In plain terms — Morgan Stanley China A Share Fund
Shares currently cost about 17.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 14.3% discount, so today's level is not wide for this fund (Z-score -1.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 1.9% a year of the share price (1.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.22 of assets — a ReinvestCapture™ rate of 2.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 13.0% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -16.12% | 1.20% | -0.33 | 55 |
| 6 months | -15.74% | 1.34% | -0.57 | 107 |
| 1 year | -14.32% | 2.23% | -0.98 | 205 |
| 3 years | -16.50% | — | — | — |
| 5 years | -16.16% | — | — | — |
Current contemporaneous premium/discount -16.51% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -18.56% to -9.38%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -9.60% | -21.36% | -4.55% | +2.16% | +10.55% | -4.73% |
| Market price total return | -9.60% | -21.36% | -4.55% | +3.73% | +12.44% | -2.52% |
| NAV return | -5.39% | -15.26% | +5.61% | +11.46% | +10.90% | -3.01% |
| NAV total return | -5.39% | -15.26% | +5.61% | +12.97% | +12.51% | -1.13% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Morgan Stanley China A Share Fund, Inc. is a closed ended equity mutual fund launched and managed by Morgan Stanley Investment Management Inc. It is co-managed by Morgan Stanley Investment Management Company. The fund invests in the public equity markets of China. It seeks to invest in the stocks of companies operating across diversified sectors. The fund invests in the growth stocks of companies. It employs fundamental analysis with bottom-up stock picking approach to create its portfolio. The fund benchmarks the performance of its portfolio against the Morgan Stanley Capital International China A Share Index. Morgan Stanley China A Share Fund, Inc. was formed on July 6, 2006 and is domiciled in the United States.
CEF Explorer research page for Morgan Stanley China A Share Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.