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Matthews Asia Innovators Active ETF
MINV

Snapshot
  • High-conviction, concentrated equity portfolio of innovative companies in Asia
  • All-cap fundamental approach focused on companies with unique offerings that create or expand markets
  • Capitalizing on the new economy and the rising disposable income in Asia

07/13/2022

Inception Date

-2.52%

NAV YTD Return

(as of 06/06/2023)

$23.63

NAV

(as of 06/06/2023)

+0.09

1 Day NAV Change

(as of 06/06/2023)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews Asia Innovators Active ETF 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 that Matthews believes are innovators in their products, services, processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. 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 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. Sector funds may be subject to a higher degree of market risk than diversified funds because of a concentration in a specific sector. The Fund's value may be affected by changes in the science and technology-related industries.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 07/13/2022
Fund Assets $135.59 million (06/07/2023)
Currency USD
Ticker MINV
Cusip 577-125-826
Primary Exchange NYSE Arca
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia - Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 06/06/2023)
NAV $23.63
NAV Change +0.09
Market Price $23.89
Market Price Change -0.02
Day's Trading Volume 4,221 Shares
Median BID/ASK Spread (30 Day) 0.38% (as of 06/06/2023)
Premium Discount +1.10%
Number of days at Q1 2023 2022
Premium 53 72
Discount 9 48

The NAV of an ETF represents the value of all the securities held by the ETF such as shares or bonds and cash minus any liabilities such as Total Expense Ratio (TER), and divided by the number of shares outstanding. An ETF’s market price is the price at which investors can buy or sell an ETF on an exchange. This price may deviate from the NAV of the ETF depending on demand for and supply for the ETF at a point in time.

The Premium/Discount chart shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount of the Mid-Point price as a percentage of the NAV. The horizontal axis shows the number of trading days covered by the chart, and each bar in the chart demonstrates how many days the Fund traded within the given premium/discount range. The data presented in the chart and table above represent past performance and cannot be used to predict future results.

Performance

  • Monthly
  • Quarterly
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As of 04/30/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
-5.18% -12.12% -3.38% n.a. n.a. n.a. n.a. -6.32%
Market Price
-4.69% -12.27% -2.88% n.a. n.a. n.a. n.a. -5.64%
MSCI All Country Asia ex Japan Index
-2.07% -5.54% 2.23% n.a. n.a. n.a. n.a. 0.76%
As of 03/31/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
3.35% 1.90% 1.90% n.a. n.a. n.a. n.a. -1.20%
Market Price
3.08% 1.89% 1.89% n.a. n.a. n.a. n.a. -1.00%
MSCI All Country Asia ex Japan Index
3.51% 4.39% 4.39% n.a. n.a. n.a. n.a. 2.89%

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

Year to Date and Since Inception performance with less than one year of history represents actual performance, not annualized.

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.

Net asset value (“NAV”) returns are based on the dollar value of a single share of the ETF, calculated using the value of the underlying assets of the ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects the reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of the ETF’s shares may differ significantly from their NAV during periods of market volatility.

Top 10 Holdings

(as of 06/08/2023)
Ticker Name SEDOL Market Value Shares % Net Assets
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $9,116,700 493,000 6.7
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $7,837,256 143,913 5.8
700 TENCENT HOLDINGS, LTD. BMMV2K8 $5,983,304 139,800 4.4
HDFCB HDFC BANK, LTD. BK1N461 $5,363,560 275,405 4.0
BEKE KE HOLDINGS INC-ADR BMBX7M2 $4,298,393 252,698 3.2
3690 MEITUAN DIANPING CLASS B BGJW376 $4,136,249 262,620 3.1
ICICIBC ICICI BANK, LTD. BSZ2BY7 $4,073,015 357,618 3.0
TCOM CTRIP.COM INTERNATIONAL, LTD. ADR BK1K3N2 $4,060,725 118,423 3.0
ASML ASML HOLDING NV-NY REG SH B908F01 $3,987,119 5,614 2.9
NVDA NVIDIA CORP 2379504 $3,878,288 10,349 2.9
BABA ALIBABA GROUP HOLDING, LTD. ADR BP41ZD1 $3,817,559 44,765 2.8
BAF BAJAJ FINANCE, LTD. BD2N0P2 $3,506,302 40,883 2.6
PDD PDD HOLDINGS INC BYVW0F7 $3,142,875 43,350 2.3
SE SEA, LTD. ADR BYWD7L4 $2,991,493 49,065 2.2
3661 ALCHIP TECHNOLOGIES, LTD. B4TPSL0 $2,881,607 53,000 2.1
006400 SAMSUNG SDI CO., LTD. 6771645 $2,786,658 4,943 2.1
RIL RELIANCE INDUSTRIES, LTD. 6099626 $2,771,437 91,582 2.0
MM MAHINDRA & MAHINDRA, LTD. 6100186 $2,554,447 149,938 1.9
MC LVMH MOET HENNESSY LOUIS VUITTON SE 4061412 $2,473,977 2,843 1.8
NFLX NETFLIX INC 2857817 $2,408,614 6,025 1.8
271560 ORION CORP. BDVLJ72 $2,376,006 24,334 1.8
V VISA INC-CLASS A SHARES B2PZN04 $2,115,736 9,392 1.6
BBRI PT BANK RAKYAT INDONESIA PERSERO 6709099 $2,102,543 5,792,700 1.6
TTAN TITAN CO., LTD. 6139340 $2,094,768 59,487 1.5
6861 KEYENCE CORP. 6490995 $1,986,618 4,000 1.5
600406 NARI TECHNOLOGY CO LTD-A BP3R444 $1,966,930 530,900 1.5
MELI MERCADOLIBRE INC B23X1H3 $1,948,972 1,613 1.4
2331 LI NING CO., LTD. B01JCK9 $1,943,316 322,500 1.4
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $1,920,063 66,100 1.4
688686 OPT MACHINE VISION TECH C BL6JNM0 $1,894,902 88,974 1.4
000270 KIA MOTORS CORP. 6490928 $1,882,022 29,923 1.4
ICBP PT INDOFOOD CBP SUKSES MAKMUR B4LD3M8 $1,772,530 2,333,700 1.3
603605 PROYA COSMETICS CO., LTD. A SHARES BKM3FN4 $1,769,006 107,580 1.3
BGNE BEIGENE, LTD. ADR BYYWPW6 $1,717,930 7,656 1.3
BIDU BAIDU, INC. ADR B0FXT17 $1,652,970 12,448 1.2
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $1,646,621 925,200 1.2
YUMC YUM CHINA HOLDINGS, INC. BYW4289 $1,594,451 26,793 1.2
002594 BYD CO LTD -A BD5CQ69 $1,517,048 42,200 1.1
2269 WUXI BIOLOGICS CAYMAN, INC. BL6B9P1 $1,495,721 269,000 1.1
MPWR MONOLITHIC POWER SYSTEMS B01Z7J1 $1,491,653 3,016 1.1
ASII PT ASTRA INTERNATIONAL B800MQ5 $1,478,472 3,234,700 1.1
1024 KUAISHOU TECHNOLOGY BLC90T0 $1,458,772 195,700 1.1
7747 ASAHI INTECC CO., LTD. B019MQ5 $1,455,814 73,400 1.1
291 CHINA RESOURCES BEER HOLDINGS CO., LTD. 6972459 $1,401,834 212,000 1.0
AL ASHOK LEYLAND, LTD. B01NFT1 $1,393,337 756,971 1.0
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $1,374,460 290,500 1.0
600570 HUNDSUN TECHNOLOGIES INC- BP3R6B5 $1,362,018 226,100 1.0
IH INDIAN HOTELS CO LTD B1FRT61 $1,344,469 280,378 1.0
LULU LULULEMON ATHLETICA INC B23FN39 $1,033,476 2,920 0.8
LEGN LEGEND BIOTECH CORP-ADR BMX9K07 $846,635 12,414 0.6
ALGM ALLEGRO MICROSYSTEMS INC BN4LSB6 $761,214 19,242 0.6
CASH CASH AND OTHERS $2,710,131 2.0
TOTAL 38.9

Portfolio Breakdown (%)

(as of 03/31/2023)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 30.9 14.6 16.3
Communication Services 18.6 10.8 7.8
Information Technology 17.3 23.0 -5.7
Financials 9.7 20.4 -10.7
Consumer Staples 5.9 5.4 0.5
Industrials 5.4 6.7 -1.3
Real Estate 4.5 3.8 0.7
Health Care 4.2 3.8 0.4
Energy 1.5 3.6 -2.1
Materials 0.0 5.4 -5.4
Utilities 0.0 2.5 -2.5
Cash and Other Assets, Less Liabilities 2.0 0.0 2.0

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

Country Fund Benchmark Difference
China/Hong Kong 61.7 43.7 18.0
India 9.7 14.6 -4.9
South Korea 8.9 13.4 -4.5
Taiwan 6.2 17.0 -10.8
Singapore 5.7 4.0 1.7
United States 3.2 0.0 3.2
Indonesia 1.5 2.1 -0.6
Vietnam 1.1 0.0 1.1
Thailand 0.0 2.4 -2.4
Malaysia 0.0 1.6 -1.6
Philippines 0.0 0.8 -0.8
Macau 0.0 0.3 -0.3
Cash and Other Assets, Less Liabilities 2.0 0.0 2.0

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 68.3 58.8 9.5
Large Cap ($10B-$25B) 20.8 20.5 0.3
Mid Cap ($3B-$10B) 5.2 19.2 -14.0
Small Cap (under $3B) 3.6 1.4 2.2
Cash and Other Assets, Less Liabilities 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.

Portfolio Characteristics

(as of 03/31/2023)
Fund Benchmark
Number of Positions 46 1,188
Weighted Average Market Cap $137.5 billion $116.4 billion
Active Share 75.3 n.a.
P/E using FY1 estimates 23.0x 13.2x
P/E using FY2 estimates 18.1x 11.6x
Price/Cash Flow 14.2 6.8
Price/Book 3.2 1.6
Return On Equity 9.4 14.9
EPS Growth (3 Yr) 13.4% 17.3%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Michael J. Oh, CFA photo
Michael J. Oh, CFA

Lead Manager

Taizo  Ishida photo
Taizo Ishida

Co-Manager

Inbok  Song photo
Inbok Song

Co-Manager

 

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.