- Last Ratings Update:05/31/2015
- Price as of 05/31/2015 :$16.09
- Net Assets:$230.44 Million
- Peer Rank:105 of 291
- Investment Rating:B-
We rate Morgan Stanley Asia Pacific Fund at B-. Positive factors that influence this rating include a greater than above average total return and low expense structure. The fund invests approximately 94% of its assets in stocks and may be considered for investors seeking a Non-US Equity strategy.
POSITIVES AND RISKS
Total return ranks above peers over the last three years. The Morgan Stanley Asia Pacific Fund has returned an annual rate of 3.56% since inception. More recently, the fund has generated a total return of 7.68% in the last five years, 11.62% in the last three years, and 5.67% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 38% of them. It has also outpaced 58% of its competitors on a three year basis and 58% of them over the last year for the period ending 5/31/2015. On a year to date basis, APF has returned 8.35%.
Downside risk has been below average. APF has a draw down risk of -13.96%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 11.2%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 5/31/2015, the fund was trading at a price of $16.09, which is 2.8% below its 52-week high of $16.55 and 0.9% above its 52-week low of $15.95.
High expense ratio hinders performance. On total assets of $230.44 million, APF maintains a high expense ratio compared to its Non-US Equity peers of 1.32% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As APF is a closed end fund, it has no front end or back end load.
Manager lacks tenure and performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Morgan Stanley Asia Pacific Fund has been managed by Munib M. Madni for only 3 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 48% of other fund managers.
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