Matthews China Dividend Fund

Top 10 Holdings as of 30 September 2020

Security Sector % Net Assets
Tencent Holdings, Ltd. Communication Services 7.7
Shanghai Baosight Software Co., Ltd. Information Technology 4.3
China International Capital Corp., Ltd. Financials 3.4
Huaxin Cement Co., Ltd. Materials 3.1
Tsingtao Brewery Co., Ltd. Consumer Staples 3.0
Livzon Pharmaceutical Group, Inc. Health Care 3.0
Minth Group, Ltd. Consumer Discretionary 3.0
Powerlong Commercial Management Holdings, Ltd. Real Estate 3.0
KWG Group Holdings, Ltd. Real Estate 2.9
SITC International Holdings Co., Ltd. Industrials 2.9
Total 36.3
Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%) as of 30 September 2020

  Fund MSCI China IndexDifference
Communication Services 20.0 20.6 -0.6
Consumer Discretionary 17.9 37.3 -19.4
Industrials 10.8 4.6 6.2
Information Technology 9.8 5.1 4.7
Financials 7.1 13.3 -6.2
Health Care 5.9 5.3 0.6
Real Estate 5.9 4.2 1.7
Consumer Staples 5.7 4.1 1.6
Materials 4.7 1.9 2.8
Energy 4.3 1.8 2.5
Utilities 1.8 1.7 0.1
Cash and Other Assets, Less Liabilities 6.1 0.0 6.1
  Fund MSCI China Index Difference
Mega Cap (over $25B) 21.5 72.5 -51.0
Large Cap ($10B-$25B) 19.0 16.0 3.0
Mid Cap ($3B-$10B) 29.1 10.1 19.0
Small Cap (under $3B) 24.3 1.4 22.9
Cash and Other Assets, Less Liabilities 6.1 0.0 6.1
Equity market cap of issuer.
Common Equities and ADRs 93.9
Cash and Other Assets, Less Liabilities 6.1
Exposure Portfolio Weight
SAR (Hong Kong) 41.6
H Shares 22.2
B Shares 10.1
A Shares 5.5
China-affiliated corporations (CAC) 4.5
Overseas Listed companies (OL) 2.9
Unassigned 7.2
Cash and Other Assets, Less Liabilities 6.1
Definitions: SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China-affiliated corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors. H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-Chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States.
Source: FactSet Research Systems.

Portfolio Characteristics as of 30 September 2020

Number of Securities1


Weighted Average
Market Cap

$66.7 billion

P/E using FY1 estimates


P/E using FY2 estimates


1Source: Brown Brothers Harriman (Luxembourg) S.C.A
Source: FactSet Research Systems unless otherwise noted. Sector data (excluding Government Bonds) based on MSCI’s revised Global Industry Classification Standards. For more details, visit

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. 

The P/E Ratio is the share price of a stock as of the report date, divided by the forecasted earnings per share for a 12-month period (FY1) and 24 month period (FY2). For the Fund, this is the weighted harmonic average estimated P/E ratio of all the underlying stocks in the Fund, excluding negative earners. There is no guarantee that the composition of the Fund will remain unchanged, or that forecasted earnings of a stock will be realized. Information provided is for illustrative purposes only.

Index Definitions

The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy. 

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Risk Considerations

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 and emerging market securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. The Fund invests in holdings denominated in foreign currency, 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. Investments in a single-country fund may be subject to a higher degree of market risk than diversified funds because of concentration in a specific country. These and other risks associated with investing in the Fund can be found in the Prospectus.