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 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 ex Japan Total Return Equity Fund

Portfolio Manager changes to the Matthews Asia ex Japan Total Return Equity Fund effective 05 December 2023.

Effective 17 February 2023, the Asia ex Japan Dividend Fund was renamed to the Asia ex Japan Total Return Equity Fund.

  • Total return strategy seeks to access the growth of Asia Pacific ex Japan 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 17/06/2024)



(as of 17/06/2024)


1 Day NAV Change

(as of 17/06/2024)


Seeks total return through capital appreciation and current income.


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.


The Fund pursues its objective by primarily investing in companies that exhibit attractive dividend yields and/or the potential to grow dividends over time. 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 (including, for example, investment trusts and other financial instruments) of companies located in the Asia ex Japan region.

Fund Facts
Inception Date 30/11/2015
Fund Assets $100.84 million (31/05/2024)
Base Currency USD
ISIN: LU1311311358 (USD) LU1311311515 (GBP) LU1311311788 (EUR)
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia ex Japan: Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region, excluding Japan
SFDR Classification Article 8
Fees & Expenses
Management Fee 0.75%
Total Expense Ratio 0.90% ( USD ) 0.90% ( GBP ) 0.90% ( EUR )


  • 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
Asia ex Japan Total Return Equity Fund (USD)
1.84% 5.81% 6.05% 0.39% -11.94% 4.42% n.a. 7.31% 30/11/2015
MSCI All Country Asia ex Japan Index (USD)
1.58% 5.51% 5.37% 11.63% -6.79% 4.30% n.a. 6.06%
Asia ex Japan Total Return Equity Fund (GBP)
0.42% 5.23% 6.07% -2.40% -8.66% 4.17% n.a. 9.43% 30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
-0.10% 4.83% 5.50% 8.67% -3.30% 4.09% n.a. 8.17%
Asia ex Japan Total Return Equity Fund (EUR)
0.68% 5.67% 8.08% -1.23% -8.42% n.a. n.a. 1.10% 31/07/2020
MSCI All Country Asia ex Japan Index (EUR)
0.05% 5.17% 7.22% 9.63% -3.02% n.a. n.a. 3.45%
As of 31/03/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Asia ex Japan Total Return Equity Fund (USD)
1.86% 2.10% 2.10% -9.21% -10.89% 2.76% n.a. 6.98% 30/11/2015
MSCI All Country Asia ex Japan Index (USD)
2.58% 2.44% 2.44% 4.36% -6.52% 2.27% n.a. 5.82%
Asia ex Japan Total Return Equity Fund (GBP)
1.86% 2.66% 2.66% -11.18% -8.32% 3.48% n.a. 9.20% 30/11/2015
MSCI All Country Asia ex Japan Index (GBP)
2.72% 3.38% 3.38% 2.15% -3.73% 2.91% n.a. 8.07%
Asia ex Japan Total Return Equity Fund (EUR)
2.13% 4.46% 4.46% -8.70% -8.43% n.a. n.a. 0.22% 31/07/2020
MSCI All Country Asia ex Japan Index (EUR)
2.78% 4.78% 4.78% 4.98% -3.85% n.a. n.a. 2.96%
For the years ended December 31st
Name 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Asia ex Japan Total Return Equity Fund (USD)
-8.71% -26.05% 3.96% 51.86% 16.73% -12.37% 47.29% 6.89% n.a. n.a.
MSCI All Country Asia ex Japan Index (USD)
6.34% -19.36% -4.46% 25.36% 18.52% -14.12% 42.08% 5.76% n.a. n.a.
Asia ex Japan Total Return Equity Fund (GBP)
-13.63% -17.12% 5.36% 46.62% 13.21% -7.38% 34.23% 28.50% n.a. n.a.
MSCI All Country Asia ex Japan Index (GBP)
0.34% -9.19% -3.58% 21.49% 13.94% -8.78% 29.78% 26.15% n.a. n.a.
Asia ex Japan Total Return Equity Fund (EUR)
-11.87% -21.56% 12.67% 23.90%* n.a. n.a. n.a. n.a. n.a. n.a.
MSCI All Country Asia ex Japan Index (EUR)
2.74% -14.07% 2.79% 17.02%* n.a. n.a. 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.

All returns over 1 year are annualized

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 31/05/2024)
2.45% Dividend Yield

Source: FactSet Research Systems, Bloomberg, Matthews Asia

Portfolio Characteristics

(as of 31/05/2024)
Fund Benchmark
Number of Positions 58 1,180
Weighted Average Market Cap $152.7 billion $144.9 billion
Active Share 63.1 n.a.
P/E using FY1 estimates 13.2x 13.2x
P/E using FY2 estimates 11.4x 11.5x
Price/Cash Flow 9.7 8.5
Price/Book 2.1 1.7
Return On Equity 17.3 14.8
EPS Growth (3 Yr) 19.9% 13.4%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 31/05/2024)
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 31/05/2024)
Name Sector Country % Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 10.3
Tencent Holdings, Ltd. Communication Services China/Hong Kong 5.3
Samsung Electronics Co., Ltd. Information Technology South Korea 3.2
DBS Group Holdings, Ltd. Financials Singapore 3.1
China Merchants Bank Co., Ltd. Financials China/Hong Kong 2.7
ICICI Bank, Ltd. Financials India 2.7
Alibaba Group Holding, Ltd. Consumer Discretionary China/Hong Kong 2.6
FPT Corp. Information Technology Vietnam 2.6
Axis Bank, Ltd. Financials India 2.6
Meituan Class B Consumer Discretionary China/Hong Kong 2.4
TOTAL 37.5

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
  • Country Allocation
  • Asset Type Breakdown
  • Market Cap Exposure
Sector Fund Benchmark Difference
Information Technology 29.1 26.4 2.7
Financials 24.3 20.7 3.6
Consumer Discretionary 16.2 13.9 2.3
Communication Services 7.7 9.6 -1.9
Industrials 6.3 7.7 -1.4
Consumer Staples 3.5 4.3 -0.8
Energy 2.9 4.0 -1.1
Utilities 2.8 2.9 -0.1
Real Estate 2.5 2.6 -0.1
Materials 1.7 4.7 -3.0
Health Care 1.0 3.2 -2.2
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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

Country Fund Benchmark Difference
China/Hong Kong 28.7 36.0 -7.3
India 21.2 20.7 0.5
Taiwan 21.0 20.5 0.5
South Korea 12.6 13.2 -0.6
Vietnam 4.9 0.0 4.9
Singapore 4.0 3.7 0.3
Malaysia 3.3 1.6 1.7
Thailand 2.1 1.7 0.4
Indonesia 0.0 1.8 -1.8
Philippines 0.0 0.6 -0.6
Macau 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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

Asset Type Fund
Common Equities and ADRs 97.9
Cash and Other Assets, Less Liabilities 2.1
Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 66.3 61.8 4.5
Large Cap ($10B-$25B) 18.2 20.1 -1.9
Mid Cap ($3B-$10B) 8.8 17.2 -8.4
Small Cap (under $3B) 4.7 0.9 3.8
Cash and Other Assets, Less Liabilities 2.1 0.0 2.1

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

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

Sean  Taylor photo
Sean Taylor

Lead Manager

Inbok  Song photo
Inbok Song

Lead Manager

Sherwood  Zhang, CFA photo
Sherwood Zhang, CFA


Jeremy  Sutch, CFA photo
Jeremy Sutch, CFA


Sojung  Park photo
Sojung Park


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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