compared to the MSCI World Index, Consumer Staples is now at a near 25-year low in terms of relative valuation and its lowest weight in the index this century.

Investing in a portfolio of high-quality compounders – well managed companies with sustainably high returns on operating capital - can result in strong returns and the potential to outperform traditional equity indices.

Morgan Stanley Engage report covers the engagement activities of the International Equity Team, acting on behalf of its clients in the strategies managed.