Monthly Portfolio Investments Report on Form N-port (public) (nport-p)
November 25 2019 - 03:28PM
Edgar (US Regulatory)
Morgan Stanley India Investment Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2019 (unaudited)
|
|
Shares
|
|
Value
(000)
|
|
Common Stocks (93.5%)
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense (1.2%)
|
|
|
|
|
|
Bharat Electronics Ltd.
|
|
2,298,197
|
|
$
|
3,516
|
|
|
|
|
|
|
|
Auto Components (2.2%)
|
|
|
|
|
|
Balkrishna Industries Ltd.
|
|
268,254
|
|
2,938
|
|
Motherson Sumi Systems Ltd.
|
|
2,362,065
|
|
3,504
|
|
|
|
|
|
6,442
|
|
Automobiles (2.9%)
|
|
|
|
|
|
Eicher Motors Ltd.
|
|
34,529
|
|
8,693
|
|
|
|
|
|
|
|
Banks (22.6%)
|
|
|
|
|
|
Axis Bank Ltd.
|
|
2,140,004
|
|
20,687
|
|
HDFC Bank Ltd.
|
|
881,394
|
|
15,258
|
|
ICICI Bank Ltd.
|
|
3,507,827
|
|
21,503
|
|
IndusInd Bank Ltd.
|
|
506,473
|
|
9,896
|
|
|
|
|
|
67,344
|
|
Capital Markets (0.1%)
|
|
|
|
|
|
IIFL Securities Ltd. (a)
|
|
884,707
|
|
385
|
|
|
|
|
|
|
|
Chemicals (1.4%)
|
|
|
|
|
|
SRF Ltd.
|
|
111,509
|
|
4,346
|
|
|
|
|
|
|
|
Construction & Engineering (10.1%)
|
|
|
|
|
|
KEC International Ltd.
|
|
1,017,924
|
|
3,937
|
|
Larsen & Toubro Ltd.
|
|
825,297
|
|
17,172
|
|
Voltas Ltd.
|
|
935,519
|
|
8,972
|
|
|
|
|
|
30,081
|
|
Construction Materials (6.5%)
|
|
|
|
|
|
Ramco Cements Ltd. (The)
|
|
714,372
|
|
7,580
|
|
Shree Cement Ltd.
|
|
44,558
|
|
11,882
|
|
|
|
|
|
19,462
|
|
Consumer Finance (2.7%)
|
|
|
|
|
|
Cholamandalam Investment and Finance Co., Ltd.
|
|
1,868,399
|
|
8,106
|
|
|
|
|
|
|
|
Diversified Financial Services (2.1%)
|
|
|
|
|
|
L&T Finance Holdings Ltd.
|
|
5,332,915
|
|
6,382
|
|
|
|
|
|
|
|
Electric Utilities (3.0%)
|
|
|
|
|
|
Power Grid Corp. of India Ltd.
|
|
3,240,932
|
|
9,104
|
|
|
|
|
|
|
|
Entertainment (1.8%)
|
|
|
|
|
|
PVR Ltd.
|
|
204,658
|
|
5,324
|
|
|
|
|
|
|
|
Gas Utilities (3.2%)
|
|
|
|
|
|
Indraprastha Gas Ltd.
|
|
1,306,669
|
|
6,460
|
|
Mahanagar Gas Ltd.
|
|
243,990
|
|
3,140
|
|
|
|
|
|
9,600
|
|
Health Care Providers & Services (3.7%)
|
|
|
|
|
|
Apollo Hospitals Enterprise Ltd.
|
|
562,384
|
|
11,097
|
|
|
|
|
|
|
|
|
Information Technology Services (13.1%)
|
|
|
|
|
|
Infosys Ltd.
|
|
2,101,953
|
|
23,828
|
|
Larsen & Toubro Infotech Ltd.
|
|
262,240
|
|
5,593
|
|
Tata Consultancy Services Ltd.
|
|
324,094
|
|
9,598
|
|
|
|
|
|
39,019
|
|
Insurance (6.0%)
|
|
|
|
|
|
ICICI Prudential Life Insurance Co., Ltd.
|
|
1,360,833
|
|
8,906
|
|
SBI Life Insurance Co. Ltd.
|
|
750,546
|
|
8,974
|
|
|
|
|
|
17,880
|
|
Oil, Gas & Consumable Fuels (3.6%)
|
|
|
|
|
|
Petronet LNG Ltd.
|
|
2,931,067
|
|
10,761
|
|
|
|
|
|
|
|
Pharmaceuticals (3.9%)
|
|
|
|
|
|
Eris Lifesciences Ltd. (a)
|
|
1,002,287
|
|
6,385
|
|
Natco Pharma Ltd.
|
|
640,565
|
|
5,261
|
|
|
|
|
|
11,646
|
|
Thrifts & Mortgage Finance (2.9%)
|
|
|
|
|
|
Aavas Financiers Ltd. (a)
|
|
291,412
|
|
6,575
|
|
IIFL Finance Ltd.
|
|
1,107,442
|
|
1,951
|
|
|
|
|
|
8,526
|
|
Transportation Infrastructure (0.5%)
|
|
|
|
|
|
Gateway Distriparks Ltd.
|
|
985,854
|
|
1,508
|
|
Total Common Stocks (Cost $244,441)
|
|
|
|
279,222
|
|
|
|
|
|
|
|
Short-Term Investment (0.8%)
|
|
|
|
|
|
Investment Company (0.8%)
|
|
|
|
|
|
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $2,245)
|
|
2,244,536
|
|
2,245
|
|
Total Investments (94.3%) (Cost $246,686) (c)(d)(e)
|
|
|
|
281,467
|
|
Other Assets in Excess of Liabilities (5.7%)
|
|
|
|
17,028
|
|
Net Assets (100.0%)
|
|
|
|
$
|
298,495
|
|
|
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
(b)
|
The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the Liquidity Funds), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2019, advisory fees paid were reduced by approximately $4,000 relating to the Funds investment in the Liquidity Funds.
|
(c)
|
The approximate fair value and percentage of net assets, $278,837,000 and 93.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments.
|
(d)
|
The Fund is permitted to purchase and sell securities (cross-trade) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the Rule). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2019, the Fund did not engage in any cross-trade transactions.
|
(e)
|
At September 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $56,617,000 and the aggregate gross unrealized depreciation is approximately $21,977,000, resulting in net unrealized appreciation of approximately $34,640,000.
|
Futures Contract:
The Fund had the following futures contract open at September 30, 2019:
|
|
Number
of
Contracts
|
|
Expiration
Date
|
|
Notional Amount
(000)
|
|
Value
(000)
|
|
Unrealized
Depreciation
(000)
|
|
Long:
|
|
|
|
|
|
|
|
|
|
|
|
SGX NIFTY 50 (Singapore)
|
|
587
|
|
Oct-19
|
|
1
|
|
$
|
13,546
|
|
$
|
(141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition
Classification
|
|
Percentage of
Total Investments
|
|
Other*
|
|
38.3
|
%
|
Banks
|
|
23.9
|
|
Information Technology Services
|
|
13.9
|
|
Construction & Engineering
|
|
10.7
|
|
Construction Materials
|
|
6.9
|
|
Insurance
|
|
6.3
|
|
Total Investments
|
|
100.0
|
%**
|
*
|
Industries and/or investment types representing less than 5% of total investments.
|
**
|
Does not include an open long futures contract with a value of approximately $13,546,000 and unrealized depreciation of approximately $141,000.
|
Morgan Stanley India Investment Fund, Inc.
Notes to the Portfolio of Investments · September 30, 2019 (unaudited)
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820) - Disclosures Framework - Changes to Disclosure Requirements of Fair Value Measurement (ASU 2018-13) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Funds adoption was limited to changes in the Funds financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.
Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter (OTC) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Funds Board of Directors (the Directors). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the Adviser) or Morgan Stanley Investment Management Company (MSIM Company) (the Sub-Adviser), a wholly-owned subsidiary of Morgan Stanley, determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a securitys market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (NYSE). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (6) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Funds Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Funds Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Funds valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Fair Value Measurement: FASB Accounting Standards CodificationTM (ASC) 820, Fair Value Measurement (ASC 820), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds investments. The inputs are summarized in the three broad levels listed below:
· Level 1 unadjusted quoted prices in active markets for identical investments
· Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3 significant unobservable inputs including the Funds own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuers financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Funds investments as of September 30, 2019:
Investment Type
|
|
Level 1
Unadjusted
quoted
prices
(000)
|
|
Level 2
Other
significant
observable
inputs
(000)
|
|
Level 3
Significant
unobservable
inputs
(000)
|
|
Total
(000)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense
|
|
$
|
|
|
$
|
3,516
|
|
$
|
|
|
$
|
3,516
|
|
Auto Components
|
|
|
|
6,442
|
|
|
|
6,442
|
|
Automobiles
|
|
|
|
8,693
|
|
|
|
8,693
|
|
Banks
|
|
|
|
67,344
|
|
|
|
67,344
|
|
Capital Markets
|
|
385
|
|
|
|
|
|
385
|
|
Chemicals
|
|
|
|
4,346
|
|
|
|
4,346
|
|
Construction & Engineering
|
|
|
|
30,081
|
|
|
|
30,081
|
|
Construction Materials
|
|
|
|
19,462
|
|
|
|
19,462
|
|
Consumer Finance
|
|
|
|
8,106
|
|
|
|
8,106
|
|
Diversified Financial Services
|
|
|
|
6,382
|
|
|
|
6,382
|
|
Electric Utilities
|
|
|
|
9,104
|
|
|
|
9,104
|
|
Entertainment
|
|
|
|
5,324
|
|
|
|
5,324
|
|
Gas Utilities
|
|
|
|
9,600
|
|
|
|
9,600
|
|
Health Care Providers & Services
|
|
|
|
11,097
|
|
|
|
11,097
|
|
Information Technology Services
|
|
|
|
39,019
|
|
|
|
39,019
|
|
Insurance
|
|
|
|
17,880
|
|
|
|
17,880
|
|
Oil, Gas & Consumable Fuels
|
|
|
|
10,761
|
|
|
|
10,761
|
|
Pharmaceuticals
|
|
|
|
11,646
|
|
|
|
11,646
|
|
Thrifts & Mortgage Finance
|
|
|
|
8,526
|
|
|
|
8,526
|
|
Transportation Infrastructure
|
|
|
|
1,508
|
|
|
|
1,508
|
|
Total Common Stocks
|
|
385
|
|
278,837
|
|
|
|
279,222
|
|
Short-Term Investment
|
|
|
|
|
|
|
|
|
|
Investment Company
|
|
2,245
|
|
|
|
|
|
2,245
|
|
Total Assets
|
|
2,630
|
|
278,837
|
|
|
|
281,467
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Futures Contract
|
|
(141
|
)
|
|
|
|
|
(141
|
)
|
Total
|
|
$
|
2,489
|
|
$
|
278,837
|
|
$
|
|
|
$
|
281,326
|
|
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investments valuation changes.
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