Fund Evaluator:

Morningstar Global Opportunistic Equity Overview

Morningstar Global Opportunistic Equity (MSTSX) is an actively managed International Equity Global Large-Stock Blend fund. Morningstar launched the fund in 2018.

The investment seeks long-term capital appreciation over a full market cycle. In seeking long-term capital appreciation over a full market cycle, the fund has significant flexibility and invests predominantly in equities across asset classes and geographies according to the portfolio management team's assessment of their valuations and fundamental characteristics. It invests in equity securities, which may include common stocks and real estate investment trusts (REITs). The fund may invest in companies of any size from any country, including emerging markets.

About Morningstar Global Opportunistic Equity (MSTSX)

There are 6 members of the management team with an average tenure of 6.43 years: John Mulquiney (2018), Warryn Robertson (2018), Bertrand Cliquet (2018), Matthew Landy (2018), Ricky Williamson (2020), Douglas McGraw (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: Morningstar Global Markets NR USD index with a weighting of 100%. Morningstar Global Opportunistic Equity has 325 securities in its portfolio. The top 10 holdings constitute 50.6% 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 Opportunistic Equity is part of the Equity global asset class and is within the International Equity fund group. Morningstar Global Opportunistic Equity has 38.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 59.4%. There is 38.7% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Morningstar Global Opportunistic Equity has 1.8% of the portfolio in cash.

Assets Under Management

The fund has $453 million in total assets, which is below the $1 billion average for the Global Large-Stock Blend 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.

MSTSX 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 Opportunistic Equity expense ratio is high compared to funds in the Global Large-Stock Blend category. Morningstar Global Opportunistic Equity has an expense ratio of 0.81%, which is 23% 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 Opportunistic Equity. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.

Recently, in the month of August 2026, Morningstar Global Opportunistic Equity returned 3.2%, which earned it a grade of A, as the Global Large-Stock Blend category had an average return of 1.9%. 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 Opportunistic Equity has a trailing yield of 1.97%, which is above the 0.93% category average. The fund normally distributes its income annually.

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 Opportunistic Equity Grades

Year to date, the fund has returned 14.2%, 2.4 percentage points better than the category, which translates into a grade of B. The fund has returned 17.0% over the past year (grade of D), 15.9% over the past three years (grade of D) and 9.7% per year over the past five years (grade of C).

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