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However, we're starting to look at this market," says Khiem Do, portfolio manager of the closed-end Asia Pacific Fund.
Individual investors might be better off buying the Asia Pacific Fund (APB), which is listed on the NYSE and is run by Baring Asset Management.
One of them is the $173 million Asia Pacific Fund (ex-Japan), an SEC-registered closed-end whose annualized 11% return for the past five years outpaces its benchmark MSCI AC Far East ex-Japan Index by 9 percentage points.
For the Asian region, the Scudder New Asia Fund (SAF), which also invests in Japan, sells at a 20% discount to net asset value, and the Baring Asset Managementrun Asia Pacific Fund (APB), at a 21% discount.
Its top line ($53 billion) has been growing at a 48% annual rate since 2003, and the only weakness is a slight profit margin decline, says the Asia Pacific Fund's Do.
Still others, she said, may have clients who want the Pacific fund only for diversification, because they already own a portfolio of European stocks.
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Pacific funds that exclude Japanese stocks gained 12percentt.
The team from AWI, meanwhile, will soon begin a €5 million project off Palau in the west Pacific, funded by the European Union, to take more measurements of atmospheric chemicals that will help it estimate OH levels better.
Apart from iShares MSCI EAFE (amex: EFA), which issued $459 million 1.11% of assets), the leading issuers were country-specific Pacific funds: iShares MSCI Japan (amex: EWJ) received $115 million 0.88% of assets), and iShares MSCI Singapore (amex: EWS) received $97 million 6.00% of assets).
Morgan had a rights offering on the Asia-Pacific fund in April 1996 that clipped 20% off the market value of the shares.
Here was my reasoning: Unlike Berkshire Hathaway, which has been riding the bull market in stocks like Coca-Cola and Wells Fargo, Morgan's Asia-Pacific fund has been in the dumps.
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