Morgan StanleyFind Ratings Reports
- Last Ratings Update:06/30/2017
- Price as of 06/30/2017 :$16.63
- Net Assets:$214.76 Million
- Peer Rank:194 of 360
- 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 3.48% since inception. More recently, the fund has generated a total return of 6.41% in the last five years, 2.52% in the last three years, and 21.32% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 49% of them. It has also outpaced 41% of its competitors on a three year basis and 76% of them over the last year for the period ending 6/30/2017. On a year to date basis, APF has returned 23.19%.
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 15.9%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 6/30/2017, the fund was trading at a price of $16.63, which is 0.6% below its 52-week high of $16.73 and 2.1% above its 52-week low of $16.28.
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 69% of other fund managers.