Morgan Stanley Asia-Pacific Fund, Inc. Announces Change of Investment Strategy, Benchmark and Portfolio Manager
16 January 2014 - 12:30AM
Business Wire
Morgan Stanley Asia-Pacific Fund, Inc. (NYSE:APF) (the “Fund”)
announced today that the Board has approved changing the Fund’s
investment strategy such that the Fund will continue to seek
long-term capital appreciation through Investments primarily in
equity securities of Asian-Pacific issuers and in sovereign debt,
but will no longer invest in equity securities of issuers located
in Japan (the “New Investment Strategy”). The repositioning of the
Fund’s portfolio in connection with this change in the Fund’s
investment strategy could result in the realization of taxable
capital gains. Also in connection with this change, the Board
approved changing the Fund’s benchmark from the MSCI All Country
Asia Pacific Index to the MSCI All Country Asia Pacific ex Japan
Index. Following the implementation of the New Investment Strategy,
the portfolio management team will change as Arthur Pollock will no
longer be involved in the management of the Fund and Munib Madni,
Samuel Rhee and May Yu will continue to be responsible for the
day-to-day portfolio management of the Fund.
In connection with the New Investment Strategy, the Fund may
also invest in futures contracts. A futures contract is a
standardized, exchange-traded agreement to buy or sell a specific
quantity of an underlying instrument at a specific price at a
specific future time. A decision to use futures contracts involves
the exercise of skill and judgment and even a well-conceived
futures transaction may be unsuccessful because of market behavior
or unexpected events. In addition, the prices of futures contracts
can be highly volatile, using futures contracts can lower total
return, the potential loss can exceed the Fund’s initial investment
in such contracts and there is no assurance that a liquid market
will exist at any particular time.
The Fund is a closed-end management investment company seeking
to achieve long-term capital appreciation through investments
primarily in equity securities of Asian-Pacific issuers and in debt
securities issued or guaranteed by Asian-Pacific governments or
governmental entities.
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has over 560 investment
professionals around the world and $360 billion in assets under
management or supervision as of September 30, 2013. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm’s
employees serve clients worldwide including corporations,
governments, institutions and individuals from more than 1,200
offices in 43 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
Some of the information contained in this press release may
include forward-looking statements about the expected investment
activities of the Fund. These statements provide no assurance as to
the Fund’s actual investment activities or results and
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any
sale of the securities in any state in which such offer,
solicitation or sale would be unlawful under the securities
laws of any such state.
Morgan Stanley Asia-Pacific Fund, Inc.800-231-2608
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