CAF - Morgan Stanley China A Share Fund
A closed-end fund run by Morgan Stanley. Invests outside the U.S. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- City of London owns 34.4% as a passive investor. On file since Feb 9, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
July 24, 2026
City of London cut its stake to 34.4% (from 36.2%), as a passive investor.
Original document → -
April 2, 2026
The buy-back ended; the fund paid $19.1287 a share.
Original document → -
April 1, 2026
The buy-back ended; an early count says holders offered 85.8% of all shares.
Original document → -
March 3, 2026
The fund offered to buy back 20% of its shares at 98.5% of value, until March 31, 2026.
Original document → -
Dec 5, 2025
The fund offered to buy back 20% of its shares at 98.5% of value, until March 31, 2026.
Original document →
Show all 12 events
-
Nov 14, 2025
City of London raised its stake to 36.2% (from 35%), as a passive investor.
Original document → -
Aug 8, 2025
City of London raised its stake to 35% (from 31.6%), as a passive investor.
Original document → -
May 15, 2025
1607 Capital sold down below 5% and stopped reporting.
Original document → -
Feb 14, 2025
City of London cut its stake to 31.6% (from 32.8%), as a passive investor.
Original document → -
Nov 14, 2024
City of London cut its stake to 32.8% (from 33.9%), as a passive investor.
Original document → -
Feb 9, 2024
City of London now owns 33.9%, as a passive investor.
Original document → -
Feb 8, 2024
1607 Capital now owns 6.2%, as a passive investor.
Original document →
About this fund
- Run by Morgan Stanley Investment Management Inc. Part of the Morgan Stanley fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Size: about $337 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 1.2% a year in management fees; 1.5% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.26 a share, all of it income. As of Dec 31, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Dec 31, 2025): $19.62. The shares traded at $17.36, about 11.5% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: up 20.2% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +55%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +27%. How the share price did: the shares returned +41.4% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 2006.
What the fund holds
Almost all shares (100%). About 0% issued in the U.S.
- Zhongji Innolight - 6%
- Advanced Micro-Fabrication Equipment Inc China - 5.4%
- Hua Hong Grace Semiconductor - 5%
- Contemporary Amperex Technology - 4.4%
- Montage Technology - 4.2%
- NAURA Technology Group - 4.1%
- Eoptolink Technology - 4%
- China Merchants Bank - 2.6%
- JCET Group - 2.6%
- CITIC Securities - 2.5%
Show all 25
- Zijin Mining Group - 2.5%
- Cambricon Technologies - 2.4%
- Han's Laser Technology Industry Group - 2.2%
- WuXi AppTec - 2%
- China Yangtze Power - 2%
- Bank of Jiangsu - 1.9%
- Midea Group - 1.8%
- Ping An Insurance Group Co of China - 1.7%
- Huatai Securities - 1.6%
- China International Capital - 1.6%
- Foxconn Industrial Internet - 1.6%
- Hygon Information Technology - 1.6%
- Victory Giant Technology Huizhou - 1.6%
- China Construction Bank - 1.5%
- Kweichow Moutai - 1.5%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| July 24, 2026 | City of London | 34.4% | Updated notice |
| Nov 14, 2025 | City of London | 36.2% | Updated notice |
| Aug 8, 2025 | City of London | 35% | Updated notice |
| May 15, 2025 | 1607 Capital | 4.4% | Sold down below 5% |
| Feb 14, 2025 | City of London | 31.6% | Updated notice |
| Nov 14, 2024 | City of London | 32.8% | Updated notice |
| Feb 9, 2024 | City of London | 33.9% | Updated notice |
| Feb 8, 2024 | 1607 Capital | 6.2% | Updated notice |
| Date | What | Deadline | Document |
|---|---|---|---|
| April 2, 2026 | Buy-back results | none | Original document → |
| April 1, 2026 | Buy-back results | none | Original document → |
| March 3, 2026 | Offer to buy back shares | March 31, 2026 | Original document → |
| Dec 5, 2025 | Offer to buy back shares | March 31, 2026 | Original document → |
- Run by
- Morgan Stanley Investment Management Inc.
- Fund family
- Morgan Stanley Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-21926
- Auditor
- Ernst & Young LLP
- Fiscal year end
- Dec 31, 2025
- Number of holdings
- 74
- Preferred share classes
- none
Email me when something new is filed for CAF
Free. One email per notice or announcement, usually within a day. No password.