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Matthews Pacific Tiger Active ETF
ASIA

Snapshot
  • 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

09/21/2023

Inception Date

n.a.

NAV YTD Return

(as of 12/07/2023)

$24.28

NAV

(as of 12/07/2023)

-0.07

1 Day NAV Change

(as of 12/07/2023)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews Pacific Tiger 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 Ex Japan. The ETF 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.

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

Fund Facts
Inception Date 09/21/2023
Fund Assets $47.58 million (12/08/2023)
Currency USD
Ticker ASIA
Cusip 577-130-578
Primary Exchange NYSE Arca
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 0.79%

NAV & Market Price

(as of 12/07/2023)
NAV $24.28
NAV Change -0.07
Market Price $24.51
Market Price Change +0.12
Day's Trading Volume 4,348 Shares
Median BID/ASK Spread (30 Day) 0.24% (as of 12/07/2023)
Premium Discount +0.95%
Number of days at Q3 2023 2022
Premium 6 0
Discount 1 0

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 11/30/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Active ETF - ASIA
09/21/2023
NAV
4.22% n.a. n.a. n.a. n.a. n.a. n.a. -0.24%
Market Price
3.90% n.a. n.a. n.a. n.a. n.a. n.a. 0.04%
MSCI All Country Asia ex Japan Index
6.96% n.a. n.a. n.a. n.a. n.a. n.a. 2.75%
As of 09/30/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Pacific Tiger Active ETF - ASIA
09/21/2023
NAV
n.a. n.a. n.a. n.a. n.a. n.a. n.a. -0.40%
Market Price
n.a. n.a. n.a. n.a. n.a. n.a. n.a. -0.32%
MSCI All Country Asia ex Japan Index
n.a. n.a. n.a. n.a. n.a. n.a. n.a. -0.08%

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 12/11/2023)
Ticker Name SEDOL Market Value Shares % Net Assets
TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR 2113382 $3,890,168 38,766 8.2
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $3,477,234 62,595 7.3
700 TENCENT HOLDINGS, LTD. BMMV2K8 $2,289,124 58,500 4.8
CPN/F CENTRAL PATTANA PUBLIC CO., LTD. B6SR6J5 $1,648,298 889,200 3.5
BBCA PT BANK CENTRAL ASIA B01C1P6 $1,551,136 2,749,500 3.3
IBN ICICI BANK, LTD. ADR 2569286 $1,546,478 64,116 3.3
TTAN TITAN CO., LTD. 6139340 $1,497,667 34,359 3.1
BABA ALIBABA GROUP HOLDING, LTD. ADR BP41ZD1 $1,411,419 19,565 3.0
6030 CITIC SECURITIES CO., LTD. H SHARES B6SPB49 $1,196,647 604,500 2.5
1299 AIA GROUP, LTD. B4TX8S1 $1,147,858 140,400 2.4
PIDI PIDILITE INDUSTRIES, LTD. B0JJV59 $1,068,714 34,788 2.2
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $1,063,545 24,453 2.2
BEKE KE HOLDINGS INC-ADR BMBX7M2 $1,019,975 67,548 2.1
300124 SHENZHEN INOVANCE TECHNOLOGY CO., LTD. A SHARES BD5CMN8 $995,369 120,900 2.1
388 HONG KONG EXCHANGES & CLEARING, LTD. 6267359 $992,353 31,200 2.1
HDB HDFC BANK, LTD. ADR 2781648 $991,722 15,366 2.1
YUMC YUM CHINA HOLDINGS, INC. BYW4289 $971,250 24,336 2.0
600519 KWEICHOW MOUTAI CO., LTD. A SHARES BP3R2F1 $926,116 3,900 1.9
5871 CHAILEASE HOLDING CO., LTD. B58J1S8 $900,454 156,000 1.9
035420 NAVER CORP. 6560393 $876,224 5,265 1.8
291 CHINA RESOURCES BEER HOLDINGS CO., LTD. 6972459 $827,268 192,000 1.7
AL ASHOK LEYLAND, LTD. B01NFT1 $800,437 381,615 1.7
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. A SHARES BHQK864 $775,080 18,800 1.6
1209 CHINA RESOURCES MIXC LIFE BMXWXT6 $768,984 226,200 1.6
1476 ECLAT TEXTILE COMPANY LTD 6345783 $717,627 39,000 1.5
DABUR DABUR INDIA, LTD. 6297356 $697,282 106,197 1.5
TPWR TATA POWER CO., LTD. B6Z1L73 $685,817 176,748 1.4
2345 ACCTON TECHNOLOGY CORP 6005214 $661,660 39,000 1.4
028050 SAMSUNG ENGINEERING CO LT 6765239 $624,379 32,253 1.3
603501 WILL SEMICONDUCTOR CO LTD BK947V2 $582,856 39,000 1.2
601888 CHINA INTERNATIONAL TRAVEL SERVICE CORP., LTD. A SHARES BP3R466 $581,172 50,700 1.2
SMPH SM PRIME HOLDINGS, INC. 6818843 $568,691 963,300 1.2
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $533,174 23,400 1.1
3690 MEITUAN DIANPING CLASS B BGJW376 $523,686 47,200 1.1
1024 KUAISHOU TECHNOLOGY BLC90T0 $510,933 74,100 1.1
300285 SHANDONG SINOCERA FUNCTIO BD760X4 $488,176 148,200 1.0
1216 UNI-PRESIDENT ENTERPRISES 6700393 $460,799 195,000 1.0
8069 E INK HOLDINGS INC 6744283 $444,009 78,000 0.9
271560 ORION CORP. BDVLJ72 $438,421 5,148 0.9
2308 DELTA ELECTRONICS, INC. 6260734 $388,663 39,000 0.8
603290 STARPOWER SEMICONDUCTOR L BL58R37 $375,657 15,600 0.8
TME TENCENT MUSIC ENTERTAINMENT GROUP ADR BFZYWR2 $375,021 45,623 0.8
BZ KANZHUN LTD - ADR BM91SH0 $309,898 20,388 0.7
2360 CHROMA ATE, INC. 6212100 $263,669 39,000 0.6
FPT FPT CORP. B1HMWH6 $259,701 66,800 0.5
2688 ENN ENERGY HOLDINGS, LTD. 6333937 $199,749 31,200 0.4
VNM VIETNAM DAIRY PRODUCTS JSC B16GLK5 $151,213 53,100 0.3
2454 MEDIATEK, INC. 6372480 $90,218 3,000 0.2
2268 WUXI XDC CAYMAN INC BQHNQ38 $443 120 0.0
CASH CASH AND OTHERS $4,012,351 8.4
TOTAL 41.3

Portfolio Breakdown (%)

(as of 09/30/2023)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 21.6 23.1 -1.5
Financials 16.8 21.1 -4.3
Consumer Discretionary 16.7 14.9 1.8
Consumer Staples 9.9 5.0 4.9
Real Estate 8.3 3.2 5.1
Communication Services 7.6 9.9 -2.3
Industrials 7.6 7.4 0.2
Materials 3.2 5.3 -2.1
Health Care 1.8 3.9 -2.1
Utilities 1.7 2.5 -0.8
Energy 0.0 3.7 -3.7
Cash and Other Assets, Less Liabilities 4.8 0.0 4.8

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 44.0 40.4 3.6
India 16.1 18.1 -2.0
Taiwan 14.4 16.8 -2.4
South Korea 10.6 14.0 -3.4
Indonesia 3.2 2.3 0.9
Thailand 3.2 2.1 1.1
Vietnam 2.5 0.0 2.5
Philippines 1.1 0.7 0.4
Singapore 0.0 3.8 -3.8
Malaysia 0.0 1.6 -1.6
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 4.8 0.0 4.8

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 59.1 57.5 1.6
Large Cap ($10B-$25B) 16.1 20.6 -4.5
Mid Cap ($3B-$10B) 20.0 20.0 0.0
Small Cap (under $3B) 0.0 1.9 -1.9
Cash and Other Assets, Less Liabilities 4.8 0.0 4.8

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 09/30/2023)
Fund Benchmark
Number of Positions 47 1,244
Weighted Average Market Cap $122.7 billion $104.8 billion
Active Share 81.8 n.a.
P/E using FY1 estimates 21.1x 13.2x
P/E using FY2 estimates 17.0x 11.4x
Price/Cash Flow 13.8 6.8
Price/Book 3.0 1.5
Return On Equity 17.8 15.2
EPS Growth (3 Yr) 20.1% 18.5%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Sharat  Shroff, CFA photo
Sharat Shroff, CFA

Lead Manager

Inbok  Song photo
Inbok Song

Lead Manager

Winnie  Chwang photo
Winnie Chwang

Co-Manager

Andrew  Mattock, CFA photo
Andrew Mattock, CFA

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.