TOP

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

31/10/2014

Inception Date

5.47%

YTD Return (GBP)

(as of 06/02/2026)

£17.56

NAV (GBP)

(as of 06/02/2026)

-0.01

1 Day NAV Change

(as of 06/02/2026)

Factsheet
Prospectus
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 31/10/2014
Fund Assets $106.85 million (31/12/2025)
Base Currency USD
ISIN: LU0594555830 (GBP)
Bloomberg Symbol MAPTIIG:LX (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 0.90% ( GBP )

Performance

  • Monthly
  • Quarterly
  • Calendar Year
  • Rolling 12 Month
    Returns
  • data_graph_selected Created with Sketch.
  • bar_graph_selected Created with Sketch.
As of 31/01/2026
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (GBP)
6.43% 3.30% 6.43% 27.57% 5.02% 0.39% 7.79% 7.05% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
6.06% 3.43% 6.06% 29.35% 12.60% 4.98% 11.03% 9.06%
As of 31/12/2025
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund (GBP)
1.77% 3.63% 20.81% 20.81% 4.79% -0.14% 6.85% 6.51% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
1.22% 4.43% 23.86% 23.86% 12.49% 4.50% 9.93% 8.56%
For the years ended December 31st
Name 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Matthews Pacific Tiger Fund (GBP)
20.81% 6.19% -10.31% -12.15% -1.75% 25.99% 7.82% -5.72% 27.14% 20.01%
MSCI All Country Asia ex Japan Index (GBP)
23.86% 14.52% 0.34% -9.19% -3.58% 21.49% 13.94% -8.78% 29.78% 26.15%
For the period ended 31/12/2025
Name 2025 2024 2023 2022 2021 Inception Date
Matthews Pacific Tiger Fund (GBP)
20.81% 6.19% -10.31% -12.15% -1.75% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
23.86% 14.52% 0.34% -9.19% -3.58%

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 30/11/2025)
Fund Benchmark
Number of Positions 79 1,009
Weighted Average Market Cap $262.4 billion $277.3 billion
Active Share 57.1 n.a.
P/E using FY1 estimates 17.2x 16.0x
P/E using FY2 estimates 14.5x 13.9x
Price/Cash Flow 12.0 10.5
Price/Book 2.6 2.1
Return On Equity 18.0 18.1
EPS Growth (3 Yr) 14.2% 11.8%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/12/2025)
-6.95%
Alpha
1.01
Beta
83.45%
Upside Capture
117.16%
Downside Capture
0.25
Sharpe Ratio
-2.24
Information Ratio
3.54%
Tracking Error
94.33
R²

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

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/01/2026)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 9.7
Samsung Electronics Co., Ltd. Information Technology South Korea 8.7
Tencent Holdings, Ltd. Communication Services China/Hong Kong 5.8
SK Hynix, Inc. Information Technology South Korea 4.9
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 4.9
Delta Electronics, Inc. Information Technology Taiwan 3.6
Ping An Insurance Group Co. of China, Ltd. Financials China/Hong Kong 2.2
KB Financial Group, Inc. Financials South Korea 2.1
DBS Group Holdings, Ltd. Financials Singapore 2.1
MediaTek, Inc. Information Technology Taiwan 2.0
TOTAL 46.0
View All Holdings

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 31/12/2025)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 31.8 32.0 -0.2
Financials 22.3 20.5 1.8
Consumer Discretionary 13.4 12.8 0.6
Communication Services 10.9 9.7 1.2
Industrials 10.3 8.0 2.3
Health Care 5.1 3.3 1.8
Real Estate 2.7 1.8 0.9
Consumer Staples 1.7 2.9 -1.2
Materials 0.2 4.0 -3.8
Energy 0.0 2.9 -2.9
Utilities 0.0 2.1 -2.1
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 www.msci.com.

Country Fund Benchmark Difference
China/Hong Kong 34.4 35.9 -1.5
Taiwan 20.3 23.4 -3.1
South Korea 18.4 15.1 3.3
India 16.6 17.4 -0.8
Singapore 3.6 3.8 -0.2
Malaysia 1.7 1.4 0.3
Thailand 1.0 1.1 -0.1
Indonesia 0.9 1.3 -0.4
Philippines 0.9 0.4 0.5
Vietnam 0.7 0.0 0.7
Macau 0.0 0.1 -0.1
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 98.4
Cash and Other Assets, Less Liabilities 1.5
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 77.9 69.6 8.3
Large Cap ($10B-$25B) 12.0 20.3 -8.3
Mid Cap ($3B-$10B) 7.0 10.0 -3.0
Small Cap (under $3B) 1.6 0.1 1.5
Unassigned 0.0 0.0 0.0
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 31/12/2025)
  • Business Involvement
  • Sustainability Attributes
Name Fund Benchmark Difference
Controversial Weapons
Fund Coverage: 99% Benchmark Coverage: 99%
0.0 0.0 0.0
Tobacco
Fund Coverage: 98% Benchmark Coverage: 99%
0.0 0.0 0.0
Name Fund Benchmark Difference
UN Global Compact Violators
Fund Coverage: 100% Benchmark Coverage: 99%
0.0 0.0 0.0
Board Diversity
Fund Coverage: 100% Benchmark Coverage: 98%
22.5 20.5 2.0

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.

Source: Sustainalytics, Factset, MSCI, Matthews Asia.

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.

Portfolio Managers

Inbok Song photo
Inbok Song

Inbok Song

Portfolio Manager

Inbok Song photo

Inbok Song is a Portfolio Manager at Matthews. Prior to rejoining the firm in 2019, Inbok spent three years at Seafarer Capital Partners as a portfolio manager, the firm’s Director of Research and chief data scientist. Previously she was at Thornburg Investment Management as an associate portfolio manager. From 2007 to 2015, she was at Matthews, most recently as a portfolio manager. From 2005 to 2006, Inbok served as an Analyst and Technology Specialist at T. Stone Corp., a private equity firm in Seoul, South Korea. From 2004 to 2005, she was a research engineer for Samsung SDI in Seoul. Inbok received both a B.A. and Masters in Materials Science and Engineering from Seoul National University. She received a Masters in International Management from the University of London, King’s College, and also an M.A. in Management Science and Engineering, with a concentration in finance from Stanford University. Inbok is fluent in Korean.

Andrew Mattock, CFA photo
Andrew Mattock, CFA

Andrew Mattock, CFA

Portfolio Manager

Andrew Mattock, CFA photo

Andrew Mattock is a Portfolio Manager at Matthews. Prior to joining the firm in 2015, he was a Fund Manager at Henderson Global Investors for 15 years, first in London and then in Singapore, managing Asia Pacific equities. Andrew holds a Bachelor of Business majoring in Accounting from ACU. He began his career at PricewaterhouseCoopers and qualified as a Chartered Accountant.

 

Winnie Chwang photo
Winnie Chwang

Winnie Chwang

Portfolio Manager

Winnie Chwang photo

Winnie Chwang is a Portfolio Manager at Matthews. She joined the firm in 2004 and has built her investment career at the firm. Winnie earned an MBA from the Haas School of Business and received her B.A. in Economics with a minor in Business Administration from the University of California, Berkeley. She is fluent in Mandarin and conversational in Cantonese.


Distributions

Currency Record Date Ex Date Reinvest Date Payment Date Income Distributions
GBP 16/12/2025 17/12/2025 18/12/2025 31/12/2025 £0.327643
GBP 17/12/2024 18/12/2024 19/12/2024 31/12/2024 £0.244972
GBP 12/12/2023 13/12/2023 14/12/2023 29/12/2023 £0.438246
GBP 13/12/2022 14/12/2022 15/12/2022 29/12/2022 £0.212846
GBP 14/12/2021 15/12/2021 16/12/2021 30/12/2021 £0.190516
Show More

 

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.

Commentary

Period ended 31 December 2025

Download

Market Environment

  • Asian equities delivered strong returns, outperforming U.S. stocks in 2025. Performance was supported by a favorable macro environment, positive investor sentiment toward artificial intelligence (AI) and an easing of geopolitical tensions.
  • North Asia markets helped drive gains. Taiwan and South Korea benefited from their countries’ global dominance in AI-related semi-conductors. Korean equities also gained from market-friendly governance reforms and a cyclical revival in heavy industrial sectors.
  • China delivered robust returns in 2025, largely supported by improved relations with the U.S. and momentum generated by innovation related to AI hardware and software, including the success of DeepSeek’s open-source platform. In contrast, India underperformed as economic growth slowed and valuations generally remained expensive.
  • Southeast Asian markets, including Thailand, Indonesia and the Philippines, were weighed down by political instability and regional conflicts.

Contributors and Detractors

  • For the year ended December 31, 2025, the Pacific Tiger Fund returned 29.87%, (I Acc USD) while its benchmark, the MSCI All Country Asia ex Japan Index, returned 33.02% over the same period.
  • On a country basis, the top three contributors to relative performance were China/Hong Kong, Taiwan and Singapore due to stock selection. The top three detractors were India due to stock selection, Vietnam due to an off-benchmark allocation and Indonesia due to stock selection.
  • On a sector basis, the top three contributors to relative performance were information technology (IT) and industrials due to stock selection and utilities due to an underweight allocation. The top three detractors were communication services, health care and financials due to stock selection.
  • The top three contributors to absolute performance included Taiwan Semiconductor Manufacturing Co. (TSMC), a globally leading chipmaker, Samsung Electronics, a South Korean semiconductor and consumer electronics maker, and SK Hynix, a Korean semiconductor company. The largest detractors included Meituan, China's largest food delivery service and internet platform company, Infosys, an Indian consulting services firm, and Asmedia Technology Inc., a Taiwanese IT company.

Outlook

  • Looking ahead into 2026, a key difference from 2025 is reduced uncertainty surrounding U.S. tariff policy, which weighed on sentiment early last year. Corporate governance reforms across Asia are also expected to continue, which may provide support for earnings growth.
  • The AI theme is anticipated to further develop. Taiwanese and Korean semi-conductor companies should continue to gain from the CapEx of U.S. hyperscalers, in our view. We also believe that markets with meaningful exposure to cyclical global industrial and engineering segments, such as Korea, are well positioned for growth in 2026.
  • China has its own hyperscaler-CapEx theme that is building but we believe a broad earnings recovery needs to unfold to support a wider rerating of the market. However, there are numerous companies that are quality businesses and delivering good earnings growth, and for that reason we are positive on the Chinese equity market in 2026.
  • In India, questions remain over the government’s commitment to infrastructure CapEx programs but opportunities in consumer spending may emerge as aggressive rate cuts and tax reductions take hold. In contrast, in Southeast Asia, it is difficult to a see growth opportunities, with exception of the markets of Vietnam and Singapore.
Rolling 12 Month Returns For the period ended 31/12/2025 - I (Dist)
Name 2025 2024 2023 2022 2021 Inception Date
Matthews Pacific Tiger Fund (GBP)
20.81% 6.19% -10.31% -12.15% -1.75% 31/10/2014
MSCI All Country Asia ex Japan Index (GBP)
23.86% 14.52% 0.34% -9.19% -3.58%

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

Fund Literature

Factsheet
Prospectus
UK KIID (GBP)
KID (GBP)
Sustainable Finance Disclosure Regulation

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

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.