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Risk Considerations

  • Investment involves risk. Past performance is not a guide to future performance. It is possible to lose the principal capital of your investment.
  • The Fund invests primarily in Asia ex Japan countries and markets. Investment in such emerging markets may involve increased risks such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
  • The Fund may also invest in frontier countries and markets which may involve additional risks and risks similar to investments in emerging countries and markets but to a greater extent.
  • The Fund invests primarily in innovative companies, which in their preliminary stage of development are subject to higher uncertainty and price volatility.
  • The Fund invests primarily in equity securities, which may result in increased volatility.
  • The Fund may invest in smaller companies which are likely to carry higher risks than larger companies.
  • The Fund may invest in financial derivative instruments (“FDIs”). Risk associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. Exposure to FDIs may lead to a high risk of significant loss by the Fund.
  • The Fund may use hedging techniques to attempt to offset certain market risks but there is no guarantee that hedging techniques will fully and effectively achieve their desired result. 
  • Pandemics and other public health emergencies can result in market volatility and disruption.
  • Investors should not invest in the Fund solely based on the information in this website. Please read the Hong Kong Offering Document carefully for further details including risk factors before investing.
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Matthews Asia Funds

Asia Innovative Growth Fund

  • High-conviction, concentrated equity portfolio of innovative companies in Asia ex Japan
  • All-cap fundamental approach focused on companies with differentiated offerings that create or expand markets
  • Capitalizing on the new economy and the rising disposable income in Asia

23/03/2021

Inception Date

-28.22%

YTD Return (USD)

(as of 16/05/2022)

$6.18

Price (USD)

(as of 16/05/2022)

$31.35 million

Fund Assets

(as of 30/04/2022)

Objective

Long-term capital appreciation

Strategy

The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets in companies Asia ex Japan that Matthews Asia believes are capable of growth based on innovation, which could be innovation in products or services or in other areas, such as processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets.

Fund Facts
Inception Date 23/03/2021
Fund Assets $31.35 million (30/04/2022)
Base Currency USD
ISIN: LU2298459939 (USD) LU2298460192 (GBP)
Bloomberg Symbol MAIGIUA:LX (USD) MAIGIAG:LX (GBP)
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia Ex Japan: Consists of all countries and markets in Asia, excluding Japan but including all developed, emerging and frontier countries and markets in Asia
Fees & Expenses
Management Fee 0.75%
Total Expense Ratio As of 31/03/2022 0.90% ( USD ) 0.90% ( GBP )

Performance

  • Monthly
  • Quarterly
  • Annual Returns
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As of 30/04/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Asia Innovative Growth Fund (USD)
-4.53% -14.56% -21.60% -33.17% n.a. n.a. n.a. -29.95% 23/03/2021
MSCI All Country Asia ex Japan Index (USD)
-5.16% -9.91% -12.70% -20.80% n.a. n.a. n.a. -17.94%
Asia Innovative Growth Fund (GBP)
-0.27% -8.73% -15.78% -26.02% n.a. n.a. n.a. -23.68% 23/03/2021
MSCI All Country Asia ex Japan Index (GBP)
-0.54% -3.73% -5.82% -12.66% n.a. n.a. n.a. -10.65%
As of 31/03/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Asia Innovative Growth Fund (USD)
-6.73% -17.89% -17.89% -27.78% n.a. n.a. n.a. -28.77% 23/03/2021
MSCI All Country Asia ex Japan Index (USD)
-2.74% -7.95% -7.95% -14.42% n.a. n.a. n.a. -14.94%
Asia Innovative Growth Fund (GBP)
-4.86% -15.55% -15.55% -24.16% n.a. n.a. n.a. -25.13% 23/03/2021
MSCI All Country Asia ex Japan Index (GBP)
-0.89% -5.31% -5.31% -10.32% n.a. n.a. n.a. -10.99%
For the years ended December 31st
Name 2021 2020 2019 2018 2017
Asia Innovative Growth Fund (USD)
-13.90%* n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (USD)
-7.92%* n.a. n.a. n.a. n.a.
Asia Innovative Growth Fund (GBP)
-11.90%* n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (GBP)
-6.24%* n.a. n.a. n.a. n.a.

* Performance shown from share class launch date to calendar year end. For reference only as there is insufficient data to provide a useful indication of past performance to investors.

Source: Brown Brothers Harriman (Luxembourg) S.C.A.

Unusually high returns may not be sustainable. Due to current market volatility associated with the COVID-19 pandemic, funds may experience significant negative short-term performance.

Since inception performance for share classes with less than one year of history represents actual performance, not annualised. In addition, for share classes less than a year old, Year to Date Return is calculated since inception.

Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of management fees and other expenses. These figures show by how much the share class(es) increased or decreased in value during the period or calendar year being shown, where applicable. Performance data has been calculated in the respective currencies stated above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

All performance quoted represents past performance and is not indicative of future performance. Investors may not get back the full amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal.

Where no past performance is shown there was insufficient data available in that year to provide performance.

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

Portfolio Characteristics

(as of 30/04/2022)
Fund Benchmark
Number of Positions 40 1,221
Weighted Average Market Cap $108.1 billion $120.3 billion
Active Share 78.7 n.a.
P/E using FY1 estimates 21.6x 11.8x
P/E using FY2 estimates 17.6x 10.9x
Price/Cash Flow 16.1 7.4
Price/Book 3.0 1.6
Return On Equity 8.9 15.0
EPS Growth (3 Yr) 16.4% 14.4%

Sources: Factset Research Systems, Inc.

Top 10 Holdings

(as of 30/04/2022)
Name Sector Country % Net Assets
ICICI Bank, Ltd. Financials India 6.8
Tencent Holdings, Ltd. Communication Services China/Hong Kong 6.6
JD.com, Inc. Consumer Discretionary China/Hong Kong 5.5
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 5.2
Meituan Consumer Discretionary China/Hong Kong 5.0
Reliance Industries, Ltd. Energy India 3.9
XPeng, Inc. Consumer Discretionary China/Hong Kong 3.7
Trip.com Group, Ltd. Consumer Discretionary China/Hong Kong 3.5
HDFC Bank, Ltd. Financials India 3.5
Huazhu Group, Ltd. Consumer Discretionary China/Hong Kong 3.5
TOTAL 47.2

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.

Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%)

(as of 30/04/2022)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

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

Source: FactSet Research Systems unless otherwise noted.
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 Managers

Michael J. Oh, CFA photo
Michael J. Oh, CFA

Lead Manager

Taizo  Ishida photo
Taizo Ishida

Co-Manager

This information contained herein does not constitute or contain an offer, solicitation or investment advice with respect to the purchase of the Fund described herein or any security. This information is not to be construed as a prospectus, a public offering or an offering memorandum as defined under applicable securities legislation. Prospective investors should consult professional legal, tax and financial advisers as to the suitability of any investment in light of your particular circumstances and applicable citizenship, residence or domicile. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before making an investment decision. The current prospectus, Supplement for Hong Kong Investors, Product Key Facts Statements ("Hong Kong Offering Document") and other offering documents contain this and other information. Fees and expenses vary among Funds and share classes. Portfolio characteristics for the Fund may vary from time to time from what is shown.

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