MSIM's baffling $400m options splurge

Funds owned or advised by the manager have spent vast sums on a USD/CNH strategy that appears not to have paid off


At first glance, the Growth Portfolio mutual fund offered by Morgan Stanley Investment Management seems fairly straightforward, holding a selection of tech-heavy US stocks like Cloudflare, Doordash and Snowflake. But over the past five years, the nearly $10 billion-asset fund has also spent $150 million on something seemingly unrelated – a string of options to buy US dollar against the renminbi, which would only pay off if the Chinese currency collapsed in value.

It’s not an isolated strategy

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: