Fund Evaluator:
Morningstar Global Income (MSTGX)
Follow This Fund
Best Performing in Global Moderately Conservative Allocation Over the Last Year
| 13.9% | Victory Cornerstone Moderately Cnsrv (UCMCX) |
| 13.0% | Fidelity Advisor Asset Manager 40% Z (FIKYX) |
| 13.0% | Fidelity Asset Manager 40% (FFANX) |
| 12.9% | Russell Inv Multi-Strategy Income Y (RMYYX) |
| 12.9% | Russell Inv Multi-Strategy Income M (RGYTX) |
Fund Details
Morningstar Global Income Overview
Morningstar Global Income (MSTGX) is an actively managed Allocation Global Moderately Conservative Allocation fund. Morningstar launched the fund in 2018.
The investment seeks current income and long-term capital appreciation. The Advisor generally expects to invest at least 20% (or, if market conditions are unfavorable, at least 10%) of assets in securities of issuers domiciled outside of the United States and may invest up to 100% of its assets in such securities. It invests in income-generating equity securities, which may include common stocks, preferred stocks, real estate investment trusts (REITs), and master limited partnerships (MLPs). The fund may invest in companies of any size from any country, including emerging markets.
About Morningstar Global Income (MSTGX)
There are 9 members of the management team with an average tenure of 4.19 years: Rahul Sharma (2018), Annabel Rudebeck (2022), Ricky Williamson (2020), James Cullen (2018), Alfonzo Bruno (2025), Rafael Zielonka (2023), Alexandra Cumings (2026), Mark Lindbloom (2023), Michael Buchanan (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: Morningstar Global Markets NR USD index with a weighting of 100%, Morningstar Global Markets NR USD index with a weighting of 50% and Bloomberg Multiverse TR USD index with a weighting of 50%. Morningstar Global Income has 698 securities in its portfolio. The top 10 holdings constitute 32.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Morningstar Global Income is part of the Allocation global asset class and is within the Allocation fund group. Morningstar Global Income has 38.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 27.4%. There is 21.4% allocated to foreign stock, and 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 56.8% (39.8% domestic bond, 17.0% foreign bond and 0.0% convertible bond). Morningstar Global Income has -6.1% of the portfolio in cash.
Assets Under Management
The fund has $142 million in total assets, which is below the $304 million average for the Global Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MSTGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Morningstar Global Income expense ratio is above average compared to funds in the Global Moderately Conservative Allocation category. Morningstar Global Income has an expense ratio of 0.74%, which is 24% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Morningstar Global Income. By way of comparison, the average portfolio turnover is 50% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, Morningstar Global Income returned 1.2%, which earned it a grade of A, as the Global Moderately Conservative Allocation category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Morningstar Global Income has a trailing yield of 5.14%, which is above the 3.07% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Morningstar Global Income Grades
Year to date, the fund has returned 7.8%, 2.7 percentage points better than the category, which translates into a grade of A. The fund has returned 12.4% over the past year (grade of A), 10.4% over the past three years (grade of A) and 5.1% per year over the past five years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Morningstar Global Income, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MSTGX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MSTGX Return (NAV) | 1.2% | 1.6% | 12.4% | 10.4% | 5.1% | na |
| MSTGX Grade | A | B | A | A | A | na |
| +/- Category | 1.7% | 0.2% | 1.5% | 1.3% | 1.2% | na |
| Global Moderately Conservative Allocation Avg | -0.5% | 1.5% | 10.9% | 9.1% | 3.9% | 5.4% |
| MSTGX Tax Cost Ratio | na | na | 2.1% | 2.2% | 2.6% | na |
MSTGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSTGX Return (NAV) | 7.8% | 13.6% | 5.4% | 11.9% | -11.2% | 8.5% | 3.9% | 20.0% | na | na | na |
| MSTGX Grade | A | A | F | A | A | B | F | A | na | na | na |
| +/- Category | 2.7% | 2.0% | -1.9% | 1.5% | 2.4% | 1.0% | -5.0% | 4.9% | na | na | na |
| Global Moderately Conservative Allocation Avg | 5.1% | 11.6% | 7.3% | 10.4% | -13.5% | 7.5% | 8.9% | 15.0% | -4.8% | 10.7% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 7.5% |
| Total Risk Index: | 0.61 - Below Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.71 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $142 Mil |
| Fund Total Assets: | $ 143 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Sharma Rahul (2018), Cullen James (2018), Williamson Ricky (2020), Rudebeck Annabel (2022), Buchanan Michael (2022), Lindbloom Mark (2023), Zielonka Rafael (2023), Bruno Alfonzo (2025), Cumings Alexandra (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 698 |
| % in Top 10 Holdings: | 32.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 38.4% |
Portfolio Allocation |
|
| Domestic Stock: | 27.4% |
| Foreign Stock: | 21.4% |
| Preferred Stock: | 0.5% |
| Domestic Bond: | 39.8% |
| Foreign Bond: | 17.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -6.1% |
Purchase Information
| Fund Family: | Morningstar |
| Phone Number: | 202-551-8090 |
| Website: |
| Status: | Open |
| Inception Date: | November 2, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Morningstar Global Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
