Fund Evaluator:
Morgan Stanley Pathway Intl F/I (TIFUX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
| 4.2% | T. Rowe Price Global Multi-Sector Bd Inv (PRSNX) |
| 2.7% | American Century Global Bond Y (AGBWX) |
| 2.6% | Nuveen International Bond I (TIBNX) |
| 2.6% | Janus Henderson Developed World Bond D (HFADX) |
| 2.5% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
Morgan Stanley Pathway Intl F/I Overview
Morgan Stanley Pathway Intl F/I (TIFUX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Morgan Stanley launched the fund in 1991.
The investment seeks to maximize current income, consistent with the protection of principal. The fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. It invests primarily in fixed income instruments of issuers located outside the U.S. Up to 15% of the fund's total assets may be invested in fixed income instruments of issuers located in emerging markets countries.
About Morgan Stanley Pathway Intl F/I (TIFUX)
There are 1 members of the management team with an average tenure of 11.76 years: Sachin Gupta (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: FTSE WGBI NonUSD Hdg USD index with a weighting of 100% and FTSE WGBI NonUSD USD index with a weighting of 100%. Morgan Stanley Pathway Intl F/I has 1332 securities in its portfolio. The top 10 holdings constitute 49.1% 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.
Morgan Stanley Pathway Intl F/I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Morgan Stanley Pathway Intl F/I has 47.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 79.1% (31.8% domestic bond, 47.3% foreign bond and 0.0% convertible bond). Morgan Stanley Pathway Intl F/I has 20.9% of the portfolio in cash.
Assets Under Management
The fund has $204 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
TIFUX 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 Morgan Stanley Pathway Intl F/I expense ratio is high compared to funds in the Global Bond-USD Hedged category. Morgan Stanley Pathway Intl F/I has an expense ratio of 1.18%, which is 62% higher than its category average, making the fund expense ratio grade a F. 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. Morgan Stanley Pathway Intl F/I has a portfolio turnover rate of 280%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Morgan Stanley Pathway Intl F/I returned -1.6%, which earned it a grade of F, as the Global Bond-USD Hedged category had an average return of -1.1%. 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.
Morgan Stanley Pathway Intl F/I has a trailing yield of 2.71%, which is below the 3.99% category average. The fund normally distributes its income annually and its capital gains 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.
Morgan Stanley Pathway Intl F/I Grades
Year to date, the fund has returned -1.0%, 1.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.6% over the past year (grade of F), 3.6% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and 1.4% per year over the past 10 years (grade of D).
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TIFUX 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 |
|
| TIFUX Return (NAV) | -1.6% | 0.3% | 0.6% | 3.6% | -0.4% | 1.4% |
| TIFUX Grade | F | B | F | F | F | D |
| +/- Category | -0.6% | 0.1% | -1.7% | -0.8% | -0.8% | -0.4% |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| TIFUX Tax Cost Ratio | na | na | 1.1% | 0.8% | 1.4% | 1.1% |
TIFUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TIFUX Return (NAV) | -1.0% | 3.2% | 3.9% | 8.4% | -13.2% | -2.9% | 5.9% | 7.5% | 2.2% | 3.1% | 6.6% |
| TIFUX Grade | F | F | B | B | D | F | D | D | A | D | A |
| +/- Category | -1.1% | -2.0% | 0.6% | 0.4% | -1.2% | -1.1% | -0.8% | -1.1% | 2.1% | -1.2% | 2.1% |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (42% Rank) |
| Beta: | 0.63 |
| R-Squared: | 66% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $204 Mil |
| Fund Total Assets: | $ 205 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 280% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 11.8 years | |||
| Average Tenure: 11.8 years | |||
| Managers (Year): Gupta Sachin (2014) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1332 |
| % in Top 10 Holdings: | 49.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 47.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.8% |
| Foreign Bond: | 47.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 20.9% |
Purchase Information
| Fund Family: | Morgan Stanley |
| Phone Number: | 800-869-3326 |
| Website: | www.smithbarney.com |
| Status: | Open |
| Inception Date: | November 18, 1991 |
| 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 (%): | 1.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Morgan Stanley Pathway Intl F/I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
