Matthews Asia ex Japan Dividend Fund

Top 10 Holdings as of 31 July 2019

Security Sector Country % Net Assets
Samsung Electronics Co., Ltd., Pfd. Information Technology South Korea 2.3
AIA Group, Ltd. Financials China/Hong Kong 2.3
China East Education Holdings, Ltd. Consumer Discretionary China/Hong Kong 2.2
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 2.2
China Merchants Bank Co., Ltd. Financials China/Hong Kong 2.1
WH Group, Ltd. Consumer Staples China/Hong Kong 2.1
Yuexiu Transport Infrastructure, Ltd. Industrials China/Hong Kong 2.0
NetLink NBN Trust Communication Services Singapore 1.9
Nam Long Investment Corp. Real Estate Vietnam 1.9
CapitaLand Commercial Trust, REIT Real Estate Singapore 1.8
Total 20.8
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 July 2019

  Fund MSCI All Country Asia ex Japan IndexDifference
Consumer Discretionary 23.6 13.4 10.2
Consumer Staples 16.9 5.2 11.7
Industrials 12.6 7.0 5.6
Information Technology 11.3 16.8 -5.5
Communication Services 9.9 12.5 -2.6
Financials 9.6 23.9 -14.3
Real Estate 8.3 6.3 2.0
Utilities 1.6 3.4 -1.8
Materials 1.3 4.5 -3.2
Energy 1.3 4.3 -3.0
Health Care 1.0 2.8 -1.8
Cash and Other Assets, Less Liabilities 2.5 0.0 2.5
  Fund MSCI All Country Asia ex Japan IndexDifference
China/Hong Kong 50.8 49.0 1.8
Taiwan 12.4 13.1 -0.7
South Korea 10.1 13.9 -3.8
Singapore 6.6 4.0 2.6
Vietnam 6.3 0.0 6.3
Thailand 3.0 3.5 -0.5
Philippines 2.8 1.3 1.5
India 2.5 10.1 -7.6
Bangladesh 1.5 0.0 1.5
Indonesia 1.3 2.6 -1.3
Malaysia 0.0 2.5 -2.5
Cash and Other Assets, Less Liabilities 2.5 0.0 2.5
  Fund MSCI All Country Asia ex Japan Index Difference
Mega Cap (over $25B) 19.8 55.1 -35.3
Large Cap ($10B-$25B) 13.2 22.3 -9.1
Mid Cap ($3B-$10B) 19.2 18.7 0.5
Small Cap (under $3B) 45.2 3.9 41.3
Cash and Other Assets, Less Liabilities 2.5 0.0 2.5
Equity market cap of issuer.
Common Equities and ADRs 92.7
Preferred Equities 4.7
Cash and Other Assets, Less Liabilities 2.5
Source: FactSet Research Systems.

Portfolio Characteristics as of 31 July 2019

Number of Securities1


Weighted Average
Market Cap

$31.7 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 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.