Matthews China Dividend Fund


Top 10 Holdings as of 30 November 2018

Security Sector % Net Assets
HKBN, Ltd. Communication Services 3.8
CITIC Telecom International Holdings, Ltd. Communication Services 3.7
Tencent Holdings, Ltd. Communication Services 3.4
HSBC Holdings PLC Financials 3.2
China Petroleum & Chemical Corp. Energy 3.0
China Resources Power Holdings Co., Ltd. Utilities 3.0
China Mobile, Ltd. Communication Services 3.0
Sun Art Retail Group, Ltd. Consumer Staples 2.7
Bank of China, Ltd. Financials 2.7
Inner Mongolia Yili Industrial Group Co., Ltd. Consumer Staples 2.6
Total 31.1
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 November 2018

  Fund MSCI China IndexDifference
Financials 15.0 23.2 -8.2
Communication Services 13.9 26.9 -13.0
Consumer Staples 12.6 2.4 10.2
Industrials 11.1 5.4 5.7
Consumer Discretionary 10.9 20.1 -9.2
Health Care 6.2 3.2 3.0
Information Technology 6.1 2.7 3.4
Real Estate 6.0 5.6 0.4
Materials 5.2 1.9 3.3
Energy 4.5 5.6 -1.1
Utilities 4.5 3.0 1.5
Cash and Other Assets, Less Liabilities 4.0 0.0 4.0
  Fund MSCI China Index Difference
Mega Cap (over $25B) 19.8 67.8 -48.0
Large Cap ($10B-$25B) 9.2 14.3 -5.1
Mid Cap ($3B-$10B) 13.9 15.8 -1.9
Small Cap (under $3B) 53.1 2.1 51.0
Cash and Other Assets, Less Liabilities 4.0 0.0 4.0
Equity market cap of issuer.
  Fund
Common Equities and ADRs 95.8
Convertible Bonds 0.1
Cash and Other Assets, Less Liabilities 4.0
Exposure Portfolio Weight
SAR (Hong Kong) 34.1
China-affiliated corporations (CAC) 18.8
H Shares 14.7
Overseas Listed companies (OL) 11.9
B Shares 9.2
A Shares 7.1
Unassigned 0.1
Cash and Other Assets, Less Liabilities 4.0
Definitions: SAR (Hong Kong) companies are companies that conduct business in Hong Kong and/or mainland China. China-affiliated corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. China A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors. H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-Chinese investors. Overseas Listed [OL] companies are companies that conduct business in mainland China but listed in overseas markets such as Japan, Singapore, Taiwan and the United States.
Source: FactSet Research Systems.

Portfolio Characteristics as of 30 November 2018

Number of Securities1

50

Weighted Average
Market Cap

$40.6 billion

P/E using FY1 estimates

11.4x

P/E using FY2 estimates

10.2x

1Source: Brown Brothers Harriman (Luxembourg) S.C.A
Source: FactSet Research Systems unless otherwise noted. Sector data (excluding Government Bonds) based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

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. 

The P/E Ratio is the share price of a stock as of the report date, divided by the forecasted earnings per share for a 12-month period (FY1) and 24 month period (FY2). For the Fund, this is the weighted harmonic average estimated P/E ratio of all the underlying stocks in the Fund, excluding negative earners. There is no guarantee that the composition of the Fund will remain unchanged, or that forecasted earnings of a stock will be realized. Information provided is for illustrative purposes only.

Index Definitions

The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy. 

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