Morningstar Fund Report  | 02/04/2025Print

Matthews Asia Funds - Asia Discovery Fund I GBP Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Matthews Asia Funds - Asia Discovery Fund I GBP Acc
Fund23.8-4.25.3-2.0-9.0
+/-Cat9.86.40.8-9.5-0.3
+/-B’mrk2.06.1-9.5-10.61.0
 
Category: Asia ex-Japan Small/Mid-Cap Equity
Category Benchmark: MSCI AC Asia Ex JPN Small C...
Key Stats
NAV
01/04/2025		 GBP 25.07
Day Change 1.05%
Morningstar Category™ Asia ex-Japan Small/Mid-Cap Equity
IA (formerly IMA) Sector Asia Pacific Excluding Japan
ISIN LU0871674379
Fund Size (Mil)
01/04/2025		 USD 89.06
Share Class Size (Mil)
01/04/2025		 GBP 25.39
Max Initial Charge -
Ongoing Charge
28/02/2025		  1.15%
Investment Objective: Matthews Asia Funds - Asia Discovery Fund I GBP 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 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 Shanghai-Hong 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)01/04/2025
YTD-8.00
3 Years Annualised-0.09
5 Years Annualised13.03
10 Years Annualised7.27
12 Month Yield 0.00
Management
Manager Name
Start Date
Vivek Tanneeru
31/08/2020
Jeremy Sutch
30/04/2021
Click here to see others
Inception Date
30/04/2014

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI AC Asia Ex JPN Small Cap NR USDMSCI AC Asia Ex JPN Small Cap NR USD
Portfolio Profile for  Matthews Asia Funds - Asia Discovery Fund I GBP Acc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.290.0099.29
Bond0.000.000.00
Property0.000.000.00
Cash0.710.000.71
Other0.000.000.00
Top 5 Regions%
Asia - Emerging62.92
Asia - Developed31.62
United States5.46
Canada0.00
Latin America0.00
Top 5 Sectors%
Technology24.05
Consumer Cyclical18.21
Healthcare13.55
Financial Services13.25
Industrials12.68
Top 5 HoldingsSector%
Bandhan Bank LtdFinancial ServicesFinancial Services7.07
Hugel IncHealthcareHealthcare5.10
Legend Biotech Corp ADRHealthcareHealthcare5.02
CarTrade Tech LtdConsumer CyclicalConsumer Cyclical3.55
Poya International Co LtdConsumer CyclicalConsumer Cyclical3.26
Increase Decrease New since last portfolio
Matthews Asia Funds - Asia Discovery Fund I GBP Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Matthews Asia Funds - Asia Discovery Fund I GBP Acc
Category:  Asia ex-Japan Small/Mid-Cap Equity
Category Index:  MSCI AC Asia Ex JPN Small Cap NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-9.8414.0341.2223.80-4.175.26-2.01-8.95
+/- Category3.145.7620.029.856.440.77-9.50-0.33
+/- Category Index3.9810.9418.911.966.15-9.45-10.610.99
% Rank in Category3520614165691-
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.05   2.890.38
1 Week-3.20   0.00-1.20
1 Month-3.09   0.85-0.75
3 Months-8.00   0.701.59
6 Months-12.89   -4.04-1.91
YTD-8.00   0.701.34
1 Year-9.13   -4.11-4.67
3 Years Annualised-0.09   -0.11-1.75
5 Years Annualised13.03   3.05-1.13
10 Years Annualised7.27   1.801.59
 
Category: Asia ex-Japan Small/Mid-Cap Equity
Category Index: MSCI AC Asia Ex JPN Small Cap NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-8.95---
2024-0.794.49-0.21-5.28
20232.12-0.633.95-0.22
2022-8.523.21-0.151.65
2021-0.9915.925.322.41
2020-12.7534.742.9716.66
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageBelow Average3 star
5-YearAbove AverageBelow Average4 star
10-YearAbove AverageAverage4 star
Overall*Above AverageAverage4 star
 
Category :  Asia ex-Japan Small/Mid-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev12.31 %
3-Yr Mean Return0.18 %
 
3-Yr Sharpe Ratio-0.31
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 MSCI AC Asia Ex JPN Small Cap NR USD  Morningstar EM SMID TME NR USD
3-Yr Beta0.900.94
3-Yr Alpha-2.47-2.93
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 2331-
Market Capitalisation% of Equity
Giant0.00
Large29.02
Medium50.85
Small17.53
Micro2.59
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings14.731.26
Price/Book1.721.25
Price/Sales1.581.48
Price/Cash Flow10.161.41
Dividend-Yield Factor1.420.45
 
Long-Term Projected Earnings Growth10.811.08
Historical Earnings Growth15.215.55
Sales Growth10.847.44
Cash-Flow Growth0.29-0.08
Book-Value Growth8.361.30
 
Category: Asia ex-Japan Small/Mid-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.290.0099.29
Bond0.000.000.00
Property0.000.000.00
Cash0.710.000.71
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States5.465.78
Canada0.000.00
Latin America0.000.00
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed31.621.03
Asia - Emerging62.921.00
 
Category: Asia ex-Japan Small/Mid-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials0.670.13
Consumer CyclicalConsumer Cyclical18.211.07
Financial ServicesFinancial Services13.250.94
Real EstateReal Estate5.571.06
Consumer DefensiveConsumer Defensive6.680.68
HealthcareHealthcare13.551.87
Communication ServicesCommunication Services5.351.64
IndustrialsIndustrials12.680.86
TechnologyTechnology24.051.20
 
Category: Asia ex-Japan Small/Mid-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings66
Total Number of Bond Holdings0
Assets in Top 10 Holdings37.89
NameSectorCountry% of Assets
Bandhan Bank Ltd103India7.07
Hugel Inc206Korea, Republic Of5.10
Legend Biotech Corp ADR206United States5.02
CarTrade Tech Ltd102India3.55
Poya International Co Ltd102Taiwan3.26
Full Truck Alliance Co Ltd ADR311China2.96
Shriram Finance Ltd103India2.94
Radico Khaitan Ltd205India2.78
Zhihu Inc ADR308China2.65
FPT Corp311Vietnam2.55
 
Increase Decrease New since last portfolio
Category: Asia ex-Japan Small/Mid-Cap 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 Date30/04/2014
Fund Advisor(s)
Matthews International Cap Mgmt LLc
Fund ManagerVivek Tanneeru
Manager Start Date31/08/2020
Education
2006, London Business School, M.B.A.
Birla Institute on Technology & Science, M.A.
 
Biography
Vivek Tanneeru is a Portfolio Manager at Matthews Asia and manages the firm's Asia ESG and Asia Small Companies Strategies. Prior to joining Matthews Asia in 2011, Vivek was an Investment Manager on the Global Emerging Markets team of Pictet Asset Management in London. While at Pictet, he also worked on the firm's Global Equities team, managing Japan and Asia ex-Japan markets. Before earning his MBA from the London Business School in 2006, Vivek was a Business Systems Officer at The World Bank and served as a Consultant at Arthur Andersen Business Consulting and Citicorp Infotech Industries. He interned at Generation Investment Management while studying for his MBA Vivek received his Master's in Finance from the Birla Institute of Technology & Science in India. He is fluent in Hindi and Telugu. Vivek has been a Portfolio Manager of the Matthews Asia ESG Fund since its inception in 2015 and of the Asia Small Companies Fund since 2020.
Fund ManagerJeremy Sutch
Manager Start Date30/04/2021
 
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 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 Charge1.15%
Purchase Details
Minimum Investments
Initial500  GBP
Additional50  GBP
Savings-
Tax Free Savings Schemes
ISAsYes