Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
29 11월 2023 - 1:24AM
Edgar (US Regulatory)
Morgan Stanley India Investment Fund, Inc.
Third Quarter Report – September 30,
2023 (unaudited)
Portfolio of Investments
| |
Shares | | |
Value (000) | |
COMMON STOCKS (99.0%) | |
| | |
| |
Air Freight & Logistics (1.3%) | |
| | | |
| | |
Delhivery Ltd. (a) | |
| 716,492 | | |
$ | 3,552 | |
| |
| | | |
| | |
Automobile Components (2.0%) | |
| | | |
| | |
Samvardhana Motherson International Ltd. | |
| 4,939,301 | | |
| 5,690 | |
| |
| | | |
| | |
Automobiles (5.9%) | |
| | | |
| | |
Bajaj Auto Ltd. | |
| 88,449 | | |
| 5,380 | |
Mahindra & Mahindra Ltd. | |
| 589,208 | | |
| 11,003 | |
| |
| | | |
| 16,383 | |
Banks (23.5%) | |
| | | |
| | |
Axis Bank Ltd. | |
| 1,460,155 | | |
| 18,176 | |
Federal Bank Ltd. | |
| 3,297,659 | | |
| 5,829 | |
ICICI Bank Ltd. | |
| 2,340,391 | | |
| 26,813 | |
IndusInd Bank Ltd. | |
| 289,971 | | |
| 4,971 | |
State Bank of India | |
| 1,353,893 | | |
| 9,725 | |
| |
| | | |
| 65,514 | |
Beverages (1.8%) | |
| | | |
| | |
United Breweries Ltd. | |
| 262,215 | | |
| 4,911 | |
| |
| | | |
| | |
Capital Markets (1.5%) | |
| | | |
| | |
HDFC Asset Management Co. Ltd. | |
| 130,673 | | |
| 4,162 | |
| |
| | | |
| | |
Chemicals (3.6%) | |
| | | |
| | |
Aarti Industries Ltd. | |
| 589,578 | | |
| 3,481 | |
Pidilite Industries Ltd. | |
| 227,318 | | |
| 6,667 | |
| |
| | | |
| 10,148 | |
Commercial Services (1.4%) | |
| | | |
| | |
JSW Infrastructure Ltd. Anchor (a)(b) | |
| 2,719,710 | | |
| 3,780 | |
| |
| | | |
| | |
Construction & Engineering (5.9%) | |
| | | |
| | |
KEC International Ltd. | |
| 592,080 | | |
| 4,714 | |
Larsen & Toubro Ltd. | |
| 325,685 | | |
| 11,833 | |
| |
| | | |
| 16,547 | |
Consumer Finance (10.6%) | |
| | | |
| | |
Bajaj Finance Ltd. | |
| 108,939 | | |
| 10,218 | |
Cholamandalam Investment & Finance Co. Ltd. | |
| 603,348 | | |
| 8,826 | |
Mahindra & Mahindra Financial Services Ltd. | |
| 1,636,922 | | |
| 5,921 | |
SBI Cards & Payment Services Ltd. | |
| 494,903 | | |
| 4,706 | |
| |
| | | |
| 29,671 | |
Financial Services (1.9%) | |
| | | |
| | |
Aavas Financiers Ltd. (a) | |
| 258,647 | | |
| 5,408 | |
| |
| | | |
| | |
Food Products (1.0%) | |
| | | |
| | |
Bikaji Foods International Ltd. | |
| 495,421 | | |
| 2,888 | |
| |
| | | |
| | |
Health Care Providers & Services (2.2%) | |
| | | |
| | |
Apollo Hospitals Enterprise Ltd. | |
| 99,727 | | |
| 6,158 | |
| |
| | | |
| | |
Hotels, Restaurants & Leisure (6.0%) | |
| | | |
| | |
MakeMyTrip Ltd. (a) | |
| 129,716 | | |
| 5,257 | |
Restaurant Brands Asia Ltd. (a) | |
| 2,879,682 | | |
| 4,318 | |
Zomato Ltd. (a) | |
| 5,929,919 | | |
| 7,222 | |
| |
| | | |
| 16,797 | |
Household Durables (1.9%) | |
| | | |
| | |
Crompton Greaves Consumer Electricals Ltd. | |
| 1,421,914 | | |
| 5,297 | |
| |
| | | |
| | |
Information Technology Services (8.3%) | |
| | | |
| | |
Infosys Ltd. | |
| 1,339,787 | | |
| 23,025 | |
| |
| | | |
| | |
Insurance (6.4%) | |
| | | |
| | |
ICICI Prudential Life Insurance Co. Ltd. | |
| 843,512 | | |
| 5,741 | |
SBI Life Insurance Co. Ltd. | |
| 522,067 | | |
| 8,189 | |
Star Health & Allied Insurance Co. Ltd. (a) | |
| 537,676 | | |
| 3,888 | |
| |
| | | |
| 17,818 | |
Office REITs (1.2%) | |
| | | |
| | |
Embassy Office Parks REIT | |
| 964,367 | | |
| 3,490 | |
| |
| | | |
| | |
Oil, Gas & Consumable Fuels (5.0%) | |
| | | |
| | |
Reliance Industries Ltd. | |
| 494,554 | | |
| 13,924 | |
| |
| | | |
| | |
Personal Care Products (2.9%) | |
| | | |
| | |
Godrej Consumer Products Ltd. (a) | |
| 676,515 | | |
| 8,070 | |
| |
| | | |
| | |
Pharmaceuticals (2.7%) | |
| | | |
| | |
Alkem Laboratories Ltd. | |
| 84,438 | | |
| 3,661 | |
Mankind Pharma Ltd. (a) | |
| 178,280 | | |
| 3,845 | |
| |
| | | |
| 7,506 | |
Real Estate Management & Development (2.0%) | |
| | | |
| | |
Keystone Realtors Ltd. (a) | |
| 556,139 | | |
| 3,759 | |
Sobha Ltd. | |
| 204,197 | | |
| 1,731 | |
| |
| | | |
| 5,490 | |
TOTAL COMMON
STOCKS (Cost $206,294) | |
| | | |
| 276,229 | |
Morgan Stanley India Investment Fund, Inc.
Third Quarter Report – September 30,
2023 (unaudited)
Portfolio of Investments (cont'd)
| |
Shares | | |
Value (000) | |
SHORT-TERM INVESTMENT (0.7%) | |
| | | |
| | |
Investment Company (0.7%) | |
| | | |
| | |
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (c) (Cost $2,006) | |
| 2,006,419 | | |
$ | 2,006 | |
TOTAL INVESTMENTS
(99.7%) (Cost $208,300) (d)(e)(f) | |
| | | |
| 278,235 | |
OTHER ASSETS IN EXCESS OF LIABILITIES (0.3%) | |
| | | |
| 761 | |
NET ASSETS (100.0%) | |
| | | |
$ | 278,996 | |
(a) |
Non-income producing security. |
(b) |
This security is subject to restriction on resale and at September 30, 2023 amounts to approximately $3,780,000 and represents 1.4% of net assets. |
(c) |
The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds. |
(d) |
The approximate fair value and percentage of net assets, $267,192,000 and 95.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
(e) |
The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
(f) |
At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $75,014,000 and the aggregate gross unrealized depreciation is approximately $5,079,000, resulting in net unrealized appreciation of approximately $69,935,000. |
REIT |
Real
Estate Investment Trust. |
Classification | |
Percentage of Total Investments | |
Other* | |
| 28.3 | % |
Banks | |
| 23.5 | |
Consumer Finance | |
| 10.7 | |
Information Technology Services | |
| 8.3 | |
Insurance | |
| 6.4 | |
Hotels, Restaurants & Leisure | |
| 6.0 | |
Construction & Engineering | |
| 5.9 | |
Automobiles | |
| 5.9 | |
Oil, Gas & Consumable Fuels | |
| 5.0 | |
Total Investments | |
| 100.0 | % |
* |
Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley
India Investment Fund, Inc.
Third Quarter Report — September 30,
2023 (unaudited)
Notes to the Portfolio of Investments
Security
Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price
(or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given
day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid
and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest
bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the
exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases
where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all
other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at
the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there
was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security
is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets.
An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are
unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed
income securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Directors (the “Directors”).
The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market
data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment
Management Company (“MSIM Company”) (the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines
that the price provided by the outside pricing service/vendor does not reflect the security’s fair value or is unable to provide
a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and
asked prices obtained from brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under
the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the
mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued
at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Occasionally,
developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities
are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange
(“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such
valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith
by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (5) foreign exchange transactions
(“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent
pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including
the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
In connection with Rule 2a-5 of the Act, the Directors have designated
the Fund's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual
calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors,
the Fund's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation
Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually
by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument
dealers and other market sources to determine fair value.
Fair Value
Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC")
820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset
or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier
hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability
developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that
reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed
based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements
for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the
three broad levels listed below:
|
· | Level 1 – unadjusted quoted prices in active markets for
identical investments |
|
| |
|
· | Level 2 – other significant observable inputs (including
quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
|
| |
|
· | Level 3 – significant unobservable inputs including the
Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include,
but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded
securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning
other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities and the determination of the significance of a particular input
to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley
India Investment Fund, Inc.
Third Quarter Report — September 30,
2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s
investments as of September 30, 2023:
Investment Type | |
Level 1 Unadjusted Quoted Prices (000) | | |
Level 2 Other Significant Observable Inputs (000) | | |
Level 3 Significant Unobservable Inputs (000) | | |
Total (000) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Common Stocks | |
| | | |
| | | |
| | | |
| | |
Air Freight & Logistics | |
$ | — | | |
$ | 3,552 | | |
$ | — | | |
$ | 3,552 | |
Automobile Components | |
| — | | |
| 5,690 | | |
| — | | |
| 5,690 | |
Automobiles | |
| — | | |
| 16,383 | | |
| — | | |
| 16,383 | |
Banks | |
| — | | |
| 65,514 | | |
| — | | |
| 65,514 | |
Beverages | |
| — | | |
| 4,911 | | |
| — | | |
| 4,911 | |
Capital Markets | |
| — | | |
| 4,162 | | |
| — | | |
| 4,162 | |
Chemicals | |
| — | | |
| 10,148 | | |
| — | | |
| 10,148 | |
Commercial Services | |
| — | | |
| 3,780 | | |
| — | | |
| 3,780 | |
Construction & Engineering | |
| — | | |
| 16,547 | | |
| — | | |
| 16,547 | |
Consumer Finance | |
| — | | |
| 29,671 | | |
| — | | |
| 29,671 | |
Financial Services | |
| — | | |
| 5,408 | | |
| — | | |
| 5,408 | |
Food Products | |
| — | | |
| 2,888 | | |
| — | | |
| 2,888 | |
Health Care Providers & Services | |
| — | | |
| 6,158 | | |
| — | | |
| 6,158 | |
Hotels, Restaurants & Leisure | |
| 5,257 | | |
| 11,540 | | |
| — | | |
| 16,797 | |
Household Durables | |
| — | | |
| 5,297 | | |
| — | | |
| 5,297 | |
Information Technology Services | |
| — | | |
| 23,025 | | |
| — | | |
| 23,025 | |
Insurance | |
| — | | |
| 17,818 | | |
| — | | |
| 17,818 | |
Office REITs | |
| — | | |
| 3,490 | | |
| — | | |
| 3,490 | |
Oil, Gas & Consumable Fuels | |
| — | | |
| 13,924 | | |
| — | | |
| 13,924 | |
Personal Care Products | |
| — | | |
| 8,070 | | |
| — | | |
| 8,070 | |
Pharmaceuticals | |
| — | | |
| 7,506 | | |
| — | | |
| 7,506 | |
Real Estate Management & Development | |
| — | | |
| 5,490 | | |
| — | | |
| 5,490 | |
Total Common Stocks | |
| 5,257 | | |
| 270,972 | | |
| — | | |
| 276,229 | |
Short-Term Investment | |
| | | |
| | | |
| | | |
| | |
Investment Company | |
| 2,006 | | |
| — | | |
| — | | |
| 2,006 | |
Total Assets | |
$ | 7,263 | | |
$ | 270,972 | | |
$ | — | | |
$ | 278,235 | |
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment’s valuation changes.
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