Morgan Stanley Asia-Pacific Fund, Inc.Find Ratings Reports
- Last Ratings Update:04/30/2018
- Price as of 04/30/2018 :$17.87
- Net Assets:$278.26 Million
- Peer Rank:221 of 335
- Investment Rating:C-
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 3.70% since inception. More recently, the fund has generated a total return of 3.26% in the last five years, 3.63% in the last three years, and 13.36% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 42% of them. It has also outpaced 44% of its competitors on a three year basis and 68% of them over the last year for the period ending 4/30/2018. On a year to date basis, APF has returned -3.15%.
Downside risk has been below average. APF has a draw down risk of -25.41%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 16.1%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 4/30/2018, the fund was trading at a price of $17.87, which is 2.9% below its 52-week high of $18.40 and 1.8% above its 52-week low of $17.56.
High expense ratio hinders performance. On total assets of $278.26 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 tenure is a net positive but 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 the last 6 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 39% of other fund managers.