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Would you be interested in a fund whose average annual return for the past three years is 70%? What if it was also up 20% in the past 3 months? We can’t blame you for being tempted. We can though, encourage you to look beneath the surface.

The fund in reference is The Turkish Investment Fund (NYSE:TKF), a closed end fund managed by Morgan Stanley in exchange for a 1.58% expense ratio. TKF's objective is long term capital appreciation, and according the fund’s website, “under normal circumstances, at least 80% of the Fund's net assets will be invested in equity securities of Turkish companies.

Source: The Turkish Investment Closed-End Fund -- A Closer Look (CEF: TKF)