MCQAX — Global Concentrated Real Estate Portfolio

Data updated: 2021-05-27

MCQAX — Global Concentrated Real Estate Portfolio. Europe Real Estate · $4.10M AUM · 1.30% expense ratio. Holdings, fees, performance and SEC filings.

MCQAX Fund Overview

MCQAX — Global Concentrated Real Estate Portfolio is a US mutual fund managed by Morgan Stanley Institutional Fund INC, categorised as Europe Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Morgan Stanley Institutional Fund INC
Category: Europe Real Estate
Assets under management: $4.10M
1-year return: 33.7%
Ticker: MCQAX
SEC CIK: 0000836487
SEC series ID: S000061990
Share class ID: C000200796

MCQAX Investment Objective and Strategy

Global Concentrated Real Estate Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Morgan Stanley Institutional Fund INC.

Investment objective

"The Global Concentrated Real Estate Portfolio (the ""Fund"") seeks to provide current income and long-term capital appreciation."

Principal investment strategy

"Under normal circumstances, at least 80% of the Fund's assets (plus any borrowings for investment purposes) will be invested in securities of companies in the real estate industry, including real estate investment trusts (""REITs""), real estate operating companies (""REOCs"") and similar entities established outside the United States (""foreign real estate companies""). This policy may be changed without shareholder approval; however, you would be notified upon 60 days' notice in writing of any changes. The Fund has a fundamental policy (i.e., one that cannot be changed without shareholder approval) of investing 25% or more of its total assets in the real estate industry. The Fund will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in companies located in emerging markets.

Under normal market conditions, the Fund invests at least 40% of its total assets in the securities of issuers located outside of the United States. The Fund's Adviser and the Fund's ""Sub-Advisers,"" Morgan Stanley Investment Management Limited (""MSIM Limited"") and Morgan Stanley Investment Management Company (""MSIM Company""), actively manage the Fund using a disciplined, bottom-up driven investment methodology. The stock selection process for the Fund is based on the Adviser's and Sub-Advisers' bottom-up valuation models, which are maintained for the global investable universe of publicly-traded real estate companies. Each security is screened for value using a variety of measurements, such as net asset value, implied value per square foot, implied property cap rate (i.e., net operating income generated by the company's properties divided by the enterprise value of the company) and comparison of levered and unlevered cash flow multiples across comparable companies (i.e., a measurement of a company's cash flow and cost of capital both before and after the satisfaction of any financial obligations).

While value, and specifically underlying property asset value, is the principal consideration in the selection of individual securities, the Adviser and/or Sub-Advisers also consider company management's ability to create future value by considering corporate and qualitative factors such as company structure, management tenure and depth, and access to capital. The Adviser actively selects positions in a limited number of equity securities, independent of any particular index. The Adviser and/or Sub-Advisers generally consider selling a portfolio holding if the holding's share price shifts to the point where the position no longer represents an attractive relative value opportunity versus the underlying value of its assets and/or growth prospects or versus other securities in the investment universe.

The Adviser and Sub-Advisers may consider information about environmental, social and governance issues (also referred to as ESG) in its bottom-up stock selection process when making investment decisions. The Adviser and Sub-Advisers may engage with company management regarding corporate governance practices as well as what the Adviser and Sub-Advisers deem to be materially important environmental and/or social issues facing a company."

MCQAX Performance

Total returns for MCQAX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	33.7%

MCQAX Risk Information

Risk metrics for MCQAX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 27.8%

MCQAX Costs and Fees

MCQAX costs about $130 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.30%
Gross expense ratio: 35.01%
Portfolio turnover: 31%
Brokerage commissions: 3.59 bps of average net assets (SEC N-CEN)

MCQAX Cashflows

Over the 12 months to 2021-03, Global Concentrated Real Estate Portfolio had net inflows of $66.92K, from monthly SEC N-PORT filings.

Month	Net flow
2021-03	−$1
2021-02	$0
2021-01	$0
2020-12	$67.01K
2020-11	−$11
2020-10	−$1.17K

MCQAX Debt Constituents

No individual debt constituents are reported in Global Concentrated Real Estate Portfolio's latest SEC N-PORT filing.

MCQAX Prospectus and SEC Filings

Official Global Concentrated Real Estate Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Europe Real Estate funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.