Matthews Pacific Tiger Fund MAPTX

  • Seeks alpha in Asia’s emerging economies by capitalizing on the rising Asia consumer
  • High-conviction equity portfolio focused on sustainable growth companies
  • All-cap fundamental approach driven by on-the-ground, proprietary research


Inception Date


YTD Return

(as of 03/04/2021)



(as of 03/04/2021)

$9.22 billion

Fund Assets

(as of 01/31/2021)


Long-term capital appreciation


Under normal circumstances, the Matthews Pacific Tiger Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia Ex Japan. 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.


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 and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.

The risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 09/12/1994
Fund Assets $9.22 billion (01/31/2021)
Currency USD
Ticker MAPTX
Cusip 577-130-107
Portfolio Turnover 38.10%
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus 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
Fees & Expenses
Gross Expense Ratio 1.08%
Net Expense Ratio 1.05%


  • Monthly
  • Quarterly
  • Calendar Year
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As of 01/31/2021
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund
3.98% 21.45% 3.98% 42.38% 7.92% 14.26% 8.97% 9.33% 09/12/1994
MSCI All Country Asia ex Japan Index
4.11% 20.17% 4.11% 36.59% 7.29% 16.66% 7.33% 5.54%
As of 12/31/2020
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Fund
9.48% 19.32% 28.83% 28.83% 8.23% 12.12% 8.06% 9.20% 09/12/1994
MSCI All Country Asia ex Japan Index
6.84% 18.66% 25.36% 25.36% 8.46% 13.90% 6.80% 5.40%
For the years ended December 31st
Name 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Matthews Pacific Tiger Fund
28.83% 10.72% -11.11% 39.96% -0.16% -1.30% 11.79% 3.63% 21.00% -11.41%
MSCI All Country Asia ex Japan Index
25.36% 18.52% -14.12% 42.08% 5.76% -8.90% 5.11% 3.34% 22.70% -17.07%

MSCI AC Asia ex Japan Index since inception value calculated from 08/31/94.

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

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 12/31/2020)

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.


  • out of 58 funds
  • 3 YEAR
  • out of 58 funds
  • 5 YEAR
  • out of 55 funds
  • 10 YEAR
  • out of 31 funds
  • 1 YEAR
  • 3rd
  • 27 out of 46 funds
  • 3 YEAR
  • 3rd
  • 25 out of 43 funds
  • 5 YEAR
  • 3rd
  • 28 out of 39 funds
  • 10 YEAR
  • 2nd
  • 9 out of 26 funds
  • 1st
  • 1 out of 4 funds

Ratings agency calculation methodology

Portfolio Managers*

Sharat  Shroff, CFA photo
Sharat Shroff, CFA

Lead Manager

Inbok  Song photo
Inbok Song


Winnie  Chwang photo
Winnie Chwang


*Effective March 2,2021 Winnie Chwang has been named a Co-Manager on the Matthews Pacific Tiger Fund. Raymond Deng is no longer associated with the Fund.

Portfolio Characteristics

(as of 12/31/2020)
Number of Securities

Source: BNY Mellon Investment Servicing (US) Inc.

P/E using FY1 estimates
P/E using FY2 estimates
$173.1 billion
Weighted Average Market Cap

Source: FactSet Research Systems

Top 10 Holdings

(as of 02/28/2021)
Name Sector Country % Net Assets
Tencent Holdings, Ltd. Communication Services China/Hong Kong 6.2
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 5.8
Samsung Electronics Co., Ltd. Information Technology South Korea 5.7
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 4.3
AIA Group, Ltd. Financials China/Hong Kong 3.0
Hong Kong Exchanges & Clearing, Ltd. Financials China/Hong Kong 2.6
MediaTek, Inc. Information Technology Taiwan 2.3
Weichai Power Co., Ltd. Industrials China/Hong Kong 2.1
Tata Power Co., Ltd. Utilities India 2.1
Kweichow Moutai Co., Ltd. Consumer Staples China/Hong Kong 2.0
TOTAL 36.1

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 12/31/2020)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 24.1 23.1 1.0
Consumer Discretionary 16.7 19.1 -2.4
Financials 13.8 17.9 -4.1
Consumer Staples 11.4 5.0 6.4
Communication Services 10.6 11.5 -0.9
Real Estate 6.4 3.9 2.5
Health Care 6.1 5.0 1.1
Utilities 4.3 2.2 2.1
Industrials 2.9 5.3 -2.4
Materials 2.2 4.3 -2.1
Energy 0.0 2.8 -2.8
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

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

Country Fund Benchmark Difference
China/Hong Kong 49.7 51.6 -1.9
Taiwan 13.6 14.2 -0.6
South Korea 12.9 15.2 -2.3
India 11.4 10.4 1.0
Indonesia 3.3 1.5 1.8
Singapore 2.5 2.4 0.1
Philippines 1.9 0.8 1.1
Thailand 1.5 2.1 -0.6
Vietnam 1.1 0.0 1.1
Malaysia 0.8 1.7 -0.9
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

Not all countries are included in the benchmark index(es).

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 60.8 64.0 -3.2
Large Cap ($10B-$25B) 18.7 19.7 -1.0
Mid Cap ($3B-$10B) 17.1 14.9 2.2
Small Cap (under $3B) 1.9 1.5 0.4
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

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.


Record Date Ex, Pay and
Reinvest Date
Short Term
Capital Gains
Long Term
Capital Gains
Total Distributions
Per Share
% of NAV Nondividend Distribution (Return of Capital)
12/15/2020 12/16/2020 $0.08242 $0.42745 $1.49657 $2.00644 6.0% N.A.
View History


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.


Period ended December 31, 2020

For the year ending December 31, 2020, the Matthews Pacific Tiger Fund returned 28.83% (Investor Class) and 28.98% (Institutional Class), while its benchmark, the MSCI All Country Asia ex Japan Index, returned 25.36%. For the fourth quarter of the year, the Fund returned 19.32% (Investor Class) and 19.37% (Institutional Class) versus 18.66% for the Index.

Market Environment:

The pandemic created notable disruptions and opportunities in 2020, providing markets and companies with a major accelerant and catalyst for change. The pandemic accelerated the move into areas such as e-commerce, software services and digital platforms into warp speed, creating new opportunities for innovative businesses. Another significant trend is the acceleration of labor reform in India and Indonesia. And finally, we continued to see further deregulation and liberalization of China’s capital markets including greater openness towards foreign investment, which is providing additional liquidity and support for China’s rapidly growing bond and equity markets.

In 2020, corporate earnings across Asia dropped much less than analysts initially feared and we believe that earnings may rebound strongly in 2021. Taiwan and South Korea, for example, contributed significantly to Asia’s growth in 2020. Doing a strong job in containing the pandemic, both economies are also home to companies that are benefiting from the accelerated update in e-commerce and digital services. Another positive trend during the year was companies and management teams’ agility in cutting down costs and reining in capital expenditures. Free cash flow was resilient in the course of 2020.

While small cap stocks slightly outperformed large caps in 2020—the first time we’ve seen that dynamic in the past five years—the impact of the pandemic was disproportionately felt by small and medium-size businesses. As the economic recovery starts to broaden out, small and mid-sized companies may be able to participate more fully in economic growth.

Performance Contributors and Detractors:

During the year, contributors to performance included stock selection in China, Taiwan and South Korea. North Asian economies contained the pandemic relatively faster and companies in these countries responded proactively to the uncertain demand environment. The Fund’s holdings in IT hardware and software, health care and leading consumer brands such as Mediatek, Naver, Wuxi Biologics and China Resources Beer have shown strong core business operation and contributed positively during the year. From the strong equity market, the Fund’s financial holdings in Hong Kong Exchanges & Clearing Ltd. had positive performance too. Coupled with strong equity market, capital raising activities by mainland Chinese companies have led greater trading volume on the exchange.

On the other hand, the Fund’s relative overweight in India and ASEAN detracted from performance during the year, as these economies took more time to recover from the pandemic and recovery has been more gradual. The Fund’s holdings in the shopping mall operators in Thailand, such as Central Pattana Public Co. Ltd, and the Philippines such as SM Prime Holdings, Inc. were also affected negatively during the year as traffic was restricted to those malls and tenants’ revenue shrunk. Additionally, the impact of the lock down on the asset quality of the banking sector weighed on investors’ sentiment, impacting the Fund’s holdings in India banks, such as HDFC Bank Limited (which we sold in the fourth quarter), and Indonesian banks, such as PT Bank Central Asia. Our approach continues to maintain exposure to those shopping malls and banks with strong balance sheets as we believe long term structural demand is still intact.

Notable Portfolio Changes:

During this year, we continued to diversify the portfolio to capture secular growth opportunities that we believe can persist in coming years while maintaining focus on domestically oriented growth in Asia. The continued evolution in the business landscape especially in China, and pandemic-induced volatility in the capital markets allowed us to capture newer growth opportunities for the portfolio.  As a result, our weight in consumer discretionary, health care and IT sectors has increased. Meanwhile, the Fund’s weight in financials and consumer staples sectors decreased.

In the fourth quarter, we initiated some new positions, including in Yageo, a Taiwanese listed company that produces computer chips and other electronic components. As a small to mid-cap stock, Yageo appears undervalued relative to its global peers. We also see a strong turnaround story with the company, as its management is focused on new areas of growth and improving its execution. Some of these new positions were funded from capital released from positions like DKSH which we exited during the fourth quarter. The company has taken notable steps to improve cost structure but we believe there may be better growth opportunities elsewhere in the portfolio.


Looking ahead, uncertainty remains in terms of the pace of Asia’s economic recovery. Given the uncertainty of how quickly vaccines can be distributed, how quickly daily patterns may return to normal remain unknown and the strength of the economic recovery in different markets where we invest may not be immediately evident. Valuations for Asia ex-Japan equities are above their historic averages and in some areas of the market, we believe investors have already priced in a high level of anticipated future growth. All of these emphasize the importance of investing with a long-term view.

At the same time, we see many reasons for optimism. There are three important drivers for equity prices—growth, valuation and liquidity. From a growth perspective, Asia is on a path to economic recovery and the sheer size of the consumer base in Asia works in its favor. Valuations for Asia ex-Japan equities rose in 2020, so there is less valuation support for the broader market, but we continue to see pockets of opportunity. Finally, turning to market liquidity, we see good liquidity across Asia. We believe the confluence of these drivers will support medium to long-term growth across many parts of Asia.


As of 12/31/2020, the securities mentioned comprised the Matthews Pacific Tiger Fund in the following percentages: MediaTek, Inc., 2.1%; Naver Corp., 1.7%; WuXi Biologics Cayman Inc., 2.3%; China Resources Beer Holdings Co., 2.3%; Hong Kong Exchanges & Clearing Ltd, 3.0%; Central Pattana Public Co. Ltd, 1.5%; SM Prime Holdings, Inc., 1.9%; PT Bank Central Asia, 1.6%; and Yageo Corp., 1.6%. The fund held no positions in HDFC Bank Limited or DKSH. Current and future holdings are subject to change and risk.

Average Annual Total Returns - MAPTX as of 12/31/2020
1YR 3YR 5YR 10YR Since Inception Inception Date
28.83% 8.23% 12.12% 8.06% 9.20% 09/12/1994

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. Please see the Fund's most recent month-end performance.

Fees & Expenses
Gross Expense Ratio 1.08%
Net Expense Ratio 1.05%

Matthews has contractually agreed to waive a portion of its advisory fee and administrative and shareholder services fee if the Fund's average daily net assets are over $3 billion, as follows: for every $2.5 billion average daily net assets of the Fund that are over $3 billion, the advisory fee rate and the administrative and shareholder services fee rate for the Fund with respect to such excess average daily net assets will be each reduced by 0.01%, in each case without reducing such fee rate below 0.00%. Any amount waived by Matthews pursuant to this agreement may not be recouped by Matthews. This agreement will remain in place until April 30, 2021 and may be terminated (i) at any time by the Board of Trustees upon 60 days' prior written notice to Matthews; or (ii) by Matthews at the annual expiration date of the agreement upon 60 days' prior written notice to the Trust, in each case without payment of any penalty.

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Matthews Emerging Markets Equity Fund


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

Index Definitions

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.