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MATTHEWS CHINA FUND
mutual fund
MICFX
Payout Change
Pending
Price as of:
$14.24
+0.03
+0.21%
primary theme
China Region Equity
share class
MICFX (Mutual Fund)
MATTHEWS CHINA FUND
Payout Change
Pending
Price as of:
$14.24
+0.03
+0.21%
primary theme
China Region Equity
share class
MICFX (Mutual Fund)
MATTHEWS CHINA FUND
Payout Change
Pending
Price as of:
$14.24
+0.03
+0.21%
primary theme
China Region Equity
share class
Name
As of 12/12/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
22.8%
1 yr return
27.6%
3 Yr Avg Return
-10.5%
5 Yr Avg Return
-0.6%
Net Assets
$416 M
Holdings in Top 10
48.2%
52 WEEK LOW AND HIGH
$14.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.01%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 92.28%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/12/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MICFX - Profile
Distributions
- YTD Total Return 22.8%
- 3 Yr Annualized Total Return -10.5%
- 5 Yr Annualized Total Return -0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.38%
- Dividend Yield 0.8%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameMATTHEWS CHINA FUND
-
Fund Family NameMatthews Asia Funds
-
Inception DateOct 29, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWinnie Chwang
Fund Description
Under normal circumstances, the Matthews China Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in China. China includes its administrative and other districts, such as Hong Kong. A company or other issuer is considered to be “located” in a country or a region, and a security or instrument is deemed to be an Asian (or specific country) security or instrument, if it has substantial ties to that country or region. Matthews currently makes that determination based primarily on one or more of the following criteria: (A) with respect to a company or issuer, whether (i) it is organized under the laws of that country or any country in that region; (ii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its
assets located, within that country or region; (iii) it has the primary trading markets for its securities in that country or region; (iv) it has its principal place of business in or is otherwise headquartered in that country or region; or (v) it is a governmental entity or an agency, instrumentality or a political subdivision of that country or any country in that region; and (B) with respect to an instrument or issue, whether (i) its issuer is headquartered or organized in that country or region; (ii) it is issued to finance a project that has at least 50% of its assets or operations in that country or region; (iii) it is at least 50% secured or backed by assets located in that country or region; (iv) it is a component of or its issuer is included in the MSCI China Index, the Fund’s primary benchmark index; or (v) it is denominated in the currency of an Asian country and addresses at least one of the other above criteria. The term “located” and the associated criteria listed above have been defined in such a way that Matthews has latitude in determining whether an issuer should be included within a region or country. The Fund may also invest in depositary receipts, including American, European and Global Depositary Receipts.
The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. Matthews expects that the companies in which the Fund invests typically will be of medium or large size, but the Fund may invest in companies of any size. Matthews measures a company’s size with respect to fundamental criteria such as, but not limited to, market capitalization, book value, revenues, profits, cash flow, dividends paid and number of employees. The implementation of the principal investment strategies of the Fund may result in a significant portion of the Fund’s assets being invested from time to time in one or more sectors, but the Fund may invest in companies in any sector.
The Fund may invest in the Matthews China Active ETF, a series of the Trust with a substantially similar investment strategy to the Fund, for cash equitization purposes, which allows the Fund to invest in a manner consistent with its investment strategy while managing daily cash flows, including purchases and redemptions by investors.
MICFX - Performance
Return Ranking - Trailing
| Period | MICFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.8% | -12.8% | 31.4% | 8.99% |
| 1 Yr | 27.6% | -12.1% | 35.4% | 8.99% |
| 3 Yr | -10.5%* | -20.4% | 4.4% | 40.96% |
| 5 Yr | -0.6%* | -12.7% | 13.7% | 35.29% |
| 10 Yr | 4.7%* | -4.1% | 9.9% | 20.00% |
* Annualized
Return Ranking - Calendar
| Period | MICFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -19.9% | -26.6% | 26.3% | 78.65% |
| 2022 | -29.5% | -41.6% | -9.4% | 74.70% |
| 2021 | -23.8% | -52.5% | 26.5% | 81.25% |
| 2020 | 41.2% | 1.3% | 138.5% | 35.71% |
| 2019 | 33.1% | 4.4% | 42.6% | 27.94% |
Total Return Ranking - Trailing
| Period | MICFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.8% | -12.8% | 31.4% | 8.99% |
| 1 Yr | 27.6% | -12.1% | 35.4% | 8.99% |
| 3 Yr | -10.5%* | -20.4% | 4.4% | 40.96% |
| 5 Yr | -0.6%* | -12.7% | 13.7% | 35.29% |
| 10 Yr | 4.7%* | -4.1% | 9.9% | 20.00% |
* Annualized
Total Return Ranking - Calendar
| Period | MICFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -19.1% | -25.7% | 30.1% | 79.78% |
| 2022 | -24.3% | -40.4% | -6.8% | 38.55% |
| 2021 | -12.1% | -48.9% | 29.5% | 56.25% |
| 2020 | 43.2% | 2.0% | 138.5% | 52.86% |
| 2019 | 34.9% | 7.8% | 44.4% | 26.47% |
NAV & Total Return History
MICFX - Holdings
Concentration Analysis
| MICFX | Category Low | Category High | MICFX % Rank | |
|---|---|---|---|---|
| Net Assets | 416 M | 1.85 M | 5.63 B | 19.10% |
| Number of Holdings | 61 | 27 | 1169 | 55.06% |
| Net Assets in Top 10 | 202 M | 971 K | 4.09 B | 19.10% |
| Weighting of Top 10 | 48.23% | 5.6% | 85.4% | 43.82% |
Top 10 Holdings
- Tencent Holdings Ltd 9.50%
- Alibaba Group Holding Ltd 7.00%
- Meituan 6.67%
- JD.com Inc 5.25%
- PDD Holdings Inc 4.31%
- China Construction Bank Corp 3.75%
- Ping An Insurance Group Co of China Ltd 3.43%
- Wuliangye Yibin Co Ltd 3.02%
- China International Capital Corp Ltd 2.89%
- DiDi Global Inc 2.40%
Asset Allocation
| Weighting | Return Low | Return High | MICFX % Rank | |
|---|---|---|---|---|
| Stocks | 99.71% | 51.72% | 113.15% | 14.61% |
| Cash | 0.29% | 0.00% | 33.85% | 91.01% |
| Preferred Stocks | 0.00% | 0.00% | 2.47% | 52.81% |
| Other | 0.00% | -0.02% | 47.32% | 55.06% |
| Convertible Bonds | 0.00% | 0.00% | 0.15% | 51.76% |
| Bonds | 0.00% | 0.00% | 0.00% | 47.19% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MICFX % Rank | |
|---|---|---|---|---|
| Consumer Cyclical | 27.55% | 0.00% | 95.37% | 21.18% |
| Technology | 17.03% | 0.00% | 58.02% | 31.76% |
| Financial Services | 14.99% | 0.00% | 41.62% | 48.24% |
| Industrials | 12.06% | 0.00% | 36.69% | 56.47% |
| Communication Services | 8.82% | 0.00% | 41.06% | 56.47% |
| Healthcare | 6.61% | 0.00% | 100.00% | 68.24% |
| Basic Materials | 5.09% | 0.00% | 19.86% | 34.12% |
| Real Estate | 4.51% | 0.00% | 22.12% | 22.35% |
| Consumer Defense | 3.34% | 0.00% | 20.13% | 85.88% |
| Utilities | 0.00% | 0.00% | 11.37% | 72.94% |
| Energy | 0.00% | 0.00% | 19.38% | 74.12% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MICFX % Rank | |
|---|---|---|---|---|
| Non US | 88.34% | 0.00% | 100.00% | 65.17% |
| US | 11.37% | 0.00% | 100.63% | 17.98% |
MICFX - Expenses
Operational Fees
| MICFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.01% | 0.09% | 11.25% | 70.79% |
| Management Fee | 0.68% | 0.09% | 1.50% | 23.60% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 25.71% |
| Administrative Fee | N/A | 0.06% | 0.25% | 61.54% |
Sales Fees
| MICFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| MICFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | 76.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MICFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 92.28% | 4.00% | 241.00% | 83.33% |
MICFX - Distributions
Dividend Yield Analysis
| MICFX | Category Low | Category High | MICFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.79% | 0.00% | 8.89% | 58.43% |
Dividend Distribution Analysis
| MICFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| MICFX | Category Low | Category High | MICFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.38% | -1.17% | 3.66% | 37.65% |
Capital Gain Distribution Analysis
| MICFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 14, 2023 | $0.110 | OrdinaryDividend |
| Dec 14, 2022 | $1.092 | CapitalGainLongTerm |
| Dec 15, 2021 | $3.251 | OrdinaryDividend |
| Dec 16, 2020 | $0.374 | OrdinaryDividend |
| Dec 17, 2019 | $0.248 | OrdinaryDividend |
| Dec 12, 2018 | $2.914 | CapitalGainLongTerm |
| Dec 12, 2018 | $0.329 | OrdinaryDividend |
| Dec 06, 2017 | $1.193 | CapitalGainShortTerm |
| Dec 06, 2017 | $0.726 | CapitalGainLongTerm |
| Dec 06, 2017 | $0.402 | OrdinaryDividend |
| Dec 07, 2016 | $1.855 | CapitalGainLongTerm |
| Dec 07, 2016 | $0.284 | OrdinaryDividend |
| Dec 10, 2015 | $0.056 | CapitalGainShortTerm |
| Dec 10, 2015 | $3.273 | CapitalGainLongTerm |
| Dec 10, 2015 | $0.243 | OrdinaryDividend |
| Dec 11, 2014 | $0.001 | CapitalGainShortTerm |
| Dec 11, 2014 | $0.101 | CapitalGainLongTerm |
| Dec 11, 2014 | $0.302 | OrdinaryDividend |
| Dec 12, 2013 | $1.948 | CapitalGainLongTerm |
| Dec 12, 2013 | $0.306 | OrdinaryDividend |
| Dec 13, 2012 | $0.249 | CapitalGainLongTerm |
| Dec 13, 2012 | $0.397 | OrdinaryDividend |
| Dec 08, 2011 | $0.012 | CapitalGainShortTerm |
| Dec 08, 2011 | $2.049 | CapitalGainLongTerm |
| Dec 08, 2011 | $0.339 | OrdinaryDividend |
| Dec 09, 2010 | $0.158 | OrdinaryDividend |
| Dec 09, 2010 | $0.021 | CapitalGainLongTerm |
MICFX - Fund Manager Analysis
Managers
Winnie Chwang
Start Date
Tenure
Tenure Rank
Apr 30, 2014
8.09
8.1%
Winnie Chwang is a Portfolio Manager at Matthews Asia and manages the firm's China Small Strategy and co-manages the China and Asia ESG Strategies. She joined the firm in 2004 and has built her investment career at the firm. Winnie earned an MBA from the Haas School of Business and received her B.A. in Economics with a minor in Business Administration from the University of California, Berkeley. She is fluent in Mandarin and conversational in Cantonese. Winnie has been a Portfolio Manager of the Matthews China Fund since 2014, of the Matthews Asia ESG Fund since its inception in 2015 and of the Matthews China Small Companies Fund since 2020.
Andrew Mattock
Start Date
Tenure
Tenure Rank
Apr 30, 2015
7.09
7.1%
Andrew Mattock, CFA is a Portfolio Manager at Matthews Asia and manages the firm's China and China Small Companies Strategies. Prior to joining the firm in 2015, he was a Fund Manager at Henderson Global Investors for 15 years, first in London and then in Singapore, managing Asia Pacific equities. Andrew holds a Bachelor of Business majoring in Accounting from ACU. He began his career at PricewaterhouseCoopers and qualified as a Chartered Accountant. Andrew has been a Portfolio Manager of the Matthews China Fund since 2015 and of the Matthews China Small Companies Fund since 2020.
Sherwood Zhang
Start Date
Tenure
Tenure Rank
Apr 28, 2022
0.09
0.1%
Sherwood Zhang is a Portfolio Manager at Matthews. He manages the firm’s China Dividend Strategy and co-manages the Asia Dividend and Asia ex Japan Dividend Strategies. Prior to joining the Matthews in 2011, Sherwood was an analyst at Passport Capital from 2007 to 2010, where he focused on such industries as property and basic materials in China as well as consumer-related sectors. Before earning his M.B.A. in 2007, Sherwood served as a Senior Treasury Officer for Hang Seng Bank in Shanghai and Hong Kong, and worked as a Foreign Exchange Trader at Shanghai Pudong Development Bank in Shanghai. He received his M.B.A. from the University of Maryland and his Bachelor of Economics in Finance from Shanghai University. Sherwood is fluent in Mandarin and speaks conversational Cantonese.Sherwood has been a Portfolio Manager of the Matthews China Dividend Fund since 2014 and of the Matthews Asia Dividend Fund since 2018.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 24.1 | 3.8 | 3.22 |
