MS Asia-Pacific Fund Inc.

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APF : NYSE : Financial
$16.38 | %
Today's Range: 16.2955 - 16.39
Avg. Daily Volume: 24900.0
05/26/17 - 2:56 PM ET
  • Last Ratings Update:04/30/2017
  • Price as of 04/30/2017 :$15.85
  • Net Assets:$214.76 Million
  • NAV:$18.06
  • Premium-12.24%
  •   
  • Peer Rank:155 of 353
  • Investment Rating:C
  • Performance:C
  • RiskC+
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SUMMARY


We rate Morgan Stanley Asia Pacific Fund at C. Positive factors that influence this rating include a low price volatility 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 below peers over the last three years. The Morgan Stanley Asia Pacific Fund has returned an annual rate of 3.28% since inception. More recently, the fund has generated a total return of 4.87% in the last five years, 2.96% in the last three years, and 18.15% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 41% of them. It has also outpaced 41% of its competitors on a three year basis and 68% of them over the last year for the period ending 4/30/2017. On a year to date basis, APF has returned 17.37%.

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 16.0%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 4/30/2017, the fund was trading at a price of $15.85, which is 0.0% below its 52-week high of $15.85 and 9.5% above its 52-week low of $14.47.

High expense ratio hinders performance. On total assets of $214.76 million, APF maintains a high expense ratio compared to its Non-US Equity peers of 1.23% 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 but performance is a net positive. 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 70% of other fund managers.


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