Matthews Asia Value Fund

Top 10 Holdings as of 2/28/2019

Security Sector Country % Net Assets
China National Accord Medicines Corp., Ltd. Health Care China/Hong Kong 5.9
Naspers, Ltd. N Shares Consumer Discretionary China/Hong Kong 5.7
CK Hutchison Holdings, Ltd. Industrials China/Hong Kong 4.4
Clear Media, Ltd. Communication Services China/Hong Kong 4.1
Samsung SDI Co., Ltd., Pfd. Information Technology South Korea 3.4
Huifu Payment, Ltd. Information Technology China/Hong Kong 3.0
Shinyoung Securities Co., Ltd. Financials South Korea 3.0
Haw Par Corp., Ltd. Health Care Singapore 2.8
Straits Trading Co., Ltd. Materials Singapore 2.8
China Isotope & Radiation Corp. Health Care China/Hong Kong 2.5
Total 37.6
Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: BNY Mellon Investment Servicing (US) Inc.
The Matthews Asia Funds Portfolio Holding Disclosure Policy (“Policy”) has been updated to allow certain Fund portfolio holdings to be disclosed on a monthly basis. Please contact us if you would like to receive monthly holdings in accordance with the Policy for this Fund.

Portfolio Breakdown (%) as of 12/31/2018

  Fund MSCI All Country Asia ex Japan IndexDifference
Health Care 13.0 3.0 10.0
Industrials 12.6 7.0 5.6
Financials 12.2 24.2 -12.0
Communication Services 11.1 12.9 -1.8
Consumer Discretionary 9.1 12.1 -3.0
Information Technology 7.9 16.4 -8.5
Consumer Staples 7.0 5.1 1.9
Materials 5.0 4.9 0.1
Real Estate 0.0 6.2 -6.2
Energy 0.0 4.7 -4.7
Utilities 0.0 3.5 -3.5
Cash and Other Assets, Less Liabilities 22.1 0.0 22.1
  Fund MSCI All Country Asia ex Japan IndexDifference
China/Hong Kong 30.9 46.7 -15.8
South Korea 22.7 15.8 6.9
Japan 8.8 0.0 8.8
Malaysia 6.3 2.8 3.5
Singapore 5.7 4.0 1.7
Taiwan 1.4 13.1 -11.7
United States 1.4 0.0 1.4
India 0.7 10.8 -10.1
Thailand 0.0 2.8 -2.8
Indonesia 0.0 2.7 -2.7
Philippines 0.0 1.3 -1.3
Pakistan 0.0 0.0 0.0
Cash and Other Assets, Less Liabilities 22.1 0.0 22.1
Not all countries are included in the benchmark index. 
  Fund MSCI All Country Asia ex Japan Index Difference
Mega Cap (over $25B) 12.8 52.9 -40.1
Large Cap ($10B-$25B) 8.2 22.3 -14.1
Mid Cap ($3B-$10B) 9.6 20.8 -11.2
Small Cap (under $3B) 47.3 4.1 43.2
Cash and Other Assets, Less Liabilities 22.1 0.0 22.1
Equity market cap of issuer.
Common Equities and ADRs 69.9
Preferred Equities 8.0
Cash and Other Assets, Less Liabilities 22.1
Source: FactSet Research Systems.

Portfolio Characteristics as of 12/31/2018

Number of Securities1


Weighted Average
Market Cap

$15.5 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.