equal 100% due to rounding.***Index : Russell 1000 GrIf this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the MorganStanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2020, unless otherwise noted and is subject to change. Page 1 of 7
Fundamental GrowthSelect UMAMANAGER'S INVESTMENT PROCESSRISK CONSIDERATIONS Screening: The strategy’s portfolio managers work with Pioneer’squantitative analysts to screen a universe of 1,000 stocks based on thefactors mentioned above such as long term sales and earnings growthrates, returns on capital, balance sheet strength, and valuation as wellas ratings from the fundamental analysts. This process identifies 500 orso stocks that the strategy could conceivably own. Research: Based on the output from the screening process, Pioneer’scentral research team performs fundamental analysis on the 500 or socompanies, analyzing the competitive position of each company, itsgrowth prospects, and the quality of management among other factors.The result is a list of 60-70 likely holdings. Analysis: Strategy specific analysis centers on identifying thecompanies in the list of 60-70 that best meet the strategy’s investmentcriteria. In addition, the analysts in conjunction with the strategy’sportfolio managers perform an extensive valuation analysis usingdiscounted cash flow to assess the intrinsic value of each stock. Insteadof using a point estimate for valuation, the analysts create multiplescenarios and value each stock under each scenario. By doing so, wecan assess not only the potential upside to the stock over time but alsothe downside if things go wrong. Portfolio Construction: Using the output from Step 3, the strategy’sportfolio managers construct the portfolio. Risk management is a criticalpart of the portfolio construction process. With this in mind, the strategyhas limits on exposures to sectors and individual stocks. The portfoliomanagers, with input from Pioneer’s Risk Management Committee, alsoactively monitor risk at the portfolio level. Individual positions are generally below 5% (at the time of purchase) ofportfolio assets at purchase, 6% with price appreciation. Positionweights reflect the individual merits of each company and its contributionto the risk-return profile of the portfolio. Top-down factors may play animportant role in security selection, but sector weights are driven moreby individual security selection.Investing in securities entails risks, including: Equity portfoliosare subject to the basic stock market risk that a particularsecurity, or securities in general, may decrease in value. Growthinvesting does not guarantee a profit or eliminate risk. Thestocks of these companies can have relatively high valuations.Because of these high valuations, an investment in a growthstock can be more risky than an investment in a company withmore modest growth expectations. Value investing does notguarantee a profit or eliminate risk. Not all companies whosestocks are considered to be value stocks are able to turn theirbusiness around or successfully employ corrective strategieswhich would result in stock prices that do not rise as initiallyexpected. Bonds rated below investment grade may havespeculative characteristics and present significant risks beyondthose of other securities, including greater credit risk and pricevolatility in the secondary market. Investors should be careful toconsider these risks alongside their individual circumstances,objectives and risk tolerance before investing in high-yieldbonds. If a strategy expects to hold a concentrated portfolio of alimited number of securities, it should be noted that a decline inthe value of these investments would cause the portfolio’soverall value to decline to a greater degree than that of a lessconcentrated portfolio.PORTFOLIO'S ALLOCATION HISTORY (%) U.S. StocksADRsCash/Cash he P/E used here is calculated by the harmonic mean. Total may not equal 100% due to rounding.***Index : Russell 1000 GrIf this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the MorganStanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2020, unless otherwise noted and is subject to change. Page 2 of 7
Fundamental GrowthSelect UMARISK/RETURN ANALYSIS - 5 YEARS ENDING 12/31/20AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 12/31/20RateRateofofReturnsReturnsStandard Deviation(%)Pioneer Invmts (Gross)Pioneer Invmts (Net)Russell 1000 Gr90-Day 6RISK VOLATALITY (%)Annual Rates of Return (%)INVESTMENT RESULTSPioneer Invmts (Gross)Pioneer Invmts (Net)Russell 1000 .065.687.08PORTFOLIO'S QUARTERLY RETURNS (%)Quarter1Quarter2Quarter3Gross Net Gross Net Gross eturns5.394.7813.97 13.339.248.63-0.39 -1.002.742.120.49 -0.128.327.690.960.4014.30 13.67-16.13 elatedNumber OfPioneer Invmts (Gross)Pioneer Invmts (Net)Russell 1000 GrUp Qtrs.161518Down Qtrs.452Quarter4Gross Net2.70 -10.56 -11.09 10.389.78-2.685.815.20 -2.03 -2.631.507.797.1911.70 11.075.512.131.536.395.790.85 -4.23 -4.777.506.92-1.134.243.66 -0.01 -0.614.404.023.424.453.842.699.078.45 -12.03 -12.584.362.822.228.708.0723.16 11.63 11.02 10.029.35Select UMAPORTFOLIO DIVERSIFICATION - R²(INCEPTION THROUGH 12/14) Pioneer Invmts vs. Russell 1000 GrR²0.9710 Year - Ending 12/31/202020 Annual Std. 7PORTFOLIO'S RISK STATISTICS - “ PERIODSENDING 12/31/20 ¹ ²3 Year5 YearStandard DeviationStandard Deviation of PrimaryBenchmarkSharpe RatioSharpe Ratio of PrimaryBenchmarkAlphaBetaDownside RiskR-SquaredTracking ErrorInformation .141. Statistics are calculated using gross of feeperformance only.2. Russell 1000 Gr was used as the primarybenchmark and the 90-Day T-Bills Index as therisk-free benchmark. Statistics are calculated using gross of fee performance only.See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the MorganStanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2020, unless otherwise noted and is subject to change. Page 3 of 7
Fundamental GrowthSelect UMACOMPOSITE DISCLOSURESThe disclosures provided below apply to performance information in this profile, if any. Pastperformance is not a guarantee of future results. Actual individual account results may differfrom the performance shown in this profile. There is no guarantee that this investment strategywill achieve its intended results under all market conditions. Do not rely upon this profile as thesole basis for your investment decisions.Performance results in this profile are calculated assuming reinvestment of dividends and income.Returns for more than one calendar year are annualized and based on quarterly data. Returns forperiods of less than a calendar year show the total return for the period and are not annualized. Norepresentation is being made that any portfolio will or is likely to achieve profits or losses similar tothose shown. Returns will fluctuate and an investment upon redemption may be worth more or lessthan its original value. Performance shown does not reflect the impact of fees and expenses of theunderlying mutual fund and ETFs, as applicable.Sources of Performance Results and Other Data: The performance data and certain otherinformation for this strategy (including the data on page 1 of this profile) may include one or more ofthe following: (i) the performance results of a composite of Morgan Stanley accounts managed by thethird party investment manager, (ii) the performance results for accounts and investment productsmanaged by the third party investment manager, in the same or a substantially similar investmentstrategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model PortfolioStrategies, the Model Portfolio Provider’s results in managing accounts outside of the Morgan StanleySelect UMA program prior to Model Portfolio Strategy’s inception in the Morgan Stanley Select UMAprogram . For periods through June 2012, the Fiduciary Services program operated through twochannels – the Morgan Stanley channel and the Smith Barney channel and any performance and otherdata relating to Fiduciary Services accounts shown here for these periods is calculated using accountsin only one of the these channels.) Please note that the Fiduciary Services program was closed onJanuary 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanleymanaged account programs, the performance results and other features of similar investmentstrategies in the two programs may differ due to investment and operational differences. Performancein one program is not indicative of potential performance in the other. For example, the individualinvestment strategies in Select UMA program accounts may contain fewer securities, which would leadto a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvestingfeatures of the Select UMA program, which are not available in Fiduciary Services, also could causedifferences in performance. In addition, any performance results included in this profile that are basedon a third party investment manager’s accounts that are not part of the Morgan Stanley programaccounts or institutional accounts that are part of the Model Portfolio strategy may differ due toinvestment and operational differences as well. As such, performance results of the third partyinvestment manager's composites and the third party Model Portfolio Strategies may differ from thoseof Select UMA accounts managed in the same or a substantially similar investment strategy. Forexample, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, maydeviate from the Third Party Model Portfolios.Related Performance:Pioneer Investment’s portfolios which are included in the composite in the first full calendar monthunder management and when the portfolio assets meet the minimum threshold requirements for thecomposite strategy, as described below, at the beginning of the month. Portfolios are excluded fromthe composite at the completion of the last full calendar month under management or when assets fallbelow the minimum threshold. All returns are calculated using the time weighted rate of return. Returnsfor portfolios that are US mutual funds are calculated net of fees and the most recent pro-rated totalnet annual expense ratio is added back to create a gross of fee return. Returns for portfolios that areInstitutional accounts are calculated gross of fee returns with the pro-rated management feesubtracted to create net fee returns. Returns for portfolios that are Offshore Accounts are calculatednet of fees and the actual monthly expense ratio is added back to create gross of fee return. Germanretail funds are calculated net of fees, gross performance is available since April 2010. GermanInstitutional funds are calculated net of fees, gross performance is available since January 2000.Additional information regarding the Firm's policies for valuing portfolios, calculating performance, andpreparing compliant presentations are available upon request. Composite dispersion measuresrepresent the consistency of a firm's composite performance results with respect to the individualportfolio returns within a composite. Pioneer utilizes an asset weighted standard deviation calculationto measure dispersion. Only portfolios that have been included in the composite for a full calendar yearare included in the dispersion calculation. This calculation is not considered meaningful if there are notat least two or more portfolios that have been managed within the composite style for a full year, and isnot presented for these periods.Morgan Stanley Performance:The composite consists of 566 account(s) with a market value of 347.6 million as of 12/31/2020. Inthis profile, the performance from October 1, 2016, consists of the performance of all single styleSelect UMA accounts managed by the investment manager in this strategy, subject to any otherlimitations stated in this profile. Performance composites calculated by Morgan Stanley include allfee-paying portfolios with no investment restrictions. New accounts are included beginning with thesecond full calendar month of performance. Terminated accounts are removed in the month in whichthey terminate (but prior performance of terminated accounts is retained). Performance is calculatedon a total return basis and by asset weighting the individual portfolio returns using the beginning ofperiod values.Gross Performance: Pioneer Invmts’s gross results do not reflect a deduction of any investmentadvisory fees or program fees, charged by Pioneer Invmts or Morgan Stanley, but are net ofcommissions charged on securities transactions.With respect to those accounts that are subject to the Employee Retirement Income Security Act of1974 and/or Section 4975 of the Internal Revenue Code of 1986, as amended, and are invested in aninvestment strategy managed by a Sub-Manager that is an affiliate of MSSB, the Sub-Manager feeswill be reduced to 0.00%If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the MorganStanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2020, unless otherwise noted and is subject to change. Page 4 of 7
Fundamental GrowthSelect UMANet Performance for all Periods: Net performance results reflect a deduction of 0.5875% quarterly.This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximumquarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus0.07% quarterly SMA Manager Fees (being the fee currently charged by Pioneer Invmts to new clientsfor managing their assets in the Select UMA program). The SMA Manager Fees may differ frommanager to manager, and managers may change their fee to new clients from time to time. If youselect this manager for your account, check the SMA Manager Fees specified in the written clientagreement, in case these have changed since you received this profile. Historical net fees reflect theAdvisory Fee Schedule as of October 1, 2018.Morgan Stanley program fees are usually deductedquarterly, and have a compounding effect on performance. The Morgan Stanley program fee, whichdiffers among programs and clients, is described in the applicable Morgan Stanley ADV brochure,which is available at www.morganstanley.com/ADV or on request from your Financial Advisor orPrivate Wealth Advisor. Document approval date 05/18/2016 CRC# 1487340Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley’s SeparatelyManaged Account ("SMA") programs may affect transactions through broker-dealers other thanMorgan Stanley or our affiliates. If your manager trades with another firm, you may be assessed costsby the other firm in addition to Morgan Stanley’s fees. Those costs will
Fundamental Growth Select UMA AVERAGE ANNUAL TOTAL RETURN (%) -RISK/RETURN ANALYSIS PERIODS ENDING 12/31/20 R a t ee o ff R e t u rr nn s - 5 YEARS ENDING 12/31/20
ClearBridge Aggressive Growth I SAGYX MF US MULTI CAP GROWTH EQUITY US LARGE CAP GROWTH ClearBridge All Cap Growth Equity - SMA US MULTI CAP GROWTH EQUITY US LARGE CAP GROWTH Taxonomy - Select UMA Asset Class Reclassifications The below chart lists the Select UMA investment p
ABOVE: Sherman Morgan was the most prominent son of the Justin Morgan horse (American Horses and Horse Breeding). Sherman Morgan was foaled about 1808 in Lyndon, Vermont during the time David Goss kept the original Justin Morgan horse. Justin Morgan, by that time, was 19 years old and his colts were very much valued.
** UMA 40 uses one 0.75 cu ft bin; UMA 70 uses one 2 or 3 cu ft bin (for 3 cu ft bin, add 9-in to height); UMA 100-250 uses one 3 cu ft bin; and UMA 450-750 uses two 3 cu ft bins. 55-Gallon drum base available on UMA 150-750. UMA 150-250 uses one drum
JP Morgan Mozaic II Yes, roll return J.P. Morgan Strategic Balanced Index Yes, 2 & 3 month LIBOR JP Morgan U.S. Sector Rotator 5 Index Yes, 3 month Core & Res Merril Lynch RPM Index Yes, 3 month LIBOR Morgan Stanley Dynamic Allocation Yes, Fed Funds rate Morgan Stanley Dynamic Balance Yes, Fed Funds rate Morgan Stanley Expanded Horizons Yes, N/A
Bob St Jean Managing Director. J.P. Morgan Winston Fant Managing Director . J.P. Morgan Alec Grant Managing Director. J.P. Morgan Sue Dean. Managing Director J.P. Morgan. Hubert JP Jolly Managing Director J.P. Morgan. We are proud to sponsor the AFP Payments Fraud and Control Survey for the 13th consecutive year and share the 2021 report.
Compensation received by J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. and their affiliates (collectively, J.P. Morgan), as well as the compensation that J.P. Morgan Wealth Advisors and J.P. Morgan Wealth Partners (collectively, advisors) reasonably expect to be paid from the products and services we offer
The Morgan Horse Magazine Leominster, Mass. Are You a Member of . . The MORGAN HORSE CLUB Every admirer, owner and breeder of Morgan Horses should support the work of the Club by maintaining regular membership. The Club carries on the American Morgan Horse Register, and is charged
273 pages Literary Criticism: An Introduction to Theory and Practice 0138974225, 9780138974220 F and S Index International 2005 Subscription , Gale Group, 2005, Business & Economics, . F& S Indexes offer you a handy compilation of company, product and industry information from financial publications, business-oriented newspapers, trade magazines and special The analysis of time series data has .
