Overview

Historical Returns (%) as of Sep 30, 2021

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: 5.75%.
 

Fund Facts as of Oct 31, 2021

Class A Inception 10/28/1992
Investment Objective Long-term capital appreciation
Total Net Assets $103.0M
Minimum Investment $1000
Expense Ratio2 1.50%
CUSIP 277902201

Top 10 Holdings (%)3,4 as of Sep 30, 2021

AIA Group Ltd 9.52
Tencent Holdings Ltd 8.71
Taiwan Semiconductor Manufacturing Co Ltd 8.29
Haier Smart Home Co Ltd 5.36
Hong Kong Exchanges & Clearing Ltd 4.23
Ping An Insurance Group Co of China Ltd 3.41
Inner Mongolia Yili Industrial Group Co Ltd 3.37
China Mengniu Dairy Co Ltd 3.31
Link REIT 3.01
TravelSky Technology Ltd 2.94
Total 52.16
 

Morningstar Rating™ as of Oct 31, 2021

Time Period Rating Funds in
China Region
Category
Overall 88
3 Years 88
5 Years 72
10 Years 53
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.

©2021 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 Sep 30, 2021

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: 5.75%.
 

Calendar Year Returns (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV -22.89 22.69 15.47 -0.80 -5.01 1.73 49.38 -9.97 23.24 25.13
MSCI Golden Dragon Index1 -18.67 22.19 6.89 7.72 -7.43 5.40 43.79 -14.80 23.78 28.17
 

Fund Facts

Expense Ratio2 1.50%
Class A Inception 10/28/1992
Distribution Frequency Annually

Risk Measures (3 Year)6 as of Oct 31, 2021

Alpha (%) 2.13
Beta 0.80
R-Squared (%) 89.06
Standard Deviation (%) 15.62
Sharpe Ratio 0.85
 

Morningstar Rating™ as of Oct 31, 2021

Time Period Rating Funds in
China Region
Category
Overall 88
3 Years 88
5 Years 72
10 Years 53
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.

©2021 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
Nov 24, 2021 $26.60 $0.14
Nov 23, 2021 $26.46 -$0.20
Nov 22, 2021 $26.66 -$0.17
Nov 19, 2021 $26.83 $0.17
Nov 18, 2021 $26.66 -$0.39
Nov 17, 2021 $27.05 -$0.17
Nov 16, 2021 $27.22 $0.38
Nov 15, 2021 $26.84 $0.18
Nov 12, 2021 $26.66 $0.05
Nov 11, 2021 $26.61 $0.46
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 10, 2020 $0.07220 $27.40
Dec 12, 2019 $0.07440 $24.14
Dec 13, 2018 $0.15330 $21.16
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 10, 2020 $0.36620 $2.33940 $27.40
Dec 12, 2019 $0.71700 $24.14
Dec 13, 2018 $1.90450 $21.16
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 Sep 30, 2021

Portfolio Statistics as of Sep 30, 2021

Number of Holdings 36
Active Share9 74.35%
 

GICS Sector Breakdown (%)4 as of Sep 30, 2021

Assets by Country (%)4 as of Sep 30, 2021

China 61.86
Hong Kong 16.76
Taiwan 15.18
Macao 1.08
Cash & Other Assets 5.12
Total 100.00
 

Geographic Mix (%)4 as of Sep 30, 2021

Asia/Pacific 94.88
Cash & Other Assets 5.12
Total 100.00
 

Fund Holdings (%)4,10 as of Sep 30, 2021

Holding % of Net Assets
AIA Group Ltd 9.53%
Tencent Holdings Ltd 8.73%
Taiwan Semiconductor Manufacturing Co Ltd 8.31%
Haier Smart Home Co Ltd 5.37%
United States Dollar 4.73%
Hong Kong Exchanges & Clearing Ltd 4.24%
Ping An Insurance Group Co of China Ltd 3.41%
Inner Mongolia Yili Industrial Group Co Ltd 3.38%
China Mengniu Dairy Co Ltd 3.32%
Link REIT 3.02%
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

Managing Director of MSIM Company
Joined Morgan Stanley in 1997

Biography

Education
  • Bachelor of Commerce, University of Mumbai

Experience
  • Managed Fund since 2021

 

Leon Sun

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

Biography

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: Sep 30, 2021

Annual Report

Download Annual Report - Last updated: Aug 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: Jan 1, 2021

Q1 Holdings

Download Q1 Holdings - Last updated: Nov 30, 2020

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, 2021

Semi-Annual Report

Download Semi-Annual Report - Last updated: Feb 28, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Jan 1, 2021