A focus on Asia—and providing compelling investment solutions for our clients—is what we believe distinguishes us among investment managers. Our insights into investment opportunities and risks are backed by proprietary research, a collaborative culture and 30 years of experience.
Effective 30 August 2024, the Fund was renamed from the Asia Small Companies Fund to the Asia Discovery Fund.
Seeks alpha in innovative, capital efficient entrepreneurial companies in Asia ex Japan
Focus on firms that have a strong competitive advantage through pricing power, distribution capability, and/or differentiated technologies and services
Bias toward businesses that cater to rising domestic consumer demand
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 small companies located in the Asia ex Japan Region, and may invest in other permitted assets on worldwide. The Fund defines Small Companies as companies with market capitalization no higher than the greater of US $5 billion or the market capitalization of the largest company included in the Fund's primary benchmark, the MSCI All Country Asia ex Japan Small Cap Index.
Risks
The value of an investment in the Fund can go down as well as up and possible loss of principal is a risk of investing. Investments in international, emerging and frontier market securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation, which may adversely affect the value of the Fund's assets. The Fund invests in holdings denominated in foreign currencies, and is exposed to the risk that the value of the foreign currency will increase or decrease. The Fund invests primarily in equity securities, which may result in increased volatility. The Fund invests in smaller companies, which are more volatile and less liquid than larger companies.
These and other risks associated with investing in the Fund can be found in the
prospectus.
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
1.00%
Total Expense Ratio
1.15%
( USD )
1.15%
( GBP )
1.15%
( EUR )
Objective
Seeks to achieve long term capital appreciation.
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 small companies located in the Asia ex Japan Region, and may invest in other permitted assets on worldwide. The Fund defines Small Companies as companies with market capitalization no higher than the greater of US $5 billion or the market capitalization of the largest company included in the Fund's primary benchmark, the MSCI All Country Asia ex Japan Small Cap Index.
Risks
The value of an investment in the Fund can go down as well as up and possible loss of principal is a risk of investing. Investments in international, emerging and frontier market securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation, which may adversely affect the value of the Fund's assets. The Fund invests in holdings denominated in foreign currencies, and is exposed to the risk that the value of the foreign currency will increase or decrease. The Fund invests primarily in equity securities, which may result in increased volatility. The Fund invests in smaller companies, which are more volatile and less liquid than larger companies.
The risks associated with investing in the Fund can be found in the prospectus
Performance
Monthly
Quarterly
Calendar Year
Rolling 12 Month Returns
As of 30/06/2025
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Discovery Fund (USD)
7.25%
10.90%
4.36%
-2.22%
4.16%
9.39%
6.64%
6.89%
30/04/2013
MSCI All Country Asia ex Japan Small Cap Index (USD)
6.44%
18.36%
9.96%
8.71%
13.11%
13.57%
5.82%
5.79%
Matthews Asia Discovery Fund (GBP)
5.43%
4.80%
-4.59%
-9.82%
-0.04%
7.00%
8.10%
8.93%
30/04/2014
MSCI All Country Asia ex Japan Small Cap Index (GBP)
4.74%
11.48%
0.49%
0.28%
8.64%
11.24%
7.29%
8.14%
Matthews Asia Discovery Fund (EUR)
3.68%
2.39%
-7.46%
-10.78%
0.08%
n.a.
n.a.
4.92%
30/12/2020
MSCI All Country Asia ex Japan Small Cap Index (EUR)
2.94%
8.91%
-3.00%
-0.75%
8.82%
n.a.
n.a.
8.86%
As of 30/06/2025
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Discovery Fund (USD)
7.25%
10.90%
4.36%
-2.22%
4.16%
9.39%
6.64%
6.89%
30/04/2013
MSCI All Country Asia ex Japan Small Cap Index (USD)
6.44%
18.36%
9.96%
8.71%
13.11%
13.57%
5.82%
5.79%
Matthews Asia Discovery Fund (GBP)
5.43%
4.80%
-4.59%
-9.82%
-0.04%
7.00%
8.10%
8.93%
30/04/2014
MSCI All Country Asia ex Japan Small Cap Index (GBP)
4.74%
11.48%
0.49%
0.28%
8.64%
11.24%
7.29%
8.14%
Matthews Asia Discovery Fund (EUR)
3.68%
2.39%
-7.46%
-10.78%
0.08%
n.a.
n.a.
4.92%
30/12/2020
MSCI All Country Asia ex Japan Small Cap Index (EUR)
2.94%
8.91%
-3.00%
-0.75%
8.82%
n.a.
n.a.
8.86%
For the years ended December 31st
Name
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Matthews Asia Discovery Fund (USD)
-3.45%
11.27%
-14.49%
22.19%
46.12%
17.53%
-14.53%
30.80%
-1.09%
-11.08%
MSCI All Country Asia ex Japan Small Cap Index (USD)
7.11%
22.09%
-19.93%
21.23%
26.60%
7.58%
-18.63%
33.84%
-2.05%
-3.28%
Matthews Asia Discovery Fund (GBP)
-2.01%
5.26%
-4.17%
23.80%
41.22%
14.03%
-9.84%
19.38%
18.87%
-6.49%
MSCI All Country Asia ex Japan Small Cap Index (GBP)
9.02%
15.20%
-9.84%
22.35%
22.69%
3.43%
-13.57%
22.25%
16.83%
2.32%
Matthews Asia Discovery Fund (EUR)
2.60%
7.48%
-9.25%
32.41%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
MSCI All Country Asia ex Japan Small Cap Index (EUR)
14.26%
17.96%
-14.68%
30.44%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
For the period ended 30/06/2025
Name
2025
2024
2023
2022
2021
Inception Date
Matthews Asia Discovery Fund (USD)
-2.22%
7.48%
7.54%
-11.04%
55.78%
30/04/2013
MSCI All Country Asia ex Japan Small Cap Index (USD)
8.71%
21.20%
9.83%
-19.67%
62.52%
Matthews Asia Discovery Fund (GBP)
-9.82%
7.53%
3.00%
1.84%
37.86%
30/04/2014
MSCI All Country Asia ex Japan Small Cap Index (GBP)
0.28%
21.89%
4.92%
-8.63%
45.36%
Matthews Asia Discovery Fund (EUR)
-10.78%
9.10%
2.99%
1.73%
n.a.
30/12/2020
MSCI All Country Asia ex Japan Small Cap Index (EUR)
-0.75%
23.37%
5.25%
-8.88%
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 30/06/2025)
Fund
Benchmark
Number of Positions
66
1,577
Weighted Average Market Cap
$4.3 billion
$12.9 billion
Active Share
97.7
n.a.
P/E using FY1 estimates
16.4x
16.3x
P/E using FY2 estimates
14.5x
13.9x
Price/Cash Flow
10.8
9.3
Price/Book
2.3
1.5
Return On Equity
14.8
11.5
EPS Growth (3 Yr)
31.7%
6.6%
Sources: Factset Research Systems, Inc.
Risk Metrics (3 Yr Return)
(as of 31/05/2025)
Category
3YR Return Metric
Alpha
-6.11%
Beta
0.88
Upside Capture
68.59%
Downside Capture
99.91%
Sharpe Ratio
-0.26
Information Ratio
-1.01
Tracking Error
6.83%
R²
83.01
-6.11%
Alpha
0.88
Beta
68.59%
Upside Capture
99.91%
Downside Capture
-0.26
Sharpe Ratio
-1.01
Information Ratio
6.83%
Tracking Error
83.01
R²
Fund Risk Metrics are reflective of Class I USD ACC shares.
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 30/06/2025)
Sector Allocation
Country Allocation
Market Cap Exposure
Sector
Fund
Benchmark
Difference
Information Technology
20.6
19.0
1.6
Consumer Discretionary
16.5
9.8
6.7
Industrials
15.4
19.3
-3.9
Health Care
15.3
11.6
3.7
Financials
13.7
10.4
3.3
Consumer Staples
8.3
5.1
3.2
Communication Services
5.3
4.1
1.2
Real Estate
3.9
7.6
-3.7
Energy
1.9
1.3
0.6
Materials
0.1
9.7
-9.6
Utilities
0.0
2.2
-2.2
Liabilities in Excess of Cash and Other Assets
-0.8
0.0
-0.8
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Country
Fund
Benchmark
Difference
India
34.2
31.9
2.3
China/Hong Kong
23.6
17.1
6.5
Taiwan
18.9
22.1
-3.2
South Korea
13.1
15.7
-2.6
Vietnam
4.6
0.0
4.6
Philippines
2.6
1.1
1.5
Indonesia
2.0
1.9
0.1
Singapore
0.8
4.8
-4.0
Bangladesh
0.7
0.0
0.7
United States
0.3
0.0
0.3
Malaysia
0.0
3.0
-3.0
Thailand
0.0
2.5
-2.5
Liabilities in Excess of Cash and Other Assets
-0.8
0.0
-0.8
Not all countries are included in the benchmark index(es).
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
0.0
0.1
-0.1
Large Cap ($10B-$25B)
9.9
0.0
9.9
Mid Cap ($3B-$10B)
47.2
31.8
15.4
Small Cap (under $3B)
43.7
68.0
-24.3
Liabilities in Excess of Cash and Other Assets
-0.8
0.0
-0.8
The Portfolio’s market cap exposure breakdown presented is used for comparison purposes and the definition of the capitalization breakdown is from MSCI.
The Fund defines Small Companies as companies with market capitalization no higher than the greater of US$5 billion or the market capitalization of the largest company included in the Fund's primary benchmark, the MSCI All Country Asia ex Japan Small Cap Index.
Source: FactSet Research Systems unless otherwise noted. Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.
ESG Characteristics
(as of 31/03/2025)
Business Involvement
Sustainability Attributes
Name
Fund
Benchmark
Difference
Controversial Weapons
Fund Coverage: 95%Benchmark Coverage: 99%
0.0
0.5
-0.5
Tobacco
Fund Coverage: 93%Benchmark Coverage: 99%
0.0
0.4
-0.4
Name
Fund
Benchmark
Difference
UN Global Compact Violators
Fund Coverage: 100%Benchmark Coverage: 98%
0.0
0.1
-0.1
Board Diversity
Fund Coverage: 100%Benchmark Coverage: 97%
19.9
18.3
1.6
Board Diversity: Represents the weighted average ratio of female board members in investee companies. Tobacco: Represents companies that generate more than 5% of revenue from tobacco manufacturing exposure to 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.
Investment process integrates ESG factors and sustainability risks based on proprietary and third-party research
Applies norms- and activity-based exclusions
Promotes environmental and social characteristics
Has a sustainable investment objective
Conducts engagement
Exercises Voting Rights
Investors should not invest in the Fund solely based on the information in this material alone. Please refer to the Prospectus for further details of the Fund’s investment objective and risk factors.
Vivek Tanneeru is a Portfolio Manager at Matthews. Prior to joining the firm in 2011, Vivek was an Investment Manager on the Global Emerging Markets team of Pictet Asset Management in London. While at Pictet, he also worked on the firm’s Global Equities team, managing Japan and Asia ex-Japan markets. Before earning his MBA from the London Business School in 2006, Vivek was a Business Systems Officer at The World Bank and served as a Consultant at Arthur Andersen Business Consulting and Citicorp Infotech Industries. He interned at Generation Investment Management while studying for his MBA Vivek received his Master’s in Finance from the Birla Institute of Technology & Science in India. He is fluent in Hindi and Telugu.
Jeremy Sutch is a Portfolio Manager at Matthews. Prior to joining the firm in 2015, he was Director and Global Head of Emerging Companies at Standard Chartered Bank in Hong Kong from 2012 to 2015, responsible for the fundamental analysis of companies in Asia, with a particular focus on small- and mid-capitalization companies. From 2009 to 2012, he was Managing Director at MJP Capital in Hong Kong, which he co-founded. His prior experience has included managing small-cap equities at Indus Capital Advisors and serving as Head of Hong Kong Research for ABN AMRO Asia Securities. Jeremy earned an M.A. in French and History from the University of Edinburgh.
Sherwood Zhang is a Portfolio Manager at Matthews. Prior to joining the firm in 2011, Sherwood was an analyst at Passport Capital from 2007 to 2010, where he focused on such industries as property and basic materials in China as well as consumer-related sectors. Before earning his MBA in 2007, Sherwood served as a Senior Treasury Officer for Hang Seng Bank in Shanghai and Hong Kong, and worked as a Foreign Exchange Trader at Shanghai Pudong Development Bank in Shanghai. He received his MBA from the University of Maryland and his Bachelor of Economics in Finance from Shanghai University. Sherwood is fluent in Mandarin and speaks conversational Cantonese.
The region’s markets had a positive quarter as concerns over U.S. tariffs eased amid potential trade deals while growth in the artificial intelligence (AI) supply chain remained strong. A temporarily weakened U.S. dollar, caused by concerns over U.S. trade policy and debt levels, also provided a tailwind. The region overall gained 12.5%.
South Korea was the top performing market in the region, buoyed by the election of President Lee Jae Myung who is seen as a progressive and market friendly leader. India’s performance improved as the central bank cut rates to try and boost consumer spending while in China, performance was impacted by a tit-for-tat escalation of tariffs with the U.S.
Markets in Southeast Asia were affected by domestic political issues and concerns over U.S. tariffs. A major source of uncertainty in the period was the Israel-Iran conflict and the implications it may have for the wider region and global economy.
Contributors and Detractors
For the quarter ended June 30, 2025, the Asia Discovery Fund returned 10.90%, (I Acc USD) while its benchmark, the MSCI All Country Asia ex Japan Small Cap Index, returned 18.36% over the same period.
On a country basis, the top three contributors to relative performance were Taiwan due to stock selection, Singapore and Thailand due to an underweight allocation. The top three detractors were China/Hong Kong and South Korea due to stock selection and Vietnam due to an off-benchmark allocation.
On a sector basis, the top three contributors to relative performance were information technology (IT) and energy due to stock selection and materials due to an underweight allocation. The top three detractors were industrials, consumer discretionary and communication services due to stock selection.
The largest contributors to absolute performance included Bandhan Bank, an Indian commercial bank, Hugel, a South Korean maker of beauty and cosmetics products, and Elite Material, a Taiwanese chip manufacturing company. The top three detractors included Flat Glass Group, a Chinese glass products manufacturer, Merida Industry Co., a Taiwanese consumer discretionary company, and Full Truck Alliance, a Chinese freight marketplace operator.
Outlook
With President Trump’s July 9 tariff deadline for reaching trade agreements approaching, more market volatility is to be expected. However, we believe the peak fear of tariffs has passed—barring any significant escalation in duties on countries where agreements are not reached.
We also think that earnings growth improvements in Asia could potentially offer significant upside pressure to investment returns. During the quarter, a large proportion of returns were tied to increasing valuations and currency movements with limited impact from improving financial results.
A potential loosening of U.S. monetary policy and a weaker dollar would also be favorable for the region especially those economies exposed to global trade. In China, while a meaningful pickup in property and general consumption has yet to be seen, we anticipate some progress later in the year and into 2026.
As summer headwinds ease, in terms of seasonality Middle East conflicts, trade and the U.S. economy, we believe there will be greater clarity on the prospects for global markets. This should allow the drivers of Asian markets—earnings recovery, diversification, a weaker dollar, and cheap valuations—to gain traction in our view.
Rolling 12 Month Returns For the period ended 30/06/2025 - I (Acc)
Name
2025
2024
2023
2022
2021
Inception Date
Matthews Asia Discovery Fund (USD)
-2.22%
7.48%
7.54%
-11.04%
55.78%
30/04/2013
MSCI All Country Asia ex Japan Small Cap Index (USD)
8.71%
21.20%
9.83%
-19.67%
62.52%
Matthews Asia Discovery Fund (GBP)
-9.82%
7.53%
3.00%
1.84%
37.86%
30/04/2014
MSCI All Country Asia ex Japan Small Cap Index (GBP)
0.28%
21.89%
4.92%
-8.63%
45.36%
Matthews Asia Discovery Fund (EUR)
-10.78%
9.10%
2.99%
1.73%
N.A.
30/12/2020
MSCI All Country Asia ex Japan Small Cap Index (EUR)
Performance figures discussed in the Fund Manager Commentary above reflect that of the Institutional Accumulation Class Shares and has been calculated in USD. Performance details provided for the Fund are based on a NAV-to-NAV basis, with any dividends reinvested, and are net of management fees and other expenses. Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information.
Information contained herein is sourced from Matthews Asia unless otherwise stated. The views and opinions in this commentary were as of the report date, subject to change and may not reflect the writer’s current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.
Investors should not invest in the Fund solely based on the information in this material alone. Please refer to the Prospectus for further details of the risk factors.
The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI All Country Asia Pacific Index is a free float–adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed securities known as Red chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g. ADRs).
The MSCI China All Shares Index captures large and mid-cap representation across China A shares, B shares, H shares, Red chips (issued by entities owned by national or local governments in China), P chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong,Shanghai, Shenzhen and outside of China.
The MSCI China A Onshore Index captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges. Index is for comparative purposes only and it is not possible to invest directly in an index.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization-weighted index that captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization weighted small cap index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungry, India, Indonesia, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan Thailand, Turkey and United Arab Emirates.
The S&P Bombay Stock Exchange 100 (S&P BSE 100) Index is a free float–adjusted market capitalization–weighted index of 100 stocks listed on the Bombay Stock Exchange.
The MSCI Japan Index is a free float–adjusted market capitalization–weighted index of Japanese equities listed in Japan.
The MSCI All Country Asia ex Japan Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Small Cap Index is a free float-adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges,Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g., ADRs).
The MSCI India Index is a free float-adjusted market capitalization-weighted index of Indian equities listed in India.
Indexes are for comparative purposes only and it is not possible to invest directly in an index.
Commentary
Period ended 30 June 2025
Market Environment
Contributors and Detractors
Outlook
Rolling 12 Month Returns For the period ended 30/06/2025 - I (Acc)
Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg