Matthews China Dividend Fund


Top 10 Holdings as of 30 April 2018

Security Sector % Net Assets
Tencent Holdings, Ltd. Information Technology 4.7
China Petroleum & Chemical Corp. Energy 3.9
Ping An Insurance Group Co. of China, Ltd. Financials 3.5
Postal Savings Bank of China Co., Ltd. Financials 3.4
HKBN, Ltd. Telecom Services 3.3
HSBC Holdings PLC Financials 3.0
Altaba, Inc. Information Technology 3.0
Guangdong Provincial Expressway Development Co., Ltd. Industrials 2.9
Hua Hong Semiconductor, Ltd. Information Technology 2.8
Bank of China, Ltd. Financials 2.8
Total 33.3
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 30 April 2018

  Fund MSCI China IndexDifference
Financials 19.1 23.5 -4.4
Information Technology 14.2 39.7 -25.5
Consumer Discretionary 12.0 8.8 3.2
Industrials 10.9 4.1 6.8
Consumer Staples 9.8 2.1 7.7
Telecom Services 7.9 4.6 3.3
Energy 6.2 5.2 1.0
Health Care 5.8 2.6 3.2
Real Estate 5.6 5.3 0.3
Utilities 2.5 2.4 0.1
Materials 2.0 1.7 0.3
Cash and Other Assets, Less Liabilities 3.9 0.0 3.9
  Fund MSCI China Index Difference
Mega Cap (over $25B) 30.4 72.1 -41.7
Large Cap ($10B-$25B) 10.2 17.7 -7.5
Mid Cap ($3B-$10B) 14.1 9.1 5.0
Small Cap (under $3B) 41.2 1.1 40.1
Cash and Other Assets, Less Liabilities 3.9 0.0 3.9
Equity market cap of issuer.
  Fund
Common Equities and ADRs 96.0
Cash and Other Assets, Less Liabilities 3.9
Exposure Portfolio Weight
SAR (Hong Kong) 34.2
H Shares 21.7
Overseas Listed companies (OL) 13.3
China-affiliated corporations (CAC) 11.7
B Shares 8.8
A Shares 6.3
Cash and Other Assets, Less Liabilities 3.9
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 April 2018

Number of Securities1

52

Weighted Average
Market Cap

$59.7 billion

P/E using FY1 estimates

12.7x

P/E using FY2 estimates

11.1x

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.