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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 companies located in India which is an emerging market. Investments in 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 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

India Fund

Snapshot
  • Unconstrained all-cap strategy focused on companies with a sustainable competitive edge and pricing power, which are able to perform throughout economic cycles
  • Fundamental bottom-up approach to seek well-run entrepreneurial companies with sustainable organic growth and trustworthy managements

30/06/2011

Inception Date

12.63%

YTD Return (USD)

(as of 17/06/2024)

$29.88

NAV (USD)

(as of 17/06/2024)

+0.03

1 Day NAV Change

(as of 17/06/2024)

Objective

Seeks to achieve long term capital appreciation.

Sustainability

The Fund promotes environmental and social characteristics according to Article 8 of SFDR. Furthermore, the Fund uses both activity- and norm-based exclusions. Information relating to the environmental and social characteristics of this Fund is available in the prospectus.

Strategy

The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India, and may invest the remainder of its net assets in other permitted assets on a worldwide basis.

Fund Facts
Inception Date 30/06/2011
Fund Assets $44.24 million (31/05/2024)
Base Currency USD
ISIN: LU0594557885 (USD) LU0594558263 (GBP)
Bloomberg Symbol MAINDIU:LX (USD) MAINDGI:LX (GBP)
Benchmark S&P Bombay Stock Exchange 100 Index MSCI India Index
Geographic Focus India
SFDR Classification Article 8
Fees & Expenses
Management Fee 0.75%
Total Expense Ratio 1.00% ( USD ) 1.00% ( GBP )

Performance

  • Monthly
  • Quarterly
  • Annual Returns
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As of 31/05/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
India Fund (USD)
-1.36% 0.43% 6.45% 27.73% 11.07% 12.52% 10.45% 8.37% 30/06/2011
S&P Bombay Stock Exchange 100 Index (USD)
0.36% 3.33% 6.40% 26.19% 10.77% 11.96% 10.15% 8.04%
MSCI India Index (USD)
0.76% 3.94% 9.41% 32.01% 11.13% 12.41% 9.32% 6.93%
India Fund (GBP)
-2.69% -0.11% 6.49% 24.21% 15.38% 12.36% 13.59% 10.37% 30/06/2011
MSCI India Index (GBP)
-0.90% 3.27% 9.55% 28.51% 15.29% 12.19% 12.38% 8.87%
S&P Bombay Stock Exchange 100 Index (GBP)
-1.38% 2.44% 6.69% 22.82% 14.93% 11.79% 13.25% 9.86%
As of 31/03/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
India Fund (USD)
-1.17% 4.75% 4.75% 37.44% 13.26% 11.73% 11.59% 8.35% 30/06/2011
S&P Bombay Stock Exchange 100 Index (USD)
1.06% 4.07% 4.07% 32.15% 12.67% 11.84% 11.05% 7.96%
MSCI India Index (USD)
0.82% 6.12% 6.12% 37.35% 12.77% 11.90% 9.87% 6.77%
India Fund (GBP)
-1.15% 5.39% 5.39% 34.51% 16.71% 12.61% 14.76% 10.42% 30/06/2011
MSCI India Index (GBP)
0.95% 7.09% 7.09% 34.43% 16.13% 12.60% 12.96% 8.80%
S&P Bombay Stock Exchange 100 Index (GBP)
0.99% 5.19% 5.19% 29.26% 16.08% 12.50% 14.20% 9.87%
For the years ended December 31st
Name 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
India Fund (USD)
28.72% -8.93% 24.00% 18.20% 2.66% -9.78% 37.88% -3.05% -2.73% 54.46%
S&P Bombay Stock Exchange 100 Index (USD)
22.44% -4.53% 24.08% 13.92% 8.53% -6.00% 41.88% 2.32% -6.41% 31.40%
MSCI India Index (USD)
21.29% -7.49% 26.66% 15.90% 7.58% -7.30% 38.76% -1.43% -6.12% 23.87%
India Fund (GBP)
21.80% 2.53% 25.60% 14.19% -0.37% -4.76% 25.78% 16.54% 2.28% 63.93%
MSCI India Index (GBP)
14.45% 4.17% 27.83% 12.32% 3.42% -1.54% 26.74% 17.57% -0.69% 31.57%
S&P Bombay Stock Exchange 100 Index (GBP)
16.07% 6.87% 25.15% 10.68% 4.30% -0.23% 29.51% 22.13% -1.02% 39.60%

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

All returns over 1 year are annualized

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 31/05/2024)
Fund Benchmark
Number of Positions 66 101
Weighted Average Market Cap $49.3 billion $70.4 billion
Active Share 51.7 n.a.
P/E using FY1 estimates 22.3x 21.6x
P/E using FY2 estimates 18.7x 18.8x
Price/Cash Flow 19.7 16.5
Price/Book 4.2 4.1
Return On Equity 18.6 20.3
EPS Growth (3 Yr) 26.5% 19.9%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/05/2024)
1.97%
Alpha
0.77
Beta
80.47%
Upside Capture
73.92%
Downside Capture
0.65
Sharpe Ratio
0.04
Information Ratio
6.65%
Tracking Error
77.81

Fund Risk Metrics are reflective of Class I USD ACC shares.

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/05/2024)
Name Sector % Net Assets
Reliance Industries, Ltd. Energy 6.0
ICICI Bank, Ltd. Financials 5.5
HDFC Bank, Ltd. Financials 5.3
Shriram Finance, Ltd. Financials 4.9
Infosys, Ltd. Information Technology 3.9
Bharat Heavy Electricals, Ltd. Industrials 3.1
Bharti Airtel, Ltd. Communication Services 3.0
Tata Consultancy Services, Ltd. Information Technology 2.8
Axis Bank, Ltd. Financials 2.4
IndusInd Bank, Ltd. Financials 2.4
TOTAL 39.3

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 31/05/2024)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 33.1 30.9 2.2
Consumer Discretionary 18.0 11.3 6.7
Industrials 12.4 8.9 3.5
Information Technology 7.7 10.0 -2.3
Consumer Staples 7.1 9.2 -2.1
Health Care 7.1 4.2 2.9
Energy 6.0 10.7 -4.7
Communication Services 3.4 3.3 0.1
Materials 1.9 7.6 -5.7
Real Estate 1.3 0.4 0.9
Utilities 0.3 3.6 -3.3
Cash and Other Assets, Less Liabilities 1.6 0.0 1.6

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 43.9 73.9 -30.0
Large Cap ($10B-$25B) 24.4 19.5 4.9
Mid Cap ($3B-$10B) 11.7 6.5 5.2
Small Cap (under $3B) 18.4 0.1 18.3
Cash and Other Assets, Less Liabilities 1.6 0.0 1.6

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.

Ratings

  • OVERALL
  • 3 YEAR
  • 5 YEAR
  • 10 YEAR

Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.

Overall Morningstar RatingTM is reflective of the noted share class. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Copyright ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is provided for reference purposes only.

The Overall Morningstar®️ Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio Managers

Peeyush  Mittal, CFA photo
Peeyush Mittal, CFA

Lead Manager

Swagato  Ghosh photo
Swagato Ghosh

Co-Manager

The Benchmark used for comparison under "Portfolio Breakdown" and "Portfolio Characteristics" is the S&P Bombay Stock Exchange 100 index.

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.

Index Definitions