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 30/05/2023)



(as of 30/05/2023)


1 Day NAV Change

(as of 30/05/2023)


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 31/10/2014
Fund Assets $354.11 million (30/04/2023)
Base Currency USD
ISIN: LU0491816558 (USD) LU0594555830 (GBP)
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 )


  • Monthly
  • Quarterly
  • Calendar Year
  • Rolling 12 Month
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As of 30/04/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
-4.56% -9.35% -2.02% -9.04% 4.26% -0.25% n.a. 3.13% 31/10/2014
MSCI All Country Asia ex Japan Index (USD)
-2.07% -5.54% 2.23% -5.56% 3.54% -0.18% n.a. 3.61%
Matthews Pacific Tiger Fund (GBP)
-5.29% -10.60% -5.48% -8.48% 4.36% 1.68% n.a. 6.15% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
-3.66% -7.48% -2.16% -5.67% 3.66% 1.66% n.a. 6.60%
As of 31/03/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (USD)
2.10% 2.66% 2.66% -10.05% 8.98% 0.62% n.a. 3.73% 31/10/2014
MSCI All Country Asia ex Japan Index (USD)
3.51% 4.39% 4.39% -8.54% 7.29% 0.38% n.a. 3.90%
Matthews Pacific Tiger Fund (GBP)
-0.13% -0.19% -0.19% -4.60% 8.88% 3.22% n.a. 6.90% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
1.35% 1.56% 1.56% -2.61% 7.39% 2.95% n.a. 7.14%
For the years ended December 31st
Name 2022 2021 2020 2019 2018 2017 2016 2015
Matthews Pacific Tiger Fund (USD)
-21.57% -3.10% 30.49% 11.20% -10.72% 39.54% -0.29% -1.84%
MSCI All Country Asia ex Japan Index (USD)
-19.36% -4.46% 25.36% 18.52% -14.12% 42.08% 5.76% -8.90%
Matthews Pacific Tiger Fund (GBP)
-12.15% -1.75% 25.99% 7.82% -5.72% 27.14% 20.01% 3.14%
MSCI All Country Asia ex Japan Index (GBP)
-9.19% -3.58% 21.49% 13.94% -8.78% 29.78% 26.15% -3.63%
For the period ended 31/03/2023
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-10.05% -13.83% 66.98% -18.72% -1.96% 31/10/2014
MSCI All Country Asia ex Japan Index (USD)
-8.54% -14.42% 57.77% -13.18% -4.95%
Matthews Pacific Tiger Fund (GBP)
-4.60% -9.60% 49.67% -13.85% 5.37% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
-2.61% -10.32% 41.79% -8.76% 2.33%

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 30/04/2023)
Fund Benchmark
Number of Positions 54 1,186
Weighted Average Market Cap $106.8 billion $106.7 billion
Active Share 69.6 n.a.
P/E using FY1 estimates 20.7x 13.2x
P/E using FY2 estimates 16.6x 11.4x
Price/Cash Flow 13.8 6.8
Price/Book 3.0 1.6
Return On Equity 17.2 14.9
EPS Growth (3 Yr) 9.6% 13.1%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 30/04/2023)
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 30/04/2023)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 6.0
Samsung Electronics Co., Ltd. Information Technology South Korea 5.3
Tencent Holdings, Ltd. Communication Services China/Hong Kong 4.0
Meituan Consumer Discretionary China/Hong Kong 3.4
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 3.4
Hong Kong Exchanges & Clearing, Ltd. Financials China/Hong Kong 3.3
ICICI Bank, Ltd. Financials India 3.2
Central Pattana Public Co., Ltd. Real Estate Thailand 3.0
AIA Group, Ltd. Financials China/Hong Kong 2.9
Yum China Holdings, Inc. Consumer Discretionary China/Hong Kong 2.8
TOTAL 37.3

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 30/04/2023)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 24.5 22.3 2.2
Consumer Discretionary 19.3 13.8 5.5
Financials 17.8 21.5 -3.7
Consumer Staples 9.0 5.5 3.5
Real Estate 8.1 3.8 4.3
Communication Services 5.3 10.2 -4.9
Industrials 5.0 7.0 -2.0
Materials 4.0 5.5 -1.5
Health Care 2.3 4.0 -1.7
Utilities 1.9 2.6 -0.7
Energy 0.0 3.8 -3.8
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

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

Country Fund Benchmark Difference
China/Hong Kong 46.7 42.8 3.9
Taiwan 16.0 16.6 -0.6
India 14.4 15.5 -1.1
South Korea 10.0 13.6 -3.6
Thailand 3.0 2.4 0.6
Indonesia 2.4 2.3 0.1
Philippines 2.1 0.8 1.3
Singapore 1.6 4.0 -2.4
Vietnam 1.0 0.0 1.0
Malaysia 0.0 1.6 -1.6
Macau 0.0 0.3 -0.3
United States 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

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

Asset Type Fund
Common Equities and ADRs 97.3
Cash and Other Assets, Less Liabilities 2.7
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 55.8 58.8 -3.0
Large Cap ($10B-$25B) 21.4 20.7 0.7
Mid Cap ($3B-$10B) 11.7 18.9 -7.2
Small Cap (under $3B) 8.6 1.6 7.0
Cash and Other Assets, Less Liabilities 2.7 0.0 2.7

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.

ESG Characteristics

(as of 31/03/2023)
  • Business Involvement
  • Sustainability Attributes
Name Fund Benchmark Difference
Controversial Weapons
Fund Coverage: 99% Benchmark Coverage: 99%
0.0 0.3 -0.3
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: 99%
16.2 16.2 0.0

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 31/03/2023)

Fund Coverage: 98%; Benchmark Coverage: 99% as of 31/03/2023

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
(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



Currency Record Date Ex Date Reinvest Date Payment Date Income Distributions
USD 13/12/2022 14/12/2022 15/12/2022 29/12/2022 $0.342319
GBP 13/12/2022 14/12/2022 15/12/2022 29/12/2022 £0.212846
View History


The Fund may, at its discretion, pay dividends out of the capital or effectively out of capital in respect of the distribution shares. Dividends may be distributed out of gross income while all or part of the fees and expenses are paid out of capital, resulting in an increase in distributable income for the payment of dividends and, therefore, the Fund may effectively pay dividend out of capital. Payment of dividends out of capital and/or effectively out of capital represents a return or withdrawal of part of an investor's original investment, or from any capital gains attributable to that original investment. Any distribution may result in an immediate reduction of the net asset value per share of the Fund.

Please note that a positive distribution yield does not imply a positive return, and past yields are no guarantee of future yields. There is no guarantee that the Fund will pay or continue to pay distributions.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost.

As of April 1, 2014, distributions for this class of the sub fund will pay gross income which may result in expenses being paid out of capital and thereby limit an investor’s potential to generate total return and income.


Period ended 31 March 2023

For the quarter ending 31 March 2023, the Matthews Pacific Tiger Fund returned 2.63%, while its benchmark, the MSCI All Country Asia ex Japan Index, returned 4.39%.

Market Environment:

The first quarter of the year was positive, albeit volatile, for emerging markets and Asia following a broadly difficult 2022 for most major equity markets. Chinese equities grinded higher with considerable volatility after a strong rebound from an October bottom in 2022. The country’s lifting of its long-standing COVID restrictions allowed for a ‘more normal’ Chinese New Year celebration helping to boost consumption indicators especially those focused on domestic tourism and local services. However, more widespread consumption recovery seems to be rather slow and gradual as it is also conditioned to the property market and broad-based employment improvement. Continued U.S. interest rate increases amid rather sticky inflation data caused market volatility as markets priced in a ‘higher for longer’ Fed Funds rate. Central banks in Asia didn’t follow the Fed’s path and the stronger fiscal situation of Asian countries was generally supportive for their currencies. All in, it was a positive start to the year for most Asia markets with India being the notable exception. Indian equities were the region’s laggard in the quarter with elevated valuations from last year’s strong performance. 

Performance Contributors and Detractors:

From a country perspective, Taiwan, China and South Korea contributed the most to the Fund’s absolute performance in the first quarter while the Philippines and India were the biggest absolute detractors. At the sector level, stock selection in financials was among the biggest contributors to relative performance in the period while stock selection in consumer discretionary was the biggest detractor to relative performance.

At the holdings level, Taiwan Semiconductor Manufacturing Company, a multinational semiconductor contract manufacturing business, and Tencent, a leading online gaming and communication platform in China, were among the top contributors as they reported better-than-expected earnings, where market expectation was low to begin with. A stock selection in South Korea, Samsung Electronics, was also among the top contributors.

On the other hand, even though China contributed positively on an absolute basis, our positions in a handful of consumer discretionary stocks made it the biggest detractor to relative performance on a country basis. E-commerce company, food-delivery service company Meituan and a leading duty free-shop operator, China Tourism Group, were among the weakest performing holdings, albeit the businesses are well positioned to participate in the normalization of economic activity in the country.

Notable Portfolio Changes:

The first quarter of the year was a relatively quieter period for the Fund as no major directional shifts were implemented. The biggest active risk in the portfolio stems from a heavier allocation to domestic consumption in China, a larger position in some of the platform businesses with clear competitive advantages, and a continued belief about a pickup in investment activity in India. Additionally, the Fund’s underweight in South Korea reflects some concern on the outlook for global growth.


Asia’s equity markets partly reversed some of the trends from the last calendar year with Taiwan and South Korea outperforming India significantly. There was wide divergence in sectoral performance with IT and telecom services gaining over utilities. There wasn’t any meaningful dispersion between the growth and value version of the MSCI AC Asia ex Japan Index. It is notable that the yield environment in many parts of Asia was relatively steadier compared to the U.S. Much of the gains in Asia have been driven by multiple expansion. Looking ahead, we continue to expect China and India to deliver mid-to-high-teens rate of growth over the next two years led by post COVID-19 reopening/normalization and recovery in margin. Valuations across Asia look fair although it does mask wide disparity across different countries—China still looks inexpensive while India is trading at a premium to other emerging markets, though that premium has eroded in the past six months.

Rolling 12 Month Returns For the period ended 31/03/2023 - I (Dist)
Name 2023 2022 2021 2020 2019 Inception Date
Matthews Pacific Tiger Fund (USD)
-10.05% -13.83% 66.98% -18.72% -1.96% 31/10/2014
MSCI All Country Asia ex Japan Index (USD)
-8.54% -14.42% 57.77% -13.18% -4.95%
Matthews Pacific Tiger Fund (GBP)
-4.60% -9.60% 49.67% -13.85% 5.37% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
-2.61% -10.32% 41.79% -8.76% 2.33%

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

To find documents in additional languages, please visit the Fund Literature page in our Resources section.


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