Morningstar Fund Report  | 13/04/2025Print

Matthews Asia Funds - Pacific Tiger Fund I USD Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Matthews Asia Funds - Pacific Tiger Fund I USD Acc
Fund-2.2-11.7-10.66.6-4.4
+/-Cat0.7-0.5-6.4-4.5-2.2
+/-B’mrk0.8-3.9-11.6-5.7-2.8
 
Category: Asia ex-Japan Equity
Category Benchmark: Morningstar Asia xJpn TME N...
Key Stats
NAV
11/04/2025		 USD 17.66
Day Change 0.11%
Morningstar Category™ Asia ex-Japan Equity
ISIN LU0491816475
Fund Size (Mil)
11/04/2025		 USD 98.84
Share Class Size (Mil)
11/04/2025		 USD 54.42
Max Initial Charge -
Ongoing Charge
26/03/2025		  0.90%
Morningstar Research
Analyst Report27/01/2025
William Samuel Rocco, Senior Analyst
Morningstar, Inc

Matthews Pacific Tiger remains in good hands as its management team continues to evolve, and its other strengths remain intact. Its institutional share classes retain their Morningstar Analyst Ratings of Silver, while its retail share classes...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process25
Performance
Price
Investment Objective: Matthews Asia Funds - Pacific Tiger Fund I USD Acc
The Sub-Fund’s investment objective is to achieve long-term capital appreciation. Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its total net assets) in equities of companies Located in or with Substantial Ties to the Asia ex Japan region. The Sub-Fund may invest (whether directly or indirectly) in China A Shares either directly via a Qualified Foreign Investor (“QFI”) license awarded to a Matthews group entity or via the ShanghaiHong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect programs, or indirectly via investment in access products. The Sub-Fund may directly or indirectly invest less than 70% of its net assets in aggregate in China A and B Shares.
Returns
Trailing Returns (GBP)11/04/2025
YTD-10.28
3 Years Annualised-5.53
5 Years Annualised1.47
10 Years Annualised2.30
12 Month Yield 0.00
Management
Manager Name
Start Date
In-Bok Song
28/10/2019
Winnie Chwang
02/03/2021
Click here to see others
Inception Date
30/04/2010

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI AC Asia Ex Japan NR USDMorningstar Asia xJpn TME NR USD
Portfolio Profile for  Matthews Asia Funds - Pacific Tiger Fund I USD Acc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.330.0099.33
Bond0.000.000.00
Property0.000.000.00
Cash0.670.000.67
Other0.000.000.00
Top 5 Regions%
Asia - Emerging62.73
Asia - Developed35.55
United States1.72
Canada0.00
Latin America0.00
Top 5 Sectors%
Technology29.36
Financial Services25.47
Consumer Cyclical22.85
Communication Services9.19
Industrials3.94
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology8.77
Tencent Holdings LtdCommunication ServicesCommunication Services6.24
Alibaba Group Holding Ltd Ordina... Consumer CyclicalConsumer Cyclical6.21
ICICI Bank LtdFinancial ServicesFinancial Services2.94
PDD Holdings Inc ADRConsumer CyclicalConsumer Cyclical2.79
Increase Decrease New since last portfolio
Matthews Asia Funds - Pacific Tiger Fund I USD Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Matthews Asia Funds - Pacific Tiger Fund I USD Acc
Category:  Asia ex-Japan Equity
Category Index:  Morningstar Asia xJpn TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-5.166.8926.46-2.18-11.71-10.606.59-4.41
+/- Category6.80-7.833.640.73-0.49-6.39-4.54-2.22
+/- Category Index1.76-6.605.870.84-3.90-11.59-5.70-2.81
% Rank in Category591313853948387
Trailing Returns (GBP)11/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.11   -0.10-0.73
1 Week-0.62   3.835.36
1 Month-7.84   0.10-0.43
3 Months-10.21   -1.26-1.93
6 Months-12.81   -1.81-1.76
YTD-10.28   -1.26-2.19
1 Year-6.81   -2.52-4.53
3 Years Annualised-5.53   -3.91-6.37
5 Years Annualised1.47   -1.53-3.24
10 Years Annualised2.30   -1.28-2.24
 
Category: Asia ex-Japan Equity
Category Index: Morningstar Asia xJpn TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-4.41---
20240.138.03-0.11-1.36
2023-0.16-7.67-0.39-2.63
2022-7.94-1.82-3.981.73
2021-0.255.82-5.64-1.79
2020-15.8820.618.0015.41
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowAverage1 star
5-YearBelow AverageAverage2 star
10-YearBelow AverageBelow Average2 star
OverallBelow AverageAverage2 star
 
Category :  Asia ex-Japan EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev16.84 %
3-Yr Mean Return-3.10 %
 
3-Yr Sharpe Ratio-0.42
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Asia xJpn TME NR USD  Morningstar Asia xJpn TME GR USD
3-Yr Beta1.051.05
3-Yr Alpha-6.59-6.96
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 69472-
Market Capitalisation% of Equity
Giant71.15
Large26.26
Medium1.39
Small1.20
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings13.841.05
Price/Book2.041.16
Price/Sales2.061.17
Price/Cash Flow7.941.16
Dividend-Yield Factor2.240.91
 
Long-Term Projected Earnings Growth11.461.10
Historical Earnings Growth1.870.32
Sales Growth-0.23-0.05
Cash-Flow Growth14.371.45
Book-Value Growth7.511.03
 
Category: Asia ex-Japan Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.330.0099.33
Bond0.000.000.00
Property0.000.000.00
Cash0.670.000.67
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States1.720.79
Canada0.000.00
Latin America0.000.00
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.00-
Middle East0.00-
Japan0.000.00
Australasia0.000.00
Asia - Developed35.550.93
Asia - Emerging62.731.07
 
Category: Asia ex-Japan Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical22.851.21
Financial ServicesFinancial Services25.471.16
Real EstateReal Estate3.821.31
Consumer DefensiveConsumer Defensive1.590.48
HealthcareHealthcare3.781.32
Communication ServicesCommunication Services9.190.82
IndustrialsIndustrials3.940.63
TechnologyTechnology29.361.07
 
Category: Asia ex-Japan Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings73
Total Number of Bond Holdings0
Assets in Top 10 Holdings39.51
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan8.77
Tencent Holdings Ltd308China6.24
Alibaba Group Holding Ltd Ordinary Sh... 102China6.21
ICICI Bank Ltd103India2.94
PDD Holdings Inc ADR102China2.79
China Merchants Bank Co Ltd Class H103China2.64
Ping An Insurance (Group) Co. of Chin... 103China2.55
Meituan Class B102China2.51
Samsung Electronics Co Ltd311Korea, Republic Of2.45
MediaTek Inc311Taiwan2.40
 
Increase Decrease New since last portfolio
Category: Asia ex-Japan Equity
 
Management
Name of CompanyMatthews Intl Capital Management, LLC
Phone-
Website -
Address3, rue Jean Piret L-2350 Luxembourg
 Grand Duchy   L-2350
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date30/04/2010
Fund Advisor(s)
Matthews International Cap Mgmt LLc
Fund ManagerIn-Bok Song
Manager Start Date28/10/2019
Education
Stanford University, M.A.
Seoul National University, B.S.
Seoul National University, M.S.
 
Biography
Inbok Song is a Portfolio Manager at Matthews and co-manages the firm’s Pacific Tiger Strategy. Prior to rejoining the Matthews in 2019, Inbok spent three years at Seafarer Capital Partners as a portfolio manager, the firm’s Director of Research and chief data scientist. Previously she was at Thornburg Investment Management as an associate portfolio manager. From 2007 to 2015, she was at Matthews, most recently as a portfolio manager. From 2005 to 2006, Inbok served as an Analyst and Technology Specialist at T. Stone Corp., a private equity firm in Seoul, South Korea. From 2004 to 2005, she was a research engineer for Samsung SDI in Seoul. Inbok received both a B.A. and Masters in Materials Science and Engineering from Seoul National University. She received a Masters in International Management from the University of London, King’s College, and also an M.A. in Management Science and Engineering, with a concentration in finance from Stanford University. Inbok is fluent in Korean. Inbok has been a Portfolio Manager of the Matthews Pacific Tiger Fund since 2019.
Fund ManagerWinnie Chwang
Manager Start Date02/03/2021
Education
Haas School of Business, M.B.A.
University of California, B.A.
 
Biography
Winnie Chwang is a Portfolio Manager at Matthews and manages the firm’s China Small Companies Strategy and co‑manages the firm’s China and Pacific Tiger Strategies. She joined the firm in 2004 and has built her investment career at the firm. Winnie earned an M.B.A. 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.
Fund ManagerPeeyush Mittal
Manager Start Date19/12/2023
Career Start Year2003
Education
University of Chicago (Booth), M.B.A.
Ohio State University, M.S.
The Indian Institue of Technology Madras, B.A./B.S.
 
Biography
Peeyush Mittal, CFA, is a Portfolio Manager at Matthews and manages the firm’s India Strategy and co-manages the firm’s Emerging Markets Equity, Emerging Markets ex China, Asia Growth and Pacific Tiger Strategies. Prior to joining the firm in 2015, he spent over three years at Franklin Templeton Asset Management India, most recently as a Senior Research Analyst. Previously, he was with Deutsche Asset & Wealth Management New York, from 2009 to 2011, researching U.S. and European stocks in the industrials and materials sectors. Peeyush began his career in 2003 with Scot Forge as an Industrial Engineer, and was responsible for implementing Lean Manufacturing systems on the production shop floor. Peeyush earned his M.B.A from The University of Chicago Booth School of Business. He received a Master of Science in Industrial Engineering from The Ohio State University and received a Bachelor of Technology in Metallurgical Engineering from The Indian Institute of Technology Madras. He is fluent in Hindi. Peeyush has been a Portfolio Manager of the Matthews India Fund since 2018, of the Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Equity Active ETF, Matthews Emerging Markets ex China Active ETF, Matthews Asia Growth Fund, Matthews Pacific Tiger Fund and Matthews Pacific Tiger Active ETF since 2023 and of the Matthews India Active ETF since its inception in 2023.
Fund ManagerJeremy Sutch
Manager Start Date19/12/2023
 
Biography
Jeremy Sutch, CFA, is a Portfolio Manager at Matthews and co-manages the firm’s Emerging Markets Equity, Emerging Markets ex China, Emerging Markets Small Companies, and Pacific Tiger Strategies. Prior to joining the firm in 2015, he was Director and Global Head of Emerging Companies at Standard Chartered Bank in Hong Kong from 2012 to 2015, responsible for the fundamental analysis of companies in Asia, with a particular focus on small- and mid-capitalization companies. From 2009 to 2012, he was Managing Director at MJP Capital in Hong Kong, which he co-founded. His prior experience has included managing small-cap equities at Indus Capital Advisors and serving as Head of Hong Kong Research for ABN AMRO Asia Securities. Jeremy earned an M.A. in French and History from the University of Edinburgh. Jeremy has been a Portfolio Manager of the Matthews Emerging Markets Small Companies Fund since 2021, and of the Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Equity Active ETF, Matthews Emerging Markets ex China Active ETF, Matthews Pacific Tiger Fund and Matthews Pacific Tiger Active ETF since 2023.
Fund ManagerSean Taylor
Manager Start Date19/12/2023
 
Biography
Sean Taylor is Chief Investment Officer designate and Portfolio Manager at Matthews and manages the firm’s Pacific Tiger and Asia ex Japan Total Return Equity Strategies and co-manages the firm’s Emerging Markets Equity and Emerging Markets ex China Strategies. Prior to joining Matthews in Oct 2023, he was Chief Investment Officer APAC, Global Head of Emerging Markets Equity at DWS Group based in Hong Kong since 2013. From 2004 to 2011, he was an Investment Director at GAM Investments, based in London and Dubai. From 1997 to 2004, he was at Societe Generale as Head of International and Emerging Markets. Sean has over 30 years of experience, including more than a decade as a CIO. He has overseen a number of emerging markets active strategies, including Latin America, India, China, Brazil, Russia as well as international and global strategies during his career. He received his MBA from Manchester Business School and is a graduate of the Royal Military Academy, Sandhurst. Sean has been a Portfolio Manager of the Matthews Pacific Tiger Fund, Matthews Pacific Tiger Active ETF, Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Equity Active ETF and Matthews Emerging Markets ex China Active ETF since 2023.
Fund ManagerAndrew Mattock
Manager Start Date28/04/2022
Career Start Year1995
Education
Australian Catholic University, B.B.A.
 
Biography
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.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.90%
Purchase Details
Minimum Investments
Initial-
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes