Morningstar Fund Report  | 02/04/2025Print

Matthews Asia Funds - China Discovery Fund I USD Acc

Performance History28/02/2025
Growth of 1,000 (GBP) Advanced Graph
Matthews Asia Funds - China Discovery Fund I USD Acc
Fund-2.0-22.0-20.55.24.9
+/-Cat4.9-3.3-8.1-8.9-0.6
+/-B’mrk6.7-9.4-14.0-19.5-1.2
 
Category: Greater China Equity
Category Benchmark: MSCI Golden Dragon NR USD
Key Stats
NAV
01/04/2025		 USD 23.23
Day Change -0.04%
Morningstar Category™ Greater China Equity
ISIN LU0721876877
Fund Size (Mil)
01/04/2025		 USD 126.95
Share Class Size (Mil)
01/04/2025		 USD 55.43
Max Initial Charge -
Ongoing Charge
28/02/2025		  1.25%
Investment Objective: Matthews Asia Funds - China Discovery 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 small companies Located in or with Substantial Ties to China (as defined hereafter). On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis.
Returns
Trailing Returns (GBP)01/04/2025
YTD3.40
3 Years Annualised-7.07
5 Years Annualised-0.51
10 Years Annualised7.63
12 Month Yield 0.00
Management
Manager Name
Start Date
Winnie Chwang
31/08/2020
Andrew Mattock
31/08/2020
Click here to see others
Inception Date
29/02/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI China Small Cap NR USDMSCI Golden Dragon NR USD
Portfolio Profile for  Matthews Asia Funds - China Discovery Fund I USD Acc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock98.780.0098.78
Bond0.000.000.00
Property0.000.000.00
Cash1.220.001.22
Other0.000.000.00
Top 5 Regions%
Asia - Emerging80.96
Asia - Developed9.84
United States9.20
Canada0.00
Latin America0.00
Top 5 Sectors%
Consumer Cyclical21.15
Industrials18.78
Technology16.16
Real Estate13.32
Consumer Defensive7.73
Top 5 HoldingsSector%
Giant Biogene Holding Co Ltd Ord... Consumer DefensiveConsumer Defensive5.00
Hongfa Technology Co Ltd Class AIndustrialsIndustrials3.89
China Overseas Property Holdings... Real EstateReal Estate3.82
Zhejiang Shuanghuan Driveline Co... Consumer CyclicalConsumer Cyclical3.64
Yangzijiang Shipbuilding (Holdin... IndustrialsIndustrials3.40
Increase Decrease New since last portfolio
Matthews Asia Funds - China Discovery Fund I USD Acc
Growth Of 1000 (GBP) 28/02/2025
Fund:  Matthews Asia Funds - China Discovery Fund I USD Acc
Category:  Greater China Equity
Category Index:  MSCI Golden Dragon NR USD
Growth of 1,000 GBP
Annual Returns (GBP)28/02/2025
 201820192020202120222023202428/02
Price Return-13.7426.2972.22-1.98-21.99-20.485.224.95
+/- Category2.531.4436.834.86-3.25-8.15-8.91-0.61
+/- Category Index-4.237.2948.016.65-9.44-13.99-19.47-1.24
% Rank in Category433622670859055
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.04   1.85-1.41
1 Week-1.05   2.540.61
1 Month-1.47   2.672.58
3 Months3.40   3.151.51
6 Months4.70   4.111.29
YTD3.40   3.151.51
1 Year9.88   -1.88-13.19
3 Years Annualised-7.07   -5.28-10.95
5 Years Annualised-0.51   -1.81-5.81
10 Years Annualised7.63   2.501.44
 
Category: Greater China Equity
Category Index: MSCI Golden Dragon NR USD
Quarterly Returns (GBP)28/02/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2024-1.53-1.967.331.55
2023-2.67-12.664.44-10.42
2022-16.615.19-13.913.30
2021-0.2011.91-8.37-4.22
202017.8838.47-3.168.95
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowAbove Average1 star
5-YearBelow AverageAbove Average2 star
10-YearHighAbove Average4 star
OverallAverageAbove Average3 star
 
Category :  Greater China EquityClick here to see our Methodology
Volatility Measurements28/02/2025
 
3-Yr Std Dev26.74 %
3-Yr Mean Return-5.72 %
 
3-Yr Sharpe Ratio-0.36
 
Modern Portfolio Statistics28/02/202528/02/2025
 Standard IndexBest Fit Index
 MSCI Golden Dragon NR USD  MSCI China A Onshore NR CNY
3-Yr Beta1.001.13
3-Yr Alpha-12.610.27
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 3955-
Market Capitalisation% of Equity
Giant2.93
Large44.90
Medium40.76
Small6.81
Micro4.61
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.760.91
Price/Book1.440.67
Price/Sales0.920.50
Price/Cash Flow7.680.71
Dividend-Yield Factor2.260.88
 
Long-Term Projected Earnings Growth11.981.15
Historical Earnings Growth-1.45-0.47
Sales Growth1.860.56
Cash-Flow Growth2.350.34
Book-Value Growth3.460.55
 
Category: Greater China Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock98.780.0098.78
Bond0.000.000.00
Property0.000.000.00
Cash1.220.001.22
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States9.208.72
Canada0.00-
Latin America0.00-
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.00-
Africa0.000.00
Middle East0.00-
Japan0.000.00
Australasia0.00-
Asia - Developed9.840.36
Asia - Emerging80.961.16
 
Category: Greater China Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials3.311.89
Consumer CyclicalConsumer Cyclical21.150.80
Financial ServicesFinancial Services2.230.18
Real EstateReal Estate13.325.37
Consumer DefensiveConsumer Defensive7.731.56
HealthcareHealthcare5.721.45
UtilitiesUtilities1.621.12
Communication ServicesCommunication Services7.000.46
EnergyEnergy2.985.05
IndustrialsIndustrials18.782.16
TechnologyTechnology16.160.72
 
Category: Greater China Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings55
Total Number of Bond Holdings0
Assets in Top 10 Holdings35.88
NameSectorCountry% of Assets
Giant Biogene Holding Co Ltd Ordinary... 205China5.00
Hongfa Technology Co Ltd Class A310China3.89
China Overseas Property Holdings Ltd104China3.82
Zhejiang Shuanghuan Driveline Co Ltd ... 102China3.64
Yangzijiang Shipbuilding (Holdings) Ltd310Singapore3.40
Atour Lifestyle Holdings Ltd ADR102China3.36
DPC Dash Ltd102China3.35
NetEase Cloud Music Inc308China3.31
ACM Research Inc Class A311United States3.15
Yantai Jereh Oilfield Services Group ... 309China2.95
 
Increase Decrease New since last portfolio
Category: Greater China 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 Date29/02/2012
Fund Advisor(s)
Matthews International Cap Mgmt LLc
Fund ManagerWinnie Chwang
Manager Start Date31/08/2020
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 ManagerAndrew Mattock
Manager Start Date31/08/2020
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.
Fund ManagerSherwood Zhang
Manager Start Date29/04/2024
Education
2007, University of Maryland, M.B.A.
Shanghai University, B.A.
 
Biography
Sherwood Zhang is a Portfolio Manager at Matthews and manages the firm’s China Dividend Strategy and co‑manages the Asia Dividend, Asia ex Japan Dividend, and China Strategies. Prior to joining 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.
Fund ManagerHardy Zhu
Manager Start Date29/04/2024
 
Biography
Hardy Zhu is a Portfolio Manager at Matthews and co-manages the firm’s Emerging Markets Small Companies, Emerging Markets Discovery, China, China Small Companies, China Discovery, China Dividend and China A-Share Strategies. Prior to joining the firm in 2011, Hardy was an Equity Analyst with Delaware Investments researching Chinese equities. Before earning his MBA from Duke University in 2007, Hardy was a senior accountant at PNC Global Investment Servicing from 2000 to 2005. Hardy began his career at China National Nonferrous Metals Import & Export Co., one of the largest state-owned international trading companies in China. He received a Master of Accounting degree from the Virginia Polytechnic Institute and State University and a B.S. in Industrial Foreign Trade from Shenyang Polytechnic University in China. Hardy is fluent in Mandarin. Hardy has been a Portfolio Manager of the Matthews Emerging Markets Small Companies Fund, Matthews Emerging Markets Discovery Active ETF, Matthews China Fund, Matthews China Active ETF, Matthews China Small Companies Fund, Matthews China Discovery Active ETF and Matthews China Dividend Fund since 2024.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.00%
Ongoing Charge1.25%
Purchase Details
Minimum Investments
Initial10000000  USD
Additional100  USD
Savings-
Tax Free Savings Schemes
ISAsYes