- Issuer
- Morgan Stanley
- Inception Date
- Dec 29, 1995
- Category
- Small Cap Growth Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
MSSMX Performance Chart
Morgan Stanley Institutional Inception Fund Class A (MSSMX) is up 4.1% since the beginning of the year. MSSMX is currently trading at $11 per share. Investors who bought $1,000 worth of MSSMX shares 5 years ago would now be looking at an investment worth $616.
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Returns By Period
Morgan Stanley Institutional Inception Fund Class A (MSSMX) has returned 4.06% so far this year and 6.07% over the past 12 months. Looking at the last ten years, MSSMX has achieved an annualized return of 15.93%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
Morgan Stanley Institutional Inception Fund Class A
- 1D
- 2.51%
- 1M
- -0.27%
- YTD
- 4.06%
- 6M
- -1.96%
- 1Y
- 6.07%
- 3Y*
- 13.92%
- 5Y*
- -9.24%
- 10Y*
- 15.93%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MSSMX Monthly Returns History
Based on dividend-adjusted daily data since Dec 29, 1995, MSSMX's average daily return is +0.06%, while the average monthly return is +1.16%. At this rate, an investment would double in approximately 5.0 years.
Historically, 57% of months were positive and 43% were negative. The best month was Feb 2000 with a return of +34.7%, while the worst month was Jan 2022 at -21.3%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 8 months.
On a daily basis, MSSMX closed higher 52% of trading days. The best single day was Dec 11, 2019 with a return of +28.9%, while the worst single day was Jul 2, 1997 at -16.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -4.35% | -5.14% | -5.42% | 12.22% | 14.23% | -5.41% | 4.06% | ||||||
| 2025 | 3.62% | -8.00% | -6.39% | 7.68% | 2.18% | 5.72% | 2.84% | 1.87% | 7.18% | 1.72% | -9.48% | -6.12% | 0.76% |
| 2024 | -9.00% | 8.96% | 3.80% | -13.48% | 0.14% | 2.05% | 3.21% | -0.13% | 5.06% | 6.54% | 28.27% | -4.10% | 29.15% |
| 2023 | 20.83% | -0.62% | 0.78% | -6.67% | 9.30% | 15.65% | 9.72% | -8.26% | -7.57% | -12.99% | 11.36% | 19.83% | 54.22% |
| 2022 | -21.29% | -3.46% | -2.99% | -20.55% | -10.35% | -10.53% | 12.90% | -3.14% | -9.59% | 1.14% | -7.26% | -7.19% | -59.57% |
| 2021 | 33.08% | 3.74% | -10.51% | 5.72% | -5.12% | 10.71% | -7.06% | -2.94% | -7.14% | 2.98% | -10.63% | -9.52% | -4.29% |
Benchmark Metrics
Morgan Stanley Institutional Inception Fund Class A has an annualized alpha of 3.18%, beta of 1.08, and R2 of 0.55 versus S&P 500 Index. Calculated based on daily prices since December 29, 1995.
- This fund captured 129.68% of S&P 500 Index gains and 117.33% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 3.18% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.08 and R2 of 0.55, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 3.18%
- Beta
- 1.08
- R²
- 0.55
- Upside Capture
- 129.68%
- Downside Capture
- 117.33%
Expense Ratio
MSSMX has a high expense ratio of 1.35%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MSSMX ranks 4 for risk / return — in the bottom 4% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley Institutional Inception Fund Class A (MSSMX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MSSMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.37 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 2.78 | -2.60 |
| Martin ratioReturn relative to average drawdown | 0.38 | 12.44 | -12.06 |
Dividends
Dividend History
Morgan Stanley Institutional Inception Fund Class A provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.12 | $0.00 | $0.01 | $4.79 | $2.45 | $3.88 | $1.39 | $5.16 | $0.44 | $1.19 |
Dividend yield | 0.00% | 0.00% | 1.16% | 0.00% | 0.14% | 36.28% | 13.10% | 45.60% | 18.04% | 57.39% | 3.76% | 9.73% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley Institutional Inception Fund Class A. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.12 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.79 | $4.79 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Morgan Stanley Institutional Inception Fund Class A. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Morgan Stanley Institutional Inception Fund Class A was 76.24%, occurring on Dec 28, 2022. The portfolio has not yet recovered.
The current Morgan Stanley Institutional Inception Fund Class A drawdown is 48.03%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -76.24%Dec 2022 | 1y 10mo | — | 5y 4moFeb 2021 - now |
Dot-com crash2000–2002 | -62.91%Oct 2002 | 2y 7mo | 4y 9mo | 7y 4moMar 2000 - Jul 2007 |
Financial crisis2007–2009 | -60.15%Mar 2009 | 1y 5mo | 1y 10mo | 3y 3moOct 2007 - Jan 2011 |
COVID crash2020 | -39.98%Mar 2020 | 27d | 1mo 20d | 2mo 17dFeb 2020 - May 2020 |
2016 bear market2016 | -37.49%Feb 2016 | 1y 11mo | 1y 11mo | 3y 10moMar 2014 - Jan 2018 |
Drawdown Indicators
| MSSMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.24% | -56.78% | -19.46% |
Max Drawdown (1Y)Largest decline over 1 year | -32.92% | -9.10% | -23.82% |
Max Drawdown (3Y)Largest decline over 3 years | -32.92% | -18.90% | -14.02% |
Max Drawdown (5Y)Largest decline over 5 years | -73.30% | -25.43% | -47.87% |
Max Drawdown (10Y)Largest decline over 10 years | -76.24% | -33.92% | -42.32% |
Current DrawdownCurrent decline from peak | -48.03% | -1.80% | -46.23% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -10.71% | -13.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.77% | 2.03% | +13.74% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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