Overview

Historical Returns (%) as of Mar 31, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Fund Facts as of Apr 30, 2022

Class A Inception 10/28/1992
Investment Objective Long-term capital appreciation
Total Net Assets $66.7M
Minimum Investment $1000
Expense Ratio2 1.43%
CUSIP 277902201

Top 10 Holdings (%)3,4 as of Mar 31, 2022

Taiwan Semiconductor Manufacturing Co Ltd 16.29
AIA Group Ltd 13.64
Tencent Holdings Ltd 12.83
Meituan 3.18
China Mengniu Dairy Co Ltd 3.05
Wuxi Biologics Cayman Inc 2.87
China Merchants Bank Co Ltd 2.80
ANTA Sports Products Ltd 2.38
China Tourism Group Duty Free Corp Ltd 2.33
PINDUODUO INC-ADR 2.21
Total 61.59
 

Morningstar Rating™ as of Apr 30, 2022

Time Period Rating Funds in
China Region
Category
Overall 91
3 Years 91
5 Years 71
10 Years 50
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. China region economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in that region. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Mar 31, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 22.69 15.47 -0.80 -5.01 1.73 49.38 -9.97 23.24 25.13 -9.64
MSCI Golden Dragon Index1 22.19 6.89 7.72 -7.43 5.40 43.79 -14.80 23.78 28.17 -9.47
 

Fund Facts

Expense Ratio2 1.43%
Class A Inception 10/28/1992
Distribution Frequency Annually

Risk Measures (3 Year)6 as of Apr 30, 2022

Alpha (%) -2.91
Beta 0.85
R-Squared (%) 84.43
Standard Deviation (%) 17.04
Sharpe Ratio -0.18
 

Morningstar Rating™ as of Apr 30, 2022

Time Period Rating Funds in
China Region
Category
Overall 91
3 Years 91
5 Years 71
10 Years 50
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
May 20, 2022 $18.63 $0.11
May 19, 2022 $18.52 $0.18
May 18, 2022 $18.34 -$0.37
May 17, 2022 $18.71 $0.48
May 16, 2022 $18.23 $0.01
May 13, 2022 $18.22 $0.51
May 12, 2022 $17.71 $0.04
May 11, 2022 $17.67 $0.08
May 10, 2022 $17.59 $0.21
May 09, 2022 $17.38 -$0.48
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 10, 2020 $0.07220 $27.40
Dec 12, 2019 $0.07440 $24.14
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 09, 2021 $0.01300 $1.30110 $25.23
Dec 10, 2020 $0.36620 $2.33940 $27.40
Dec 12, 2019 $0.71700 $24.14
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. China region economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in that region. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)4,8 as of Mar 31, 2022

Portfolio Statistics as of Mar 31, 2022

Number of Holdings 34
Active Share9 67.41%
 

GICS Sector Breakdown (%)4 as of Mar 31, 2022

Assets by Country (%)4 as of Mar 31, 2022

China 59.09
Taiwan 16.29
Hong Kong 15.55
Macao 1.35
Cash & Other Assets 7.72
Total 100.00
 

Geographic Mix (%)4 as of Mar 31, 2022

Asia/Pacific 92.28
Cash & Other Assets 7.72
Total 100.00
 

Fund Holdings (%)4,10 as of Mar 31, 2022

Holding % of Net Assets
Taiwan Semiconductor Manufacturing Co Ltd 16.19%
AIA Group Ltd 13.55%
Tencent Holdings Ltd 12.75%
EV Cash Reserves Fund LLC 7.67%
Meituan 3.16%
China Mengniu Dairy Co Ltd 3.03%
Wuxi Biologics Cayman Inc 2.85%
China Merchants Bank Co Ltd 2.78%
ANTA Sports Products Ltd 2.37%
China Tourism Group Duty Free Corp Ltd 2.32%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. China region economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in that region. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Amay Hattangadi, CFA

Managing Director of MSIM Company
Joined Morgan Stanley in 1997

Biography

Amay Hattangadi is an investor on the Global Emerging Markets team, and a portfolio manager for the Emerging Markets Core strategies. He is also a portfolio manager for the Asia Equity and India Equity strategies.

He joined Morgan Stanley in 1997 and has 24 years of investment experience.

Amay received a Bachelor of Commerce degree from the University of Mumbai. He is an Associate Member of the Institute of Chartered Accountants of India. He holds the Charted Financial Analyst designation.

Education
  • Bachelor of Commerce, University of Mumbai

Experience
  • Managed Fund since 2021

 

Leon Sun, CFA

Managing Director of Morgan Stanley Asia Limited
Joined Morgan Stanley in 2021

Biography

Leon Sun is an investor on the Emerging Markets Equity team, and the lead portfolio manager for the China strategies. Leon is also a co-portfolio manager for the Asia Equity strategies.

He joined Morgan Stanley in 2021 and has 23 years of investment experience. Prior to joining the firm, he worked as a senior portfolio manager and head of investment for China and Hong Kong at Nomura Asset Management. He was also an investment analyst at Martin Currie and a credit officer at Bank of China.

Leon received a B.A. in English from Shanghai International Studies University and a M.Sc. in finance and investment from The University of Edinburgh. He holds the Chartered Financial Analyst designation.

Education
  • Bachelor of Arts in English, Shanghai International Studies University
  • MS in Finance and Investment, University of Edinburgh

Experience
  • Managed Fund since 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2022

Annual Report

Download Annual Report - Last updated: Aug 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: Jan 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Nov 30, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: May 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jan 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Feb 28, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Jan 1, 2022