Morgan Stanley10 Themes For 2024Edward Stanley, Matias OvrumEquity StrategistsMorgan Stanley & Co. International plc+Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section. Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.All information as of December 31st 2023January 2, 2024 05:00 PM GMT2Cross Asset Relative PerformanceSource: Morningstar, Oliver Wyman, Morgan Stanley Research1999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023US Venture 163%Global Commodity21.08%US Real Estate 11.51%Global Commodity23.90%US Venture 63.13%US Real Estate 37.96%EM Equity 34%US Real Estate 42.12%EM Equity 39.38%US Fixed Income 5.24%EM Equity 78.51%Small Cap US Equity 26.85%US Fixed Income 7.84%US Real Estate 27.73%US Venture 48.82%US Venture 25.11%US Venture 23.19%Small Cap US Equity 21.31%US Venture 55.82%US Venture 8.52%US Venture 53.66%US Venture 67.91%US Venture 23.15%Global Commodity13.75%US Venture 55.44%EM Equity 63.70%US Real Estate 12.75%US Fixed Income 9.19%Global Fixed 22.37%EM Equity 55.82%EM Equity 25.55%Global Commodity17.50%EM Equity 32.17%US Venture 27.37%Global Fixed 4.39%US High Yield 58.21%US Real Estate 19.63%US High Yield 4.98%US Venture 20.67%Small Cap US Equity 38.82%US Real Estate 15.02%Large Cap US Equity 1.38%US High Yield 17.13%EM Equity 37.28%Cash 1.87%Large Cap US Equity 31.49%Small Cap US Equity 19.96%Large Cap US Equity 28.71%Cash -1.75%Large Cap US Equity 24.73%DM ex-U.S. Equity 23.67%US Fixed Income 10.86%Small Cap US Equity 5.62%US Fixed Income 10.26%Small Cap US Equity 47.25%DM ex-U.S. Equity 20.38%US Real Estate 15.35%DM ex-U.S. Equity 25.17%DM ex-U.S. Equity 12.44%Cash 2.06%US Venture 54.73%EM Equity 18.88%Global Fixed 4.36%EM Equity 18.23%Large Cap US Equity 32.39%Large Cap US Equity 13.69%US Fixed Income 0.55%Large Cap US Equity 11.96%DM ex-U.S. Equity 24.21%US Fixed Income 0.01%Small Cap US Equity 25.52%Large Cap US Equity 18.40%Global Commodity27.1%US High Yield -10.98%Small Cap US Equity 16.35%Small Cap US Equity 19.77%Global Fixed 4.02%US High Yield 5.09%US Real Estate 2.82%US Real Estate 40.69%Small Cap US Equity 18.33%DM ex-U.S. Equity 14.47%Small Cap US Equity 18.37%Global Fixed 11.03%US High Yield -26.16%US Real Estate 37.13%Global Commodity16.70%US Venture 2.39%DM ex-U.S. Equity 16.41%DM ex-U.S. Equity 21.02%U...
