Matthews Asia Value Fund


Top 10 Holdings as of 9/30/2019

Security Sector Country % Net Assets
China National Accord Medicines Corp., Ltd. Health Care China/Hong Kong 7.6
Naspers, Ltd. Consumer Discretionary China/Hong Kong 5.6
CK Hutchison Holdings, Ltd. Industrials China/Hong Kong 5.1
Samsung SDI Co., Ltd., Pfd. Information Technology South Korea 4.5
NAVER Corp. Communication Services South Korea 4.4
Straits Trading Co., Ltd. Materials Singapore 4.1
Haw Par Corp., Ltd. Health Care Singapore 3.7
Shinyoung Securities Co., Ltd. Financials South Korea 3.7
China Mobile, Ltd. Communication Services China/Hong Kong 3.4
China Isotope & Radiation Corp. Health Care China/Hong Kong 3.3
Total 45.4
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 9/30/2019

  Fund MSCI All Country Asia ex Japan IndexDifference
Consumer Discretionary 18.9 13.6 5.3
Health Care 18.1 2.8 15.3
Industrials 15.3 6.9 8.4
Information Technology 11.7 17.8 -6.1
Communication Services 10.8 12.0 -1.2
Financials 8.7 23.4 -14.7
Consumer Staples 7.0 5.4 1.6
Materials 6.3 4.4 1.9
Real Estate 0.0 5.9 -5.9
Energy 0.0 4.4 -4.4
Utilities 0.0 3.3 -3.3
Cash and Other Assets, Less Liabilities 3.2 0.0 3.2
  Fund MSCI All Country Asia ex Japan IndexDifference
China/Hong Kong 35.7 48.3 -12.6
South Korea 30.1 14.3 15.8
Japan 14.5 0.0 14.5
Singapore 7.8 3.8 4.0
Netherlands 2.7 0.0 2.7
Taiwan 1.8 13.5 -11.7
Malaysia 1.5 2.4 -0.9
United States 1.4 0.0 1.4
India 0.7 10.4 -9.7
Indonesia 0.6 2.4 -1.8
Thailand 0.0 3.4 -3.4
Philippines 0.0 1.3 -1.3
Cash and Other Assets, Less Liabilities 3.2 0.0 3.2
Not all countries are included in the benchmark index. 
  Fund MSCI All Country Asia ex Japan Index Difference
Mega Cap (over $25B) 22.9 54.4 -31.5
Large Cap ($10B-$25B) 9.6 22.2 -12.6
Mid Cap ($3B-$10B) 16.1 19.3 -3.2
Small Cap (under $3B) 48.2 4.1 44.1
Cash and Other Assets, Less Liabilities 3.2 0.0 3.2
Equity market cap of issuer.
  Fund
Common Equities and ADRs 85.2
Preferred Equities 11.7
Cash and Other Assets, Less Liabilities 3.2
Source: FactSet Research Systems.

Portfolio Characteristics as of 9/30/2019

Number of Securities1

34

Weighted Average
Market Cap

$25.0 billion

P/E using FY1 estimates

10.5x

P/E using FY2 estimates

9.0x

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 www.msci.com.

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.