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Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Morgan Stanley Emerg Mkts Debt Fd's forward rate of return for was -6.28%.
The historical rank and industry rank for Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) % or its related term are showing as below:
MSD'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -7.96 Med: -6.25 Max: -5.06
Current: -6.28
During the past 9 years, Morgan Stanley Emerg Mkts Debt Fd's highest Forward Rate of Return was -5.06. The lowest was -7.96. And the median was -6.25.
MSD's Forward Rate of Return (Yacktman) % is ranked worse than 81.43% of 1163
companies
in the Asset Management industry
Industry Median: 4.51
vs MSD: -6.28
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Morgan Stanley Emerg Mkts Debt Fd (NYSE:MSD) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of Book Value per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Morgan Stanley Emerg Mkts Debt Fd Forward Rate of Return (Yacktman) % Related Terms
Morgan Stanley Emerg Mkts Debt Fd Forward Rate of Return (Yacktman) % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Morgan Stanley Emerg Mkts Debt Fd Forward Rate of Return (Yacktman) % Chart
MSD vs PFD, PIM, MHF: Forward Rate of Return (Yacktman) % Comparison
For the Asset Management subindustry, Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Morgan Stanley Emerg Mkts Debt Fd Forward Rate of Return (Yacktman) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) % falls into.
Morgan Stanley Emerg Mkts Debt Fd Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Forward Rate of Return (Yacktman) % of -6.28% mean?
Morgan Stanley Emerg Mkts Debt Fd (MSD) has a Forward Rate of Return (Yacktman) % of -6.28% as of Dec. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Morgan Stanley Emerg Mkts Debt Fd and its competitors. According to the industry distribution chart, Morgan Stanley Emerg Mkts Debt Fd ranks #947 out of 1163 companies in the Asset Management industry, placing it in the top 81.4%.
Is Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) % too high?
Morgan Stanley Emerg Mkts Debt Fd's current Forward Rate of Return (Yacktman) % is -6.28%. Based on the distribution chart, Morgan Stanley Emerg Mkts Debt Fd ranks #947 out of 1163 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Morgan Stanley Emerg Mkts Debt Fd has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Morgan Stanley Emerg Mkts Debt Fd's Forward Rate of Return (Yacktman) % compare to PFD and PIM?
According to the Asset Management industry distribution chart, Morgan Stanley Emerg Mkts Debt Fd ranks #947 out of 1163 companies for Forward Rate of Return (Yacktman) %. This places Morgan Stanley Emerg Mkts Debt Fd in the lower half of its industry. The industry median Forward Rate of Return (Yacktman) % is 4.51. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for an Asset Management company?
The median Forward Rate of Return (Yacktman) % among Asset Management companies is 4.51, based on 1,163 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Morgan Stanley Emerg Mkts Debt Fd and its competitors. For the Asset Management industry, the median Forward Rate of Return (Yacktman) % is 4.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Morgan Stanley Emerg Mkts Debt Fd's current Forward Rate of Return (Yacktman) % is -6.28%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Morgan Stanley Emerg Mkts Debt Fd stock overvalued right now?
Based on GuruFocus' analysis, Morgan Stanley Emerg Mkts Debt Fd (MSD) is currently considered Modestly Undervalued. The stock's GF Value™ is $9.63, compared to a current price of $7.33 — trading 23.9% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is -6.28%. Morgan Stanley Emerg Mkts Debt Fd's overall GF Score™ is 58/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Morgan Stanley Emerg Mkts Debt Fd (MSD), the current Forward Rate of Return (Yacktman) % is -6.28% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Morgan Stanley Emerg Mkts Debt Fd (MSD) Overvalued in 2026?
Based on GuruFocus' analysis, Morgan Stanley Emerg Mkts Debt Fd stock appears to be undervalued.
The current stock price of $7.33 is trading 23.9% below its estimated GF Value™ of $9.63.
GuruFocus considers Morgan Stanley Emerg Mkts Debt Fd to be Modestly Undervalued.
Key valuation signals for MSD:
Forward Rate of Return (Yacktman) %: -6.28%
GF Value™: $9.63 vs. price of $7.33 (23.9% below fair value)
No single metric tells the full story. See the MSD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Morgan Stanley Emerg Mkts Debt Fd Inc is a diversified, closed-end management investment company. The Fund's primary investment objective is to produce high current income and as a secondary objective to seek capital appreciation, through investments mainly in debt securities of government and government-related issuers located in emerging countries, of entities organized to restructure the outstanding debt of such issuers and debt securities of corporate issuers in or organized under the laws of emerging countries.
58GF Score
Get the complete analysis for MSD
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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