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 Pacific 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 may, at its discretion, pay dividends out of the capital or effectively out of capital in respect of the distribution shares. Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor's original investment, or from any capital gains attributable to that original investment. Any distribution may result in an immediate reduction of the net asset value per share of the Fund.
  • 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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Asia Dividend Fund

  • Total return strategy seeks to access the growth of Asia Pacific with lower volatility
  • Unconstrained all-cap portfolio with a quality bias
  • Flexible approach offers participation in both growth and value markets


Inception Date


YTD Return (USD)

(as of 03/10/2023)



(as of 03/10/2023)


1 Day NAV Change

(as of 03/10/2023)


Seeks total return through capital appreciation and current income.


The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in income-paying publicly traded common stocks, preferred stocks, convertible preferred stocks and other equity-related instruments of companies located in the Asia Pacific region, and may invest the remainder of its net assets in other permitted assets on a worldwide basis.

Fund Facts
Inception Date 30/04/2010
Fund Assets $103.43 million (31/08/2023)
Base Currency USD
ISIN: LU0491818331 (USD) LU0594556648 (GBP) LU0491818174 (EUR)
Benchmark MSCI All Country Asia Pacific Index
Geographic Focus Asia Pacific: Consists of all countries and markets in Asia, as well as Australia and New Zealand 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 ) 0.90% ( EUR )


  • Monthly
  • Quarterly
  • Annual Returns
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As of 31/08/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Asia Dividend Fund (USD)
-4.86% 2.01% 2.07% -5.64% -6.00% -1.46% 2.96% 4.16% 30/04/2010
MSCI All Country Asia Pacific Index (USD)
-4.87% 3.26% 6.11% 5.29% 0.51% 2.29% 5.00% 4.72%
Asia Dividend Fund (GBP)
-3.54% -0.58% -3.18% -13.52% -4.43% -1.00% 5.03% 5.87% 28/02/2011
MSCI All Country Asia Pacific Index (GBP)
-3.41% 0.99% 0.73% -3.31% 2.37% 2.81% 7.11% 6.25%
Asia Dividend Fund (EUR)
-3.43% 0.29% 0.29% -13.17% -3.01% -0.08% n.a. 0.66% 15/05/2017
MSCI All Country Asia Pacific Index (EUR)
-3.36% 1.42% 4.34% -2.45% 3.81% 3.72% n.a. 4.09%
As of 30/06/2023
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Asia Dividend Fund (USD)
2.78% 0.00% 2.85% -4.62% -1.38% -1.52% 3.07% 4.27% 30/04/2010
MSCI All Country Asia Pacific Index (USD)
3.48% 1.43% 6.35% 6.44% 3.81% 2.38% 5.04% 4.80%
Asia Dividend Fund (GBP)
0.44% -2.18% -2.18% -8.64% -2.37% -0.75% 5.00% 6.04% 28/02/2011
MSCI All Country Asia Pacific Index (GBP)
0.88% -1.36% 0.62% 1.67% 2.82% 3.16% 6.91% 6.32%
Asia Dividend Fund (EUR)
1.15% 0.10% 1.15% -8.69% -0.35% -0.09% n.a. 0.82% 15/05/2017
MSCI All Country Asia Pacific Index (EUR)
1.12% 1.00% 4.03% 1.99% 4.82% 3.78% n.a. 4.15%
For the years ended December 31st
Name 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Asia Dividend Fund (USD)
-30.00% -1.75% 31.32% 10.66% -12.85% 33.49% 4.09% 3.87% -0.96% 12.26%
MSCI All Country Asia Pacific Index (USD)
-16.92% -1.19% 20.07% 19.74% -13.25% 32.04% 5.21% -1.68% 0.29% 12.19%
Asia Dividend Fund (GBP)
-21.55% -0.44% 26.77% 7.36% -7.98% 21.75% 25.18% 9.10% 5.11% 9.70%
MSCI All Country Asia Pacific Index (GBP)
-6.45% -0.28% 16.36% 15.12% -7.86% 20.61% 25.50% 4.01% 6.53% 10.11%
Asia Dividend Fund (EUR)
-25.73% 6.39% 20.20% 13.02% -8.85% n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia Pacific Index (EUR)
-11.47% 6.31% 10.15% 21.94% -8.88% n.a. n.a. n.a. n.a. n.a.

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

The investment policy of the Fund was changed on 15 December 2021. The performance prior to this date was achieved under circumstances that no longer apply.

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.


(as of 31/08/2023)
2.94% Dividend Yield

Source: FactSet Research Systems, Bloomberg, Matthews Asia

Portfolio Characteristics

(as of 31/08/2023)
Fund Benchmark
Number of Positions 56 1,529
Weighted Average Market Cap $70.0 billion $84.3 billion
Active Share 83.6 n.a.
P/E using FY1 estimates 16.0x 14.1x
P/E using FY2 estimates 14.3x 12.7x
Price/Cash Flow 10.1 7.7
Price/Book 2.1 1.4
Return On Equity 18.1 14.3
EPS Growth (3 Yr) 8.6% 15.7%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/08/2023)
Upside Capture
Downside Capture
Sharpe Ratio
Information Ratio
Tracking Error

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

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 31/08/2023)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 4.2
Tencent Holdings, Ltd. Communication Services China/Hong Kong 2.5
PT Bank Rakyat Indonesia Persero Tbk Financials Indonesia 2.4
HDFC Bank, Ltd. Financials India 2.3
ITOCHU Corp. Industrials Japan 2.2
Ampol, Ltd. Energy Australia 2.2
Samsung Electronics Co., Ltd. Information Technology South Korea 2.1
AIA Group, Ltd. Financials China/Hong Kong 2.1
ORIX Corp. Financials Japan 2.1
SK Telecom Co., Ltd. Communication Services South Korea 2.1
TOTAL 24.2

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 31/08/2023)
  • Sector Allocation
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 18.0 18.9 -0.9
Information Technology 16.5 17.9 -1.4
Consumer Discretionary 15.2 15.3 -0.1
Communication Services 11.2 8.0 3.2
Industrials 10.4 12.6 -2.2
Consumer Staples 9.8 5.5 4.3
Real Estate 4.7 3.5 1.2
Health Care 4.3 6.3 -2.0
Materials 3.5 7.1 -3.6
Utilities 3.4 1.9 1.5
Energy 2.2 3.0 -0.8
Cash and Other Assets, Less Liabilities 1.0 0.0 1.0

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

Country Fund Benchmark Difference
Japan 30.5 33.7 -3.2
China/Hong Kong 27.6 22.3 5.3
Australia 10.3 10.8 -0.5
India 7.7 9.5 -1.8
Taiwan 7.4 9.5 -2.1
South Korea 6.0 7.8 -1.8
Singapore 3.5 2.1 1.4
Indonesia 2.4 1.3 1.1
Vietnam 2.0 0.0 2.0
Thailand 1.5 1.3 0.2
Malaysia 0.0 0.9 -0.9
Philippines 0.0 0.4 -0.4
New Zealand 0.0 0.3 -0.3
Macau 0.0 0.1 -0.1
Cash and Other Assets, Less Liabilities 1.0 0.0 1.0

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

Asset Type Fund
Common Equities and ADRs 99.0
Cash and Other Assets, Less Liabilities 1.0
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 45.8 59.5 -13.7
Large Cap ($10B-$25B) 22.0 21.0 1.0
Mid Cap ($3B-$10B) 22.4 18.4 4.0
Small Cap (under $3B) 8.8 1.1 7.7
Cash and Other Assets, Less Liabilities 1.0 0.0 1.0

Source: FactSet Research Systems.

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.


  • 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

Robert J. Horrocks, PhD photo
Kenneth  Lowe, CFA photo
Kenneth Lowe, CFA

Lead Manager

Elli  Lee photo
Elli Lee


Siddharth  Bhargava photo
Siddharth Bhargava


Winnie  Chwang photo
Winnie Chwang


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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