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.
The Board of Directors of the Fund has determined to merge the Asia Dividend Fund into the Emerging Markets Equity Fund with the effective date of January 24, 2025. Therefore, all subscriptions (including conversions) into the Asia Dividend Fund will be suspended on January 10, 2025. All redemptions from the Asia Dividend Fund will be suspended on January 17, 2025. Please refer to the shareholder notice for additional information.
Snapshot
Total return strategy seeks to access the growth of Asia Pacific with lower volatility
Unconstrained all-cap portfolio with a quality bias
Flexible approach offers participation in both growth and value markets
Seeks total return through capital appreciation and current income.
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 income-paying publicly traded common stocks, preferred stocks, convertible preferred stocks and other equity-related instruments of companies located in the Asia Pacific region, and may invest the remainder of its net assets in other permitted assets on a worldwide basis.
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. There is no guarantee that the Fund or the companies in its portfolio will pay or continue to pay dividends.
These and other risks associated with investing in the Fund can be found in the
prospectus.
Asia Pacific: Consists of all countries and markets in Asia, as well as Australia and New Zealand 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%
( USD )
0.90%
( GBP )
0.90%
( EUR )
Objective
Seeks total return through capital appreciation and current income.
Strategy
The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in income-paying publicly traded common stocks, preferred stocks, convertible preferred stocks and other equity-related instruments of companies located in the Asia Pacific region, and may invest the remainder of its net assets in other permitted assets on a worldwide basis.
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. There is no guarantee that the Fund or the companies in its portfolio will pay or continue to pay dividends.
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 31/12/2024
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Dividend Fund (USD)
-1.86%
-9.17%
7.40%
7.40%
-7.59%
0.36%
3.55%
4.48%
30/04/2010
MSCI All Country Asia Pacific Index (USD)
-0.86%
-6.64%
10.01%
10.01%
0.73%
3.93%
5.57%
5.34%
Matthews Asia Dividend Fund (GBP)
-0.61%
-2.89%
8.98%
8.98%
-5.31%
1.39%
5.82%
6.14%
28/02/2011
MSCI All Country Asia Pacific Index (GBP)
0.61%
-0.01%
11.97%
11.97%
3.39%
5.10%
7.91%
6.85%
Matthews Asia Dividend Fund (EUR)
-0.25%
-2.12%
14.25%
14.25%
-4.91%
1.92%
n.a.
2.45%
15/05/2017
MSCI All Country Asia Pacific Index (EUR)
1.12%
0.62%
17.35%
17.35%
3.92%
5.62%
n.a.
6.03%
As of 31/12/2024
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia Dividend Fund (USD)
-1.86%
-9.17%
7.40%
7.40%
-7.59%
0.36%
3.55%
4.48%
30/04/2010
MSCI All Country Asia Pacific Index (USD)
-0.86%
-6.64%
10.01%
10.01%
0.73%
3.93%
5.57%
5.34%
Matthews Asia Dividend Fund (GBP)
-0.61%
-2.89%
8.98%
8.98%
-5.31%
1.39%
5.82%
6.14%
28/02/2011
MSCI All Country Asia Pacific Index (GBP)
0.61%
-0.01%
11.97%
11.97%
3.39%
5.10%
7.91%
6.85%
Matthews Asia Dividend Fund (EUR)
-0.25%
-2.12%
14.25%
14.25%
-4.91%
1.92%
n.a.
2.45%
15/05/2017
MSCI All Country Asia Pacific Index (EUR)
1.12%
0.62%
17.35%
17.35%
3.92%
5.62%
n.a.
6.03%
For the years ended December 31st
Name
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Matthews Asia Dividend Fund (USD)
7.40%
4.98%
-30.00%
-1.75%
31.32%
10.66%
-12.85%
33.49%
4.09%
3.87%
MSCI All Country Asia Pacific Index (USD)
10.01%
11.81%
-16.92%
-1.19%
20.07%
19.74%
-13.25%
32.04%
5.21%
-1.68%
Matthews Asia Dividend Fund (GBP)
8.98%
-0.71%
-21.55%
-0.44%
26.77%
7.36%
-7.98%
21.75%
25.18%
9.10%
MSCI All Country Asia Pacific Index (GBP)
11.97%
5.50%
-6.45%
-0.28%
16.36%
15.12%
-7.86%
20.61%
25.50%
4.01%
Matthews Asia Dividend Fund (EUR)
14.25%
1.35%
-25.73%
6.39%
20.20%
13.02%
-8.85%
n.a.
n.a.
n.a.
MSCI All Country Asia Pacific Index (EUR)
17.35%
8.02%
-11.47%
6.31%
10.15%
21.94%
-8.88%
n.a.
n.a.
n.a.
For the period ended 31/12/2024
Name
2024
2023
2022
2021
2020
Inception Date
Matthews Asia Dividend Fund (USD)
7.40%
4.98%
-30.00%
-1.75%
31.32%
30/04/2010
MSCI All Country Asia Pacific Index (USD)
10.01%
11.81%
-16.92%
-1.19%
20.07%
Matthews Asia Dividend Fund (GBP)
8.98%
-0.71%
-21.55%
-0.44%
26.77%
28/02/2011
MSCI All Country Asia Pacific Index (GBP)
11.97%
5.50%
-6.45%
-0.28%
16.36%
Matthews Asia Dividend Fund (EUR)
14.25%
1.35%
-25.73%
6.39%
20.20%
15/05/2017
MSCI All Country Asia Pacific Index (EUR)
17.35%
8.02%
-11.47%
6.31%
10.15%
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.
Yield
(as of 31/12/2024)
2.96%Dividend Yield<p data-pm-slice="1 1 []">Dividend Yield (trailing) is the weighted average sum of the dividends paid by each equity security held by the Fund over the last 12 months divided by the current price as of report date. The annualised dividend yield is for the equity-only portion of the Fund and does not reflect the actual yield an investor in the Fund would receive. There can be no guarantee that companies that the Fund invests in, and which have historically paid dividends, will continue to pay them or to pay them at the current rates in the future. A positive distribution yield does not imply positive return, and past yields are no guarantee of future yields.</p>
Dividend Yield
2.96%
Source: FactSet Research Systems, Bloomberg, Matthews Asia
Portfolio Characteristics
(as of 31/12/2024)
Fund
Benchmark
Number of Positions
49
1,304
Weighted Average Market Cap
$120.8 billion
$132.1 billion
Active Share
81.0
n.a.
P/E using FY1 estimates
15.6x
14.7x
P/E using FY2 estimates
14.1x
13.5x
Price/Cash Flow
10.1
9.6
Price/Book
2.1
1.7
Return On Equity
16.0
14.0
EPS Growth (3 Yr)
8.5%
10.3%
Sources: Factset Research Systems, Inc.
Risk Metrics (3 Yr Return)
(as of 31/12/2024)
Category
3YR Return Metric
Alpha
-8.33%
Beta
0.95
Upside Capture
84.01%
Downside Capture
120.62%
Sharpe Ratio
-0.69
Information Ratio
-1.57
Tracking Error
5.29%
R²
90.54
-8.33%
Alpha
0.95
Beta
84.01%
Upside Capture
120.62%
Downside Capture
-0.69
Sharpe Ratio
-1.57
Information Ratio
5.29%
Tracking Error
90.54
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 31/12/2024)
Sector Allocation
Country Allocation
Asset Type Breakdown
Market Cap Exposure
Sector
Fund
Benchmark
Difference
Financials
20.0
21.7
-1.7
Information Technology
16.7
20.4
-3.7
Consumer Discretionary
14.9
14.8
0.1
Communication Services
10.0
8.5
1.5
Industrials
9.9
12.4
-2.5
Real Estate
6.9
2.6
4.3
Consumer Staples
6.5
4.3
2.2
Health Care
5.8
5.6
0.2
Utilities
3.3
2.1
1.2
Materials
1.7
5.2
-3.5
Energy
1.6
2.5
-0.9
Cash and Other Assets, Less Liabilities
2.8
0.0
2.8
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Country
Fund
Benchmark
Difference
Japan
30.1
31.8
-1.7
China/Hong Kong
26.5
20.8
5.7
Taiwan
9.9
12.8
-2.9
India
9.5
12.7
-3.2
Australia
8.4
10.1
-1.7
South Korea
6.1
5.9
0.2
Singapore
3.2
2.3
0.9
Thailand
1.9
0.9
1.0
Indonesia
1.5
1.0
0.5
Malaysia
0.0
1.0
-1.0
New Zealand
0.0
0.3
-0.3
Philippines
0.0
0.3
-0.3
Macau
0.0
0.1
-0.1
Cash and Other Assets, Less Liabilities
2.8
0.0
2.8
Not all countries are included in the benchmark index(es).
Asset Type
Fund
Common Equities and ADRs
95.7
Unit
1.5
Cash and Other Assets, Less Liabilities
2.8
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
58.8
65.7
-6.9
Large Cap ($10B-$25B)
10.2
20.4
-10.2
Mid Cap ($3B-$10B)
14.6
13.5
1.1
Small Cap (under $3B)
13.6
0.3
13.3
Cash and Other Assets, Less Liabilities
2.8
0.0
2.8
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 30/09/2024)
Business Involvement
Sustainability Attributes
Name
Fund
Benchmark
Difference
Controversial Weapons
Fund Coverage: 100%Benchmark Coverage: 100%
0.0
0.6
-0.6
Tobacco
Fund Coverage: 100%Benchmark Coverage: 99%
0.0
0.5
-0.5
Name
Fund
Benchmark
Difference
UN Global Compact Violators
Fund Coverage: 100%Benchmark Coverage: 100%
0.0
1.7
-1.7
Board Diversity
Fund Coverage: 100%Benchmark Coverage: 100%
24.2
22.5
1.7
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.
Fund Coverage: 100%; Benchmark Coverage: 99% as of 30/09/2024
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.
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.
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.
Kenneth Lowe is a Portfolio Manager at Matthews and manages the firm’s Asian Growth and Income and Asia Dividend Strategies. Prior to joining Matthews in 2010, he was an Investment Manager on the Asia and Global Emerging Market Equities Team at Martin Currie Investment Management in Edinburgh, Scotland. Kenneth received an M.A. in Applied Mathematics and Economics from the University of Glasgow.
Elli Lee is a Portfolio Manager at Matthews and manages the firm’s Korea Strategy and co-manages the Asia Dividend, China Total Return Equity and Asian Growth and Income Strategies. Prior to joining Matthews in 2016, Elli worked at Bank of America Merrill Lynch for 10 years, most recently in Korean Equity Sales and previously as an Equity Research Analyst covering South Korea’s engineering, construction, steel and education sectors. From 2003 to 2005, Elli was an Investor Relations Specialist at Hana Financial Group in Seoul. She earned a Master of Science in Global Finance from the Hong Kong University of Science and Technology Business School and New York University Stern School of Business, and received a B.A. in Economics from Bates College. Elli is fluent in Korean.
Siddharth Bhargava is a Portfolio Manager at Matthews and co-manages the firm’s Asian Growth and Income and Asia Dividend Strategies. Prior to joining Matthews in 2011, he was an Investment Analyst at Navigator Capital. Siddharth also served as a credit and debt market research assistant to Dr. Edward Altman at the New York University Salomon Center. From 2005 to 2008, he was a Credit Analyst at Sandell Asset Management. Siddharth received a B.A. in Economics from the University of Virginia and an MBA from the Stern School of Business at New York University. He is fluent in Hindi and conversational in German.
Winnie Chwang is a Portfolio Manager at Matthews and manages the firm’s China Small Companies, China Discovery and China Total Return Equity Strategies and co-manages the China, China A-Share, Pacific Tiger and Asia Dividend Strategies. 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.
Donghoon Han is a Portfolio Manager at Matthews and manages the firm’s Japan Strategy and co-manages the Asia Dividend Strategy. Prior to joining Matthews in 2020, Donghoon was Vice President and portfolio manager at Goldman Sachs Asset Management in Tokyo, responsible for investments in technology, automotive and transportation sectors in Japan. From 2014 to 2016, he was a senior associate at Citadel Global Equities researching technology and industrial sectors in Japan. From 2010 to 2014, Donghoon worked at Dodge & Cox as an equity research associate covering global technology sector with a focus on semiconductors and electronic components. He received B.A. in International Liberal Arts from Waseda University in Tokyo. Donghoon is fluent in Japanese and Korean. He is a Chartered Member of the Securities Analysts Association of Japan.
Asia fared well in 2024 amid divergent trends between markets. Changing expectations for U.S. interest rates and a fluctuation in the U.S. dollar were big influencers as was the ongoing strength in the artificial intelligence (AI) space.
After a strong start, India's market experienced a selloff when Prime Minister Modi failed to win a majority in the elections in June, but equities quickly recovered after Modi secured a ruling coalition with allies. Later in the year, the market experienced a small correction as economic expansion eased and there was a downgrade in earnings, particularly in the consumer space.
Taiwan's market powered ahead through the year thanks to demand for its AI chips while South Korea was one of the biggest underperformers in emerging markets amid softening demand in the auto sector and a cyclical downturn in segments such as heavy industries. The market also experienced volatility after South Korea’s president briefly imposed martial law and then was impeached.
Chinese equities had a volatile start to the year and then rallied through the spring helped by government initiatives to support the property sector. The market sagged through the summer before surging in September as the government unveiled a broad package of stimulus measures aimed at kickstarting a recovery in the real estate market and lifting consumer confidence.
Japan's market performed well in the first half of the year, supported by capital efficiencies as companies increased dividends and stock buybacks, while the second was marked by volatility. In August, the central bank surprised markets by hiking interest rates into positive territory, triggering a selloff. In October, there was more market uncertainty as Japan’s coalition government failed to win a majority in the election and a runoff vote was needed to confirm Shigeru Ishiba as prime minister.
Contributors and Detractors
For the year ended December 31, 2024, the Asia Dividend Fund returned 7.40%, (I Acc USD) while its benchmark, the MSCI All Country Asia Pacific Index, returned 10.01% over the same period.
On a country basis, the top three contributors to relative performance were Vietnam due to an off-benchmark allocation, South Korea due to an underweight allocation and Japan due to an underweight allocation and stock selection. The top three detractors were China/Hong Kong, Australia and Indonesia due to stock selection.
On a sector basis, the top three contributors to relative performance were information technology (IT) due to stock selection, materials due to an underweight allocation and communication services due to stock selection. The top three detractors were financials, real estate and utilities due to stock selection.
The top three contributors to absolute performance included Taiwan Semiconductor Manufacturing Co. (TSMC), a leading Taiwanese chipmaker, Tencent Holdings, a Chinese online gaming and social media conglomerate, and Tokio Marine Holdings, a Japanese insurance company. The largest detractors included Chailease Holding, a Taiwanese financial services provider, Samsung Electronics, a South Korean semiconductor and consumer electronics maker, and Nissin Foods Holdings, a Japanese producer of instant noodle and processed food products.
Outlook
A key narrative for Asia in 2025 could be the scale of the impact of the new Trump administration. Its policies could support a higher dollar, U.S. Treasury yields and interest rates and it could also impose tariffs on countries including China. At the same time, a Trump administration could also stoke a stronger U.S. economy and that’s good for global growth and for risk assets.
After the first quarter, provided there is more clarity on U.S. trade policy as well as from China on its fiscal plans to boost its lackluster economy and real estate sector, we think volatility may subside and the outlook for Asia will improve. Taiwan should continue to benefit from strong demand for AI-related chips while in India we are focused more on financials, large caps and companies with consistent earnings growth where expectations aren’t so high.
In Japan, despite the changing macro backdrop, earnings have been resilient and companies are continuing to reform and generate value via buybacks and dividends. Looking ahead, we believe that Japanese equities are driven by earnings, and successful stock picking will be key.
At the global macro level, we will likely continue to see Federal Reserve rate cuts. This may not be a clear tailwind for Asian markets but will be less of a headwind, in our view. At this juncture, we would say that a large component of returns from the region in 2025 will be backloaded into the second half of the year.
Rolling 12 Month Returns For the period ended 31/12/2024 - I (Acc)
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.
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 31 December 2024
Market Environment
Contributors and Detractors
Outlook
Rolling 12 Month Returns For the period ended 31/12/2024 - I (Acc)
Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg