A focus on Asia—and providing compelling investment solutions for our clients—is what we believe distinguishes us among investment managers. Our insights into investment opportunities and risks are backed by proprietary research, a collaborative culture and 30 years of experience.
The Fund seeks to achieve long-term capital appreciation while investing in companies that contribute to a sustainable future.
Sustainability
The Fund has sustainable investment as its objective within the meaning of Article 9 of SFDR. In managing the Fund, the Investment Manager will apply its ESG investment guidelines further described in “General Information Relating To Sustainability” in the main part of the Prospectus.
Strategy
The Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in equities of companies located in, or with substantial ties to, the Asia ex Japan region that the Investment Manager believes contribute positively to one or more of its sustainability focus areas. On an ancillary basis, the Fund may invest in other permitted assets on a worldwide basis. For the purpose of this policy, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Fund seeks to invest primarily in companies that the Investment Manager believes, based on its analysis, meet the
following environmental, social and governance ("ESG") standards: (1) they do not cause significant environmental or social harm; (2) they have good governance practices; and (3) they contribute to a sustainable future. In evaluating whether a company meets these ESG standards, the Investment Manager focuses on a company's contribution or potential future
contribution to positive ESG outcomes based on a variety of criteria, which may include some or all of the following: climate change mitigation and adaptation, clean environment, circular economy, or sustainable production and consumption; health and well-being, human capital development, inclusive development or enablement of sustainable development; and/or good
governance practices that demonstrate a strong commitment to integration of ESG principles.
The Fund seeks to achieve long-term capital appreciation while investing in companies that contribute to a sustainable future.
Strategy
The Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in equities of companies located in, or with substantial ties to, the Asia ex Japan region that the Investment Manager believes contribute positively to one or more of its sustainability focus areas. On an ancillary basis, the Fund may invest in other permitted assets on a worldwide basis. For the purpose of this policy, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Fund seeks to invest primarily in companies that the Investment Manager believes, based on its analysis, meet the
following environmental, social and governance ("ESG") standards: (1) they do not cause significant environmental or social harm; (2) they have good governance practices; and (3) they contribute to a sustainable future. In evaluating whether a company meets these ESG standards, the Investment Manager focuses on a company's contribution or potential future
contribution to positive ESG outcomes based on a variety of criteria, which may include some or all of the following: climate change mitigation and adaptation, clean environment, circular economy, or sustainable production and consumption; health and well-being, human capital development, inclusive development or enablement of sustainable development; and/or good
governance practices that demonstrate a strong commitment to integration of ESG principles.
Risks
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. The Investment Manager's consideration of ESG factors in making its investment decisions materially impact the investment performance of the Fund. These and other risks associated with investing in the Fund can be found in the Prospectus.
These and other risks associated with investing in the Fund can be found in the prospectus.
Performance
Monthly
Quarterly
As of 31/08/2023
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Sustainable Future Fund (USD)
-6.32%
5.36%
6.02%
5.04%
n.a.
n.a.
n.a.
1.98%
21/07/2022
MSCI All Country Asia ex Japan Index (USD)
-6.39%
2.21%
2.59%
-0.24%
n.a.
n.a.
n.a.
-0.50%
Matthews Asia Sustainable Future Fund (GBP)
-5.04%
2.67%
0.52%
-3.71%
n.a.
n.a.
n.a.
-3.51%
21/07/2022
MSCI All Country Asia ex Japan Index (GBP)
-4.95%
-0.03%
-2.61%
-8.39%
n.a.
n.a.
n.a.
-5.61%
As of 30/06/2023
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Sustainable Future Fund (USD)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
21/07/2022
MSCI All Country Asia ex Japan Index (USD)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Matthews Asia Sustainable Future Fund (GBP)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
21/07/2022
MSCI All Country Asia ex Japan Index (GBP)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
The Fund has commenced operations from 21 July 2022 and performance will not be shown until the fund has reached one year since inception.
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 31/08/2023)
Sector Allocation
Country Allocation
Market Cap Exposure
Sector
Fund
Benchmark
Difference
Information Technology
25.2
23.7
1.5
Industrials
19.8
7.3
12.5
Financials
19.7
20.7
-1.0
Health Care
11.0
3.9
7.1
Consumer Discretionary
9.2
15.1
-5.9
Real Estate
5.1
3.3
1.8
Consumer Staples
5.0
5.1
-0.1
Communication Services
4.8
9.7
-4.9
Materials
0.0
5.2
-5.2
Energy
0.0
3.7
-3.7
Utilities
0.0
2.4
-2.4
Cash and Other Assets, Less Liabilities
0.2
0.0
0.2
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Country
Fund
Benchmark
Difference
China/Hong Kong
49.5
40.6
8.9
India
21.6
17.1
4.5
Taiwan
11.0
17.2
-6.2
South Korea
10.2
14.1
-3.9
United States
3.9
0.0
3.9
Vietnam
2.2
0.0
2.2
Bangladesh
1.1
0.0
1.1
Indonesia
0.3
2.3
-2.0
Singapore
0.0
3.8
-3.8
Thailand
0.0
2.3
-2.3
Malaysia
0.0
1.6
-1.6
Philippines
0.0
0.7
-0.7
Macau
0.0
0.3
-0.3
Cash and Other Assets, Less Liabilities
0.2
0.0
0.2
Not all countries are included in the benchmark index(es).
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
25.4
59.1
-33.7
Large Cap ($10B-$25B)
15.5
19.8
-4.3
Mid Cap ($3B-$10B)
39.0
19.1
19.9
Small Cap (under $3B)
19.9
2.0
17.9
Cash and Other Assets, Less Liabilities
0.2
0.0
0.2
Source: FactSet Research Systems unless otherwise noted. 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.
ESG Characteristics
(as of 30/06/2023)
Business Involvement
Sustainability Attributes
Name
Fund
Benchmark
Difference
Controversial Weapons
Fund Coverage: 96%Benchmark Coverage: 98%
0.0
0.4
-0.4
Tobacco
Fund Coverage: 96%Benchmark Coverage: 100%
0.0
0.4
-0.4
Alcohol
Fund Coverage: 96%Benchmark Coverage: 100%
0.0
1.1
-1.1
Gambling
Fund Coverage: 96%Benchmark Coverage: 100%
0.0
0.5
-0.5
Name
Fund
Benchmark
Difference
UN Global Compact Violators
Fund Coverage: 100%Benchmark Coverage: 100%
0.0
0.7
-0.7
Board Diversity
Fund Coverage: 100%Benchmark Coverage: 98%
18.4
17.2
1.2
Board Diversity: Represents the weighted average ratio of female board members in investee companies. Tobacco: Represents companies that generate revenue from tobacco manufacturing or production or that generate more than 50% of revenue from tobacco retail. UN Global Compact Violators: Represents companies that have been assessed as failing to comply with the 10 United Nations Global Compact Principles by ISS-ESG Norms-Based Research. Different ESG research providers may come to different conclusions on the severity of the violation. Alcohol: Represents companies that generate revenue from alcohol manufacturing or production. Gambling: Represents companies that generate more than 50% of revenue from gambling.
Fund Coverage: 100%; Benchmark Coverage: 98% as of 30/06/2023
GHG Intensity: Represents the normalized portfolio’s total weighted average (scope 1 + scope 2) carbon emissions intensity, using the most recently available data (emissions data from 2020, 2021). Carbon intensity represents the issuer’s total carbon emissions per EUR million of revenue (tCO2e divided by EUR million in revenue).
Source: Sourced from ISS ESG. Where not covered by external data providers, we have tried to source these data points.
Sustainability-related Disclosures
This Fund
Yes
No
Complies with Article 9 of SFDR
Investment process integrates ESG factors and sustainability risks based on proprietary and third-party research
Applies norms- and activity-based exclusions
Promotes environmental and social characteristics
Has a sustainable investment objective
Conducts engagement
Exercises Voting Rights
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 Fund’s investment objective and risk factors.
Vivek Tanneeru is a Portfolio Manager at Matthews and manages the firm’s Emerging Markets Sustainable Future, Emerging Markets Small Companies, Asia Small Companies and Asia Sustainable Future Strategies. Prior to joining Matthews in 2011, Vivek was an Investment Manager on the Global Emerging Markets team of Pictet Asset Management in London. While at Pictet, he also worked on the firm’s Global Equities team, managing Japan and Asia ex-Japan markets. Before earning his MBA from the London Business School in 2006, Vivek was a Business Systems Officer at The World Bank and served as a Consultant at Arthur Andersen Business Consulting and Citicorp Infotech Industries. He interned at Generation Investment Management while studying for his MBA Vivek received his Master’s in Finance from the Birla Institute of Technology & Science in India. He is fluent in Hindi and Telugu.
Inbok Song is a Portfolio Manager at Matthews and manages the firm’s Pacific Tiger Strategy and co-manages the Asia ex Japan Total Return Equity, Emerging Markets Sustainable Future and Asia Innovators Strategies. Prior to rejoining Matthews in 2019, Inbok spent three years at Seafarer Capital Partners as a portfolio manager, the firm’s Director of Research and chief data scientist. Previously she was at Thornburg Investment Management as an associate portfolio manager. From 2007 to 2015, she was at Matthews, most recently as a portfolio manager. From 2005 to 2006, Inbok served as an Analyst and Technology Specialist at T. Stone Corp., a private equity firm in Seoul, South Korea. From 2004 to 2005, she was a research engineer for Samsung SDI in Seoul. Inbok received both a B.A. and Masters in Materials Science and Engineering from Seoul National University. She received a Masters in International Management from the University of London, King’s College, and also an M.A. in Management Science and Engineering, with a concentration in finance from Stanford University. Inbok is fluent in Korean.
The Matthews Asia Sustainable Future Fund was launched on 21 July 2022.
Market Environment:
There were two key developments during the first six months of the year. Firstly, the market has been surprised by the persistence of higher inflation and, as a result, peak interest rate expectations in the western world have been steadily revised up. Secondly, there was the market’s excitement about the potential of artificial intelligence (AI), with the release of very successful, large language and stable diffusion models and blowout quarterly results and guidance from NVIDIA, a key player in the space, which together triggered a reassessment of the growth prospects of large tech companies. This led to a very top-heavy performance of equity markets, in the U.S. in particular.
During the period, the relative attractiveness of Asian markets with low inflation came to the fore, such as South Korea and Taiwan. Some currencies in the region also did well against the U.S. dollar, including the Indonesian rupiah and the Philippine peso, while the Malaysian ringgit and the Chinese renminbi were among the biggest depreciators against the greenback.
Taiwan, South Korea and Indonesia were the best-performing markets in the region in the first half, according to the Fund’s benchmark, the MSCI All Country Asia ex Japan Index, while Malaysia, Thailand and China were the worst performers. From a sector perspective, IT, energy and communication services were the best performers while utilities, real estate and health care were the weakest.
Performance Contributors and Detractors:
From a country perspective, stock selection in South Korea and India were the biggest contributors to the Fund’s relative performance in the first half. On the other hand, an overweight and stock selection in China was the biggest detractor amid negative sentiment over the country’s uneven recovery and geopolitical tensions with the U.S.
From a sector perspective, stock selection in financials was the biggest contributor, followed by stock selections in real estate and health care. In contrast, our mild overweight and stock selection in consumer staples and underweight and selection in communication services were the biggest detractors.
From a stock perspective, Ecopro BM, a South-Korea-based manufacturer of high-nickel cathode materials for renewable batteries, was the biggest contributor to relative and absolute performance in the first half as the company benefited from strong order growth from key customers, particularly in the U.S.
Shriram Finance, an India-based auto and consumer finance services provider, was also a strong contributor as the outlook for both loan growth and margins for non-banking financial companies continued to improve with the bulk of interest rate-hikes likely behind us.
On the flip side, our Chinese or China-exposed holdings such as Full Truck Alliance, a Chinese freight marketplace operator, and JD Health, a leading Chinese online pharmacy company, detracted as the market worried about the slow pace of the Chinese economic recovery. We remain positive about the long-term prospects of these companies and our base case remains a steady, not spectacular, recovery of China’s economy over the coming quarters.
Notable Portfolio Changes:
In the second quarter, we didn’t initiate any new holdings. We exited our position in Taiwan Semiconductor Manufacturing Co. (TSMC) as we found more attractive opportunities elsewhere in the Taiwan technology supply chain.
Outlook:
The U.S. Fed’s interest rate-strategy and the market’s expectation of its evolution have been the most important variables impacting the performance of markets over the last few quarters. With the Fed seemingly coming close to the end of its rate-hiking cycle, the focus will now shift to assessing the cumulate impact of all the hikes on economic growth prospects over the coming quarters.
Like during the first half, our focus in the second half of 2023 will be on assessing how China’s economic recovery and growth prospects play out and how they might affect the dynamics of other Asian markets. Russia’s invasion of Ukraine and its effect on energy prices—alongside OPEC’s (Organization of the Petroleum Exporting Countries) persistent efforts to keep prices high—will also need ongoing, careful monitoring although to a lesser extent than in 2022.
Over the coming years, we expect the gross domestic product (GDP) growth-differential between Asian emerging markets and developed markets to improve. This development, alongside relatively attractive valuations, should potentially lend support to better equity performance against developed markets compared with the last decade.
Finally, since our inception in July 2022, we have viewed sustainability investing as a synonym for long-term investing. Our approach focuses on investing in companies that are well-positioned to embrace global, multidecadal trends, including addressing critical challenges like climate change and inclusive development. These companies also often tend to be good in identifying and proactively addressing long-terms risk to their businesses. Asian markets, we believe, are key destination for sustainable investment themes that offer attractive opportunities for alpha generation.
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.
The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI All Country Asia Pacific Index is a free float–adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed securities known as Red chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g. ADRs).
The MSCI China All Shares Index captures large and mid-cap representation across China A shares, B shares, H shares, Red chips (issued by entities owned by national or local governments in China), P chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong,Shanghai, Shenzhen and outside of China.
The MSCI China A Onshore Index captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges. Index is for comparative purposes only and it is not possible to invest directly in an index.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization-weighted index that captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization weighted small cap index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungry, India, Indonesia, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan Thailand, Turkey and United Arab Emirates.
The S&P Bombay Stock Exchange 100 (S&P BSE 100) Index is a free float–adjusted market capitalization–weighted index of 100 stocks listed on the Bombay Stock Exchange.
The MSCI Japan Index is a free float–adjusted market capitalization–weighted index of Japanese equities listed in Japan.
The MSCI All Country Asia ex Japan Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Small Cap Index is a free float-adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges,Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g., ADRs).
The MSCI India Index is a free float-adjusted market capitalization-weighted index of Indian equities listed in India.
Indexes are for comparative purposes only and it is not possible to invest directly in an index.
Commentary
Period ended 30 June 2023
The Matthews Asia Sustainable Future Fund was launched on 21 July 2022.
Market Environment:
There were two key developments during the first six months of the year. Firstly, the market has been surprised by the persistence of higher inflation and, as a result, peak interest rate expectations in the western world have been steadily revised up. Secondly, there was the market’s excitement about the potential of artificial intelligence (AI), with the release of very successful, large language and stable diffusion models and blowout quarterly results and guidance from NVIDIA, a key player in the space, which together triggered a reassessment of the growth prospects of large tech companies. This led to a very top-heavy performance of equity markets, in the U.S. in particular.
During the period, the relative attractiveness of Asian markets with low inflation came to the fore, such as South Korea and Taiwan. Some currencies in the region also did well against the U.S. dollar, including the Indonesian rupiah and the Philippine peso, while the Malaysian ringgit and the Chinese renminbi were among the biggest depreciators against the greenback.
Taiwan, South Korea and Indonesia were the best-performing markets in the region in the first half, according to the Fund’s benchmark, the MSCI All Country Asia ex Japan Index, while Malaysia, Thailand and China were the worst performers. From a sector perspective, IT, energy and communication services were the best performers while utilities, real estate and health care were the weakest.
Performance Contributors and Detractors:
From a country perspective, stock selection in South Korea and India were the biggest contributors to the Fund’s relative performance in the first half. On the other hand, an overweight and stock selection in China was the biggest detractor amid negative sentiment over the country’s uneven recovery and geopolitical tensions with the U.S.
From a sector perspective, stock selection in financials was the biggest contributor, followed by stock selections in real estate and health care. In contrast, our mild overweight and stock selection in consumer staples and underweight and selection in communication services were the biggest detractors.
From a stock perspective, Ecopro BM, a South-Korea-based manufacturer of high-nickel cathode materials for renewable batteries, was the biggest contributor to relative and absolute performance in the first half as the company benefited from strong order growth from key customers, particularly in the U.S.
Shriram Finance, an India-based auto and consumer finance services provider, was also a strong contributor as the outlook for both loan growth and margins for non-banking financial companies continued to improve with the bulk of interest rate-hikes likely behind us.
On the flip side, our Chinese or China-exposed holdings such as Full Truck Alliance, a Chinese freight marketplace operator, and JD Health, a leading Chinese online pharmacy company, detracted as the market worried about the slow pace of the Chinese economic recovery. We remain positive about the long-term prospects of these companies and our base case remains a steady, not spectacular, recovery of China’s economy over the coming quarters.
Notable Portfolio Changes:
In the second quarter, we didn’t initiate any new holdings. We exited our position in Taiwan Semiconductor Manufacturing Co. (TSMC) as we found more attractive opportunities elsewhere in the Taiwan technology supply chain.
Outlook:
The U.S. Fed’s interest rate-strategy and the market’s expectation of its evolution have been the most important variables impacting the performance of markets over the last few quarters. With the Fed seemingly coming close to the end of its rate-hiking cycle, the focus will now shift to assessing the cumulate impact of all the hikes on economic growth prospects over the coming quarters.
Like during the first half, our focus in the second half of 2023 will be on assessing how China’s economic recovery and growth prospects play out and how they might affect the dynamics of other Asian markets. Russia’s invasion of Ukraine and its effect on energy prices—alongside OPEC’s (Organization of the Petroleum Exporting Countries) persistent efforts to keep prices high—will also need ongoing, careful monitoring although to a lesser extent than in 2022.
Over the coming years, we expect the gross domestic product (GDP) growth-differential between Asian emerging markets and developed markets to improve. This development, alongside relatively attractive valuations, should potentially lend support to better equity performance against developed markets compared with the last decade.
Finally, since our inception in July 2022, we have viewed sustainability investing as a synonym for long-term investing. Our approach focuses on investing in companies that are well-positioned to embrace global, multidecadal trends, including addressing critical challenges like climate change and inclusive development. These companies also often tend to be good in identifying and proactively addressing long-terms risk to their businesses. Asian markets, we believe, are key destination for sustainable investment themes that offer attractive opportunities for alpha generation.
Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg