economy
February 27, 2026
This Morgan Stanley income fund is rated 5 stars by Morningstar. Where its manager is investing right now
Morgan Stanley's Andrew Szczurowski is still finding attractive income streams, but says digging is necessary to separate winners from the losers.
TL;DR
- Morgan Stanley portfolio manager Andrew Szczurowski utilizes a 'go anywhere' strategy for the Eaton Vance Strategic Income Fund.
- The fund has a weighted average of investment grade underlying assets but can take on more risk.
- It has earned a five-star rating from Morningstar and outperformed its category average over a 10-year period.
- Szczurowski's strategy involves a barbell approach, balancing high-quality and riskier investments.
- Key allocations include agency mortgage-backed securities (MBS), emerging market bonds, high yield bonds, and floating-rate loans.
- The manager sees opportunities in commercial MBS (CMBS) due to attractive valuations and yields on properties with high-quality tenants and long-term leases.
- He favors agency MBS over corporate bonds on the investment grade side and sees potential in emerging markets due to diversification and attractive yields.
- Specific emerging markets mentioned include Egypt, Kazakhstan, Nigeria, and Turkey.
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