Morgan Stanley Asia-Pacific Fund, Inc.

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APF : NYSE :
$14.04 up 0.05 | 0.36%
Today's Range: 13.98 - 14.08
Avg. Daily Volume: 0
01/20/17 - 11:07 AM ET
  • Last Ratings Update:12/31/2016
  • Price as of 12/31/2016 :$13.50
  • Net Assets:$215.59 Million
  • NAV:$15.65
  • Premium-13.74%
  •   
  • Peer Rank:258 of 346
  • Investment Rating:D
  • Performance:D
  • RiskC+
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SUMMARY


We rate Morgan Stanley Asia Pacific Fund at D. Negative factors that influence this rating include a well below average total return. 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 well below peers over the last three years. The Morgan Stanley Asia Pacific Fund has returned an annual rate of 2.60% since inception. More recently, the fund has generated a total return of 2.57% in the last five years, -3.27% in the last three years, and -1.32% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 32% of them. It has also outpaced 22% of its competitors on a three year basis and 17% of them over the last year for the period ending 12/31/2016. On a year to date basis, APF has returned -1.32%.

Downside risk has been below average. APF has a draw down risk of -29.08%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 16.3%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 12/31/2016, the fund was trading at a price of $13.50, which is 2.9% below its 52-week high of $13.90 and 5.5% above its 52-week low of $12.80.

High expense ratio hinders performance. On total assets of $215.59 million, APF maintains a high expense ratio compared to its Non-US Equity peers of 1.29% 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 5 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 34% of other fund managers.


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