Matthews China Dividend Fund

Top 10 Holdings as of 8/31/2019

Security Sector % Net Assets
Tencent Holdings, Ltd. Communication Services 4.8
New Oriental Education & Technology Group, Inc. Consumer Discretionary 3.5
HKBN, Ltd. Communication Services 3.3
Altaba, Inc. Consumer Discretionary 3.2
China Merchants Bank Co., Ltd. Financials 3.2
CITIC Telecom International Holdings, Ltd. Communication Services 3.0
Wuliangye Yibin Co., Ltd. Consumer Staples 2.8
Hope Education Group Co., Ltd. Consumer Discretionary 2.7
Lao Feng Xiang Co., Ltd. Consumer Discretionary 2.5
Melco Resorts & Entertainment, Ltd. Consumer Discretionary 2.4
Total 31.4
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 6/30/2019

  Fund MSCI China IndexDifference
Consumer Discretionary 23.7 23.6 0.1
Consumer Staples 14.2 3.1 11.1
Communication Services 13.0 24.3 -11.3
Financials 9.2 22.6 -13.4
Industrials 8.1 5.4 2.7
Information Technology 7.4 2.9 4.5
Real Estate 6.1 5.8 0.3
Health Care 4.6 3.0 1.6
Materials 4.5 2.1 2.4
Utilities 3.8 2.9 0.9
Energy 2.5 4.3 -1.8
Cash and Other Assets, Less Liabilities 3.1 0.0 3.1
  Fund MSCI China Index Difference
Mega Cap (over $25B) 24.2 67.2 -43.0
Large Cap ($10B-$25B) 14.5 17.0 -2.5
Mid Cap ($3B-$10B) 14.4 14.0 0.4
Small Cap (under $3B) 43.7 1.9 41.8
Cash and Other Assets, Less Liabilities 3.1 0.0 3.1
Equity market cap of issuer.
Common Equities and ADRs 96.9
Cash and Other Assets, Less Liabilities 3.1
Exposure Portfolio Weight
SAR (Hong Kong) 34.5
B Shares 15.1
Overseas Listed companies (OL) 14.1
H Shares 12.0
A Shares 8.1
China-affiliated corporations (CAC) 8.1
Unassigned 5.1
Cash and Other Assets, Less Liabilities 3.1
Definitions: SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China-affiliated corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors. H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-Chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States.
Source: FactSet Research Systems.

Portfolio Characteristics as of 6/30/2019

Number of Securities1


Weighted Average
Market Cap

$45.1 billion

P/E using FY1 estimates


P/E using FY2 estimates


1Source: BNY Mellon Investment Servicing (US) Inc.
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

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

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.