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 10/08/2022)



(as of 10/08/2022)


1 Day NAV Change

(as of 10/08/2022)


Seeks to achieve long term capital appreciation.


The Sub-Fund promotes environmental and social characteristics according to Article 8 of SFDR. Furthermore, the Sub-Fund uses both activity- and norm-based exclusions. Information relating to the environmental and social characteristics of this Sub-Fund is available in the prospectus.


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 $339.44 million (31/07/2022)
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
SFDR Classification Article 8
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 31/07/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
0.56% -3.56% -18.50% -21.82% 2.66% 3.26% 6.19% 5.72% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-1.13% -5.03% -17.09% -19.65% 2.61% 2.08% 5.40% 4.79%
Matthews Pacific Tiger Fund (GBP)
0.29% -0.32% -9.55% -10.18% 2.75% 4.86% 8.93% 8.18% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-1.32% -2.01% -7.72% -8.20% 2.82% 3.72% 8.10% 6.92%
Matthews Pacific Tiger Fund (JPY)
-1.47% -0.97% -5.51% -4.83% 10.00% 7.22% n.a. 8.54% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-2.73% -2.03% -3.77% -2.15% 9.97% 6.03% n.a. 8.29%
Matthews Pacific Tiger Fund (EUR)
2.46% -0.34% -9.56% -8.99% 5.69% n.a. n.a. 4.78% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
1.38% -1.74% -7.53% -6.56% 5.66% n.a. n.a. 4.08%
As of 30/06/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
-5.07% -9.44% -18.95% -26.36% 2.01% 3.64% 6.29% 5.72% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-4.40% -8.90% -16.14% -24.78% 2.41% 3.39% 5.80% 4.92%
Matthews Pacific Tiger Fund (GBP)
-1.33% -1.85% -9.80% -15.68% 3.61% 5.08% 9.02% 8.22% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-0.79% -1.23% -6.48% -14.44% 4.02% 4.79% 8.54% 7.10%
Matthews Pacific Tiger Fund (JPY)
0.90% 1.47% -4.10% -9.21% 10.32% 7.79% n.a. 8.99% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
0.96% 1.97% -1.07% -7.93% 10.64% 7.39% n.a. 9.00%
Matthews Pacific Tiger Fund (EUR)
-2.15% -3.32% -11.73% -15.79% 5.05% n.a. n.a. 4.11% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-2.04% -3.04% -8.78% -14.68% 5.37% n.a. n.a. 3.74%
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 30/06/2022
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Pacific Tiger Fund (USD)
-26.36% 47.08% -2.00% 1.70% 10.76% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-24.78% 40.03% 1.97% -0.18% 10.21%
Matthews Pacific Tiger Fund (GBP)
-15.68% 30.13% 1.36% 5.36% 9.32% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-14.44% 25.25% 5.03% 3.55% 8.43%
Matthews Pacific Tiger Fund (JPY)
-9.21% 50.88% -1.98% -0.98% 9.41% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-7.93% 44.06% 2.11% -2.90% 8.64%
Matthews Pacific Tiger Fund (EUR)
-15.79% 38.50% -0.61% n.a. n.a. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-14.68% 32.62% 3.39% 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 31/07/2022)
Fund Benchmark
Number of Positions 61 1,199
Weighted Average Market Cap $97.6 billion $106.5 billion
Active Share 69.5 n.a.
P/E using FY1 estimates 19.2x 11.5x
P/E using FY2 estimates 16.5x 10.8x
Price/Cash Flow 13.9 7.0
Price/Book 3.1 1.6
Return On Equity 16.0 14.6
EPS Growth (3 Yr) 10.6% 11.8%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 30/06/2022)
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 31/07/2022)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 6.8
Samsung Electronics Co., Ltd. Information Technology South Korea 3.3
ICICI Bank, Ltd. Financials India 3.1
Tencent Holdings, Ltd. Communication Services China/Hong Kong 3.1
Meituan Consumer Discretionary China/Hong Kong 3.0
Central Pattana Public Co., Ltd. Real Estate Thailand 2.8
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 2.7
Hong Kong Exchanges & Clearing, Ltd. Financials China/Hong Kong 2.5
CITIC Securities Co., Ltd. Financials China/Hong Kong 2.5
AIA Group, Ltd. Financials China/Hong Kong 2.5
TOTAL 32.3

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 31/07/2022)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 23.0 22.6 0.4
Consumer Discretionary 20.1 14.8 5.3
Financials 15.4 20.3 -4.9
Consumer Staples 8.3 5.4 2.9
Communication Services 7.2 10.0 -2.8
Real Estate 6.6 3.9 2.7
Industrials 5.7 6.8 -1.1
Materials 4.6 5.3 -0.7
Health Care 2.7 4.1 -1.4
Utilities 2.6 3.2 -0.6
Energy 0.0 3.7 -3.7
Cash and Other Assets, Less Liabilities 3.7 0.0 3.7

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

Country Fund Benchmark Difference
China/Hong Kong 41.8 43.8 -2.0
India 16.5 15.7 0.8
Taiwan 15.7 16.5 -0.8
South Korea 11.0 13.5 -2.5
Indonesia 3.1 2.1 1.0
Thailand 2.8 2.1 0.7
Philippines 2.4 0.8 1.6
Singapore 1.8 3.7 -1.9
Vietnam 1.1 0.0 1.1
Malaysia 0.0 1.7 -1.7
Cash and Other Assets, Less Liabilities 3.7 0.0 3.7

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

Asset Type Fund
Common Equities and ADRs 96.3
Cash and Other Assets, Less Liabilities 3.7
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 47.8 58.8 -11.0
Large Cap ($10B-$25B) 19.4 20.9 -1.5
Mid Cap ($3B-$10B) 19.9 18.4 1.5
Small Cap (under $3B) 9.2 1.8 7.4
Cash and Other Assets, Less Liabilities 3.7 0.0 3.7

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

(as of 28/07/2022)

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 30 June 2022

For the first half of 2022, the Matthews Pacific Tiger Fund returned -18.95%, while its benchmark, the MSCI All Country Asia ex Japan Index, returned -16.14% over the same period. For the quarter ending June 30, 2022, the Fund returned -9.44%, while the benchmark returned -8.90%.

Market Environment:

The first half of the year was a challenging period. The Asia ex Japan region experienced a largely similar rate of decline in the first and second quarters but the factors influencing the decline were quite different. In the first quarter, Chinese equities and the financials sector were the worst performing but recovered nicely to be the best performing in the second quarter. On the flip side, the contributions of Vietnam, Taiwan and South Korea deteriorated in the second quarter with latter the biggest detractor to the Fund in the period. The biggest driver of this change is the ongoing evolution of investor perception of China, and the uncertainty around its zero-COVID policy which is curbing domestic consumption. High energy prices are an additional tax for consumers and companies in South Asia and has weighed on equity returns particularly in the second quarter. In addition, small caps have continuously underperformed this year reflecting concerns around rising cost of capital and weak domestic demand in many parts of Asia but this follows past few years of outsized returns.

Foreign exchange trends have remained consistent through the first half reflecting some depreciation for Southeast Asia currencies and the Indian rupee. However, there was a sharp change in the trend for the Chinese renminbi which depreciated by about 3% late in April—in spite of that move, the renminbi trades at roughly the same level compared to three years ago.

Performance Contributors and Detractors:

For the first half of 2022, stock selections in Thailand, the Philippines and Indonesia contributed the most to the Fund’s relative performance. Southeast Asian countries have shown late but sustained economic recovery from the pandemic. On the other hand, stock selection within Taiwan and South Korea detracted the most from relative performance. There has been a general technology sector correction amid a growth-to-value style rotation in Taiwan and global macro concerns over the interest rate hiking cycle have negatively affected South Korea. It is notable that underperformance within China was more concentrated in the first quarter. Some of that relative underperformance was recovered during the second quarter, given the emergence of supporting policies from the Chinese government. Thus, during the second quarter, the Fund’s holdings such as China Tourism Group, a China-based company principally engaged in the travel agency and duty-free businesses, and Kweichow Moutai, China’s premier white liquor business, contributed positively. Expectations for travel resumption with China Tourism Group and the resilient operations of Kweichow Moutai with relatively attractive valuations supported the performance of these companies. On the other hand, continuous concern over the macro environment further dragged down South Korea holdings in the second quarter. For example, industrial holdings such as Doosan Bobcat, a South-Korean construction machinery manufacturer, underperformed amid worries over upcoming headwinds though current earnings have been resilient.

From a sector perspective, real estate and consumer staples were positive contributors during the first half, helped by our holdings in shopping mall companies in the Philippines and Thailand with improved foot traffic, and Kweichow Moutai in China as its push towards direct sales progressed well. Meanwhile, financials, information technology (IT) and communication services detracted from the fund’s performance in the first half. The Fund’s holdings in South Korea’s communication services sector, such as Naver, a search engine and internet content provider, and Hybe, an artist management company, underperformed with potentially weakening demand and increased cost burdens combined with relatively high valuations to begin with.

Notable Portfolio Changes:

We increased the portfolio’s weight in China by adding to existing holdings such as China Tourism Group and Meituan, a web-based shopping platform company, as valuations became more attractive while long-term earnings generation capability remains intact. We believe these companies are likely to benefit from a recovery in domestic consumption. This was funded by trimming positions in the IT sector in South Korea and Taiwan. Though these IT companies have strong fundamentals, near-term earnings uncertainty risk has increased as these companies are exposed to the global demand environment.

We also exited positions with demanding valuations and deteriorating earnings visibility. This is a part of efforts to manage the downside risk and reallocate capital into areas where we see better earnings visibility with certain valuation supports. SEA, an internet gaming and e-commerce company in Singapore, is an example. While the company has achieved an impressive track record in establishing sizable market share across different countries, increased uncertainty around its internet gaming as a “cash cow” may delay the expected profitability goal amid continuous needs for e-commerce investment.

Although the portfolio’s number of holdings has decreased to a near-term low, especially in China, it is quite likely that the position count may increase into the second half of 2022 as we look to benefit from cheaper valuations.


Looking ahead, the Asia ex Japan region is in a relatively better situation from a macroeconomic standpoint as the inflationary pressures are not as severe as in the West, and several countries are still in the process of recovering fully from COVID-19 related disruptions. In particular, China is positioned well for a pickup in domestic activity as the government is starting to support consumers and small and medium-sized enterprises (SMEs) through gradual release of stimulus programs. Unlike the interest rate cycle in the West, interest rates are easing in China which may help lower the cost of capital for companies. In other parts of the region, shopping mall operators like in Southeast Asia, stand to benefit from resumption of tourism activities.

The earnings picture looks a bit mixed largely because of downgrades earlier in the year in China as several key cities were locked down but that is changing for the better. Valuations have eased to a low-teens P/E ratio while the projected earnings growth (average) over the next two years for the MSCI Asia ex Japan Index is in the high single digits. We are sanguine about the potential economic recovery in parts of Asia and are looking to position the portfolio to participate in that growth.

Rolling 12 Month Returns For the period ended 30/06/2022 - I (Acc)
Name 2022 2021 2020 2019 2018 Inception Date
Matthews Pacific Tiger Fund (USD)
-26.36% 47.08% -2.00% 1.70% 10.76% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-24.78% 40.03% 1.97% -0.18% 10.21%
Matthews Pacific Tiger Fund (GBP)
-15.68% 30.13% 1.36% 5.36% 9.32% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-14.44% 25.25% 5.03% 3.55% 8.43%
Matthews Pacific Tiger Fund (JPY)
-9.21% 50.88% -1.98% -0.98% 9.41% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-7.93% 44.06% 2.11% -2.90% 8.64%
Matthews Pacific Tiger Fund (EUR)
-15.79% 38.50% -0.61% N.A. N.A. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-14.68% 32.62% 3.39% 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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