Message to Matthews China Dividend Fund Shareholders

Information regarding portfolio management changes on the Matthews China Dividend Fund

I am writing to share with you information regarding portfolio management changes on the Matthews China Dividend Fund. Effective December 31, 2022, Winnie Chwang has been named a Lead Manager of the Matthews China Dividend Fund. Sherwood Zhang, CFA, continues to serve as a Lead Manager of the Fund, and Elli Lee and Andrew Mattock, CFA have been newly appointed as Co-Managers. Additionally, effective December 31, 2022, Joyce Li, CFA, no longer serves as a Co-Manager of the Fund and effective January 31, 2023, Yu Zhang, CFA, will cease being a Co-Manager of the Fund.

Following Yu Zhang and Joyce Li’s decisions to leave the company to pursue other endeavors, we have taken this opportunity to bring our China-focused investment personnel together and formalize the current informal relationships that exist across our investment teams for our China portfolios. The China and China Dividend teams regularly exchange information on companies and portfolios, and we believe these changes ensure there continues to be a deep bench of expertise in Chinese companies across market capitalization.

Matthews Asia has invested in China for over 30 years, and we have maintained a depth of expertise across the team and portfolios. Specifically, the addition of the new portfolio managers provides broader coverage and support across China’s sectors and the market capitalizations in order to complement the existing portfolio management team. It also formalizes the close collaborative relationships between teams and allow for better recognition of the contributions they currently provide.

I also want to take this opportunity to recognize and thank Yu Zhang and Joyce Li for their efforts on the Fund over the past several years. The newly named team have a deep understanding of the existing portfolio and are committed to continuing to focus on investing in dividend paying companies in a total return framework. The investment objective and approach will not change as a result of this transition in responsibilities, and we are committed to continuing to deliver an excellent experience to our investors in this Fund. 

If you have any questions regarding the Matthews Asia Funds, please visit our website at

Yours truly,

Robert Horrocks, PhD
Chief Investment Officer and Portfolio Manager
Matthews Asia