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 04/10/2023)



(as of 04/10/2023)


1 Day NAV Change

(as of 04/10/2023)


Seeks to achieve long term capital appreciation.


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.


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 $333.49 million (31/08/2023)
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 31/08/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
-6.93% 1.05% -4.05% -7.64% -4.39% 0.11% 4.73% 4.62% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-6.39% 2.21% 2.59% -0.24% -2.60% 1.15% 4.70% 4.37%
Matthews Pacific Tiger Fund (GBP)
-5.61% -1.45% -8.94% -15.30% -2.79% 0.59% 6.87% 6.39% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-4.95% -0.03% -2.61% -8.39% -0.79% 1.66% 6.81% 5.94%
Matthews Pacific Tiger Fund (JPY)
-4.58% 5.51% 6.14% -2.93% 6.36% 5.77% n.a. 7.19% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
-4.08% 6.50% 13.19% 4.77% 8.25% 6.81% n.a. 8.24%
Matthews Pacific Tiger Fund (EUR)
-5.61% -0.69% -5.79% -15.00% -1.35% n.a. n.a. 0.21% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-4.91% 0.39% 0.88% -7.57% 0.60% n.a. n.a. 1.52%
As of 30/06/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
2.60% -5.07% -2.57% -5.74% 0.69% 0.35% 4.43% 4.80% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
2.81% -1.14% 3.19% -0.76% 1.49% 1.25% 4.80% 4.48%
Matthews Pacific Tiger Fund (GBP)
0.32% -7.15% -7.30% -9.73% -0.31% 1.13% 6.41% 6.64% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
0.22% -3.86% -2.36% -5.20% 0.53% 2.02% 6.67% 6.04%
Matthews Pacific Tiger Fund (JPY)
6.32% 3.14% 6.96% 0.11% 11.10% 5.89% n.a. 7.52% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
6.35% 7.36% 13.04% 5.58% 11.88% 6.78% n.a. 8.45%
Matthews Pacific Tiger Fund (EUR)
0.98% -4.91% -4.20% -9.68% 1.75% n.a. n.a. 0.62% 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
0.46% -1.56% 0.95% -4.90% 2.47% n.a. n.a. 1.60%
For the years ended December 31st
Name 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Matthews Pacific Tiger Fund (USD)
-21.59% -3.08% 30.48% 11.18% -10.71% 39.47% -0.29% -1.91% 11.22% 4.86%
MSCI All Country Asia ex Japan Index (USD)
-19.36% -4.46% 25.36% 18.52% -14.12% 42.08% 5.76% -8.90% 5.11% 3.34%
Matthews Pacific Tiger Fund (GBP)
-12.16% -1.74% 25.96% 7.87% -5.71% 27.14% 19.96% 3.14% 18.00% 2.56%
MSCI All Country Asia ex Japan Index (GBP)
-9.19% -3.58% 21.49% 13.94% -8.78% 29.78% 26.15% -3.63% 11.65% 1.42%
Matthews Pacific Tiger Fund (JPY)
-10.24% 8.30% 23.94% 9.79% -12.83% n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan (JPY)
-7.60% 6.56% 19.10% 17.39% -16.36% n.a. n.a. n.a. n.a. n.a.
Matthews Pacific Tiger Fund (EUR)
-16.78% 5.06% 19.40% n.a. n.a. n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (EUR)
-14.07% 2.79% 15.01% n.a. n.a. n.a. n.a. n.a. n.a. n.a.
For the period ended 30/06/2023
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-5.74% -26.36% 47.08% -2.00% 1.70% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-0.76% -24.78% 40.03% 1.97% -0.18%
Matthews Pacific Tiger Fund (GBP)
-9.73% -15.68% 30.13% 1.36% 5.36% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-5.20% -14.44% 25.25% 5.03% 3.55%
Matthews Pacific Tiger Fund (JPY)
0.11% -9.21% 50.88% -1.98% -0.98% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
5.58% -7.93% 44.06% 2.11% -2.90%
Matthews Pacific Tiger Fund (EUR)
-9.68% -15.79% 38.50% -0.61% n.a. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-4.90% -14.68% 32.62% 3.39% 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 31/08/2023)
Fund Benchmark
Number of Positions 51 1,227
Weighted Average Market Cap $118.7 billion $109.9 billion
Active Share 69.0 n.a.
P/E using FY1 estimates 21.7x 13.4x
P/E using FY2 estimates 17.3x 11.6x
Price/Cash Flow 13.9 6.8
Price/Book 3.1 1.4
Return On Equity 17.3 15.1
EPS Growth (3 Yr) 19.0% 18.2%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/08/2023)
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 31/08/2023)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 6.8
Samsung Electronics Co., Ltd. Information Technology South Korea 5.8
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 4.4
Tencent Holdings, Ltd. Communication Services China/Hong Kong 4.0
Meituan Consumer Discretionary China/Hong Kong 3.8
ICICI Bank, Ltd. Financials India 3.5
Hong Kong Exchanges & Clearing, Ltd. Financials China/Hong Kong 3.3
Central Pattana Public Co., Ltd. Real Estate Thailand 3.2
AIA Group, Ltd. Financials China/Hong Kong 2.6
Kweichow Moutai Co., Ltd. Consumer Staples China/Hong Kong 2.5
TOTAL 39.9

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
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 24.9 23.7 1.2
Consumer Discretionary 20.1 15.1 5.0
Financials 17.5 20.7 -3.2
Consumer Staples 8.6 5.1 3.5
Real Estate 8.5 3.3 5.2
Communication Services 7.1 9.7 -2.6
Industrials 4.4 7.3 -2.9
Materials 4.0 5.2 -1.2
Health Care 2.0 3.9 -1.9
Utilities 1.5 2.4 -0.9
Energy 0.0 3.7 -3.7
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

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

Country Fund Benchmark Difference
China/Hong Kong 44.9 40.6 4.3
Taiwan 16.5 17.2 -0.7
India 16.3 17.1 -0.8
South Korea 11.6 14.1 -2.5
Thailand 3.2 2.3 0.9
Indonesia 2.5 2.3 0.2
Philippines 1.9 0.7 1.2
Vietnam 1.6 0.0 1.6
Singapore 0.0 3.8 -3.8
Malaysia 0.0 1.6 -1.6
Macau 0.0 0.3 -0.3
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

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

Asset Type Fund
Common Equities and ADRs 98.5
Cash and Other Assets, Less Liabilities 1.5
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 60.8 59.1 1.7
Large Cap ($10B-$25B) 15.0 19.8 -4.8
Mid Cap ($3B-$10B) 16.5 19.1 -2.6
Small Cap (under $3B) 6.3 2.0 4.3
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

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 30/06/2023)
  • Business Involvement
  • Sustainability Attributes
Name Fund Benchmark Difference
Controversial Weapons
Fund Coverage: 99% Benchmark Coverage: 98%
0.0 0.4 -0.4
Fund Coverage: 99% 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 0.7 -0.7
Board Diversity
Fund Coverage: 100% Benchmark Coverage: 98%
18.1 17.2 0.9

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.

Source: Sustainalytics, Factset, MSCI, Matthews Asia.

GHG Intensity

(as of 30/06/2023)

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 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 Sustainable Finance Disclosure Regulation – Article 10.


  • 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

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 2023

For the first half of 2023, the Matthews Pacific Tiger Fund returned -2.57%, while its benchmark, the MSCI All Country Asia ex Japan Index, returned 3.19% over the same period. For the quarter ending 30 June 2023, the Fund returned -5.07%, while the benchmark returned -1.14%.

Market Environment:

The Asian markets have been on a roller coaster largely because of the gyrations in Chinese equities as the post-COVID boost to the local economy is proving to be more gradual than previously expected. China lagged considerably as market participants remained underwhelmed with the pace of China’s recovery which has proven to be more ‘slow and steady’ than a ‘consumption led boom’. As a result, Chinese equities were one of the worst performing during the quarter, and for the first half of the year. In addition, pessimistic sentiment in China has pushed the Chinese currency to its weakest level since October 2022, and close to its five-year lows versus the U.S. dollar. Contrary to expectations earlier in the year, Taiwanese and South Korean equities outperformed the rest of the region on the back of hopes for a recovery in semiconductor demand, and benign valuations.

Property and consumer stocks were among the weaker sectors year-to-date, largely reflecting the tepid recovery in China. Small caps outperformed large cap as ongoing geopolitical risks continued to push the embedded risk-premium in overseas listed Chinese American Depository Receipts (ADRs), many of which are larger sized stocks. Most of the Asian currencies weakened as rising interest rates spurred the U.S. dollar, while central banks in Asia have largely stopped raises rates.

Performance Contributors and Detractors:

From a country perspective, stock selection in China was the biggest detractor to performance during the quarter, and year-to-date periods, as the portfolio’s consumer related holdings continued their underperformance amid overall macroeconomic concerns on the pace of consumption recovery. However, we believe these companies are well positioned to lead the economic recovery over time given their resilient earnings. Stock selection in the Philippines also detracted from relative performance during the first half. On the other hand, stock selection in South Korea contributed positively. The positive performance was attributed to the combination of better-than-expected earnings in small-cap auto component and electronics companies. Indian consumer discretionary companies also contributed positively with continued strong earning deliveries.

At the individual holdings level, the top detractors to both relative and absolute performance for the first half of the year came from China, including the leading Chinese duty-free shop operator China Tourism Group Duty Free. While the company went through the normalization process of operation after the pandemic, its earnings improvement was slower than sales as discounting and inventory management takes time. This can be transitionary adjustment process rather than structural as the company’s market share is intact and management continues to make efforts to improve the company’s product mix. Another notable detractor was the leading food delivery and local service company in China, Meituan. The company executed well during the pandemic and the reopening phase, accelerating its path towards profitability ahead of the management’s original target. However, negative sentiment around the China’s consumption recovery and potential competitive pressure has outweighed, and Meituan’s share price did not react positively.

In contrast, one of the notable contributors was a Korean electronics manufacturer SOLUM. The company’s ESL (Electronic shelf label) business has seen accelerated demand from a diverse range of global customers, from retailors to factories supported by increasing order backlog—a major driver for the operating profit growth. Auto component maker HL Mando in Korea was another contributor. As supply chain shortages eased further during the quarter, Mando has seen accelerated volume growth and benefited from the company’s long standing efforts to diversify its customer base.  Another contributor during the period was India’s leading jeweler, Titan Company. The company delivered good results last year and, against the expectation of potential growth slow down, Titan continued to deliver robust growth and brand value helped by retail store expansion and continuous category expansion into watches and eyewears.

Notable Portfolio Changes:

The second quarter was a relatively quiet quarter as no major directional shifts were made. We increased the portfolio’s relative concentration in high conviction China names by slowly decreasing the weightings of holdings with less certain growth prospects. With a broad valuation correction in China, we continue to assess new high-quality opportunities. Overall, the biggest active risk in the portfolio is from an overweight to domestic consumption in China. The portfolio remains underweight South Korea reflecting some concerns on the global growth outlook.


Despite the divergence in Asia markets year-to-date performance, Asia equity markets are attractively positioned in terms of relative valuation especially with respect to its earnings prospects. We expect double-digit earnings growth in China and India over next two years. As post COVID activity continues to normalize in China, we believe there will be opportunities for domestically oriented growth. For Taiwan and South Korea, a mix of secular growth opportunities in the technology sector together with cyclicality continue to provide stock picking opportunities. With the U.S. Federal Reserve’s interest rate cycle coming into final stages and a mixed backdrop on global demand, we expect that domestic demand in Asia should show resiliency.


Rolling 12 Month Returns For the period ended 30/06/2023 - I (Acc)
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-5.74% -26.36% 47.08% -2.00% 1.70% 30/04/2010
MSCI All Country Asia ex Japan Index (USD)
-0.76% -24.78% 40.03% 1.97% -0.18%
Matthews Pacific Tiger Fund (GBP)
-9.73% -15.68% 30.13% 1.36% 5.36% 28/02/2011
MSCI All Country Asia ex Japan Index (GBP)
-5.20% -14.44% 25.25% 5.03% 3.55%
Matthews Pacific Tiger Fund (JPY)
0.11% -9.21% 50.88% -1.98% -0.98% 27/03/2017
MSCI All Country Asia ex Japan (JPY)
5.58% -7.93% 44.06% 2.11% -2.90%
Matthews Pacific Tiger Fund (EUR)
-9.68% -15.79% 38.50% -0.61% N.A. 30/04/2019
MSCI All Country Asia ex Japan Index (EUR)
-4.90% -14.68% 32.62% 3.39% 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