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Matthews Pacific Tiger Fund

Snapshot
  • 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

30/04/2010

Inception Date

-2.16%

YTD Return (USD)

(as of 29/02/2024)

$17.64

NAV (USD)

(as of 29/02/2024)

+0.10

1 Day NAV Change

(as of 29/02/2024)

Objective

Seeks to achieve long term capital appreciation.

Sustainability

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

Strategy

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.

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.

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 $220.23 million (31/01/2024)
Base Currency USD
ISIN: LU0491816475 (USD) LU0594555756 (GBP) LU0491816129 (EUR) LU1576347550 (JPY)
Bloomberg Symbol MATAPTI:LX (USD) MATAPGI:LX (GBP) MAPTFIE:LX (EUR) MPACTIJ:LX (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 )

Performance

  • Monthly
  • Quarterly
  • Calendar Year
  • Rolling 12 Month
    Returns
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As of 31/01/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
-6.16% -0.65% -6.16% -17.78% -13.42% -1.32% 3.33% 3.90% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-5.44% 4.72% -5.44% -7.09% -9.38% 1.41% 4.12% 4.08%
Matthews Pacific Tiger Fund (GBP)
-5.90% -4.78% -5.90% -20.24% -11.11% -0.64% 6.06% 5.55% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-5.34% -0.21% -5.34% -10.18% -7.07% 2.07% 6.81% 5.54%
Matthews Pacific Tiger Fund (JPY)
-1.94% -2.70% -1.94% -6.80% -2.85% 4.95% n.a. 5.76% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-1.96% 1.08% -1.96% 4.44% 1.28% 7.57% n.a. 7.46%
Matthews Pacific Tiger Fund (EUR)
-4.29% -2.60% -4.29% -17.79% -10.08% n.a. n.a. -1.34% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-3.84% 1.90% -3.84% -7.10% -5.94% n.a. n.a. 0.94%
As of 31/12/2023
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
1.24% 1.69% -5.25% -5.25% -10.37% 0.88% 3.53% 4.41% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
3.55% 6.48% 6.34% 6.34% -6.43% 4.01% 4.17% 4.54%
Matthews Pacific Tiger Fund (GBP)
0.66% -2.02% -10.37% -10.37% -8.20% 1.00% 6.29% 6.09% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
2.83% 1.95% 0.34% 0.34% -4.22% 3.99% 6.93% 6.03%
Matthews Pacific Tiger Fund (JPY)
-2.94% -3.59% 1.68% 1.68% -0.39% 6.11% n.a. 6.14% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-1.25% 0.59% 13.62% 13.62% 3.81% 9.36% n.a. 7.87%
Matthews Pacific Tiger Fund (EUR)
0.10% -2.49% -8.50% -8.50% -7.17% n.a. n.a. -0.43% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
2.28% 2.05% 2.74% 2.74% -3.18% n.a. n.a. 1.81%
For the years ended December 31st
Name 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Matthews Pacific Tiger Fund (USD)
-5.25% -21.59% -3.08% 30.48% 11.18% -10.71% 39.47% -0.29% -1.91% 11.22%
MSCI All Country Asia ex Japan Index (USD)
6.34% -19.36% -4.46% 25.36% 18.52% -14.12% 42.08% 5.76% -8.90% 5.11%
Matthews Pacific Tiger Fund (GBP)
-10.37% -12.16% -1.74% 25.96% 7.87% -5.71% 27.14% 19.96% 3.14% 18.00%
MSCI All Country Asia ex Japan Index (GBP)
0.34% -9.19% -3.58% 21.49% 13.94% -8.78% 29.78% 26.15% -3.63% 11.65%
Matthews Pacific Tiger Fund (JPY)
1.68% -10.24% 8.30% 23.94% 9.79% -12.83% n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan (JPY)
13.62% -7.60% 6.56% 19.10% 17.39% -16.36% n.a. n.a. n.a. n.a.
Matthews Pacific Tiger Fund (EUR)
-8.50% -16.78% 5.06% 19.40% n.a. n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (EUR)
2.74% -14.07% 2.79% 15.01% n.a. n.a. n.a. n.a. n.a. n.a.
For the period ended 31/12/2023
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-5.25% -21.59% -3.08% 30.48% 11.18% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
6.34% -19.36% -4.46% 25.36% 18.52%
Matthews Pacific Tiger Fund (GBP)
-10.37% -12.16% -1.74% 25.96% 7.87% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
0.34% -9.19% -3.58% 21.49% 13.94%
Matthews Pacific Tiger Fund (JPY)
1.68% -10.24% 8.30% 23.94% 9.79% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
13.62% -7.60% 6.56% 19.10% 17.39%
Matthews Pacific Tiger Fund (EUR)
-8.50% -16.78% 5.06% 19.40% n.a. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
2.74% -14.07% 2.79% 15.01% n.a.

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

All returns over 1 year are annualized

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 31/01/2024)
Fund Benchmark
Number of Positions 61 1,248
Weighted Average Market Cap $134.3 billion $116.8 billion
Active Share 65.2 n.a.
P/E using FY1 estimates 18.0x 12.8x
P/E using FY2 estimates 15.2x 11.3x
Price/Cash Flow 12.5 6.8
Price/Book 2.7 1.5
Return On Equity 17.1 14.2
EPS Growth (3 Yr) 18.7% 14.0%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/12/2023)
-4.19%
Alpha
1.00
Beta
85.83%
Upside Capture
105.28%
Downside Capture
-0.66
Sharpe Ratio
-1.01
Information Ratio
3.90%
Tracking Error
95.90

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

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/01/2024)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 10.1
Samsung Electronics Co., Ltd. Information Technology South Korea 5.4
Tencent Holdings, Ltd. Communication Services China/Hong Kong 4.8
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 3.9
ICICI Bank, Ltd. Financials India 3.4
AIA Group, Ltd. Financials China/Hong Kong 3.3
Titan Co., Ltd. Consumer Discretionary India 3.1
PT Bank Central Asia Tbk Financials Indonesia 2.6
Kweichow Moutai Co., Ltd. Consumer Staples China/Hong Kong 2.4
Tata Power Co., Ltd. Utilities India 2.3
TOTAL 41.3

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 31/01/2024)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 32.0 25.9 6.1
Financials 16.1 21.1 -5.0
Consumer Discretionary 13.6 13.3 0.3
Communication Services 8.3 9.1 -0.8
Real Estate 7.4 3.0 4.4
Consumer Staples 7.1 4.7 2.4
Industrials 5.1 7.6 -2.5
Health Care 3.3 3.8 -0.5
Utilities 3.3 2.8 0.5
Energy 1.6 4.2 -2.6
Materials 0.8 4.8 -4.0
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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 31.0 34.6 -3.6
India 21.9 21.1 0.8
Taiwan 21.4 19.3 2.1
South Korea 13.3 14.4 -1.1
Indonesia 2.6 2.3 0.3
Vietnam 2.6 0.0 2.6
Philippines 2.2 0.8 1.4
Singapore 1.6 3.8 -2.2
Thailand 1.5 2.0 -0.5
United States 0.5 0.0 0.5
Malaysia 0.0 1.6 -1.6
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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

Asset Type Fund
Common Equities and ADRs 98.6
Cash and Other Assets, Less Liabilities 1.4
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 55.6 56.6 -1.0
Large Cap ($10B-$25B) 23.5 22.7 0.8
Mid Cap ($3B-$10B) 17.6 18.8 -1.2
Small Cap (under $3B) 1.9 1.8 0.1
Cash and Other Assets, Less Liabilities 1.4 0.0 1.4

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.

ESG Characteristics

(as of 31/12/2023)
  • Business Involvement
  • Sustainability Attributes
Name Fund Benchmark Difference
Controversial Weapons
Fund Coverage: 100% Benchmark Coverage: 100%
0.0 0.5 -0.5
Tobacco
Fund Coverage: 100% Benchmark Coverage: 100%
0.0 0.4 -0.4
Name Fund Benchmark Difference
UN Global Compact Violators
Fund Coverage: 100% Benchmark Coverage: 100%
0.0 0.9 -0.9
Board Diversity
Fund Coverage: 100% Benchmark Coverage: 100%
17.5 17.6 -0.1

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.
Controversial weapons include companies with involvement in the following: anti-personnel mines; biological and chemical weapons; cluster weapons; depleted uranium; nuclear weapons and white phosphorus. A company is excluded if it is directly involved in the production, selling and/or distribution of (parts of) controversial weapons and this involvement concerns the core weapon system, or components/services of the core weapon system that are tailor-made and essential for the lethal use of the weapon.

Source: Sustainalytics, Factset, MSCI, Matthews Asia.

GHG Intensity

(as of 31/12/2023)

Fund Coverage: 100%; Benchmark Coverage: 98% as of 31/12/2023

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 8 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.

For more information, please refer to our Responsible Investment and Stewardship Policy and our ESG-Related Investment Policy of Matthews Asia Funds.

Ratings

  • OVERALL
  • 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 ©2023 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

Sean  Taylor photo
Sean Taylor

Lead Manager

Inbok  Song photo
Inbok Song

Lead Manager

Winnie  Chwang photo
Winnie Chwang

Co-Manager

Andrew  Mattock, CFA photo
Andrew Mattock, CFA

Co-Manager

Peeyush  Mittal, CFA photo
Peeyush Mittal, CFA

Co-Manager

Jeremy  Sutch, CFA photo
Jeremy Sutch, CFA

Co-Manager

Commentary

Period ended 31 December 2023

For the year ending 31 December 2023, the Matthews Pacific Tiger Fund returned -5.25%, while its benchmark, the MSCI All Country Asia ex Japan Index returned 6.34%. For the fourth quarter of the year, the Fund returned 1.69% versus 6.48% for the benchmark.

Market Environment 

The environment in 2023 was challenging especially for China. The market in China started with the hope of a strong recovery in the economy. This turned out to be short lived, leading to an adverse backdrop for the rest of the year. Earnings in the China universe adjusted down sequentially during 2023 and together with a  challenging external environment, geopolitical tensions and slow policy reactions, this led to a valuation derating in China’s equity market. Elsewhere in the region, India was a strong performer, benefiting from domestic capital flows and sustained earnings delivery after reopening from pandemic lockdowns. Earnings delivery was widespread across several sectors such as financials, consumers and industrials. Though the South Korea and Taiwan markets started with concern over the demand environment and inventory digestion cycle, the technology heavy sectors in both countries performed well with the emergence of secular growth drivers such as data, artificial intelligence (AI) and batteries for electric vehicles (EVs). Therefore, those sectors in the two countries experienced a valuation re-rating. 

Performance Contributors and Detractors

At the country level, stock selection in China/Hong Kong detracted the most from total and relative returns in 2023. China’s economic recovery has been weaker-than-expected and this resulted in earnings downgrades across sectors, especially consumer and industrials. Consequently, consumer discretionary stocks were derated, followed by consumer staples both of which affected the portfolio’s stock selection negatively. Stock selection in India and Taiwan also detracted from relative performance. At the sector level, an overweight allocation and stock selection in consumer discretionary detracted the most to relative returns while stock selection in industrials also detracted. On the other hand, stock selection in South Korea and Thailand contributed the most to relative returns for the year. At the sector level, information technology (IT) contributed the most to the Fund’s total return for the year. 

Among individual holdings, JD.com, China’s leading e-commerce platform company, and pharmaceutical company Wuxi Biologics were notable detractors. Weak consumer sentiment as well as increasing competition in the e-commerce industry slowed down JD’s sales growth meaningfully. While the company achieved good cost controls leading to faster earnings growth, its slower revenue growth materially dragged valuation multiples down. Wuxi Biologics, which provides contract development and manufacturing services, experienced a slowdown of its earnings growth due to insufficient COVID-related manufacturing as well as slower development projects from the tight biotechnology funding environment. 

Conversely, Accton Technology, a networking equipment provider in Taiwan, and Titan Company, India’s leading jeweler, were two notable contributors to the Fund’s overall performance. As supply disruption normalized into 2023, Accton Technology started to deliver its orders on schedule. Additionally, demand for its service has been robust due to customer’s datacenter upgrades. 

Taiwanese fabless semiconductor company Mediatek was another contributor. The company is a leading design house in connectivity, particularly in the mobile phone market, and the stock did well as expectations increased that its inventory digestion cycle is close to end. At the same time, Mediatek’s share price was boosted by initial R&D efforts in AI chips for mobile phones and IoT (internet of things) devices which are nonstandard computer hardware such as sensors, actuators and appliances. We expect that this will take time to contribute to the company’s revenue meaningfully but progress in the R&D has been encouraging. 

Notable Portfolio Changes 

We continue to seek to capture the growing investment opportunities in Asia while assessing risks, especially when they are reflected in valuations. We added new positions from India given the country’s growth prospects remain robust and more structural, leading to broader investment opportunities. Tata Consumer Products, a leading beverage-focused fast-moving consumer goods company, is a good example of the increasing demand for premium products in India. We also added Taiwanese company ASE Technology, a globally leading back-end packing supplier as secular demand for AI and data processing-related semiconductors continue to require high-end manufacturing.  

Outlook

Ambiguities remain in the outlook for the global economy including Asian countries. China continues to deal with challenges in its property market and weak consumer sentiment. South Korea and Taiwan are going through the uncertainties of global demand and the inventory digestion cycle. In India, a long-subdued CapEx cycle has restarted, and overall consumer demand has recovered though there are still urban and rural consumer divergences. At the global macro level, the U.S. Federal Reserve’s interest rate policy remains on an uncertain path and related changes in market expectations are causing volatility in equities. 

However, Asia ex Japan valuations are favorably positioned at around 12 x FY24 earnings with EPS growth expected to be over 19% for the year. While earnings downgrade risks remain, we believe that, fundamentally, the Asia ex Japan region has many companies with earnings generation power. We continue to focus on keeping the portfolio invested in companies demonstrating durable earnings growth combined with reasonable valuations in this uncertain environment. 

Rolling 12 Month Returns For the period ended 31/12/2023 - I (Acc)
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-5.25% -21.59% -3.08% 30.48% 11.18% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
6.34% -19.36% -4.46% 25.36% 18.52%
Matthews Pacific Tiger Fund (GBP)
-10.37% -12.16% -1.74% 25.96% 7.87% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
0.34% -9.19% -3.58% 21.49% 13.94%
Matthews Pacific Tiger Fund (JPY)
1.68% -10.24% 8.30% 23.94% 9.79% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
13.62% -7.60% 6.56% 19.10% 17.39%
Matthews Pacific Tiger Fund (EUR)
-8.50% -16.78% 5.06% 19.40% N.A. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
2.74% -14.07% 2.79% 15.01% 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. 

Index Definitions