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.
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 pursues its objective by primarily investing in companies that exhibit attractive dividend yields and/or the potential to grow dividends over time. 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 (including, for example, investment trusts and other financial instruments) of companies located in the Asia ex Japan region.
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 ex Japan: Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region, excluding Japan
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 pursues its objective by primarily investing in companies that exhibit attractive dividend yields and/or the potential to grow dividends over time. 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 (including, for example, investment trusts and other financial instruments) of companies located in the Asia ex Japan region.
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 31/08/2024
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia ex Japan Total Return Equity Fund (USD)
0.21%
4.56%
10.88%
7.69%
-9.53%
4.65%
n.a.
7.64%
30/11/2015
MSCI All Country Asia ex Japan Index (USD)
1.98%
6.32%
12.03%
16.13%
-3.10%
5.53%
n.a.
6.62%
Matthews Asia ex Japan Total Return Equity Fund (GBP)
-2.38%
0.88%
7.00%
3.63%
-8.17%
3.02%
n.a.
9.26%
30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
-0.33%
3.00%
8.67%
11.96%
-1.59%
3.93%
n.a.
8.29%
Matthews Asia ex Japan Total Return Equity Fund (EUR)
-2.02%
2.40%
10.67%
5.64%
-7.51%
n.a.
n.a.
1.62%
31/07/2020
MSCI All Country Asia ex Japan Index (EUR)
-0.31%
4.27%
11.80%
13.87%
-0.99%
n.a.
n.a.
4.29%
As of 30/06/2024
Annualized Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asia ex Japan Total Return Equity Fund (USD)
5.87%
9.98%
12.28%
3.88%
-10.38%
4.35%
n.a.
7.96%
30/11/2015
MSCI All Country Asia ex Japan Index (USD)
4.32%
7.30%
9.92%
13.27%
-5.44%
3.84%
n.a.
6.52%
Matthews Asia ex Japan Total Return Equity Fund (GBP)
6.51%
10.04%
12.97%
3.95%
-7.58%
4.44%
n.a.
10.14%
30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
5.07%
7.22%
10.85%
13.92%
-2.60%
3.98%
n.a.
8.71%
Matthews Asia ex Japan Total Return Equity Fund (EUR)
7.38%
11.11%
16.06%
5.36%
-7.17%
n.a.
n.a.
2.94%
31/07/2020
MSCI All Country Asia ex Japan Index (EUR)
5.66%
8.12%
13.29%
15.30%
-2.20%
n.a.
n.a.
4.84%
For the years ended December 31st
Name
2023
2022
2021
2020
2019
2018
2017
2016
Matthews Asia ex Japan Total Return Equity Fund (USD)
-8.71%
-26.05%
3.96%
51.86%
16.73%
-12.37%
47.29%
6.89%
MSCI All Country Asia ex Japan Index (USD)
6.34%
-19.36%
-4.46%
25.36%
18.52%
-14.12%
42.08%
5.76%
Matthews Asia ex Japan Total Return Equity Fund (GBP)
-13.63%
-17.12%
5.36%
46.62%
13.21%
-7.38%
34.23%
28.50%
MSCI All Country Asia ex Japan Index (GBP)
0.34%
-9.19%
-3.58%
21.49%
13.94%
-8.78%
29.78%
26.15%
Matthews Asia ex Japan Total Return Equity Fund (EUR)
-11.87%
-21.56%
12.67%
n.a.
n.a.
n.a.
n.a.
n.a.
MSCI All Country Asia ex Japan Index (EUR)
2.74%
-14.07%
2.79%
n.a.
n.a.
n.a.
n.a.
n.a.
For the period ended 30/06/2024
Name
2024
2023
2022
2021
2020
Inception Date
Matthews Asia ex Japan Total Return Equity Fund (USD)
3.88%
-11.82%
-21.42%
50.65%
14.11%
30/11/2015
MSCI All Country Asia ex Japan Index (USD)
13.27%
-0.76%
-24.78%
40.03%
1.97%
Matthews Asia ex Japan Total Return Equity Fund (GBP)
3.95%
-15.59%
-10.03%
33.36%
18.00%
30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
13.92%
-5.20%
-14.44%
25.25%
5.03%
Matthews Asia ex Japan Total Return Equity Fund (EUR)
5.36%
-15.57%
-10.07%
n.a.
n.a.
31/07/2020
MSCI All Country Asia ex Japan Index (EUR)
15.30%
-4.90%
-14.68%
n.a.
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.
Yield
(as of 31/08/2024)
2.30%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
2.30%
Source: FactSet Research Systems, Bloomberg, Matthews Asia
Portfolio Characteristics
(as of 31/08/2024)
Fund
Benchmark
Number of Positions
66
1,129
Weighted Average Market Cap
$156.1 billion
$165.7 billion
Active Share
62.3
n.a.
P/E using FY1 estimates
13.3x
13.3x
P/E using FY2 estimates
11.6x
11.7x
Price/Cash Flow
10.6
8.9
Price/Book
2.0
1.7
Return On Equity
16.3
15.1
EPS Growth (3 Yr)
14.3%
13.1%
Sources: Factset Research Systems, Inc.
Risk Metrics (3 Yr Return)
(as of 31/08/2024)
Category
3YR Return Metric
Alpha
-7.14%
Beta
0.9
Upside Capture
73.9%
Downside Capture
105.72%
Sharpe Ratio
-0.71
Information Ratio
-0.94
Tracking Error
6.82%
R²
87.26
-7.14%
Alpha
0.90
Beta
73.90%
Upside Capture
105.72%
Downside Capture
-0.71
Sharpe Ratio
-0.94
Information Ratio
6.82%
Tracking Error
87.26
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 31/08/2024)
Sector Allocation
Country Allocation
Asset Type Breakdown
Market Cap Exposure
Sector
Fund
Benchmark
Difference
Financials
24.8
20.8
4.0
Information Technology
21.8
27.6
-5.8
Consumer Discretionary
21.3
13.0
8.3
Communication Services
11.4
9.6
1.8
Industrials
4.2
7.6
-3.4
Consumer Staples
3.2
4.2
-1.0
Utilities
2.5
3.0
-0.5
Real Estate
2.5
2.3
0.2
Energy
2.2
3.9
-1.7
Health Care
2.2
3.7
-1.5
Materials
0.8
4.5
-3.7
Cash and Other Assets, Less Liabilities
3.1
0.0
3.1
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Country
Fund
Benchmark
Difference
India
26.0
22.8
3.2
China/Hong Kong
25.5
32.5
-7.0
Taiwan
13.6
21.4
-7.8
South Korea
12.8
13.4
-0.6
Singapore
5.2
3.6
1.6
Malaysia
4.2
1.8
2.4
Vietnam
4.2
0.0
4.2
Indonesia
3.8
2.0
1.8
Philippines
1.1
0.7
0.4
Thailand
0.5
1.7
-1.2
Macau
0.0
0.1
-0.1
Cash and Other Assets, Less Liabilities
3.1
0.0
3.1
Not all countries are included in the benchmark index(es).
Asset Type
Fund
Common Equities and ADRs
96.9
Cash and Other Assets, Less Liabilities
3.1
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
66.5
62.2
4.3
Large Cap ($10B-$25B)
16.2
21.8
-5.6
Mid Cap ($3B-$10B)
8.9
15.3
-6.4
Small Cap (under $3B)
5.3
0.7
4.6
Cash and Other Assets, Less Liabilities
3.1
0.0
3.1
Source: FactSet Research Systems.
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.
ESG Characteristics
(as of 30/06/2024)
Business Involvement
Sustainability Attributes
Name
Fund
Benchmark
Difference
Controversial Weapons
Fund Coverage: 100%Benchmark Coverage: 99%
0.0
0.5
-0.5
Tobacco
Fund Coverage: 100%Benchmark Coverage: 99%
0.0
0.4
-0.4
Name
Fund
Benchmark
Difference
UN Global Compact Violators
Fund Coverage: 100%Benchmark Coverage: 100%
0.0
0.8
-0.8
Board Diversity
Fund Coverage: 100%Benchmark Coverage: 100%
20.1
19.6
0.5
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 30/06/2024
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.
Sean Taylor is Chief Investment Officer and Portfolio Manager at Matthews. As Chief Investment Officer, Sean oversees the firm’s investment process and investment professionals and sets the research agenda for the investment team. He manages the firm’s Pacific Tiger, Asia ex Japan Total Return Equity and Emerging Markets Equity Strategies and co-manages the firm’s Emerging Markets ex China Strategy. Prior to joining Matthews in October 2023, he was Chief Investment Officer APAC, Global Head of Emerging Markets Equity at DWS Group based in Hong Kong since he joined the company in 2013. From 2004 to 2011, he was an Investment Director at GAM, based in London and Dubai. From 1997 to 2004, he was at Societe Generale as Head of International and Emerging Markets. Sean has 30 years of experience, including more than a decade as CIO. He oversaw a number of emerging markets active strategies, including Latin America, India, China, Brazil, Russia as well as international and global strategies. He received his MBA from Manchester Business School and is a graduate of the Royal Military Academy, Sandhurst.
Inbok Song is a Portfolio Manager at Matthews and manages the firm’s Pacific Tiger and Asia ex Japan Total Return Equity Strategies and co-manages the Emerging Markets Sustainable Future and Asia Innovators Strategies. Prior to rejoining Matthews 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.
Sherwood Zhang is a Portfolio Manager at Matthews and manages the firm’s China Dividend, China Total Return Equity and China A-Shares Strategies and co-manages the China, China Discovery, China Small Companies and Asia ex Japan Total Return Equity Strategies. Prior to joining Matthews 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.
Jeremy Sutch is a Portfolio Manager at Matthews and manages the firm’s Emerging Markets ex China Strategy and co-manages the firm’s Emerging Markets Equity, Emerging Markets Small Companies, Emerging Markets Discovery, Asia Discovery, Asia ex Japan Total Return Equity and Pacific Tiger Strategies. Prior to joining Matthews 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.
Sojung Park is a Portfolio Manager at Matthews manages the firm’s Korea Strategy and co-manages the Asia ex Japan Total Return Equity and Emerging Markets ex China Strategies. Prior to joining the Matthews in 2016, she earned an MBA from the University of Chicago’s Booth School of Business. From 2010 to 2013, Sojung worked as an Equity Research Analyst at HSBC Securities as primary analyst for mid-cap companies in the Korean financial services sector, and from 2009 to 2010, was an Equity Research Associate at E*Trade Securities. She received a Bachelor of Business Administration from Seoul National University and is fluent in Korean.
Cecilia Lau is a Portfolio Manager at Matthews and co-manages the firm’s Asia ex Japan Total Equity Strategy. Prior to joining the firm in 2024, she was an Equity Research Analyst, Portfolio Management at DWS Group specializing in long-only, active global markets equities with a focus on ASEAN and ESG coverage. She also developed quantitative and risk tools to deepen risk analytics and enhance portfolio returns. Cecilia received her Bachelor of Science degree in Risk Management and Business Intelligence from The Hong Kong University of Science and Technology. She is fluent in Cantonese and Mandarin.
Markets in the region performed largely in line with our expectations in the second quarter, with Taiwan, India and China delivering positive performances. Inflation on the whole is not as high as in developed markets and in the absence of rate cuts from the U.S. Federal Reserve, a lot of positive performance was driven by fundamentals and earnings growth.
The expansion of the artificial intelligence (AI) supply chain, led by large U.S. tech firms, was another supportive theme, particularly for semiconductor hubs in Asia. The last quarter also saw volatility in India’s market triggered by Prime Minister Modi’s failure to win a majority in the national elections which sparked worries that the economic strategy of the country could be challenged.
Looking more closely at the region, Taiwan was driven by demand for hardware from the U.S. while South Korea experienced weakness in cyclical sectors and in certain areas—including electric vehicles (EV) and EV battery making—oversupply has hurt prices and equity performance. Chinese equities, meanwhile, performed well despite ongoing economic challenges, helped by the government’s attempts to stabilize the real estate market and a cyclical pickup in some sectors.
Indian equities recovered from the market’s negative reaction to the election result when it became clear that Modi would form a coalition with allies. Indian local bonds also had their inaugural inclusion in the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) index, which is expected to add significant foreign investor inflows in coming quarters.
Contributors and Detractors
For the quarter ended June 30, 2024, the Asia ex Japan Total Return Equity Fund returned 9.98%, (I Acc USD) while its benchmark, the MSCI All Country Asia ex Japan Index, returned 7.3% over the same period.
On a country basis, the top three contributors to relative performance were South Korea, India and China/Hong Kong due to stock selection. The top three detractors were Thailand and Macau due to an overweight allocation and Indonesia due to stock selection.
On a sector basis, the top three contributors to relative performance were consumer discretionary, information technology (IT) and financials due to stock selection. The top three detractors were consumer staples and materials due to stock selection, and communication services due to an underweight allocation.
The largest contributors to absolute performance included Taiwan Semiconductor Manufacturing Co. (TSMC), a leading Taiwanese chipmaker, FPT, a Vietnamese IT services company, and Tencent Holdings, a Chinese online gaming and social media conglomerate. The top three detractors to performance included PT Bank Rakyat Indonesia (Persero), an Indonesian microfinance company, LG Chem, a South Korean chemical company, and Samsung Electronics, a South Korean semiconductor and consumer electronics maker.
Outlook
Post-COVID growth in the region is starting to come through and broaden out and this will pave the way for consistent earnings growth over the next few years, in our view. We also see more upside to equity performance driven by North Asia and underpinned by earnings growth and a widening of AI-related adoption. In South Korea, capital reform initiatives are welcome though we see them having more of a longer-term impact on values.
Markets in the region should also benefit from the onset of a monetary easing cycle in the U.S. and the decline in the value of the U.S. dollar that would likely bring, in our view. In India, we think the market will continue to progress though it is still expensive. Under the new coalition government, we may see spending on growth spread out beyond infrastructure and CapEx which could yield more opportunities in consumption.
In China, we are cognizant to potential catalysts for growth and to potential headwinds, such as increased volatility as we approach the U.S. presidential election in November.
Rolling 12 Month Returns For the period ended 30/06/2024 - I (Acc)
Name
2024
2023
2022
2021
2020
Inception Date
Matthews Asia ex Japan Total Return Equity Fund (USD)
3.88%
-11.82%
-21.42%
50.65%
14.11%
30/11/2015
MSCI All Country Asia ex Japan Index (USD)
13.27%
-0.76%
-24.78%
40.03%
1.97%
Matthews Asia ex Japan Total Return Equity Fund (GBP)
3.95%
-15.59%
-10.03%
33.36%
18.00%
30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
13.92%
-5.20%
-14.44%
25.25%
5.03%
Matthews Asia ex Japan Total Return Equity Fund (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 2024
Market Environment
Contributors and Detractors
Outlook
Rolling 12 Month Returns For the period ended 30/06/2024 - I (Acc)
Sources: Brown Brothers Harriman (Luxembourg) S.C.A, Matthews Asia, FactSet Research Systems, Bloomberg