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Strategies & Market Trends : Thai Funds

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To: MCsweet who wrote (60)	1/28/1998 10:34:00 PM
From: Polartee	Read Replies (1) of 107

According to Malaysia Fund's latest report from EDGAR database: sec.gov "Prior governmental approval for foreign investments may be required under certain circumstances in some emerging markets, and foreign ownership limitations may also be imposed by the charters of individual companies in such markets. As a result, an additional class of shares designated as "foreign" may be created and offered for investment. The "local" and "foreign" shares' market values may vary." which was the only reference I saw to foreign vs. local shares. You raise an interesting possibility about how NAV is calculated. I don't think MF would do it the way you suggest because they would not want to understate their NAV. If foreign shares are trading above their local equivalent, why would the fund sell into the local market? They wouldn't. They would sell into the foreign market to realize greater profit, so it makes sense to calculate NAV based on the foreign value. This seems logical but there's no certainty that the closed end fund does its NAV calculation this way. You could call 1-800-221-6726 to find out from Morgan Stanley Asset Management. If I get time during the day, I'll call them myself. John

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