- Issuer
- Morgan Stanley
- Inception Date
- Jul 6, 2006
- Category
- China Equities
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
CAF Performance Chart
Morgan Stanley China A Share Fund (CAF) is up 12.4% since the beginning of the year. CAF is currently trading at $20 per share. Investors who bought $1,000 worth of CAF shares 5 years ago would now be looking at an investment worth $957.
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Returns By Period
Morgan Stanley China A Share Fund (CAF) has returned 12.38% so far this year and 46.13% over the past 12 months. Over the last ten years, CAF has returned 5.92% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Morgan Stanley China A Share Fund
- 1D
- -1.61%
- 1M
- -0.20%
- YTD
- 12.38%
- 6M
- 17.46%
- 1Y
- 46.13%
- 3Y*
- 15.75%
- 5Y*
- -0.87%
- 10Y*
- 5.92%
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
CAF Monthly Returns History
Based on dividend-adjusted daily data since Sep 28, 2006, CAF's average daily return is +0.06%, while the average monthly return is +1.09%. At this rate, an investment would double in approximately 5.3 years.
Historically, 54% of months were positive and 46% were negative. The best month was Dec 2006 with a return of +35.3%, while the worst month was Oct 2008 at -25.3%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CAF closed higher 50% of trading days. The best single day was Oct 13, 2008 with a return of +20.9%, while the worst single day was Sep 17, 2008 at -14.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.70% | -0.54% | -4.11% | 7.77% | 6.73% | -3.08% | 12.38% | ||||||
| 2025 | 0.56% | 0.72% | 3.65% | -3.44% | 2.93% | 5.97% | 2.64% | 9.26% | 7.77% | 1.98% | -6.60% | 11.17% | 41.51% |
| 2024 | -4.08% | 0.33% | -1.79% | 1.08% | -0.58% | -2.89% | -2.38% | 3.31% | 14.26% | -5.98% | -1.89% | 2.35% | 0.34% |
| 2023 | 14.79% | -10.92% | -1.10% | -3.27% | -7.78% | -0.78% | 6.85% | -6.19% | -2.20% | -5.30% | 2.71% | 6.16% | -9.39% |
| 2022 | -7.30% | -3.91% | -10.07% | -6.36% | -0.46% | 11.09% | -6.38% | -6.75% | -8.59% | -9.62% | 14.91% | 1.23% | -30.41% |
| 2021 | -3.25% | 3.55% | 1.62% | 1.37% | 3.41% | -3.26% | -9.14% | -0.87% | 1.89% | 0.62% | -0.85% | 3.90% | -1.77% |
Benchmark Metrics
Morgan Stanley China A Share Fund has an annualized alpha of 4.76%, beta of 0.90, and R2 of 0.28 versus S&P 500 Index. Calculated based on daily prices since September 28, 2006.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (73.98%) than losses (70.80%) - typical of diversified or defensive assets.
- R2 of 0.28 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.76%
- Beta
- 0.90
- R²
- 0.28
- Upside Capture
- 73.98%
- Downside Capture
- 70.80%
Expense Ratio
CAF has a high expense ratio of 1.67%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CAF ranks 77 for risk / return — better than 77% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CAF | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.36 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 2.71 | +1.52 |
| Martin ratioReturn relative to average drawdown | 12.86 | 12.15 | +0.71 |
Dividends
Dividend History
Morgan Stanley China A Share Fund provided a 1.35% dividend yield over the last twelve months, with an annual payout of $0.26 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.26 | $0.26 | $0.33 | $0.12 | $0.00 | $1.34 | $2.30 | $0.82 | $1.73 | $1.22 | $0.80 | $13.34 |
Dividend yield | 1.35% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley China A Share Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 | $0.26 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.33 | $0.33 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.12 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.34 | $1.34 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Morgan Stanley China A Share Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Morgan Stanley China A Share Fund was 65.88%, occurring on Nov 6, 2008. Recovery took 1607 trading sessions.
The current Morgan Stanley China A Share Fund drawdown is 7.94%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -65.88%Nov 2008 | 1y 1mo | 6y 4mo | 7y 6moSep 2007 - Mar 2015 |
2024 bear market2024 | -49.01%Aug 2024 | 3y 2mo | — | 5y 11dJun 2021 - now |
2015 bear market2015 | -39.21%Aug 2015 | 2mo 13d | 1y 8mo | 1y 11moJun 2015 - May 2017 |
COVID crash2020 | -34.02%Mar 2020 | 2y 1mo | 9mo 1d | 2y 10moJan 2018 - Dec 2020 |
2007 correction2007 | -18.59%Mar 2007 | 2mo | 29d | 2mo 29dJan 2007 - Apr 2007 |
Drawdown Indicators
| CAF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.88% | -56.78% | -9.10% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -9.10% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -26.27% | -18.90% | -7.37% |
Max Drawdown (5Y)Largest decline over 5 years | -46.98% | -25.43% | -21.55% |
Max Drawdown (10Y)Largest decline over 10 years | -49.01% | -33.92% | -15.09% |
Current DrawdownCurrent decline from peak | -7.94% | -1.29% | -6.65% |
Average DrawdownAverage peak-to-trough decline | -25.88% | -10.72% | -15.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 2.02% | +1.58% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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