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Matthews India Fund
MINDX

Snapshot
  • Unconstrained all-cap strategy focused on companies with a sustainable competitive edge and pricing power, which are able to perform throughout economic cycles
  • Fundamental bottom-up approach to seek well-run entrepreneurial companies with sustainable organic growth and trustworthy managements
  • Bias toward businesses that cater to rising domestic consumer demand and to policy-independent sectors

10/31/2005

Inception Date

-0.12%

YTD Return

(as of 07/18/2025)

$25.30

NAV

(as of 07/18/2025)

-0.24

1 Day NAV Change

(as of 07/18/2025)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews India Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health.

Risks

Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. In addition, investments in a single-country fund, which is considered a non-diversified 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.

Fund Facts
Inception Date 10/31/2005
Fund Assets $788.15 million (06/30/2025)
Currency USD
Ticker MINDX
Cusip 577-130-859
Benchmark MSCI India Index
Geographic Focus India
Fees & Expenses
Gross Expense Ratio 1.22%

Performance

  • Monthly
  • Quarterly
  • Calendar Year
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As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Fund - MINDX
10/31/2005
MINDX
2.76% 8.17% 1.38% -0.80% 13.34% 16.16% 6.81% 10.08%
MSCI India Index
3.44% 9.73% 6.55% 2.28% 16.54% 18.88% 9.54% 9.99%
As of 06/30/2025
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Fund - MINDX
10/31/2005
MINDX
2.76% 8.17% 1.38% -0.80% 13.34% 16.16% 6.81% 10.08%
MSCI India Index
3.44% 9.73% 6.55% 2.28% 16.54% 18.88% 9.54% 9.99%
For the years ended December 31st
Name 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Matthews India Fund - MINDX
MINDX
10.29% 23.10% -9.92% 18.11% 16.45% -0.88% -10.09% 35.79% -1.23% 0.90%
MSCI India Index (USD)
12.41% 21.29% -7.49% 26.66% 15.90% 7.58% -7.30% 38.76% -1.43% -6.12%
S&P Bombay Stock Exchange 100 Index (USD)
10.20% 22.44% -4.53% 24.08% 13.92% 8.53% -6.00% 41.88% 2.32% -6.41%

Effective April 29, 2024, the primary benchmark changed from the S&P Bombay Stock Exchange 100 Index to the MSCI India Index.

Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.

MSCI and MICM are the sources of MSCI India Index performance data.

Assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund’s fees and expenses had not been waived. Performance differences between the Institutional class and the Investor class may arise due to differences in fees charged to each class.

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

Growth of a Hypothetical $10,000 Investment Since Inception

(as of 06/30/2025)

Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.

The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares.

Ratings

  • OVERALL
  • out of 24 funds
  • 3 YEAR
  • out of 24 funds
  • 5 YEAR
  • out of 21 funds
  • 10 YEAR
  • out of 17 funds

Ratings agency calculation methodology

Portfolio Managers

Peeyush  Mittal, CFA photo
Swagato  Ghosh photo

Portfolio Characteristics

(as of 06/30/2025)
Fund Benchmark
Number of Positions 71 158
Weighted Average Market Cap $61.0 billion $68.3 billion
Active Share 47.8 n.a.
P/E using FY1 estimates 26.6x 23.7x
P/E using FY2 estimates 22.6x 20.7x
Price/Cash Flow 22.4 17.0
Price/Book 5.1 4.1
Return On Equity 17.7 20.4
EPS Growth (3 Yr) 19.9% 16.1%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 03/31/2025)
-0.53%
Alpha
0.77
Beta
72.29%
Upside Capture
78.39%
Downside Capture
0.15
Sharpe Ratio
-0.20
Information Ratio
5.65%
Tracking Error
90.28

Fund Risk Metrics are reflective of Investor share class.

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 06/30/2025)
Name Sector % Net Assets
HDFC Bank, Ltd. Financials 8.4
ICICI Bank, Ltd. Financials 6.3
Eternal, Ltd. Consumer Discretionary 5.3
Shriram Finance, Ltd. Financials 4.8
Reliance Industries, Ltd. Energy 4.7
Swiggy, Ltd. Consumer Discretionary 4.2
Bharti Airtel, Ltd. Communication Services 4.2
Bajaj Finance, Ltd. Financials 4.1
Infosys, Ltd. Information Technology 3.6
Mahindra & Mahindra, Ltd. Consumer Discretionary 3.2
TOTAL 48.8

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: BNY Mellon Investment Servicing (US) Inc.

Portfolio Breakdown (%)

(as of 06/30/2025)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 37.8 29.6 8.2
Consumer Discretionary 19.8 12.4 7.4
Consumer Staples 9.8 6.2 3.6
Information Technology 8.7 9.9 -1.2
Industrials 8.4 9.0 -0.6
Health Care 6.2 5.6 0.6
Energy 4.7 9.1 -4.4
Communication Services 4.2 4.9 -0.7
Materials 1.6 7.9 -6.3
Real Estate 0.7 1.6 -0.9
Utilities 0.0 3.7 -3.7
Liabilities in Excess of Cash and Other Assets -2.0 0.0 -2.0

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 56.3 62.8 -6.5
Large Cap ($10B-$25B) 25.1 28.0 -2.9
Mid Cap ($3B-$10B) 9.2 9.3 -0.1
Small Cap (under $3B) 11.2 0.0 11.2
Unassigned 0.2 0.0 0.2
Liabilities in Excess of Cash and Other Assets -2.0 0.0 -2.0

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.

Distributions

Record Date Ex, Pay and
Reinvest Date
Ordinary
Income
Short Term
Capital Gains
Long Term
Capital Gains
Total Distributions
Per Share
% of NAV Nondividend Distribution (Return of Capital)
12/17/2024 12/18/2024 $0.00101 $1.41120 $2.39476 $3.80697 12.7% N.A.
12/13/2023 12/14/2023 $0.50513 $0.00000 $0.30493 $0.81006 3.1% N.A.
12/13/2022 12/14/2022 $0.00000 $0.02887 $3.35147 $3.38034 13.0% N.A.
12/14/2021 12/15/2021 $0.00000 $0.26431 $2.55767 $2.82198 9.2% N.A.
12/15/2020 12/16/2020 $0.00000 $0.17084 $0.62672 $0.79756 3.1% N.A.

 

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.

Commentary

Period ended June 30, 2025

Market Environment

  • Indian equities gained nearly 10%, marking a significant improvement from the first quarter. Despite this, India’s market has been underperforming its own growth rates of recent years due to softening economic activity and tight monetary policy.
  • India’s central bank cut interest rates twice during the quarter and sectors that are rate sensitive such as banks and non-banking financials generated robust returns in the period. There were also signs of rural growth picking up and increased demand for consumer discretionary goods.
  • Conversely, information technology (IT), pharmaceuticals, manufacturing exporters and business segments more exposed to the U.S. dollar and economy did less well amid increased concerns over U.S. growth and the impact of new tariff policies by the Trump administration.

Contributors and Detractors

  • For the quarter ended June 30, 2025, the Matthews India Fund returned 8.17%, (Investor Class) and 8.18% (Institutional Class) while its benchmark, the MSCI India Index, returned 9.73% over the same period.
  • On a sector basis, the top three contributors to relative performance were consumer discretionary due to stock selection, utilities due to zero allocation and materials due to an underweight allocation. The top three detractors were health care due to stock selection, real estate and industrials due to an underweight allocation.
  • The largest contributors to absolute performance included Eternal Ltd., operator of Zomato, a leading online restaurant booking and food delivery company, HDFC Bank, a leading bank and financial services company, and Max Financial Services Ltd., a financials company. The top three detractors included Tata Consultancy Services, a consulting services firm, Varun Beverages Ltd., Indian consumer staples company, and Sun Pharmaceutical Industries, a pharmaceutical company.

Outlook

  • India is a domestically driven economy with robust structural drivers. While the central bank’s rate cuts have supported market gains, their impact on economic growth and improvement in consumer spending support remains uncertain.
  • Infrastructure spending and government CapEx, which was a significant driver for India’s economy under Prime Minister Modi’s prior two terms in office, has also moderated under the current Modi-led coalition.
  • India’s market performance could be impacted by any trade agreement reached with the U.S. or new long-term tariffs imposed by the U.S. At the micro level, we remain cautious about elevated valuations and are focusing on the cheaper areas of the markets especially within growth stocks.

View the Fund's Top 10 holdings as of June 30, 2025. Current and future holdings are subject to change and risk.

Average Annual Total Returns - MINDX as of 06/30/2025
1YR 3YR 5YR 10YR Since Inception Inception Date
-0.80% 13.34% 16.16% 6.81% 10.08% 10/31/2005

All performance quoted is past performance and 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. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com

Fees & Expenses
Gross Expense Ratio 1.22%

Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. In addition, investments in a single-country fund, which is considered a non-diversified fund, may be subject to a higher degree of market risk than diversified funds because of concentration in a specific country.

 

Visit our Glossary of Terms page for definitions and additional information.

Index Definitions

The Benchmark used for comparison under "Portfolio Breakdown" and "Portfolio Characteristics" is the S&P Bombay Stock Exchange 100 index.

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. Neither the funds nor the Investment Advisor accept any liability for losses either direct or consequential caused by the use of this information.

The views and opinions in the commentary were as of the report date, subject to change and may not reflect 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.