Asia Growth

Matthews Pacific Tiger Fund

  • Seeks alpha in Asia’s emerging economies by capitalizing on the rising Asia consumer
  • High-conviction equity portfolio focused on sustainable growth companies
  • All-cap fundamental approach driven by on-the-ground, proprietary research


Inception Date


YTD Return (USD)

(as of 28/06/2022)


Price (USD)

(as of 28/06/2022)

$366.72 million

Fund Assets

(as of 31/05/2022)


Seeks to achieve long term capital appreciation.


The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in equities of companies located in Asia, and may invest the remainder of its net assets in other permitted assets on a worldwide basis. For the purpose of this policy, Asia includes China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.


The value of an investment in the Fund can go down as well as up and possible loss of principal is a risk of investing. Investments in international, emerging and frontier market securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation, which may adversely affect the value of the Fund's assets. The Fund invests in holdings denominated in foreign currencies, and is exposed to the risk that the value of the foreign currency will increase or decrease. The Fund invests primarily in equity securities, which may result in increased volatility.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 30/04/2010
Fund Assets $366.72 million (31/05/2022)
Base Currency USD
ISIN: LU0491816475 (USD) LU0594555756 (GBP) LU0491816129 (EUR) LU1576347550 (JPY)
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia Ex Japan: Consists of all countries and markets in Asia, excluding Japan but including all developed, emerging and frontier countries and markets in Asia
Fees & Expenses
Management Fee 0.75%
Total Expense Ratio As of 31/03/2022 0.90% ( USD ) 0.90% ( GBP ) 0.90% ( EUR ) 0.90% ( JPY )


  • Monthly
  • Quarterly
  • Calendar Year
  • Rolling 12 Month
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As of 31/05/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
1.02% -8.36% -14.63% -21.31% 5.75% 4.69% 7.23% 6.21% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
0.48% -7.32% -12.28% -21.39% 6.21% 4.67% 6.60% 5.34%
Matthews Pacific Tiger Fund (GBP)
0.73% -2.52% -8.59% -11.33% 5.67% 5.11% 9.49% 8.41% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
0.10% -1.32% -5.73% -11.33% 6.22% 5.17% 8.75% 7.23%
Matthews Pacific Tiger Fund (JPY)
-0.40% 1.74% -4.96% -8.00% 11.70% 7.77% n.a. 8.95% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-0.23% 3.53% -2.01% -7.56% 12.39% 7.88% n.a. 8.95%
Matthews Pacific Tiger Fund (EUR)
-0.60% -4.21% -9.79% -10.42% 7.10% n.a. n.a. 4.96% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-1.05% -2.82% -6.88% -10.28% 7.62% n.a. n.a. 4.54%
As of 31/03/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
-3.94% -10.51% -10.51% -13.84% 5.34% 6.91% 6.78% 6.72% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-2.74% -7.95% -7.95% -14.42% 5.44% 7.05% 6.05% 5.85%
Matthews Pacific Tiger Fund (GBP)
-2.00% -8.11% -8.11% -9.64% 5.25% 5.84% 8.93% 8.59% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-0.89% -5.31% -5.31% -10.32% 5.08% 5.95% 8.12% 7.38%
Matthews Pacific Tiger Fund (JPY)
1.17% -5.49% -5.49% -5.38% 8.67% 8.73% n.a. 9.14% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
2.50% -2.98% -2.98% -5.99% 8.73% 8.90% n.a. 9.04%
Matthews Pacific Tiger Fund (EUR)
-3.05% -8.70% -8.70% -8.91% n.a. n.a. n.a. 5.68% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-1.82% -5.92% -5.92% -9.60% n.a. n.a. n.a. 5.18%
For the years ended December 31st
Name 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Matthews Pacific Tiger Fund (USD)
-3.08% 30.48% 11.18% -10.71% 39.47% -0.29% -1.91% 11.22% 4.86% 18.65%
MSCI All Country Asia ex Japan Index (USD)
-4.46% 25.36% 18.52% -14.12% 42.08% 5.76% -8.90% 5.11% 3.34% 22.70%
Matthews Pacific Tiger Fund (GBP)
-1.74% 25.96% 7.87% -5.71% 27.14% 19.96% 3.14% 18.00% 2.56% 13.54%
MSCI All Country Asia ex Japan Index (GBP)
-3.58% 21.49% 13.94% -8.78% 29.78% 26.15% -3.63% 11.65% 1.42% 17.31%
Matthews Pacific Tiger Fund (JPY)
8.30% 23.94% 9.79% -12.83% n.a. n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan (JPY)
6.56% 19.10% 17.39% -16.36% n.a. n.a. n.a. n.a. n.a. n.a.
Matthews Pacific Tiger Fund (EUR)
5.06% 19.40% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (EUR)
2.79% 15.01% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
For the period ended 31/03/2022
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Pacific Tiger Fund (USD)
-13.84% 66.84% -18.68% -2.00% 21.93% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-14.42% 57.77% -13.18% -4.95% 26.16%
Matthews Pacific Tiger Fund (GBP)
-9.64% 49.70% -13.80% 5.32% 8.15% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-10.32% 41.79% -8.76% 2.33% 12.45%
Matthews Pacific Tiger Fund (JPY)
-5.38% 70.21% -20.32% 1.97% 16.12% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-5.99% 61.49% -15.32% -1.07% 20.40%
Matthews Pacific Tiger Fund (EUR)
-8.91% 55.80% n.a. n.a. n.a. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-9.60% 47.29% n.a. n.a. n.a.

Source: Brown Brothers Harriman (Luxembourg) S.C.A.

Since inception performance for share classes with less than one year of history represents actual performance, not annualised. In addition, for share classes less than a year old, Year to Date Return is calculated since inception. Where no past performance is shown there was insufficient data available in that year to provide performance.

Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of management fees and other expenses. Performance data has been calculated in the respective currencies stated above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

All performance quoted represents past performance and is not indicative of future performance. Investors may not get back the full amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal.

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Portfolio Characteristics

(as of 31/05/2022)
Fund Benchmark
Number of Positions 61 1,217
Weighted Average Market Cap $113.4 billion $121.8 billion
Active Share 69.0 n.a.
P/E using FY1 estimates 18.5x 11.9x
P/E using FY2 estimates 15.7x 11.0x
Price/Cash Flow 13.7 7.3
Price/Book 3.0 1.6
Return On Equity 16.5 15.1
EPS Growth (3 Yr) 15.5% 15.9%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/05/2022)
Upside Capture
Downside Capture
Sharpe Ratio
Information Ratio
Tracking Error

Fund Risk Metrics are reflective of Class I USD ACC shares.

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/05/2022)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 7.7
Tencent Holdings, Ltd. Communication Services China/Hong Kong 4.5
Central Pattana Public Co., Ltd. Real Estate Thailand 3.5
Samsung Electronics Co., Ltd. Information Technology South Korea 3.5
Meituan Consumer Discretionary China/Hong Kong 2.9
ICICI Bank, Ltd. Financials India 2.7
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 2.6
CITIC Securities Co., Ltd. Financials China/Hong Kong 2.4
SM Prime Holdings, Inc. Real Estate Philippines 2.4
AIA Group, Ltd. Financials China/Hong Kong 2.4
TOTAL 34.6

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.

Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%)

(as of 31/05/2022)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit

Not all countries are included in the benchmark index(es).

Asset Type Fund
Common Equities and ADRs 96.9
Cash and Other Assets, Less Liabilities 3.1

Source: FactSet Research Systems.

Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.


  • 3 YEAR
  • 5 YEAR
  • 10 YEAR
(as of 03/02/2021)

View the Report

Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.

The Elite RatingTMsystem is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Overall Morningstar RatingTM is reflective of the noted share class. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Copyright ©2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is provided for reference purposes only.

The Overall Morningstar®️ Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

The Morningstar Analyst Rating™ is subjective in nature and reflects Morningstar's current expectations of future behavior of the fund. Morningstar does not guarantee that a fund will perform in line with its Rating. Likewise, the Rating should not be seen as a guarantee/assessment of the creditworthiness of a fund or its underlying securities and should not be used as the sole basis for making any investment decisions.

Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio Managers

Sharat  Shroff, CFA photo
Sharat Shroff, CFA

Lead Manager

Inbok  Song photo
Inbok Song

Lead Manager

Winnie  Chwang photo
Winnie Chwang


Andrew  Mattock, CFA photo
Andrew Mattock, CFA



Period ended 31 March 2022

For the quarter ending 31 March 2022, the Matthews Pacific Tiger Fund returned -10.51%, while its benchmark, the MSCI All Country Asia ex Japan Index, returned -7.95% over the same period.

Market Environment:

2022 got off to a choppy start in Asian markets, led by North Asian equities. The confluence of a spike in Covid cases and resulting policy of enforced lockdowns and uncertainties around ADR delisting dragged down Chinese equities which were the worst performing in the region.  On the flip side, rate sensitive stocks powered the Singaporean and Indonesian financials to deliver strong absolute returns in the first quarter, while Energy was the best performing sector in the region. 

Small caps managed to provide a bit of shelter although the returns were still negative during the quarter.  Asian currencies remained somewhat resilient in the face of geopolitical concerns, rising rates in the US, and spiking energy prices. 

Meanwhile, tourism- and consumption-oriented economies like Indonesia and Thailand are attracting foreign investor (FII) flows as the recovery from COVID-19 is starting to gain hold, and equity valuations in those countries remain relatively attractive.  However, other countries like India have experienced FII outflows offset by increasing allocation to equities by domestic entities. 

Performance Contributors and Detractors:

During the quarter, allocation and stock selection in India and Southeast Asia countries such as the Philippines and Indonesia contributed to relative performance, where we see sustained recovery signs in the domestic economy from the COVID-19. The largest contributor, PVR Limited, a leading film exhibition player in India, saw its share price surge after the company announced it is set to merge with Inox Leisure Limited to create the largest multiplex chain in India. Indonesia's largest automotive group, PT Astra International Tbk was another top contributor. PT Astra International Tbk continues to post strong earnings growth as demand for the automotive are recovered from the pandemic shock.

On the other hand, a combination of factors drove the negative stock selection effect during the quarter.  In particular, the continued rotation from growth towards value stocks impacted IT related holdings like Tencent and Taiwan Semiconductor Manufacturing Company.  Furthermore, the continuation of stringent COVID containment policies in China are hurting the earnings and cash flow prospects for several holdings in the portfolio like Meituan which was one of the leading detractors from relative performance. Meituan is a high-conviction holding and we believe that the recent increase in regulatory and compliance costs within the industry will increase the moat around their delivery business, while their offerings in travel, in-store marketing continue to strengthen.

The ongoing uncertainty around Chinese ADR’s also created volatility for several of the internet-oriented holdings in the portfolio causing an absolute decline in the net asset value of the portfolio.  Post the quarter-end, there were some signs that US and Chinese authorities are looking to resolve their outstanding differences on the issue of auditing process. 

Notable Portfolio Changes:

Over the quarter, we made a few changes as part of their efforts to position the portfolio for sustainable growth and at the same time to manage risks proactively, exiting a few positions by balancing between the progress in companies’ operational milestones and valuation. Kakaopay and Krafton are two examples. Compared to the demanding valuation, Kakaopay’s expected profitability path and Krafton’s newly launched game progress were delayed with weak visibility. In addition, we exited a solar glass maker, Xinyi Solar, due to its capital allocation decision. Corporate governance is the one of the most important criteria for the strategy and we believed that the capital allocation decision was unfavorable for the interest of the minority shareholders.

With some of the regulatory headwinds easing for internet platform companies in China, the team is looking to take advantage of the cheaper valuation for stocks like Meituan which have a dominant presence in their sector. 

On the flip side, some of the Indian holdings were trimmed during the quarter as valuation multiples continue to expand. 


Since the start of the year, fresh set of challenges are testing consumers and companies across Asia.  Higher energy prices may start impacting corporate profitability and eroding consumer spending power if energy prices remain elevated for an extended period.  In China, the uneven recovery from COVID-19 has delayed a recovery in consumption although the health of the consumer balance sheet remains strong, and the government is starting to offer subsidies to rejuvenate domestic spending.  In other parts of Asia, the recovery from COVID-19 is continuing to gain traction and portfolio managers believe earnings may post strong growth in coming periods.  Considering the volatility in stock prices, portfolio managers are encouraged by the combination of attractive valuations, and the prospects of steady growth across many parts of the region. 


Rolling 12 Month Returns For the period ended 31/03/2022 - I (Acc)
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Pacific Tiger Fund (USD)
-13.84% 66.84% -18.68% -2.00% 21.93% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-14.42% 57.77% -13.18% -4.95% 26.16%
Matthews Pacific Tiger Fund (GBP)
-9.64% 49.70% -13.80% 5.32% 8.15% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-10.32% 41.79% -8.76% 2.33% 12.45%
Matthews Pacific Tiger Fund (JPY)
-5.38% 70.21% -20.32% 1.97% 16.12% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-5.99% 61.49% -15.32% -1.07% 20.40%
Matthews Pacific Tiger Fund (EUR)
-8.91% 55.80% N.A. N.A. N.A. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-9.60% 47.29% N.A. N.A. N.A.

Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg


Performance figures discussed in the Fund Manager Commentary above reflect that of the Institutional Accumulation Class Shares and has been calculated in USD. Performance details provided for the Fund are based on a NAV-to-NAV basis, with any dividends reinvested, and are net of management fees and other expenses. Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information.

Information contained herein is sourced from Matthews Asia unless otherwise stated. The views and opinions in this commentary were as of the report date, subject to change and may not reflect the writer’s current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.

Investors should not invest in the Fund solely based on the information in this material alone. Please refer to the Prospectus for further details of the risk factors. 

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