0000923184 mif:C000195803Member oef:CommunicationsSectorMember 2024-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
Matthews International Funds
(Exact name of registrant as specified in charter)
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
(Address of principal executive offices) (Zip code)
James Cooper Abbott, President
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
(Name and address of agent for service)
Registrant's telephone number, including area code:
Date of reporting period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Matthews Emerging Markets Equity Fund
Institutional/MIEFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional | $47 | 0.90% |
| Fund net assets | $21,454,905% |
| Total number of portfolio holdings | $75% |
| Portfolio turnover rate as of the end of the reporting period | $72.06% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.9% |
| Samsung Electronics Co., Ltd. | 5.6% |
| Tencent Holdings, Ltd. | 5.4% |
| ICICI Bank, Ltd. | 3.4% |
| Reliance Industries, Ltd. | 2.6% |
| China Construction Bank Corp. | 2.1% |
| Hyundai Motor Co. | 2.1% |
| HDFC Bank, Ltd. | 2.1% |
| UltraTech Cement, Ltd. | 2.0% |
| Meituan | 1.9% |
| TOTAL | 38.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Equity Fund
Investor/MEGMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor | $59 | 1.15% |
| Fund net assets | $21,454,905% |
| Total number of portfolio holdings | $75% |
| Portfolio turnover rate as of the end of the reporting period | $72.06% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.9% |
| Samsung Electronics Co., Ltd. | 5.6% |
| Tencent Holdings, Ltd. | 5.4% |
| ICICI Bank, Ltd. | 3.4% |
| Reliance Industries, Ltd. | 2.6% |
| China Construction Bank Corp. | 2.1% |
| Hyundai Motor Co. | 2.1% |
| HDFC Bank, Ltd. | 2.1% |
| UltraTech Cement, Ltd. | 2.0% |
| Meituan | 1.9% |
| TOTAL | 38.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Sustainable Future Fund
Institutional Class/MISFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $58 | 1.15% |
| Fund net assets | $239,872,525% |
| Total number of portfolio holdings | $54% |
| Portfolio turnover rate as of the end of the reporting period | $23.11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Meituan | 6.4% |
| Bandhan Bank, Ltd. | 6.3% |
| Shriram Finance, Ltd. | 6.0% |
| Full Truck Alliance Co., Ltd. | 5.4% |
| Micron Technology, Inc. | 4.0% |
| JD Health International, Inc. | 4.0% |
| Legend Biotech Corp. | 4.0% |
| Hong Kong Exchanges & Clearing, Ltd. | 3.7% |
| Indus Towers, Ltd. | 3.2% |
| Samsung SDI Co., Ltd. | 3.1% |
| TOTAL | 46.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Sustainable Future Fund
Investor Class/MASGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $66 | 1.32% |
| Fund net assets | $239,872,525% |
| Total number of portfolio holdings | $54% |
| Portfolio turnover rate as of the end of the reporting period | $23.11% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Meituan | 6.4% |
| Bandhan Bank, Ltd. | 6.3% |
| Shriram Finance, Ltd. | 6.0% |
| Full Truck Alliance Co., Ltd. | 5.4% |
| Micron Technology, Inc. | 4.0% |
| JD Health International, Inc. | 4.0% |
| Legend Biotech Corp. | 4.0% |
| Hong Kong Exchanges & Clearing, Ltd. | 3.7% |
| Indus Towers, Ltd. | 3.2% |
| Samsung SDI Co., Ltd. | 3.1% |
| TOTAL | 46.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Small Companies Fund
Institutional Class/MISMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $57 | 1.15% |
| Fund net assets | $695,562,034% |
| Total number of portfolio holdings | $81% |
| Portfolio turnover rate as of the end of the reporting period | $10.77% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Shriram Finance, Ltd. | 6.5% |
| Bandhan Bank, Ltd. | 5.9% |
| Phoenix Mills, Ltd. | 3.5% |
| Full Truck Alliance Co., Ltd. | 3.5% |
| Hugel, Inc. | 3.3% |
| Legend Biotech Corp. | 3.3% |
| M31 Technology Corp. | 3.2% |
| Airtac International Group | 2.2% |
| Silergy Corp. | 2.2% |
| Eugene Technology Co., Ltd. | 2.2% |
| TOTAL | 35.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Small Companies Fund
Investor Class/MSMLX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Small Companies Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $66 | 1.32% |
| Fund net assets | $695,562,034% |
| Total number of portfolio holdings | $81% |
| Portfolio turnover rate as of the end of the reporting period | $10.77% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Shriram Finance, Ltd. | 6.5% |
| Bandhan Bank, Ltd. | 5.9% |
| Phoenix Mills, Ltd. | 3.5% |
| Full Truck Alliance Co., Ltd. | 3.5% |
| Hugel, Inc. | 3.3% |
| Legend Biotech Corp. | 3.3% |
| M31 Technology Corp. | 3.2% |
| Airtac International Group | 2.2% |
| Silergy Corp. | 2.2% |
| Eugene Technology Co., Ltd. | 2.2% |
| TOTAL | 35.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Growth Fund
Institutional Class/MIAPX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $57 | 1.10% |
| Fund net assets | $342,008,245% |
| Total number of portfolio holdings | $69% |
| Portfolio turnover rate as of the end of the reporting period | $110.55% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.9% |
| Hitachi, Ltd. | 4.2% |
| Keyence Corp. | 3.7% |
| Shin-Etsu Chemical Co., Ltd. | 3.5% |
| Samsung Electronics Co., Ltd. | 3.4% |
| Tencent Holdings, Ltd. | 3.2% |
| SK Hynix, Inc. | 2.9% |
| ORIX Corp. | 2.7% |
| Sea, Ltd. | 2.5% |
| PDD Holdings, Inc. | 2.3% |
| TOTAL | 35.3% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Growth Fund
Investor Class/MPACX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Growth Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $65 | 1.25% |
| Fund net assets | $342,008,245% |
| Total number of portfolio holdings | $69% |
| Portfolio turnover rate as of the end of the reporting period | $110.55% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.9% |
| Hitachi, Ltd. | 4.2% |
| Keyence Corp. | 3.7% |
| Shin-Etsu Chemical Co., Ltd. | 3.5% |
| Samsung Electronics Co., Ltd. | 3.4% |
| Tencent Holdings, Ltd. | 3.2% |
| SK Hynix, Inc. | 2.9% |
| ORIX Corp. | 2.7% |
| Sea, Ltd. | 2.5% |
| PDD Holdings, Inc. | 2.3% |
| TOTAL | 35.3% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Pacific Tiger Fund
Institutional Class/MIPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $61 | 1.19% |
| Fund net assets | $1,133,529,585% |
| Total number of portfolio holdings | $73% |
| Portfolio turnover rate as of the end of the reporting period | $185.53% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.4% |
| Tencent Holdings, Ltd. | 5.9% |
| Samsung Electronics Co., Ltd. | 4.9% |
| Hyundai Motor Co. | 3.2% |
| Meituan | 2.9% |
| ICICI Bank, Ltd. | 2.7% |
| Axis Bank, Ltd. | 2.7% |
| SK Hynix, Inc. | 2.6% |
| Reliance Industries, Ltd. | 2.1% |
| Hon Hai Precision Industry Co., Ltd. | 2.1% |
| TOTAL | 40.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Pacific Tiger Fund
Investor Class/MAPTX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $66 | 1.29% |
| Fund net assets | $1,133,529,585% |
| Total number of portfolio holdings | $73% |
| Portfolio turnover rate as of the end of the reporting period | $185.53% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.4% |
| Tencent Holdings, Ltd. | 5.9% |
| Samsung Electronics Co., Ltd. | 4.9% |
| Hyundai Motor Co. | 3.2% |
| Meituan | 2.9% |
| ICICI Bank, Ltd. | 2.7% |
| Axis Bank, Ltd. | 2.7% |
| SK Hynix, Inc. | 2.6% |
| Reliance Industries, Ltd. | 2.1% |
| Hon Hai Precision Industry Co., Ltd. | 2.1% |
| TOTAL | 40.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Innovators Fund
Institutional Class/MITEX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $62 | 1.16% |
| Fund net assets | $314,827,142% |
| Total number of portfolio holdings | $52% |
| Portfolio turnover rate as of the end of the reporting period | $168.55% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.0% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Sea, Ltd. | 4.6% |
| Zomato, Ltd. | 3.9% |
| SK Hynix, Inc. | 3.7% |
| PDD Holdings, Inc. | 3.4% |
| Meituan | 2.9% |
| Reliance Industries, Ltd. | 2.8% |
| Trip.com Group, Ltd. | 2.7% |
| TOTAL | 46.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Innovators Fund
Investor Class/MATFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $68 | 1.28% |
| Fund net assets | $314,827,142% |
| Total number of portfolio holdings | $52% |
| Portfolio turnover rate as of the end of the reporting period | $168.55% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.0% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Sea, Ltd. | 4.6% |
| Zomato, Ltd. | 3.9% |
| SK Hynix, Inc. | 3.7% |
| PDD Holdings, Inc. | 3.4% |
| Meituan | 2.9% |
| Reliance Industries, Ltd. | 2.8% |
| Trip.com Group, Ltd. | 2.7% |
| TOTAL | 46.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Fund
Institutional Class/MICFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $57 | 1.15% |
| Fund net assets | $413,986,740% |
| Total number of portfolio holdings | $61% |
| Portfolio turnover rate as of the end of the reporting period | $34.33% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Tencent Holdings, Ltd. | 12.6% |
| Alibaba Group Holding, Ltd. | 6.7% |
| Meituan | 5.9% |
| China Merchants Bank Co., Ltd. | 4.9% |
| China Construction Bank Corp. | 4.8% |
| PDD Holdings, Inc. | 4.2% |
| Ping An Insurance Group Co. of China, Ltd. | 3.6% |
| PetroChina Co., Ltd. | 3.6% |
| JD.com, Inc. | 3.4% |
| Wuliangye Yibin Co., Ltd. | 2.6% |
| TOTAL | 52.3% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Fund
Investor Class/MCHFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $63 | 1.26% |
| Fund net assets | $413,986,740% |
| Total number of portfolio holdings | $61% |
| Portfolio turnover rate as of the end of the reporting period | $34.33% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Tencent Holdings, Ltd. | 12.6% |
| Alibaba Group Holding, Ltd. | 6.7% |
| Meituan | 5.9% |
| China Merchants Bank Co., Ltd. | 4.9% |
| China Construction Bank Corp. | 4.8% |
| PDD Holdings, Inc. | 4.2% |
| Ping An Insurance Group Co. of China, Ltd. | 3.6% |
| PetroChina Co., Ltd. | 3.6% |
| JD.com, Inc. | 3.4% |
| Wuliangye Yibin Co., Ltd. | 2.6% |
| TOTAL | 52.3% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Small Companies Fund
Institutional Class/MICHX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $59 | 1.20% |
| Fund net assets | $72,872,167% |
| Total number of portfolio holdings | $59% |
| Portfolio turnover rate as of the end of the reporting period | $35.27% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Yangzijiang Shipbuilding Holdings, Ltd. | 4.8% |
| ENN Natural Gas Co., Ltd. | 3.8% |
| Giant Biogene Holding Co., Ltd. | 3.6% |
| China Overseas Property Holdings, Ltd. | 3.5% |
| Kanzhun, Ltd. | 3.5% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 3.2% |
| Hongfa Technology Co., Ltd. | 2.9% |
| ACM Research, Inc. | 2.9% |
| Tongcheng Travel Holdings, Ltd. | 2.9% |
| KE Holdings, Inc. | 2.7% |
| TOTAL | 33.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Small Companies Fund
Investor Class/MCSMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Small Companies Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $69 | 1.42% |
| Fund net assets | $72,872,167% |
| Total number of portfolio holdings | $59% |
| Portfolio turnover rate as of the end of the reporting period | $35.27% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Yangzijiang Shipbuilding Holdings, Ltd. | 4.8% |
| ENN Natural Gas Co., Ltd. | 3.8% |
| Giant Biogene Holding Co., Ltd. | 3.6% |
| China Overseas Property Holdings, Ltd. | 3.5% |
| Kanzhun, Ltd. | 3.5% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 3.2% |
| Hongfa Technology Co., Ltd. | 2.9% |
| ACM Research, Inc. | 2.9% |
| Tongcheng Travel Holdings, Ltd. | 2.9% |
| KE Holdings, Inc. | 2.7% |
| TOTAL | 33.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews India Fund
Institutional Class/MIDNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews India Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $55 | 1.04% |
| Fund net assets | $920,504,819% |
| Total number of portfolio holdings | $78% |
| Portfolio turnover rate as of the end of the reporting period | $51.83% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Reliance Industries, Ltd. | 7.0% |
| HDFC Bank, Ltd. | 5.6% |
| ICICI Bank, Ltd. | 5.4% |
| Shriram Finance, Ltd. | 4.9% |
| Infosys, Ltd. | 4.4% |
| Tata Consultancy Services, Ltd. | 2.8% |
| Bharti Airtel, Ltd. | 2.5% |
| Axis Bank, Ltd. | 2.4% |
| IndusInd Bank, Ltd. | 2.3% |
| Bajaj Finance, Ltd. | 2.2% |
| TOTAL | 39.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews India Fund
Investor Class/MINDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews India Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $61 | 1.16% |
| Fund net assets | $920,504,819% |
| Total number of portfolio holdings | $78% |
| Portfolio turnover rate as of the end of the reporting period | $51.83% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Reliance Industries, Ltd. | 7.0% |
| HDFC Bank, Ltd. | 5.6% |
| ICICI Bank, Ltd. | 5.4% |
| Shriram Finance, Ltd. | 4.9% |
| Infosys, Ltd. | 4.4% |
| Tata Consultancy Services, Ltd. | 2.8% |
| Bharti Airtel, Ltd. | 2.5% |
| Axis Bank, Ltd. | 2.4% |
| IndusInd Bank, Ltd. | 2.3% |
| Bajaj Finance, Ltd. | 2.2% |
| TOTAL | 39.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Japan Fund
Institutional Class/MIJFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Japan Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $56 | 1.05% |
| Fund net assets | $667,483,091% |
| Total number of portfolio holdings | $45% |
| Portfolio turnover rate as of the end of the reporting period | $41.18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Keyence Corp. | 4.8% |
| Tokio Marine Holdings, Inc. | 4.6% |
| Hitachi, Ltd. | 4.6% |
| Shin-Etsu Chemical Co., Ltd. | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 4.2% |
| Tokyo Electron, Ltd. | 4.2% |
| ITOCHU Corp. | 4.2% |
| ORIX Corp. | 4.1% |
| Recruit Holdings Co., Ltd. | 3.6% |
| Renesas Electronics Corp. | 3.2% |
| TOTAL | 41.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Japan Fund
Investor Class/MJFOX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Japan Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $59 | 1.12% |
| Fund net assets | $667,483,091% |
| Total number of portfolio holdings | $45% |
| Portfolio turnover rate as of the end of the reporting period | $41.18% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Keyence Corp. | 4.8% |
| Tokio Marine Holdings, Inc. | 4.6% |
| Hitachi, Ltd. | 4.6% |
| Shin-Etsu Chemical Co., Ltd. | 4.3% |
| Mitsubishi UFJ Financial Group, Inc. | 4.2% |
| Tokyo Electron, Ltd. | 4.2% |
| ITOCHU Corp. | 4.2% |
| ORIX Corp. | 4.1% |
| Recruit Holdings Co., Ltd. | 3.6% |
| Renesas Electronics Corp. | 3.2% |
| TOTAL | 41.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asian Growth and Income Fund
Institutional Class/MICSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asian Growth and Income Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $61 | 1.19% |
| Fund net assets | $284,171,989% |
| Total number of portfolio holdings | $45% |
| Portfolio turnover rate as of the end of the reporting period | $8.10% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.2% |
| Tencent Holdings, Ltd. | 5.8% |
| HDFC Bank, Ltd. | 5.0% |
| AIA Group, Ltd. | 4.3% |
| Samsung Electronics Co., Ltd. | 3.7% |
| Tata Consultancy Services, Ltd. | 2.8% |
| Macquarie Korea Infrastructure Fund | 2.5% |
| Computer Age Management Services, Ltd. | 2.4% |
| Singapore Technologies Engineering, Ltd. | 2.2% |
| HKT Trust & HKT, Ltd. | 2.2% |
| TOTAL | 42.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asian Growth and Income Fund
Investor Class/MACSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asian Growth and Income Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $64 | 1.26% |
| Fund net assets | $284,171,989% |
| Total number of portfolio holdings | $45% |
| Portfolio turnover rate as of the end of the reporting period | $8.10% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.2% |
| Tencent Holdings, Ltd. | 5.8% |
| HDFC Bank, Ltd. | 5.0% |
| AIA Group, Ltd. | 4.3% |
| Samsung Electronics Co., Ltd. | 3.7% |
| Tata Consultancy Services, Ltd. | 2.8% |
| Macquarie Korea Infrastructure Fund | 2.5% |
| Computer Age Management Services, Ltd. | 2.4% |
| Singapore Technologies Engineering, Ltd. | 2.2% |
| HKT Trust & HKT, Ltd. | 2.2% |
| TOTAL | 42.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Dividend Fund
Institutional Class/MIPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $58 | 1.15% |
| Fund net assets | $700,308,415% |
| Total number of portfolio holdings | $54% |
| Portfolio turnover rate as of the end of the reporting period | $9.46% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.4% |
| Tencent Holdings, Ltd. | 3.6% |
| HDFC Bank, Ltd. | 3.3% |
| ITOCHU Corp. | 3.2% |
| Tokio Marine Holdings, Inc. | 2.6% |
| AIA Group, Ltd. | 2.6% |
| ORIX Corp. | 2.5% |
| Suzuki Motor Corp. | 2.4% |
| Macquarie Korea Infrastructure Fund | 2.3% |
| Delta Electronics, Inc. | 2.3% |
| TOTAL | 31.2% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Dividend Fund
Investor Class/MAPIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $64 | 1.26% |
| Fund net assets | $700,308,415% |
| Total number of portfolio holdings | $54% |
| Portfolio turnover rate as of the end of the reporting period | $9.46% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.4% |
| Tencent Holdings, Ltd. | 3.6% |
| HDFC Bank, Ltd. | 3.3% |
| ITOCHU Corp. | 3.2% |
| Tokio Marine Holdings, Inc. | 2.6% |
| AIA Group, Ltd. | 2.6% |
| ORIX Corp. | 2.5% |
| Suzuki Motor Corp. | 2.4% |
| Macquarie Korea Infrastructure Fund | 2.3% |
| Delta Electronics, Inc. | 2.3% |
| TOTAL | 31.2% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Dividend Fund
Institutional Class/MICDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Institutional Class | $61 | 1.20% |
| Fund net assets | $98,876,727% |
| Total number of portfolio holdings | $40% |
| Portfolio turnover rate as of the end of the reporting period | $40.35% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Tencent Holdings, Ltd. | 10.8% |
| Alibaba Group Holding, Ltd. | 6.3% |
| Yangzijiang Shipbuilding Holdings, Ltd. | 4.0% |
| China Merchants Bank Co., Ltd. | 3.8% |
| Ping An Insurance Group Co. of China, Ltd. | 3.7% |
| China Construction Bank Corp. | 3.6% |
| Postal Savings Bank of China Co., Ltd. | 3.4% |
| Meituan | 3.2% |
| Haier Smart Home Co., Ltd. | 3.1% |
| Tsingtao Brewery Co., Ltd. | 3.1% |
| TOTAL | 45.0% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Dividend Fund
Investor Class/MCDFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Dividend Fund (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Investor Class | $67 | 1.33% |
| Fund net assets | $98,876,727% |
| Total number of portfolio holdings | $40% |
| Portfolio turnover rate as of the end of the reporting period | $40.35% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Tencent Holdings, Ltd. | 10.8% |
| Alibaba Group Holding, Ltd. | 6.3% |
| Yangzijiang Shipbuilding Holdings, Ltd. | 4.0% |
| China Merchants Bank Co., Ltd. | 3.8% |
| Ping An Insurance Group Co. of China, Ltd. | 3.7% |
| China Construction Bank Corp. | 3.6% |
| Postal Savings Bank of China Co., Ltd. | 3.4% |
| Meituan | 3.2% |
| Haier Smart Home Co., Ltd. | 3.1% |
| Tsingtao Brewery Co., Ltd. | 3.1% |
| TOTAL | 45.0% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 1-800-789-2742.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Equity Active ETF
MEM
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Equity Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Emerging Markets Equity Active ETF | $41 | 0.79% |
| Fund net assets | $55,742,402% |
| Total number of portfolio holdings | $73% |
| Portfolio turnover rate as of the end of the reporting period | $72.94% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10.7% |
| Samsung Electronics Co., Ltd. | 5.7% |
| Tencent Holdings, Ltd. | 5.3% |
| ICICI Bank, Ltd. | 3.7% |
| Reliance Industries, Ltd. | 2.6% |
| HDFC Bank, Ltd. | 2.1% |
| Hyundai Motor Co. | 2.1% |
| China Construction Bank Corp. | 2.0% |
| Meituan | 1.9% |
| UltraTech Cement, Ltd. | 1.9% |
| TOTAL | 38.0% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets ex China Active ETF
MEMX
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets ex China Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Emerging Markets ex China Active ETF | $41 | 0.79% |
| Fund net assets | $26,623,405% |
| Total number of portfolio holdings | $61% |
| Portfolio turnover rate as of the end of the reporting period | $48.23% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 13.1% |
| Samsung Electronics Co., Ltd. | 3.5% |
| Samsung Electronics Co., Ltd., Pfd. | 2.8% |
| BIM Birlesik Magazalar AS | 2.7% |
| HDFC Bank, Ltd. | 2.6% |
| Despegar.com Corp. | 2.4% |
| Reliance Industries, Ltd. | 2.4% |
| Shriram Finance, Ltd. | 2.3% |
| UltraTech Cement, Ltd. | 2.2% |
| Dino Polska SA | 2.1% |
| TOTAL | 36.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Sustainable Future Active ETF
EMSF
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Sustainable Future Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Emerging Markets Sustainable Future Active ETF | $39 | 0.79% |
| Fund net assets | $23,305,468% |
| Total number of portfolio holdings | $52% |
| Portfolio turnover rate as of the end of the reporting period | $15.28% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Shriram Finance, Ltd. | 7.0% |
| Meituan | 6.6% |
| Bandhan Bank, Ltd. | 6.2% |
| Full Truck Alliance Co., Ltd. | 5.8% |
| Micron Technology, Inc. | 4.3% |
| Legend Biotech Corp. | 3.9% |
| Hong Kong Exchanges & Clearing, Ltd. | 3.9% |
| JD Health International, Inc. | 3.9% |
| Indus Towers, Ltd. | 3.6% |
| Phoenix Mills, Ltd. | 3.3% |
| TOTAL | 48.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Innovators Active ETF
MINV
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Innovators Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Asia Innovators Active ETF | $42 | 0.79% |
| Fund net assets | $71,825,680% |
| Total number of portfolio holdings | $53% |
| Portfolio turnover rate as of the end of the reporting period | $172.20% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.0% |
| Tencent Holdings, Ltd. | 5.4% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Sea, Ltd. | 4.5% |
| Zomato, Ltd. | 3.9% |
| SK Hynix, Inc. | 3.7% |
| PDD Holdings, Inc. | 3.4% |
| Meituan | 2.9% |
| Reliance Industries, Ltd. | 2.7% |
| Trip.com Group, Ltd. | 2.7% |
| TOTAL | 46.6% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Pacific Tiger Active ETF
ASIA
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Pacific Tiger Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Pacific Tiger Active ETF | $41 | 0.79% |
| Fund net assets | $85,073,791% |
| Total number of portfolio holdings | $73% |
| Portfolio turnover rate as of the end of the reporting period | $214.95% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.1% |
| Tencent Holdings, Ltd. | 5.9% |
| Samsung Electronics Co., Ltd. | 4.8% |
| Hyundai Motor Co. | 3.2% |
| Meituan | 2.8% |
| ICICI Bank, Ltd. | 2.7% |
| Axis Bank, Ltd. | 2.7% |
| SK Hynix, Inc. | 2.6% |
| Hon Hai Precision Industry Co., Ltd. | 2.2% |
| Reliance Industries, Ltd. | 2.0% |
| TOTAL | 40.0% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Active ETF
MCH
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews China Active ETF | $39 | 0.79% |
| Fund net assets | $24,540,265% |
| Total number of portfolio holdings | $62% |
| Portfolio turnover rate as of the end of the reporting period | $35.46% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Tencent Holdings, Ltd. | 12.1% |
| Alibaba Group Holding, Ltd. | 6.7% |
| Meituan | 6.0% |
| China Merchants Bank Co., Ltd. | 4.9% |
| China Construction Bank Corp. | 4.7% |
| Ping An Insurance Group Co. of China, Ltd. | 4.6% |
| PDD Holdings, Inc. | 4.1% |
| PetroChina Co., Ltd. | 3.6% |
| JD.com, Inc. | 3.2% |
| Wuliangye Yibin Co., Ltd. | 2.6% |
| TOTAL | 52.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews India Active ETF
INDE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews India Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews India Active ETF | $42 | 0.79% |
| Fund net assets | $9,166,875% |
| Total number of portfolio holdings | $70% |
| Portfolio turnover rate as of the end of the reporting period | $60.21% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Reliance Industries, Ltd. | 6.9% |
| HDFC Bank, Ltd. | 5.4% |
| ICICI Bank, Ltd. | 5.2% |
| Shriram Finance, Ltd. | 4.9% |
| Infosys, Ltd. | 4.5% |
| Tata Consultancy Services, Ltd. | 2.8% |
| Bharti Airtel, Ltd. | 2.6% |
| Alicon Castalloy, Ltd. | 2.6% |
| Neuland Laboratories, Ltd. | 2.4% |
| Axis Bank, Ltd. | 2.4% |
| TOTAL | 39.7% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Japan Active ETF
JPAN
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Japan Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Japan Active ETF | $42 | 0.79% |
| Fund net assets | $3,552,875% |
| Total number of portfolio holdings | $45% |
| Portfolio turnover rate as of the end of the reporting period | $46.67% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Shin-Etsu Chemical Co., Ltd. | 4.5% |
| Tokio Marine Holdings, Inc. | 4.4% |
| Hitachi, Ltd. | 4.4% |
| Tokyo Electron, Ltd. | 4.3% |
| ORIX Corp. | 4.2% |
| Mitsubishi UFJ Financial Group, Inc. | 4.2% |
| ITOCHU Corp. | 4.1% |
| Keyence Corp. | 3.7% |
| Fast Retailing Co., Ltd. | 3.5% |
| Renesas Electronics Corp. | 3.2% |
| TOTAL | 40.5% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Korea Active ETF
MKOR
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Korea Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Korea Active ETF | $39 | 0.79% |
| Fund net assets | $64,440,663% |
| Total number of portfolio holdings | $36% |
| Portfolio turnover rate as of the end of the reporting period | $16.52% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Samsung Electronics Co., Ltd., Pfd. | 10.8% |
| SK Hynix, Inc. | 9.0% |
| Samsung Electronics Co., Ltd. | 5.1% |
| Hyundai Motor Co. | 4.4% |
| Kia Corp. | 3.7% |
| Samsung SDI Co., Ltd. | 3.6% |
| Samsung Fire & Marine Insurance Co., Ltd. | 3.5% |
| S-Oil Corp. | 3.3% |
| Hyundai Mobis Co., Ltd. | 3.2% |
| BGF Retail Co., Ltd. | 3.2% |
| TOTAL | 49.8% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Asia Dividend Active ETF
ADVE
Listed on the NYSE Arca
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Asia Dividend Active ETF (“Fund”) for the period of January 01, 2024 to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Asia Dividend Active ETF | $40 | 0.79% |
| Fund net assets | $1,633,590% |
| Total number of portfolio holdings | $53% |
| Portfolio turnover rate as of the end of the reporting period | $17.26% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.4% |
| Tencent Holdings, Ltd. | 3.5% |
| HDFC Bank, Ltd. | 3.3% |
| ITOCHU Corp. | 3.0% |
| Keyence Corp. | 2.7% |
| Tokio Marine Holdings, Inc. | 2.5% |
| AIA Group, Ltd. | 2.5% |
| ORIX Corp. | 2.4% |
| Disco Corp. | 2.3% |
| Macquarie Korea Infrastructure Fund | 2.3% |
| TOTAL | 30.9% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews China Discovery Active ETF
MCHS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews China Discovery Active ETF (“Fund”) for the period of January 11, 2024 (Inception date) to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews China Discovery Active ETF | $42 | 0.89% |
| Fund net assets | $2,037,375% |
| Total number of portfolio holdings | $60% |
| Portfolio turnover rate as of the end of the reporting period | $61.44% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Yangzijiang Shipbuilding Holdings, Ltd. | 4.6% |
| China Overseas Property Holdings, Ltd. | 4.1% |
| Giant Biogene Holding Co., Ltd. | 3.6% |
| Yantai Jereh Oilfield Services Group Co., Ltd. | 3.4% |
| Hongfa Technology Co., Ltd. | 3.0% |
| ACM Research, Inc. | 2.6% |
| Jason Furniture Hangzhou Co., Ltd. | 2.5% |
| Tongcheng Travel Holdings, Ltd. | 2.5% |
| KE Holdings, Inc. | 2.4% |
| ENN Natural Gas Co., Ltd. | 2.4% |
| TOTAL | 31.1% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Matthews Emerging Markets Discovery Active ETF
MEMS
Listed on the NASDAQ
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Matthews Emerging Markets Discovery Active ETF (“Fund”) for the period of January 11, 2024 (Inception date) to June 30, 2024. You can find additional information about the Fund at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Matthews Emerging Markets Discovery Active ETF | $42 | 0.89% |
| Fund net assets | $8,142,096% |
| Total number of portfolio holdings | $72% |
| Portfolio turnover rate as of the end of the reporting period | $8.72% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, represented as a percentage of the total net assets of the Fund.
| Shriram Finance, Ltd. | 6.7% |
| Bandhan Bank, Ltd. | 5.7% |
| M31 Technology Corp. | 4.1% |
| Full Truck Alliance Co., Ltd. | 4.1% |
| Wiwynn Corp. | 4.0% |
| Hugel, Inc. | 3.9% |
| Phoenix Mills, Ltd. | 3.8% |
| Legend Biotech Corp. | 3.3% |
| Saudi Tadawul Group Holding Co. | 2.6% |
| Finolex Cables, Ltd. | 2.4% |
| TOTAL | 40.6% |
Top ten holdings may combine more than one security from the same issuer and related depository receipts.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at matthewsasia.com/documents. You can also request this information by contacting us at 833.228.5605.
This report has been prepared for the Fund's shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Matthews Asia Funds prospectus, which contains more complete information about the Fund’s investment objectives, risks and expenses.
Distributed in the U.S. by Foreside Funds Distributors LLC and in Latin America by Picton S. A.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Matthews Asia Funds | Financial Statements and Other Information
June 30, 2024 | matthewsasia.com
| | |
| Matthews Emerging Markets Equity Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 91.8% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 24.8% | | | | | | | | |
| | |
Reliance Industries, Ltd. | | | 15,095 | | | | $565,861 | |
| | |
ICICI Bank, Ltd. ADR | | | 17,203 | | | | 495,618 | |
| | |
HDFC Bank, Ltd. ADR | | | 6,935 | | | | 446,129 | |
| | |
UltraTech Cement, Ltd. | | | 2,996 | | | | 418,591 | |
| | |
Indian Hotels Co., Ltd. | | | 45,936 | | | | 343,652 | |
| | |
Bharti Airtel, Ltd. | | | 18,934 | | | | 327,585 | |
| | |
Varun Beverages, Ltd. | | | 15,275 | | | | 297,904 | |
| | |
JSW Energy, Ltd. | | | 28,315 | | | | 249,064 | |
| | |
Shriram Finance, Ltd. | | | 6,888 | | | | 239,917 | |
| | |
ICICI Bank, Ltd. | | | 15,796 | | | | 227,358 | |
| | |
Axis Bank, Ltd. | | | 14,845 | | | | 224,973 | |
| | |
State Bank of India | | | 22,095 | | | | 224,471 | |
| | |
MakeMyTrip, Ltd.b | | | 2,591 | | | | 217,903 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 9,558 | | | | 206,067 | |
| | |
Mahindra & Mahindra, Ltd. | | | 5,990 | | | | 205,622 | |
| | |
Zomato, Ltd.b | | | 47,001 | | | | 112,792 | |
| | |
TVS Motor Co., Ltd. | | | 3,975 | | | | 112,570 | |
| | |
Godrej Consumer Products, Ltd. | | | 6,778 | | | | 111,640 | |
| | |
Power Grid Corp. of India, Ltd. | | | 27,828 | | | | 110,207 | |
| | |
Lupin, Ltd. | | | 5,496 | | | | 106,692 | |
| | |
Infosys, Ltd. ADR | | | 4,069 | | | | 75,765 | |
| | |
Total India | | | | | | | 5,320,381 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 21.7% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 24,400 | | | | 1,157,544 | |
| | |
China Construction Bank Corp. H Shares | | | 614,000 | | | | 453,882 | |
| | |
Meituan Class Bb,c,d | | | 28,800 | | | | 409,372 | |
| | |
Alibaba Group Holding, Ltd. | | | 37,400 | | | | 337,080 | |
| | |
JD.com, Inc. Class A | | | 25,302 | | | | 328,604 | |
| | |
China Merchants Bank Co., Ltd. A Shares | | | 68,800 | | | | 321,835 | |
| | |
Bilibili, Inc. ADRb | | | 13,180 | | | | 203,499 | |
| | |
Trip.com Group, Ltd. ADRb | | | 4,170 | | | | 195,990 | |
| | |
Midea Group Co., Ltd. A Shares | | | 22,000 | | | | 195,047 | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 38,000 | | | | 172,162 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 33,500 | | | | 157,690 | |
| | |
DiDi Global, Inc.b | | | 37,591 | | | | 155,627 | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 3,700 | | | | 147,334 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 5,800 | | | | 142,999 | |
| | |
ANTA Sports Products, Ltd. | | | 10,000 | | | | 95,640 | |
| | |
KE Holdings, Inc. ADR | | | 6,536 | | | | 92,484 | |
| | |
Longfor Group Holdings, Ltd.c,d | | | 56,500 | | | | 77,189 | |
| | |
Midea Group Co., Ltd. A Shares | | | 1,300 | | | | 11,471 | |
| | |
Total China/Hong Kong | | | | | | | 4,655,449 | |
| | | | | | | | |
| | | |
TAIWAN: 17.4% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 79,000 | | | | 2,340,583 | |
| | |
Delta Electronics, Inc. | | | 30,000 | | | | 357,825 | |
| | |
Largan Precision Co., Ltd. | | | 3,000 | | | | 253,169 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 37,000 | | | | 243,605 | |
| | |
Accton Technology Corp. | | | 13,000 | | | | 221,253 | |
| | |
MediaTek, Inc. | | | 5,000 | | | | 215,342 | |
| | |
Elite Material Co., Ltd. | | | 7,000 | | | | 102,041 | |
| | |
Total Taiwan | | | | | | | 3,733,818 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 11.3% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 20,425 | | | | 1,202,089 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
Hyundai Motor Co. | | | 2,095 | | | | $446,775 | |
| | |
SK Hynix, Inc. | | | 1,906 | | | | 323,465 | |
| | |
KB Financial Group, Inc. | | | 3,986 | | | | 226,724 | |
| | |
Samsung SDI Co., Ltd. | | | 599 | | | | 152,955 | |
| | |
LG Chem, Ltd. | | | 321 | | | | 79,992 | |
| | |
Total South Korea | | | | | | | 2,432,000 | |
| | | | | | | | |
| | | |
BRAZIL: 2.6% | | | | | | | | |
| | |
Petroleo Brasileiro SA ADR | | | 11,703 | | | | 169,576 | |
| | |
MercadoLibre, Inc.b | | | 99 | | | | 162,697 | |
| | |
NU Holdings, Ltd. Class Ab | | | 9,068 | | | | 116,886 | |
| | |
Banco BTG Pactual SA | | | 17,800 | | | | 98,424 | |
| | |
Total Brazil | | | | | | | 547,583 | |
| | | | | | | | |
| | | |
MEXICO: 2.2% | | | | | | | | |
| | |
GCC SAB de CV | | | 19,200 | | | | 179,910 | |
| | |
Prologis Property Mexico SA de CV REIT | | | 46,999 | | | | 153,572 | |
| | |
Grupo Financiero Banorte SAB de CV Class O | | | 17,800 | | | | 138,703 | |
| | |
Total Mexico | | | | | | | 472,185 | |
| | | | | | | | |
| | | |
VIETNAM: 2.1% | | | | | | | | |
| | |
FPT Corp. | | | 40,657 | | | | 208,088 | |
| | |
Mobile World Investment Corp. | | | 59,100 | | | | 144,551 | |
| | |
Military Commercial Joint Stock Bank | | | 107,257 | | | | 93,296 | |
| | |
Total Vietnam | | | | | | | 445,935 | |
| | | | | | | | |
| | | |
UNITED ARAB EMIRATES: 2.0% | | | | | | | | |
| | |
Emaar Properties PJSC | | | 100,341 | | | | 224,012 | |
| | |
Spinneys 1961 Holding PLCb | | | 514,406 | | | | 214,278 | |
| | |
Total United Arab Emirates | | | | | | | 438,290 | |
| | | | | | | | |
| | | |
KAZAKHSTAN: 1.6% | | | | | | | | |
| | |
Kaspi.KZ JSC ADR | | | 2,630 | | | | 339,296 | |
| | |
Total Kazakhstan | | | | | | | 339,296 | |
| | | | | | | | |
| | | |
PERU: 1.4% | | | | | | | | |
| | |
Credicorp, Ltd. | | | 1,798 | | | | 290,071 | |
| | |
Total Peru | | | | | | | 290,071 | |
| | | | | | | | |
| | | |
PHILIPPINES: 1.1% | | | | | | | | |
| | |
Ayala Corp. | | | 24,660 | | | | 244,647 | |
| | |
Total Philippines | | | | | | | 244,647 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 1.1% | | | | | | | | |
| | |
Bupa Arabia for Cooperative Insurance Co. | | | 3,452 | | | | 236,476 | |
| | |
Total Saudi Arabia | | | | | | | 236,476 | |
| | | | | | | | |
| | | |
UNITED STATES: 1.1% | | | | | | | | |
| | |
Globant SAb | | | 682 | | | | 121,573 | |
| | |
Freeport-McMoRan, Inc. | | | 2,205 | | | | 107,163 | |
| | |
Total United States | | | | | | | 228,736 | |
| | | | | | | | |
| | | |
FRANCE: 0.9% | | | | | | | | |
| | |
TotalEnergies SE ADR | | | 2,986 | | | | 199,107 | |
| | |
Total France | | | | | | | 199,107 | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 1 |
| | |
| Matthews Emerging Markets Equity Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
POLAND: 0.5% | | | | | | | | |
| | |
Dino Polska SAb,c,d | | | 1,045 | | | | $105,305 | |
| | |
Total Poland | | | | | | | 105,305 | |
| | | | | | | | |
| | | |
RUSSIA: 0.0% | | | | | | | | |
| | |
Sberbank of Russia PJSCb,e | | | 128,308 | | | | 1,497 | |
| | |
LUKOIL PJSC ADRb,e | | | 18,010 | | | | 360 | |
| | |
TCS Group Holding PLC GDRb,d,e | | | 3,865 | | | | 77 | |
| | |
Total Russia | | | | | | | 1,934 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 91.8% | | | | | | | 19,691,213 | |
| | |
(Cost $20,084,137) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 8.2% | | | | | | | 1,763,692 | |
| | |
NET ASSETS: 100.0% | | | | | | | $21,454,905 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $749,556, which is 3.49% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| e | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $1,934 and 0.01% of net assets. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Co. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | |
| Matthews Emerging Markets Sustainable Future Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 98.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 35.9% | | | | | | | | |
| | |
Meituan Class Bb,c,d | | | 1,084,700 | | | $ | 15,418,240 | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 1,604,390 | | | | 12,899,296 | |
| | |
JD Health International, Inc.b,c,d | | | 3,526,000 | | | | 9,560,919 | |
| | |
Legend Biotech Corp. ADRc | | | 215,641 | | | | 9,550,740 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 278,200 | | | | 8,903,277 | |
| | |
Lam Research Corp. | | | 6,236 | | | | 6,640,405 | |
| | |
Airtac International Group | | | 143,000 | | | | 4,340,388 | |
| | |
Flat Glass Group Co., Ltd. H Shares | | | 2,566,000 | | | | 3,765,109 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 127,500 | | | | 3,143,501 | |
| | |
Zhihu, Inc. ADRc | | | 1,103,872 | | | | 3,013,571 | |
| | |
Medlive Technology Co., Ltd.b,d | | | 2,712,000 | | | | 2,594,412 | |
| | |
Silergy Corp. | | | 148,000 | | | | 2,099,279 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 225,200 | | | | 1,287,931 | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 686,000 | | | | 947,833 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 197,500 | | | | 929,666 | |
| | |
Wuxi Biologics Cayman, Inc.b,c,d | | | 337,000 | | | | 495,957 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 81,900 | | | | 466,187 | |
| | |
Total China/Hong Kong | | | | | | | 86,056,711 | |
| | | | | | | | |
| | | |
INDIA: 24.4% | | | | | | | | |
| | |
Bandhan Bank, Ltd.b,d | | | 6,192,268 | | | | 15,120,603 | |
| | |
Shriram Finance, Ltd. | | | 413,354 | | | | 14,397,589 | |
| | |
Indus Towers, Ltd.c | | | 1,698,242 | | | | 7,635,144 | |
| | |
Phoenix Mills, Ltd. | | | 149,459 | | | | 6,419,973 | |
| | |
Mahindra & Mahindra, Ltd. | | | 151,561 | | | | 5,202,721 | |
| | |
Inox Wind, Ltd.c | | | 2,275,604 | | | | 3,855,646 | |
| | |
Marico, Ltd. | | | 425,798 | | | | 3,129,577 | |
| | |
UNO Minda, Ltd. | | | 213,250 | | | | 2,787,344 | |
| | |
Total India | | | | | | | 58,548,597 | |
| | | | | | | | |
| | | |
TAIWAN: 9.9% | | | | | | | | |
| | |
M31 Technology Corp. | | | 207,006 | | | | 7,193,785 | |
| | |
Elite Material Co., Ltd. | | | 303,000 | | | | 4,416,932 | |
| | |
AURAS Technology Co., Ltd. | | | 143,000 | | | | 3,531,113 | |
| | |
Andes Technology Corp. | | | 265,000 | | | | 3,526,134 | |
| | |
AP Memory Technology Corp. | | | 180,000 | | | | 2,136,206 | |
| | |
Poya International Co., Ltd. | | | 122,948 | | | | 1,863,675 | |
| | |
Sporton International, Inc. | | | 170,270 | | | | 1,167,726 | |
| | |
Total Taiwan | | | | | | | 23,835,571 | |
| | | | | | | | |
| | | |
BRAZIL: 5.1% | | | | | | | | |
| | |
B3 SA - Brasil Bolsa Balcao | | | 2,569,100 | | | | 4,706,102 | |
| | |
YDUQS Participacoes SA | | | 2,335,100 | | | | 4,348,472 | |
| | |
NU Holdings, Ltd. Class Ac | | | 240,457 | | | | 3,099,491 | |
| | |
Total Brazil | | | | | | | 12,154,065 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 4.8% | | | | | | | | |
| | |
Eugene Technology Co., Ltd. | | | 119,318 | | | | 4,260,591 | |
| | |
Solus Advanced Materials Co., Ltd. | | | 215,048 | | | | 2,838,249 | |
| | |
Advanced Nano Products Co., Ltd. | | | 27,997 | | | | 2,371,635 | |
| | |
Ecopro BM Co., Ltd.c | | | 8,420 | | | | 1,110,843 | |
| | |
Samsung SDI Co., Ltd. | | | 3,826 | | | | 976,971 | |
| | |
Total South Korea | | | | | | | 11,558,289 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
UNITED STATES: 4.0% | | | | | | | | |
| | |
Micron Technology, Inc. | | | 73,456 | | | | $9,661,668 | |
| | |
Total United States | | | | | | | 9,661,668 | |
| | | | | | | | |
| | | |
POLAND: 3.2% | | | | | | | | |
| | |
InPost SAc | | | 273,859 | | | | 4,818,698 | |
| | |
Jeronimo Martins SGPS SA | | | 143,341 | | | | 2,801,453 | |
| | |
Total Poland | | | | | | | 7,620,151 | |
| | | | | | | | |
| | | |
SOUTH AFRICA: 2.2% | | | | | | | | |
| | |
Nedbank Group, Ltd. | | | 374,979 | | | | 5,308,532 | |
| | |
Total South Africa | | | | | | | 5,308,532 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 2.1% | | | | | | | | |
| | |
Saudi Tadawul Group Holding Co. | | | 77,348 | | | | 5,142,155 | |
| | |
Total Saudi Arabia | | | | | | | 5,142,155 | |
| | | | | | | | |
| | | |
ROMANIA: 1.7% | | | | | | | | |
| | |
Banca Transilvania SA | | | 607,308 | | | | 4,181,707 | |
| | |
Total Romania | | | | | | | 4,181,707 | |
| | | | | | | | |
| | | |
TURKEY: 1.6% | | | | | | | | |
| | |
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret ASc | | | 776,253 | | | | 2,264,237 | |
| | |
Ford Otomotiv Sanayi AS | | | 47,787 | | | | 1,644,863 | |
| | |
Total Turkey | | | | | | | 3,909,100 | |
| | | | | | | | |
| | | |
VIETNAM: 1.3% | | | | | | | | |
| | |
Nam Long Investment Corp. | | | 1,914,139 | | | | 3,104,717 | |
| | |
Total Vietnam | | | | | | | 3,104,717 | |
| | | | | | | | |
| | | |
JORDAN: 1.0% | | | | | | | | |
| | |
Hikma Pharmaceuticals PLC | | | 96,246 | | | | 2,293,159 | |
| | |
Total Jordan | | | | | | | 2,293,159 | |
| | | | | | | | |
| | | |
BANGLADESH: 0.4% | | | | | | | | |
| | |
BRAC Bank PLC | | | 1,665,402 | | | | 488,817 | |
| | |
GrameenPhone, Ltd. | | | 204,318 | | | | 418,075 | |
| | |
Total Bangladesh | | | | | | | 906,892 | |
| | | | | | | | |
| | | |
CHILE: 0.4% | | | | | | | | |
| | |
Aguas Andinas SA Class A | | | 3,069,294 | | | | 838,222 | |
| | |
Total Chile | | | | | | | 838,222 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 235,119,536 | |
| | |
(Cost $214,818,618) | | | | | | | | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 3 |
| | |
| Matthews Emerging Markets Sustainable Future Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| PREFERRED EQUITIES: 3.1% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
SOUTH KOREA: 3.1% | | | | | | | | |
| | |
Samsung SDI Co., Ltd., Pfd. | | | 46,871 | | | | $7,436,851 | |
| | |
Total South Korea | | | | | | | 7,436,851 | |
| | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 7,436,851 | |
| | |
(Cost $ 11,175,411) | | | | | | | | |
| | | |
TOTAL INVESTMENTS: 101.1% | | | | | | | 242,556,387 | |
| | |
(Cost $ 225,994,029) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (1.1%) | | | | | | | (2,683,862 | ) |
| | | | | | | | |
| | |
NET ASSETS: 100.0% | | | | | | | $239,872,525 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $44,119,797, which is 18.39% of net assets. |
| c | Non-income producing security. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Emerging Markets Small Companies Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 99.9% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 25.9% | | | | | | | | |
| | |
Shriram Finance, Ltd. | | | 1,284,833 | | | | $44,752,191 | |
| | |
Bandhan Bank, Ltd.b,c | | | 16,840,027 | | | | 41,120,857 | |
| | |
Phoenix Mills, Ltd. | | | 567,594 | | | | 24,380,853 | |
| | |
Finolex Cables, Ltd. | | | 792,713 | | | | 14,813,916 | |
| | |
Radico Khaitan, Ltd. | | | 503,867 | | | | 10,778,852 | |
| | |
Inox Wind, Ltd.d | | | 6,157,507 | | | | 10,432,908 | |
| | |
UNO Minda, Ltd. | | | 721,048 | | | | 9,424,661 | |
| | |
Cartrade Tech, Ltd.d | | | 822,596 | | | | 7,691,705 | |
| | |
Barbeque Nation Hospitality, Ltd.d | | | 859,327 | | | | 5,770,742 | |
| | |
Rainbow Children’s Medicare, Ltd. | | | 369,126 | | | | 5,514,923 | |
| | |
Shankara Building Products, Ltd. | | | 441,353 | | | | 3,613,783 | |
| | |
Hindware Home Innovation, Ltd. | | | 296,227 | | | | 1,566,676 | |
| | |
Total India | | | | | | | 179,862,067 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 24.7% | | | | | | | | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 3,019,048 | | | | 24,273,146 | |
| | |
Legend Biotech Corp. ADRd | | | 521,506 | | | | 23,097,501 | |
| | |
Airtac International Group | | | 507,431 | | | | 15,401,730 | |
| | |
Silergy Corp. | | | 1,078,000 | | | | 15,290,693 | |
| | |
Flat Glass Group Co., Ltd. H Shares | | | 7,619,000 | | | | 11,179,411 | |
| | |
Medlive Technology Co., Ltd.b,c | | | 11,410,000 | | | | 10,915,282 | |
| | |
Beijing Capital International Airport Co., Ltd. H Sharesd | | | 26,798,000 | | | | 8,849,244 | |
| | |
Tongcheng Travel Holdings, Ltd.c | | | 4,441,200 | | | | 8,808,106 | |
| | |
SITC International Holdings Co., Ltd. | | | 2,918,000 | | | | 7,912,416 | |
| | |
Zhihu, Inc. ADRd | | | 2,830,401 | | | | 7,726,995 | |
| | |
Xtep International Holdings, Ltd. | | | 11,802,500 | | | | 7,251,436 | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 1,407,400 | | | | 5,327,094 | |
| | |
Hainan Meilan International Airport Co., Ltd. H Sharesd | | | 4,717,000 | | | | 4,648,314 | |
| | |
Ever Sunshine Services Group, Ltd.c | | | 20,562,000 | | | | 4,126,026 | |
| | |
AK Medical Holdings, Ltd.b,c | | | 5,900,000 | | | | 3,243,330 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 656,000 | | | | 3,087,903 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 485,706 | | | | 2,777,779 | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 1,667,138 | | | | 2,303,452 | |
| | |
Peijia Medical, Ltd.b,c,d | | | 7,428,000 | | | | 2,159,378 | |
| | |
OPT Machine Vision Tech Co., Ltd. A Shares | | | 190,417 | | | | 1,672,716 | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 839,174 | | | | 1,154,015 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 158,010 | | | | 899,416 | |
| | |
Total China/Hong Kong | | | | | | | 172,105,383 | |
| | | | | | | | |
| | | |
TAIWAN: 14.0% | | | | | | | | |
| | |
M31 Technology Corp. | | | 644,058 | | | | 22,382,007 | |
| | |
AURAS Technology Co., Ltd. | | | 440,000 | | | | 10,864,962 | |
| | |
Andes Technology Corp. | | | 800,000 | | | | 10,644,934 | |
| | |
Elite Material Co., Ltd. | | | 708,000 | | | | 10,320,752 | |
| | |
Wiwynn Corp. | | | 122,000 | | | | 9,880,469 | |
| | |
ASPEED Technology, Inc. | | | 59,000 | | | | 8,755,056 | |
| | |
Gold Circuit Electronics, Ltd. | | | 1,234,000 | | | | 7,842,725 | |
| | |
Poya International Co., Ltd. | | | 442,891 | | | | 6,713,430 | |
| | |
AP Memory Technology Corp. | | | 491,000 | | | | 5,827,097 | |
| | |
Yageo Corp. | | | 154,124 | | | | 3,461,956 | |
| | |
Formosa Sumco Technology Corp. | | | 135,000 | | | | 722,603 | |
| | |
Total Taiwan | | | | | | | 97,415,991 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 7.9% | | | | | | | | |
| | |
Hugel, Inc.d | | | 138,231 | | | | 23,140,828 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Eugene Technology Co., Ltd. | | | 421,238 | | | $ | 15,041,511 | |
| | |
Advanced Nano Products Co., Ltd. | | | 89,204 | | | | 7,556,499 | |
| | |
Solus Advanced Materials Co., Ltd. | | | 419,947 | | | | 5,542,549 | |
| | |
Ecopro BM Co., Ltd.d | | | 29,222 | | | | 3,855,230 | |
| | |
Total South Korea | | | | | | | 55,136,617 | |
| | | | | | | | |
| | | |
BRAZIL: 6.8% | | | | | | | | |
| | |
Grupo SBF SA | | | 6,957,100 | | | | 14,934,473 | |
| | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | | 10,654,200 | | | | 14,427,702 | |
| | |
YDUQS Participacoes SA | | | 5,364,100 | | | | 9,989,138 | |
| | |
Vivara Participacoes SA | | | 2,063,300 | | | | 7,728,932 | |
| | |
Total Brazil | | | | | | | 47,080,245 | |
| | | | | | | | |
| | | |
VIETNAM: 4.8% | | | | | | | | |
| | |
Military Commercial Joint Stock Bank | | | 11,929,980 | | | | 10,377,141 | |
| | |
Mobile World Investment Corp. | | | 4,077,114 | | | | 9,972,078 | |
| | |
FPT Corp. | | | 1,818,756 | | | | 9,308,615 | |
| | |
Nam Long Investment Corp. | | | 2,312,432 | | | | 3,750,744 | |
| | |
Total Vietnam | | | | | | | 33,408,578 | |
| | | | | | | | |
| | | |
CHILE: 2.8% | | | | | | | | |
| | |
Lundin Mining Corp. | | | 682,200 | | | | 7,594,683 | |
| | |
Parque Arauco SA | | | 4,220,597 | | | | 6,373,167 | |
| | |
Aguas Andinas SA Class A | | | 11,165,537 | | | | 3,049,299 | |
| | |
Banco de Credito e Inversiones SA | | | 78,173 | | | | 2,199,693 | |
| | |
Total Chile | | | | | | | 19,216,842 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 2.8% | | | | | | | | |
| | |
Saudi Tadawul Group Holding Co. | | | 211,005 | | | | 14,027,775 | |
| | |
Seera Group Holdingd | | | 757,769 | | | | 5,141,338 | |
| | |
Total Saudi Arabia | | | | | | | 19,169,113 | |
| | | | | | | | |
| | | |
SOUTH AFRICA: 2.7% | | | | | | | | |
| | |
We Buy Cars Pty, Ltd.d | | | 5,938,218 | | | | 8,681,916 | |
| | |
Old Mutual, Ltd. | | | 11,460,357 | | | | 7,773,484 | |
| | |
Transaction Capital, Ltd.d | | | 13,068,426 | | | | 2,072,844 | |
| | |
Total South Africa | | | | | | | 18,528,244 | |
| | | | | | | | |
| | | |
TURKEY: 2.0% | | | | | | | | |
| | |
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret ASd | | | 2,690,712 | | | | 7,848,485 | |
| | |
Ford Otomotiv Sanayi AS | | | 185,767 | | | | 6,394,234 | |
| | |
Total Turkey | | | | | | | 14,242,719 | |
| | | | | | | | |
| | | |
PHILIPPINES: 1.8% | | | | | | | | |
| | |
GT Capital Holdings, Inc. | | | 1,047,370 | | | | 11,060,198 | |
| | |
Cebu Air, Inc.d | | | 3,758,800 | | | | 1,744,431 | |
| | |
Total Philippines | | | | | | | 12,804,629 | |
| | | | | | | | |
| | | |
POLAND: 1.8% | | | | | | | | |
| | |
InPost SAd | | | 719,660 | | | | 12,662,808 | |
| | |
Total Poland | | | | | | | 12,662,808 | |
| | | | | | | | |
| | | |
INDONESIA: 0.9% | | | | | | | | |
| | |
PT Mitra Adiperkasa Tbk | | | 64,636,900 | | | | 5,818,136 | |
| | |
PT Summarecon Agung Tbk | | | 10,499,816 | | | | 320,303 | |
| | |
Total Indonesia | | | | | | | 6,138,439 | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 5 |
| | |
| Matthews Emerging Markets Small Companies Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
THAILAND: 0.5% | | | | | | | | |
| | |
Siam Wellness Group Public Co., Ltd. F Shares | | | 20,576,700 | | | | $3,837,473 | |
| | |
Total Thailand | | | | | | | 3,837,473 | |
| | | | | | | | |
| | | |
BANGLADESH: 0.4% | | | | | | | | |
| | |
BRAC Bank PLC | | | 8,541,386 | | | | 2,507,009 | |
| | |
Total Bangladesh | | | | | | | 2,507,009 | |
| | | | | | | | |
| | | |
MEXICO: 0.1% | | | | | | | | |
| | |
Banco del Bajio SAb,c | | | 185,000 | | | | 561,320 | |
| | |
Total Mexico | | | | | | | 561,320 | |
| | | | | | | | |
| | | |
RUSSIA: 0.0% | | | | | | | | |
| | |
Moscow Exchange MICEX-RTS PJSCe | | | 2,101,250 | | | | 24,505 | |
| | |
TCS Group Holding PLC GDRc,d,e | | | 62,962 | | | | 1,259 | |
| | |
HeadHunter Group PLC ADRd,e | | | 15,800 | | | | 316 | |
| | |
Total Russia | | | | | | | 26,080 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 694,703,557 | |
| | |
(Cost $633,728,022) | | | | | | | | |
| | |
PREFERRED EQUITIES: 1.0% | | | | | | | | |
| | | |
BRAZIL: 1.0% | | | | | | | | |
| | |
Banco Pan SA, Pfd. | | | 4,961,300 | | | | 7,180,000 | |
| | |
Total Brazil | | | | | | | 7,180,000 | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 7,180,000 | |
| | |
(Cost $6,988,332) | | | | | | | | |
| | | |
TOTAL INVESTMENTS: 100.9% | | | | | | | 701,883,557 | |
| | |
(Cost $640,716,354) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (0.9%) | | | | | | | (6,321,523 | ) |
| | |
NET ASSETS: 100.0% | | | | | | | $695,562,034 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $61,088,070, which is 8.78% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Non-income producing security. |
| e | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $26,080 and 0.00% of net assets. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Co. |
See accompanying notes to financial statements.
| | |
| Matthews Asia Growth Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 97.6% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
JAPAN: 33.9% | | | | | | | | |
| | |
Hitachi, Ltd. | | | 639,500 | | | | $14,399,191 | |
| | |
Keyence Corp. | | | 28,700 | | | | 12,561,365 | |
| | |
Shin-Etsu Chemical Co., Ltd. | | | 308,100 | | | | 11,979,434 | |
| | |
ORIX Corp. | | | 417,900 | | | | 9,262,286 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 114,100 | | | | 7,658,955 | |
| | |
Renesas Electronics Corp. | | | 401,100 | | | | 7,606,721 | |
| | |
Tokyo Electron, Ltd. | | | 34,400 | | | | 7,530,174 | |
| | |
Fast Retailing Co., Ltd. | | | 27,800 | | | | 7,031,765 | |
| | |
ITOCHU Corp. | | | 121,500 | | | | 5,972,722 | |
| | |
Daiichi Sankyo Co., Ltd. | | | 148,500 | | | | 5,160,931 | |
| | |
Recruit Holdings Co., Ltd. | | | 89,700 | | | | 4,826,503 | |
| | |
SoftBank Group Corp. | | | 65,700 | | | | 4,225,905 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 355,000 | | | | 3,831,170 | |
| | |
Denso Corp. | | | 224,500 | | | | 3,504,230 | |
| | |
Unicharm Corp. | | | 106,500 | | | | 3,422,402 | |
| | |
Olympus Corp. | | | 201,700 | | | | 3,255,908 | |
| | |
THK Co., Ltd. | | | 121,400 | | | | 2,177,567 | |
| | |
Japan Elevator Service Holdings Co., Ltd. | | | 92,000 | | | | 1,483,271 | |
| | |
Total Japan | | | | | | | 115,890,500 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 18.3% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 233,200 | | | | 11,063,084 | |
| | |
PDD Holdings, Inc. ADRb | | | 59,328 | | | | 7,887,658 | |
| | |
Meituan Class Bb,c,d | | | 491,100 | | | | 6,980,638 | |
| | |
Trip.com Group, Ltd. ADRb | | | 122,516 | | | | 5,758,252 | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 954,000 | | | | 4,322,170 | |
| | |
Alibaba Group Holding, Ltd. | | | 448,700 | | | | 4,044,061 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 134,920 | | | | 3,326,441 | |
| | |
DiDi Global, Inc.b | | | 744,179 | | | | 3,080,901 | |
| | |
AIA Group, Ltd. | | | 353,000 | | | | 2,388,310 | |
| | |
KE Holdings, Inc. ADR | | | 140,630 | | | | 1,989,914 | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 327,000 | | | | 1,755,537 | |
| | |
BYD Co., Ltd. H Shares | | | 59,000 | | | | 1,752,232 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 363,500 | | | | 1,711,056 | |
| | |
Bilibili, Inc. ADRb | | | 107,045 | | | | 1,652,775 | |
| | |
China Life Insurance Co., Ltd. H Shares | | | 1,133,000 | | | | 1,598,726 | |
| | |
ANTA Sports Products, Ltd. | | | 165,600 | | | | 1,583,797 | |
| | |
Kuaishou Technologyb,c,d | | | 173,600 | | | | 1,019,007 | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 93,372 | | | | 750,711 | |
| | |
Total China/Hong Kong | | | | | | | 62,665,270 | |
| | | | | | | | |
| | | |
INDIA: 14.0% | | | | | | | | |
| | |
Zomato, Ltd.b | | | 3,259,557 | | | | 7,822,188 | |
| | |
Axis Bank, Ltd. | | | 365,135 | | | | 5,533,555 | |
| | |
ICICI Bank, Ltd. | | | 378,216 | | | | 5,443,815 | |
| | |
Phoenix Mills, Ltd. | | | 108,060 | | | | 4,641,689 | |
| | |
Reliance Industries, Ltd. | | | 111,907 | | | | 4,195,016 | |
| | |
Tata Motors, Ltd. | | | 269,312 | | | | 3,191,074 | |
| | |
Bharti Airtel, Ltd. | | | 166,508 | | | | 2,880,828 | |
| | |
Mahindra & Mahindra, Ltd. | | | 80,423 | | | | 2,760,726 | |
| | |
Indian Hotels Co., Ltd. | | | 328,846 | | | | 2,460,131 | |
| | |
Godrej Consumer Products, Ltd. | | | 141,849 | | | | 2,336,391 | |
| | |
PB Fintech, Ltd.b | | | 131,002 | | | | 2,194,628 | |
| | |
MakeMyTrip, Ltd.b | | | 25,442 | | | | 2,139,672 | |
| | |
Whirlpool of India, Ltd. | | | 88,466 | | | | 2,118,387 | |
| | |
Total India | | | | | | | 47,718,100 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
TAIWAN: 12.9% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 636,000 | | | | $18,843,169 | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 27,731 | | | | 4,819,925 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 696,000 | | | | 4,582,411 | |
| | |
MediaTek, Inc. | | | 89,000 | | | | 3,833,088 | |
| | |
Quanta Computer, Inc. | | | 396,000 | | | | 3,785,621 | |
| | |
Makalot Industrial Co., Ltd. | | | 287,000 | | | | 3,718,905 | |
| | |
Accton Technology Corp. | | | 161,000 | | | | 2,740,133 | |
| | |
Delta Electronics, Inc. | | | 163,000 | | | | 1,944,184 | |
| | |
Total Taiwan | | | | | | | 44,267,436 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 10.2% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 199,690 | | | | 11,752,519 | |
| | |
SK Hynix, Inc. | | | 58,511 | | | | 9,929,821 | |
| | |
KB Financial Group, Inc. | | | 117,274 | | | | 6,670,561 | |
| | |
Hyundai Motor Co. | | | 23,117 | | | | 4,929,883 | |
| | |
Hana Financial Group, Inc. | | | 37,398 | | | | 1,644,765 | |
| | |
Total South Korea | | | | | | | 34,927,549 | |
| | | | | | | | |
| | | |
SINGAPORE: 2.5% | | | | | | | | |
| | |
Sea, Ltd. ADRb | | | 120,586 | | | | 8,612,252 | |
| | |
Total Singapore | | | | | | | 8,612,252 | |
| | | | | | | | |
| | | |
AUSTRALIA: 2.3% | | | | | | | | |
| | |
CSL, Ltd. | | | 21,447 | | | | 4,205,698 | |
| | |
ANZ Group Holdings, Ltd. | | | 195,033 | | | | 3,664,222 | |
| | |
Total Australia | | | | | | | 7,869,920 | |
| | | | | | | | |
| | | |
INDONESIA: 1.3% | | | | | | | | |
| | |
PT Bank Mandiri Persero Tbk | | | 12,222,700 | | | | 4,572,681 | |
| | |
Total Indonesia | | | | | | | 4,572,681 | |
| | | | | | | | |
| | | |
THAILAND: 0.9% | | | | | | | | |
| | |
CP ALL Public Co., Ltd. | | | 2,004,300 | | | | 2,997,586 | |
| | |
Total Thailand | | | | | | | 2,997,586 | |
| | | | | | | | |
| | | |
PHILIPPINES: 0.8% | | | | | | | | |
| | |
Bank of the Philippine Islands | | | 1,259,600 | | | | 2,559,647 | |
| | |
Total Philippines | | | | | | | 2,559,647 | |
| | | | | | | | |
| | | |
VIETNAM: 0.5% | | | | | | | | |
| | |
Military Commercial Joint Stock Bank | | | 1,812,700 | | | | 1,576,754 | |
| | |
Total Vietnam | | | | | | | 1,576,754 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 97.6% | | | | | | | 333,657,695 | |
| | |
(Cost $288,302,518) | | | | | | | | |
| | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
LESS LIABILITIES: 2.4% | | | | | | | 8,350,550 | |
| | | | | | | | |
| | |
NET ASSETS: 100.0% | | | | | | | $342,008,245 | |
| | | | | | | | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 7 |
| | |
| Matthews Asia Growth Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $9,710,701, which is 2.84% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Pacific Tiger Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 98.6% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 27.5% | | | | | | | | |
| | |
ICICI Bank, Ltd. | | | 2,144,232 | | | | $30,862,793 | |
| | |
Axis Bank, Ltd. | | | 2,016,218 | | | | 30,555,419 | |
| | |
Reliance Industries, Ltd. | | | 623,599 | | | | 23,376,624 | |
| | |
Mahindra & Mahindra, Ltd. | | | 639,724 | | | | 21,960,172 | |
| | |
Shriram Finance, Ltd. | | | 609,800 | | | | 21,240,026 | |
| | |
Power Grid Corp. of India, Ltd. | | | 4,842,473 | | | | 19,177,677 | |
| | |
JSW Energy, Ltd. | | | 1,962,740 | | | | 17,264,616 | |
| | |
UltraTech Cement, Ltd. | | | 116,537 | | | | 16,282,167 | |
| | |
Lupin, Ltd. | | | 796,517 | | | | 15,462,487 | |
| | |
Cummins India, Ltd. | | | 314,302 | | | | 14,924,494 | |
| | |
Indian Hotels Co., Ltd. | | | 1,956,104 | | | | 14,633,814 | |
| | |
Tata Consultancy Services, Ltd. | | | 281,297 | | | | 13,140,301 | |
| | |
Zomato, Ltd.b | | | 5,425,966 | | | | 13,021,072 | |
| | |
Godrej Consumer Products, Ltd. | | | 740,485 | | | | 12,196,507 | |
| | |
Bharti Airtel, Ltd. | | | 647,036 | | | | 11,194,653 | |
| | |
Titan Co., Ltd. | | | 197,299 | | | | 8,040,426 | |
| | |
Infosys, Ltd. | | | 316,749 | | | | 5,944,327 | |
| | |
State Bank of India | | | 565,332 | | | | 5,743,398 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 266,006 | | | | 5,734,984 | |
| | |
TVS Motor Co., Ltd. | | | 196,041 | | | | 5,551,803 | |
| | |
Avenue Supermarts, Ltd.b,c,d | | | 97,520 | | | | 5,516,016 | |
| | |
Total India | | | | | | | 311,823,776 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 26.7% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 1,410,900 | | | | 66,933,559 | |
| | |
Meituan Class Bb,c,d | | | 2,307,900 | | | | 32,805,159 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 704,000 | | | | 22,530,220 | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 4,336,500 | | | | 19,646,848 | |
| | |
China Merchants Bank Co., Ltd. H Shares | | | 4,241,500 | | | | 19,273,986 | |
| | |
China Construction Bank Corp. H Shares | | | 24,375,000 | | | | 18,018,538 | |
| | |
Alibaba Group Holding, Ltd. | | | 1,862,400 | | | | 16,785,512 | |
| | |
PetroChina Co., Ltd. H Shares | | | 16,212,000 | | | | 16,370,156 | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 2,083,810 | | | | 11,187,173 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 442,625 | | | | 10,912,881 | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 271,981 | | | | 10,830,305 | |
| | |
Wanhua Chemical Group Co., Ltd. A Shares | | | 879,300 | | | | 9,720,403 | |
| | |
Zhongji Innolight Co., Ltd. A Shares | | | 337,120 | | | | 6,295,203 | |
| | |
Weichai Power Co., Ltd. H Shares | | | 3,060,000 | | | | 5,825,816 | |
| | |
PDD Holdings, Inc. ADRb | | | 40,953 | | | | 5,444,701 | |
| | |
Kuaishou Technologyb,c,d | | | 909,700 | | | | 5,339,806 | |
| | |
DiDi Global, Inc.b | | | 1,288,161 | | | | 5,332,987 | |
| | |
ANTA Sports Products, Ltd. | | | 525,600 | | | | 5,026,833 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 807,000 | | | | 3,798,686 | |
| | |
ENN Energy Holdings, Ltd. | | | 459,600 | | | | 3,785,870 | |
| | |
New Oriental Education & Technology Group, Inc. ADRb | | | 45,882 | | | | 3,566,408 | |
| | |
KE Holdings, Inc. ADR | | | 250,101 | | | | 3,538,929 | |
| | |
Sungrow Power Supply Co., Ltd. A Shares | | | 1 | | | | 3 | |
| | |
Total China/Hong Kong | | | | | | | 302,969,982 | |
| | | | | | | | |
| | | |
TAIWAN: 21.9% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 4,349,000 | | | | 128,850,540 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 3,528,000 | | | | 23,228,084 | |
| | |
Uni-President Enterprises Corp. | | | 4,554,000 | | | | 11,412,593 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
MediaTek, Inc. | | | 262,000 | | | | $11,283,922 | |
| | |
ASE Technology Holding Co., Ltd. | | | 2,171,000 | | | | 11,246,452 | |
| | |
Unimicron Technology Corp. | | | 2,002,000 | | | | 11,076,327 | |
| | |
Elite Material Co., Ltd. | | | 718,000 | | | | 10,466,526 | |
| | |
E Ink Holdings, Inc. | | | 1,330,000 | | | | 10,298,039 | |
| | |
Accton Technology Corp. | | | 534,000 | | | | 9,088,392 | |
| | |
Quanta Computer, Inc. | | | 913,000 | | | | 8,727,959 | |
| | |
Largan Precision Co., Ltd. | | | 71,000 | | | | 5,991,658 | |
| | |
ASPEED Technology, Inc. | | | 39,000 | | | | 5,787,240 | |
| | |
Total Taiwan | | | | | | | 247,457,732 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 14.0% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 944,354 | | | | 55,578,838 | |
| | |
Hyundai Motor Co. | | | 170,789 | | | | 36,422,105 | |
| | |
SK Hynix, Inc. | | | 176,072 | | | | 29,880,936 | |
| | |
KB Financial Group, Inc. | | | 303,734 | | | | 17,276,431 | |
| | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 36,097 | | | | 10,153,659 | |
| | |
Samsung Biologics Co., Ltd.b,c,d | | | 10,768 | | | | 5,666,936 | |
| | |
HD Hyundai Electric Co., Ltd. | | | 18,045 | | | | 4,032,505 | |
| | |
Total South Korea | | | | | | | 159,011,410 | |
| | | | | | | | |
| | | |
SINGAPORE: 2.5% | | | | | | | | |
| | |
Singapore Telecommunications, Ltd. | | | 5,660,700 | | | | 11,454,836 | |
| | |
Sea, Ltd. ADRb | | | 155,150 | | | | 11,080,813 | |
| | |
Sembcorp Industries, Ltd. | | | 1,566,300 | | | | 5,536,229 | |
| | |
Total Singapore | | | | | | | 28,071,878 | |
| | | | | | | | |
| | | |
VIETNAM: 2.0% | | | | | | | | |
| | |
FPT Corp. | | | 4,412,848 | | | | 22,585,491 | |
| | |
Total Vietnam | | | | | | | 22,585,491 | |
| | | | | | | | |
| | | |
MALAYSIA: 1.6% | | | | | | | | |
| | |
YTL Power International BHD | | | 10,614,500 | | | | 10,807,986 | |
| | |
Telekom Malaysia BHD | | | 4,822,600 | | | | 6,909,513 | |
| | |
Total Malaysia | | | | | | | 17,717,499 | |
| | | | | | | | |
| | | |
THAILAND: 1.3% | | | | | | | | |
| | |
Bangkok Dusit Medical Services Public Co., Ltd. F Shares | | | 11,973,100 | | | | 8,714,718 | |
| | |
CP ALL Public Co., Ltd. | | | 3,875,700 | | | | 5,796,409 | |
| | |
Total Thailand | | | | | | | 14,511,127 | |
| | | | | | | | |
| | | |
INDONESIA: 0.8% | | | | | | | | |
| | |
PT Bank Central Asia Tbk | | | 15,440,600 | | | | 9,342,968 | |
| | |
Total Indonesia | | | | | | | 9,342,968 | |
| | | | | | | | |
| | | |
PHILIPPINES: 0.3% | | | | | | | | |
| | |
Bank of the Philippine Islands | | | 1,797,860 | | | | 3,653,451 | |
| | |
Total Philippines | | | | | | | 3,653,451 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 98.6% | | | | | | | 1,117,145,314 | |
| | |
(Cost $979,277,416) | | | | | | | | |
| | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 1.4% | | | | | | | 16,384,271 | |
| | |
NET ASSETS: 100.0% | | | | | | | $1,133,529,585 | |
| | | | | | | | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 9 |
| | |
| Matthews Pacific Tiger Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $53,126,603, which is 4.69% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Asia Innovators Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 97.3% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 28.9% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 357,400 | | | | $16,955,173 | |
| | |
PDD Holdings, Inc. ADRb | | | 80,017 | | | | 10,638,260 | |
| | |
Meituan Class Bb,c,d | | | 642,300 | | | | 9,129,838 | |
| | |
Trip.com Group, Ltd. ADRb | | | 178,841 | | | | 8,405,527 | |
| | |
Alibaba Group Holding, Ltd. | | | 679,900 | | | | 6,127,830 | |
| | |
Lam Research Corp. | | | 4,875 | | | | 5,191,144 | |
| | |
NAURA Technology Group Co., Ltd. A Shares | | | 118,599 | | | | 5,177,471 | |
| | |
DiDi Global, Inc.b | | | 1,108,186 | | | | 4,587,890 | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 790,800 | | | | 4,245,500 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 169,147 | | | | 4,170,305 | |
| | |
Bilibili, Inc. ADRb | | | 199,345 | | | | 3,077,887 | |
| | |
KE Holdings, Inc. ADR | | | 214,631 | | | | 3,037,029 | |
| | |
BYD Co., Ltd. H Shares | | | 86,000 | | | | 2,554,101 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 518,500 | | | | 2,440,667 | |
| | |
AAC Technologies Holdings, Inc. | | | 602,500 | | | | 2,357,379 | |
| | |
Kuaishou Technologyb,c,d | | | 266,700 | | | | 1,565,490 | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 177,394 | | | | 1,426,248 | |
| | |
Total China/Hong Kong | | | | | | | 91,087,739 | |
| | | | | | | | |
| | | |
INDIA: 24.6% | | | | | | | | |
| | |
Zomato, Ltd.b | | | 5,081,916 | | | | 12,195,431 | |
| | |
Reliance Industries, Ltd. | | | 231,853 | | | | 8,691,387 | |
| | |
Computer Age Management Services, Ltd. | | | 178,634 | | | | 7,727,214 | |
| | |
Axis Bank, Ltd. | | | 497,417 | | | | 7,538,265 | |
| | |
ICICI Bank, Ltd. | | | 434,772 | | | | 6,257,848 | |
| | |
Tata Motors, Ltd. | | | 408,651 | | | | 4,842,100 | |
| | |
Phoenix Mills, Ltd. | | | 99,125 | | | | 4,257,889 | |
| | |
Neuland Laboratories, Ltd. | | | 46,301 | | | | 4,155,999 | |
| | |
Bharti Airtel, Ltd. | | | 232,455 | | | | 4,021,806 | |
| | |
Jyoti CNC Automation, Ltd.b,d | | | 243,858 | | | | 3,948,121 | |
| | |
PB Fintech, Ltd.b | | | 219,606 | | | | 3,678,977 | |
| | |
MakeMyTrip, Ltd.b | | | 42,586 | | | | 3,581,483 | |
| | |
Indian Hotels Co., Ltd. | | | 452,880 | | | | 3,388,041 | |
| | |
HDFC Asset Management Co., Ltd.c,d | | | 66,096 | | | | 3,162,486 | |
| | |
Total India | | | | | | | 77,447,047 | |
| | | | | | | | |
| | | |
TAIWAN: 21.8% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 1,120,000 | | | | 33,182,940 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 1,058,000 | | | | 6,965,791 | |
| | |
MediaTek, Inc. | | | 118,000 | | | | 5,082,072 | |
| | |
Quanta Computer, Inc. | | | 510,000 | | | | 4,875,421 | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 27,161 | | | | 4,720,853 | |
| | |
Accton Technology Corp. | | | 208,000 | | | | 3,540,048 | |
| | |
Lotes Co., Ltd. | | | 66,000 | | | | 3,308,272 | |
| | |
Delta Electronics, Inc. | | | 266,000 | | | | 3,172,717 | |
| | |
Unimicron Technology Corp. | | | 447,000 | | | | 2,473,086 | |
| | |
ASPEED Technology, Inc. | | | 9,000 | | | | 1,335,517 | |
| | |
Total Taiwan | | | | | | | 68,656,717 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 12.5% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 286,896 | | | | 16,884,925 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
SK Hynix, Inc. | | | 68,547 | | | | $11,633,017 | |
| | |
Hyundai Motor Co. | | | 30,968 | | | | 6,604,171 | |
| | |
Samsung SDI Co., Ltd. | | | 8,490 | | | | 2,167,927 | |
| | |
Hyosung Heavy Industries Corp. | | | 8,091 | | | | 2,019,957 | |
| | |
Total South Korea | | | | | | | 39,309,997 | |
| | | | | | | | |
| | | |
SINGAPORE: 4.6% | | | | | | | | |
| | |
Sea, Ltd. ADRb | | | 201,047 | | | | 14,358,777 | |
| | |
Total Singapore | | | | | | | 14,358,777 | |
| | | | | | | | |
| | | |
JAPAN: 2.1% | | | | | | | | |
| | |
Hitachi, Ltd. | | | 150,000 | | | | 3,377,449 | |
| | |
Renesas Electronics Corp. | | | 166,300 | | | | 3,153,821 | |
| | |
Total Japan | | | | | | | 6,531,270 | |
| | | | | | | | |
| | | |
NETHERLANDS: 1.1% | | | | | | | | |
| | |
ASML Holding NV | | | 3,484 | | | | 3,563,191 | |
| | |
Total Netherlands | | | | | | | 3,563,191 | |
| | | | | | | | |
| | | |
BRAZIL: 1.1% | | | | | | | | |
| | |
NU Holdings, Ltd. Class Ab | | | 266,582 | | | | 3,436,242 | |
| | |
Total Brazil | | | | | | | 3,436,242 | |
| | | | | | | | |
| | | |
VIETNAM: 0.6% | | | | | | | | |
| | |
FPT Corp. | | | 395,255 | | | | 2,022,963 | |
| | |
Total Vietnam | | | | | | | 2,022,963 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 97.3% | | | | | | | 306,413,943 | |
| | |
(Cost $262,873,459) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
LESS LIABILITIES: 2.7% | | | | | | | 8,413,199 | |
| | | | | | | | |
| | |
NET ASSETS: 100.0% | | | | | | | $314,827,142 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $16,298,481, which is 5.18% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 11 |
| | |
| Matthews China Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 99.9% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
CONSUMER DISCRETIONARY: 28.2% | |
| | |
Broadline Retail: 14.3% | | | | | | | | |
| | |
Alibaba Group Holding, Ltd. | | | 3,083,900 | | | | $27,794,696 | |
| | |
PDD Holdings, Inc. ADRb | | | 131,611 | | | | 17,497,683 | |
| | |
JD.com, Inc. Class A | | | 1,071,763 | | | | 13,919,273 | |
| | |
| | | | | | | 59,211,652 | |
| |
Hotels, Restaurants & Leisure: 9.1% | | | | | |
| | |
Meituan Class Bb,c,d | | | 1,733,180 | | | | 24,635,922 | |
| | |
Galaxy Entertainment Group, Ltd. | | | 1,299,000 | | | | 6,045,456 | |
| | |
Trip.com Group, Ltd. ADRb | | | 79,280 | | | | 3,726,160 | |
| | |
Yum China Holdings, Inc. | | | 87,770 | | | | 2,706,827 | |
| | |
Luckin Coffee, Inc. ADRb | | | 19,324 | | | | 407,736 | |
| | |
| | | | | | | 37,522,101 | |
| |
Household Durables: 3.2% | | | | | |
| | |
Man Wah Holdings, Ltd. | | | 10,486,800 | | | | 7,194,506 | |
| | |
Midea Group Co., Ltd. A Shares | | | 691,552 | | | | 6,102,280 | |
| | |
| | | | | | | 13,296,786 | |
| |
Textiles, Apparel & Luxury Goods: 1.0% | | | | | |
| | |
ANTA Sports Products, Ltd. | | | 414,000 | | | | 3,959,492 | |
| | |
Specialty Retail: 0.6% | | | | | | | | |
| | |
China Tourism Group Duty Free Corp., Ltd. A Shares | | | 314,390 | | | | 2,681,751 | |
| | |
Total Consumer Discretionary | | | | | | | 116,671,782 | |
| | | | | | | | |
| | | |
FINANCIALS: 20.9% | | | | | | | | |
| | |
Banks: 9.7% | | | | | | | | |
| | |
China Construction Bank Corp. H Shares | | | 26,949,000 | | | | 19,921,295 | |
| | |
China Merchants Bank Co., Ltd. A Shares | | | 2,262,023 | | | | 10,581,369 | |
| | |
China Merchants Bank Co., Ltd. H Shares | | | 2,172,000 | | | | 9,869,881 | |
| | |
| | | | | | | 40,372,545 | |
| | |
Capital Markets: 6.0% | | | | | | | | |
| | |
China International Capital Corp., Ltd. H Sharesc,d | | | 8,509,200 | | | | 9,430,974 | |
| | |
CITIC Securities Co., Ltd. H Shares | | | 4,198,425 | | | | 6,153,539 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 138,400 | | | | 4,429,236 | |
| | |
Hithink RoyalFlush Information Network Co., Ltd. A Shares | | | 219,700 | | | | 3,109,369 | |
| | |
East Money Information Co., Ltd. A Shares | | | 1,187,220 | | | | 1,713,385 | |
| | |
| | | | | | | 24,836,503 | |
| | |
Insurance: 5.2% | | | | | | | | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 2,836,000 | | | | 12,848,717 | |
| | |
China Life Insurance Co., Ltd. H Shares | | | 4,654,000 | | | | 6,567,053 | |
| | |
Ping An Insurance Group Co. of China, Ltd. A Shares | | | 382,400 | | | | 2,160,748 | |
| | |
| | | | | | | 21,576,518 | |
| | |
Total Financials | | | | | | | 86,785,566 | |
| | | | | | | | |
| |
COMMUNICATION SERVICES: 16.6% | |
| |
Interactive Media & Services: 14.9% | | | | | |
| | |
Tencent Holdings, Ltd. | | | 1,104,600 | | | | 52,402,586 | |
| | |
Kuaishou Technologyb,c,d | | | 985,100 | | | | 5,782,393 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Baidu, Inc. Class Ab | | | 332,700 | | | | $3,601,827 | |
| | |
| | | | | | | 61,786,806 | |
| | |
Entertainment: 1.4% | | | | | | | | |
| | |
NetEase, Inc. | | | 175,800 | | | | 3,357,063 | |
| | |
Tencent Music Entertainment Group ADR | | | 153,814 | | | | 2,161,087 | |
| | |
| | | | | | | 5,518,150 | |
| | |
Media: 0.3% | | | | | | | | |
| | |
Focus Media Information Technology Co., Ltd. A Shares | | | 1,552,687 | | | | 1,286,817 | |
| | |
Total Communication Services | | | | | | | 68,591,773 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 8.7% | | | | | | | | |
| | |
Electrical Equipment: 3.6% | | | | | | | | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 313,960 | | | | 7,740,657 | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 1,095,540 | | | | 4,146,685 | |
| | |
Sungrow Power Supply Co., Ltd. A Shares | | | 355,003 | | | | 3,012,297 | |
| | |
| | | | | | | 14,899,639 | |
| | |
Ground Transportation: 2.0% | | | | | | | | |
| | |
DiDi Global, Inc.b | | | 2,015,262 | | | | 8,343,185 | |
| | |
Air Freight & Logistics: 1.1% | | | | | | | | |
| | |
JD Logistics, Inc.b,c,d | | | 4,299,200 | | | | 4,599,459 | |
| | |
Machinery: 1.0% | | | | | | | | |
| | |
Yutong Bus Co., Ltd. A Shares | | | 631,600 | | | | 2,232,108 | |
| | |
Neway Valve Suzhou Co., Ltd. A Shares | | | 854,597 | | | | 2,001,497 | |
| | |
| | | | | | | 4,233,605 | |
| | |
Marine Transportation: 1.0% | | | | | | | | |
| | |
Orient Overseas International, Ltd. | | | 247,000 | | | | 4,013,802 | |
| | |
Total Industrials | | | | | | | 36,089,690 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 7.3% | | | | | | | | |
| | |
Beverages: 5.5% | | | | | | | | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 617,129 | | | | 10,797,538 | |
| | |
Tsingtao Brewery Co., Ltd. H Shares | | | 930,000 | | | | 6,185,744 | |
| | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A Shares | | | 191,722 | | | | 5,524,472 | |
| | |
| | | | | | | 22,507,754 | |
| | |
Food Products: 1.8% | | | | | | | | |
| | |
Guangdong Haid Group Co., Ltd. A Shares | | | 604,200 | | | | 3,891,664 | |
| | |
Anjoy Foods Group Co., Ltd. A Shares | | | 365,100 | | | | 3,711,219 | |
| | |
| | | | | | | 7,602,883 | |
| | |
Total Consumer Staples | | | | | | | 30,110,637 | |
| | | | | | | | |
| | | |
INFORMATION TECHNOLOGY: 5.2% | | | | | | | | |
|
Electronic Equipment, Instruments & Components: 2.6% | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 843,506 | | | | 4,528,458 | |
| | |
Foxconn Industrial Internet Co., Ltd. A Shares | | | 1,127,975 | | | | 4,174,056 | |
| | |
SUPCON Technology Co., Ltd. A Shares | | | 415,449 | | | | 2,140,827 | |
| | |
| | | | | | | 10,843,341 | |
| | |
| Matthews China Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
|
Semiconductors & Semiconductor Equipment: 1.9% | |
| | |
Will Semiconductor Co., Ltd. Shanghai A Shares | | | 438,900 | | | | $5,963,624 | |
| | |
NAURA Technology Group Co., Ltd. A Shares | | | 39,013 | | | | 1,703,123 | |
| | |
| | | | | | | 7,666,747 | |
| |
Communications Equipment: 0.7% | | | | | |
| | |
Suzhou TFC Optical Communication Co., Ltd. A Shares | | | 251,540 | | | | 3,021,432 | |
| | |
Total Information Technology | | | | | | | 21,531,520 | |
| | | | | | | | |
| | | |
REAL ESTATE: 4.4% | | | | | | | | |
| |
Real Estate Management & Development: 4.4% | | | | | |
| | |
KE Holdings, Inc. ADR | | | 610,600 | | | | 8,639,990 | |
| | |
CIFI Holdings Group Co., Ltd.b | | | 104,961,520 | | | | 4,204,577 | |
| | |
Longfor Group Holdings, Ltd.c,d | | | 2,888,000 | | | | 3,945,507 | |
| | |
Times China Holdings, Ltd.b | | | 42,755,000 | | | | 1,471,969 | |
| | |
Total Real Estate | | | | | | | 18,262,043 | |
| | | | | | | | |
| | | |
ENERGY: 3.6% | | | | | | | | |
| |
Oil, Gas & Consumable Fuels: 3.6% | | | | | |
| | |
PetroChina Co., Ltd. H Shares | | | 14,698,000 | | | | 14,841,386 | |
| | |
Total Energy | | | | | | | 14,841,386 | |
| | | | | | | | |
| | | |
HEALTH CARE: 2.8% | | | | | | | | |
| |
Biotechnology: 1.0% | | | | | |
| | |
Innovent Biologics, Inc.b,c,d | | | 879,500 | | | | 4,139,956 | |
| |
Health Care Equipment & Supplies: 1.0% | | | | | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 103,414 | | | | 4,117,953 | |
| |
Health Care Providers & Services: 0.8% | | | | | |
| | |
Aier Eye Hospital Group Co., Ltd. A Shares | | | 1,201,706 | | | | 1,696,628 | |
| | |
Sinopharm Group Co., Ltd. H Shares | | | 623,200 | | | | 1,657,402 | |
| | |
| | | | | | | 3,354,030 | |
| | |
Total Health Care | | | | | | | 11,611,939 | |
| | | | | | | | |
| | | |
MATERIALS: 2.2% | | | | | | | | |
| |
Chemicals: 1.7% | | | | | |
| | |
Wanhua Chemical Group Co., Ltd. A Shares | | | 520,411 | | | | 5,752,991 | |
| | |
Nanjing Cosmos Chemical Co., Ltd. A Shares | | | 257,200 | | | | 1,126,522 | |
| | |
| | | | | | | 6,879,513 | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Metals & Mining: 0.5% | | | | | |
| | |
MMG, Ltd.b | | | 5,824,000 | | | | $2,222,002 | |
| | |
Total Materials | | | | | | | 9,101,515 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 413,597,851 | |
| | |
(Cost $529,715,661) | | | | | | | | |
| | |
RIGHTS: 0.0% | | | | | | | | |
| | | |
MATERIALS: 0.0% | | | | | | | | |
| |
Metals & Mining: 0.0% | | | | | |
| | |
MMG, Ltd., Rights, Expires 07/05/2024b | | | 2,329,600 | | | | 102,921 | |
| | |
Total Materials | | | | | | | 102,921 | |
| | | | | | | | |
| | | |
TOTAL RIGHTS | | | | | | | 102,921 | |
| | |
(Cost $0) | | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.9% | | | | | | | 413,700,772 | |
| | |
(Cost $529,715,661) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
LESS LIABILITIES: 0.1% | | | | | | | 285,968 | |
| | |
NET ASSETS: 100.0% | | | | | | | $413,986,740 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $52,534,211, which is 12.69% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 13 |
| | |
| Matthews China Small Companies Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 98.6% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDUSTRIALS: 22.9% | | | | | | | | |
| | |
Electrical Equipment: 6.5% | | | | | | | | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 569,657 | | | | $2,156,186 | |
| | |
Xuji Electric Co., Ltd. A Shares | | | 292,100 | | | | 1,375,776 | |
| | |
Shenzhen Megmeet Electrical Co., Ltd. A Shares | | | 350,200 | | | | 1,235,605 | |
| | |
| | | | | | | 4,767,567 | |
| | |
Machinery: 6.4% | | | | | | | | |
| | |
Yangzijiang Shipbuilding Holdings, Ltd. | | | 1,937,400 | | | | 3,506,834 | |
| | |
Morimatsu International Holdings Co., Ltd.b | | | 1,727,000 | | | | 1,147,301 | |
| | |
| | | | | | | 4,654,135 | |
| | |
Construction & Engineering: 2.2% | | | | | | | | |
| | |
Greentown Management Holdings Co., Ltd.b,c | | | 2,303,000 | | | | 1,590,438 | |
| | |
Ground Transportation: 2.1% | | | | | | | | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 190,485 | | | | 1,531,499 | |
| |
Commercial Services & Supplies: 2.0% | | | | | |
| | |
China Everbright Environment Group, Ltd. | | | 3,002,000 | | | | 1,503,412 | |
| | |
Marine Transportation: 1.7% | | | | | | | | |
| | |
SITC International Holdings Co., Ltd. | | | 450,500 | | | | 1,221,571 | |
| |
Trading Companies & Distributors: 1.5% | | | | | |
| | |
BOC Aviation, Ltd.b,c | | | 150,800 | | | | 1,077,168 | |
| | |
Professional Services: 0.5% | | | | | | | | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 255,100 | | | | 352,467 | |
| | |
Total Industrials | | | | | | | 16,698,257 | |
| | | | | | | | |
| | | |
CONSUMER DISCRETIONARY: 17.0% | | | | | | | | |
| |
Hotels, Restaurants & Leisure: 5.8% | | | | | |
| | |
Tongcheng Travel Holdings, Ltd.b | | | 1,070,800 | | | | 2,123,687 | |
| | |
Atour Lifestyle Holdings, Ltd. ADR | | | 65,164 | | | | 1,195,759 | |
| | |
DPC Dash, Ltd.d | | | 108,400 | | | | 892,724 | |
| | |
| | | | | | | 4,212,170 | |
| | |
Household Durables: 4.5% | | | | | | | | |
| | |
Jason Furniture Hangzhou Co., Ltd. A Shares | | | 437,600 | | | | 1,932,366 | |
| | |
Hisense Home Appliances Group Co., Ltd. H Shares | | | 405,000 | | | | 1,330,472 | |
| | |
| | | | | | | 3,262,838 | |
| |
Textiles, Apparel & Luxury Goods: 3.3% | | | | | |
| | |
Samsonite International SAb,c | | | 465,600 | | | | 1,387,809 | |
| | |
Xtep International Holdings, Ltd. | | | 1,642,500 | | | | 1,009,149 | |
| | |
| | | | | | | 2,396,958 | |
| | |
Automobile Components: 3.2% | | | | | | | | |
| | |
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | | | 494,903 | | | | 1,496,027 | |
| | |
Minth Group, Ltd.d | | | 550,000 | | | | 851,567 | |
| | |
| | | | | | | 2,347,594 | |
| | |
Automobiles: 0.2% | | | | | | | | |
| | |
Yadea Group Holdings, Ltd.b,c | | | 112,000 | | | | 140,905 | |
| | |
Total Consumer Discretionary | | | | | | | 12,360,465 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INFORMATION TECHNOLOGY: 10.3% | | | | | | | | |
|
Semiconductors & Semiconductor Equipment: 6.4% | |
| | |
ACM Research, Inc. Class Ad | | | 92,939 | | | $ | 2,143,173 | |
| | |
Alchip Technologies, Ltd. | | | 21,000 | | | | 1,581,218 | |
| | |
Andes Technology Corp. | | | 36,000 | | | | 479,022 | |
| | |
Silergy Corp. | | | 33,000 | | | | 468,083 | |
| | |
| | | | | | | 4,671,496 | |
|
Electronic Equipment, Instruments & Components: 3.3% | |
| | |
Elite Material Co., Ltd. | | | 112,000 | | | | 1,632,661 | |
| | |
Kingboard Laminates Holdings, Ltd. | | | 702,000 | | | | 755,852 | |
| | |
| | | | | | | 2,388,513 | |
| | |
Software: 0.6% | | | | | | | | |
| | |
Kingdee International Software Group Co., Ltd.d | | | 511,000 | | | | 477,836 | |
| | |
Total Information Technology | | | | | | | 7,537,845 | |
| | | | | | | | |
| | | |
REAL ESTATE: 10.2% | | | | | | | | |
|
Real Estate Management & Development: 10.2% | |
| | |
China Overseas Property Holdings, Ltd. | | | 4,290,000 | | | | 2,567,158 | |
| | |
KE Holdings, Inc. A Shares | | | 415,600 | | | | 1,997,153 | |
| | |
Midea Real Estate Holding, Ltd.b,c | | | 1,706,200 | | | | 1,458,229 | |
| | |
Yuexiu Property Co., Ltd. | | | 1,666,000 | | | | 1,086,788 | |
| | |
Greentown China Holdings, Ltd. | | | 414,000 | | | | 324,954 | |
| | |
Total Real Estate | | | | | | | 7,434,282 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 10.0% | | | | | | | | |
|
Personal Care Products: 3.6% | |
| | |
Giant Biogene Holding Co., Ltd.b,c | | | 444,800 | | | | 2,602,274 | |
|
Beverages: 3.0% | |
| | |
Anhui Yingjia Distillery Co., Ltd. A Shares | | | 182,000 | | | | 1,431,643 | |
| | |
Anhui Kouzi Distillery Co., Ltd. A Shares | | | 142,800 | | | | 764,923 | |
| | |
| | | | | | | 2,196,566 | |
|
Food Products: 2.5% | |
| | |
Anjoy Foods Group Co., Ltd. A Shares | | | 130,347 | | | | 1,324,969 | |
| | |
Chacha Food Co., Ltd. A Shares | | | 133,600 | | | | 515,029 | |
| | |
| | | | | | | 1,839,998 | |
|
Consumer Staples Distribution & Retail: 0.9% | |
| | |
Laobaixing Pharmacy Chain JSC A Shares | | | 272,090 | | | | 683,658 | |
| | |
Total Consumer Staples | | | | | | | 7,322,496 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 8.4% | | | | | | | | |
|
Entertainment: 4.5% | |
| | |
Cloud Music, Inc.b,c,d | | | 119,850 | | | | 1,542,432 | |
| | |
Maoyan Entertainmentb,c,d | | | 1,213,000 | | | | 1,245,638 | |
| | |
Kingsoft Corp., Ltd. | | | 181,400 | | | | 522,499 | |
| | |
| | | | | | | 3,310,569 | |
|
Interactive Media & Services: 3.9% | |
| | |
Kanzhun, Ltd. ADR | | | 134,905 | | | | 2,537,563 | |
| | |
Zhihu, Inc. ADRd | | | 102,833 | | | | 280,734 | |
| | |
| | | | | | | 2,818,297 | |
Total Communication Services | | | | | | | 6,128,866 | |
| | | | |
| Matthews China Small Companies Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| | |
| COMMON EQUITIES (continued) | | RIGHTS: 0.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
HEALTH CARE: 7.6% | | | | | | | | |
|
Health Care Equipment & Supplies: 2.5% | |
| | |
AK Medical Holdings, Ltd.b,c | | | 1,740,000 | | | | $956,508 | |
| | |
Shandong Pharmaceutical Glass Co., Ltd. A Shares | | | 205,800 | | | | 713,882 | |
| | |
Peijia Medical, Ltd.b,c,d | | | 455,000 | | | | 132,272 | |
| | |
| | | | | | | 1,802,662 | |
| | |
Biotechnology: 2.5% | | | | | | | | |
| | |
Legend Biotech Corp. ADRd | | | 27,039 | | | | 1,197,557 | |
| | |
Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.d | | | 27,700 | | | | 582,274 | |
| | |
| | | | | | | 1,779,831 | |
| | |
Pharmaceuticals: 1.8% | | | | | | | | |
| | |
HUTCHMED China, Ltd.d | | | 380,000 | | | | 1,334,019 | |
| | |
Health Care Technology: 0.8% | | | | | | | | |
| | |
Medlive Technology Co., Ltd.b,c | | | 617,000 | | | | 590,248 | |
| | |
Total Health Care | | | | | | | 5,506,760 | |
| | | | | | | | |
| | | |
MATERIALS: 4.6% | | | | | | | | |
|
Chemicals: 3.7% | |
| | |
Sunresin New Materials Co., Ltd. A Shares | | | 189,800 | | | | 1,083,088 | |
| | |
Nanjing Cosmos Chemical Co., Ltd. A Shares | | | 199,000 | | | | 871,609 | |
| | |
Dongyue Group, Ltd. | | | 667,000 | | | | 724,643 | |
| | |
| | | | | | | 2,679,340 | |
| | |
Metals & Mining: 0.9% | | | | | | | | |
| | |
MMG, Ltd.d | | | 1,728,000 | | | | 659,275 | |
| | |
Total Materials | | | | | | | 3,338,615 | |
| | | | | | | | |
| | | |
UTILITIES: 3.8% | | | | | | | | |
| | |
Gas Utilities: 3.8% | | | | | | | | |
| | |
ENN Natural Gas Co., Ltd. A Shares | | | 971,642 | | | | 2,766,040 | |
| | |
Total Utilities | | | | | | | 2,766,040 | |
| | | | | | | | |
| | | |
ENERGY: 3.8% | | | | | | | | |
| | |
Energy Equipment & Services: 3.2% | | | | | | | | |
| | |
Yantai Jereh Oilfield Services Group Co., Ltd. A Shares | | | 487,400 | | | | 2,337,645 | |
| |
Oil, Gas & Consumable Fuels: 0.6% | | | | | |
| | |
Sinopec Kantons Holdings, Ltd. | | | 814,000 | | | | 422,491 | |
| | |
Total Energy | | | | | | | 2,760,136 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 71,853,762 | |
| | |
(Cost $79,213,305) | | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
MATERIALS: 0.0% | | | | | |
|
Metals & Mining: 0.0% | |
| | |
MMG, Ltd., Rights, Expires 07/05/2024d | | | 691,200 | | | $ | 30,537 | |
| |
Total Materials | | | | 30,537 | |
| | | | | | | | |
| | | |
TOTAL RIGHTS | | | | | | | 30,537 | |
| | |
(Cost $ 0) | | | | | | | | |
| | |
TOTAL INVESTMENTS: 98.6% | | | | 71,884,299 | |
| | |
(Cost $ 79,213,305) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| |
LESS LIABILITIES: 1.4% | | | | 987,868 | |
| |
NET ASSETS: 100.0% | | | $ | 72,872,167 | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $12,723,921, which is 17.46% of net assets. |
| d | Non-income producing security. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 15 |
| | |
| Matthews India Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 103.3% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
FINANCIALS: 35.1% | | | | | | | | |
| | |
Banks: 21.0% | | | | | | | | |
| | |
HDFC Bank, Ltd. | | | 2,551,657 | | | | $51,528,696 | |
| | |
ICICI Bank, Ltd. | | | 3,432,886 | | | | 49,410,908 | |
| | |
Axis Bank, Ltd. | | | 1,450,145 | | | | 21,976,685 | |
| | |
IndusInd Bank, Ltd. | | | 1,236,335 | | | | 21,682,915 | |
| | |
Federal Bank, Ltd. | | | 8,711,276 | | | | 18,480,522 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 768,249 | | | | 16,563,145 | |
| | |
State Bank of India | | | 905,094 | | | | 9,195,155 | |
| | |
Union Bank of India, Ltd. | | | 2,732,481 | | | | 4,464,930 | |
| | |
| | | | | | | 193,302,956 | |
| |
Consumer Finance: 10.0% | | | | | |
| | |
Shriram Finance, Ltd. | | | 1,306,502 | | | | 45,506,947 | |
| | |
Bajaj Finance, Ltd. | | | 237,010 | | | | 20,198,722 | |
| | |
Cholamandalam Investment and Finance Co., Ltd. | | | 1,109,125 | | | | 18,899,926 | |
| | |
Mahindra & Mahindra Financial Services, Ltd. | | | 2,080,463 | | | | 7,488,812 | |
| | |
| | | | | | | 92,094,407 | |
|
Financial Services: 2.4% | |
| | |
LIC Housing Finance, Ltd. | | | 1,671,049 | | | | 15,933,389 | |
| | |
Jio Financial Services, Ltd.b | | | 1,356,051 | | | | 5,808,472 | |
| | |
| | | | | | | 21,741,861 | |
| | |
Insurance: 1.7% | | | | | | | | |
| | |
PB Fintech, Ltd.b | | | 685,888 | | | | 11,490,426 | |
| | |
Max Financial Services, Ltd.b | | | 378,203 | | | | 4,401,989 | |
| | |
| | | | | | | 15,892,415 | |
| | |
Total Financials | | | | | | | 323,031,639 | |
| | | | | | | | |
| | |
CONSUMER DISCRETIONARY: 14.8% | | | | | |
| | |
Automobiles: 7.6% | | | | | | | | |
| | |
Mahindra & Mahindra, Ltd. | | | 507,943 | | | | 17,436,450 | |
| | |
Tata Motors, Ltd. | | | 1,313,794 | | | | 15,567,128 | |
| | |
Maruti Suzuki India, Ltd. | | | 99,706 | | | | 14,375,885 | |
| | |
TVS Motor Co., Ltd. | | | 472,174 | | | | 13,371,779 | |
| | |
Bajaj Auto, Ltd. | | | 80,152 | | | | 9,131,104 | |
| | |
| | | | | | | 69,882,346 | |
|
Hotels, Restaurants & Leisure: 2.3% | |
| | |
Zomato, Ltd.b | | | 6,223,109 | | | | 14,934,032 | |
| | |
Restaurant Brands Asia, Ltd.b | | | 3,766,312 | | | | 4,479,695 | |
| | |
SAMHI Hotels, Ltd.b | | | 907,308 | | | | 2,073,044 | |
| | |
| | | | | | | 21,486,771 | |
|
Household Durables: 1.6% | |
| | |
Crompton Greaves Consumer Electricals, Ltd. | | | 1,708,307 | | | | 8,294,212 | |
| | |
Whirlpool of India, Ltd. | | | 250,559 | | | | 5,999,830 | |
| | |
| | | | | | | 14,294,042 | |
|
Textiles, Apparel & Luxury Goods: 1.4% | |
| | |
Titan Co., Ltd. | | | 321,981 | | | | 13,121,528 | |
|
Specialty Retail: 1.2% | |
| | |
Trent, Ltd. | | | 120,879 | | | | 7,932,023 | |
| | |
Shankara Building Products, Ltd. | | | 431,719 | | | | 3,534,900 | |
| | |
| | | | | | | 11,466,923 | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Automobile Components: 0.7% | | | | | |
| | |
Sansera Engineering, Ltd.c,d | | | 294,526 | | | | $4,554,092 | |
| | |
Divgi Torqtransfer Systems, Ltd. | | | 207,736 | | | | 1,656,302 | |
| | |
| | | | | | | 6,210,394 | |
| |
Total Consumer Discretionary | | | | 136,462,004 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 10.9% | | | | | | | | |
| | |
Electrical Equipment: 3.1% | | | | | | | | |
| | |
Bharat Heavy Electricals, Ltd. | | | 3,219,828 | | | | 11,589,981 | |
| | |
Elecon Engineering Co., Ltd. | | | 440,523 | | | | 6,973,939 | |
| | |
Suzlon Energy, Ltd.b | | | 7,857,413 | | | | 4,964,279 | |
| | |
TD Power Systems, Ltd. | | | 1,110,412 | | | | 4,723,687 | |
| | |
| | | | | | | 28,251,886 | |
| |
Construction & Engineering: 2.4% | | | | | |
| | |
Voltas, Ltd. | | | 659,786 | | | | 11,642,738 | |
| | |
Praj Industries, Ltd. | | | 958,441 | | | | 8,370,016 | |
| | |
Sterling and Wilson Renewable Energy, Ltd.b,d | | | 255,455 | | | | 2,179,930 | |
| | |
| | | | | | | 22,192,684 | |
| |
Machinery: 2.1% | | | | | |
| | |
Cummins India, Ltd. | | | 210,918 | | | | 10,015,350 | |
| | |
Thermax, Ltd. | | | 149,025 | | | | 9,559,306 | |
| | |
| | | | | | | 19,574,656 | |
| |
Aerospace & Defense: 1.0% | | | | | |
| | |
Hindustan Aeronautics, Ltd.d | | | 143,946 | | | | 9,078,862 | |
| |
Professional Services: 0.7% | | | | | |
| | |
Latent View Analytics, Ltd.b | | | 1,133,057 | | | | 6,787,613 | |
| |
Transportation Infrastructure: 0.7% | | | | | |
| | |
Gujarat Pipavav Port, Ltd. | | | 2,543,847 | | | | 6,365,140 | |
| |
Industrial Conglomerates: 0.6% | | | | | |
| | |
Apar Industries, Ltd. | | | 53,607 | | | | 5,441,317 | |
| |
Building Products: 0.3% | | | | | |
| | |
Astral, Ltd. | | | 95,577 | | | | 2,724,769 | |
| | |
Total Industrials | | | | | | | 100,416,927 | |
| | | | | | | | |
| | |
INFORMATION TECHNOLOGY: 9.0% | | | | | |
| | |
IT Services: 8.2% | | | | | | | | |
| | |
Infosys, Ltd. | | | 2,149,248 | | | | 40,334,246 | |
| | |
Tata Consultancy Services, Ltd. | | | 549,579 | | | | 25,672,630 | |
| | |
HCL Technologies, Ltd. | | | 367,044 | | | | 6,408,154 | |
| | |
Persistent Systems, Ltd. | | | 67,932 | | | | 3,449,479 | |
| | |
| | | | | | | 75,864,509 | |
|
Software: 0.4% | |
| | |
Newgen Software Technologies, Ltd. | | | 328,588 | | | | 3,815,909 | |
|
Electronic Equipment, Instruments & Components: 0.4% | |
| | |
Kaynes Technology India, Ltd.b | | | 70,718 | | | | 3,265,052 | |
| | |
Total Information Technology | | | | | | | 82,945,470 | |
| | | | | | | | |
| | |
CONSUMER STAPLES: 8.2% | | | | | |
| | |
Personal Care Products: 3.1% | | | | | | | | |
| | |
Godrej Consumer Products, Ltd. | | | 1,036,309 | | | | 17,069,015 | |
| | |
| Matthews India Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES: (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Honasa Consumer, Ltd.b | | | 2,277,262 | | | | $11,808,354 | |
| | |
| | | | | | | 28,877,369 | |
|
Food Products: 2.5% | |
| | |
Marico, Ltd. | | | 1,127,101 | | | | 8,284,092 | |
| | |
Tata Consumer Products, Ltd. | | | 563,570 | | | | 7,403,677 | |
| | |
Nestle India, Ltd. | | | 233,166 | | | | 7,127,937 | |
| | |
| | | | | | | 22,815,706 | |
|
Beverages: 1.9% | |
| | |
Varun Beverages, Ltd. | | | 895,630 | | | | 17,467,229 | |
|
Consumer Staples Distribution & Retail: 0.7% | |
| | |
Avenue Supermarts, Ltd.b,c,d | | | 105,374 | | | | 5,960,261 | |
| | |
Total Consumer Staples | | | | | | | 75,120,565 | |
| | | | | | | | |
| | | |
HEALTH CARE: 7.5% | | | | | | | | |
| | |
Pharmaceuticals: 4.7% | | | | | | | | |
| | |
Neuland Laboratories, Ltd. | | | 215,267 | | | | 19,322,464 | |
| | |
Lupin, Ltd. | | | 452,853 | | | | 8,791,066 | |
| | |
Sun Pharmaceutical Industries, Ltd. | | | 469,438 | | | | 8,548,317 | |
| | |
Dr. Reddy’s Laboratories, Ltd. | | | 88,380 | | | | 6,779,109 | |
| | |
| | | | | | | 43,440,956 | |
|
Health Care Equipment & Supplies: 1.9% | |
| | |
Poly Medicure, Ltd. | | | 751,567 | | | | 17,379,473 | |
|
Health Care Providers & Services: 0.5% | |
| | |
Metropolis Healthcare, Ltd.c,d | | | 197,476 | | | | 4,676,636 | |
|
Life Sciences Tools & Services: 0.4% | |
| | |
Divi’s Laboratories, Ltd. | | | 57,953 | | | | 3,190,428 | |
| | |
Total Health Care | | | | | | | 68,687,493 | |
| | | | | | | | |
| | | |
ENERGY: 7.0% | | | | | | | | |
|
Oil, Gas & Consumable Fuels: 7.0% | |
| | |
Reliance Industries, Ltd. | | | 1,721,637 | | | | 64,538,367 | |
| | |
Total Energy | | | | | | | 64,538,367 | |
| | | | | | | | |
| | | |
UTILITIES: 3.5% | | | | | | | | |
|
Independent Power and Renewable Electricity Producers: 2.3% | |
| | |
JSW Energy, Ltd. | | | 1,229,986 | | | | 10,819,179 | |
| | |
NTPC, Ltd. | | | 2,198,947 | | | | 9,971,748 | |
| | |
| | | | | | | 20,790,927 | |
|
Electric Utilities: 1.2% | |
| | |
Power Grid Corp. of India, Ltd. | | | 2,202,195 | | | | 8,721,367 | |
| | |
Tata Power Co., Ltd. | | | 532,645 | | | | 2,810,612 | |
| | |
| | | | | | | 11,531,979 | |
| | |
Total Utilities | | | | | | | 32,322,906 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MATERIALS: 3.5% | | | | | | | | |
|
Construction Materials: 1.7% | |
| | |
UltraTech Cement, Ltd. | | | 108,526 | | | | $15,162,897 | |
|
Metals & Mining: 1.2% | |
| | |
Tata Steel, Ltd. | | | 3,737,018 | | | | 7,779,357 | |
| | |
APL Apollo Tubes, Ltd. | | | 188,724 | | | | 3,514,706 | |
| | |
| | | | | | | 11,294,063 | |
|
Chemicals: 0.6% | |
| | |
PI Industries, Ltd. | | | 121,807 | | | | 5,541,954 | |
| | |
Total Materials | | | | | | | 31,998,914 | |
| | | | | | | | |
| |
COMMUNICATION SERVICES: 2.6% | |
|
Wireless Telecommunication Services: 2.6% | |
| | |
Bharti Airtel, Ltd. | | | 1,334,860 | | | | 23,094,997 | |
| | |
Vodafone Idea, Ltd.b | | | 5,448,751 | | | | 1,166,323 | |
| |
Total Communication Services | | | | 24,261,320 | |
| | | | | | | | |
| | | |
REAL ESTATE: 1.2% | | | | | | | | |
|
Real Estate Management & Development: 1.2% | |
| | |
Sunteck Realty, Ltd. | | | 849,119 | | | | 5,686,627 | |
| | |
DLF, Ltd. | | | 521,629 | | | | 5,149,588 | |
| | |
Total Real Estate | | | | | | | 10,836,215 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 103.3% | | | | | | | 950,621,820 | |
| | |
(Cost $728,303,580) | | | | | | | | |
| |
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (3.3%) | | | | (30,117,001 | ) |
| | |
NET ASSETS: 100.0% | | | | | | $ | 920,504,819 | |
| | |
| | | | | | | | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $15,190,989, which is 1.65% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 17 |
| | |
| Matthews Japan Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 98.6% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
CONSUMER DISCRETIONARY: 20.5% | |
Automobile Components: 4.5% | |
| | |
Denso Corp. | | | 997,200 | | | | $15,565,335 | |
| | |
Yokohama Rubber Co., Ltd. | | | 328,300 | | | | 7,302,273 | |
| | |
Nifco, Inc. | | | 287,700 | | | | 6,897,673 | |
| | |
| | | | | | | 29,765,281 | |
|
Broadline Retail: 3.6% | |
| | |
Isetan Mitsukoshi Holdings, Ltd. | | | 785,100 | | | | 14,757,378 | |
| | |
Pan Pacific International Holdings Corp. | | | 387,400 | | | | 9,062,000 | |
| | |
| | | | | | | 23,819,378 | |
|
Specialty Retail: 3.1% | |
| | |
Fast Retailing Co., Ltd. | | | 82,700 | | | | 20,918,237 | |
|
Household Durables: 3.1% | |
| | |
Sony Group Corp. | | | 240,800 | | | | 20,521,259 | |
|
Textiles, Apparel & Luxury Goods: 3.0% | |
| | |
Asics Corp. | | | 926,000 | | | | 14,277,229 | |
| | |
Goldwin, Inc. | | | 109,200 | | | | 5,980,588 | |
| | |
| | | | | | | 20,257,817 | |
|
Automobiles: 2.4% | |
| | |
Honda Motor Co., Ltd. | | | 1,479,100 | | | | 15,900,314 | |
|
Hotels, Restaurants & Leisure: 0.8% | |
| | |
Kyoritsu Maintenance Co., Ltd. | | | 286,700 | | | | 5,370,513 | |
| |
Total Consumer Discretionary | | | | 136,552,799 | |
| | | | | | | | |
| |
INFORMATION TECHNOLOGY: 20.3% | |
|
Semiconductors & Semiconductor Equipment: 7.4% | |
| | |
Tokyo Electron, Ltd. | | | 127,300 | | | | 27,866,023 | |
| | |
Renesas Electronics Corp. | | | 1,131,900 | | | | 21,466,086 | |
| | |
| | | | | | | 49,332,109 | |
|
Electronic Equipment, Instruments & Components: 5.5% | |
| | |
Keyence Corp. | | | 72,600 | | | | 31,775,440 | |
| | |
Japan Aviation Electronics Industry, Ltd. | | | 291,400 | | | | 4,710,565 | |
| | |
| | | | | | | 36,486,005 | |
|
IT Services: 4.3% | |
| | |
NEC Corp. | | | 224,800 | | | | 18,536,238 | |
| | |
OBIC Co., Ltd. | | | 76,800 | | | | 9,909,678 | |
| | |
| | | | | | | 28,445,916 | |
|
Technology Hardware, Storage & Peripherals: 3.1% | |
| | |
FUJIFILM Holdings Corp. | | | 893,200 | | | | 20,951,524 | |
| | |
Total Information Technology | | | | | | | 135,215,554 | |
| | | | | | | | |
| |
INDUSTRIALS: 18.4% | |
|
Industrial Conglomerates: 5.0% | |
| | |
Hitachi, Ltd. | | | 1,347,000 | | | | 30,329,492 | |
| | |
Hikari Tsushin, Inc. | | | 15,000 | | | | 2,809,810 | |
| | |
| | | | | | | 33,139,302 | |
|
Trading Companies & Distributors: 4.2% | |
| | |
ITOCHU Corp. | | | 564,100 | | | | 27,730,144 | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Professional Services: 3.6% | |
| | |
Recruit Holdings Co., Ltd. | | | 447,800 | | | | $24,094,852 | |
|
Electrical Equipment: 2.5% | |
| | |
Mitsubishi Electric Corp. | | | 623,500 | | | | 9,991,662 | |
| | |
GS Yuasa Corp. | | | 328,200 | | | | 6,546,000 | |
| | |
| | | | | | | 16,537,662 | |
|
Machinery: 2.2% | |
| | |
MINEBEA MITSUMI, Inc. | | | 421,000 | | | | 8,672,950 | |
| | |
THK Co., Ltd. | | | 354,500 | | | | 6,358,712 | |
| | |
| | | | | | | 15,031,662 | |
|
Construction & Engineering: 0.9% | |
| | |
Kajima Corp. | | | 355,700 | | | | 6,169,968 | |
| | |
Total Industrials | | | | | | | 122,703,590 | |
| | | | | | | | |
| |
FINANCIALS: 14.8% | |
|
Insurance: 4.6% | |
| | |
Tokio Marine Holdings, Inc. | | | 812,300 | | | | 30,525,468 | |
|
Banks: 4.2% | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 2,609,300 | | | | 28,159,636 | |
|
Financial Services: 4.1% | |
| | |
ORIX Corp. | | | 1,246,300 | | | | 27,622,846 | |
|
Consumer Finance: 1.9% | |
| | |
Credit Saison Co., Ltd. | | | 612,500 | | | | 12,752,595 | |
| | |
Total Financials | | | | | | | 99,060,545 | |
| | | | | | | | |
| |
MATERIALS: 8.4% | |
|
Chemicals: 5.9% | |
| | |
Shin-Etsu Chemical Co., Ltd. | | | 741,500 | | | | 28,830,737 | |
| | |
Mitsui Chemicals, Inc. | | | 393,900 | | | | 10,907,649 | |
| | |
| | | | | | | 39,738,386 | |
|
Construction Materials: 1.7% | |
| | |
Taiheiyo Cement Corp. | | | 444,800 | | | | 11,190,521 | |
|
Metals & Mining: 0.8% | |
| | |
Nippon Steel Corp. | | | 238,000 | | | | 5,045,227 | |
| | |
Total Materials | | | | | | | 55,974,134 | |
| | | | | | | | |
| |
HEALTH CARE: 6.8% | |
|
Health Care Equipment & Supplies: 3.6% | |
| | |
Terumo Corp. | | | 955,600 | | | | 15,848,821 | |
| | |
Olympus Corp. | | | 509,600 | | | | 8,226,131 | |
| | |
| | | | | | | 24,074,952 | |
|
Pharmaceuticals: 3.2% | |
| | |
Daiichi Sankyo Co., Ltd. | | | 354,700 | | | | 12,327,153 | |
| | |
Sawai Group Holdings Co., Ltd. | | | 227,300 | | | | 9,223,227 | |
| | |
| | | | | | | 21,550,380 | |
| | |
Total Health Care | | | | | | | 45,625,332 | |
| | | | | | | | |
| |
CONSUMER STAPLES: 4.5% | |
|
Food Products: 2.7% | |
| | |
Ajinomoto Co., Inc. | | | 511,200 | | | | 17,991,801 | |
| | |
| Matthews Japan Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Household Products: 1.5% | |
| | |
Unicharm Corp. | | | 308,400 | | | | $9,910,505 | |
|
Consumer Staples Distribution & Retail: 0.3% | |
| | |
Trial Holdings, Inc. | | | 158,900 | | | | 2,489,752 | |
| | |
Total Consumer Staples | | | | | | | 30,392,058 | |
| | | | | | | | |
| | | |
REAL ESTATE: 2.6% | | | | | | | | |
|
Real Estate Management & Development: 2.6% | |
| | |
Mitsui Fudosan Co., Ltd. | | | 987,700 | | | | 9,090,709 | |
| | |
Mitsubishi Estate Co., Ltd. | | | 544,900 | | | | 8,578,589 | |
| | |
Total Real Estate | | | | | | | 17,669,298 | |
| | | | | | | | |
| | |
COMMUNICATION SERVICES: 2.3% | | | | | |
|
Entertainment: 2.3% | |
| | |
Capcom Co., Ltd. | | | 795,200 | | | | 15,042,710 | |
| | |
Total Communication Services | | | | | | | 15,042,710 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 98.6% | | | | | | | 658,236,020 | |
(Cost $550,471,576) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.4% | | | | | | | 9,247,071 | |
| | |
NET ASSETS: 100.0% | | | | | | | $667,483,091 | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 19 |
| | |
| Matthews Asian Growth and Income Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 89.4% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 33.2% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 349,700 | | | | $16,589,883 | |
| | |
AIA Group, Ltd. | | | 1,816,400 | | | | 12,289,308 | |
| | |
HKT Trust & HKT, Ltd. | | | 5,462,000 | | | | 6,126,423 | |
| | |
Midea Group Co., Ltd. A Shares | | | 656,330 | | | | 5,791,480 | |
| | |
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares | | | 1,587,975 | | | | 5,613,175 | |
| | |
ENN Natural Gas Co., Ltd. A Shares | | | 1,937,277 | | | | 5,514,979 | |
| | |
NARI Technology Co., Ltd. A Shares | | | 1,609,290 | | | | 5,490,438 | |
| | |
BOC Hong Kong Holdings, Ltd. | | | 1,679,000 | | | | 5,180,881 | |
| | |
NetEase, Inc. ADR | | | 53,212 | | | | 5,086,003 | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 277,674 | | | | 4,858,296 | |
| | |
JD.com, Inc. Class A | | | 365,202 | | | | 4,742,976 | |
| | |
Jiangsu Expressway Co., Ltd. H Shares | | | 4,368,000 | | | | 4,659,519 | |
| | |
Yum China Holdings, Inc. | | | 125,658 | | | | 3,875,293 | |
| | |
Qingdao Haier Biomedical Co., Ltd. A Shares | | | 674,440 | | | | 3,429,197 | |
| | |
Zhongsheng Group Holdings, Ltd. | | | 1,841,000 | | | | 2,689,288 | |
| | |
Link REIT | | | 657,840 | | | | 2,554,632 | |
| | |
Total China/Hong Kong | | | | | | | 94,491,771 | |
| | | | | | | | |
| | | |
INDIA: 15.9% | | | | | | | | |
| | |
HDFC Bank, Ltd. | | | 699,747 | | | | 14,130,837 | |
| | |
Tata Consultancy Services, Ltd. | | | 170,125 | | | | 7,947,094 | |
| | |
Computer Age Management Services, Ltd. | | | 158,091 | | | | 6,838,581 | |
| | |
Embassy Office Parks REIT | | | 1,368,465 | | | | 5,818,029 | |
| | |
Crompton Greaves Consumer Electricals, Ltd. | | | 1,132,423 | | | | 5,498,167 | |
| | |
Hindustan Unilever, Ltd. | | | 165,214 | | | | 4,894,650 | |
| | |
Total India | | | | | | | 45,127,358 | |
| | | | | | | | |
| | | |
TAIWAN: 14.8% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 1,072,187 | | | | 31,766,354 | |
| | |
Advantech Co., Ltd. | | | 516,078 | | | | 5,875,447 | |
| | |
Chailease Holding Co., Ltd. | | | 908,703 | | | | 4,289,068 | |
| | |
Total Taiwan | | | | | | | 41,930,869 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 8.9% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 178,336 | | | | 10,495,754 | |
| | |
Macquarie Korea Infrastructure Fund | | | 784,273 | | | | 7,039,023 | |
| | |
SK Telecom Co., Ltd. | | | 124,492 | | | | 4,648,181 | |
| | |
LEENO Industrial, Inc. | | | 17,969 | | | | 3,037,318 | |
| | |
Total South Korea | | | | | | | 25,220,276 | |
| | | | | | | | |
| | | |
SINGAPORE: 5.2% | | | | | | | | |
| | |
Singapore Technologies Engineering, Ltd. | | | 1,939,725 | | | | 6,176,755 | |
| | |
United Overseas Bank, Ltd. | | | 192,100 | | | | 4,431,041 | |
| | |
CapitaLand Ascendas REIT | | | 2,260,384 | | | | 4,258,847 | |
| | |
Total Singapore | | | | | | | 14,866,643 | |
| | | | | | | | |
| | | |
FRANCE: 3.0% | | | | | | | | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | | 5,562 | | | | 4,270,454 | |
| | |
Pernod Ricard SA | | | 30,296 | | | | 4,133,575 | |
| | |
Total France | | | | | | | 8,404,029 | |
| | | | | | | | |
| | | |
THAILAND: 2.9% | | | | | | | | |
| | |
Bangkok Dusit Medical Services Public Co., Ltd. F Shares | | | 6,168,700 | | | | 4,489,938 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
Digital Telecommunications Infrastructure Fund F Shares | | | 18,207,100 | | | | $3,817,054 | |
| | |
Total Thailand | | | | | | | 8,306,992 | |
| | | | | | | | |
| | | |
UNITED STATES: 2.0% | | | | | | | | |
| | |
Broadcom, Inc. | | | 3,514 | | | | 5,641,832 | |
| | |
Total United States | | | | | | | 5,641,832 | |
| | | | | | | | |
| | | |
PHILIPPINES: 1.9% | | | | | | | | |
| | |
Bank of the Philippine Islands | | | 2,723,906 | | | | 5,535,280 | |
| | |
Total Philippines | | | | | | | 5,535,280 | |
| | | | | | | | |
| | | |
INDONESIA: 1.6% | | | | | | | | |
| | |
PT Bank Rakyat Indonesia Persero Tbk | | | 16,532,172 | | | | 4,635,564 | |
| | |
Total Indonesia | | | | | | | 4,635,564 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 254,160,614 | |
| | |
(Cost $241,574,441) | | | | | | | | |
|
CONVERTIBLE CORPORATE BONDS: 9.7% | |
| | |
| | | Face Amount* | | | Value | |
| | | |
TAIWAN: 2.5% | | | | | | | | |
| | |
Bizlink Holding, Inc., Cnv.
0.000%, 01/12/27b | | | 4,200,000 | | | | 4,706,100 | |
| | |
Bizlink Holding, Inc., Cnv.
0.000%, 01/30/28b | | | 1,800,000 | | | | 2,273,400 | |
| | |
Total Taiwan | | | | | | | 6,979,500 | |
| | | | | | | | |
| | | |
SINGAPORE: 2.1% | | | | | | | | |
| | |
Straits Trading Co., Ltd., Cnv. 3.250%, 02/13/28b | | | SGD 8,750,000 | | | | 6,120,426 | |
| | |
Total Singapore | | | | | | | 6,120,426 | |
| | | | | | | | |
| | | |
NEW ZEALAND: 1.8% | | | | | | | | |
| | |
Xero Investments, Ltd., Cnv. 0.000%, 12/02/25b | | | 5,365,000 | | | | 5,131,137 | |
| | |
Total New Zealand | | | | | | | 5,131,137 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 1.7% | | | | | | | | |
| | |
ZTO Express Cayman, Inc., Cnv. 1.500%, 09/01/27 | | | 4,940,000 | | | | 4,803,162 | |
| | |
Total China/Hong Kong | | | | | | | 4,803,162 | |
| | |
| Matthews Asian Growth and Income Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| CONVERTIBLE CORPORATE BONDS (continued) | | |
| | | | | | | | |
| | | Face Amount* | | | Value | |
| | |
SOUTH KOREA: 1.6% | | | | | |
| | |
LG Chem, Ltd., Cnv.
1.250%, 07/18/28b | | | 4,700,000 | | | | $4,465,000 | |
| |
Total South Korea | | | | 4,465,000 | |
| | | | | | | | |
| | |
TOTAL CONVERTIBLE CORPORATE BONDS | | | | 27,499,225 | |
| | |
(Cost $25,942,048) | | | | | | | | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS: 99.1% | | | | 281,659,839 | |
| | |
(Cost $267,516,489) | | | | | | | | |
| |
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.9% | | | | 2,512,150 | |
| | |
NET ASSETS: 100.0% | | | | | | $ | 284,171,989 | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| * | All Values in USD unless otherwise specified. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 21 |
| | |
| Matthews Asia Dividend Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 97.8% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
JAPAN: 32.7% | | | | | | | | |
| | |
ITOCHU Corp. | | | 452,800 | | | | $22,258,835 | |
| | |
Tokio Marine Holdings, Inc. | | | 477,500 | | | | 17,944,000 | |
| | |
ORIX Corp. | | | 777,200 | | | | 17,225,769 | |
| | |
Suzuki Motor Corp. | | | 1,448,700 | | | | 16,724,684 | |
| | |
Bandai Namco Holdings, Inc. | | | 641,000 | | | | 12,558,063 | |
| | |
Shin-Etsu Chemical Co., Ltd. | | | 318,700 | | | | 12,391,579 | |
| | |
Nomura Research Institute, Ltd. | | | 429,500 | | | | 12,139,272 | |
| | |
Nippon Gas Co., Ltd. | | | 780,900 | | | | 11,791,620 | |
| | |
GLP J-Reit | | | 14,374 | | | | 11,736,464 | |
| | |
Ajinomoto Co., Inc. | | | 329,800 | | | | 11,607,387 | |
| | |
Kakaku.com, Inc. | | | 878,100 | | | | 11,522,557 | |
| | |
Nissin Foods Holdings Co., Ltd. | | | 428,400 | | | | 10,892,398 | |
| | |
Hikari Tsushin, Inc. | | | 57,100 | | | | 10,696,012 | |
| | |
Denso Corp. | | | 659,300 | | | | 10,291,040 | |
| | |
Disco Corp. | | | 27,000 | | | | 10,284,291 | |
| | |
Keyence Corp. | | | 23,300 | | | | 10,197,903 | |
| | |
Terumo Corp. | | | 606,400 | | | | 10,057,268 | |
| | |
SHO-BOND Holdings Co., Ltd. | | | 191,600 | | | | 6,866,775 | |
| | |
Capcom Co., Ltd. | | | 85,300 | | | | 1,613,610 | |
| | |
Total Japan | | | | | | | 228,799,527 | |
| | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 22.7% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 538,000 | | | | 25,522,896 | |
| | |
AIA Group, Ltd. | | | 2,643,200 | | | | 17,883,230 | |
| | |
NARI Technology Co., Ltd. A Shares | | | 3,941,168 | | | | 13,446,140 | |
| | |
Midea Group Co., Ltd. A Shares | | | 1,498,341 | | | | 13,283,919 | |
| | |
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares | | | 3,659,243 | | | | 12,934,694 | |
| | |
NetEase, Inc. | | | 636,200 | | | | 12,148,827 | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 669,200 | | | | 11,708,593 | |
| | |
JD.com, Inc. Class A | | | 823,533 | | | | 10,695,444 | |
| | |
Yuexiu Transport Infrastructure, Ltd. | | | 20,090,000 | | | | 10,443,312 | |
| | |
Yum China Holdings, Inc. | | | 309,547 | | | | 9,546,429 | |
| | |
Minth Group, Ltd.b | | | 5,459,000 | | | | 8,452,182 | |
| | |
HKT Trust & HKT, Ltd. | | | 6,186,000 | | | | 6,938,494 | |
| | |
Link REIT | | | 1,625,520 | | | | 6,312,486 | |
| | |
Total China/Hong Kong | | | | | | | 159,316,646 | |
| | |
| | | | | | | | |
| | | |
AUSTRALIA: 10.5% | | | | | | | | |
| | |
CSL, Ltd. | | | 72,347 | | | | 14,187,050 | |
| | |
AUB Group, Ltd. | | | 608,422 | | | | 12,796,288 | |
| | |
Lottery Corp., Ltd. | | | 3,614,952 | | | | 12,184,008 | |
| | |
Ampol, Ltd. | | | 548,878 | | | | 11,805,536 | |
| | |
Breville Group, Ltd. | | | 626,729 | | | | 11,265,831 | |
| | |
Ventia Services Group Pty, Ltd. | | | 4,415,109 | | | | 11,233,462 | |
| | |
Total Australia | | | | | | | 73,472,175 | |
| | |
| | | | | | | | |
| | | |
TAIWAN: 10.2% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 1,367,469 | | | | 40,514,858 | |
| | |
Delta Electronics, Inc. | | | 1,341,000 | | | | 15,994,787 | |
| | |
Chailease Holding Co., Ltd. | | | 2,248,580 | | | | 10,613,272 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 23,370 | | | | $4,061,940 | |
| | |
Total Taiwan | | | | | | | 71,184,857 | |
| | |
| | | | | | | | |
| | | |
INDIA: 9.1% | | | | | | | | |
| | |
HDFC Bank, Ltd. | | | 1,133,703 | | | | 22,894,236 | |
| | |
Tata Consultancy Services, Ltd. | | | 336,826 | | | | 15,734,242 | |
| | |
Power Grid Corp. of India, Ltd. | | | 3,284,283 | | | | 13,006,767 | |
| | |
Hindustan Unilever, Ltd. | | | 414,750 | | | | 12,287,433 | |
| | |
Total India | | | | | | | 63,922,678 | |
| | |
| | | | | | | | |
| | | |
SOUTH KOREA: 6.2% | | | | | | | | |
| | |
Macquarie Korea Infrastructure Fund | | | 1,797,368 | | | | 16,131,773 | |
| | |
Samsung Electronics Co., Ltd. | | | 270,006 | | | | 15,890,884 | |
| | |
SK Telecom Co., Ltd. | | | 311,553 | | | | 11,632,512 | |
| | |
Total South Korea | | | | | | | 43,655,169 | |
| | |
| | | | | | | | |
| | | |
SINGAPORE: 3.0% | | | | | | | | |
| | |
United Overseas Bank, Ltd. | | | 478,200 | | | | 11,030,317 | |
| | |
Capitaland India Trust | | | 13,431,400 | | | | 9,692,033 | |
| | |
Total Singapore | | | | | | | 20,722,350 | |
| | |
| | | | | | | | |
| | | |
THAILAND: 1.6% | | | | | | | | |
| | |
Bangkok Dusit Medical Services Public Co., Ltd. F Shares | | | 15,147,400 | | | | 11,025,158 | |
| | |
Total Thailand | | | | | | | 11,025,158 | |
| | |
| | | | | | | | |
| | | |
INDONESIA: 1.6% | | | | | | | | |
| | |
PT Bank Rakyat Indonesia Persero Tbk | | | 39,205,784 | | | | 10,993,166 | |
| | |
Total Indonesia | | | | | | | 10,993,166 | |
| | |
| | | | | | | | |
| | | |
VIETNAM: 0.2% | | | | | | | | |
| | |
FPT Corp. | | | 292,668 | | | | 1,497,911 | |
| | |
Total Vietnam | | | | | | | 1,497,911 | |
| | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 97.8% | | | | | | | 684,589,637 | |
| | |
(Cost $669,749,535) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.2% | | | | | | | 15,718,778 | |
| | |
NET ASSETS: 100.0% | | | | | | | $700,308,415 | |
| | |
| | | | | | | | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | |
| Matthews China Dividend Fund | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 96.4% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CONSUMER DISCRETIONARY: 30.2% | | | | | | | | |
| | |
Broadline Retail: 9.6% | | | | | | | | |
| | |
Alibaba Group Holding, Ltd. | | | 686,600 | | | | $6,188,215 | |
| | |
MINISO Group Holding, Ltd. ADR | | | 125,984 | | | | 2,402,515 | |
| | |
JD.com, Inc. Class A | | | 72,250 | | | | 938,330 | |
| | |
| | | | | | | 9,529,060 | |
|
Hotels, Restaurants & Leisure: 8.3% | |
| | |
Meituan Class Bb,c,d | | | 222,600 | | | | 3,164,101 | |
| | |
Shanghai Jinjiang International Hotels Co., Ltd. B Shares | | | 1,612,900 | | | | 2,170,507 | |
| | |
Tam Jai International Co., Ltd. | | | 10,868,000 | | | | 1,431,917 | |
| | |
Galaxy Entertainment Group, Ltd. | | | 211,000 | | | | 981,979 | |
| | |
Yum China Holdings, Inc. | | | 14,703 | | | | 453,441 | |
| | |
| | | | | | | 8,201,945 | |
| | |
Household Durables: 4.5% | | | | | | | | |
| | |
Haier Smart Home Co., Ltd. D Shares | | | 1,814,357 | | | | 3,081,345 | |
| | |
Jason Furniture Hangzhou Co., Ltd. A Shares | | | 319,500 | | | | 1,410,857 | |
| | |
| | | | | | | 4,492,202 | |
| | |
Automobile Components: 2.8% | | | | | | | | |
| | |
Fuyao Glass Industry Group Co., Ltd. H Sharesb,d | | | 468,400 | | | | 2,713,366 | |
| |
Textiles, Apparel & Luxury Goods: 2.1% | | | | | |
| | |
ANTA Sports Products, Ltd. | | | 216,800 | | | | 2,073,473 | |
| | |
Automobiles: 1.9% | | | | | | | | |
| | |
BYD Co., Ltd. A Shares | | | 53,600 | | | | 1,833,668 | |
| |
Diversified Consumer Services: 1.0% | | | | | |
| | |
New Oriental Education & Technology Group, Inc.c | | | 127,600 | | | | 980,748 | |
| | |
Total Consumer Discretionary | | | | | | | 29,824,462 | |
| | |
| | | | | | | | |
| | | |
FINANCIALS: 16.6% | | | | | | | | |
| | |
Banks: 10.8% | | | | | | | | |
| | |
China Merchants Bank Co., Ltd. A Shares | | | 803,784 | | | | 3,759,968 | |
| | |
China Construction Bank Corp. H Shares | | | 4,848,000 | | | | 3,583,749 | |
| | |
Postal Savings Bank of China Co., Ltd. H Sharesb,d | | | 5,746,000 | | | | 3,364,334 | |
| | |
| | | | | | | 10,708,051 | |
| | |
Insurance: 3.7% | | | | | | | | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 804,000 | | | | 3,642,584 | |
| | |
Capital Markets: 2.1% | | | | | | | | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 65,500 | | | | 2,096,206 | |
| | |
Total Financials | | | | | | | 16,446,841 | |
| | |
| | | | | | | | |
| | | |
INDUSTRIALS: 13.6% | | | | | | | | |
| | |
Machinery: 4.0% | | | | | | | | |
| | |
Yangzijiang Shipbuilding Holdings, Ltd. | | | 2,178,400 | | | | 3,943,061 | |
| |
Commercial Services & Supplies: 2.6% | | | | | |
| | |
China Everbright Environment Group, Ltd. | | | 5,072,000 | | | | 2,540,074 | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Transportation Infrastructure: 2.3% | | | | | |
| | |
Anhui Expressway Co., Ltd. H Shares | | | 1,928,000 | | | | $2,308,450 | |
| | |
Marine Transportation: 1.9% | | | | | | | | |
| | |
SITC International Holdings Co., Ltd. | | | 699,000 | | | | 1,895,401 | |
| |
Trading Companies & Distributors: 1.8% | | | | | |
| | |
BOC Aviation, Ltd.b,d | | | 250,500 | | | | 1,789,328 | |
| | |
Ground Transportation: 1.0% | | | | | | | | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 116,928 | | | | 940,101 | |
| | |
Total Industrials | | | | | | | 13,416,415 | |
| | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 13.3% | | | | | | | | |
| |
Interactive Media & Services: 12.2% | | | | | |
| | |
Tencent Holdings, Ltd. | | | 226,100 | | | | 10,726,258 | |
| | |
Kanzhun, Ltd. ADR | | | 73,944 | | | | 1,390,887 | |
| | |
| | | | | | | 12,117,145 | |
|
Diversified Telecommunication Services: 1.1% | |
| | |
CITIC Telecom International Holdings, Ltd. | | | 3,215,000 | | | | 1,077,740 | |
| | |
Total Communication Services | | | | | | | 13,194,885 | |
| | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 6.2% | | | | | | | | |
| | |
Beverages: 4.6% | | | | | | | | |
| | |
Tsingtao Brewery Co., Ltd. H Shares | | | 462,000 | | | | 3,072,918 | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 80,600 | | | | 1,410,210 | |
| | |
| | | | | | | 4,483,128 | |
| | |
Personal Care Products: 1.6% | | | | | | | | |
| | |
Giant Biogene Holding Co., Ltd.b,d | | | 275,200 | | | | 1,610,040 | |
| | |
Total Consumer Staples | | | | | | | 6,093,168 | |
| | |
| | | | | | | | |
| | | |
ENERGY: 5.3% | | | | | | | | |
|
Oil, Gas & Consumable Fuels: 5.3% | |
| | |
China Suntien Green Energy Corp., Ltd. H Shares | | | 6,608,000 | | | | 2,995,021 | |
| | |
PetroChina Co., Ltd. H Shares | | | 2,192,000 | | | | 2,213,384 | |
| | |
Total Energy | | | | | | | 5,208,405 | |
| | |
| | | | | | | | |
| | | |
REAL ESTATE: 4.4% | | | | | | | | |
|
Real Estate Management & Development: 4.4% | |
| | |
Onewo, Inc. H Shares | | | 691,030 | | | | 2,068,380 | |
| | |
Yuexiu Property Co., Ltd. | | | 2,086,000 | | | | 1,360,769 | |
| | |
KE Holdings, Inc. ADR | | | 65,655 | | | | 929,018 | |
| | |
Total Real Estate | | | | | | | 4,358,167 | |
| | |
| | | | | | | | |
| | |
INFORMATION TECHNOLOGY: 3.3% | | | | | |
|
Electronic Equipment, Instruments & Components: 3.3% | |
| | |
E Ink Holdings, Inc. | | | 289,000 | | | | 2,237,694 | |
| | |
Wasion Holdings, Ltd. | | | 1,192,000 | | | | 1,043,947 | |
| | |
Total Information Technology | | | | | | | 3,281,641 | |
| | |
| | | | | | | | |
| | | |
MATERIALS: 1.9% | | | | | | | | |
| | |
Construction Materials: 1.9% | | | | | | | | |
| | |
China Jushi Co., Ltd. A Shares | | | 1,273,907 | | | | 1,925,555 | |
| | |
Total Materials | | | | | | | 1,925,555 | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 23 |
| | |
Matthews China Dividend Fund | | June 30, 2024 |
|
| Schedule of Investmentsa (unaudited) (continued) |
|
| COMMON EQUITIES (continued) |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
HEALTH CARE: 1.6% | | | | | | | | |
|
Health Care Equipment & Supplies: 1.6% | |
| | |
AK Medical Holdings, Ltd.b,d | | | 2,912,000 | | | | $1,600,776 | |
| | |
Total Health Care | | | | | | | 1,600,776 | |
| | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 96.4% | | | | | | | 95,350,315 | |
| | |
(Cost $101,835,763) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.6% | | | | | | | 3,526,412 | |
| | |
NET ASSETS: 100.0% | | | | | | | $98,876,727 | |
| | |
| | | | | | | | |
| | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $14,241,945, which is 14.40% of net assets. |
| c | Non-income producing security. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) | | June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews Emerging
Markets Equity Fund | | | Matthews Emerging
Markets Sustainable
Future Fund | | | Matthews
Emerging Markets
Small Companies
Fund | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
Unaffiliated issuers | | | $19,691,213 | | | | $242,556,387 | | | | $701,883,557 | |
| | | |
Cash | | | 1,722,212 | | | | 1,773,551 | | | | — | |
| | | |
Segregated foreign currency at value | | | 494 | | | | 7,482 | | | | 5,110 | |
| | | |
Foreign currency at value (B) | | | 8,136 | | | | 37,594 | | | | 186,812 | |
| | | |
Dividends and interest receivable | | | 51,016 | | | | 343,717 | | | | 1,487,482 | |
| | | |
Receivable for securities sold | | | — | | | | — | | | | 1,503,272 | |
| | | |
Receivable for capital shares sold | | | 11,639 | | | | 59,733 | | | | 2,737,265 | |
| | | |
Other receivable | | | 965 | | | | 17,243 | | | | 115,795 | |
| | | |
Due from Advisor (Note 4) | | | 9,484 | | | | — | | | | — | |
| | | |
Prepaid expenses | | | 54,510 | | | | 59,479 | | | | 21,404 | |
| | | |
TOTAL ASSETS | | | 21,549,669 | | | | 244,855,186 | | | | 707,940,697 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Cash overdraft | | | — | | | | — | | | | 1,399,344 | |
| | | |
Payable for securities purchased | | | 24 | | | | 334,915 | | | | 168,640 | |
| | | |
Payable for capital shares redeemed | | | — | | | | 1,340,883 | | | | 414,042 | |
| | | |
Deferred foreign capital gains tax liability (Note 2-E) | | | 80,520 | | | | 3,085,270 | | | | 9,652,820 | |
| | | |
Due to Advisor (Note 4) | | | — | | | | 138,069 | | | | 449,877 | |
| | | |
Administration and accounting fees payable (Note 4) | | | 284 | | | | 3,170 | | | | 9,200 | |
| | | |
Administration and shareholder servicing fees payable (Note 4) | | | 3,471 | | | | 39,637 | | | | 114,625 | |
| | | |
Custodian fees payable | | | 2,609 | | | | — | | | | 627 | |
| | | |
Foreign capital gains tax payable (Note 2-E) | | | — | | | | 2,830 | | | | — | |
| | | |
Intermediary service fees payable (Note 4) | | | 5,128 | | | | 29,700 | | | | 122,002 | |
| | | |
Professional fees payable | | | — | | | | 6,027 | | | | 15,792 | |
| | | |
Transfer agent fees payable | | | 864 | | | | 1,237 | | | | 5,056 | |
| | | |
Accrued other expenses payable | | | 1,864 | | | | 923 | | | | 26,638 | |
| | | |
TOTAL LIABILITIES | | | 94,764 | | | | 4,982,661 | | | | 12,378,663 | |
| | | |
NET ASSETS | | | $21,454,905 | | | | $239,872,525 | | | | $695,562,034 | |
| | | |
NET ASSETS: | | | | | | | | | | | | |
| | | |
Investor Class | | | $9,019,218 | | | | $36,183,201 | | | | $293,909,440 | |
| | | |
Institutional Class | | | 12,435,687 | | | | 203,689,324 | | | | 401,652,594 | |
| | | |
TOTAL | | | $21,454,905 | | | | $239,872,525 | | | | $695,562,034 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 25 |
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews Emerging
Markets Equity Fund | | | Matthews Emerging
Markets Sustainable
Future Fund | | | Matthews
Emerging Markets
Small Companies Fund | |
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | | | | | | | | | | |
| | | |
Investor Class | | | 703,983 | | | | 2,855,650 | | | | 11,495,284 | |
| | | |
Institutional Class | | | 971,343 | | | | 16,050,419 | | | | 15,714,682 | |
| | | |
TOTAL | | | 1,675,326 | | | | 18,906,069 | | | | 27,209,966 | |
| | | |
NET ASSET VALUE: | | | | | | | | | | | | |
| | | |
Investor Class, offering price and redemption price | | | $12.81 | | | | $12.67 | | | | $25.57 | |
| | | |
Institutional Class, offering price and redemption price | | | $12.80 | | | | $12.69 | | | | $25.56 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $27,902,631 | | | | $247,093,661 | | | | $734,759,961 | |
| | | |
Total distributable earnings/(accumulated loss) | | | (6,447,726 | ) | | | (7,221,136 | ) | | | (39,197,927 | ) |
| | | |
NET ASSETS | | | $21,454,905 | | | | $239,872,525 | | | | $695,562,034 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $20,084,137 | | | | $225,994,029 | | | | $640,716,354 | |
| | | |
(B) Foreign Currency at Cost | | | $8,101 | | | | $37,591 | | | | $186,813 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews Asia
Growth Fund | | | Matthews Pacific
Tiger Fund | | | Matthews Asia
Innovators Fund | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | | $333,657,695 | | | | $1,117,145,314 | | | | $306,413,943 | |
| | | |
Cash | | | 5,541,240 | | | | 23,483,652 | | | | 8,017,308 | |
| | | |
Segregated foreign currency at value | | | — | | | | 23,351 | | | | 1,528 | |
| | | |
Foreign currency at value (B) | | | 277,935 | | | | 154,212 | | | | 162 | |
| | | |
Dividends and interest receivable | | | 557,419 | | | | 3,459,091 | | | | 493,656 | |
| | | |
Receivable for securities sold | | | 2,803,487 | | | | 30,337,871 | | | | 1,273,873 | |
| | | |
Receivable for capital shares sold | | | 285,266 | | | | 242,034 | | | | 770,249 | |
| | | |
Other receivable | | | 7,589 | | | | 940,199 | | | | — | |
| | | |
Prepaid expenses | | | 12,203 | | | | 14,557 | | | | 12,866 | |
| | | |
TOTAL ASSETS | | | 343,142,834 | | | | 1,175,800,281 | | | | 316,983,585 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Payable for securities purchased | | | — | | | | 30,346,959 | | | | — | |
| | | |
Payable for capital shares redeemed | | | 203,559 | | | | 1,755,497 | | | | 184,995 | |
| | | |
Deferred foreign capital gains tax liability (Note 2-E) | | | 324,909 | | | | 7,077,303 | | | | 1,464,520 | |
| | | |
Due to Advisor (Note 4) | | | 198,165 | | | | 741,627 | | | | 181,083 | |
| | | |
Administration and accounting fees payable (Note 4) | | | 4,551 | | | | 15,868 | | | | 4,135 | |
| | | |
Administration and shareholder servicing fees payable (Note 4) | | | 55,378 | | | | 182,398 | | | | 50,505 | |
| | | |
Custodian fees payable | | | 5,568 | | | | 270,546 | | | | 4,908 | |
| | | |
Intermediary service fees payable (Note 4) | | | 109,485 | | | | 721,651 | | | | 118,136 | |
| | | |
Professional fees payable | | | 24,726 | | | | 152,349 | | | | 10,490 | |
| | | |
Transfer agent fees payable | | | 7,971 | | | | 24,092 | | | | 5,301 | |
| | | |
Accrued other expenses payable | | | 200,277 | | | | 982,406 | | | | 132,370 | |
| | | |
TOTAL LIABILITIES | | | 1,134,589 | | | | 42,270,696 | | | | 2,156,443 | |
| | | |
NET ASSETS | | | $342,008,245 | | | | $1,133,529,585 | | | | $314,827,142 | |
| | | |
NET ASSETS: | | | | | | | | | | | | |
| | | |
Investor Class | | | $150,715,282 | | | | $573,363,797 | | | | $175,623,576 | |
| | | |
Institutional Class | | | 191,292,963 | | | | 560,165,788 | | | | 139,203,566 | |
| | | |
TOTAL | | | $342,008,245 | | | | $1,133,529,585 | | | | $314,827,142 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 27 |
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | | | | | |
| | |
| Matthews Asia
Growth Fund |
| |
| Matthews Pacific
Tiger Fund |
| |
| Matthews Asia
Innovators Fund |
|
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | | | | | | | | | | |
| | | |
Investor Class | | | 6,500,696 | | | | 29,081,705 | | | | 13,767,016 | |
| | | |
Institutional Class | | | 8,143,340 | | | | 28,416,276 | | | | 10,740,244 | |
| | | |
TOTAL | | | 14,644,036 | | | | 57,497,981 | | | | 24,507,260 | |
| | | |
NET ASSET VALUE: | | | | | | | | | | | | |
| | | |
Investor Class, offering price and redemption price | | | $23.18 | | | | $19.72 | | | | $12.76 | |
| | | |
Institutional Class, offering price and redemption price | | | $23.49 | | | | $19.71 | | | | $12.96 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $480,297,353 | | | | $1,078,254,503 | | | | $660,540,083 | |
| | | |
Total distributable earnings/(accumulated loss) | | | (138,289,108 | ) | | | 55,275,082 | | | | (345,712,941 | ) |
| | | |
NET ASSETS | | | $342,008,245 | | | | $1,133,529,585 | | | | $314,827,142 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $288,302,518 | | | | $979,277,416 | | | | $262,873,459 | |
| | | |
(B) Foreign Currency at Cost | | | $279,540 | | | | $154,014 | | | | $162 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Matthews China | | | | | | | |
| | | Matthews | | | | | | Small Companies | | | | | | Matthews | |
| | | China Fund | | | | | | Fund | | | | | | India Fund | |
| | | | | |
ASSETS: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Unaffiliated issuers | | | $413,700,772 | | | | | | | | $71,884,299 | | | | | | | | $950,621,820 | |
| | | | | |
Cash | | | — | | | | | | | | 58,493 | | | | | | | | — | |
| | | | | |
Segregated foreign currency at value | | | 19,210 | | | | | | | | 3,091 | | | | | | | | — | |
| | | | | |
Foreign currency at value (B) | | | 230 | | | | | | | | 179,771 | | | | | | | | 3,314,142 | |
| | | | | |
Dividends and interest receivable | | | 1,723,474 | | | | | | | | 344,876 | | | | | | | | 1,502,138 | |
| | | | | |
Receivable for securities sold | | | 910,501 | | | | | | | | 577,942 | | | | | | | | 932,948 | |
| | | | | |
Receivable for capital shares sold | | | 96,347 | | | | | | | | 1,340 | | | | | | | | 332,529 | |
| | | | | |
Other receivable | | | — | | | | | | | | 1,300 | | | | | | | | 13,310 | |
| | | | | |
Prepaid expenses | | | 15,322 | | | | | | | | 17,803 | | | | | | | | 74,434 | |
| | | | | |
TOTAL ASSETS | | | 416,465,856 | | | | | | | | 73,068,915 | | | | | | | | 956,791,321 | |
| | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Cash overdraft | | | 1,023,614 | | | | | | | | — | | | | | | | | 494,871 | |
| | | | | |
Payable for capital shares redeemed | | | 529,303 | | | | | | | | 39,814 | | | | | | | | 274,568 | |
| | | | | |
Deferred foreign capital gains tax liability (Note 2-E) | | | — | | | | | | | | — | | | | | | | | 34,468,942 | |
| | | | | |
Due to Advisor (Note 4) | | | 253,944 | | | | | | | | 42,685 | | | | | | | | 534,709 | |
| | | | | |
Administration and accounting fees payable (Note 4) | | | 6,070 | | | | | | | | 1,060 | | | | | | | | 11,659 | |
| | | | | |
Administration and shareholder servicing fees payable (Note 4) | | | 71,218 | | | | | | | | 12,565 | | | | | | | | 146,946 | |
| | | | | |
Custodian fees payable | | | 13,613 | | | | | | | | 3,497 | | | | | | | | 20,287 | |
| | | | | |
Intermediary service fees payable (Note 4) | | | 183,095 | | | | | | | | 36,411 | | | | | | | | 141,993 | |
| | | | | |
Professional fees payable | | | 24,066 | | | | | | | | 9,785 | | | | | | | | 22,025 | |
| | | | | |
Transfer agent fees payable | | | 17,860 | | | | | | | | 3,580 | | | | | | | | 14,061 | |
| | | | | |
Accrued other expenses payable | | | 356,333 | | | | | | | | 47,351 | | | | | | | | 156,441 | |
| | | | | |
TOTAL LIABILITIES | | | 2,479,116 | | | | | | | | 196,748 | | | | | | | | 36,286,502 | |
| | | | | |
NET ASSETS | | | $413,986,740 | | | | | | | | $72,872,167 | | | | | | | | $920,504,819 | |
| | | | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investor Class | | | $275,684,552 | | | | | | | | $55,102,344 | | | | | | | | $726,875,258 | |
| | | | | |
Institutional Class | | | 138,302,188 | | | | | | | | 17,769,823 | | | | | | | | 193,629,561 | |
| | | | | |
TOTAL | | | $413,986,740 | | | | | | | | $72,872,167 | | | | | | | | $920,504,819 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 29 |
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Matthews
China Fund | | | | | | Matthews China
Small Companies
Fund | | | | | | Matthews India Fund | |
| | | | | |
SHARES OUTSTANDING: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investor Class | | | 23,824,189 | | | | | | | | 6,415,732 | | | | | | | | 24,459,602 | |
| | | | | |
Institutional Class | | | 11,967,196 | | | | | | | | 2,069,499 | | | | | | | | 6,375,332 | |
| | | | | |
TOTAL | | | 35,791,385 | | | | | | | | 8,485,231 | | | | | | | | 30,834,934 | |
| | | | | |
NET ASSET VALUE: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investor Class, offering price and redemption price | | | $11.57 | | | | | | | | $8.59 | | | | | | | | $29.72 | |
| | | | | |
Institutional Class, offering price and redemption price | | | $11.56 | | | | | | | | $8.59 | | | | | | | | $30.37 | |
| | | | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Capital paid-in | | | $921,343,974 | | | | | | | | $236,062,210 | | | | | | | | $665,292,693 | |
| | | | | |
Total distributable earnings/(accumulated loss) | | | (507,357,234 | ) | | | | | | | (163,190,043 | ) | | | | | | | 255,212,126 | |
| | | | | |
NET ASSETS | | | $413,986,740 | | | | | | | | $72,872,167 | | | | | | | | $920,504,819 | |
| | | | | |
(A) Investments at cost: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Unaffiliated Issuers | | | $529,715,661 | | | | | | | | $79,213,305 | | | | | | | | $728,303,580 | |
| | | | | |
(B) Foreign Currency at Cost | | | $230 | | | | | | | | $179,928 | | | | | | | | $3,314,142 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | |
| | | Matthews Japan Fund | | |
| | | Matthews Asian
Growth and
Income Fund | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | | $658,236,020 | | | | | | | | $281,659,839 | |
| | | |
Cash | | | 7,533,394 | | | | | | | | 3,354,607 | |
| | | |
Segregated foreign currency at value | | | — | | | | | | | | 12 | |
| | | |
Foreign currency at value (B) | | | 1,916,997 | | | | | | | | 69,286 | |
| | | |
Dividends and interest receivable | | | 249,542 | | | | | | | | 968,147 | |
| | | |
Receivable for securities sold | | | 3,324,098 | | | | | | | | — | |
| | | |
Receivable for capital shares sold | | | 120,718 | | | | | | | | 3,018 | |
| | | |
Other receivable | | | — | | | | | | | | 6,546 | |
| | | |
Prepaid expenses | | | 20,684 | | | | | | | | 47,390 | |
| | | |
TOTAL ASSETS | | | 671,401,453 | | | | | | | | 286,108,845 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Payable for securities purchased | | | 2,675,499 | | | | | | | | — | |
| | | |
Payable for capital shares redeemed | | | 368,280 | | | | | | | | 390,230 | |
| | | |
Deferred foreign capital gains tax liability (Note 2-E) | | | — | | | | | | | | 768,149 | |
| | | |
Due to Advisor (Note 4) | | | 384,505 | | | | | | | | 234,253 | |
| | | |
Administration and accounting fees payable (Note 4) | | | 8,806 | | | | | | | | 3,926 | |
| | | |
Administration and shareholder servicing fees payable (Note 4) | | | 108,458 | | | | | | | | 46,916 | |
| | | |
Custodian fees payable | | | 11,724 | | | | | | | | 9,110 | |
| | | |
Intermediary service fees payable (Note 4) | | | 51,440 | | | | | | | | 167,365 | |
| | | |
Professional fees payable | | | 20,513 | | | | | | | | 28,940 | |
| | | |
Transfer agent fees payable | | | 24,590 | | | | | | | | 10,019 | |
| | | |
Accrued other expenses payable | | | 264,547 | | | | | | | | 277,948 | |
| | | |
TOTAL LIABILITIES | | | 3,918,362 | | | | | | | | 1,936,856 | |
| | | |
NET ASSETS | | | $667,483,091 | | | | | | | | $284,171,989 | |
| | | |
NET ASSETS: | | | | | | | | | | | | |
| | | |
Investor Class | | | $262,253,179 | | | | | | | | $215,643,074 | |
| | | |
Institutional Class | | | 405,229,912 | | | | | | | | 68,528,915 | |
| | | |
TOTAL | | | $667,483,091 | | | | | | | | $284,171,989 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 31 |
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | |
| | | Matthews Japan Fund | | | | | | Matthews Asian
Growth and
Income Fund | |
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | | | | | | | | | | |
| | | |
Investor Class | | | 13,224,183 | | | | | | | | 16,780,309 | |
| | | |
Institutional Class | | | 20,364,122 | | | | | | | | 5,345,444 | |
| | | |
TOTAL | | | 33,588,305 | | | | | | | | 22,125,753 | |
| | | |
NET ASSET VALUE: | | | | | | | | | | | | |
| | | |
Investor Class, offering price and redemption price | | | $19.83 | | | | | | | | $12.85 | |
| | | |
Institutional Class, offering price and redemption price | | | $19.90 | | | | | | | | $12.82 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $674,123,395 | | | | | | | | $312,325,769 | |
| | | |
Total distributable earnings/(accumulated loss) | | | (6,640,304 | ) | | | | | | | (28,153,780 | ) |
| | | |
NET ASSETS | | | $667,483,091 | | | | | | | | $284,171,989 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $550,471,576 | | | | | | | | $267,516,489 | |
| | | |
(B) Foreign Currency at Cost | | | $1,920,519 | | | | | | | | $69,126 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | |
| | | Matthews Asia
Dividend Fund | | | | | | Matthews China
Dividend Fund | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | | $684,589,637 | | | | | | | | $95,350,315 | |
| | | |
Cash | | | 17,184,328 | | | | | | | | 3,784,391 | |
| | | |
Segregated foreign currency at value | | | 6,742 | | | | | | | | 1,164 | |
| | | |
Foreign currency at value (B) | | | 2,579,090 | | | | | | | | 250 | |
| | | |
Dividends and interest receivable | | | 1,682,093 | | | | | | | | 758,912 | |
| | | |
Receivable for securities sold | | | 8,727,155 | | | | | | | | 107,817 | |
| | | |
Receivable for capital shares sold | | | 128,965 | | | | | | | | 584 | |
| | | |
Other receivable | | | 646,993 | | | | | | | | — | |
| | | |
Prepaid expenses | | | 13,164 | | | | | | | | — | |
| | | |
TOTAL ASSETS | | | 715,558,167 | | | | | | | | 100,003,433 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Payable for securities purchased | | | 9,844,130 | | | | | | | | 327,946 | |
| | | |
Payable for capital shares redeemed | | | 1,011,243 | | | | | | | | 574,773 | |
| | | |
Deferred foreign capital gains tax liability (Note 2-E) | | | 2,642,925 | | | | | | | | — | |
| | | |
Due to Advisor (Note 4) | | | 393,774 | | | | | | | | 65,016 | |
| | | |
Administration and accounting fees payable (Note 4) | | | 9,662 | | | | | | | | 1,412 | |
| | | |
Administration and shareholder servicing fees payable (Note 4) | | | 113,340 | | | | | | | | 16,923 | |
| | | |
Custodian fees payable | | | 56,364 | | | | | | | | 4,677 | |
| | | |
Intermediary service fees payable (Note 4) | | | 341,692 | | | | | | | | 42,778 | |
| | | |
Professional fees payable | | | 84,029 | | | | | | | | 10,358 | |
| | | |
Transfer agent fees payable | | | 13,165 | | | | | | | | 3,086 | |
| | | |
Accrued other expenses payable | | | 739,428 | | | | | | | | 79,737 | |
| | | |
TOTAL LIABILITIES | | | 15,249,752 | | | | | | | | 1,126,706 | |
| | | |
NET ASSETS | | | $700,308,415 | | | | | | | | $98,876,727 | |
| | | |
NET ASSETS: | | | | | | | | | | | | |
| | | |
Investor Class | | | $318,994,130 | | | | | | | | $69,634,342 | |
| | | |
Institutional Class | | | 381,314,285 | | | | | | | | 29,242,385 | |
| | | |
TOTAL | | | $700,308,415 | | | | | | | | $98,876,727 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 33 |
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| |
| | | |
| | | | | | | | | | | | |
| | | Matthews Asia
Dividend Fund | | | | | | Matthews China
Dividend Fund | |
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | | | | | | | | | | |
| | | |
Investor Class | | | 22,631,214 | | | | | | | | 6,461,580 | |
| | | |
Institutional Class | | | 27,079,988 | | | | | | | | 2,709,104 | |
| | | |
TOTAL | | | 49,711,202 | | | | | | | | 9,170,684 | |
| | | |
NET ASSET VALUE: | | | | | | | | | | | | |
| | | |
Investor Class, offering price and redemption price | | | $14.10 | | | | | | | | $10.78 | |
| | | |
Institutional Class, offering price and redemption price | | | $14.08 | | | | | | | | $10.79 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $1,044,038,696 | | | | | | | | $185,406,021 | |
| | | |
Total distributable earnings/(accumulated loss) | | | (343,730,281 | ) | | | | | | | (86,529,294 | ) |
| | | |
NET ASSETS | | | $700,308,415 | | | | | | | | $98,876,727 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $669,749,535 | | | | | | | | $101,835,763 | |
| | | |
(B) Foreign Currency at Cost | | | $2,583,948 | | | | | | | | $250 | |
See accompanying notes to financial statements.
| | |
| Statements of Operations (unaudited) | | Six-Month Period Ended June 30, 2024 |
| | | | | | | | | | | | |
| | | Matthews Emerging
Markets Equity Fund | | | Matthews Emerging
Markets Sustainable
Future Fund | | | Matthews
Emerging Markets
Small Companies
Fund | |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
| | | |
Dividends—Unaffiliated Issuers | | | $295,975 | | | | $1,596,347 | | | | $4,737,140 | |
| | | |
Foreign withholding tax | | | (27,955 | ) | | | (166,024 | ) | | | (545,835 | ) |
| | | |
TOTAL INVESTMENT INCOME | | | 268,020 | | | | 1,430,323 | | | | 4,191,305 | |
| | | |
EXPENSES: | | | | | | | | | | | | |
| | | |
Investment advisory fees (Note 4) | | | 71,878 | | | | 786,124 | | | | 2,851,336 | |
| | | |
Administration and accounting fees (Note 4) | | | 815 | | | | 8,916 | | | | 26,836 | |
| | | |
Administration and shareholder servicing fees (Note 4) | | | 20,231 | | | | 221,296 | | | | 666,018 | |
| | | |
Accounting out-of-pocket fees | | | 17,978 | | | | 25,676 | | | | 25,352 | |
| | | |
Custodian fees | | | 17,122 | | | | 86,977 | | | | 178,798 | |
| | | |
Printing fees | | | 7,820 | | | | 15,857 | | | | 20,378 | |
| | | |
Intermediary service fees (Note 4) | | | 13,500 | | | | 99,995 | | | | 375,795 | |
| | | |
Professional fees | | | 27,551 | | | | 35,608 | | | | 34,010 | |
| | | |
Registration fees | | | 17,226 | | | | 24,875 | | | | 39,147 | |
| | | |
Transfer agent fees | | | 2,513 | | | | 3,472 | | | | 17,784 | |
| | | |
Trustees fees | | | 1,776 | | | | 16,975 | | | | 47,345 | |
| | | |
Other expenses | | | 12,133 | | | | 19,279 | | | | 33,281 | |
| | | |
TOTAL EXPENSES | | | 210,543 | | | | 1,345,050 | | | | 4,316,080 | |
| | | |
Advisory fees waived and expenses waived or reimbursed (Note 4) | | | (107,681 | ) | | | (32,251 | ) | | | (210,251 | ) |
| | | |
NET EXPENSES | | | 102,862 | | | | 1,312,799 | | | | 4,105,829 | |
| | | |
NET INVESTMENT INCOME (LOSS) | | | 165,158 | | | | 117,524 | | | | 85,476 | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | | | | | | | | | | | | |
| | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | 391,190 | | | | (2,411,020 | ) | | | 1,666,942 | |
| | | |
Net realized foreign capital gains tax | | | — | | | | (592,028 | ) | | | (963,662 | ) |
| | | |
Net realized gain (loss) on foreign currency related transactions | | | (10,511 | ) | | | (38,241 | ) | | | (161,793 | ) |
| | | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 1,117,385 | | | | 6,473,710 | | | | 5,178,300 | |
| | | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | (66,985 | ) | | | (1,453,553 | ) | | | (3,805,565 | ) |
| | | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | 1,292 | | | | (1,241 | ) | | | (11,763 | ) |
| | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 1,432,371 | | | | 1,977,627 | | | | 1,902,459 | |
| | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $1,597,529 | | | | $2,095,151 | | | | $1,987,935 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 35 |
| | |
| Statements of Operations (unaudited) (continued) | | Six-Month Period Ended June 30, 2024 |
| | | | | | | | | | | | |
| | | Matthews Asia
Growth Fund | | | Matthews Pacific
Tiger Fund | | | Matthews Asia
Innovators Fund | |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
| | | |
Dividends—Unaffiliated Issuers | | | $4,823,078 | | | | $15,753,296 | | | | $2,279,966 | |
| | | |
Foreign withholding tax | | | (561,531 | ) | | | (2,016,137 | ) | | | (300,848 | ) |
| | | |
TOTAL INVESTMENT INCOME | | | 4,261,547 | | | | 13,737,159 | | | | 1,979,118 | |
| | | |
EXPENSES: | | | | | | | | | | | | |
| | | |
Investment advisory fees (Note 4) | | | 1,231,933 | | | | 4,793,397 | | | | 1,065,896 | |
| | | |
Administration and accounting fees (Note 4) | | | 13,976 | | | | 54,400 | | | | 12,091 | |
| | | |
Administration and shareholder servicing fees (Note 4) | | | 346,657 | | | | 1,348,052 | | | | 299,988 | |
| | | |
Accounting out-of-pocket fees | | | 20,606 | | | | 23,239 | | | | 17,232 | |
| | | |
Custodian fees | | | 24,313 | | | | 394,040 | | | | 49,115 | |
| | | |
Printing fees | | | 19,997 | | | | 90,005 | | | | 19,996 | |
| | | |
Intermediary service fees (Note 4) | | | 249,599 | | | | 1,173,857 | | | | 254,924 | |
| | | |
Professional fees | | | 33,957 | | | | 118,193 | | | | 42,238 | |
| | | |
Registration fees | | | 19,827 | | | | 36,127 | | | | 25,742 | |
| | | |
Transfer agent fees | | | 16,929 | | | | 50,071 | | | | 16,856 | |
| | | |
Trustees fees | | | 34,964 | | | | 178,206 | | | | 28,502 | |
| | | |
Other expenses | | | 30,558 | | | | 138,398 | | | | 27,501 | |
| | | |
TOTAL EXPENSES | | | 2,043,316 | | | | 8,397,985 | | | | 1,860,081 | |
| | | |
NET INVESTMENT INCOME (LOSS) | | | 2,218,231 | | | | 5,339,174 | | | | 119,037 | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN | | | | | | | | | | | | |
| | | |
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS | | | | | | | | | | | | |
| | | |
TAXES: | | | | | | | | | | | | |
| | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | 37,396,391 | | | | 168,494,791 | | | | 32,105,414 | |
| | | |
Net realized foreign capital gains tax | | | (1,739,300 | ) | | | (22,229,917 | ) | | | (1,949,594 | ) |
| | | |
Net realized gain (loss) on foreign currency related transactions | | | (331,118 | ) | | | (1,796,216 | ) | | | (128,815 | ) |
| | | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | (6,018,582 | ) | | | (116,227,454 | ) | | | 11,381,254 | |
| | | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | 250,624 | | | | 13,381,236 | | | | (59,679 | ) |
| | | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | 9,313 | | | | (91,040 | ) | | | 8,805 | |
| | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 29,567,328 | | | | 41,531,400 | | | | 41,357,385 | |
| | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $31,785,559 | | | | $46,870,574 | | | | $41,476,422 | |
See accompanying notes to financial statements.
| | |
| Statements of Operations (unaudited) (continued) | | Six-Month Period Ended June 30, 2024 |
| | | | | | | | | | | | |
| | | Matthews
China Fund | | | Matthews China
Small Companies
Fund | | | Matthews
India Fund | |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
| | | |
Dividends—Unaffiliated Issuers | | | $4,923,874 | | | | $991,114 | | | | $4,143,451 | |
| | | |
Interest | | | — | | | | — | | | | 42 | |
| | | |
Foreign withholding tax | | | (252,782 | ) | | | (45,280 | ) | | | (842,062 | ) |
| | | |
TOTAL INVESTMENT INCOME | | | 4,671,092 | | | | 945,834 | | | | 3,301,431 | |
| | | |
EXPENSES: | | | | | | | | | | | | |
| | | |
Investment advisory fees (Note 4) | | | 1,526,182 | | | | 342,427 | | | | 2,917,904 | |
| | | |
Administration and accounting fees (Note 4) | | | 17,311 | | | | 3,223 | | | | 33,094 | |
| | | |
Administration and shareholder servicing fees (Note 4) | | | 429,569 | | | | 79,944 | | | | 821,387 | |
| | | |
Accounting out-of-pocket fees | | | 22,937 | | | | 23,278 | | | | 23,091 | |
| | | |
Custodian fees | | | 84,828 | | | | 15,537 | | | | 69,337 | |
| | | |
Printing fees | | | 20,000 | | | | 13,675 | | | | 16,624 | |
| | | |
Intermediary service fees (Note 4) | | | 379,900 | | | | 78,754 | | | | 612,084 | |
| | | |
Professional fees | | | 32,594 | | | | 24,775 | | | | 49,058 | |
| | | |
Registration fees | | | 30,395 | | | | 17,854 | | | | 29,333 | |
| | | |
Transfer agent fees | | | 40,279 | | | | 7,121 | | | | 41,062 | |
| | | |
Trustees fees | | | 41,153 | | | | 8,155 | | | | 59,963 | |
| | | |
Other expenses | | | 28,934 | | | | 7,935 | | | | 37,652 | |
| | | |
TOTAL EXPENSES | | | 2,654,082 | | | | 622,678 | | | | 4,710,589 | |
| | | |
Advisory fees waived and expenses waived or reimbursed (Note 4) | | | — | | | | (72,062 | ) | | | — | |
| | | |
NET EXPENSES | | | 2,654,082 | | | | 550,616 | | | | 4,710,589 | |
| | | |
NET INVESTMENT INCOME (LOSS) | | | 2,017,010 | | | | 395,218 | | | | (1,409,158 | ) |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN | | | | | | | | | | | | |
| | | |
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS | | | | | | | | | | | | |
| | | |
TAXES: | | | | | | | | | | | | |
| | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | (92,470,880 | ) | | | (13,327,437 | ) | | | 86,543,137 | |
| | | |
Net realized foreign capital gains tax | | | — | | | | — | | | | (13,597,409 | ) |
| | | |
Net realized gain (loss) on foreign currency related transactions | | | (25,529 | ) | | | (4,033 | ) | | | (488,226 | ) |
| | | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 91,029,329 | | | | 9,398,354 | | | | 36,632,208 | |
| | | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | — | | | | — | | | | (6,545,205 | ) |
| | | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | (325 | ) | | | (398 | ) | | | 1,174 | |
| | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | (1,467,405 | ) | | | (3,933,514 | ) | | | 102,545,679 | |
| | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $549,605 | | | | ($3,538,296 | ) | | | $101,136,521 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 37 |
| | |
| Statements of Operations (unaudited) (continued) | | Six-Month Period Ended June 30, 2024 |
| | | | | | | | |
| | | Matthews
Japan Fund | | | Matthews Asian
Growth and
Income Fund | |
| | |
INVESTMENT INCOME: | | | | | | | | |
| | |
Dividends—Unaffiliated Issuers | | | $6,920,284 | | | | $4,657,102 | |
| | |
Interest | | | — | | | | 413,539 | |
| | |
Foreign withholding tax | | | (658,886 | ) | | | (440,367 | ) |
| | |
TOTAL INVESTMENT INCOME | | | 6,261,398 | | | | 4,630,274 | |
| | |
EXPENSES: | | | | | | | | |
| | |
Investment advisory fees (Note 4) | | | 2,382,202 | | | | 1,066,961 | |
| | |
Administration and accounting fees (Note 4) | | | 27,023 | | | | 12,104 | |
| | |
Administration and shareholder servicing fees (Note 4) | | | 670,406 | | | | 300,235 | |
| | |
Accounting out-of-pocket fees | | | 22,777 | | | | 21,090 | |
| | |
Custodian fees | | | 27,509 | | | | 38,687 | |
| | |
Printing fees | | | 19,994 | | | | 20,000 | |
| | |
Intermediary service fees (Note 4) | | | 260,317 | | | | 309,727 | |
| | |
Professional fees | | | 30,920 | | | | 37,553 | |
| | |
Registration fees | | | 30,887 | | | | — | |
| | |
Transfer agent fees | | | 74,485 | | | | 23,824 | |
| | |
Trustees fees | | | 54,452 | | | | 31,969 | |
| | |
Other expenses | | | 34,916 | | | | 21,075 | |
| | |
TOTAL EXPENSES | | | 3,635,888 | | | | 1,883,225 | |
| | |
NET INVESTMENT INCOME (LOSS) | | | 2,625,510 | | | | 2,747,049 | |
| | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | | | | | | | | |
| | |
RELATED TRANSACTIONS: | | | | | | | | |
| | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | 64,546,082 | | | | (552,532 | ) |
| | |
Net realized gain (loss) on foreign currency related transactions | | | (267,367 | ) | | | (96,780 | ) |
| | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 15,485,835 | | | | 12,786,977 | |
| | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | — | | | | (300,159 | ) |
| | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | (15,354 | ) | | | (18,901 | ) |
| | |
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | | | 79,749,196 | | | | 11,818,605 | |
| | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $82,374,706 | | | | $14,565,654 | |
See accompanying notes to financial statements.
| | |
| Statements of Operations (unaudited) (continued) | | Six-Month Period Ended June 30, 2024 |
| | | | | | | | |
| | | Matthews Asia
Dividend Fund | | | Matthews China
Dividend Fund | |
| | |
INVESTMENT INCOME: | | | | | | | | |
| | |
Dividends—Unaffiliated Issuers | | | $13,327,135 | | | | $1,933,755 | |
| | |
Foreign withholding tax | | | (1,236,411 | ) | | | (89,716 | ) |
| | |
TOTAL INVESTMENT INCOME | | | 12,090,724 | | | | 1,844,039 | |
| | |
EXPENSES: | | | | | | | | |
| | |
Investment advisory fees (Note 4) | | | 2,878,551 | | | | 370,000 | |
| | |
Administration and accounting fees (Note 4) | | | 32,666 | | | | 4,197 | |
| | |
Administration and shareholder servicing fees (Note 4) | | | 809,631 | | | | 104,120 | |
| | |
Accounting out-of-pocket fees | | | 24,071 | | | | 16,442 | |
| | |
Custodian fees | | | 142,483 | | | | 12,851 | |
| | |
Printing fees | | | 50,000 | | | | 20,126 | |
| | |
Intermediary service fees (Note 4) | | | 649,345 | | | | 94,309 | |
| | |
Professional fees | | | 77,125 | | | | 24,616 | |
| | |
Registration fees | | | 24,692 | | | | — | |
| | |
Transfer agent fees | | | 30,315 | | | | 7,258 | |
| | |
Trustees fees | | | 94,057 | | | | 11,029 | |
| | |
Other expenses | | | 73,327 | | | | 9,745 | |
| | |
TOTAL EXPENSES | | | 4,886,263 | | | | 674,693 | |
| | |
NET INVESTMENT INCOME (LOSS) | | | 7,204,461 | | | | 1,169,346 | |
| | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED | | | | | | | | |
| | |
TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | | | | | | | | |
| | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | (2,620,049 | ) | | | (23,888,680 | ) |
| | |
Net realized foreign capital gains tax | | | (252,689 | ) | | | — | |
| | |
Net realized gain (loss) on foreign currency related transactions | | | (723,383 | ) | | | (8,472 | ) |
| | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 21,414,357 | | | | 25,681,895 | |
| | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | (224,054 | ) | | | — | |
| | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | 224,335 | | | | (36,494 | ) |
| | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 17,818,517 | | | | 1,748,249 | |
| | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $25,022,978 | | | | $2,917,595 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 39 |
| | |
Statements of Changes in Net Assets | | |
| | | | | | | | |
| MATTHEWS EMERGING MARKETS EQUITY FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $165,158 | | | | $320,961 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 380,679 | | | | (1,317,611 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 1,118,677 | | | | 3,348,099 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (66,985 | ) | | | (18,390 | ) |
| | |
Net increase (decrease) in net assets resulting from operations | | | 1,597,529 | | | | 2,333,059 | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (177,005 | ) |
Institutional Class | | | — | | | | (245,427 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (422,432 | ) |
| | |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (1,044,727 | ) | | | (14,473,292 | ) |
| | |
Total increase (decrease) in net assets | | | 552,802 | | | | (12,562,665 | ) |
| | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 20,902,103 | | | | 33,464,768 | |
End of period | | | $21,454,905 | | | | $20,902,103 | |
| | |
| MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $117,524 | | | | ($108,475) | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (3,041,289 | ) | | | 2,623,772 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 6,472,469 | | | | 11,359,262 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (1,453,553 | ) | | | (501,121 | ) |
Net increase (decrease) in net assets resulting from operations | | | 2,095,151 | | | | 13,373,438 | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (2,733,178 | ) |
Institutional Class | | | — | | | | (12,590,629 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (15,323,807 | ) |
| | |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 28,252,287 | | | | 39,167,464 | |
| | |
Total increase (decrease) in net assets | | | 30,347,438 | | | | 37,217,095 | |
| | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 209,525,087 | | | | 172,307,992 | |
| | |
End of period | | | $239,872,525 | | | | $209,525,087 | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS EMERGING MARKETS SMALL COMPANIES FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $85,476 | | | | $447,608 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 541,487 | | | | 32,381,330 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 5,166,537 | | | | 56,179,356 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (3,805,565 | ) | | | (3,307,422 | ) |
Net increase (decrease) in net assets resulting from operations | | | 1,987,935 | | | | 85,700,872 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (22,219,393 | ) |
Institutional Class | | | — | | | | (26,772,365 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (48,991,758 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 78,176,452 | | | | 209,240,985 | |
Total increase (decrease) in net assets | | | 80,164,387 | | | | 245,950,099 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 615,397,647 | | | | 369,447,548 | |
End of period | | | $695,562,034 | | | | $615,397,647 | |
| | |
| MATTHEWS ASIA GROWTH FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $2,218,231 | | | | $1,278,490 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 35,325,973 | | | | (63,110,443 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | (6,009,269 | ) | | | 73,550,356 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | 250,624 | | | | 219,136 | |
Net increase (decrease) in net assets resulting from operations | | | 31,785,559 | | | | 11,937,539 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (2,933,613 | ) |
Institutional Class | | | — | | | | (4,255,554 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (7,189,167 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (61,050,029 | ) | | | (265,553,683 | ) |
Total increase (decrease) in net assets | | | (29,264,470 | ) | | | (260,805,311 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 371,272,715 | | | | 632,078,026 | |
End of period | | | $342,008,245 | | | | $371,272,715 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 41 |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS PACIFIC TIGER FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $5,339,174 | | | | $20,776,036 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 144,468,658 | | | | (153,491,500 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | (116,318,494 | ) | | | (68,512,121 | ) |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | 13,381,236 | | | | 2,280,753 | |
Net increase (decrease) in net assets resulting from operations | | | 46,870,574 | | | | (198,946,832 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (21,595,059 | ) |
Institutional Class | | | — | | | | (42,763,667 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (64,358,726 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (842,374,671 | ) | | | (1,496,444,792 | ) |
Total increase (decrease) in net assets | | | (795,504,097 | ) | | | (1,759,750,350 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 1,929,033,682 | | | | 3,688,784,032 | |
End of period | | | $1,133,529,585 | | | | $1,929,033,682 | |
| | |
| MATTHEWS ASIA INNOVATORS FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $119,037 | | | | ($730,038 | ) |
Net realized gain (loss) on investments and foreign currency related transactions | | | 30,027,005 | | | | (49,036,975 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 11,390,059 | | | | 33,755,905 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (59,679 | ) | | | (273,091 | ) |
Net increase (decrease) in net assets resulting from operations | | | 41,476,422 | | | | (16,284,199 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (2,966 | ) |
Institutional Class | | | — | | | | (287,289 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (290,255 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (39,602,086 | ) | | | (142,790,496 | ) |
Total increase (decrease) in net assets | | | 1,874,336 | | | | (159,364,950 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 312,952,806 | | | | 472,317,756 | |
End of period | | | $314,827,142 | | | | $312,952,806 | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS CHINA FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $2,017,010 | | | | $4,854,188 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (92,496,409 | ) | | | (120,625,453 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 91,029,004 | | | | (33,001,967 | ) |
Net increase (decrease) in net assets resulting from operations | | | 549,605 | | | | (148,773,232 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (2,388,564 | ) |
Institutional Class | | | — | | | | (1,692,606 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (4,081,170 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (35,021,881 | ) | | | (144,473,909 | ) |
Total increase (decrease) in net assets | | | (34,472,276 | ) | | | (297,328,311 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 448,459,016 | | | | 745,787,327 | |
End of period | | | $413,986,740 | | | | $448,459,016 | |
| | |
| MATTHEWS CHINA SMALL COMPANIES FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $395,218 | | | | $212,934 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (13,331,470 | ) | | | (41,982,407 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 9,397,956 | | | | 16,919,259 | |
Net increase (decrease) in net assets resulting from operations | | | (3,538,296 | ) | | | (24,850,214 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (1,569,819 | ) |
Institutional Class | | | — | | | | (602,345 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (2,172,164 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (12,745,671 | ) | | | (38,583,201 | ) |
Total increase (decrease) in net assets | | | (16,283,967 | ) | | | (65,605,579 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 89,156,134 | | | | 154,761,713 | |
End of period | | | $72,872,167 | | | | $89,156,134 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 43 |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS INDIA FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | ($1,409,158 | ) | | | ($129,393 | ) |
Net realized gain (loss) on investments and foreign currency related transactions | | | 72,457,502 | | | | 40,786,363 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 36,633,382 | | | | 107,783,585 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (6,545,205 | ) | | | (11,036,039 | ) |
Net increase (decrease) in net assets resulting from operations | | | 101,136,521 | | | | 137,404,516 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | — | | | | (18,205,131 | ) |
Institutional Class | | | — | | | | (4,445,067 | ) |
Net decrease in net assets resulting from distributions | | | — | | | | (22,650,198 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 56,242,922 | | | | 45,588,815 | |
Total increase (decrease) in net assets | | | 157,379,443 | | | | 160,343,133 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 763,125,376 | | | | 602,782,243 | |
End of period | | | $920,504,819 | | | | $763,125,376 | |
| | |
| MATTHEWS JAPAN FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $2,625,510 | | | | $4,319,371 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 64,278,715 | | | | (7,950,666 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 15,470,481 | | | | 108,256,039 | |
Net increase (decrease) in net assets resulting from operations | | | 82,374,706 | | | | 104,624,744 | |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (70,389,624 | ) | | | (71,262,820 | ) |
Total increase (decrease) in net assets | | | 11,985,082 | | | | 33,361,924 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 655,498,009 | | | | 622,136,085 | |
End of period | | | $667,483,091 | | | | $655,498,009 | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS ASIAN GROWTH AND INCOME FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $2,747,049 | | | | $9,511,603 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (649,312 | ) | | | 22,132,607 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 12,768,076 | | | | (18,480,251 | ) |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (300,159 | ) | | | 151,746 | |
Net increase (decrease) in net assets resulting from operations | | | 14,565,654 | | | | 13,315,705 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | (5,722,788 | ) | | | (7,451,640 | ) |
Institutional Class | | | (1,842,903 | ) | | | (4,542,858 | ) |
Net decrease in net assets resulting from distributions | | | (7,565,691 | ) | | | (11,994,498 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (47,291,658 | ) | | | (286,872,429 | ) |
Total increase (decrease) in net assets | | | (40,291,695 | ) | | | (285,551,222 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 324,463,684 | | | | 610,014,906 | |
End of period | | | $284,171,989 | | | | $324,463,684 | |
| | |
| MATTHEWS ASIA DIVIDEND FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $7,204,461 | | | | $23,120,869 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (3,596,121 | ) | | | 49,563,564 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 21,638,692 | | | | (16,269,332 | ) |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (224,054 | ) | | | 8,537,307 | |
Net increase (decrease) in net assets resulting from operations | | | 25,022,978 | | | | 64,952,408 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | (2,891,365 | ) | | | (5,562,611 | ) |
Institutional Class | | | (3,700,806 | ) | | | (11,939,346 | ) |
Net decrease in net assets resulting from distributions | | | (6,592,171 | ) | | | (17,501,957 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (369,795,999 | ) | | | (847,146,823 | ) |
Total increase (decrease) in net assets | | | (351,365,192 | ) | | | (799,696,372 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 1,051,673,607 | | | | 1,851,369,979 | |
End of period | | | $700,308,415 | | | | $1,051,673,607 | |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 45 |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS CHINA DIVIDEND FUND | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $1,169,346 | | | | $3,897,486 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (23,897,152 | ) | | | (18,837,805 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 25,645,401 | | | | (25,587,636 | ) |
Net increase (decrease) in net assets resulting from operations | | | 2,917,595 | | | | (40,527,955 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Investor Class | | | (2,000,023 | ) | | | (3,895,645 | ) |
Institutional Class | | | (795,769 | ) | | | (2,282,770 | ) |
Net decrease in net assets resulting from distributions | | | (2,795,792 | ) | | | (6,178,415 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (19,926,994 | ) | | | (55,897,379 | ) |
Total increase (decrease) in net assets | | | (19,805,191 | ) | | | (102,603,749 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 118,681,918 | | | | 221,285,667 | |
End of period | | | $98,876,727 | | | | $118,681,918 | |
See accompanying notes to financial statements.
| | |
| Financial Highlights | | |
| |
| Matthews Emerging Markets Equity Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended June 30, 2024 (Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended Dec. 31, | | | Period Ended
Dec. 31, 20201 | | | | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | | |
Net Asset Value, beginning of period | | | $11.86 | | | | $11.14 | | | | $14.34 | | | | $15.76 | | | | $10.00 | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.09 | | | | 0.13 | | | | 0.20 | | | | 0.19 | | | | 0.04 | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.86 | | | | 0.81 | | | | (3.20 | ) | | | (0.31 | ) | | | 6.08 | | | | | |
Total from investment operations | | | 0.95 | | | | 0.94 | | | | (3.00 | ) | | | (0.12 | ) | | | 6.12 | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.22 | ) | | | (0.20 | ) | | | (0.18 | ) | | | — | | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (1.12 | ) | | | (0.36 | ) | | | | |
Total distributions | | | — | | | | (0.22 | ) | | | (0.20 | ) | | | (1.30 | ) | | | (0.36 | ) | | | | |
Net Asset Value, end of period | | | $12.81 | | | | $11.86 | | | | $11.14 | | | | $14.34 | | | | $15.76 | | | | | |
TOTAL RETURN | | | 8.01%3 | | | | 8.43% | | | | (20.94% | ) | | | (0.60% | ) | | | 61.23%3 | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $9,019 | | | | $9,618 | | | | $10,111 | | | | $13,317 | | | | $9,851 | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 2.18%4 | | | | 1.70% | | | | 1.58% | | | | 1.52% | | | | 2.76%4 | | | | | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.15%4 | | | | 1.12% | | | | 1.08% | | | | 1.13% | | | | 1.08%4 | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.45%4 | | | | 1.16% | | | | 1.46% | | | | 1.15% | | | | 0.45%4 | | | | | |
Portfolio turnover5 | | | 72.06%3 | | | | 26.39% | | | | 63.08% | | | | 88.45% | | | | 62.30%3 | | | | | |
| | | | | | |
| | | Six-Month Period Ended June 30, 2024 (Unaudited) | | | | | | | | | | | | | | | | |
| | | Year Ended Dec. 31, | | | Period Ended
Dec. 31, 20201 | | | | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | | |
Net Asset Value, beginning of period | | | $11.84 | | | | $11.13 | | | | $14.34 | | | | $15.77 | | | | $10.00 | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.11 | | | | 0.17 | | | | 0.23 | | | | 0.22 | | | | 0.04 | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.85 | | | | 0.79 | | | | (3.21 | ) | | | (0.31) | | | | 6.11 | | | | | |
Total from investment operations | | | 0.96 | | | | 0.96 | | | | (2.98 | ) | | | (0.09) | | | | 6.15 | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.25 | ) | | | (0.23 | ) | | | (0.22 | ) | | | (0.02 | ) | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (1.12 | ) | | | (0.36 | ) | | | | |
Total distributions | | | — | | | | (0.25 | ) | | | (0.23 | ) | | | (1.34 | ) | | | (0.38 | ) | | | | |
Net Asset Value, end of period | | | $12.80 | | | | $11.84 | | | | $11.13 | | | | $14.34 | | | | $15.77 | | | | | |
TOTAL RETURN | | | 8.11%3 | | | | 8.63% | | | | (20.81% | ) | | | (0.43% | ) | | | 61.55%3 | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $12,436 | | | | $11,284 | | | | $23,353 | | | | $36,240 | | | | $34,941 | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.98%4 | | | | 1.51% | | | | 1.47% | | | | 1.38% | | | | 2.65%4 | | | | | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 0.90%4 | | | | 0.90% | | | | 0.90% | | | | 0.90% | | | | 0.90%4 | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.75%4 | | | | 1.45% | | | | 1.70% | | | | 1.33% | | | | 0.44%4 | | | | | |
Portfolio turnover5 | | | 72.06%3 | | | | 26.39% | | | | 63.08% | | | | 88.45% | | | | 62.30%3 | | | | | |
| 1 | The Fund commenced operations on April 29, 2020. |
| 2 | Calculated using the average daily shares method. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 47 |
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Emerging Markets Sustainable Future Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $12.54 | | | | $12.51 | | | | $15.37 | | | | $14.94 | | | | $11.08 | | | | $9.98 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | —2 | | | | (0.02 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.01 | ) | | | 0.04 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.13 | | | | 0.99 | | | | (2.14 | ) | | | 1.85 | | | | 4.72 | | | | 1.21 | |
Total from investment operations | | | 0.13 | | | | 0.97 | | | | (2.19 | ) | | | 1.78 | | | | 4.71 | | | | 1.25 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.25 | ) | | | (0.04 | ) | | | — | | | | (0.01 | ) | | | (0.03 | ) |
Net realized gains on investments | | | — | | | | (0.69 | ) | | | (0.63 | ) | | | (1.35 | ) | | | (0.84 | ) | | | (0.12 | ) |
Total distributions | | | — | | | | (0.94 | ) | | | (0.67 | ) | | | (1.35 | ) | | | (0.85 | ) | | | (0.15 | ) |
Net Asset Value, end of period | | | $12.67 | | | | $12.54 | | | | $12.51 | | | | $15.37 | | | | $14.94 | | | | $11.08 | |
TOTAL RETURN | | | 1.04%3 | | | | 7.83% | | | | (14.38% | ) | | | 11.76% | | | | 42.87% | | | | 12.55% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $36,183 | | | | $38,176 | | | | $32,249 | | | | $39,612 | | | | $37,385 | | | | $19,291 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.32%4 | | | | 1.23% | | | | 1.24% | | | | 1.20% | | | | 1.42% | | | | 1.54% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.32%4 | | | | 1.23% | | | | 1.30% | | | | 1.40% | | | | 1.38% | | | | 1.42% | |
Ratio of net investment income (loss) to average net assets | | | (0.06% | )4 | | | (0.17% | ) | | | (0.41% | ) | | | (0.41% | ) | | | (0.08% | ) | | | 0.41% | |
Portfolio turnover5 | | | 23.11%3 | | | | 49.16% | | | | 31.53% | | | | 65.56% | | | | 84.60% | | | | 29.67% | |
| | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $12.55 | | | | $12.51 | | | | $15.38 | | | | $14.92 | | | | $11.06 | | | | $9.96 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.01 | | | | —2 | | | | (0.04 | ) | | | (0.04) | | | | 0.01 | | | | 0.06 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.13 | | | | 1.00 | | | | (2.14 | ) | | | 1.85 | | | | 4.72 | | | | 1.21 | |
Total from investment operations | | | 0.14 | | | | 1.00 | | | | (2.18 | ) | | | 1.81 | | | | 4.73 | | | | 1.27 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.27 | ) | | | (0.06 | ) | | | — | | | | (0.03 | ) | | | (0.05 | ) |
Net realized gains on investments | | | — | | | | (0.69 | ) | | | (0.63 | ) | | | (1.35 | ) | | | (0.84 | ) | | | (0.12 | ) |
Total distributions | | | — | | | | (0.96 | ) | | | (0.69 | ) | | | (1.35 | ) | | | (0.87 | ) | | | (0.17 | ) |
Net Asset Value, end of period | | | $12.69 | | | | $12.55 | | | | $12.51 | | | | $15.38 | | | | $14.92 | | | | $11.06 | |
TOTAL RETURN | | | 1.12%3 | | | | 8.04% | | | | (14.32% | ) | | | 11.98% | | | | 43.13% | | | | 12.74% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $203,689 | | | | $171,349 | | | | $140,059 | | | | $87,241 | | | | $50,642 | | | | $36,008 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.18%4 | | | | 1.10% | | | | 1.11% | | | | 1.07% | | | | 1.29% | | | | 1.41% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.15%4 | | | | 1.10% | | | | 1.17% | | | | 1.20% | | | | 1.20% | | | | 1.24% | |
Ratio of net investment income (loss) to average net assets | | | 0.14%4 | | | | (0.02% | ) | | | (0.29% | ) | | | (0.25% | ) | | | 0.09% | | | | 0.54% | |
Portfolio turnover5 | | | 23.11%3 | | | | 49.16% | | | | 31.53% | | | | 65.56% | | | | 84.60% | | | | 29.67% | |
| 1 | Calculated using the average daily shares method. |
| 2 | Less than $0.01 per share. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
See accompanying notes to financial statements.
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Emerging Markets Small Companies Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $25.52 | | | | $23.08 | | | | $29.92 | | | | $25.93 | | | | $18.10 | | | | $15.50 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.01 | ) | | | —2 | | | | (0.06 | ) | | | (0.17 | ) | | | (0.02 | ) | | | 0.12 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.06 | | | | 4.58 | | | | (4.92 | ) | | | 5.90 | | | | 7.92 | | | | 2.57 | |
Total from investment operations | | | 0.05 | | | | 4.58 | | | | (4.98 | ) | | | 5.73 | | | | 7.90 | | | | 2.69 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.41 | ) | | | (0.09 | ) | | | — | | | | (0.05 | ) | | | (0.09 | ) |
Net realized gains on investments | | | — | | | | (1.73 | ) | | | (1.77 | ) | | | (1.74 | ) | | | (0.02 | ) | | | — | |
Total distributions | | | — | | | | (2.14 | ) | | | (1.86 | ) | | | (1.74 | ) | | | (0.07 | ) | | | (0.09 | ) |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | —3 | |
Net Asset Value, end of period | | | $25.57 | | | | $25.52 | | | | $23.08 | | | | $29.92 | | | | $25.93 | | | | $18.10 | |
TOTAL RETURN | | | 0.20%4 | | | | 19.88% | | | | (16.84% | ) | | | 22.14% | | | | 43.68% | | | | 17.38% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $293,909 | | | | $287,674 | | | | $141,254 | | | | $176,723 | | | | $99,573 | | | | $96,229 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.34%5 | | | | 1.49% | | | | 1.49% | | | | 1.51% | | | | 1.57% | | | | 1.60% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.32%5 | | | | 1.34% | | | | 1.37% | | | | 1.36% | | | | 1.39% | | | | 1.45% | |
Ratio of net investment income (loss) to average net assets | | | (0.11% | )5 | | | (0.01% | ) | | | (0.24% | ) | | | (0.55% | ) | | | (0.11% | ) | | | 0.72% | |
Portfolio turnover6 | | | 10.77%4 | | | | 26.92% | | | | 27.85% | | | | 50.82% | | | | 111.87% | | | | 59.10% | |
| | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $25.49 | | | | $23.04 | | | | $29.87 | | | | $25.87 | | | | $18.06 | | | | $15.46 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.02 | | | | 0.04 | | | | —2 | | | | (0.10 | ) | | | 0.01 | | | | 0.15 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.05 | | | | 4.58 | | | | (4.92 | ) | | | 5.88 | | | | 7.91 | | | | 2.58 | |
Total from investment operations | | | 0.07 | | | | 4.62 | | | | (4.92 | ) | | | 5.78 | | | | 7.92 | | | | 2.73 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.44 | ) | | | (0.14 | ) | | | (0.04 | ) | | | (0.09 | ) | | | (0.13 | ) |
Net realized gains on investments | | | — | | | | (1.73 | ) | | | (1.77 | ) | | | (1.74 | ) | | | (0.02 | ) | | | — | |
Total distributions | | | — | | | | (2.17 | ) | | | (1.91 | ) | | | (1.78 | ) | | | (0.11 | ) | | | (0.13 | ) |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | —3 | |
Net Asset Value, end of period | | | $25.56 | | | | $25.49 | | | | $23.04 | | | | $29.87 | | | | $25.87 | | | | $18.06 | |
TOTAL RETURN | | | 0.27%4 | | | | 20.12% | | | | (16.66% | ) | | | 22.39% | | | | 43.90% | | | | 17.65% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $401,653 | | | | $327,724 | | | | $228,194 | | | | $221,286 | | | | $107,569 | | | | $85,006 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.24%5 | | | | 1.38% | | | | 1.37% | | | | 1.38% | | | | 1.47% | | | | 1.46% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.15%5 | | | | 1.15% | | | | 1.15% | | | | 1.16% | | | | 1.20% | | | | 1.24% | |
Ratio of net investment income (loss) to average net assets | | | 0.13%5 | | | | 0.16% | | | | (0.01% | ) | | | (0.34% | ) | | | 0.08% | | | | 0.85% | |
Portfolio turnover6 | | | 10.77%4 | | | | 26.92% | | | | 27.85% | | | | 50.82% | | | | 111.87% | | | | 59.10% | |
| 1 | Calculated using the average daily shares method. |
| 2 | Less than $0.01 per share. |
| 3 | The Fund charged redemption fees through October 31, 2019. |
| 6 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 49 |
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Asia Growth Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $21.19 | | | | $20.84 | | | | $31.99 | | | | $39.44 | | | | $28.10 | | | | $22.49 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.13 | | | | 0.03 | | | | (0.08 | ) | | | (0.24 | ) | | | (0.11 | ) | | | (0.03 | ) |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.86 | | | | 0.70 | | | | (10.49) | | | | (5.56) | | | | 13.16 | | | | 5.91 | |
Total from investment operations | | | 1.99 | | | | 0.73 | | | | (10.57) | | | | (5.80) | | | | 13.05 | | | | 5.88 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.38 | ) | | | — | | | | — | | | | (0.15 | ) | | | — | |
Net realized gains on investments | | | — | | | | — | | | | (0.58 | ) | | | (1.65 | ) | | | (1.56 | ) | | | (0.27 | ) |
Total distributions | | | — | | | | (0.38 | ) | | | (0.58 | ) | | | (1.65 | ) | | | (1.71 | ) | | | (0.27 | ) |
Net Asset Value, end of period | | | $23.18 | | | | $21.19 | | | | $20.84 | | | | $31.99 | | | | $39.44 | | | | $28.10 | |
TOTAL RETURN | | | 9.39%2 | | | | 3.53% | | | | (33.12% | ) | | | (14.65% | ) | | | 46.76% | | | | 26.18% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $150,715 | | | | $162,263 | | | | $225,923 | | | | $568,001 | | | | $784,085 | | | | $504,538 | |
Ratio of expenses to average net assets | | | 1.25%3 | | | | 1.13% | | | | 1.13% | | | | 1.07% | | | | 1.08% | | | | 1.09% | |
Ratio of net investment income (loss) to average net assets | | | 1.18%3 | | | | 0.13% | | | | (0.32% | ) | | | (0.62% | ) | | | (0.35% | ) | | | (0.14% | ) |
Portfolio turnover4 | | | 110.55%2 | | | | 77.32% | | | | 47.48% | | | | 42.37% | | | | 42.78% | | | | 38.05% | |
| | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $21.46 | | | | $21.11 | | | | $32.33 | | | | $39.82 | | | | $28.34 | | | | $22.65 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.15 | | | | 0.07 | | | | (0.04 | ) | | | (0.19 | ) | | | (0.07) | | | | —5 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.88 | | | | 0.70 | | | | (10.60 | ) | | | (5.63 | ) | | | 13.30 | | | | 5.96 | |
Total from investment operations | | | 2.03 | | | | 0.77 | | | | (10.64 | ) | | | (5.82 | ) | | | 13.23 | | | | 5.96 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.42 | ) | | | — | | | | (0.02 | ) | | | (0.19 | ) | | | — | |
Net realized gains on investments | | | — | | | | — | | | | (0.58 | ) | | | (1.65 | ) | | | (1.56 | ) | | | (0.27 | ) |
Total distributions | | | — | | | | (0.42 | ) | | | (0.58 | ) | | | (1.67 | ) | | | (1.75 | ) | | | (0.27 | ) |
Net Asset Value, end of period | | | $23.49 | | | | $21.46 | | | | $21.11 | | | | $32.33 | | | | $39.82 | | | | $28.34 | |
TOTAL RETURN | | | 9.46%2 | | | | 3.69% | | | | (32.99% | ) | | | (14.55% | ) | | | 47.01% | | | | 26.34% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $191,293 | | | | $209,009 | | | | $406,155 | | | | $1,186,769 | | | | $1,269,702 | | | | $698,797 | |
Ratio of expenses to average net assets | | | 1.10%3 | | | | 0.98% | | | | 0.98% | | | | 0.92% | | | | 0.95% | | | | 0.94% | |
Ratio of net investment income (loss) to average net assets | | | 1.34%3 | | | | 0.31% | | | | (0.15% | ) | | | (0.47% | ) | | | (0.23% | ) | | | —%6 | |
Portfolio turnover4 | | | 110.55%2 | | | | 77.32% | | | | 47.48% | | | | 42.37% | | | | 42.78% | | | | 38.05% | |
| 1 | Calculated using the average daily shares method. |
| 4 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
| 5 | Less than $0.01 per share. |
See accompanying notes to financial statements.
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Pacific Tiger Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $18.62 | | | | $20.16 | | | | $27.54 | | | | $34.94 | | | | $28.74 | | | | $26.86 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.08 | | | | 0.10 | | | | 0.09 | | | | 0.06 | | | | 0.10 | | | | 0.19 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.02 | | | | (1.10 | ) | | | (5.75 | ) | | | (1.60 | ) | | | 8.10 | | | | 2.68 | |
Total from investment operations | | | 1.10 | | | | (1.00 | ) | | | (5.66 | ) | | | (1.54 | ) | | | 8.20 | | | | 2.87 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.54 | ) | | | — | | | | — | | | | (0.08) | | | | (0.15 | ) |
Net realized gains on investments | | | — | | | | — | | | | (1.72 | ) | | | (5.86) | | | | (1.92) | | | | (0.84 | ) |
Total distributions | | | — | | | | (0.54 | ) | | | (1.72 | ) | | | (5.86) | | | | (2.00) | | | | (0.99 | ) |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | —2 | |
Net Asset Value, end of period | | | $19.72 | | | | $18.62 | | | | $20.16 | | | | $27.54 | | | | $34.94 | | | | $28.74 | |
TOTAL RETURN | | | 5.91%3 | | | | (4.87% | ) | | | (20.73% | ) | | | (4.41% | ) | | | 28.83% | | | | 10.72% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $573,364 | | | | $707,717 | | | | $1,081,347 | | | | $1,835,266 | | | | $2,585,654 | | | | $2,536,844 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.29%4 | | | | 1.12% | | | | 1.10% | | | | 1.06% | | | | 1.08% | | | | 1.08% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.29%4 | | | | 1.12% | | | | 1.09% | | | | 1.03% | | | | 1.06% | | | | 1.05% | |
Ratio of net investment income (loss) to average net assets | | | 0.83%4 | | | | 0.49% | | | | 0.37% | | | | 0.17% | | | | 0.35% | | | | 0.66% | |
Portfolio turnover5 | | | 185.53%3 | | | | 14.78% | | | | 5.61% | | | | 46.64% | | | | 38.11% | | | | 17.08% | |
| | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $18.61 | | | | $20.16 | | | | $27.50 | | | | $34.90 | | | | $28.71 | | | | $26.83 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.07 | | | | 0.13 | | | | 0.11 | | | | 0.11 | | | | 0.13 | | | | 0.23 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.03 | | | | (1.10) | | | | (5.73) | | | | (1.60) | | | | 8.11 | | | | 2.68 | |
Total from investment operations | | | 1.10 | | | | (0.97) | | | | (5.62) | | | | (1.49) | | | | 8.24 | | | | 2.91 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.58) | | | | — | | | | (0.05 | ) | | | (0.13 | ) | | | (0.19 | ) |
Net realized gains on investments | | | — | | | | — | | | | (1.72 | ) | | | (5.86 | ) | | | (1.92 | ) | | | (0.84 | ) |
Total distributions | | | — | | | | (0.58 | ) | | | (1.72 | ) | | | (5.91 | ) | | | (2.05 | ) | | | (1.03 | ) |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | —2 | |
Net Asset Value, end of period | | | $19.71 | | | | $18.61 | | | | $20.16 | | | | $27.50 | | | | $34.90 | | | | $28.71 | |
TOTAL RETURN | | | 5.91%3 | | | | (4.75% | ) | | | (20.62% | ) | | | (4.29% | ) | | | 28.98% | | | | 10.90% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $560,166 | | | | $1,221,317 | | | | $2,607,437 | | | | $5,357,198 | | | | $6,172,995 | | | | $6,189,015 | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.19%4 | | | | 0.99% | | | | 0.97% | | | | 0.92% | | | | 0.94% | | | | 0.93% | |
Ratio of expenses to average net assets after any reimbursement,waiver or recapture of expenses by Advisor and Administrator | | | 1.19%4 | | | | 0.98% | | | | 0.96% | | | | 0.90% | | | | 0.92% | | | | 0.91% | |
Ratio of net investment income (loss) to average net assets | | | 0.75%4 | | | | 0.66% | | | | 0.48% | | | | 0.30% | | | | 0.46% | | | | 0.80% | |
Portfolio turnover5 | | | 185.53%3 | | | | 14.78% | | | | 5.61% | | | | 46.64% | | | | 38.11% | | | | 17.08% | |
| 1 | Calculated using the average daily shares method. |
| 2 | Less than $0.01 per share. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 51 |
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Asia Innovators Fund | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $11.11 | | | | $11.31 | | | | $18.86 | | | | $26.70 | | | | $14.55 | | | | $11.26 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | —2 | | | | (0.02 | ) | | | (0.06 | ) | | | (0.16 | ) | | | (0.11 | ) | | | (0.01 | ) |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.65 | | | | (0.18 | ) | | | (4.49 | ) | | | (3.34 | ) | | | 12.71 | | | | 3.34 | |
Total from investment operations | | | 1.65 | | | | (0.20 | ) | | | (4.55 | ) | | | (3.50 | ) | | | 12.60 | | | | 3.33 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | —2 | | | | — | | | | — | | | | — | | | | — | |
Net realized gains on investments | | | — | | | | — | | | | (3.00 | ) | | | (4.34 | ) | | | (0.45 | ) | | | (0.04 | ) |
Total distributions | | | — | | | | —2 | | | | (3.00 | ) | | | (4.34 | ) | | | (0.45 | ) | | | (0.04 | ) |
Net Asset Value, end of period | | | $12.76 | | | | $11.11 | | | | $11.31 | | | | $18.86 | | | | $26.70 | | | | $14.55 | |
TOTAL RETURN | | | 14.85%3 | | | | (1.77% | ) | | | (24.80% | ) | | | (13.10% | ) | | | 86.72% | | | | 29.60% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $175,624 | | | | $177,070 | | | | $272,950 | | | | $465,207 | | | | $631,101 | | | | $177,639 | |
Ratio of expenses to average net assets | | | 1.28%4 | | | | 1.15% | | | | 1.18% | | | | 1.09% | | | | 1.10% | | | | 1.19% | |
Ratio of net investment income (loss) to average net assets | | | 0.03%4 | | | | (0.21% | ) | | | (0.40% | ) | | | (0.59% | ) | | | (0.60% | ) | | | (0.04% | ) |
Portfolio turnover5 | | | 168.55%3 | | | | 248.19% | | | | 118.08% | | | | 220.45% | | | | 119.81% | | | | 80.10% | |
| | | | | | |
| | | Six-Month Period Ended
June 30, 2024
(Unaudited) | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | Year Ended Dec. 31, | |
INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
Net Asset Value, beginning of period | | | $11.28 | | | | $11.49 | | | | $19.08 | | | | $26.91 | | | | $14.64 | | | | $11.32 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.01 | | | | (0.01 | ) | | | (0.04 | ) | | | (0.11 | ) | | | (0.09 | ) | | | 0.01 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 1.67 | | | | (0.18 | ) | | | (4.55 | ) | | | (3.38 | ) | | | 12.81 | | | | 3.35 | |
Total from investment operations | | | 1.68 | | | | (0.19 | ) | | | (4.59 | ) | | | (3.49 | ) | | | 12.72 | | | | 3.36 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | |
Net realized gains on investments | | | — | | | | — | | | | (3.00 | ) | | | (4.34 | ) | | | (0.45 | ) | | | (0.04 | ) |
Total distributions | | | — | | | | (0.02 | ) | | | (3.00 | ) | | | (4.34 | ) | | | (0.45 | ) | | | (0.04 | ) |
Net Asset Value, end of period | | | $12.96 | | | | $11.28 | | | | $11.49 | | | | $19.08 | | | | $26.91 | | | | $14.64 | |
TOTAL RETURN | | | 14.89%3 | | | | (1.62% | ) | | | (24.73% | ) | | | (12.97% | ) | | | 87.01% | | | | 29.71% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $139,204 | | | | $135,882 | | | | $199,368 | | | | $930,562 | | | | $1,094,356 | | | | $126,911 | |
Ratio of expenses to average net assets | | | 1.16%4 | | | | 1.02% | | | | 1.04% | | | | 0.93% | | | | 0.95% | | | | 1.05% | |
Ratio of net investment income (loss) to average net assets | | | 0.15%4 | | | | (0.11% | ) | | | (0.27% | ) | | | (0.43% | ) | | | (0.44% | ) | | | 0.10% | |
Portfolio turnover5 | | | 168.55%3 | | | | 248.19% | | | | 118.08% | | | | 220.45% | | | | 119.81% | | | | 80.10% | |
| 1 | Calculated using the average daily shares method. |
| 2 | Less than $0.01 per share. |
| 5 | The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued. |
See accompanying notes to financial statements.
Financial Highlights (continued)
Matthews China Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $11.62 | | | | $14.50 | | | | $20.58 | | | | $27.00 | | | | $19.12 | | | | $14.37 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.05 | | | | 0.09 | | | | — | 2 | | | 0.03 | | | | 0.05 | | | | 0.16 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.10 | ) | | | (2.88 | ) | | | (4.99 | ) | | | (3.25 | ) | | | 8.17 | | | | 4.80 | |
| | | | | | |
Total from investment operations | | | (0.05 | ) | | | (2.79 | ) | | | (4.99 | ) | | | (3.22 | ) | | | 8.22 | | | | 4.96 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.09 | ) | | | — | | | | (0.05 | ) | | | (0.06 | ) | | | (0.21 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (1.09 | ) | | | (3.15 | ) | | | (0.28 | ) | | | — | |
| | | | | | |
Total distributions | | | — | | | | (0.09 | ) | | | (1.09 | ) | | | (3.20 | ) | | | (0.34 | ) | | | (0.21 | ) |
| | | | | | |
Net Asset Value, end of period | | | $11.57 | | | | $11.62 | | | | $14.50 | | | | $20.58 | | | | $27.00 | | | | $19.12 | |
| | | | | | |
TOTAL RETURN | | | (0.43% | )3 | | | (19.22% | ) | | | (24.40% | ) | | | (12.26% | ) | | | 43.05% | | | | 34.56% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $275,685 | | | | $300,132 | | | | $448,623 | | | | $710,844 | | | | $962,714 | | | | $718,633 | |
| | | | | | |
Ratio of expenses to average net assets | | | 1.26% | 4 | | | 1.15% | | | | 1.12% | | | | 1.06% | | | | 1.09% | | | | 1.09% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.88% | 4 | | | 0.65% | | | | (0.01% | ) | | | 0.13% | | | | 0.22% | | | | 0.96% | |
| | | | | | |
Portfolio turnover5 | | | 34.33% | 3 | | | 49.60% | | | | 49.38% | | | | 92.28% | | | | 52.64% | | | | 68.93% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $11.60 | | | | $14.48 | | | | $20.53 | | | | $26.94 | | | | $19.08 | | | | $14.33 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.06 | | | | 0.11 | | | | 0.01 | | | | 0.10 | | | | 0.09 | | | | 0.20 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.10 | ) | | | (2.88 | ) | | | (4.97 | ) | | | (3.26 | ) | | | 8.15 | | | | 4.80 | |
| | | | | | |
Total from investment operations | | | (0.04 | ) | | | (2.77 | ) | | | (4.96 | ) | | | (3.16 | ) | | | 8.24 | | | | 5.00 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.11 | ) | | | — | | | | (0.10 | ) | | | (0.10 | ) | | | (0.25 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (1.09 | ) | | | (3.15 | ) | | | (0.28 | ) | | | — | |
| | | | | | |
Total distributions | | | — | | | | (0.11 | ) | | | (1.09 | ) | | | (3.25 | ) | | | (0.38 | ) | | | (0.25 | ) |
| | | | | | |
Net Asset Value, end of period | | | $11.56 | | | | $11.60 | | | | $14.48 | | | | $20.53 | | | | $26.94 | | | | $19.08 | |
| | | | | | |
TOTAL RETURN | | | (0.35% | )3 | | | (19.11% | ) | | | (24.31% | ) | | | (12.07% | ) | | | 43.23% | | | | 34.90% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $138,302 | | | | $148,327 | | | | $297,165 | | | | $630,966 | | | | $546,157 | | | | $183,762 | |
| | | | | | |
Ratio of expenses to average net assets | | | 1.15% | 4 | | | 1.01% | | | | 0.98% | | | | 0.91% | | | | 0.93% | | | | 0.91% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.04% | 4 | | | 0.82% | | | | 0.07% | | | | 0.38% | | | | 0.40% | | | | 1.17% | |
| | | | | | |
Portfolio turnover5 | | | 34.33% | 3 | | | 49.60% | | | | 49.38% | | | | 92.28% | | | | 52.64% | | | | 68.93% | |
1 Calculated using the average daily shares method.
2 Less than $0.01 per share.
3 Not annualized.
4 Annualized.
5 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 53 |
Financial Highlights (continued)
Matthews China Small Companies Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $8.95 | | | | $11.11 | | | | $16.44 | | | | $19.86 | | | | $12.84 | | | | $9.58 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.04 | | | | 0.01 | | | | 0.02 | | | | 0.09 | | | | (0.03 | ) | | | 0.14 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.40 | ) | | | (1.96 | ) | | | (5.15 | ) | | | (0.80 | ) | | | 10.42 | | | | 3.24 | |
| | | | | | |
Total from investment operations | | | (0.36 | ) | | | (1.95 | ) | | | (5.13 | ) | | | (0.71 | ) | | | 10.39 | | | | 3.38 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.21 | ) | | | (0.20 | ) | | | (0.12 | ) | | | (0.13 | ) | | | (0.13 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (2.59 | ) | | | (3.24 | ) | | | — | |
| | | | | | |
Total distributions | | | — | | | | (0.21 | ) | | | (0.20 | ) | | | (2.71 | ) | | | (3.37 | ) | | | (0.13 | ) |
| | | | | | |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0.01 | 2 |
| | | | | | |
Net Asset Value, end of period | | | $8.59 | | | | $8.95 | | | | $11.11 | | | | $16.44 | | | | $19.86 | | | | $12.84 | |
| | | | | | |
TOTAL RETURN | | | (4.02% | )3 | | | (17.51% | ) | | | (31.26% | ) | | | (3.59% | ) | | | 82.52% | | | | 35.41% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $55,102 | | | | $66,174 | | | | $114,440 | | | | $218,398 | | | | $285,717 | | | | $63,432 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.57% | 4 | | | 1.55% | | | | 1.55% | | | | 1.48% | | | | 1.52% | | | | 1.62% | |
| | | | | | |
Ratio of expenses to average net assets after any reimbursement, waiver or recapture of expenses by Advisor and Administrator | | | 1.42% | 4 | | | 1.41% | | | | 1.41% | | | | 1.43% | | | | 1.43% | | | | 1.42% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.95% | 4 | | | 0.09% | | | | 0.17% | | | | 0.44% | | | | (0.14% | ) | | | 1.25% | |
| | | | | | |
Portfolio turnover5 | | | 35.27% | 3 | | | 59.05% | | | | 59.00% | | | | 119.65% | | | | 152.86% | | | | 68.17% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $8.94 | | | | $11.12 | | | | $16.47 | | | | $19.90 | | | | $12.86 | | | | $9.59 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.05 | | | | 0.04 | | | | 0.06 | | | | 0.13 | | | | 0.04 | | | | 0.15 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.40 | ) | | | (1.98 | ) | | | (5.17 | ) | | | (0.80 | ) | | | 10.42 | | | | 3.26 | |
| | | | | | |
Total from investment operations | | | (0.35 | ) | | | (1.94 | ) | | | (5.11 | ) | | | (0.67 | ) | | | 10.46 | | | | 3.41 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.24 | ) | | | (0.24 | ) | | | (0.17 | ) | | | (0.18 | ) | | | (0.15 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (2.59 | ) | | | (3.24 | ) | | | — | |
| | | | | | |
Total distributions | | | — | | | | (0.24 | ) | | | (0.24 | ) | | | (2.76 | ) | | | (3.42 | ) | | | (0.15 | ) |
| | | | | | |
Paid-in capital from redemption fees (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0.01 | 2 |
| | | | | | |
Net Asset Value, end of period | | | $8.59 | | | | $8.94 | | | | $11.12 | | | | $16.47 | | | | $19.90 | | | | $12.86 | |
| | | | | | |
TOTAL RETURN | | | (3.92% | )3 | | | (17.37% | ) | | | (31.08% | ) | | | (3.35% | ) | | | 82.89% | | | | 35.68% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $17,770 | | | | $22,983 | | | | $40,322 | | | | $162,770 | | | | $98,052 | | | | $32,376 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.46% | 4 | | | 1.41% | | | | 1.38% | | | | 1.31% | | | | 1.37% | | | | 1.51% | |
| | | | | | |
Ratio of expenses to average net assets after any reimbursement, waiver or recapture of expenses by Advisor and Administrator | | | 1.20% | 4 | | | 1.20% | | | | 1.20% | | | | 1.20% | | | | 1.20% | | | | 1.24% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.08% | 4 | | | 0.36% | | | | 0.47% | | | | 0.63% | | | | 0.20% | | | | 1.34% | |
| | | | | | |
Portfolio turnover5 | | | 35.27% | 3 | | | 59.05% | | | | 59.00% | | | | 119.65% | | | | 152.86% | | | | 68.17% | |
1 Calculated using the average daily shares method.
2 The Fund charged redemption fees through October 31, 2019.
3 Not annualized.
4 Annualized.
5 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
Financial Highlights (continued)
Matthews India Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $26.37 | | | | $22.09 | | | | $28.17 | | | | $26.29 | | | | $23.27 | | | | $26.32 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | (0.05 | ) | | | (0.01 | ) | | | (0.12 | ) | | | (0.11 | ) | | | 0.01 | | | | (0.01 | ) |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 3.40 | | | | 5.10 | | | | (2.58 | ) | | | 4.81 | | | | 3.81 | | | | (0.24 | ) |
| | | | | | |
Total from investment operations | | | 3.35 | | | | 5.09 | | | | (2.70 | ) | | | 4.70 | | | | 3.82 | | | | (0.25 | ) |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.51 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | |
Net realized gains on investments | | | — | | | | (0.30 | ) | | | (3.38 | ) | | | (2.82 | ) | | | (0.80 | ) | | | (2.80 | ) |
| | | | | | |
Total distributions | | | — | | | | (0.81 | ) | | | (3.38 | ) | | | (2.82 | ) | | | (0.80 | ) | | | (2.80 | ) |
| | | | | | |
Net Asset Value, end of period | | | $29.72 | | | | $26.37 | | | | $22.09 | | | | $28.17 | | | | $26.29 | | | | $23.27 | |
| | | | | | |
TOTAL RETURN | | | 12.70% | 2 | | | 23.10% | | | | (9.92% | ) | | | 18.11% | | | | 16.51% | | | | (0.88% | ) |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $726,875 | | | | $614,103 | | | | $505,764 | | | | $635,067 | | | | $617,908 | | | | $786,881 | |
| | | | | | |
Ratio of expenses to average net assets | | | 1.16% | 3 | | | 1.14% | | | | 1.15% | | | | 1.10% | | | | 1.15% | | | | 1.11% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.37% | )3 | | | (0.04% | ) | | | (0.45% | ) | | | (0.38% | ) | | | 0.05% | | | | (0.03% | ) |
| | | | | | |
Portfolio turnover4 | | | 51.83% | 2 | | | 50.98% | | | | 41.35% | | | | 42.50% | | | | 57.38% | | | | 24.00% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $26.93 | | | | $22.54 | | | | $28.64 | | | | $26.65 | | | | $23.55 | | | | $26.56 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | (0.03 | ) | | | 0.02 | | | | (0.08 | ) | | | (0.06 | ) | | | 0.05 | | | | 0.02 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 3.47 | | | | 5.21 | | | | (2.64 | ) | | | 4.87 | | | | 3.85 | | | | (0.23 | ) |
| | | | | | |
Total from investment operations | | | 3.44 | | | | 5.23 | | | | (2.72 | ) | | | 4.81 | | | | 3.90 | | | | (0.21 | ) |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | (0.54 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | |
Net realized gains on investments | | | — | | | | (0.30 | ) | | | (3.38 | ) | | | (2.82 | ) | | | (0.80 | ) | | | (2.80 | ) |
| | | | | | |
Total distributions | | | — | | | | (0.84 | ) | | | (3.38 | ) | | | (2.82 | ) | | | (0.80 | ) | | | (2.80 | ) |
| | | | | | |
Net Asset Value, end of period | | | $30.37 | | | | $26.93 | | | | $22.54 | | | | $28.64 | | | | $26.65 | | | | $23.55 | |
| | | | | | |
TOTAL RETURN | | | 12.77% | 2 | | | 23.32% | | | | (9.83% | ) | | | 18.28% | | | | 16.65% | | | | (0.76% | ) |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $193,630 | | | | $149,023 | | | | $97,018 | | | | $128,708 | | | | $90,053 | | | | $177,526 | |
| | | | | | |
Ratio of expenses to average net assets | | | 1.04% | 3 | | | 1.01% | | | | 1.01% | | | | 0.96% | | | | 1.03% | | | | 0.94% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | (0.24% | )3 | | | 0.07% | | | | (0.31% | ) | | | (0.19% | ) | | | 0.24% | | | | 0.09% | |
| | | | | | |
Portfolio turnover4 | | | 51.83% | 2 | | | 50.98% | | | | 41.35% | | | | 42.50% | | | | 57.38% | | | | 24.00% | |
1 Calculated using the average daily shares method.
2 Not annualized.
3 Annualized.
4 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 55 |
Financial Highlights (continued)
Matthews Japan Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $17.58 | | | | $14.90 | | | | $22.09 | | | | $25.27 | | | | $21.51 | | | | $18.53 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.07 | | | | 0.09 | | | | 0.07 | | | | 0.09 | | | | 0.07 | | | | 0.11 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 2.18 | | | | 2.59 | | | | (6.19 | ) | | | (0.52 | ) | | | 6.25 | | | | 4.73 | |
| | | | | | |
Total from investment operations | | | 2.25 | | | | 2.68 | | | | (6.12 | ) | | | (0.43 | ) | | | 6.32 | | | | 4.84 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.24 | ) | | | (0.13 | ) | | | (0.12 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (1.07 | ) | | | (2.51 | ) | | | (2.43 | ) | | | (1.74 | ) |
| | | | | | |
Total distributions | | | — | | | | — | | | | (1.07 | ) | | | (2.75 | ) | | | (2.56 | ) | | | (1.86 | ) |
| | | | | | |
Net Asset Value, end of period | | | $19.83 | | | | $17.58 | | | | $14.90 | | | | $22.09 | | | | $25.27 | | | | $21.51 | |
| | | | | | |
TOTAL RETURN | | | 12.80% | 2 | | | 17.99% | | | | (27.85% | ) | | | (1.92% | ) | | | 29.82% | | | | 26.08% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $262,253 | | | | $239,578 | | | | $208,329 | | | | $373,739 | | | | $1,101,820 | | | | $1,466,194 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator
(Note 4) | | | 1.12% | 3 | | | 1.09% | | | | 1.05% | | | | 0.95% | | | | 0.95% | | | | 0.93% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.70% | 3 | | | 0.58% | | | | 0.41% | | | | 0.38% | | | | 0.31% | | | | 0.51% | |
| | | | | | |
Portfolio turnover4 | | | 41.18% | 2 | | | 100.59% | | | | 83.38% | | | | 70.30% | | | | 62.03% | | | | 25.42% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $17.63 | | | | $14.93 | | | | $22.13 | | | | $25.32 | | | | $21.55 | | | | $18.57 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.08 | | | | 0.12 | | | | 0.09 | | | | 0.05 | | | | 0.05 | | | | 0.11 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 2.19 | | | | 2.58 | | | | (6.22 | ) | | | (0.46 | ) | | | 6.29 | | | | 4.74 | |
| | | | | | |
Total from investment operations | | | 2.27 | | | | 2.70 | | | | (6.13 | ) | | | (0.41 | ) | | | 6.34 | | | | 4.85 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.27 | ) | | | (0.14 | ) | | | (0.13 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (1.07 | ) | | | (2.51 | ) | | | (2.43 | ) | | | (1.74 | ) |
| | | | | | |
Total distributions | | | — | | | | — | | | | (1.07 | ) | | | (2.78 | ) | | | (2.57 | ) | | | (1.87 | ) |
| | | | | | |
Net Asset Value, end of period | | | $19.90 | | | | $17.63 | | | | $14.93 | | | | $22.13 | | | | $25.32 | | | | $21.55 | |
| | | | | | |
TOTAL RETURN | | | 12.88% | 2 | | | 18.08% | | | | (27.84% | ) | | | (1.83% | ) | | | 29.85% | | | | 26.10% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $405,230 | | | | $415,920 | | | | $413,807 | | | | $1,170,380 | | | | $548,968 | | | | $840,476 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator
(Note 4) | | | 1.05% | 3 | | | 1.02% | | | | 0.97% | | | | 0.89% | | | | 0.91% | | | | 0.88% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 0.83% | 3 | | | 0.71% | | | | 0.55% | | | | 0.22% | | | | 0.25% | | | | 0.53% | |
| | | | | | |
Portfolio turnover4 | | | 41.18% | 2 | | | 100.59% | | | | 83.38% | | | | 70.30% | | | | 62.03% | | | | 25.42% | |
1 Calculated using the average daily shares method.
2 Not annualized.
3 Annualized.
4 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
Financial Highlights (continued)
Matthews Asian Growth And Income Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $12.57 | | | | $12.50 | | | | $16.07 | | | | $18.05 | | | | $15.73 | | | | $13.92 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.11 | | | | 0.23 | | | | 0.22 | | | | 0.17 | | | | 0.21 | | | | 0.25 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.52 | | | | 0.18 | | | | (3.17 | ) | | | (0.17 | ) | | | 2.27 | | | | 2.13 | |
| | | | | | |
Total from investment operations | | | 0.63 | | | | 0.41 | | | | (2.95 | ) | | | — | | | | 2.48 | | | | 2.38 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | (0.35 | ) | | | (0.34 | ) | | | (0.21 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.35 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (0.41 | ) | | | (1.78 | ) | | | — | 2 | | | (0.22 | ) |
| | | | | | |
Total distributions | | | (0.35 | ) | | | (0.34 | ) | | | (0.62 | ) | | | (1.98 | ) | | | (0.16 | ) | | | (0.57 | ) |
| | | | | | |
Net Asset Value, end of period | | | $12.85 | | | | $12.57 | | | | $12.50 | | | | $16.07 | | | | $18.05 | | | | $15.73 | |
| | | | | | |
TOTAL RETURN | | | 5.00% | 3 | | | 3.33% | | | | (18.43% | ) | | | 0.04% | | | | 16.00% | | | | 17.26% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $215,643 | | | | $244,698 | | | | $339,756 | | | | $541,744 | | | | $673,576 | | | | $723,815 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.26% | 4 | | | 1.15% | | | | 1.13% | | | | 1.07% | | | | 1.09% | | | | 1.08% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.80% | 4 | | | 1.78% | | | | 1.58% | | | | 0.91% | | | | 1.38% | | | | 1.67% | |
| | | | | | |
Portfolio turnover5 | | | 8.10% | 3 | | | 12.00% | | | | 13.16% | | | | 37.85% | | | | 36.27% | | | | 21.89% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $12.54 | | | | $12.48 | | | | $16.04 | | | | $18.02 | | | | $15.70 | | | | $13.89 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.12 | | | | 0.24 | | | | 0.24 | | | | 0.20 | | | | 0.23 | | | | 0.27 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.51 | | | | 0.18 | | | | (3.16 | ) | | | (0.17 | ) | | | 2.27 | | | | 2.14 | |
| | | | | | |
Total from investment operations | | | 0.63 | | | | 0.42 | | | | (2.92 | ) | | | 0.03 | | | | 2.50 | | | | 2.41 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | (0.35 | ) | | | (0.36 | ) | | | (0.23 | ) | | | (0.23 | ) | | | (0.18 | ) | | | (0.38 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (0.41 | ) | | | (1.78 | ) | | | — | 2 | | | (0.22 | ) |
| | | | | | |
Total distributions | | | (0.35 | ) | | | (0.36 | ) | | | (0.64 | ) | | | (2.01 | ) | | | (0.18 | ) | | | (0.60 | ) |
| | | | | | |
Net Asset Value, end of period | | | $12.82 | | | | $12.54 | | | | $12.48 | | | | $16.04 | | | | $18.02 | | | | $15.70 | |
| | | | | | |
TOTAL RETURN | | | 5.04% | 3 | | | 3.39% | | | | (18.31% | ) | | | 0.18% | | | | 16.18% | | | | 17.46% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $68,529 | | | | $79,766 | | | | $270,259 | | | | $551,740 | | | | $822,179 | | | | $743,951 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.19% | 4 | | | 1.02% | | | | 1.01% | | | | 0.94% | | | | 0.96% | | | | 0.94% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.86% | 4 | | | 1.91% | | | | 1.71% | | | | 1.10% | | | | 1.51% | | | | 1.80% | |
| | | | | | |
Portfolio turnover5 | | | 8.10% | 3 | | | 12.00% | | | | 13.16% | | | | 37.85% | | | | 36.27% | | | | 21.89% | |
1 Calculated using the average daily shares method.
2 Less than $0.01 per share.
3 Not annualized.
4 Annualized.
5 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 57 |
Financial Highlights (continued)
Matthews Asia Dividend Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $13.70 | | | | $13.24 | | | | $18.94 | | | | $22.63 | | | | $17.47 | | | | $16.05 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.12 | | | | 0.19 | | | | 0.13 | | | | 0.18 | | | | 0.15 | | | | 0.28 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.40 | | | | 0.42 | | | | (5.72 | ) | | | (0.81 | ) | | | 5.23 | | | | 1.50 | |
| | | | | | |
Total from investment operations | | | 0.52 | | | | 0.61 | | | | (5.59 | ) | | | (0.63 | ) | | | 5.38 | | | | 1.78 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | (0.12 | ) | | | (0.15 | ) | | | (0.11 | ) | | | (0.19 | ) | | | (0.22 | ) | | | (0.36 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (2.87 | ) | | | — | | | | — | |
| | | | | | |
Total distributions | | | (0.12 | ) | | | (0.15 | ) | | | (0.11 | ) | | | (3.06 | ) | | | (0.22 | ) | | | (0.36 | ) |
| | | | | | |
Net Asset Value, end of period | | | $14.10 | | | | $13.70 | | | | $13.24 | | | | $18.94 | | | | $22.63 | | | | $17.47 | |
| | | | | | |
TOTAL RETURN | | | 3.77% | 2 | | | 4.69% | | | | (29.57% | ) | | | (2.83% | ) | | | 31.25% | | | | 11.17% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $318,994 | | | | $401,341 | | | | $602,694 | | | | $1,586,460 | | | | $2,292,262 | | | | $2,312,560 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.26% | 3 | | | 1.10% | | | | 1.10% | | | | 1.03% | | | | 1.03% | | | | 1.03% | |
| | | | | | |
Ratio of expenses to average net assets after any reimbursement, waiver or recapture of expenses by Advisor and Administrator | | | 1.26% | 3 | | | 1.10% | | | | 1.10% | | | | 1.02% | | | | 1.02% | | | | 1.02% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.77% | 3 | | | 1.43% | | | | 0.84% | | | | 0.80% | | | | 0.85% | | | | 1.68% | |
| | | | | | |
Portfolio turnover4 | | | 9.46% | 2 | | | 75.88% | | | | 50.75% | | | | 47.41% | | | | 37.73% | | | | 30.32% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $13.68 | | | | $13.23 | | | | $18.94 | | | | $22.62 | | | | $17.47 | | | | $16.04 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.12 | | | | 0.21 | | | | 0.14 | | | | 0.21 | | | | 0.16 | | | | 0.30 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments, foreign currency related transactions and foreign capital gains taxes | | | 0.40 | | | | 0.41 | | | | (5.72 | ) | | | (0.80 | ) | | | 5.22 | | | | 1.50 | |
| | | | | | |
Total from investment operations | | | 0.52 | | | | 0.62 | | | | (5.58 | ) | | | (0.59 | ) | | | 5.38 | | | | 1.80 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.12 | ) | | | (0.17 | ) | | | (0.13 | ) | | | (0.22 | ) | | | (0.23 | ) | | | (0.37 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | — | | | | (2.87 | ) | | | — | | | | — | |
| | | | | | |
Total distributions | | | (0.12 | ) | | | (0.17 | ) | | | (0.13 | ) | | | (3.09 | ) | | | (0.23 | ) | | | (0.37 | ) |
| | | | | | |
Net Asset Value, end of period | | | $14.08 | | | | $13.68 | | | | $13.23 | | | | $18.94 | | | | $22.62 | | | | $17.47 | |
| | | | | | |
TOTAL RETURN | | | 3.83% | 2 | | | 4.77% | | | | (29.55% | ) | | | (2.67% | ) | | | 31.29% | | | | 11.35% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $381,314 | | | | $650,333 | | | | $1,248,676 | | | | $3,154,407 | | | | $2,908,674 | | | | $3,057,896 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.15% | 3 | | | 0.99% | | | | 0.99% | | | | 0.92% | | | | 0.93% | | | | 0.93% | |
| | | | | | |
Ratio of expenses to average net assets after any reimbursement, waiver or recapture of expenses by Advisor and Administrator | | | 1.15% | 3 | | | 0.99% | | | | 0.99% | | | | 0.91% | | | | 0.93% | | | | 0.92% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 1.76% | 3 | | | 1.55% | | | | 0.95% | | | | 0.93% | | | | 0.91% | | | | 1.80% | |
| | | | | | |
Portfolio turnover4 | | | 9.46% | 2 | | | 75.88% | | | | 50.75% | | | | 47.41% | | | | 37.73% | | | | 30.32% | |
1 Calculated using the average daily shares method.
2 Not annualized.
3 Annualized.
4 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
Financial Highlights (continued)
Matthews China Dividend Fund
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INVESTOR CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $10.71 | | | | $14.00 | | | | $17.73 | | | | $19.64 | | | | $16.20 | | | | $14.32 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.12 | | | | 0.27 | | | | 0.31 | | | | 0.41 | | | | 0.30 | | | | 0.34 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 0.27 | | | | (3.12 | ) | | | (3.27 | ) | | | (0.48 | ) | | | 3.54 | | | | 1.80 | |
| | | | | | |
Total from investment operations | | | 0.39 | | | | (2.85 | ) | | | (2.96 | ) | | | (0.07 | ) | | | 3.84 | | | | 2.14 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | (0.32 | ) | | | (0.44 | ) | | | (0.52 | ) | | | (0.49 | ) | | | (0.40 | ) | | | (0.26 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (0.25 | ) | | | (1.35 | ) | | | — | | | | — | |
| | | | | | |
Total distributions | | | (0.32 | ) | | | (0.44 | ) | | | (0.77 | ) | | | (1.84 | ) | | | (0.40 | ) | | | (0.26 | ) |
| | | | | | |
Net Asset Value, end of period | | | $10.78 | | | | $10.71 | | | | $14.00 | | | | $17.73 | | | | $19.64 | | | | $16.20 | |
| | | | | | |
TOTAL RETURN | | | 3.57% | 2 | | | (20.67% | ) | | | (16.75% | ) | | | (0.49% | ) | | | 24.22% | | | | 15.00% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $69,634 | | | | $76,517 | | | | $137,066 | | | | $218,766 | | | | $269,192 | | | | $258,111 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.33% | 3 | | | 1.17% | | | | 1.20% | | | | 1.12% | | | | 1.15% | | | | 1.15% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.28% | 3 | | | 2.03% | | | | 2.12% | | | | 2.05% | | | | 1.79% | | | | 2.14% | |
| | | | | | |
Portfolio turnover4 | | | 40.35% | 2 | | | 27.30% | | | | 67.08% | | | | 68.25% | | | | 81.79% | | | | 65.69% | |
| | |
| | | Six-Month
Period Ended
June 30, 2024 (Unaudited) | | | Year Ended Dec. 31, | |
| INSTITUTIONAL CLASS | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | |
Net Asset Value, beginning of period | | | $10.70 | | | | $14.00 | | | | $17.72 | | | | $19.64 | | | | $16.20 | | | | $14.32 | |
| | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss)1 | | | 0.11 | | | | 0.27 | | | | 0.31 | | | | 0.53 | | | | 0.31 | | | | 0.35 | |
| | | | | | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 0.27 | | | | (3.11 | ) | | | (3.24 | ) | | | (0.58 | ) | | | 3.55 | | | | 1.81 | |
| | | | | | |
Total from investment operations | | | 0.38 | | | | (2.84 | ) | | | (2.93 | ) | | | (0.05 | ) | | | 3.86 | | | | 2.16 | |
| | | | | | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income | | | (0.29 | ) | | | (0.46 | ) | | | (0.54 | ) | | | (0.52 | ) | | | (0.42 | ) | | | (0.28 | ) |
| | | | | | |
Net realized gains on investments | | | — | | | | — | | | | (0.25 | ) | | | (1.35 | ) | | | — | | | | — | |
| | | | | | |
Total distributions | | | (0.29 | ) | | | (0.46 | ) | | | (0.79 | ) | | | (1.87 | ) | | | (0.42 | ) | | | (0.28 | ) |
| | | | | | |
Net Asset Value, end of period | | | $10.79 | | | | $10.70 | | | | $14.00 | | | | $17.72 | | | | $19.64 | | | | $16.20 | |
| | | | | | |
TOTAL RETURN | | | 3.54% | 2 | | | (20.58% | ) | | | (16.59% | ) | | | (0.38% | ) | | | 24.37% | | | | 15.16% | |
| | | | | | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (in 000’s) | | | $29,242 | | | | $42,165 | | | | $84,220 | | | | $131,395 | | | | $115,451 | | | | $122,630 | |
| | | | | | |
Ratio of expenses to average net assets before any reimbursement, waiver or recapture of expenses by Advisor and Administrator (Note 4) | | | 1.20% | 3 | | | 1.04% | | | | 1.06% | | | | 0.97% | | | | 1.02% | | | | 1.01% | |
| | | | | | |
Ratio of net investment income (loss) to average net assets | | | 2.12% | 3 | | | 2.09% | | | | 2.12% | | | | 2.65% | | | | 1.85% | | | | 2.25% | |
| | | | | | |
Portfolio turnover4 | | | 40.35% | 2 | | | 27.30% | | | | 67.08% | | | | 68.25% | | | | 81.79% | | | | 65.69% | |
1 Calculated using the average daily shares method.
2 Not annualized.
3 Annualized.
4 The portfolio turnover rate is calculated on the Fund as a whole without distinguishing between classes of shares issued.
See accompanying notes to financial statements.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 59 |
Notes to Financial Statements (unaudited)
Matthews International Funds (d/b/a Matthews Asia Funds) (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2024, the Trust issued twenty-five separate series of shares. This shareholder report pertains to thirteen of those series (each a “Fund”, and collectively, the “Funds”): Matthews Emerging Markets Equity Fund, Matthews Emerging Markets Sustainable Future Fund, Matthews Emerging Markets Small Companies Fund, Matthews Asia Growth Fund, Matthews Pacific Tiger Fund, Matthews Asia Innovators Fund, Matthews China Fund, Matthews China Small Companies Fund, Matthews India Fund, Matthews Japan Fund, Matthews Asian Growth and Income Fund, Matthews Asia Dividend Fund and Matthews China Dividend Fund. Each Fund, offers two classes of shares: Investor Class and Institutional Class. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class. The other twelve separate series of the Trust are Exchange Traded Funds and are covered in a separate shareholder report.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
| A. | SECURITY VALUATION: Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) has designated authority to a Valuation Designee, Matthews International Capital Management, LLC (“Matthews”), the Funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. Matthews has formed a Valuation Committee (the “Valuation Committee”) to administer the pricing and valuation of portfolio securities and other assets and liabilities and to ensure that prices determined by Matthews or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. The value of the Trust’s securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Board. Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews in accordance with procedures established by the Valuation Designee. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined at the close of business on the New York Stock Exchange (“NYSE”). Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable. |
When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.
The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rate as of the close of trading on the NYSE. The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds isolate that portion of gains and losses on investments in fixed income securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.
Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the value of the Funds may be significantly affected on days when shareholders have no access to the Funds.
| B. | FAIR VALUE MEASUREMENTS: The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ financial instruments and are summarized in the following fair value hierarchy: |
Level 1: Unadjusted quoted prices in active markets for identical securities (foreign securities that are valued based on market quotations).
Level 2: Other significant observable inputs. Certain foreign securities may be fair valued by Matthews using information such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and foreign exchange. Additionally, external pricing services are used when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable.
Level 3: Significant unobservable inputs. Level 3 securities are valued based on significant unobservable inputs as determined under procedures approved by the Board. Characterization of such securities as Level 3 securities are not necessarily an indication of their liquidity or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance.
Notes to Financial Statements (unaudited) (continued)
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
Levels for Multi-Country Funds (1 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2024.
| | | | | | | | | | | | | | | | |
| | | Matthews
Emerging Markets
Equity Fund | | | Matthews
Emerging Markets
Sustainable Future
Fund | | | Matthews
Emerging Markets
Small Companies
Fund | | | Matthews Asia
Growth Fund | |
Assets: | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | |
Level 1: Quoted Prices | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
Bangladesh | | | $— | | | | $418,075 | | | | $— | | | | $— | |
Brazil | | | 547,583 | | | | 7,805,593 | | | | 47,080,245 | | | | — | |
Chile | | | — | | | | — | | | | 16,167,543 | | | | — | |
China/Hong Kong | | | 647,600 | | | | 32,104,012 | | | | 55,097,642 | | | | 21,120,211 | |
France | | | 199,107 | | | | — | | | | — | | | | — | |
India | | | 1,235,415 | | | | — | | | | 5,514,923 | | | | 2,139,672 | |
Kazakhstan | | | 339,296 | | | | — | | | | — | | | | — | |
Mexico | | | 472,185 | | | | — | | | | 561,320 | | | | — | |
Philippines | | | — | | | | — | | | | 1,744,431 | | | | 2,559,647 | |
Peru | | | 290,071 | | | | — | | | | — | | | | — | |
Romania | | | — | | | | 4,181,707 | | | | — | | | | — | |
Saudi Arabia | | | 236,476 | | | | — | | | | — | | | | — | |
Singapore | | | — | | | | — | | | | — | | | | 8,612,252 | |
South Africa | | | | | | | | | | | 8,681,916 | | | | | |
Taiwan | | | — | | | | — | | | | — | | | | 4,819,925 | |
Turkey | | | — | | | | 3,909,100 | | | | 14,242,719 | | | | — | |
United Arab Emirates | | | 438,290 | | | | — | | | | — | | | | — | |
United States | | | 228,736 | | | | 9,661,668 | | | | — | | | | — | |
| | | | | |
Sub-total | | | 4,634,759 | | | | 58,080,155 | | | | 149,090,739 | | | | 39,251,707 | |
Preferred Equities: | | | | | | | | | | | | | | | | |
Brazil | | | — | | | | — | | | | 7,180,000 | | | | — | |
Level 2: Other Significant Observable Inputs | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
Australia | | | — | | | | — | | | | — | | | | 7,869,920 | |
Bangladesh | | | — | | | | 488,817 | | | | 2,507,009 | | | | — | |
Brazil | | | — | | | | 4,348,472 | | | | — | | | | — | |
Chile | | | — | | | | 838,222 | | | | 3,049,299 | | | | — | |
China/Hong Kong | | | 4,007,849 | | | | 53,952,699 | | | | 117,007,741 | | | | 41,545,059 | |
India | | | 4,084,966 | | | | 58,548,597 | | | | 174,347,144 | | | | 45,578,428 | |
Indonesia | | | — | | | | — | | | | 6,138,439 | | | | 4,572,681 | |
Jordan | | | — | | | | 2,293,159 | | | | — | | | | — | |
Japan | | | — | | | | — | | | | — | | | | 115,890,500 | |
Philippines | | | 244,647 | | | | — | | | | 11,060,198 | | | | — | |
Poland | | | 105,305 | | | | 7,620,151 | | | | 12,662,808 | | | | — | |
Saudi Arabia | | | — | | | | 5,142,155 | | | | 19,169,113 | | | | — | |
South Africa | | | — | | | | 5,308,532 | | | | 9,846,328 | | | | — | |
South Korea | | | 2,432,000 | | | | 11,558,289 | | | | 55,136,617 | | | | 34,927,549 | |
Taiwan | | | 3,733,818 | | | | 23,835,571 | | | | 97,415,991 | | | | 39,447,511 | |
Thailand | | | — | | | | — | | | | 3,837,473 | | | | 2,997,586 | |
Vietnam | | | 445,935 | | | | 3,104,717 | | | | 33,408,578 | | | | 1,576,754 | |
Sub-total | | | 15,054,520 | | | | 177,039,381 | | | | 545,586,738 | | | | 294,405,988 | |
Preferred Equities: | | | | | | | | | | | | | | | | |
South Korea | | | — | | | | 7,436,851 | | | | — | | | | — | |
Level 3: Significant Observable Inputs | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
Russia | | | 1,934 | | | | — | | | | 26,080 | | | | — | |
Total Market Value of Investments | | $ | 19,691,213 | | | $ | 242,556,387 | | | $ | 701,883,557 | | | $ | 333,657,695 | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 61 |
Notes to Financial Statements (unaudited) (continued)
Levels for Multi-Country Funds (2 of 2):
Summary of inputs used to determine the fair valuation of multi-country Funds’ investments as of June 30, 2024.
| | | | | | | | | | | | | | | | |
| | | Matthews Pacific
Tiger Fund | | | Matthews Asia
Innovators Fund | | | Matthews Asian Growth and
Income Fund | | | Matthews Asia
Dividend Fund | |
Assets: | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | |
Level 1: Quoted Prices | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
Brazil | | | $— | | | | $3,436,242 | | | | $— | | | | $— | |
China/Hong Kong | | | 17,883,025 | | | | 36,363,985 | | | | 8,961,296 | | | | 9,546,429 | |
India | | | — | | | | 7,737,482 | | | | — | | | | — | |
Netherlands | | | — | | | | 3,563,191 | | | | — | | | | | |
Philippines | | | 3,653,451 | | | | — | | | | 5,535,280 | | | | — | |
Singapore | | | 11,080,813 | | | | 14,358,777 | | | | — | | | | — | |
Taiwan | | | — | | | | 4,720,853 | | | | — | | | | 4,061,940 | |
United States | | | — | | | | — | | | | 5,641,832 | | | | — | |
Sub-total | | | 32,617,289 | | | | 70,180,530 | | | | 20,138,408 | | | | 13,608,369 | |
Level 2: Other Significant Observable Inputs | | | — | | | | | | | | | | | | | |
Convertible Corporate Bondsa | | | — | | | | — | | | | 27,499,225 | | | | — | |
Common Equities: | | | | | | | | | | | | | | | | |
Australia | | | — | | | | — | | | | — | | | | 73,472,175 | |
China/Hong Kong | | | 285,086,957 | | | | 54,723,754 | | | | 85,530,475 | | | | 149,770,217 | |
France | | | — | | | | — | | | | 8,404,029 | | | | — | |
India | | | 311,823,776 | | | | 69,709,565 | | | | 45,127,358 | | | | 63,922,678 | |
Indonesia | | | 9,342,968 | | | | — | | | | 4,635,564 | | | | 10,993,166 | |
Japan | | | — | | | | 6,531,270 | | | | — | | | | 228,799,527 | |
Malaysia | | | 17,717,499 | | | | — | | | | — | | | | — | |
Singapore | | | 16,991,065 | | | | — | | | | 14,866,643 | | | | 20,722,350 | |
South Korea | | | 159,011,410 | | | | 39,309,997 | | | | 25,220,276 | | | | 43,655,169 | |
Taiwan | | | 247,457,732 | | | | 63,935,864 | | | | 41,930,869 | | | | 67,122,917 | |
Thailand | | | 14,511,127 | | | | — | | | | 8,306,992 | | | | 11,025,158 | |
Vietnam | | | 22,585,491 | | | | 2,022,963 | | | | — | | | | 1,497,911 | |
Sub-total | | | 1,084,528,025 | | | | 236,233,413 | | | | 234,022,206 | | | | 670,981,268 | |
Total Market Value of Investments | | $ | 1,117,145,314 | | | $ | 306,413,943 | | | $ | 281,659,839 | | | $ | 684,589,637 | |
| a | Industry, countries, or security types are disclosed on the Schedule of Investments. |
Notes to Financial Statements (unaudited) (continued)
Levels for Single Country Funds:
Summary of inputs used to determine the fair valuation of the single country Funds’ investments as of June 30, 2024.
| | | | | | | | | | | | | | | | | | | | |
| | | Matthews
China Fund | | | Matthews
China Small
Companies
Fund | | | Matthews
India Fund | | | Matthews
Japan Fund | | | Matthews China
Dividend Fund | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | | | | | |
Level 1: Quoted Prices | | | | | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | | | | | |
Communication Services | | | $2,161,087 | | | | $4,360,729 | | | | $— | | | | $— | | | | $1,390,887 | |
Consumer Discretionary | | | 24,338,406 | | | | 1,195,759 | | | | — | | | | — | | | | 5,937,301 | |
Health Care | | | — | | | | 1,197,557 | | | | 19,322,464 | | | | — | | | | — | |
Industrials | | | 10,575,293 | | | | 1,531,499 | | | | — | | | | — | | | | 3,248,551 | |
Information Technology | | | — | | | | 2,143,173 | | | | — | | | | — | | | | — | |
Real Estate | | | 8,639,990 | | | | — | | | | — | | | | — | | | | 929,018 | |
Sub-total | | | 45,714,776 | | | | 10,428,717 | | | | 19,322,464 | | | | — | | | | 11,505,757 | |
Rights: | | | | | | | | | | | | | | | | | | | | |
Materials | | | 102,921 | | | | 30,537 | | | | — | | | | — | | | | — | |
Level 2: Other Significant Observable Inputs | | | | | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | | | | | |
Communication Services | | | 66,430,686 | | | | 1,768,137 | | | | 24,261,320 | | | | 15,042,710 | | | | 11,803,998 | |
Consumer Discretionary | | | 92,333,376 | | | | 11,164,706 | | | | 136,462,004 | | | | 136,552,799 | | | | 23,887,161 | |
Consumer Staples | | | 30,110,637 | | | | 7,322,496 | | | | 75,120,565 | | | | 30,392,058 | | | | 6,093,168 | |
Energy | | | 14,841,386 | | | | 2,760,136 | | | | 64,538,367 | | | | — | | | | 5,208,405 | |
Financials | | | 86,785,566 | | | | — | | | | 323,031,639 | | | | 99,060,545 | | | | 16,446,841 | |
Health Care | | | 11,611,939 | | | | 4,309,203 | | | | 49,365,029 | | | | 45,625,332 | | | | 1,600,776 | |
Industrials | | | 25,514,397 | | | | 15,166,758 | | | | 100,416,927 | | | | 122,703,590 | | | | 10,167,864 | |
Information Technology | | | 21,531,520 | | | | 5,394,672 | | | | 82,945,470 | | | | 135,215,554 | | | | 3,281,641 | |
Materials | | | 9,101,515 | | | | 3,338,615 | | | | 31,998,914 | | | | 55,974,134 | | | | 1,925,555 | |
Real Estate | | | 9,622,053 | | | | 7,434,282 | | | | 10,836,215 | | | | 17,669,298 | | | | 3,429,149 | |
Utilities | | | — | | | | 2,766,040 | | | | 32,322,906 | | | | — | | | | — | |
Sub-total | | | 367,883,075 | | | | 61,425,045 | | | | 931,299,356 | | | | 658,236,020 | | | | 83,844,558 | |
Total Market Value of Investments | | $ | 413,700,772 | | | $ | 71,884,299 | | | $ | 950,621,820 | | | $ | 658,236,020 | | | $ | 95,350,315 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Changes in the Balances of Level 3 Securities: The Funds’ policy is to recognize transfers in and transfers out of Level 3 as of the beginning of the reporting period. | |
| | | | | | | | | | | | | | | Matthews
Emerging Markets
Equity Fund | | | Matthews
Emerging Markets
Small Companies
Fund | |
| | | | | | | | | | | | | | | Common Equities—
Russia | | | Common Equities—
Russia | |
Balance as of 12/31/23 (market value) | | | | | | | | | | | | | | | | | | | $1,875 | | | | $25,119 | |
Accrued discounts/premiums | | | | | | | | | | | | | | | | | | | — | | | | — | |
Realized gain/(loss) | | | | | | | | | | | | | | | | | | | — | | | | — | |
Change in unrealized appreciation/(depreciation) | | | | | | | | | | | | | | | | | | | 58 | | | | 961 | |
Purchases | | | | | | | | | | | | | | | | | | | — | | | | — | |
Sales | | | | | | | | | | | | | | | | | | | — | | | | — | |
Transfers in to Level 3 | | | | | | | | | | | | | | | | | | | — | | | | — | |
Transfer out of Level 3 | | | | | | | | | | | | | | | | | | | — | | | | — | |
Balance as of 6/30/24 (market value) | | | | | | | | | | | | | | | | | | | $1,933 | | | | $26,080 | |
Net change in unrealized appreciation/depreciation on Level 3 investments held as of 6/30/24* | | | | | | | | | | | | | | | | | | | $58 | | | | $961 | |
| * | Included in the related amounts on the Statements of Operations. |
| C. | RISKS ASSOCIATED WITH NON-U.S. COMPANIES: Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 63 |
Notes to Financial Statements (unaudited) (continued)
smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or “capital controls” that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.
Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company’s operations, and make obtaining information about them more difficult (or such information may be unavailable).
Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.
Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.
Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.
The Funds may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.
VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds’ associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.
Due to the Russian invasion of Ukraine, sanctions have since been imposed on Russia and certain of its citizens and financial infrastructure entities, including the exclusion of Russia from the SWIFT global payments network. As a result of these sanctions and countermeasures by Russia, the sale and/or purchase of Russian securities to/by US persons is prohibited and sales of certain Russian securities to non-US persons may also be prohibited. Due to these measures, Russian and Russian-related securities have since suffered significant declines in value. The ongoing conflict has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds’ performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2024, the Russian positions held across the Matthews Asia Funds have been valued near zero.
The Israel-Hamas war, which began in October 2023, has resulted in significant loss of life and increased volatility in the Middle East, and there is a risk that the war could spread within the region. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund’s performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict, but could be substantial.
| D. | DISTRIBUTIONS TO SHAREHOLDERS: It is the policy of Matthews Asian Growth and Income Fund and Matthews China Dividend Fund to distribute net investment income on a semi-annual basis and capital gains, if any, annually. It is the policy of Matthews Asia Dividend Fund to distribute net investment income on a quarterly basis and capital gains, if any, annually. Distributions to shareholders are recorded on the |
Notes to Financial Statements (unaudited) (continued)
ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.
The tax character of distributions paid for the fiscal year ended December 31, 2023 was as follows:
| | | | | | | | | | | | |
| YEAR ENDED DECEMBER 31, 2023 | | Ordinary
Income | | | Net Long-Term
Capital Gains | | | Total Taxable
Distributions | |
| | | |
Matthews Emerging Markets Equity Fund | | | $422,432 | | | | $— | | | | $422,432 | |
Matthews Emerging Markets Sustainable Future Fund | | | 7,022,135 | | | | 8,301,672 | | | | 15,323,807 | |
Matthews Emerging Markets Small Companies Fund | | | 9,668,640 | | | | 39,323,118 | | | | 48,991,758 | |
Matthews Asia Growth Fund | | | 7,189,167 | | | | — | | | | 7,189,167 | |
Matthews Pacific Tiger Fund | | | 64,358,726 | | | | — | | | | 64,358,726 | |
Matthews Asia Innovators Fund | | | 290,255 | | | | — | | | | 290,255 | |
Matthews China Fund | | | 4,081,170 | | | | — | | | | 4,081,170 | |
Matthews China Small Companies Fund | | | 2,172,164 | | | | — | | | | 2,172,164 | |
Matthews India Fund | | | 14,188,398 | | | | 8,461,800 | | | | 22,650,198 | |
Matthews Japan Fund | | | — | | | | — | | | | — | |
Matthews Asian Growth and Income Fund | | | 11,994,498 | | | | — | | | | 11,994,498 | |
Matthews Asia Dividend Fund | | | 17,501,957 | | | | — | | | | 17,501,957 | |
Matthews China Dividend Fund | | | 6,178,415 | | | | — | | | | 6,178,415 | |
| E. | INVESTMENT TRANSACTIONS AND INCOME: Securities transactions are accounted for on the date the securities are purchased or sold or on the following business day. Financial statements reflect security transactions on trade date. Gains or losses on the sale of securities are determined on the identified cost basis. Interest income is recorded on the accrual basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income is generally recorded on the ex-dividend date net of any foreign taxes withheld at the source. Dividend income for certain issuers headquartered in countries which the Funds invest may not be recorded until approved by the shareholders (which may occur after the ex-dividend date) if, in the judgment of management, such dividends are not reasonably determined as of the ex-dividend date. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets. |
The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
| F. | FUND EXPENSE ALLOCATIONS: The Funds account separately for the assets, liabilities and operations of each Fund. Estimated expenses are accrued daily. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods. |
| G. | CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY: When any of the Funds’ cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian based on the BBH Overdraft Base Rate which are set daily reflecting BBH’s effective trading rate in the relevant local money markets on each day. In markets where a true money market rate is not available, or is not reflective of the market, the BBH Treasury Group sets overdraft rates on a market-by-market basis, taking into consideration market standards and conditions. |
QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI’s approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in “Segregated foreign currency at value” on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market.
| H. | USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. |
| I. | RECENT ACCOUNTING GUIDANCE: In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, the funds opted to early adopt, as permitted, effective December 1, 2022. Adoption of the guidance did not have a material impact on the fund’s financial statements. |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 65 |
Notes to Financial Statements (unaudited) (continued)
| 3. | CAPITAL SHARE TRANSACTIONS |
| | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
MATTHEWS EMERGING MARKETS EQUITY FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 39,113 | | | | $472,416 | | | | 130,199 | | | | $1,517,088 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 14,802 | | | | 172,882 | |
Shares redeemed | | | (146,057 | ) | | | (1,733,220 | ) | | | (241,424 | ) | | | (2,808,019) | |
Net (decrease) | | | (106,944 | ) | | | ($1,260,804 | ) | | | (96,423 | ) | | | ($1,118,049) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 76,982 | | | | $933,398 | | | | 135,272 | | | | $1,568,754 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 11,876 | | | | 138,360 | |
Shares redeemed | | | (58,959 | ) | | | (717,321 | ) | | | (1,291,280 | ) | | | (15,062,357) | |
Net increase (decrease) | | | 18,023 | | | | $216,077 | | | | (1,144,132 | ) | | | ($13,355,243) | |
MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 684,132 | | | | $8,500,889 | | | | 1,400,341 | | | | $18,501,952 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 218,988 | | | | 2,728,585 | |
Shares redeemed | | | (873,241 | ) | | | (10,773,704 | ) | | | (1,153,317 | ) | | | (15,028,964) | |
Net increase (decrease) | | | (189,109 | ) | | | ($2,272,815 | ) | | | 466,012 | | | | $6,201,573 | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 7,714,064 | | | | $96,845,535 | | | | 9,725,550 | | | | $127,823,168 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 934,309 | | | | 11,650,833 | |
Shares redeemed | | | (5,318,492 | ) | | | (66,320,433 | ) | | | (8,197,384 | ) | | | (106,508,110) | |
Net increase | | | 2,395,572 | | | | $30,525,102 | | | | 2,462,475 | | | | $32,965,891 | |
MATTHEWS EMERGING MARKETS SMALL COMPANIES FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 2,610,441 | | | | $66,407,126 | | | | 6,657,405 | | | | $171,573,564 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 805,324 | | | | 20,414,960 | |
Shares redeemed | | | (2,385,709 | ) | | | (60,978,729 | ) | | | (2,312,400 | ) | | | (59,107,206) | |
Net increase | | | 224,732 | | | | $5,428,397 | | | | 5,150,329 | | | | $132,881,318 | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 4,953,439 | | | | $126,383,181 | | | | 6,161,600 | | | | $158,396,820 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 932,178 | | | | 23,593,436 | |
Shares redeemed | | | (2,093,637 | ) | | | (53,635,126 | ) | | | (4,141,488 | ) | | | (105,630,589) | |
Net increase | | | 2,859,802 | | | | $72,748,055 | | | | 2,952,290 | | | | $76,359,667 | |
MATTHEWS ASIA GROWTH FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 176,390 | | | | $3,870,620 | | | | 681,889 | | | | $14,671,656 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 133,749 | | | | 2,784,644 | |
Shares redeemed | | | (1,331,801 | ) | | | (29,129,078 | ) | | | (4,000,268 | ) | | | (83,059,590) | |
Net (decrease) | | | (1,155,411 | ) | | | ($25,258,458 | ) | | | (3,184,630 | ) | | | ($65,603,290) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 513,620 | | | | $11,405,139 | | | | 2,171,266 | | | | $46,938,027 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 183,188 | | | | 3,861,598 | |
Shares redeemed | | | (2,110,633 | ) | | | (47,196,710 | ) | | | (11,858,416 | ) | | | (250,750,018) | |
Net (decrease) | | | (1,597,013 | ) | | | ($35,791,571 | ) | | | (9,503,962 | ) | | | ($199,950,393) | |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
MATTHEWS PACIFIC TIGER FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 677,263 | | | | $12,315,835 | | | | 2,622,151 | | | | $53,264,269 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 1,153,844 | | | | 20,936,017 | |
Shares redeemed | | | (9,607,261 | ) | | | (176,594,523 | ) | | | (19,399,003 | ) | | | (376,726,108) | |
Net (decrease) | | | (8,929,998 | ) | | | ($164,278,688 | ) | | | (15,623,008 | ) | | | ($302,525,822) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 3,540,886 | | | | $63,499,874 | | | | 28,865,705 | | | | $594,631,720 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 2,010,240 | | | | 36,465,745 | |
Shares redeemed | | | (40,762,847 | ) | | | (741,595,857 | ) | | | (94,570,201 | ) | | | (1,825,016,435) | |
Net (decrease) | | | (37,221,961 | ) | | | ($678,095,983 | ) | | | (63,694,256 | ) | | | ($1,193,918,970) | |
MATTHEWS ASIA INNOVATORS FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 448,884 | | | | $5,347,482 | | | | 3,379,530 | | | | $39,588,998 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 259 | | | | 2,861 | |
Shares redeemed | | | (2,619,262 | ) | | | (30,423,957 | ) | | | (11,577,974 | ) | | | (127,586,880) | |
Net (decrease) | | | (2,170,378 | ) | | | ($25,076,475 | ) | | | (8,198,185 | ) | | | ($87,995,021) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 975,867 | | | | $12,086,706 | | | | 6,073,905 | | | | $71,458,317 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 25,503 | | | | 285,889 | |
Shares redeemed | | | (2,280,560 | ) | | | (26,612,317 | ) | | | (11,400,103 | ) | | | (126,539,681) | |
Net (decrease) | | | (1,304,693 | ) | | | ($14,525,611 | ) | | | (5,300,695 | ) | | | ($54,795,475) | |
MATTHEWS CHINA FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 3,147,832 | | | | $34,763,719 | | | | 5,405,372 | | | | $76,137,353 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 205,358 | | | | 2,318,493 | |
Shares redeemed | | | (5,149,693 | ) | | | (60,462,824 | ) | | | (10,724,293 | ) | | | (141,161,279) | |
Net (decrease) | | | (2,001,861 | ) | | | ($25,699,105 | ) | | | (5,113,563 | ) | | | ($62,705,433) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 2,226,776 | | | | $25,134,431 | | | | 8,772,746 | | | | $124,615,158 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 140,159 | | | | 1,579,591 | |
Shares redeemed | | | (3,046,538 | ) | | | (34,457,207 | ) | | | (16,651,610 | ) | | | (207,963,225) | |
Net (decrease) | | | (819,762 | ) | | | ($9,322,776 | ) | | | (7,738,705 | ) | | | ($81,768,476) | |
MATTHEWS CHINA SMALL COMPANIES FUND | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | |
Shares sold | | | 592,881 | | | | $5,122,038 | | | | 1,298,646 | | | | $14,331,798 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 175,856 | | | | 1,551,048 | |
Shares redeemed | | | (1,571,054 | ) | | | (13,558,175 | ) | | | (4,378,721 | ) | | | (44,437,991) | |
Net (decrease) | | | (978,173 | ) | | | ($8,436,137 | ) | | | (2,904,219 | ) | | | ($28,555,145) | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares sold | | | 196,092 | | | | $1,693,409 | | | | 1,047,082 | | | | $11,271,484 | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 66,880 | | | | 589,214 | |
Shares redeemed | | | (698,185 | ) | | | (6,002,943 | ) | | | (2,169,833 | ) | | | (21,888,754) | |
Net (decrease) | | | (502,093 | ) | | | ($4,309,534 | ) | | | (1,055,871 | ) | | | ($10,028,056) | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 67 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended | | | | | | | |
| | | June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
MATTHEWS INDIA FUND | | | | | | | | | | | | | | | | |
| | | | |
Investor Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,440,713 | | | | $95,291,038 | | | | 3,919,696 | | | | $95,491,976 | |
| | | | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 676,925 | | | | 17,586,533 | |
| | | | |
Shares redeemed | | | (2,271,416 | ) | | | (62,845,860 | ) | | | (4,205,352 | ) | | | (99,370,862 | ) |
| | | | |
Net increase | | | 1,169,297 | | | | $32,445,178 | | | | 391,269 | | | | $13,707,647 | |
| | | | |
Institutional Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,662,247 | | | | $46,944,787 | | | | 2,213,514 | | | | $55,491,165 | |
| | | | |
Shares issued through reinvestment of distributions | | | — | | | | — | | | | 136,550 | | | | 3,622,667 | |
| | | | |
Shares redeemed | | | (819,855 | ) | | | (23,147,043 | ) | | | (1,121,111 | ) | | | (27,232,664 | ) |
| | | | |
Net increase | | | 842,392 | | | | $23,797,744 | | | | 1,228,953 | | | | $31,881,168 | |
| | | | |
MATTHEWS JAPAN FUND | | | | | | | | | | | | | | | | |
| | | | |
Investor Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 837,213 | | | | $15,976,537 | | | | 2,053,466 | | | | $33,532,012 | |
| | | | |
Shares redeemed | | | (1,240,393 | ) | | | (23,517,760 | ) | | | (2,411,922 | ) | | | (39,284,868 | ) |
| | | | |
Net (decrease) | | | (403,180 | ) | | | ($7,541,223 | ) | | | (358,456 | ) | | | ($5,752,856 | ) |
| | | | |
Institutional Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,928,186 | | | | $73,205,595 | | | | 9,113,265 | | | | $148,126,179 | |
| | | | |
Shares redeemed | | | (7,149,302 | ) | | | (136,053,996 | ) | | | (13,244,007 | ) | | | (213,636,143 | ) |
| | | | |
Net (decrease) | | | (3,221,116 | ) | | | ($62,848,401 | ) | | | (4,130,742 | ) | | | ($65,509,964 | ) |
| | | | |
MATTHEWS ASIAN GROWTH AND INCOME FUND | | | | | | | | | | | | | | | | |
| | | | |
Investor Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 521,201 | | | | $6,558,246 | | | | 1,396,555 | | | | $17,652,386 | |
| | | | |
Shares issued through reinvestment of distributions | | | 435,575 | | | | 5,588,429 | | | | 578,586 | | | | 7,288,561 | |
| | | | |
Shares redeemed | | | (3,640,939 | ) | | | (46,522,676 | ) | | | (9,682,174 | ) | | | (123,004,211 | ) |
| | | | |
Net (decrease) | | | (2,684,163 | ) | | | ($34,376,001 | ) | | | (7,707,033 | ) | | | ($98,063,264 | ) |
| | | | |
Institutional Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 325,080 | | | | $4,079,912 | | | | 3,200,353 | | | | $41,505,777 | |
| | | | |
Shares issued through reinvestment of distributions | | | 125,409 | | | | 1,605,234 | | | | 329,356 | | | | 4,177,281 | |
| | | | |
Shares redeemed | | | (1,465,325 | ) | | | (18,600,803 | ) | | | (18,830,714 | ) | | | (234,492,223 | ) |
| | | | |
Net (decrease) | | | (1,014,836 | ) | | | ($12,915,657 | ) | | | (15,301,005 | ) | | | ($188,809,165 | ) |
| | | | |
MATTHEWS ASIA DIVIDEND FUND | | | | | | | | | | | | | | | | |
| | | | |
Investor Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 382,150 | | | | $5,259,929 | | | | 1,959,768 | | | | $26,746,118 | |
| | | | |
Shares issued through reinvestment of distributions | | | 201,484 | | | | 2,808,929 | | | | 411,838 | | | | 5,421,653 | |
| | | | |
Shares redeemed | | | (7,257,290 | ) | | | (99,708,288 | ) | | | (18,593,714 | ) | | | (249,195,190 | ) |
| | | | |
Net (decrease) | | | (6,673,656 | ) | | | ($91,639,430 | ) | | | (16,222,108 | ) | | | ($217,027,419 | ) |
| | | | |
Institutional Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,859,538 | | | | $52,557,227 | | | | 8,552,111 | | | | $116,613,098 | |
| | | | |
Shares issued through reinvestment of distributions | | | 225,117 | | | | 3,134,706 | | | | 812,192 | | | | 10,685,012 | |
| | | | |
Shares redeemed | | | (24,539,479 | ) | | | (333,848,502 | ) | | | (56,199,056 | ) | | | (757,417,514 | ) |
| | | | |
Net (decrease) | | | (20,454,824 | ) | | | ($278,156,569 | ) | | | (46,834,753 | ) | | | ($630,119,404 | ) |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended | | | | | | | |
| | | June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
MATTHEWS CHINA DIVIDEND FUND | | | | | | | | | | | | | | | | |
| | | | |
Investor Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 381,537 | | | | $3,993,102 | | | | 1,208,680 | | | | $17,048,437 | |
| | | | |
Shares issued through reinvestment of distributions | | | 174,900 | | | | 1,906,405 | | | | 313,080 | | | | 3,747,677 | |
| | | | |
Shares redeemed | | | (1,237,547 | ) | | | (13,027,840 | ) | | | (4,169,134 | ) | | | (51,639,118 | ) |
| | | | |
Net (decrease) | | | (681,110 | ) | | | ($7,128,333 | ) | | | (2,647,374 | ) | | | ($30,843,004 | ) |
| | | | |
Institutional Class | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 344,764 | | | | $3,599,039 | | | | 1,693,605 | | | | $23,175,473 | |
| | | | |
Shares issued through reinvestment of distributions | | | 71,363 | | | | 778,571 | | | | 183,645 | | | | 2,193,203 | |
| | | | |
Shares redeemed | | | (1,647,692 | ) | | | (17,176,271 | ) | | | (3,953,406 | ) | | | (50,423,051 | ) |
| | | | |
Net (decrease) | | | (1,231,565 | ) | | | ($12,798,661 | ) | | | (2,076,156 | ) | | | ($25,054,375 | ) |
| 4. | INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES |
Matthews, a registered investment advisor under the Investment Advisers Act of 1940, as amended, provides the Funds with investment management services. Pursuant to the prior Investment Advisory Agreement dated August 13, 2004, as amended (the “Prior Advisory Agreement”) and the current Investment Advisory Agreement dated February 1, 2016, as amended (the “Current Advisory Agreement,” and together with the Prior Advisory Agreement, the “Advisory Agreement”), the Funds pay Matthews (i) for management and advisory services; and (ii) for certain administrative services, an annual fee as a percentage of average daily net assets. Under the Advisory Agreement each of the Funds, other than Matthews Emerging Markets Small Companies Fund and Matthews China Small Companies Fund (the “Family-Priced Funds”), pays Matthews 0.75% of their aggregate average daily net assets up to $2 billion, 0.6834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.65% of their aggregate average daily net assets over $5 billion up to $25 billion, 0.64% of their aggregate average daily net assets over $25 billion up to $30 billion, 0.63% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.62% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.61% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.60% of their aggregate average daily net assets over $45 billion. Effective January 1, 2024, each of the Matthews Emerging Markets Small Companies Fund and the Matthews China Small Companies Fund pays Matthews a fee equal to 0.85% of its average daily net assets. Each Fund pays Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Fund’s average daily net asset value for the month.
Pursuant to a fee waiver letter agreement, effective as of September 1, 2014, between the Trust, on behalf of the Family-Priced Funds, and Matthews (as amended from time to time, the “Fee Waiver Agreement”), for each Family-Priced Fund, Matthews has agreed to waive a portion of the fee payable under the Advisory Agreement and a portion of the fee payable under the Administration and Shareholder Services Agreement, if any Family-Priced Fund’s average daily net assets are over $3 billion, as follows: for every $2.5 billion average daily net assets of a Family-Priced Fund that are over $3 billion, the fee rates that otherwise would be applied for calculating fees payable under the Advisory Agreement and the Administration and Shareholder Services Agreement for such Family-Priced Fund with respect to such excess average daily net assets will be each reduced by 0.01%, in each case without reducing such fee rate below 0.00%.
Investment advisory fees charged, waived fees and reimbursed additional expenses for the six-month period ended June 30, 2024, were as follows:
| | | | | | | | | | | | |
| | | | | | Advisory Fees | | | | |
| | | | | | Waived and | | | | |
| | | | | | Expenses Waived or | | | | |
| | | | | | Reimbursed in | | | | |
| | | | | | Excess of the | | | Net Advisory Fee/ | |
| | | Gross Advisory Fees | | | Expense Limitation | | | (Net Reimbursement) | |
| | | |
Matthews Emerging Markets Equity Fund | | | $71,878 | | | | ($107,681 | ) | | | ($35,803 | ) |
Matthews Emerging Markets Sustainable Future Fund | | | 786,124 | | | | (32,251 | ) | | | 753,873 | |
Matthews Emerging Markets Small Companies Fund | | | 2,851,336 | | | | (210,251 | ) | | | 2,641,085 | |
Matthews Asia Growth Fund | | | 1,231,933 | | | | — | | | | 1,231,933 | |
Matthews Pacific Tiger Fund | | | 4,793,397 | | | | — | | | | 4,793,397 | |
Matthews Asia Innovators Fund | | | 1,065,896 | | | | — | | | | 1,065,896 | |
Matthews China Fund | | | 1,526,182 | | | | — | | | | 1,526,182 | |
Matthews China Small Companies Fund | | | 342,427 | | | | (72,062 | ) | | | 270,365 | |
Matthews India Fund | | | 2,917,904 | | | | — | | | | 2,917,904 | |
Matthews Japan Fund | | | 2,382,202 | | | | — | | | | 2,382,202 | |
Matthews Asian Growth and Income Fund | | | 1,066,961 | | | | — | | | | 1,066,961 | |
Matthews Asia Dividend Fund | | | 2,878,551 | | | | — | | | | 2,878,551 | |
Matthews China Dividend Fund | | | 370,000 | | | | — | | | | 370,000 | |
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 69 |
Notes to Financial Statements (unaudited) (continued)
Under a written agreement between the Funds and Matthews (the “Operating Expense Agreement”), Matthews agrees to waive fees and reimburse expenses to a Fund if its expense ratio exceeds a certain percentage level. For all Funds, except the Matthews Emerging Markets Equity Fund, the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.20% for the Institutional Class. For the Matthews Emerging Markets Equity Fund, this level is 0.90% for the Institutional Class. For the Matthews Emerging Markets Sustainable Future Fund and the Matthews Emerging Markets Small Companies Fund, this level is 1.15% for the Institutional Class. Matthews agrees to reduce the expense ratio for the Investor Class by waiving an equal amount of non-class specific expenses (e.g., custody fees) as the Institutional Class. Because certain expenses of the Investor Class may be higher than those of the Institutional Class and because class specific expenses may be waived solely for the Institutional Class, total annual Fund expenses for the Investor Class may exceed 1.20% (or 0.90% for the Matthews Emerging Markets Equity Fund, or 1.15% for the Matthews Emerging Markets Sustainable Future Fund and Matthews Emerging Markets Small Companies Fund). In turn, if the expenses of a Fund, fall below the level noted within three years after Matthews has made such a reimbursement, the Fund may reimburse Matthews up to an amount of the recoupment available not to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. This agreement will continue through April 30, 2025, may be extended for additional periods not exceeding one year, and may be terminated at any time by the Board of Trustees on behalf of the Fund on 60 days’ written notice to Matthews. Matthews may decline to renew this agreement by written notice to the Trust at least 30 days before its annual expiration date.
Waived Fees Subject to Possible Future Recoupment:
On June 30, 2024, the amounts subject to possible future recoupment under the expense limitation agreement are as follows:
| | | | | | | | | | | | | | | | |
| | | Expiring December 31, | |
| | | | |
| | | 2024 | | | 2025 | | | 2026 | | | 2027 | |
| | | | |
Matthews Emerging Markets Equity Fund | | | $248,206 | | | | $263,291 | | | | $143,956 | | | | $107,681 | |
Matthews Emerging Markets Sustainable Future Fund | | | — | | | | — | | | | — | | | | 32,251 | |
Matthews Emerging Markets Small Companies Fund | | | 638,812 | | | | 647,978 | | | | 960,093 | | | | 210,251 | |
Matthews China Small Companies Fund | | | 309,590 | | | | 388,736 | | | | 200,612 | | | | 72,062 | |
The Funds have an Administration and Shareholder Services Agreement dated August 13, 2004, as amended (the “Shareholder Services Agreement” or “Services Agreement”), in which the Funds pay an annual administration and shareholder servicing fee to Matthews, as a percentage of the average daily net assets of each Fund in aggregate, computed and prorated on a daily basis. Under the Shareholder Services Agreement, the Funds in the aggregate pay Matthews 0.25% of their aggregate average daily net assets up to $2 billion, 0.1834% of their aggregate average daily net assets over $2 billion up to $5 billion, 0.15% of their aggregate average daily net assets over $5 billion up to $7.5 billion, 0.125% of their aggregate average daily net assets over $7.5 billion up to $15 billion, 0.11% of their aggregate average daily net assets over $15 billion up to $22.5 billion, 0.10% of their aggregate average daily net assets over $22.5 billion up to $25 billion, 0.09% of their aggregate average daily net assets over $25 billion up to $30 billion, 0.08% of their aggregate average daily net assets over $30 billion up to $35 billion, 0.07% of their aggregate average daily net assets over $35 billion up to $40 billion, 0.06% of their aggregate average daily net assets over $40 billion up to $45 billion, and 0.05% of their aggregate average daily net assets over $45 billion.
Administration and shareholder servicing fees charged, for the six-month period ended June 30, 2024, were as follows:
| | | | | | | | | | | | |
| | | | | | Administration and | | | | |
| | | Gross | | | Shareholder | | | Net | |
| | | Administration and | | | Servicing Fees | | | Administration and | |
| | | Shareholder | | | Waived in Excess of | | | Shareholder | |
| | | Servicing Fees | | | Expense Limitation | | | Servicing Fees | |
| | | |
Matthews Emerging Markets Equity Fund | | | $20,231 | | | | $— | | | | $20,231 | |
Matthews Emerging Markets Sustainable Future Fund | | | 221,296 | | | | — | | | | 221,296 | |
Matthews Emerging Markets Small Companies Fund | | | 666,018 | | | | — | | | | 666,018 | |
Matthews Asia Growth Fund | | | 346,657 | | | | — | | | | 346,657 | |
Matthews Pacific Tiger Fund | | | 1,348,052 | | | | — | | | | 1,348,052 | |
Matthews Asia Innovators Fund | | | 299,988 | | | | — | | | | 299,988 | |
Matthews China Fund | | | 429,569 | | | | — | | | | 429,569 | |
Matthews China Small Companies Fund | | | 79,944 | | | | — | | | | 79,944 | |
Matthews India Fund | | | 821,387 | | | | — | | | | 821,387 | |
Matthews Japan Fund | | | 670,406 | | | | — | | | | 670,406 | |
Matthews Asian Growth and Income Fund | | | 300,235 | | | | — | | | | 300,235 | |
Matthews Asia Dividend Fund | | | 809,631 | | | | — | | | | 809,631 | |
Matthews China Dividend Fund | | | 104,120 | | | | — | | | | 104,120 | |
In addition to the fees paid to the Funds’ transfer agent, the Funds bear the cost of fees paid to certain service providers or intermediaries, including supermarkets, which provide transfer agency, record-keeping and shareholder servicing to certain shareholders. These fees are referred to as intermediary service fees on the Statements of Assets and Liabilities as well as the Statements of Operations. Additional information concerning these services and fees is contained in the Funds’ prospectuses.
Notes to Financial Statements (unaudited) (continued)
BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), an indirect wholly owned subsidiary of The Bank of New York Mellon Corporation, serves as the Funds’ administrator, and in that capacity, performs various administrative and accounting services for each Fund. BNY Mellon also serves as the Funds’ transfer agent, dividend disbursing agent and registrar. An officer of BNY Mellon serves as Assistant Treasurer to the Funds. Total fees accrued by the Funds for administration and accounting services for the six-month period ended June 30, 2024 were as follows:
| | | | |
| | | Administration and | |
| | | Accounting fees | |
| |
Matthews Emerging Markets Equity Fund | | | $815 | |
Matthews Emerging Markets Sustainable Future Fund | | | 8,916 | |
Matthews Emerging Markets Small Companies Fund | | | 26,836 | |
Matthews Asia Growth Fund | | | 13,976 | |
Matthews Pacific Tiger Fund | | | 54,400 | |
Matthews Asia Innovators Fund | | | 12,091 | |
Matthews China Fund | | | 17,311 | |
Matthews China Small Companies Fund | | | 3,223 | |
Matthews India Fund | | | 33,094 | |
Matthews Japan Fund | | | 27,023 | |
Matthews Asian Growth and Income Fund | | | 12,104 | |
Matthews Asia Dividend Fund | | | 32,666 | |
Matthews China Dividend Fund | | | 4,197 | |
As of June 30, 2024, Matthews and its affiliates held significant shares in the Funds as follows:
| | | | | | | | |
| | | Shares held by Matthews | | | Percentage of | |
| | | and its Affiliates | | | Outstanding Shares | |
| | |
Matthews Emerging Markets Equity Fund | | | 478,314 | | | | 29 | % |
Certain officers and Trustees of the Funds are also officers and directors of Matthews. All officers serve without compensation from the Funds. The Funds paid the Independent Trustees $567,245 in aggregate for regular compensation during the six-month period ended June 30, 2024.
The value of investment transactions made for affiliated and unaffiliated holdings for the six-month period ended June 30, 2024 were as follows:
| | | | | | | | | | | | | | | | |
| | | | | | Proceeds from | | | | | | Proceeds from | |
| | | Affiliated Purchases | | | Affiliated Sales | | | Unaffiliated Purchases | | | Unaffiliated Sales | |
| | | | |
Matthews Emerging Markets Equity Fund | | | $— | | | | $— | | | | $13,872,510 | | | | $16,251,591 | |
Matthews Emerging Markets Sustainable Future Fund | | | — | | | | — | | | | 77,046,901 | | | | 51,535,012 | |
Matthews Emerging Markets Small Companies Fund | | | — | | | | — | | | | 156,473,076 | | | | 72,674,364 | |
Matthews Asia Growth Fund | | | — | | | | — | | | | 382,221,581 | | | | 449,221,731 | |
Matthews Pacific Tiger Fund | | | — | | | | — | | | | 2,534,711,346 | | | | 3,431,383,134 | |
Matthews Asia Innovators Fund | | | — | | | | — | | | | 499,048,250 | | | | 545,635,214 | |
Matthews China Fund | | | — | | | | — | | | | 147,767,447 | | | | 191,222,736 | |
Matthews China Small Companies Fund | | | — | | | | — | | | | 28,091,161 | | | | 41,667,383 | |
Matthews India Fund | | | — | | | | — | | | | 474,768,373 | | | | 435,384,838 | |
Matthews Japan Fund | | | — | | | | — | | | | 272,750,677 | | | | 332,879,806 | |
Matthews Asian Growth and Income Fund | | | — | | | | — | | | | 23,970,636 | | | | 72,021,029 | |
Matthews Asia Dividend Fund | | | — | | | | — | | | | 76,622,507 | | | | 486,058,965 | |
Matthews China Dividend Fund | | | — | | | | — | | | | 41,186,716 | | | | 65,071,208 | |
It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2024. Therefore, no federal income tax provision is required.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 71 |
Notes to Financial Statements (unaudited) (continued)
Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2023:
| | | | |
| | | Late Year Losses* | |
| |
Matthews Emerging Markets Equity Fund | | | ($250,173 | ) |
Matthews Emerging Markets Sustainable Future Fund | | | (6,958,191 | ) |
Matthews Asia Growth Fund | | | (24,948,821 | ) |
Matthews Pacific Tiger Fund | | | (22,185,276 | ) |
Matthews Asia Innovators Fund | | | (39,910,603 | ) |
Matthews China Fund | | | (19,976,535 | ) |
Matthews Asian Growth and Income Fund | | | (6,675,723 | ) |
Matthews China Dividend Fund | | | (5,763,461 | ) |
| * | As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year. |
As of December 31, 2023, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | |
| | | Amount With No Expiration | | | | |
| | | |
| | | Short-term | | | Long-term | | | | |
| | | Losses | | | Losses | | | Total | |
| | | |
Matthews Emerging Markets Equity Fund | | | $3,760,174 | | | | $1,751,566 | | | | $5,511,740 | |
Matthews Emerging Markets Small Companies Fund | | | — | | | | 81,857,957 | | | | 81,857,957 | |
Matthews Asia Growth Fund | | | 147,700,945 | | | | 43,407,331 | | | | 191,108,276 | |
Matthews Pacific Tiger Fund | | | 36,136,924 | | | | 100,570,750 | | | | 136,707,674 | |
Matthews Asia Innovators Fund | | | 182,431,142 | | | | 182,591,761 | | | | 365,022,903 | |
Matthews China Fund | | | 113,008,257 | | | | 136,084,488 | | | | 249,092,745 | |
Matthews China Small Companies Fund | | | 53,830,257 | | | | 87,387,402 | | | | 141,217,659 | |
Matthews Japan Fund | | | 163,326,006 | | | | 18,936,545 | | | | 182,262,551 | |
Matthews Asian Growth and Income Fund | | | 12,592,875 | | | | 11,949,509 | | | | 24,542,384 | |
Matthews Asia Dividend Fund | | | 325,014,516 | | | | — | | | | 325,014,516 | |
Matthews China Dividend Fund | | | 25,846,673 | | | | 22,563,268 | | | | 48,409,941 | |
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As of June 30, 2024, the tax cost of investments, including derivatives, and the related net unrealized appreciation and depreciation were as follows:
| | | | | | | | | | | | | | | | |
| | | | | | Gross | | | Gross | | | Net Unrealized | |
| | | | | | Unrealized | | | Unrealized | | | Appreciation | |
| | | Tax Cost | | | Appreciation | | | Depreciation | | | (Depreciation) | |
| | | | |
Matthews Emerging Markets Equity Fund | | | $20,778,696 | | | | $2,418,732 | | | | ($3,506,215 | ) | | | ($1,087,483 | ) |
Matthews Emerging Markets Sustainable Future Fund | | | 234,499,901 | | | | 48,717,980 | | | | (40,661,494 | ) | | | 8,056,486 | |
Matthews Emerging Markets Small Companies Fund | | | 643,624,032 | | | | 172,136,574 | | | | (113,877,050 | ) | | | 58,259,524 | |
Matthews Asia Growth Fund | | | 297,950,761 | | | | 53,157,270 | | | | (17,450,336 | ) | | | 35,706,934 | |
Matthews Pacific Tiger Fund | | | 1,003,856,760 | | | | 156,514,779 | | | | (43,226,225 | ) | | | 113,288,554 | |
Matthews Asia Innovators Fund | | | 271,844,942 | | | | 46,260,103 | | | | (11,691,102 | ) | | | 34,569,001 | |
Matthews China Fund | | | 564,515,446 | | | | 35,300,240 | | | | (186,114,914 | ) | | | (150,814,674 | ) |
Matthews China Small Companies Fund | | | 79,390,204 | | | | 7,511,040 | | | | (15,016,945 | ) | | | (7,505,905 | ) |
Matthews India Fund | | | 734,865,683 | | | | 227,309,247 | | | | (11,553,110 | ) | | | 215,756,137 | |
Matthews Japan Fund | | | 551,698,611 | | | | 120,457,977 | | | | (13,920,568 | ) | | | 106,537,409 | |
Matthews Asian Growth and Income Fund | | | 270,279,800 | | | | 53,613,415 | | | | (42,233,376 | ) | | | 11,380,039 | |
Matthews Asia Dividend Fund | | | 692,766,253 | | | | 89,375,797 | | | | (97,552,413 | ) | | | (8,176,616 | ) |
Matthews China Dividend Fund | | | 102,332,533 | | | | 11,536,338 | | | | (18,518,556 | ) | | | (6,982,218 | ) |
Notes to Financial Statements (unaudited) (continued)
On August 27, 2024, the Board approved the reorganization of the Matthews Asian Growth and Income Fund into the Matthews Emerging Markets Equity Fund. Matthews estimates that the reorganization will be completed in November 2024.
| | | | | | |
| | | | matthewsasia.com | 800.789.ASIA | | 73 |
Matthews Asia Funds
INVESTMENT ADVISOR
Matthews International Capital Management, LLC
Four Embarcadero Center, Suite 550
San Francisco, CA 94111
800.789.ASIA
CUSTODIAN
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
ACCOUNT SERVICES
Matthews Asia Funds
P.O. Box 534475
Pittsburgh, PA 15253-4475
800.789.ASIA
LEGAL COUNSEL
Paul Hastings LLP
101 California Street, 48th Floor
San Francisco, CA 94111
ADMINISTRATOR &
TRANSFER AGENT
BNY Mellon
301 Bellevue Parkway
Wilmington, DE 19809
| | |
| |  |
P.O. Box 534475 | Pittsburgh, PA 15253-4475 | matthewsasia.com | 800.789.ASIA (2742) |
| |
| Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Portland, Maine | | |
| Matthews Asia Funds are distributed in Latin America by Picton S. A. | | N-CSR-MF-0624 |
Matthews Asia Active ETFs | Financial Statements and Other Information
June 30, 2024 | matthewsasia.com
Listed on the NYSE Arca
*Listed on NASDAQ
| | |
| Matthews Emerging Markets Equity Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 91.2% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 25.0% | | | | | | | | |
| | |
ICICI Bank, Ltd. ADR | | | 72,386 | | | | $2,085,441 | |
| | |
Reliance Industries, Ltd. | | | 38,934 | | | | 1,461,785 | |
| | |
HDFC Bank, Ltd. ADR | | | 18,172 | | | | 1,169,005 | |
| | |
UltraTech Cement, Ltd. | | | 7,354 | | | | 1,029,000 | |
| | |
Bharti Airtel, Ltd. | | | 48,873 | | | | 846,351 | |
| | |
Indian Hotels Co., Ltd. | | | 112,247 | | | | 841,373 | |
| | |
Varun Beverages, Ltd. | | | 38,081 | | | | 744,152 | |
| | |
JSW Energy, Ltd. | | | 73,027 | | | | 643,242 | |
| | |
Shriram Finance, Ltd. | | | 17,688 | | | | 617,582 | |
| | |
Axis Bank, Ltd. | | | 38,402 | | | | 582,679 | |
| | |
State Bank of India | | | 56,983 | | | | 580,131 | |
| | |
MakeMyTrip, Ltd.a | | | 6,730 | | | | 565,993 | |
| | |
Mahindra & Mahindra, Ltd. | | | 15,560 | | | | 534,913 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 23,278 | | | | 503,176 | |
| | |
Infosys, Ltd. ADR | | | 17,468 | | | | 325,254 | |
| | |
Zomato, Ltd.a | | | 122,084 | | | | 293,631 | |
| | |
TVS Motor Co., Ltd. | | | 10,260 | | | | 290,971 | |
| | |
Godrej Consumer Products, Ltd. | | | 17,480 | | | | 288,411 | |
| | |
Power Grid Corp. of India, Ltd. | | | 71,770 | | | | 284,842 | |
| | |
Lupin, Ltd. | | | 14,175 | | | | 275,612 | |
| | |
Total India | | | | | | | 13,963,544 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 21.4% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 61,700 | | | | 2,942,987 | |
| | |
China Construction Bank Corp. H Shares | | | 1,539,000 | | | | 1,137,386 | |
| | |
Meituan Class Ba,b,c | | | 75,800 | | | | 1,078,641 | |
| | |
Alibaba Group Holding, Ltd. | | | 95,900 | | | | 865,967 | |
| | |
JD.com, Inc. Class A | | | 64,800 | | | | 857,371 | |
| | |
China Merchants Bank Co., Ltd. A Shares | | | 174,300 | | | | 816,250 | |
| | |
Bilibili, Inc. ADRa | | | 34,236 | | | | 528,604 | |
| | |
Trip.com Group, Ltd. ADRa | | | 10,937 | | | | 514,039 | |
| | |
Midea Group Co., Ltd. A Shares | | | 56,300 | | | | 499,769 | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 96,000 | | | | 435,279 | |
| | |
Innovent Biologics, Inc.a,b,c | | | 88,000 | | | | 414,786 | |
| | |
DiDi Global, Inc.a | | | 96,150 | | | | 398,061 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 15,400 | | | | 379,745 | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 8,800 | | | | 350,645 | |
| | |
ANTA Sports Products, Ltd. | | | 25,600 | | | | 245,921 | |
| | |
KE Holdings, Inc. ADR | | | 16,857 | | | | 238,527 | |
| | |
Longfor Group Holdings, Ltd.b,c | | | 142,500 | | | | 195,661 | |
| | |
Midea Group Co., Ltd. A Shares | | | 2,600 | | | | 22,970 | |
| | |
Total China/Hong Kong | | | | | | | 11,922,609 | |
| | | | | | | | |
| | | |
TAIWAN: 16.9% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 163,000 | | | | 4,853,598 | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 6,463 | | | | 1,123,334 | |
| | |
Delta Electronics, Inc. | | | 77,000 | | | | 919,732 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 92,000 | | | | 606,877 | |
| | |
MediaTek, Inc. | | | 13,000 | | | | 561,010 | |
| | |
Accton Technology Corp. | | | 32,000 | | | | 547,447 | |
| | |
Largan Precision Co., Ltd. | | | 6,000 | | | | 507,683 | |
| | |
Elite Material Co., Ltd. | | | 19,000 | | | | 278,193 | |
| | |
Total Taiwan | | | | | | | 9,397,874 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
SOUTH KOREA: 11.4% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 53,446 | | | | $3,164,438 | |
| | |
Hyundai Motor Co. | | | 5,376 | | | | 1,152,140 | |
| | |
SK Hynix, Inc. | | | 4,883 | | | | 838,961 | |
| | |
KB Financial Group, Inc. | | | 10,365 | | | | 591,102 | |
| | |
Samsung SDI Co., Ltd. | | | 1,528 | | | | 392,962 | |
| | |
LG Chem, Ltd. | | | 820 | | | | 205,819 | |
| | |
Total South Korea | | | | | | | 6,345,422 | |
| | | | | | | | |
| | | |
BRAZIL: 2.6% | | | | | | | | |
| | |
Petroleo Brasileiro SA ADR | | | 30,687 | | | | 444,655 | |
| | |
MercadoLibre, Inc.a | | | 260 | | | | 427,284 | |
| | |
NU Holdings, Ltd. Class Aa | | | 23,214 | | | | 299,228 | |
| | |
Banco BTG Pactual SA | | | 46,100 | | | | 256,542 | |
| | |
Total Brazil | | | | | | | 1,427,709 | |
| | | | | | | | |
| | | |
VIETNAM: 2.2% | | | | | | | | |
| | |
FPT Corp. | | | 104,995 | | | | 538,277 | |
| | |
Mobile World Investment Corp. | | | 168,700 | | | | 413,549 | |
| | |
Military Commercial Joint Stock Bank | | | 307,605 | | | | 268,271 | |
| | |
Total Vietnam | | | | | | | 1,220,097 | |
| | | | | | | | |
| | | |
MEXICO: 2.2% | | | | | | | | |
| | |
GCC SAB de CV | | | 49,500 | | | | 464,072 | |
| | |
Prologis Property Mexico SA de CV REIT | | | 116,565 | | | | 381,081 | |
| | |
Grupo Financiero Banorte SAB de CV Class O | | | 46,100 | | | | 359,411 | |
| | |
Total Mexico | | | | | | | 1,204,564 | |
| | | | | | | | |
| | | |
UNITED ARAB EMIRATES: 2.0% | | | | | | | | |
| | |
Emaar Properties PJSC | | | 258,791 | | | | 577,753 | |
| | |
Spinneys 1961 Holding PLCa | | | 1,316,591 | | | | 548,430 | |
| | |
Total United Arab Emirates | | | | | | | 1,126,183 | |
| | | | | | | | |
| | | |
KAZAKHSTAN: 1.6% | | | | | | | | |
| | |
Kaspi.KZ JSC ADR | | | 6,897 | | | | 889,782 | |
| | |
Total Kazakhstan | | | | | | | 889,782 | |
| | | | | | | | |
| | | |
PERU: 1.3% | | | | | | | | |
| | |
Credicorp, Ltd. | | | 4,694 | | | | 757,283 | |
| | |
Total Peru | | | | | | | 757,283 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 1.1% | | | | | | | | |
| | |
Bupa Arabia for Cooperative Insurance Co. | | | 9,049 | | | | 619,894 | |
| | |
Total Saudi Arabia | | | | | | | 619,894 | |
| | | | | | | | |
| | | |
PHILIPPINES: 1.1% | | | | | | | | |
| | |
Ayala Corp. | | | 61,360 | | | | 609,318 | |
| | |
Total Philippines | | | | | | | 609,318 | |
| | | | | | | | |
| | | |
UNITED STATES: 1.0% | | | | | | | | |
| | |
Globant SAa | | | 1,700 | | | | 303,042 | |
| | |
Freeport-McMoRan, Inc. | | | 5,689 | | | | 276,485 | |
| | |
Total United States | | | | | | | 579,527 | |
| | | | | | | | |
| | | |
FRANCE: 0.9% | | | | | | | | |
| | |
TotalEnergies SE ADR | | | 7,703 | | | | 513,636 | |
| | |
Total France | | | | | | | 513,636 | |
1
| | |
| Matthews Emerging Markets Equity Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
POLAND: 0.5% | | | | | | | | |
| | |
Dino Polska SAa,b,c | | | 2,694 | | | $ | 272,211 | |
| | |
Total Poland | | | | | | | 272,211 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 50,849,653 | |
| | |
(Cost $44,736,110) | | | | | | | | |
| | |
SHORT-TERM INVESTMENTS: 8.9% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 8.9% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 4,952,849 | | | | 4,952,849 | |
| | |
(Cost $4,952,849) | | | | | | | | |
| | | |
TOTAL INVESTMENTS: 100.1% | | | | | | | 55,802,502 | |
(Cost $49,688,959) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (0.1%) | | | | | | | (60,100 | ) |
| | |
NET ASSETS: 100.0% | | | | | | $ | 55,742,402 | |
| | | | | | | | |
| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $1,961,299, which is 3.52% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Co. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | |
| Matthews Emerging Markets ex China Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 91.2% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 20.5% | | | | | | | | |
| | |
HDFC Bank, Ltd. ADR | | | 10,739 | | | | $690,840 | |
| | |
Reliance Industries, Ltd. | | | 16,606 | | | | 623,476 | |
| | |
Shriram Finance, Ltd. | | | 17,461 | | | | 609,656 | |
| | |
UltraTech Cement, Ltd. | | | 4,136 | | | | 578,725 | |
| | |
ICICI Bank, Ltd. ADR | | | 19,586 | | | | 564,273 | |
| | |
Indian Hotels Co., Ltd. | | | 53,891 | | | | 403,952 | |
| | |
Bharti Airtel, Ltd. | | | 23,097 | | | | 399,979 | |
| | |
Lupin, Ltd. | | | 17,946 | | | | 348,934 | |
| | |
Infosys, Ltd. ADR | | | 15,835 | | | | 294,848 | |
| | |
Maruti Suzuki India, Ltd. | | | 1,698 | | | | 245,042 | |
| | |
Varun Beverages, Ltd. | | | 11,431 | | | | 223,377 | |
| | |
Power Grid Corp. of India, Ltd. | | | 47,268 | | | | 187,598 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 7,512 | | | | 162,379 | |
| | |
Avenue Supermarts, Ltd.b,c,d | | | 2,262 | | | | 127,948 | |
| | |
Total India | | | | | | | 5,461,027 | |
| | | | | | | | |
| | | |
TAIWAN: 17.1% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 20,094 | | | | 3,492,538 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 63,000 | | | | 415,579 | |
| | |
MediaTek, Inc. | | | 8,000 | | | | 345,237 | |
| | |
ASPEED Technology, Inc. | | | 2,000 | | | | 298,383 | |
| | |
Total Taiwan | | | | | | | 4,551,737 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 11.6% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 15,656 | | | | 926,963 | |
| | |
SK Hynix, Inc. | | | 3,047 | | | | 523,513 | |
| | |
Kia Corp. | | | 5,189 | | | | 487,423 | |
| | |
KB Financial Group, Inc. | | | 6,663 | | | | 379,982 | |
| | |
Samsung SDI Co., Ltd. | | | 1,398 | | | | 359,529 | |
| | |
Hyundai Motor Co. | | | 1,323 | | | | 283,534 | |
| | |
Doosan Bobcat, Inc. | | | 3,295 | | | | 122,800 | |
| | |
Total South Korea | | | | | | | 3,083,744 | |
| | | | | | | | |
| | | |
BRAZIL: 8.6% | | | | | | | | |
| | |
WEG SA | | | 66,000 | | | | 501,317 | |
| | |
Banco BTG Pactual SA | | | 74,700 | | | | 415,698 | |
| | |
NU Holdings, Ltd. Class Ac | | | 31,645 | | | | 407,904 | |
| | |
MercadoLibre, Inc.c | | | 226 | | | | 371,408 | |
| | |
Petroleo Brasileiro SA ADR | | | 14,475 | | | | 209,743 | |
| | |
PRIO SA | | | 26,600 | | | | 209,565 | |
| | |
Vale SA ADR | | | 14,610 | | | | 163,194 | |
| | |
Total Brazil | | | | | | | 2,278,829 | |
| | | | | | | | |
| | | |
UNITED ARAB EMIRATES: 4.7% | | | | | | | | |
| | |
Emaar Properties PJSC | | | 249,596 | | | | 557,225 | |
| | |
Spinneys 1961 Holding PLCc | | | 613,312 | | | | 255,477 | |
| | |
ADNOC Drilling Co. PJSC | | | 219,921 | | | | 245,487 | |
| | |
Fertiglobe PLC | | | 279,009 | | | | 183,069 | |
| | |
Total United Arab Emirates | | | | | | | 1,241,258 | |
| | | | | | | | |
| | | |
MEXICO: 3.8% | | | | | | | | |
| | |
GCC SAB de CV | | | 44,200 | | | | 414,383 | |
| | |
Grupo Financiero Banorte SAB de CV Class O | | | 48,800 | | | | 380,461 | |
| | |
Prologis Property Mexico SA de CV REIT | | | 66,281 | | | | 216,690 | |
| | |
Total Mexico | | | | | | | 1,011,534 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
TURKEY: 3.3% | | | | | | | | |
| | |
BIM Birlesik Magazalar AS | | | 42,732 | | | $ | 710,386 | |
| | |
Astor Transformator Enerji Turizm Insaat Ve Petrol | | | | | | | | |
| | |
Sanayi Ticaret ASc | | | 59,566 | | | | 173,064 | |
| | |
Total Turkey | | | | | | | 883,450 | |
| | | | | | | | |
| | | |
POLAND: 3.0% | | | | | | | | |
| | |
Dino Polska SAb,c,d | | | 5,640 | | | | 569,886 | |
| | |
Allegro.eu SAb,c,d | | | 26,067 | | | | 244,456 | |
| | |
Total Poland | | | | | | | 814,342 | |
| | | | | | | | |
| | | |
UNITED STATES: 2.8% | | | | | | | | |
| | |
Freeport-McMoRan, Inc. | | | 8,193 | | | | 398,180 | |
| | |
Globant SAc | | | 1,893 | | | | 337,446 | |
| | |
Total United States | | | | | | | 735,626 | |
| | | | | | | | |
| | | |
ARGENTINA: 2.4% | | | | | | | | |
| | |
Despegar.com Corp.c | | | 48,577 | | | | 642,674 | |
| | |
Total Argentina | | | | | | | 642,674 | |
| | | | | | | | |
| | | |
VIETNAM: 2.3% | | | | | | | | |
| | |
FPT Corp. | | | 74,198 | | | | 380,391 | |
| | |
Mobile World Investment Corp. | | | 66,600 | | | | 163,262 | |
| | |
Military Commercial Joint Stock Bank | | | 73,580 | | | | 64,171 | |
| | |
Total Vietnam | | | | | | | 607,824 | |
| | | | | | | | |
| | | |
PHILIPPINES: 2.0% | | | | | | | | |
| | |
Ayala Corp. | | | 39,960 | | | | 396,812 | |
| | |
BDO Unibank, Inc. | | | 59,240 | | | | 129,580 | |
| | |
Total Philippines | | | | | | | 526,392 | |
| | | | | | | | |
| | | |
PERU: 1.8% | | | | | | | | |
| | |
Credicorp, Ltd. | | | 3,025 | | | | 488,023 | |
| | |
Total Peru | | | | | | | 488,023 | |
| | | | | | | | |
| | | |
KAZAKHSTAN: 1.6% | | | | | | | | |
| | |
Kaspi.KZ JSC ADR | | | 3,290 | | | | 424,443 | |
| | |
Total Kazakhstan | | | | | | | 424,443 | |
| | | | | | | | |
| | | |
INDONESIA: 1.4% | | | | | | | | |
| | |
PT Bank Mandiri Persero Tbk | | | 1,025,400 | | | | 385,112 | |
| | |
Total Indonesia | | | | | | | 385,112 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 1.3% | | | | | | | | |
| | |
Bupa Arabia for Cooperative Insurance Co. | | | 4,970 | | | | 340,465 | |
| | |
Total Saudi Arabia | | | | | | | 340,465 | |
| | | | | | | | |
| | | |
THAILAND: 1.0% | | | | | | | | |
| | |
CP ALL Public Co., Ltd. | | | 175,700 | | | | 263,329 | |
| | |
Total Thailand | | | | | | | 263,329 | |
| | | | | | | | |
| | | |
CHILE: 0.9% | | | | | | | | |
| | |
Antofagasta PLC | | | 8,839 | | | | 235,758 | |
| | |
Total Chile | | | | | | | 235,758 | |
| | | | | | | | |
| | |
| Matthews Emerging Markets ex China Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
SOUTH AFRICA: 0.7% | | | | | | | | |
| | |
Anglo American PLC | | | 5,645 | | | | $178,539 | |
| | |
Total South Africa | | | | | | | 178,539 | |
| | | | | | | | |
| | | |
FRANCE: 0.4% | | | | | | | | |
| | |
TotalEnergies SE ADR | | | 1,778 | | | | 118,557 | |
| | |
Total France | | | | | | | 118,557 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 24,272,663 | |
| | |
(Cost $21,844,248) | | | | | | | | |
| | |
PREFERRED EQUITIES: 2.8% | | | | | | | | |
| | | |
SOUTH KOREA: 2.8% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd., Pfd. | | | 15,937 | | | | 736,355 | |
| | |
Total South Korea | | | | | | | 736,355 | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 736,355 | |
| | |
(Cost $703,399) | | | | | | | | |
| | |
SHORT-TERM INVESTMENTS: 7.2% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 7.2% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%e | | | 1,932,550 | | | | 1,932,550 | |
| | |
(Cost $1,932,550) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 101.2% | | | | | | | 26,941,568 | |
(Cost $24,480,197) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (1.2%) | | | | | | | (318,163 | ) |
| | |
NET ASSETS: 100.0% | | | | | | | $26,623,405 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $942,290, which is 3.54% of net assets. |
| c | Non-income producing security. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| e | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Co. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | |
| Matthews Emerging Markets Sustainable Future Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 99.8% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 38.2% | | | | | | | | |
| | |
Meituan Class Ba,b,c | | | 107,800 | | | | $1,534,004 | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 168,658 | | | | 1,356,010 | |
| | |
Legend Biotech Corp. ADRb | | | 20,479 | | | | 907,015 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 28,300 | | | | 906,916 | |
| | |
JD Health International, Inc.a,b,c | | | 330,850 | | | | 900,500 | |
| | |
Lam Research Corp. | | | 653 | | | | 695,347 | |
| | |
Airtac International Group | | | 18,000 | | | | 548,187 | |
| | |
Flat Glass Group Co., Ltd. H Shares | | | 266,000 | | | | 391,808 | |
| | |
Medlive Technology Co., Ltd.a,c | | | 309,000 | | | | 295,251 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 11,800 | | | | 290,974 | |
| | |
Silergy Corp. | | | 18,000 | | | | 256,338 | |
| | |
Zhihu, Inc. ADRb | | | 90,556 | | | | 247,218 | |
| | |
Innovent Biologics, Inc.a,b,c | | | 35,500 | | | | 167,328 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 28,400 | | | | 161,978 | |
| | |
China Conch Venture Holdings, Ltd. | | | 132,000 | | | | 123,083 | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 56,300 | | | | 77,949 | |
| | |
Wuxi Biologics Cayman, Inc.a,b,c | | | 28,500 | | | | 42,125 | |
| | |
Total China/Hong Kong | | | | | | | 8,902,031 | |
| | | | | | | | |
| | | |
INDIA: 25.7% | | | | | | | | |
| | |
Shriram Finance, Ltd. | | | 46,748 | | | | 1,632,221 | |
| | |
Bandhan Bank, Ltd.a,c | | | 591,205 | | | | 1,444,770 | |
| | |
Indus Towers, Ltd.b | | | 184,509 | | | | 830,415 | |
| | |
Phoenix Mills, Ltd. | | | 17,887 | | | | 769,707 | |
| | |
Mahindra & Mahindra, Ltd. | | | 17,477 | | | | 600,815 | |
| | |
Inox Wind, Ltd.b | | | 194,117 | | | | 330,234 | |
| | |
Marico, Ltd. | | | 37,906 | | | | 278,655 | |
| | |
UNO Minda, Ltd. | | | 7,392 | | | | 96,806 | |
| | |
Total India | | | | | | | 5,983,623 | |
| | | | | | | | |
| | | |
TAIWAN: 9.1% | | | | | | | | |
| | |
Elite Material Co., Ltd. | | | 35,000 | | | | 512,461 | |
| | |
Andes Technology Corp. | | | 35,000 | | | | 466,609 | |
| | |
M31 Technology Corp. | | | 10,800 | | | | 377,849 | |
| | |
Poya International Co., Ltd. | | | 18,180 | | | | 275,714 | |
| | |
Sporton International, Inc. | | | 35,000 | | | | 240,587 | |
| | |
AP Memory Technology Corp. | | | 15,000 | | | | 178,706 | |
| | |
Formosa Sumco Technology Corp. | | | 15,000 | | | | 80,453 | |
| | |
Total Taiwan | | | | | | | 2,132,379 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 7.5% | | | | | | | | |
| | |
Samsung SDI Co., Ltd. | | | 2,345 | | | | 603,073 | |
| | |
Eugene Technology Co., Ltd. | | | 12,593 | | | | 454,226 | |
| | |
Solus Advanced Materials Co., Ltd. | | | 34,231 | | | | 453,595 | |
| | |
Ecopro BM Co., Ltd.b | | | 952 | | | | 126,564 | |
| | |
Advanced Nano Products Co., Ltd. | | | 1,181 | | | | 100,812 | |
| | |
Total South Korea | | | | | | | 1,738,270 | |
| | | | | | | | |
| | | |
BRAZIL: 4.6% | | | | | | | | |
| | |
B3 SA - Brasil Bolsa Balcao | | | 219,300 | | | | 404,294 | |
| | |
YDUQS Participacoes SA | | | 210,000 | | | | 393,576 | |
| | |
NU Holdings, Ltd. Class Ab | | | 20,458 | | | | 263,704 | |
| | |
Total Brazil | | | | | | | 1,061,574 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
UNITED STATES: 4.3% | | | | | | | | |
| | |
Micron Technology, Inc. | | | 7,685 | | | | $1,010,808 | |
| | |
Total United States | | | | | | | 1,010,808 | |
| | | | | | | | |
| | | |
POLAND: 3.5% | | | | | | | | |
| | |
InPost SAb | | | 29,007 | | | | 511,713 | |
| | |
Jeronimo Martins SGPS SA | | | 15,364 | | | | 300,511 | |
| | |
Total Poland | | | | | | | 812,224 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 2.5% | | | | | | | | |
| | |
Saudi Tadawul Group Holding Co. | | | 8,675 | | | | 576,237 | |
| | |
Total Saudi Arabia | | | | | | | 576,237 | |
| | | | | | | | |
| | | |
ROMANIA: 1.6% | | | | | | | | |
| | |
Banca Transilvania SA | | | 55,660 | | | | 383,531 | |
| | |
Total Romania | | | | | | | 383,531 | |
| | | | | | | | |
| | | |
JORDAN: 1.1% | | | | | | | | |
| | |
Hikma Pharmaceuticals PLC | | | 10,530 | | | | 251,711 | |
| | |
Total Jordan | | | | | | | 251,711 | |
| | | | | | | | |
| | | |
TURKEY: 0.8% | | | | | | | | |
| | |
Ford Otomotiv Sanayi AS | | | 5,709 | | | | 195,736 | |
| | |
Total Turkey | | | | | | | 195,736 | |
| | | | | | | | |
| | | |
CHILE: 0.6% | | | | | | | | |
| | |
Aguas Andinas SA Class A | | | 520,759 | | | | 141,786 | |
| | |
Total Chile | | | | | | | 141,786 | |
| | | | | | | | |
| | | |
ESTONIA: 0.2% | | | | | | | | |
| | |
Enefit Green AS | | | 13,970 | | | | 45,726 | |
| | |
Total Estonia | | | | | | | 45,726 | |
| | | | | | | | |
| | | |
VIETNAM: 0.1% | | | | | | | | |
| | |
Nam Long Investment Corp. | | | 12,200 | | | | 19,842 | |
| | |
Total Vietnam | | | | | | | 19,842 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 23,255,478 | |
| | |
(Cost $21,930,188) | | | | | | | | |
| | |
| PREFERRED EQUITIES: 0.4% | | | | | | | | |
| | | |
SOUTH KOREA: 0.4% | | | | | | | | |
| | |
Samsung SDI Co., Ltd., Pfd. | | | 547 | | | | 87,226 | |
| | |
Total South Korea | | | | | | | 87,226 | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 87,226 | |
| | |
(Cost $97,420) | | | | | | | | |
| | |
| Matthews Emerging Markets Sustainable Future Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| SHORT-TERM INVESTMENTS: 1.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MONEY MARKET FUNDS: 1.0% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 248,963 | | | | $248,963 | |
| | |
(Cost $248,963) | | | | | | | | |
| | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 101.2% | | | | | | | 23,591,667 | |
| | |
(Cost $22,276,571) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (1.2%) | | | | | | | (286,199 | ) |
| | |
NET ASSETS: 100.0% | | | | | | $ | 23,305,468 | |
| | | | | | | | |
| a | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $4,383,978, which is 18.81% of net assets. |
| b | Non-income producing security. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Emerging Markets Discovery Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
COMMON EQUITIES: 99.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 26.6% | | | | | | | | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 41,201 | | | | $331,256 | |
| | |
Legend Biotech Corp. ADRb | | | 6,027 | | | | 266,936 | |
| | |
Silergy Corp. | | | 13,000 | | | | 185,133 | |
| | |
Airtac International Group | | | 5,000 | | | | 152,274 | |
| | |
SITC International Holdings Co., Ltd. | | | 52,000 | | | | 141,199 | |
| | |
Medlive Technology Co., Ltd.c,d | | | 132,500 | | | | 126,604 | |
| | |
Tongcheng Travel Holdings, Ltd.d | | | 61,200 | | | | 121,814 | |
| | |
Flat Glass Group Co., Ltd. H Shares | | | 77,000 | | | | 113,418 | |
| | |
Zhihu, Inc. ADRb | | | 41,204 | | | | 112,487 | |
| | |
Beijing Capital International Airport Co., Ltd. H Sharesb | | | 306,000 | | | | 101,119 | |
| | |
Xtep International Holdings, Ltd. | | | 151,500 | | | | 93,336 | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 19,900 | | | | 75,448 | |
| | |
Hainan Meilan International Airport Co., Ltd. H Sharesb | | | 71,000 | | | | 69,932 | |
| | |
Ever Sunshine Services Group, Ltd.d | | | 244,000 | | | | 49,066 | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 34,400 | | | | 47,628 | |
| | |
Ginlong Technologies Co., Ltd. A Shares | | | 8,300 | | | | 47,339 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 10,000 | | | | 47,135 | |
| | |
OPT Machine Vision Tech Co., Ltd. A Shares | | | 2,609 | | | | 22,882 | |
| | |
Peijia Medical, Ltd.b,c,d | | | 78,000 | | | | 22,778 | |
| | |
Zhejiang HangKe Technology, Inc. Co. A Shares | | | 8,276 | | | | 19,781 | |
| | |
AK Medical Holdings, Ltd.c,d | | | 24,000 | | | | 13,249 | |
| | |
WuXi XDC Cayman, Inc.b | | | 2,500 | | | | 5,540 | |
| | |
Total China/Hong Kong | | | | | | | 2,166,354 | |
| | | | | | | | |
| | | |
INDIA: 26.3% | | | | | | | | |
| | |
Shriram Finance, Ltd. | | | 15,637 | | | | 545,971 | |
| | |
Bandhan Bank, Ltd.c,d | | | 188,643 | | | | 461,000 | |
| | |
Phoenix Mills, Ltd. | | | 7,127 | | | | 306,686 | |
| | |
Finolex Cables, Ltd. | | | 10,587 | | | | 197,984 | |
| | |
UNO Minda, Ltd. | | | 11,297 | | | | 147,947 | |
| | |
Radico Khaitan, Ltd. | | | 6,372 | | | | 136,510 | |
| | |
Cartrade Tech, Ltd.b | | | 9,135 | | | | 85,410 | |
| | |
Barbeque Nation Hospitality, Ltd.b | | | 11,569 | | | | 77,832 | |
| | |
Rainbow Children’s Medicare, Ltd. | | | 4,968 | | | | 74,224 | |
| | |
Hindware Home Innovation, Ltd. | | | 12,708 | | | | 67,375 | |
| | |
Shankara Building Products, Ltd. | | | 4,716 | | | | 38,698 | |
| | |
Total India | | | | | | | 2,139,637 | |
| | | | | | | | |
| | | |
TAIWAN: 14.3% | | | | | | | | |
| | |
M31 Technology Corp. | | | 9,600 | | | | 335,866 | |
| | |
Wiwynn Corp. | | | 4,000 | | | | 326,125 | |
| | |
Elite Material Co., Ltd. | | | 12,000 | | | | 175,701 | |
| | |
Andes Technology Corp. | | | 7,000 | | | | 93,322 | |
| | |
AURAS Technology Co., Ltd. | | | 3,000 | | | | 74,627 | |
| | |
Poya International Co., Ltd. | | | 4,040 | | | | 61,270 | |
| | |
Formosa Sumco Technology Corp. | | | 9,000 | | | | 48,271 | |
| | |
AP Memory Technology Corp. | | | 4,000 | | | | 47,655 | |
| | |
Total Taiwan | | | | | | | 1,162,837 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 8.2% | | | | | | | | |
| | |
Hugel, Inc.b | | | 1,896 | | | | 318,181 | |
| | |
Eugene Technology Co., Ltd. | | | 5,031 | | | | 181,467 | |
| | |
Advanced Nano Products Co., Ltd. | | | 971 | | | | 82,886 | |
| | |
Solus Advanced Materials Co., Ltd. | | | 5,653 | | | | 74,908 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Ecopro BM Co., Ltd.b | | | 79 | | | | $10,502 | |
| | |
Total South Korea | | | | | | | 667,944 | |
| | | | | | | | |
| | | |
BRAZIL: 7.0% | | | | | | | | |
| | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | | 139,600 | | | | 190,257 | |
| | |
Grupo SBF SA | | | 84,300 | | | | 182,124 | |
| | |
YDUQS Participacoes SA | | | 56,500 | | | | 105,891 | |
| | |
Vivara Participacoes SA | | | 24,400 | | | | 91,987 | |
| | |
Total Brazil | | | | | | | 570,259 | |
| | | | | | | | |
| | | |
CHILE: 4.0% | | | | | | | | |
| | |
Parque Arauco SA | | | 68,985 | | | | 103,851 | |
| | |
Lundin Mining Corp. | | | 9,100 | | | | 101,285 | |
| | |
Banco de Credito e Inversiones SA | | | 2,937 | | | | 82,392 | |
| | |
Aguas Andinas SA Class A | | | 150,702 | | | | 41,031 | |
| | |
Total Chile | | | | | | | 328,559 | |
| | | | | | | | |
| | | |
SAUDI ARABIA: 3.4% | | | | | | | | |
| | |
Saudi Tadawul Group Holding Co. | | | 3,250 | | | | 215,881 | |
| | |
Seera Group Holdingb | | | 9,185 | | | | 62,309 | |
| | |
Total Saudi Arabia | | | | | | | 278,190 | |
| | | | | | | | |
| | | |
POLAND: 2.1% | | | | | | | | |
| | |
InPost SAb | | | 9,688 | | | | 170,906 | |
| | |
Total Poland | | | | | | | 170,906 | |
| | | | | | | | |
| | | |
PHILIPPINES: 1.9% | | | | | | | | |
| | |
GT Capital Holdings, Inc. | | | 13,000 | | | | 137,521 | |
| | |
Cebu Air, Inc.b | | | 36,100 | | | | 16,754 | |
| | |
Total Philippines | | | | | | | 154,275 | |
| | | | | | | | |
| | | |
SOUTH AFRICA: 1.2% | | | | | | | | |
| | |
We Buy Cars Pty, Ltd.b | | | 50,501 | | | | 73,567 | |
| | |
Transaction Capital, Ltd.b | | | 154,543 | | | | 24,544 | |
| | |
Total South Africa | | | | | | | 98,111 | |
| | | | | | | | |
| | | |
VIETNAM: 1.0% | | | | | | | | |
| | |
Mobile World Investment Corp. | | | 13,800 | | | | 33,829 | |
| | |
Military Commercial Joint Stock Bank | | | 38,200 | | | | 33,315 | |
| | |
Nam Long Investment Corp. | | | 7,900 | | | | 12,849 | |
| | |
Total Vietnam | | | | | | | 79,993 | |
| | | | | | | | |
| | | |
INDONESIA: 0.9% | | | | | | | | |
| | |
PT Mitra Adiperkasa Tbk | | | 619,900 | | | | 55,838 | |
| | |
PT Summarecon Agung Tbk | | | 584,100 | | | | 17,835 | |
| | |
Total Indonesia | | | | | | | 73,673 | |
| | | | | | | | |
| | | |
THAILAND: 0.8% | | | | | | | | |
| | |
Siam Wellness Group Public Co., Ltd. F Shares | | | 338,000 | | | | 63,091 | |
| | |
Total Thailand | | | | | | | 63,091 | |
| | | | | | | | |
| | | |
MEXICO: 0.6% | | | | | | | | |
| | |
Banco del Bajio SAc,d | | | 17,500 | | | | 53,125 | |
| | |
Total Mexico | | | | | | | 53,125 | |
| | | | | | | | |
| | |
| Matthews Emerging Markets Discovery Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
BANGLADESH: 0.4% | | | | | | | | |
| | |
BRAC Bank PLC | | | 102,213 | | | | $30,151 | |
| | |
Total Bangladesh | | | | | | | 30,151 | |
| | | | | | | | |
| | | |
TURKEY: 0.3% | | | | | | | | |
| | |
Ford Otomotiv Sanayi AS | | | 657 | | | | 22,526 | |
| | |
Total Turkey | | | | | | | 22,526 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 8,059,631 | |
| | |
(Cost $7,973,454) | | | | | | | | |
| | |
PREFERRED EQUITIES: 1.4% | | | | | | | | |
| | | |
BRAZIL: 1.4% | | | | | | | | |
| | |
Banco Pan SA, Pfd. | | | 78,300 | | | | 114,043 | |
| | |
Total Brazil | | | | | | | 114,043 | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 114,043 | |
(Cost $135,783) | | | | | | | | |
| | |
SHORT-TERM INVESTMENTS: 0.1% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 0.1% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%e | | | 5,112 | | | | 5,112 | |
(Cost $5,112) | | | | | | | | |
TOTAL INVESTMENTS: 100.5% | | | | | | | 8,178,786 | |
(Cost $8,114,349) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
| | |
AND OTHER ASSETS: (0.5%) | | | | | | | (36,690 | ) |
| | |
NET ASSETS: 100.0% | | | | | | $ | 8,142,096 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $723,891, which is 8.89% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| e | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Pacific Tiger Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 97.4% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDIA: 27.1% | | | | | | | | |
| | |
ICICI Bank, Ltd. ADR | | | 79,999 | | | | $2,304,771 | |
| | |
Axis Bank, Ltd. | | | 149,433 | | | | 2,267,368 | |
| | |
Reliance Industries, Ltd. | | | 46,340 | | | | 1,739,844 | |
| | |
Mahindra & Mahindra, Ltd. | | | 47,431 | | | | 1,630,557 | |
| | |
Shriram Finance, Ltd. | | | 45,213 | | | | 1,578,626 | |
| | |
Power Grid Corp. of India, Ltd. | | | 348,160 | | | | 1,381,785 | |
| | |
JSW Energy, Ltd. | | | 146,760 | | | | 1,292,702 | |
| | |
Lupin, Ltd. | | | 60,838 | | | | 1,182,908 | |
| | |
UltraTech Cement, Ltd. | | | 8,308 | | | | 1,162,487 | |
| | |
Cummins India, Ltd. | | | 23,357 | | | | 1,111,122 | |
| | |
Indian Hotels Co., Ltd. | | | 144,243 | | | | 1,081,206 | |
| | |
Tata Consultancy Services, Ltd. | | | 20,786 | | | | 973,187 | |
| | |
Zomato, Ltd.b | | | 392,510 | | | | 944,048 | |
| | |
Godrej Consumer Products, Ltd. | | | 53,406 | | | | 881,171 | |
| | |
Bharti Airtel, Ltd. | | | 48,081 | | | | 832,635 | |
| | |
Titan Co., Ltd. | | | 14,579 | | | | 595,171 | |
| | |
Infosys, Ltd. | | | 23,405 | | | | 439,752 | |
| | |
State Bank of India | | | 42,010 | | | | 427,695 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 19,778 | | | | 427,520 | |
| | |
Avenue Supermarts, Ltd.b,c,d | | | 7,246 | | | | 409,865 | |
| | |
TVS Motor Co., Ltd. | | | 14,399 | | | | 408,352 | |
| | |
Total India | | | | | | | 23,072,772 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 26.4% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 104,700 | | | | 4,994,016 | |
| | |
Meituan Class Bb,c,d | | | 170,100 | | | | 2,420,538 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 51,700 | | | | 1,656,805 | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 320,000 | | | | 1,450,931 | |
| | |
China Merchants Bank Co., Ltd. H Shares | | | 314,000 | | | | 1,425,737 | |
| | |
China Construction Bank Corp. H Shares | | | 1,797,000 | | | | 1,328,059 | |
| | |
PetroChina Co., Ltd. H Shares | | | 1,310,000 | | | | 1,325,537 | |
| | |
Alibaba Group Holding, Ltd. ADR | | | 17,244 | | | | 1,241,568 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 32,800 | | | | 808,808 | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 149,700 | | | | 806,030 | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 19,600 | | | | 780,983 | |
| | |
Wanhua Chemical Group Co., Ltd. A Shares | | | 64,800 | | | | 717,687 | |
| | |
Weichai Power Co., Ltd. H Shares | | | 227,000 | | | | 434,380 | |
| | |
Zhongji Innolight Co., Ltd. A Shares | | | 23,000 | | | | 434,366 | |
| | |
PDD Holdings, Inc. ADRb | | | 3,039 | | | | 404,035 | |
| | |
Kuaishou Technologyb,c,d | | | 67,400 | | | | 398,405 | |
| | |
DiDi Global, Inc.b | | | 95,116 | | | | 393,780 | |
| | |
ANTA Sports Products, Ltd. | | | 38,400 | | | | 368,881 | |
| | |
Innovent Biologics, Inc.b,c,d | | | 63,500 | | | | 299,306 | |
| | |
ENN Energy Holdings, Ltd. | | | 33,700 | | | | 277,762 | |
| | |
New Oriental Education & Technology Group, Inc. ADRb | | | 3,372 | | | | 262,106 | |
| | |
KE Holdings, Inc. ADR | | | 18,336 | | | | 259,455 | |
| | |
Total China/Hong Kong | | | | | | | 22,489,175 | |
| | | | | | | | |
| | | |
TAIWAN: 21.6% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 54,529 | | | | 9,477,686 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 286,000 | | | | 1,886,596 | |
| | |
ASE Technology Holding Co., Ltd. | | | 161,000 | | | | 836,228 | |
| | |
MediaTek, Inc. | | | 19,000 | | | | 819,937 | |
| | |
Uni-President Enterprises Corp. | | | 327,000 | | | | 819,478 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Unimicron Technology Corp. | | | 147,000 | | | | $815,622 | |
| | |
E Ink Holdings, Inc. | | | 98,000 | | | | 761,247 | |
| | |
Elite Material Co., Ltd. | | | 50,000 | | | | 732,087 | |
| | |
Accton Technology Corp. | | | 39,000 | | | | 667,201 | |
| | |
Quanta Computer, Inc. | | | 67,000 | | | | 644,360 | |
| | |
Largan Precision Co., Ltd. | | | 6,000 | | | | 507,683 | |
| | |
ASPEED Technology, Inc. | | | 3,000 | | | | 447,575 | |
| | |
Total Taiwan | | | | | | | 18,415,700 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 13.8% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 69,737 | | | | 4,128,998 | |
| | |
Hyundai Motor Co. | | | 12,564 | | | | 2,692,612 | |
| | |
SK Hynix, Inc. | | | 12,983 | | | | 2,230,642 | |
| | |
KB Financial Group, Inc. | | | 22,344 | | | | 1,274,249 | |
| | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 2,612 | | | | 738,153 | |
| | |
Samsung Biologics Co., Ltd.b,c,d | | | 794 | | | | 419,352 | |
| | |
HD Hyundai Electric Co., Ltd. | | | 1,305 | | | | 293,898 | |
| | |
Total South Korea | | | | | | | 11,777,904 | |
| | | | | | | | |
| | | |
SINGAPORE: 2.5% | | | | | | | | |
| | |
Singapore Telecommunications, Ltd. | | | 420,900 | | | | 854,068 | |
| | |
Sea, Ltd. ADRb | | | 11,540 | | | | 824,187 | |
| | |
Sembcorp Industries, Ltd. | | | 116,300 | | | | 412,767 | |
| | |
Total Singapore | | | | | | | 2,091,022 | |
| | | | | | | | |
| | | |
VIETNAM: 2.0% | | | | | | | | |
| | |
FPT Corp. | | | 326,950 | | | | 1,676,173 | |
| | |
Total Vietnam | | | | | | | 1,676,173 | |
| | | | | | | | |
| | | |
MALAYSIA: 1.6% | | | | | | | | |
| | |
YTL Power International BHD | | | 786,900 | | | | 803,997 | |
| | |
Telekom Malaysia BHD | | | 357,500 | | | | 512,284 | |
| | |
Total Malaysia | | | | | | | 1,316,281 | |
| | | | | | | | |
| | | |
THAILAND: 1.3% | | | | | | | | |
| | |
Bangkok Dusit Medical Services Public Co., Ltd. F Shares | | | 884,000 | | | | 644,376 | |
| | |
CP ALL Public Co., Ltd. | | | 285,100 | | | | 427,291 | |
| | |
Total Thailand | | | | | | | 1,071,667 | |
| | | | | | | | |
| | | |
INDONESIA: 0.8% | | | | | | | | |
| | |
PT Bank Central Asia Tbk | | | 1,140,100 | | | | 691,022 | |
| | |
Total Indonesia | | | | | | | 691,022 | |
| | | | | | | | |
| | | |
PHILIPPINES: 0.3% | | | | | | | | |
| | |
Bank of the Philippine Islands | | | 133,460 | | | | 271,206 | |
| | |
Total Philippines | | | | | | | 271,206 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 82,872,922 | |
| | |
(Cost $70,898,652) | | | | | | | | |
| | |
| Matthews Pacific Tiger Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) (continued) | | |
| |
| SHORT-TERM INVESTMENTS: 2.6% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MONEY MARKET FUNDS: 2.6% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%e | | | 2,191,269 | | | | $2,191,269 | |
(Cost $2,191,269) | | | | | | | | |
| | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 100.0% | | | | | | | 85,064,191 | |
(Cost $73,089,921) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 0.0% | | | | | | | 9,600 | |
| | |
NET ASSETS: 100.0% | | | | | | | $85,073,791 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $3,947,466, which is 4.64% of net assets. |
| d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| e | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews Asia Innovators Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 97.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CHINA/HONG KONG: 28.8% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 81,400 | | | | $3,882,645 | |
| | |
PDD Holdings, Inc. ADRa | | | 18,245 | | | | 2,425,673 | |
| | |
Meituan Class Ba,b,c | | | 146,300 | | | | 2,081,862 | |
| | |
Trip.com Group, Ltd. ADRa | | | 40,655 | | | | 1,910,785 | |
| | |
Alibaba Group Holding, Ltd. | | | 155,000 | | | | 1,399,634 | |
| | |
Lam Research Corp. | | | 1,098 | | | | 1,169,205 | |
| | |
NAURA Technology Group Co., Ltd. A Shares | | | 26,600 | | | | 1,165,491 | |
| | |
DiDi Global, Inc.a | | | 250,166 | | | | 1,035,687 | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 177,800 | | | | 957,329 | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 38,100 | | | | 939,499 | |
| | |
Bilibili, Inc. ADRa | | | 45,320 | | | | 699,741 | |
| | |
KE Holdings, Inc. ADR | | | 48,568 | | | | 687,237 | |
| | |
BYD Co., Ltd. H Shares | | | 19,500 | | | | 579,450 | |
| | |
Innovent Biologics, Inc.a,b,c | | | 118,000 | | | | 556,190 | |
| | |
AAC Technologies Holdings, Inc. | | | 134,500 | | | | 528,877 | |
| | |
Kuaishou Technologya,b,c | | | 60,800 | | | | 359,393 | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 40,322 | | | | 324,189 | |
| | |
Total China/Hong Kong | | | | | | | 20,702,887 | |
| | | | | | | | |
| | | |
INDIA: 24.5% | | | | | | | | |
| | |
Zomato, Ltd.a | | | 1,149,627 | | | | 2,765,033 | |
| | |
Reliance Industries, Ltd. | | | 52,335 | | | | 1,964,928 | |
| | |
Computer Age Management Services, Ltd. | | | 40,439 | | | | 1,752,013 | |
| | |
Axis Bank, Ltd. | | | 112,167 | | | | 1,701,925 | |
| | |
ICICI Bank, Ltd. | | | 99,134 | | | | 1,426,127 | |
| | |
Tata Motors, Ltd. | | | 92,723 | | | | 1,100,556 | |
| | |
Phoenix Mills, Ltd. | | | 22,365 | | | | 962,402 | |
| | |
Neuland Laboratories, Ltd. | | | 10,592 | | | | 950,743 | |
| | |
Bharti Airtel, Ltd. | | | 52,437 | | | | 908,070 | |
| | |
Jyoti CNC Automation, Ltd.a,c | | | 55,668 | | | | 904,240 | |
| | |
PB Fintech, Ltd.a | | | 50,109 | | | | 839,632 | |
| | |
MakeMyTrip, Ltd.a | | | 9,664 | | | | 812,742 | |
| | |
Indian Hotels Co., Ltd. | | | 101,961 | | | | 764,272 | |
| | |
HDFC Asset Management Co., Ltd.b,c | | | 15,061 | | | | 721,248 | |
| | |
Total India | | | | | | | 17,573,931 | |
| | | | | | | | |
| | | |
TAIWAN: 21.7% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 253,000 | | | | 7,533,499 | |
| | |
Hon Hai Precision Industry Co., Ltd. | | | 239,000 | | | | 1,576,561 | |
| | |
MediaTek, Inc. | | | 27,000 | | | | 1,165,174 | |
| | |
Quanta Computer, Inc. | | | 116,000 | | | | 1,115,608 | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 6,186 | | | | 1,075,189 | |
| | |
Accton Technology Corp. | | | 47,000 | | | | 804,063 | |
| | |
Lotes Co., Ltd. | | | 15,000 | | | | 753,664 | |
| | |
Delta Electronics, Inc. | | | 60,000 | | | | 716,674 | |
| | |
Unimicron Technology Corp. | | | 100,000 | | | | 554,845 | |
| | |
ASPEED Technology, Inc. | | | 2,000 | | | | 298,383 | |
| | |
Total Taiwan | | | | | | | 15,593,660 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 12.5% | | | | | | | | |
| | |
Samsung Electronics Co., Ltd. | | | 65,052 | | | | 3,851,608 | |
| | |
SK Hynix, Inc. | | | 15,620 | | | | 2,683,712 | |
| | |
Hyundai Motor Co. | | | 7,040 | | | | 1,508,754 | |
| | |
Samsung SDI Co., Ltd. | | | 1,925 | | | | 495,060 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Hyosung Heavy Industries Corp. | | | 1,846 | | | | $464,015 | |
| | |
Total South Korea | | | | | | | 9,003,149 | |
| | | | | | | | |
| | | |
SINGAPORE: 4.5% | | | | | | | | |
| | |
Sea, Ltd. ADRa | | | 45,453 | | | | 3,246,253 | |
| | |
Total Singapore | | | | | | | 3,246,253 | |
| | | | | | | | |
| | | |
JAPAN: 2.1% | | | | | | | | |
| | |
Hitachi, Ltd. | | | 34,000 | | | | 761,121 | |
| | |
Renesas Electronics Corp. | | | 38,000 | | | | 710,817 | |
| | |
Total Japan | | | | | | | 1,471,938 | |
| | | | | | | | |
| | | |
NETHERLANDS: 1.1% | | | | | | | | |
| | |
ASML Holding NV | | | 787 | | | | 804,889 | |
| | |
Total Netherlands | | | | | | | 804,889 | |
| | | | | | | | |
| | | |
BRAZIL: 1.1% | | | | | | | | |
| | |
NU Holdings, Ltd. Class Aa | | | 60,310 | | | | 777,396 | |
| | |
Total Brazil | | | | | | | 777,396 | |
| | | | | | | | |
| | | |
VIETNAM: 0.7% | | | | | | | | |
| | |
FPT Corp. | | | 89,470 | | | | 458,685 | |
| | |
Total Vietnam | | | | | | | 458,685 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 69,632,788 | |
| | |
(Cost $54,765,584) | | | | | | | | |
SHORT-TERM INVESTMENTS: 2.9% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 2.9% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 2,089,734 | | | | 2,089,734 | |
| | |
(Cost $2,089,734) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.9% | | | | | | | 71,722,522 | |
(Cost $56,855,318) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 0.1% | | | | | | | 103,158 | |
| | |
NET ASSETS: 100.0% | | | | | | | $71,825,680 | |
| | |
| | | | | | | | |
| | |
| | | | | | | | |
| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $3,718,693, which is 5.18% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
11
| | |
| Matthews China Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 99.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CONSUMER DISCRETIONARY: 28.0% | | | | | | | | |
Broadline Retail: 14.1% | | | | | | | | |
| | |
Alibaba Group Holding, Ltd. | | | 181,700 | | | | $1,640,732 | |
| | |
PDD Holdings, Inc. ADRa | | | 7,591 | | | | 1,009,223 | |
| | |
JD.com, Inc. Class A | | | 60,050 | | | | 794,524 | |
| | |
| | | | | | | 3,444,479 | |
|
Hotels, Restaurants & Leisure: 9.3% | |
| | |
Meituan Class Ba,b,c | | | 103,910 | | | | 1,478,649 | |
| | |
Galaxy Entertainment Group, Ltd. | | | 76,000 | | | | 354,330 | |
| | |
Trip.com Group, Ltd. ADRa | | | 5,043 | | | | 237,021 | |
| | |
Yum China Holdings, Inc. | | | 6,095 | | | | 187,970 | |
| | |
Luckin Coffee, Inc. ADRa | | | 1,132 | | | | 23,885 | |
| | |
| | | | | | | 2,281,855 | |
|
Household Durables: 3.0% | |
| | |
Man Wah Holdings, Ltd. | | | 538,800 | | | | 369,902 | |
| | |
Midea Group Co., Ltd. A Shares | | | 40,800 | | | | 360,451 | |
| | |
| | | | | | | 730,353 | |
|
Textiles, Apparel & Luxury Goods: 0.9% | |
| | |
ANTA Sports Products, Ltd. | | | 23,600 | | | | 226,708 | |
| | |
Specialty Retail: 0.7% | | | | | | | | |
| | |
China Tourism Group Duty Free Corp., Ltd. A Shares | | | 20,300 | | | | 173,753 | |
| | |
Total Consumer Discretionary | | | | | | | 6,857,148 | |
| | | | | | | | |
| | | |
FINANCIALS: 21.3% | | | | | | | | |
Banks: 9.6% | | | | | | | | |
| | |
China Construction Bank Corp. H Shares | | | 1,568,000 | | | | 1,158,818 | |
| | |
China Merchants Bank Co., Ltd. H Shares | | | 138,500 | | | | 628,868 | |
| | |
China Merchants Bank Co., Ltd. A Shares | | | 122,900 | | | | 575,543 | |
| | |
| | | | | | | 2,363,229 | |
| | |
Capital Markets: 6.0% | | | | | | | | |
| | |
China International Capital Corp., Ltd. H Sharesb,c | | | 504,000 | | | | 560,976 | |
| | |
CITIC Securities Co., Ltd. H Shares | | | 225,000 | | | | 331,416 | |
| | |
Hong Kong Exchanges & Clearing, Ltd. | | | 8,700 | | | | 278,805 | |
| | |
Hithink RoyalFlush Information Network Co., Ltd. A Shares | | | 12,000 | | | | 170,446 | |
| | |
East Money Information Co., Ltd. A Shares | | | 89,840 | | | | 129,945 | |
| | |
| | | | | | | 1,471,588 | |
| | |
Insurance: 5.7% | | | | | | | | |
| | |
Ping An Insurance Group Co. of China, Ltd. H Shares | | | 166,000 | | | | 752,671 | |
| | |
Ping An Insurance Group Co. of China, Ltd. A Shares | | | 66,700 | | | | 377,862 | |
| | |
China Life Insurance Co., Ltd. H Shares | | | 191,000 | | | | 270,082 | |
| | |
| | | | | | | 1,400,615 | |
| | |
Total Financials | | | | | | | 5,235,432 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 16.1% | | | | | | | | |
Interactive Media & Services: 14.2% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 62,000 | | | | 2,957,297 | |
| | |
Kuaishou Technologya,b,c | | | 56,700 | | | | 335,157 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Baidu, Inc. Class Aa | | | 18,850 | | | | $205,825 | |
| | |
| | | | | | | 3,498,279 | |
| | |
Entertainment: 1.4% | | | | | | | | |
| | |
NetEase, Inc. | | | 11,300 | | | | 215,799 | |
| | |
Tencent Music Entertainment Group ADR | | | 9,009 | | | | 126,577 | |
| | |
| | | | | | | 342,376 | |
| | |
Media: 0.5% | | | | | | | | |
| | |
Focus Media Information Technology Co., Ltd. A Shares | | | 141,511 | | | | 117,460 | |
| | |
Total Communication Services | | | | | | | 3,958,115 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 8.6% | | | | | | | | |
Electrical Equipment: 3.6% | | | | | | | | |
| | |
Contemporary Amperex Technology Co., Ltd. A Shares | | | 18,400 | | | | 453,721 | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 67,800 | | | | 257,053 | |
| | |
Sungrow Power Supply Co., Ltd. A Shares | | | 19,600 | | | | 166,527 | |
| | |
| | | | | | | 877,301 | |
| | |
Ground Transportation: 2.0% | | | | | | | | |
| | |
DiDi Global, Inc.a | | | 120,101 | | | | 497,218 | |
| | |
Air Freight & Logistics: 1.0% | | | | | | | | |
| | |
JD Logistics, Inc.a,b,c | | | 240,800 | | | | 258,460 | |
| | |
Machinery: 1.0% | | | | | | | | |
| | |
Yutong Bus Co., Ltd. A Shares | | | 35,600 | | | | 125,804 | |
| | |
Neway Valve Suzhou Co., Ltd. A Shares | | | 47,400 | | | | 111,150 | |
| | |
| | | | | | | 236,954 | |
| | |
Marine Transportation: 1.0% | | | | | | | | |
| | |
Orient Overseas International, Ltd. | | | 14,500 | | | | 235,309 | |
| | |
Total Industrials | | | | | | | 2,105,242 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 6.6% | | | | | | | | |
Beverages: 4.9% | | | | | | | | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 36,200 | | | | 634,864 | |
| | |
Tsingtao Brewery Co., Ltd. H Shares | | | 46,000 | | | | 306,965 | |
| | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A Shares | | | 8,800 | | | | 254,182 | |
| | |
| | | | | | | 1,196,011 | |
Food Products: 1.7% | | | | | | | | |
| | |
Guangdong Haid Group Co., Ltd. A Shares | | | 35,400 | | | | 228,134 | |
| | |
Anjoy Foods Group Co., Ltd. A Shares | | | 19,800 | | | | 201,530 | |
| | |
| | | | | | | 429,664 | |
| | |
Total Consumer Staples | | | | | | | 1,625,675 | |
| | | | | | | | |
| | | |
INFORMATION TECHNOLOGY: 5.8% | | | | | | | | |
Electronic Equipment, Instruments & Components: 3.0% | | | | | | | | |
| | |
Luxshare Precision Industry Co., Ltd. A Shares | | | 49,400 | | | | 265,985 | |
| | |
Foxconn Industrial Internet Co., Ltd. A Shares | | | 66,100 | | | | 248,072 | |
| | |
SUPCON Technology Co., Ltd. A Shares | | | 40,950 | | | | 211,457 | |
| | |
| | | | | | | 725,514 | |
Semiconductors & Semiconductor Equipment: 2.1% | | | | | | | | |
| | |
Will Semiconductor Co., Ltd. Shanghai A Shares | | | 25,600 | | | | 348,435 | |
12
| | |
| Matthews China Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
NAURA Technology Group Co., Ltd. A Shares | | | 4,087 | | | | $179,074 | |
| | |
| | | | | | | 527,509 | |
|
Communications Equipment: 0.7% | |
| | |
Suzhou TFC Optical Communication Co., Ltd. A Shares | | | 14,660 | | | | 177,546 | |
| | |
Total Information Technology | | | | | | | 1,430,569 | |
| | | | | | | | |
| | | |
REAL ESTATE: 4.0% | | | | | | | | |
|
Real Estate Management & Development: 4.0% | |
| | |
KE Holdings, Inc. ADR | | | 37,235 | | | | 526,875 | |
| | |
Longfor Group Holdings, Ltd.b,c | | | 157,500 | | | | 216,256 | |
| | |
CIFI Holdings Group Co., Ltd.a | | | 4,180,000 | | | | 168,648 | |
| | |
Times China Holdings, Ltd.a | | | 2,007,000 | | | | 69,407 | |
| | |
Total Real Estate | | | | | | | 981,186 | |
| | | | | | | | |
| | | |
ENERGY: 3.7% | | | | | | | | |
|
Oil, Gas & Consumable Fuels: 3.7% | |
| | |
PetroChina Co., Ltd. H Shares | | | 882,000 | | | | 892,461 | |
| | |
Total Energy | | | | | | | 892,461 | |
| | | | | | | | |
| | | |
HEALTH CARE: 2.7% | | | | | | | | |
|
Health Care Equipment & Supplies: 1.0% | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | | | 6,400 | | | | 255,015 | |
| | |
Biotechnology: 1.0% | | | | | | | | |
| | |
Innovent Biologics, Inc.a,b,c | | | 50,000 | | | | 235,674 | |
|
Health Care Providers & Services: 0.7% | |
| | |
Sinopharm Group Co., Ltd. H Shares | | | 36,400 | | | | 96,741 | |
| | |
Aier Eye Hospital Group Co., Ltd. A Shares | | | 57,600 | | | | 81,420 | |
| | |
| | | | | | | 178,161 | |
| | |
Total Health Care | | | | | | | 668,850 | |
| | | | | | | | |
| | | |
MATERIALS: 2.2% | | | | | | | | |
| | |
Chemicals: 1.7% | | | | | | | | |
| | |
Wanhua Chemical Group Co., Ltd. A Shares | | | 31,600 | | | | 349,984 | |
| | |
Nanjing Cosmos Chemical Co., Ltd. A Shares | | | 15,000 | | | | 65,766 | |
| | |
| | | | | | | 415,750 | |
| | |
Metals & Mining: 0.5% | | | | | | | | |
| | |
MMG, Ltd.a | | | 320,000 | | | | 122,140 | |
| | |
Total Materials | | | | | | | 537,890 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 24,292,568 | |
(Cost $28,222,897) | | | | | | | | |
RIGHTS: 0.0%
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MATERIALS: 0.0% | | | | | | | | |
| | |
Metals & Mining: 0.0% | | | | | | | | |
| | |
MMG, Ltd., Rights, Expires 07/05/2024a | | | 128,000 | | | | $5,656 | |
| | |
Total Materials | | | | | | | 5,656 | |
| | | | | | | | |
| | | |
TOTAL RIGHTS | | | | | | | 5,656 | |
| | |
(Cost $0) | | | | | | | | |
| | |
| SHORT-TERM INVESTMENTS: 0.6% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 0.6% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 155,576 | | | | 155,576 | |
| | |
(Cost $155,576) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.6% | | | | | | | 24,453,800 | |
(Cost $28,378,473) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 0.4% | | | | | | | 86,465 | |
| | |
NET ASSETS: 100.0% | | | | | | | $24,540,265 | |
| | |
| | | | | | | | |
| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $3,085,172, which is 12.57% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
13
| | |
| Matthews China Discovery Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 97.2% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INDUSTRIALS: 22.3% | | | | | | | | |
| | |
Electrical Equipment: 6.5% | | | | | | | | |
| | |
Hongfa Technology Co., Ltd. A Shares | | | 16,300 | | | | $61,799 | |
| | |
Xuji Electric Co., Ltd. A Shares | | | 7,900 | | | | 37,234 | |
| | |
Shenzhen Megmeet Electrical Co., Ltd. A Shares | | | 9,600 | | | | 33,977 | |
| | |
| | | | | | | 133,010 | |
| | |
Machinery: 5.9% | | | | | | | | |
| | |
Yangzijiang Shipbuilding Holdings, Ltd. | | | 51,900 | | | | 94,207 | |
| | |
Morimatsu International Holdings Co., Ltd.a | | | 38,000 | | | | 25,309 | |
| | |
| | | | | | | 119,516 | |
| | |
Ground Transportation: 2.2% | | | | | | | | |
| | |
Full Truck Alliance Co., Ltd. ADR | | | 5,499 | | | | 44,212 | |
|
Construction & Engineering: 2.1% | |
| | |
Greentown Management Holdings Co., Ltd.a,b | | | 61,000 | | | | 42,347 | |
|
Commercial Services & Supplies: 2.0% | |
| | |
China Everbright Environment Group, Ltd. | | | 83,000 | | | | 41,673 | |
|
Marine Transportation: 1.7% | |
| | |
SITC International Holdings Co., Ltd. | | | 13,000 | | | | 35,300 | |
|
Trading Companies & Distributors: 1.4% | |
| | |
BOC Aviation, Ltd.a,b | | | 4,000 | | | | 28,691 | |
|
Professional Services: 0.5% | |
| | |
Centre Testing International Group Co., Ltd. A Shares | | | 7,000 | | | | 9,692 | |
| | |
Total Industrials | | | | | | | 454,441 | |
| | | | | | | | |
| | | |
CONSUMER DISCRETIONARY: 17.2% | | | | | | | | |
| | |
Hotels, Restaurants & Leisure: 6.2% | | | | | | | | |
| | |
Tongcheng Travel Holdings, Ltd.a | | | 25,200 | | | | 50,159 | |
| | |
Atour Lifestyle Holdings, Ltd. ADR | | | 2,441 | | | | 44,792 | |
| | |
DPC Dash, Ltd.c | | | 3,900 | | | | 32,269 | |
| | |
| | | | | | | 127,220 | |
| | |
Household Durables: 4.3% | | | | | | | | |
| | |
Jason Furniture Hangzhou Co., Ltd. A Shares | | | 11,600 | | | | 51,304 | |
| | |
Hisense Home Appliances Group Co., Ltd. H Shares | | | 11,000 | | | | 36,209 | |
| | |
| | | | | | | 87,513 | |
|
Textiles, Apparel & Luxury Goods: 3.2% | |
| | |
Samsonite International SAa,b | | | 12,900 | | | | 38,498 | |
| | |
Xtep International Holdings, Ltd. | | | 43,500 | | | | 26,800 | |
| | |
| | | | | | | 65,298 | |
| | |
Automobile Components: 3.2% | | | | | | | | |
| | |
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | | | 13,300 | | | | 40,114 | |
| | |
Minth Group, Ltd.c | | | 16,000 | | | | 24,879 | |
| | |
| | | | | | | 64,993 | |
| | |
Automobiles: 0.3% | | | | | | | | |
| | |
Yadea Group Holdings, Ltd.a,b | | | 4,000 | | | | 5,057 | |
| | |
Total Consumer Discretionary | | | | | | | 350,081 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INFORMATION TECHNOLOGY: 11.1% | | | | | | | | |
|
Semiconductors & Semiconductor Equipment: 6.1% | |
| | |
ACM Research, Inc. Class Ac | | | 2,309 | | | | $53,245 | |
| | |
Faraday Technology Corp. | | | 4,231 | | | | 43,821 | |
| | |
Silergy Corp. | | | 1,000 | | | | 14,241 | |
| | |
Andes Technology Corp. | | | 1,000 | | | | 13,332 | |
| | |
| | | | | | | 124,639 | |
|
Electronic Equipment, Instruments & Components: 3.2% | |
| | |
Elite Material Co., Ltd. | | | 3,000 | | | | 43,925 | |
| | |
Kingboard Laminates Holdings, Ltd. | | | 19,000 | | | | 20,442 | |
| | |
| | | | | | | 64,367 | |
|
Technology Hardware, Storage & Peripherals: 1.2% | |
| | |
AURAS Technology Co., Ltd. | | | 1,000 | | | | 24,876 | |
|
Software: 0.6% | |
| | |
Kingdee International Software Group Co., Ltd.c | | | 14,000 | | | | 13,126 | |
| | |
Total Information Technology | | | | | | | 227,008 | |
| | | | | | | | |
| | | |
REAL ESTATE: 10.4% | | | | | | | | |
|
Real Estate Management & Development: 10.4% | |
| | |
China Overseas Property Holdings, Ltd. | | | 140,000 | | | | 83,920 | |
| | |
KE Holdings, Inc. A Shares | | | 10,000 | | | | 49,440 | |
| | |
Midea Real Estate Holding, Ltd.a,b | | | 46,600 | | | | 39,692 | |
| | |
Yuexiu Property Co., Ltd. | | | 45,000 | | | | 29,395 | |
| | |
Greentown China Holdings, Ltd. | | | 11,000 | | | | 8,651 | |
| | |
Total Real Estate | | | | | | | 211,098 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 10.3% | | | | | | | | |
|
Personal Care Products: 3.6% | |
| | |
Giant Biogene Holding Co., Ltd.a,b | | | 12,400 | | | | 72,821 | |
|
Beverages: 3.3% | |
| | |
Anhui Yingjia Distillery Co., Ltd. A Shares | | | 4,600 | | | | 36,228 | |
| | |
Anhui Kouzi Distillery Co., Ltd. A Shares | | | 5,700 | | | | 30,597 | |
| | |
| | | | | | | 66,825 | |
|
Food Products: 2.5% | |
| | |
Anjoy Foods Group Co., Ltd. A Shares | | | 3,700 | | | | 37,660 | |
| | |
Chacha Food Co., Ltd. A Shares | | | 3,500 | | | | 13,514 | |
| | |
| | | | | | | 51,174 | |
|
Consumer Staples Distribution & Retail: 0.9% | |
| | |
Laobaixing Pharmacy Chain JSC A Shares | | | 7,150 | | | | 17,981 | |
| | |
Total Consumer Staples | | | | | | | 208,801 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 7.3% | | | | | | | | |
| | |
Entertainment: 4.5% | | | | | | | | |
| | |
Cloud Music, Inc.a,b,c | | | 3,500 | | | | 45,053 | |
| | |
Maoyan Entertainmenta,b,c | | | 32,800 | | | | 33,819 | |
| | |
Kingsoft Corp., Ltd. | | | 4,800 | | | | 13,864 | |
| | |
| | | | | | | 92,736 | |
|
Interactive Media & Services: 2.8% | |
| | |
Kanzhun, Ltd. ADR | | | 2,600 | | | | 48,906 | |
| | |
Zhihu, Inc. ADRc | | | 2,731 | | | | 7,456 | |
| | |
| | | | | | | 56,362 | |
| | |
Total Communication Services | | | | | | | 149,098 | |
14
| | |
| Matthews China Discovery Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | RIGHTS: 0.0% |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
HEALTH CARE: 6.3% | | | | | | | | |
|
Health Care Equipment & Supplies: 2.7% | |
| | |
Shandong Pharmaceutical Glass Co., Ltd. A Shares | | | 7,400 | | | | $25,684 | |
| | |
AK Medical Holdings, Ltd.a,b | | | 46,000 | | | | 25,394 | |
| | |
Peijia Medical, Ltd.a,b,c | | | 13,000 | | | | 3,796 | |
| | |
| | | | | | | 54,874 | |
| | |
Pharmaceuticals: 1.5% | | | | | | | | |
| | |
HUTCHMED China, Ltd.c | | | 8,500 | | | | 29,939 | |
| | |
Biotechnology: 1.4% | | | | | | | | |
| | |
Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.c | | | 1,400 | | | | 29,731 | |
| | |
Health Care Technology: 0.7% | | | | | | | | |
| | |
Medlive Technology Co., Ltd.a,b | | | 15,000 | | | | 14,333 | |
| | |
Total Health Care | | | | | | | 128,877 | |
| | | | | | | | |
| | | |
MATERIALS: 5.2% | | | | | | | | |
Chemicals: 3.8% | | | | | | | | |
| | |
Sunresin New Materials Co., Ltd. A Shares | | | 5,100 | | | | 29,171 | |
| | |
Dongyue Group, Ltd. | | | 23,000 | | | | 25,011 | |
| | |
Nanjing Cosmos Chemical Co., Ltd. A Shares | | | 5,500 | | | | 24,114 | |
| | |
| | | | | | | 78,296 | |
| | |
Metals & Mining: 1.4% | | | | | | | | |
| | |
MMG, Ltd.c | | | 72,000 | | | | 27,482 | |
| | |
Total Materials | | | | | | | 105,778 | |
| | | | | | | | |
| | | |
ENERGY: 4.7% | | | | | | | | |
Energy Equipment & Services: 3.4% | | | | | | | | |
| | |
Yantai Jereh Oilfield Services Group Co., Ltd. A Shares | | | 14,300 | | | | 68,710 | |
| | |
Oil, Gas & Consumable Fuels: 1.3% | | | | | | | | |
| | |
Sinopec Kantons Holdings, Ltd. | | | 52,000 | | | | 26,975 | |
| | |
Total Energy | | | | | | | 95,685 | |
| | | | | | | | |
| | | |
UTILITIES: 2.4% | | | | | | | | |
Gas Utilities: 2.4% | | | | | | | | |
| | |
ENN Natural Gas Co., Ltd. A Shares | | | 17,200 | | | | 49,002 | |
| | |
Total Utilities | | | | | | | 49,002 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 1,979,869 | |
(Cost $1,941,132) | | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MATERIALS: 0.0% | | | | | | | | |
| | |
Metals & Mining: 0.0% | | | | | | | | |
| | |
MMG, Ltd., Rights, Expires 07/05/2024c | | | 20,800 | | | | $919 | |
| | |
Total Materials | | | | | | | 919 | |
| | | | | | | | |
| | | |
TOTAL RIGHTS | | | | | | | 919 | |
(Cost $0) | | | | | | | | |
| | |
SHORT-TERM INVESTMENTS: 1.6% | | | | | | | | |
| | | |
MONEY MARKET FUNDS: 1.6% | | | | | | | | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 31,825 | | | | 31,825 | |
(Cost $31,825) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 98.8% | | | | | | | 2,012,613 | |
(Cost $1,972,957) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 1.2% | | | | | | | 24,762 | |
| | |
NET ASSETS: 100.0% | | | | | | | $2,037,375 | |
| | | | | | | | |
| a | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $349,501, which is 17.15% of net assets. |
| c | Non-income producing security. |
| d | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
| | |
| Matthews India Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 102.7% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
FINANCIALS: 33.3% | | | | | | | | |
| | |
Banks: 20.2% | | | | | | | | |
| | |
HDFC Bank, Ltd. | | | 24,448 | | | | $493,666 | |
| | |
ICICI Bank, Ltd. | | | 32,840 | | | | 472,431 | |
| | |
Axis Bank, Ltd. | | | 14,355 | | | | 217,810 | |
| | |
IndusInd Bank, Ltd. | | | 11,761 | | | | 206,553 | |
| | |
Federal Bank, Ltd. | | | 87,371 | | | | 185,717 | |
| | |
Kotak Mahindra Bank, Ltd. | | | 6,094 | | | | 131,728 | |
| | |
State Bank of India | | | 8,904 | | | | 90,650 | |
| | |
Union Bank of India, Ltd. | | | 32,095 | | | | 52,611 | |
| | |
| | | | | | | 1,851,166 | |
| | |
Consumer Finance: 8.8% | | | | | | | | |
| | |
Shriram Finance, Ltd. | | | 12,752 | | | | 445,240 | |
| | |
Bajaj Finance, Ltd. | | | 2,064 | | | | 176,123 | |
| | |
Cholamandalam Investment and Finance Co., Ltd. | | | 9,602 | | | | 163,915 | |
| | |
Mahindra & Mahindra Financial Services, Ltd. | | | 6,109 | | | | 22,022 | |
| | |
| | | | | | | 807,300 | |
| | |
Financial Services: 3.1% | | | | | | | | |
| | |
LIC Housing Finance, Ltd. | | | 22,793 | | | | 217,796 | |
| | |
Jio Financial Services, Ltd.a | | | 14,973 | | | | 64,309 | |
| | |
| | | | | | | 282,105 | |
| | |
Insurance: 1.2% | | | | | | | | |
| | |
PB Fintech, Ltd.a | | | 6,759 | | | | 113,255 | |
| | |
Total Financials | | | | | | | 3,053,826 | |
| | | | | | | | |
| | | |
CONSUMER DISCRETIONARY: 18.8% | | | | | | | | |
| | |
Automobiles: 6.6% | | | | | | | | |
| | |
Mahindra & Mahindra, Ltd. | | | 4,261 | | | | 146,482 | |
| | |
TVS Motor Co., Ltd. | | | 4,641 | | | | 131,618 | |
| | |
Maruti Suzuki India, Ltd. | | | 840 | | | | 121,222 | |
| | |
Tata Motors, Ltd. | | | 9,481 | | | | 112,533 | |
| | |
Bajaj Auto, Ltd. | | | 773 | | | | 88,080 | |
| | |
| | | | | | | 599,935 | |
| | |
Automobile Components: 3.4% | | | | | | | | |
| | |
Alicon Castalloy, Ltd. | | | 16,096 | | | | 234,180 | |
| | |
Lumax Industries, Ltd. | | | 2,309 | | | | 76,986 | |
| | |
| | | | | | | 311,166 | |
| | |
Household Durables: 3.2% | | | | | | | | |
| | |
Whirlpool of India, Ltd. | | | 7,548 | | | | 180,885 | |
| | |
Crompton Greaves Consumer Electricals, Ltd. | | | 22,290 | | | | 108,339 | |
| | |
| | | | | | | 289,224 | |
| | |
Specialty Retail: 2.4% | | | | | | | | |
| | |
Thanga Mayil Jewellery, Ltd. | | | 6,757 | | | | 139,435 | |
| | |
Trent, Ltd. | | | 1,276 | | | | 83,853 | |
| | |
| | | | | | | 223,288 | |
| | |
Hotels, Restaurants & Leisure: 1.8% | | | | | | | | |
| | |
Zomato, Ltd.a | | | 56,754 | | | | 136,502 | |
| | |
Restaurant Brands Asia, Ltd.a | | | 25,049 | | | | 29,853 | |
| | |
| | | | | | | 166,355 | |
| | | | | | | | |
| | | Shares | | | Value | |
|
Textiles, Apparel & Luxury Goods: 1.4% | |
| | |
Titan Co., Ltd. | | | 3,203 | | | | $130,759 | |
| | |
Total Consumer Discretionary | | | | | | | 1,720,727 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 10.4% | | | | | | | | |
| | |
Electrical Equipment: 2.5% | | | | | | | | |
| | |
Bharat Heavy Electricals, Ltd. | | | 30,540 | | | | 110,184 | |
| | |
Elecon Engineering Co., Ltd. | | | 4,808 | | | | 76,230 | |
| | |
TD Power Systems, Ltd. | | | 10,582 | | | | 45,114 | |
| | |
| | | | | | | 231,528 | |
|
Construction & Engineering: 2.2% | |
| | |
Voltas, Ltd. | | | 6,305 | | | | 111,314 | |
| | |
Praj Industries, Ltd. | | | 10,239 | | | | 89,470 | |
| | |
| | | | | | | 200,784 | |
|
Machinery: 2.2% | |
| | |
Cummins India, Ltd. | | | 2,250 | | | | 107,035 | |
| | |
Thermax, Ltd. | | | 1,456 | | | | 93,432 | |
| | |
| | | | | | | 200,467 | |
|
Building Products: 1.0% | |
| | |
Astral, Ltd. | | | 3,173 | | | | 90,592 | |
|
Professional Services: 1.0% | |
| | |
Latent View Analytics, Ltd.a | | | 14,545 | | | | 87,440 | |
|
Aerospace & Defense: 0.7% | |
| | |
Hindustan Aeronautics, Ltd.b | | | 982 | | | | 61,994 | |
|
Industrial Conglomerates: 0.5% | |
| | |
Apar Industries, Ltd. | | | 466 | | | | 47,353 | |
|
Transportation Infrastructure: 0.3% | |
| | |
Gujarat Pipavav Port, Ltd. | | | 12,383 | | | | 31,068 | |
| | |
Total Industrials | | | | | | | 951,226 | |
| | | | | | | | |
| | | |
INFORMATION TECHNOLOGY: 8.9% | | | | | | | | |
|
IT Services: 7.5% | |
| | |
Infosys, Ltd. | | | 21,993 | | | | 413,222 | |
| | |
Tata Consultancy Services, Ltd. | | | 5,455 | | | | 255,400 | |
| | |
Persistent Systems, Ltd. | | | 482 | | | | 24,516 | |
| | |
| | | | | | | 693,138 | |
|
Software: 0.9% | |
| | |
Newgen Software Technologies, Ltd. | | | 6,893 | | | | 80,327 | |
|
Electronic Equipment, Instruments & Components: 0.5% | |
| | |
Kaynes Technology India, Ltd.a | | | 948 | | | | 43,808 | |
| | |
Total Information Technology | | | | | | | 817,273 | |
| | | | | | | | |
| | | |
HEALTH CARE: 7.9% | | | | | | | | |
| | |
Pharmaceuticals: 4.7% | | | | | | | | |
| | |
Neuland Laboratories, Ltd. | | | 2,441 | | | | 219,105 | |
| | |
Lupin, Ltd. | | | 4,470 | | | | 86,913 | |
| | |
Sun Pharmaceutical Industries, Ltd. | | | 3,436 | | | | 62,667 | |
| | |
Dr. Reddy’s Laboratories, Ltd. | | | 781 | | | | 59,964 | |
| | |
| | | | | | | 428,649 | |
16
| | |
| Matthews India Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| COMMON EQUITIES (continued) | | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
Health Care Equipment & Supplies: 1.8% | |
| | |
Poly Medicure, Ltd. | | | 6,958 | | | | $161,089 | |
|
Health Care Providers & Services: 0.9% | |
| | |
Metropolis Healthcare, Ltd.b,c | | | 3,597 | | | | 85,325 | |
|
Life Sciences Tools & Services: 0.5% | |
| | |
Divi’s Laboratories, Ltd. | | | 826 | | | | 45,530 | |
| | |
Total Health Care | | | | | | | 720,593 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 7.7% | | | | | | | | |
|
Personal Care Products: 3.1% | |
| | |
Godrej Consumer Products, Ltd. | | | 9,659 | | | | 159,368 | |
| | |
Honasa Consumer, Ltd.a | | | 23,638 | | | | 122,701 | |
| | |
| | | | | | | 282,069 | |
|
Food Products: 2.3% | |
| | |
Marico, Ltd. | | | 11,127 | | | | 81,797 | |
| | |
Nestle India, Ltd. | | | 2,201 | | | | 67,350 | |
| | |
Tata Consumer Products, Ltd. | | | 4,959 | | | | 65,265 | |
| | | | | | | 214,412 | |
|
Beverages: 1.9% | |
| | |
Varun Beverages, Ltd. | | | 8,780 | | | | 171,573 | |
|
Consumer Staples Distribution & Retail: 0.4% | |
| | |
Avenue Supermarts, Ltd.a,b,c | | | 728 | | | | 41,179 | |
| | |
Total Consumer Staples | | | | | | | 709,233 | |
| | | | | | | | |
| | | |
ENERGY: 6.9% | | | | | | | | |
|
Oil, Gas & Consumable Fuels: 6.9% | |
| | |
Reliance Industries, Ltd. | | | 16,824 | | | | 631,660 | |
| | |
Total Energy | | | | | | | 631,660 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 3.0% | | | | | | | | |
|
Wireless Telecommunication Services: 2.6% | |
| | |
Bharti Airtel, Ltd. | | | 13,892 | | | | 240,572 | |
|
Interactive Media & Services: 0.4% | |
| | |
Just Dial, Ltd.a | | | 2,847 | | | | 35,093 | |
| | |
Total Communication Services | | | | | | | 275,665 | |
| | | | | | | | |
| | | |
UTILITIES: 2.4% | | | | | | | | |
|
Independent Power and Renewable Electricity Producers: 1.4% | |
| | |
NTPC, Ltd. | | | 17,731 | | | | 80,450 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
JSW Energy, Ltd. | | | 5,863 | | | | $51,643 | |
| | |
| | | | | | | 132,093 | |
|
Electric Utilities: 1.0% | |
| | |
Power Grid Corp. of India, Ltd. | | | 21,745 | | | | 86,302 | |
| | |
Total Utilities | | | | | | | 218,395 | |
| | | | | | | | |
| | | |
MATERIALS: 1.9% | | | | | | | | |
| | |
Construction Materials: 1.4% | | | | | | | | |
| | |
UltraTech Cement, Ltd. | | | 894 | | | | 125,092 | |
| | |
Chemicals: 0.5% | | | | | | | | |
| | |
PI Industries, Ltd. | | | 1,012 | | | | 46,102 | |
| | |
Total Materials | | | | | | | 171,194 | |
| | | | | | | | |
| | | |
REAL ESTATE: 1.5% | | | | | | | | |
|
Real Estate Management & Development: 1.5% | |
| | |
Ashiana Housing, Ltd. | | | 14,104 | | | | 71,046 | |
| | |
Sunteck Realty, Ltd. | | | 10,466 | | | | 70,192 | |
| | |
Total Real Estate | | | | | | | 141,238 | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 102.7% | | | | | | | 9,411,030 | |
(Cost $7,884,633) | | | | | | | | |
| | |
LIABILITIES IN EXCESS OF CASH | | | | | | | | |
AND OTHER ASSETS: (2.7%) | | | | | | | (244,155 | ) |
| | |
NET ASSETS: 100.0% | | | | | | | $9,166,875 | |
| | | | | | | | |
| a | Non-income producing security. |
| b | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| c | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $126,504, which is 1.38% of net assets. |
See accompanying notes to financial statements.
| | |
| Matthews Japan Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 95.0% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
CONSUMER DISCRETIONARY: 20.5% | | | | | | | | |
| | |
Automobile Components: 4.3% | | | | | | | | |
| | |
Denso Corp. | | | 5,200 | | | | $80,751 | |
| | |
Yokohama Rubber Co., Ltd. | | | 1,700 | | | | 37,591 | |
| | |
Nifco, Inc. | | | 1,500 | | | | 35,780 | |
| | |
| | | | | | | 154,122 | |
| | |
Specialty Retail: 3.6% | | | | | | | | |
| | |
Fast Retailing Co., Ltd. | | | 500 | | | | 126,072 | |
| | |
Broadline Retail: 3.4% | | | | | | | | |
| | |
Isetan Mitsukoshi Holdings, Ltd. | | | 4,100 | | | | 76,974 | |
| | |
Pan Pacific International Holdings Corp. | | | 1,900 | | | | 44,458 | |
| | |
| | | | | | | 121,432 | |
| | |
Household Durables: 3.1% | | | | | | | | |
| | |
Sony Group Corp. | | | 1,300 | | | | 110,232 | |
|
Textiles, Apparel & Luxury Goods: 3.0% | |
| | |
Asics Corp. | | | 4,800 | | | | 73,435 | |
| | |
Goldwin, Inc. | | | 600 | | | | 32,876 | |
| | |
| | | | | | | 106,311 | |
| | |
Automobiles: 2.3% | | | | | | | | |
| | |
Honda Motor Co., Ltd. | | | 7,800 | | | | 83,402 | |
| | |
Hotels, Restaurants & Leisure: 0.8% | | | | | | | | |
| | |
Kyoritsu Maintenance Co., Ltd. | | | 1,500 | | | | 27,975 | |
| | |
Total Consumer Discretionary | | | | | | | 729,546 | |
| | | | | | | | |
| | | |
INFORMATION TECHNOLOGY: 18.8% | | | | | | | | |
|
Semiconductors & Semiconductor Equipment: 7.4% | |
| | |
Tokyo Electron, Ltd. | | | 700 | | | | 151,871 | |
| | |
Renesas Electronics Corp. | | | 6,000 | | | | 112,235 | |
| | |
| | | | | | | 264,106 | |
|
Electronic Equipment, Instruments & Components: 4.5% | |
| | |
Keyence Corp. | | | 300 | | | | 131,574 | |
| | |
Japan Aviation Electronics Industry, Ltd. | | | 1,700 | | | | 27,372 | |
| | |
| | | | | | | 158,946 | |
| | |
IT Services: 3.9% | | | | | | | | |
| | |
NEC Corp. | | | 1,200 | | | | 98,806 | |
| | |
OBIC Co., Ltd. | | | 300 | | | | 38,680 | |
| | |
| | | | | | | 137,486 | |
|
Technology Hardware, Storage & Peripherals: 3.0% | |
| | |
FUJIFILM Holdings Corp. | | | 4,600 | | | | 107,579 | |
| | |
Total Information Technology | | | | | | | 668,117 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 16.3% | | | | | | | | |
| | |
Industrial Conglomerates: 4.4% | | | | | | | | |
| | |
Hitachi, Ltd. | | | 7,000 | | | | 156,702 | |
|
Trading Companies & Distributors: 4.1% | |
| | |
ITOCHU Corp. | | | 3,000 | | | | 146,475 | |
| | |
Electrical Equipment: 2.4% | | | | | | | | |
| | |
Mitsubishi Electric Corp. | | | 3,300 | | | | 52,672 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
GS Yuasa Corp. | | | 1,700 | | | | $33,681 | |
| | |
| | | | | | | 86,353 | |
| | |
Machinery: 2.3% | | | | | | | | |
| | |
MINEBEA MITSUMI, Inc. | | | 2,300 | | | | 47,113 | |
| | |
THK Co., Ltd. | | | 1,900 | | | | 33,940 | |
| | |
| | | | | | | 81,053 | |
| | |
Professional Services: 2.3% | | | | | | | | |
| | |
Recruit Holdings Co., Ltd. | | | 1,500 | | | | 80,259 | |
| | |
Construction & Engineering: 0.8% | | | | | | | | |
| | |
Kajima Corp. | | | 1,600 | | | | 27,666 | |
| | |
Total Industrials | | | | | | | 578,508 | |
| | | | | | | | |
| | | |
FINANCIALS: 14.8% | | | | | | | | |
| | |
Insurance: 4.4% | | | | | | | | |
| | |
Tokio Marine Holdings, Inc. | | | 4,200 | | | | 156,788 | |
| | |
Financial Services: 4.3% | | | | | | | | |
| | |
ORIX Corp. | | | 6,800 | | | | 150,153 | |
| | |
Banks: 4.2% | | | | | | | | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 13,900 | | | | 149,404 | |
| | |
Consumer Finance: 1.9% | | | | | | | | |
| | |
Credit Saison Co., Ltd. | | | 3,300 | | | | 68,273 | |
| | |
Total Financials | | | | | | | 524,618 | |
| | | | | | | | |
| | | |
MATERIALS: 8.4% | | | | | | | | |
| | |
Chemicals: 5.9% | | | | | | | | |
| | |
Shin-Etsu Chemical Co., Ltd. | | | 4,100 | | | | 158,994 | |
| | |
Mitsui Chemicals, Inc. | | | 1,900 | | | | 52,443 | |
| | |
| | | | | | | 211,437 | |
| | |
Construction Materials: 1.7% | | | | | | | | |
| | |
Taiheiyo Cement Corp. | | | 2,400 | | | | 60,246 | |
| | |
Metals & Mining: 0.8% | | | | | | | | |
| | |
Nippon Steel Corp. | | | 1,300 | | | | 27,486 | |
| | |
Total Materials | | | | | | | 299,169 | |
| | | | | | | | |
| | | |
HEALTH CARE: 6.7% | | | | | | | | |
|
Health Care Equipment & Supplies: 3.6% | |
| | |
Terumo Corp. | | | 5,100 | | | | 84,112 | |
| | |
Olympus Corp. | | | 2,800 | | | | 45,144 | |
| | |
| | | | | | | 129,256 | |
| | |
Pharmaceuticals: 3.1% | | | | | | | | |
| | |
Daiichi Sankyo Co., Ltd. | | | 1,800 | | | | 61,813 | |
| | |
Sawai Group Holdings Co., Ltd. | | | 1,200 | | | | 48,765 | |
| | |
| | | | | | | 110,578 | |
| | |
Total Health Care | | | | | | | 239,834 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 4.5% | | | | | | | | |
| | |
Food Products: 2.8% | | | | | | | | |
| | |
Ajinomoto Co., Inc. | | | 2,800 | | | | 98,190 | |
18
| | |
| Matthews Japan Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| | | |
COMMON EQUITIES (continued)
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Household Products: 1.4% | | | | | | | | |
| | |
Unicharm Corp. | | | 1,600 | | | | $51,394 | |
|
Consumer Staples Distribution & Retail: 0.3% | |
| | |
Trial Holdings, Inc. | | | 600 | | | | 9,388 | |
| | |
Total Consumer Staples | | | | | | | 158,972 | |
| | | | | | | | |
| | | |
REAL ESTATE: 2.7% | | | | | | | | |
|
Real Estate Management & Development: 2.7% | |
| | |
Mitsui Fudosan Co., Ltd. | | | 5,400 | | | | 49,297 | |
| | |
Mitsubishi Estate Co., Ltd. | | | 3,000 | | | | 46,997 | |
| | |
Total Real Estate | | | | | | | 96,294 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 2.3% | | | | | | | | |
| | |
Entertainment: 2.3% | | | | | | | | |
| | |
Capcom Co., Ltd. | | | 4,300 | | | | 81,076 | |
| | |
Total Communication Services | | | | | | | 81,076 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 3,376,134 | |
| | |
(Cost $3,216,274) | | | | | | | | |
SHORT-TERM INVESTMENTS: 4.5%
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
MONEY MARKET FUNDS: 4.5% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%a | | | 159,020 | | | | $159,020 | |
| | |
(Cost $159,020) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.5% | | | | | | | 3,535,154 | |
(Cost $3,375,294) | | | | | | | | |
| | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
LESS LIABILITIES: 0.5% | | | | | | | 17,721 | |
| | | | | | | | |
| | |
NET ASSETS: 100.0% | | | | | | | $3,552,875 | |
| | | | | | | | |
| a | Rate shown is the current yield as of June 30, 2024. |
See accompanying notes to financial statements.
| | |
| Matthews Korea Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) | | |
| |
| COMMON EQUITIES: 82.3% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
INFORMATION TECHNOLOGY: 26.7% | | | | | | | | |
|
Semiconductors & Semiconductor Equipment: 14.4% | |
| | |
SK Hynix, Inc. | | | 33,732 | | | | $5,795,581 | |
| | |
LEENO Industrial, Inc. | | | 7,238 | | | | 1,235,692 | |
| | |
KoMiCo., Ltd. | | | 20,354 | | | | 1,187,378 | |
| | |
Eugene Technology Co., Ltd. | | | 21,188 | | | | 764,246 | |
| | |
HPSP Co., Ltd. | | | 10,701 | | | | 304,355 | |
| | |
| | | | | | | 9,287,252 | |
|
Electronic Equipment, Instruments & Components: 7.2% | |
| | |
Samsung SDI Co., Ltd. | | | 9,068 | | | | 2,332,054 | |
| | |
Park Systems Corp. | | | 11,673 | | | | 1,585,798 | |
| | |
Samsung Electro-Mechanics Co., Ltd. | | | 6,275 | | | | 720,269 | |
| | |
| | | | | | | 4,638,121 | |
|
Technology Hardware, Storage & Peripherals: 5.1% | |
| | |
Samsung Electronics Co., Ltd. | | | 55,089 | | | | 3,261,717 | |
| | |
Total Information Technology | | | | | | | 17,187,090 | |
| | | | | | | | |
| | | |
CONSUMER DISCRETIONARY: 12.7% | | | | | | | | |
| | |
Automobiles: 8.1% | | | | | | | | |
| | |
Hyundai Motor Co. | | | 13,101 | | | | 2,807,697 | |
| | |
Kia Corp. | | | 25,751 | | | | 2,418,892 | |
| | |
| | | | | | | 5,226,589 | |
| | |
Automobile Components: 3.2% | | | | | | | | |
| | |
Hyundai Mobis Co., Ltd. | | | 11,412 | | | | 2,085,084 | |
| | |
Broadline Retail: 1.4% | | | | | | | | |
| | |
Coupang, Inc.a | | | 41,781 | | | | 875,312 | |
| | |
Total Consumer Discretionary | | | | | | | 8,186,985 | |
| | | | | | | | |
| | | |
FINANCIALS: 8.5% | | | | | | | | |
| | |
Insurance: 3.5% | | | | | | | | |
| | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 8,023 | | | | 2,267,306 | |
| | |
Capital Markets: 2.7% | | | | | | | | |
| | |
Macquarie Korea Infrastructure Fund | | | 196,722 | | | | 1,766,425 | |
| | |
Banks: 2.3% | | | | | | | | |
| | |
KB Financial Group, Inc. | | | 25,538 | | | | 1,456,399 | |
| | |
Total Financials | | | | | | | 5,490,130 | |
| | | | | | | | |
| | | |
COMMUNICATION SERVICES: 7.2% | | | | | | | | |
| | |
Interactive Media & Services: 3.7% | | | | | | | | |
| | |
NAVER Corp. | | | 14,732 | | | | 1,786,249 | |
| | |
Kakao Corp. | | | 19,806 | | | | 584,899 | |
| | |
| | | | | | | 2,371,148 | |
|
Wireless Telecommunication Services: 2.0% | |
| | |
SK Telecom Co., Ltd. | | | 34,126 | | | | 1,276,781 | |
|
Diversified Telecommunication Services: 1.5% | |
| | |
KINX, Inc. | | | 16,564 | | | | 1,002,384 | |
| | |
Total Communication Services | | | | | | | 4,650,313 | |
| | | | | | | | |
| | | |
HEALTH CARE: 6.4% | | | | | | | | |
| | |
Life Sciences Tools & Services: 3.0% | | | | | | | | |
| | |
Samsung Biologics Co., Ltd.a,b,c | | | 3,660 | | | | 1,933,033 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | |
Pharmaceuticals: 2.1% | | | | | | | | |
| | |
Yuhan Corp. | | | 22,717 | | | | $1,335,129 | |
|
Health Care Equipment & Supplies: 1.3% | |
| | |
InBody Co., Ltd. | | | 45,940 | | | | 867,737 | |
| | |
Total Health Care | | | | | | | 4,135,899 | |
| | | | | | | | |
| | | |
CONSUMER STAPLES: 6.3% | | | | | | | | |
|
Consumer Staples Distribution & Retail: 3.2% | |
| | |
BGF Retail Co., Ltd. | | | 27,345 | | | | 2,052,117 | |
| | |
Tobacco: 3.1% | | | | | | | | |
| | |
KT&G Corp. | | | 31,283 | | | | 2,004,475 | |
| | |
Total Consumer Staples | | | | | | | 4,056,592 | |
| | | | | | | | |
| | | |
INDUSTRIALS: 5.0% | | | | | | | | |
| | |
Machinery: 3.0% | | | | | | | | |
| | |
HD HYUNDAI MIPOa | | | 19,021 | | | | 1,285,110 | |
| | |
Doosan Bobcat, Inc. | | | 17,115 | | | | 637,849 | |
| | |
| | | | | | | 1,922,959 | |
|
Construction & Engineering: 2.0% | |
| | |
Samsung E&A Co., Ltd.a | | | 71,906 | | | | 1,261,554 | |
| | |
Total Industrials | | | | | | | 3,184,513 | |
| | | | | | | | |
| | | |
MATERIALS: 3.7% | | | | | | | | |
| | |
Chemicals: 2.3% | | | | | | | | |
| | |
LG Chem, Ltd. | | | 3,501 | | | | 878,747 | |
| | |
PI Advanced Materials Co., Ltd.a | | | 33,955 | | | | 616,691 | |
| | |
| | | | | | | 1,495,438 | |
| | |
Metals & Mining: 1.4% | | | | | | | | |
| | |
Korea Zinc Co., Ltd. | | | 2,358 | | | | 882,216 | |
| | |
Total Materials | | | | | | | 2,377,654 | |
| | | | | | | | |
| | | |
ENERGY: 3.3% | | | | | | | | |
| | |
Oil, Gas & Consumable Fuels: 3.3% | | | | | | | | |
| | |
S-Oil Corp. | | | 44,071 | | | | 2,129,111 | |
| | |
Total Energy | | | | | | | 2,129,111 | |
| | | | | | | | |
| | | |
REAL ESTATE: 2.0% | | | | | | | | |
| | |
Industrial REITs: 2.0% | | | | | | | | |
| | |
ESR Kendall Square REIT Co., Ltd. | | | 387,255 | | | | 1,298,352 | |
| | |
Total Real Estate | | | | | | | 1,298,352 | |
| | | | | | | | |
| | | |
UTILITIES: 0.5% | | | | | | | | |
| | |
Electric Utilities: 0.5% | | | | | | | | |
| | |
Korea Electric Power Corp.a | | | 22,462 | | | | 319,347 | |
| | |
Total Utilities | | | | | | | 319,347 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 53,015,986 | |
| | |
(Cost $48,080,403) | | | | | | | | |
20
| | |
| Matthews Korea Active ETF | | June 30, 2024 |
| |
| Schedule of Investments (unaudited) (continued) | | |
| |
| PREFERRED EQUITIES: 10.8% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| |
INFORMATION TECHNOLOGY: 10.8% | |
|
Technology Hardware, Storage & Peripherals: 10.8% | |
| | |
Samsung Electronics Co., Ltd., Pfd. | | | 151,335 | | | $ | 6,992,304 | |
| | |
Total Information Technology | | | | | | | 6,992,304 | |
| | |
| | | | | | | | |
| | | |
TOTAL PREFERRED EQUITIES | | | | | | | 6,992,304 | |
| | |
(Cost $4,607,617) | | | | | | | | |
|
SHORT-TERM INVESTMENTS: 6.6% | |
| | | |
MONEY MARKET FUNDS: 6.6% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | | | 4,267,647 | | | | 4,267,647 | |
| | |
(Cost $4,267,647) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.7% | | | | | | | 64,275,937 | |
(Cost $56,955,667) | | | | | | | | |
| | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
LESS LIABILITIES: 0.3% | | | | | | | 164,726 | |
| | | | | | | | |
| | |
NET ASSETS: 100.0% | | | | | | $ | 64,440,663 | |
| | | | | | | | |
| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At June 30, 2024, the aggregate value is $1,933,033, which is 3.00% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of June 30, 2024. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
| | |
| Matthews Asia Dividend Active ETF | | June 30, 2024 |
| |
| Schedule of Investmentsa (unaudited) | | |
| |
| COMMON EQUITIES: 96.4% | | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
JAPAN: 32.7% | | | | | | | | |
| | |
ITOCHU Corp. | | | 1,000 | | | | $48,825 | |
| | |
Keyence Corp. | | | 100 | | | | 43,858 | |
| | |
Tokio Marine Holdings, Inc. | | | 1,100 | | | | 41,064 | |
| | |
ORIX Corp. | | | 1,800 | | | | 39,746 | |
| | |
Disco Corp. | | | 100 | | | | 37,946 | |
| | |
Suzuki Motor Corp. | | | 3,200 | | | | 36,822 | |
| | |
Bandai Namco Holdings, Inc. | | | 1,400 | | | | 27,328 | |
| | |
Shin-Etsu Chemical Co., Ltd. | | | 700 | | | | 27,145 | |
| | |
GLP J-Reit | | | 32 | | | | 26,120 | |
| | |
Nippon Gas Co., Ltd. | | | 1,700 | | | | 25,549 | |
| | |
Nissin Foods Holdings Co., Ltd. | | | 1,000 | | | | 25,376 | |
| | |
Nomura Research Institute, Ltd. | | | 900 | | | | 25,295 | |
| | |
Kakaku.com, Inc. | | | 1,900 | | | | 24,905 | |
| | |
Ajinomoto Co., Inc. | | | 700 | | | | 24,547 | |
| | |
Denso Corp. | | | 1,500 | | | | 23,293 | |
| | |
Terumo Corp. | | | 1,400 | | | | 23,090 | |
| | |
Hikari Tsushin, Inc. | | | 100 | | | | 18,628 | |
| | |
SHO-BOND Holdings Co., Ltd. | | | 400 | | | | 14,325 | |
| | |
Total Japan | | | | | | | 533,862 | |
| | | | | | | | |
| | | |
CHINA/HONG KONG: 21.9% | | | | | | | | |
| | |
Tencent Holdings, Ltd. | | | 1,200 | | | | 57,238 | |
| | |
AIA Group, Ltd. | | | 6,000 | | | | 40,731 | |
| | |
Midea Group Co., Ltd. A Shares | | | 3,500 | | | | 31,069 | |
| | |
NARI Technology Co., Ltd. A Shares | | | 8,700 | | | | 29,743 | |
| | |
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares | | | 8,100 | | | | 28,669 | |
| | |
NetEase, Inc. | | | 1,400 | | | | 26,736 | |
| | |
Wuliangye Yibin Co., Ltd. A Shares | | | 1,500 | | | | 26,307 | |
| | |
JD.com, Inc. Class A | | | 1,900 | | | | 25,139 | |
| | |
Yuexiu Transport Infrastructure, Ltd. | | | 44,000 | | | | 22,881 | |
| | |
Yum China Holdings, Inc. | | | 679 | | | | 20,940 | |
| | |
Minth Group, Ltd.b | | | 12,000 | | | | 18,659 | |
| | |
HKT Trust & HKT, Ltd. | | | 14,000 | | | | 15,708 | |
| | |
Link REIT | | | 3,700 | | | | 14,383 | |
| | |
Total China/Hong Kong | | | | | | | 358,203 | |
| | | | | | | | |
| | | |
AUSTRALIA: 10.2% | | | | | | | | |
| | |
CSL, Ltd. | | | 168 | | | | 33,122 | |
| | |
AUB Group, Ltd. | | | 1,347 | | | | 28,508 | |
| | |
Lottery Corp., Ltd. | | | 8,023 | | | | 27,166 | |
| | |
Breville Group, Ltd. | | | 1,462 | | | | 26,499 | |
| | |
Ampol, Ltd. | | | 1,216 | | | | 26,264 | |
| | |
Ventia Services Group Pty, Ltd. | | | 10,163 | | | | 25,996 | |
| | |
Total Australia | | | | | | | 167,555 | |
| | | | | | | | |
| | | |
TAIWAN: 10.1% | | | | | | | | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 603 | | | | 104,807 | |
| | |
Delta Electronics, Inc. | | | 3,000 | | | | 35,834 | |
| | |
Chailease Holding Co., Ltd. | | | 5,000 | | | | 23,658 | |
| | |
Total Taiwan | | | | | | | 164,299 | |
| | | | | | | | |
| | | |
INDIA: 9.1% | | | | | | | | |
| | |
HDFC Bank, Ltd. ADR | | | 829 | | | | 53,330 | |
| | |
Tata Consultancy Services, Ltd. | | | 783 | | | | 36,659 | |
| | |
Power Grid Corp. of India, Ltd. | | | 7,653 | | | | 30,373 | |
| | | | | | | | |
| | | Shares | | | Value | |
| | | |
Hindustan Unilever, Ltd. | | | 964 | | | | $28,590 | |
| | |
Total India | | | | | | | 148,952 | |
| | | | | | | | |
| | | |
SOUTH KOREA: 6.2% | | | | | | | | |
| | |
Macquarie Korea Infrastructure Fund | | | 4,186 | | | | 37,587 | |
| | |
Samsung Electronics Co., Ltd. | | | 628 | | | | 37,183 | |
| | |
SK Telecom Co., Ltd. ADR | | | 1,259 | | | | 26,351 | |
| | |
Total South Korea | | | | | | | 101,121 | |
| | | | | | | | |
| | | |
SINGAPORE: 2.9% | | | | | | | | |
| | |
United Overseas Bank, Ltd. | | | 1,100 | | | | 25,429 | |
| | |
Capitaland India Trust | | | 29,600 | | | | 21,404 | |
| | |
Total Singapore | | | | | | | 46,833 | |
| | | | | | | | |
| | | |
THAILAND: 1.6% | | | | | | | | |
| | |
Bangkok Dusit Medical Services Public Co., Ltd. F Shares | | | 35,100 | | | | 25,586 | |
| | |
Total Thailand | | | | | | | 25,586 | |
| | | | | | | | |
| | | |
INDONESIA: 1.5% | | | | | | | | |
| | |
PT Bank Rakyat Indonesia Persero Tbk | | | 86,500 | | | | 24,299 | |
| | |
Total Indonesia | | | | | | | 24,299 | |
| | | | | | | | |
| | | |
VIETNAM: 0.2% | | | | | | | | |
| | |
FPT Corp. | | | 675 | | | | 3,461 | |
| | |
Total Vietnam | | | | | | | 3,461 | |
| | | | | | | | |
| | | |
TOTAL COMMON EQUITIES | | | | | | | 1,574,171 | |
| | |
(Cost $1,449,476) | | | | | | | | |
|
SHORT-TERM INVESTMENTS: 3.4% | |
| | | |
MONEY MARKET FUNDS: 3.4% | | | | | | | | |
| | |
JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%c | | | 55,793 | | | | 55,793 | |
| | |
(Cost $55,793) | | | | | | | | |
| | | | | | | | |
| | | |
TOTAL INVESTMENTS: 99.8% | | | | | | | 1,629,964 | |
| | |
(Cost $1,505,269) | | | | | | | | |
| | |
CASH AND OTHER ASSETS, | | | | | | | | |
| | |
LESS LIABILITIES: 0.2% | | | | | | | 3,626 | |
| | |
NET ASSETS: 100.0% | | | | | | | $1,633,590 | |
| | | | | | | | |
| a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees (Note 2-A). |
| b | Non-income producing security. |
| c | Rate shown is the current yield as of June 30, 2024. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
22
| | |
| Statements of Assets and Liabilities (unaudited) | | June 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Matthews Emerging
Markets Equity
Active ETF | | | Matthews Emerging
Markets ex China
Active ETF | | | Matthews Emerging
Markets Sustainable
Future Active ETF | | | Matthews Emerging
Markets Discovery
Active ETF | |
| | | | |
ASSETS: | | | | | | | | | | | | | | | | |
| | | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | | | | | |
| | | | |
Unaffiliated issuers | | | $55,802,502 | | | | $26,941,568 | | | | $23,591,667 | | | | $8,178,786 | |
| | | | |
Cash | | | — | | | | 10,983 | | | | 11 | | | | 80 | |
| | | | |
Segregated foreign currency at value | | | 171 | | | | — | | | | 752 | | | | — | |
| | | | |
Segregated cash | | | — | | | | — | | | | 30 | | | | — | |
| | | | |
Foreign currency at value (B) | | | 96 | | | | 76 | | | | 44 | | | | 4,079 | |
| | | | |
Dividends and interest receivable | | | 161,747 | | | | 65,953 | | | | 38,970 | | | | 15,560 | |
| | | | |
Receivable for securities sold | | | — | | | | — | | | | — | | | | 8,582 | |
| | | | |
Other receivable | | | 10,389 | | | | 1,056 | | | | 2,157 | | | | 1,730 | |
| | | | |
TOTAL ASSETS | | | 55,974,905 | | | | 27,019,636 | | | | 23,633,631 | | | | 8,208,817 | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
| | | | |
Cash overdraft | | | 236 | | | | — | | | | — | | | | — | |
| | | | |
Payable for securities purchased | | | — | | | | 314,570 | | | | 52,157 | | | | — | |
| | | | |
Deferred foreign capital gains tax liability (Note 2-C) | | | 194,304 | | | | 63,870 | | | | 260,694 | | | | 60,088 | |
| | | | |
Due to Advisor (Note 4) | | | 35,542 | | | | 15,758 | | | | 15,312 | | | | 6,633 | |
| | | | |
Accrued other expenses payable | | | 2,421 | | | | 2,033 | | | | — | | | | — | |
| | | | |
TOTAL LIABILITIES | | | 232,503 | | | | 396,231 | | | | 328,163 | | | | 66,721 | |
| | | | |
NET ASSETS | | | $55,742,402 | | | | $26,623,405 | | | | $23,305,468 | | | | $8,142,096 | |
| | | | |
SHARES OUTSTANDING: | | | | | | | | | | | | | | | | |
| | | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | 1,820,000 | | | | 880,000 | | | | 900,000 | | | | 320,000 | |
| | | | |
Net asset value, offering price and redemption price | | | $30.63 | | | | $30.25 | | | | $25.89 | | | | $25.44 | |
| | | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | |
| | | | |
Capital paid-in | | | $50,096,437 | | | | $24,354,459 | | | | $22,417,410 | | | | $8,153,248 | |
| | | | |
Total distributable earnings/(accumulated loss) | | | 5,645,965 | | | | 2,268,946 | | | | 888,058 | | | | (11,152 | ) |
| | | | |
NET ASSETS | | | $55,742,402 | | | | $26,623,405 | | | | $23,305,468 | | | | $8,142,096 | |
| | | | |
(A) Investments at cost: | | | | | | | | | | | | | | | | |
| | | | |
Unaffiliated Issuers | | | $49,688,959 | | | | $24,480,197 | | | | $22,276,571 | | | | $8,114,349 | |
| | | | |
(B) Foreign Currency at Cost | | | $96 | | | | $76 | | | | $37 | | | | $4,082 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews Pacific Tiger
Active ETF | | | Matthews Asia
Innovators Active ETF | | | Matthews China
Active ETF | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | | $85,064,191 | | | | $71,722,522 | | | | $24,453,800 | |
| | | |
Cash | | | 8,313 | | | | 36,964 | | | | — | |
| | | |
Segregated foreign currency at value | | | 51 | | | | — | | | | 91 | |
| | | |
Segregated cash | | | 6 | | | | — | | | | 24 | |
| | | |
Foreign currency at value (B) | | | 11,110 | | | | 1,669 | | | | — | |
| | | |
Dividends and interest receivable | | | 250,601 | | | | 113,787 | | | | 102,933 | |
| | | |
Receivable for securities sold | | | 2,356,280 | | | | 288,661 | | | | — | |
| | | |
Other receivable | | | — | | | | 8,098 | | | | — | |
| | | |
TOTAL ASSETS | | | 87,690,552 | | | | 72,171,701 | | | | 24,556,848 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Payable for securities purchased | | | 2,166,490 | | | | 74 | | | | — | |
| | | |
Deferred foreign capital gains tax liability (Note 2-C) | | | 390,508 | | | | 297,787 | | | | — | |
| | | |
Due to Advisor (Note 4) | | | 55,011 | | | | 45,911 | | | | 16,583 | |
| | | |
Accrued other expenses payable | | | 4,752 | | | | 2,249 | | | | — | |
| | | |
TOTAL LIABILITIES | | | 2,616,761 | | | | 346,021 | | | | 16,583 | |
| | | |
NET ASSETS | | | $85,073,791 | | | | $71,825,680 | | | | $24,540,265 | |
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | 3,150,000 | | | | 2,650,000 | | | | 1,280,000 | |
| | | |
Net asset value, offering price and redemption price | | | $27.01 | | | | $27.10 | | | | $19.17 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $77,378,869 | | | | $73,147,932 | | | | $33,665,209 | |
| | | |
Total distributable earnings/(accumulated loss) | | | 7,694,922 | | | | (1,322,252 | ) | | | (9,124,944 | ) |
| | | |
NET ASSETS | | | $85,073,791 | | | | $71,825,680 | | | | $24,540,265 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $73,089,921 | | | | $56,855,318 | | | | $28,378,473 | |
| | | |
(B) Foreign Currency at Cost | | | $11,110 | | | | $1,672 | | | | $— | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews China
Discovery Active ETF | | | Matthews India
Active ETF | | | Matthews Japan
Active ETF | |
| | | |
ASSETS: | | | | | | | | | | | | |
| | | |
Investments at value (A) (Note 2-A): | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | | $2,012,613 | | | | $9,411,030 | | | | $3,535,154 | |
| | | |
Cash | | | 5 | | | | — | | | | — | |
| | | |
Foreign currency at value (B) | | | 4,164 | | | | 1,865 | | | | 4,026 | |
| | | |
Dividends and interest receivable | | | 9,967 | | | | 12,309 | | | | 2,428 | |
| | | |
Receivable for securities sold | | | 11,719 | | | | — | | | | 14,405 | |
| | | |
Other receivable | | | 630 | | | | — | | | | 966 | |
| | | |
TOTAL ASSETS | | | 2,039,098 | | | | 9,425,204 | | | | 3,556,979 | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
| | | |
Cash overdraft | | | — | | | | 703 | | | | — | |
| | | |
Payable for securities purchased | | | — | | | | — | | | | 2,044 | |
| | | |
Deferred foreign capital gains tax liability (Note 2-C) | | | — | | | | 251,893 | | | | — | |
| | | |
Due to Advisor (Note 4) | | | 1,723 | | | | 5,733 | | | | 2,060 | |
| | | |
TOTAL LIABILITIES | | | 1,723 | | | | 258,329 | | | | 4,104 | |
| | | |
NET ASSETS | | | $2,037,375 | | | | $9,166,875 | | | | $3,552,875 | |
| | | |
SHARES OUTSTANDING: | | | | | | | | | | | | |
| | | |
(shares of beneficial interest issued and outstanding, respectively, unlimited
number of shares authorized with a $0.001 par value) | | | 80,000 | | | | 300,000 | | | | 120,000 | |
| | | |
Net asset value, offering price and redemption price | | | $25.47 | | | | $30.56 | | | | $29.61 | |
| | | |
NET ASSETS CONSISTS OF: | | | | | | | | | | | | |
| | | |
Capital paid-in | | | $2,000,000 | | | | $7,794,021 | | | | $3,359,833 | |
| | | |
Total distributable earnings/(accumulated loss) | | | 37,375 | | | | 1,372,854 | | | | 193,042 | |
| | | |
NET ASSETS | | | $2,037,375 | | | | $9,166,875 | | | | $3,552,875 | |
| | | |
(A) Investments at cost: | | | | | | | | | | | | |
| | | |
Unaffiliated Issuers | | | $1,972,957 | | | | $7,884,633 | | | | $3,375,294 | |
| | | |
(B) Foreign Currency at Cost | | | $4,164 | | | | $1,865 | | | | $4,026 | |
See accompanying notes to financial statements.
| | |
| Statements of Assets and Liabilities (unaudited) (continued) | | June 30, 2024 |
| | | | | | | | |
| | |
| | | Matthews Korea
Active ETF | | | Matthews Asia Dividend
Active ETF | |
| | |
ASSETS: | | | | | | | | |
| | |
Investments at value (A) (Note 2-A): | | | | | | | | |
| | |
Unaffiliated issuers | | | $64,275,937 | | | | $1,629,964 | |
| | |
Cash | | | — | | | | 2,165 | |
| | |
Segregated foreign currency at value | | | — | | | | 7,702 | |
| | |
Segregated cash | | | — | | | | 2 | |
| | |
Foreign currency at value (B) | | | — | | | | 1,311 | |
| | |
Dividends and interest receivable | | | 254,326 | | | | 3,361 | |
| | |
Receivable for securities sold | | | 80,251 | | | | 24,477 | |
| | |
Other receivable | | | — | | | | 256 | |
| | |
TOTAL ASSETS | | | 64,610,514 | | | | 1,669,238 | |
| | |
LIABILITIES: | | | | | | | | |
| | |
Payable for securities purchased | | | 109,603 | | | | 22,755 | |
| | |
Deferred foreign capital gains tax liability (Note 2-C) | | | — | | | | 2,721 | |
| | |
Due to Advisor (Note 4) | | | 40,897 | | | | 1,059 | |
| | |
Accrued other expenses payable | | | 19,351 | | | | 9,113 | |
| | |
TOTAL LIABILITIES | | | 169,851 | | | | 35,648 | |
| | |
NET ASSETS | | | $64,440,663 | | | | $1,633,590 | |
| | |
SHARES OUTSTANDING: | | | | | | | | |
| | |
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.001 par value) | | | 2,453,223 | | | | 50,000 | |
| | |
Net asset value, offering price and redemption price | | | $26.27 | | | | $32.67 | |
| | |
NET ASSETS CONSISTS OF: | | | | | | | | |
| | |
Capital paid-in | | | $55,313,088 | | | | $1,500,000 | |
| | |
Total distributable earnings/(accumulated loss) | | | 9,127,575 | | | | 133,590 | |
| | |
NET ASSETS | | | $64,440,663 | | | | $1,633,590 | |
| | |
(A) Investments at cost: | | | | | | | | |
| | |
Unaffiliated Issuers | | | $56,955,667 | | | | $1,505,269 | |
| | |
(B) Foreign Currency at Cost | | | $— | | | | $1,311 | |
See accompanying notes to financial statements.
| | |
| Statements of Operations (unaudited) | | Period Ended June 30, 2024 |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Matthews Emerging
Markets Equity
Active ETF | | | Matthews Emerging
Markets ex China
Active ETF | | | Matthews Emerging
Markets Sustainable
Future Active ETF | | | Matthews Emerging
Markets Discovery
Active ETF1 | |
| | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
| | | | |
Dividends—Unaffiliated Issuers | | | $716,709 | | | | $180,953 | | | | $171,643 | | | | $57,493 | |
| | | | |
Interest | | | 78,514 | | | | 27,913 | | | | 446 | | | | 1,064 | |
| | | | |
Foreign withholding tax | | | (80,711 | ) | | | (23,094 | ) | | | (15,837 | ) | | | (6,557 | ) |
| | | | |
TOTAL INVESTMENT INCOME | | | 714,512 | | | | 185,772 | | | | 156,252 | | | | 52,000 | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
| | | | |
Investment advisory fees (Note 4) | | | 218,278 | | | | 54,911 | | | | 77,480 | | | | 26,870 | |
| | | | |
TOTAL EXPENSES | | | 218,278 | | | | 54,911 | | | | 77,480 | | | | 26,870 | |
| | | | |
Advisory fees waived and expenses waived or reimbursed (Note 4) | | | — | | | | — | | | | — | | | | (2,714 | ) |
| | | | |
NET EXPENSES | | | 218,278 | | | | 54,911 | | | | 77,480 | | | | 24,156 | |
| | | | |
NET INVESTMENT INCOME (LOSS) | | | 496,234 | | | | 130,861 | | | | 78,772 | | | | 27,844 | |
| | | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | | | | | | | | | | | | | | | | |
| | | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | 746,581 | | | | (82,443 | ) | | | (218,312 | ) | | | (36,635 | ) |
| | | | |
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers | | | 265,887 | | | | — | | | | — | | | | — | |
| | | | |
Net realized gain (loss) on foreign currency related transactions | | | (38,687 | ) | | | (9,475 | ) | | | (835 | ) | | | (6,538 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 3,093,901 | | | | 1,640,009 | | | | 690,609 | | | | 64,437 | |
| | | | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | (123,809 | ) | | | (49,536 | ) | | | (238,237 | ) | | | (60,088 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | (2,749 | ) | | | (88 | ) | | | (216 | ) | | | (172 | ) |
| | | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 3,941,124 | | | | 1,498,467 | | | | 233,009 | | | | (38,996 | ) |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $4,437,358 | | | | $1,629,328 | | | | $311,781 | | | | ($11,152 | ) |
1 The Fund commenced operations on January 11, 2024.
See accompanying notes to financial statements.
| | |
| Statements of Operations (unaudited) (continued) | | Period Ended June 30, 2024 |
| | | | | | | | | | | | |
| | | |
| | | Matthews Pacific Tiger
Active ETF | | | Matthews Asia
Innovators Active ETF | | | Matthews China
Active ETF | |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
| | | |
Dividends—Unaffiliated Issuers | | | $960,421 | | | | $496,103 | | | | $274,474 | |
| | | |
Interest | | | 76,824 | | | | 28,868 | | | | 4,945 | |
| | | |
Foreign withholding tax | | | (137,667 | ) | | | (74,540 | ) | | | (14,846 | ) |
| | | |
TOTAL INVESTMENT INCOME | | | 899,578 | | | | 450,431 | | | | 264,573 | |
| | | |
EXPENSES: | | | | | | | | | | | | |
| | | |
Investment advisory fees (Note 4) | | | 323,138 | | | | 268,826 | | | | 88,338 | |
| | | |
TOTAL EXPENSES | | | 323,138 | | | | 268,826 | | | | 88,338 | |
| | | |
NET INVESTMENT INCOME (LOSS) | | | 576,440 | | | | 181,605 | | | | 176,235 | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN | | | | | | | | | | | | |
| | | |
CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS | | | | | | | | | | | | |
| | | |
TAXES: | | | | | | | | | | | | |
| | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | (3,940,456 | ) | | | 3,676,585 | | | | (2,935,604 | ) |
| | | |
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers | | | 376,807 | | | | 2,183,458 | | | | — | |
| | | |
Net realized gain (loss) on foreign currency related transactions | | | (133,843 | ) | | | (148,618 | ) | | | (2,872 | ) |
| | | |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 8,976,566 | | | | 2,668,053 | | | | 2,638,907 | |
| | | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | (271,964 | ) | | | 25,168 | | | | — | |
| | | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | 875 | | | | 1,933 | | | | (66 | ) |
| | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 5,007,985 | | | | 8,406,579 | | | | (299,635 | ) |
| | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $5,584,425 | | | | $8,588,184 | | | | ($123,400 | ) |
See accompanying notes to financial statements.
| | | | | | | | | | | | |
| Statements of Operations (unaudited) (continued) | | | | Period Ended June 30, 2024 | |
| | | |
| | | Matthews China
Discovery Active ETF1 | | | Matthews India
Active ETF | | | Matthews Japan
Active ETF | |
| | | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividends—Unaffiliated Issuers | | | $28,919 | | | | $28,577 | | | | $21,573 | |
Interest | | | 749 | | | | 4,440 | | | | 2,661 | |
Foreign withholding tax | | | (1,365 | ) | | | (6,657 | ) | | | (2,579 | ) |
| | | |
TOTAL INVESTMENT INCOME | | | 28,303 | | | | 26,360 | | | | 21,655 | |
| | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees (Note 4) | | | 9,571 | | | | 28,259 | | | | 7,790 | |
| | | |
TOTAL EXPENSES | | | 9,571 | | | | 28,259 | | | | 7,790 | |
| | | |
Advisory fees waived and expenses waived or reimbursed (Note 4) | | | (967 | ) | | | — | | | | — | |
| | | |
NET EXPENSES | | | 8,604 | | | | 28,259 | | | | 7,790 | |
| | | |
NET INVESTMENT INCOME (LOSS) | | | 19,699 | | | | (1,899 | ) | | | 13,865 | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | | | | | | | | | | | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | (20,501 | ) | | | 131,009 | | | | 44,630 | |
Net realized gain (loss) on foreign currency related transactions | | | (1,473 | ) | | | (11,915 | ) | | | (903 | ) |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | 39,656 | | | | 1,042,537 | | | | 82,958 | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | — | | | | (162,862 | ) | | | — | |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | (6 | ) | | | 13 | | | | (29 | ) |
| | | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | 17,676 | | | | 998,782 | | | | 126,656 | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | $37,375 | | | | $996,883 | | | | $140,521 | |
| 1 | The Fund commenced operations on January 11, 2024. |
See accompanying notes to financial statements.
29
| | | | | | |
Statements of Operations (unaudited) (continued) | | Period Ended June 30, 2024 |
| | | | | | | | |
| | |
| | | Matthews Korea
Active ETF | | | Matthews Asia
Dividend Active ETF | |
| | |
INVESTMENT INCOME: | | | | | | | | |
Dividends—Unaffiliated Issuers | | | $350,301 | | | | $26,053 | |
Interest | | | 99,668 | | | | 963 | |
Foreign withholding tax | | | (114,899 | ) | | | (2,636 | ) |
| | |
TOTAL INVESTMENT INCOME | | | 335,070 | | | | 24,380 | |
| | |
EXPENSES: | | | | | | | | |
Investment advisory fees (Note 4) | | | 250,415 | | | | 6,265 | |
| | |
TOTAL EXPENSES | | | 250,415 | | | | 6,265 | |
| | |
NET INVESTMENT INCOME (LOSS) | | | 84,655 | | | | 18,115 | |
| | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | | | | | | | | |
Net realized gain (loss) on investments—Unaffiliated Issuers | | | 833,044 | | | | 10,653 | |
Net realized gain (loss) on in-kind redemptions — Unaffiliated Issuers | | | 10,290 | | | | — | |
Net realized gain (loss) on foreign currency related transactions | | | (70,788 | ) | | | (437 | ) |
Net change in unrealized appreciation/depreciation on investments—Unaffiliated Issuers | | | (1,114,886 | ) | | | 41,192 | |
Net change in deferred foreign capital gains taxes on unrealized appreciation/depreciation | | | — | | | | (1,288 | ) |
Net change in unrealized appreciation/depreciation on foreign currency related translations | | | (2,694 | ) | | | (113 | ) |
| | |
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and foreign capital gains taxes | | | (345,034 | ) | | | 50,007 | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | | ($260,379 | ) | | | $68,122 | |
See accompanying notes to financial statements.
30
| | | | | | | | |
Statements of Changes in Net Assets | | | | | | | | |
| | |
| MATTHEWS EMERGING MARKETS EQUITY ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $496,234 | | | | $712,803 | |
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | | | 973,781 | | | | (2,503,064 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 3,091,152 | | | | 2,998,262 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (123,809 | ) | | | (70,322 | ) |
Net increase (decrease) in net assets resulting from operations | | | 4,437,358 | | | | 1,137,679 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (5,917 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (4,601,969 | ) | | | 48,471,365 | |
Total increase (decrease) in net assets | | | (164,611 | ) | | | 49,603,127 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 55,907,013 | | | | 6,303,886 | |
End of period | | | $55,742,402 | | | | $55,907,013 | |
| | |
| MATTHEWS EMERGING MARKETS EX CHINA ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $130,861 | | | | $95,436 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (91,918 | ) | | | (162,752 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 1,639,921 | | | | 821,502 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (49,536 | ) | | | (14,334 | ) |
Net increase (decrease) in net assets resulting from operations | | | 1,629,328 | | | | 739,852 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (100,234 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 16,162,788 | | | | 8,191,671 | |
Total increase (decrease) in net assets | | | 17,792,116 | | | | 8,831,289 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 8,831,289 | | | | — | |
End of period | | | $26,623,405 | | | | $8,831,289 | |
| | |
| 1 The Fund commenced operations on January 10, 2023. | | | | | | |
| | |
| MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $78,772 | | | | $1,021 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (219,147 | ) | | | (23,709 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 690,393 | | | | 624,535 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (238,237 | ) | | | (22,457 | ) |
Net increase (decrease) in net assets resulting from operations | | | 311,781 | | | | 579,390 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (3,113 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 8,839,088 | | | | 13,578,322 | |
Total increase (decrease) in net assets | | | 9,150,869 | | | | 14,154,599 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 14,154,599 | | | | — | |
End of period | | | $23,305,468 | | | | $14,154,599 | |
| | |
| 1 The Fund commenced operations on September 21, 2023. | | | | | | |
See accompanying notes to financial statements.
31
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | |
| MATTHEWS EMERGING MARKETS DISCOVERY ACTIVE ETF | | | | | For the Period Ended
June 30, 20241
(Unaudited) | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | | | | | $27,844 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | | | | | (43,173 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | | | | | 64,265 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | | | | | (60,088 | ) |
Net increase (decrease) in net assets resulting from operations | | | | | | | (11,152 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | | | | | 8,153,248 | |
Total increase (decrease) in net assets | | | | | | | 8,142,096 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | | | | | — | |
End of period | | | | | | | $8,142,096 | |
| | |
| 1 The Fund commenced operations on January 11, 2024. | | | | | | |
| | |
| MATTHEWS PACIFIC TIGER ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $576,440 | | | | $72,047 | |
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | | | (3,697,492 | ) | | | (781,282 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 8,977,441 | | | | 2,996,835 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (271,964 | ) | | | (118,544 | ) |
Net increase (decrease) in net assets resulting from operations | | | 5,584,425 | | | | 2,169,056 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (58,559 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (299,785 | ) | | | 77,678,654 | |
Total increase (decrease) in net assets | | | 5,284,640 | | | | 79,789,151 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 79,789,151 | | | | — | |
End of period | | | $85,073,791 | | | | $79,789,151 | |
| | |
| 1 The Fund commenced operations on September 21, 2023. | | | | | | |
| | |
| MATTHEWS ASIA INNOVATORS ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $181,605 | | | | $464,247 | |
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | | | 5,711,425 | | | | (17,666,846 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 2,669,986 | | | | 9,903,589 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | 25,168 | | | | (326,321 | ) |
Net increase (decrease) in net assets resulting from operations | | | 8,588,184 | | | | (7,625,331 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (841,608 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (21,571,907 | ) | | | (12,162,685 | ) |
Total increase (decrease) in net assets | | | (12,983,723 | ) | | | (20,629,624 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 84,809,403 | | | | 105,439,027 | |
End of period | | | $71,825,680 | | | | $84,809,403 | |
See accompanying notes to financial statements.
32
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | |
| MATTHEWS CHINA ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 2023 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $176,235 | | | | $333,546 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | (2,938,476 | ) | | | (2,588,726 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 2,638,841 | | | | (7,010,154 | ) |
Net increase (decrease) in net assets resulting from operations | | | (123,400 | ) | | | (9,265,334 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (350,744 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 2,926,465 | | | | 21,254,398 | |
Total increase (decrease) in net assets | | | 2,803,065 | | | | 11,638,320 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 21,737,200 | | | | 10,098,880 | |
End of period | | | $24,540,265 | | | | $21,737,200 | |
| | |
| MATTHEWS CHINA DISCOVERY ACTIVE ETF | | | | | For the Period Ended
June 30, 20241
(Unaudited) | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | | | | | $19,699 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | | | | | (21,974 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | | | | | 39,650 | |
Net increase (decrease) in net assets resulting from operations | | | | | | | 37,375 | |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | | | | | 2,000,000 | |
Total increase (decrease) in net assets | | | | | | | 2,037,375 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | | | | | — | |
End of period | | | | | | | $2,037,375 | |
| | |
| 1 The Fund commenced operations on January 11, 2024. | | | | | | |
| | |
| MATTHEWS INDIA ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | ($1,899 | ) | | | ($3,252 | ) |
Net realized gain (loss) on investments and foreign currency related transactions | | | 119,094 | | | | (15,606 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 1,042,550 | | | | 483,860 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (162,862 | ) | | | (89,031 | ) |
Net increase (decrease) in net assets resulting from operations | | | 996,883 | | | | 375,971 | |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 2,230,079 | | | | 5,563,942 | |
Total increase (decrease) in net assets | | | 3,226,962 | | | | 5,939,913 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 5,939,913 | | | | — | |
End of period | | | $9,166,875 | | | | $5,939,913 | |
| | |
| 1 The Fund commenced operations on September 21, 2023. | | | | | | |
See accompanying notes to financial statements.
33
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| MATTHEWS JAPAN ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $13,865 | | | | $5,636 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 43,727 | | | | (24,651 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 82,929 | | | | 76,914 | |
Net increase (decrease) in net assets resulting from operations | | | 140,521 | | | | 57,899 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (5,378 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | 2,359,833 | | | | 1,000,000 | |
Total increase (decrease) in net assets | | | 2,500,354 | | | | 1,052,521 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 1,052,521 | | | | — | |
End of period | | | $3,552,875 | | | | $1,052,521 | |
| | |
| 1 The Fund commenced operations on September 21, 2023. | | | | | | |
| | |
| MATTHEWS KOREA ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | Year Ended
December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $84,655 | | | | $546,699 | |
Net realized gain (loss) on investments, in-kind redemptions and foreign currency related transactions | | | 772,546 | | | | 5,122,405 | |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | (1,117,580 | ) | | | 4,452,369 | |
Net increase (decrease) in net assets resulting from operations | | | (260,379 | ) | | | 10,121,473 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | — | | | | (1,077,132 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | (2,469,575 | ) | | | (21,896,480 | ) |
Total increase (decrease) in net assets | | | (2,729,954 | ) | | | (12,852,139 | ) |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 67,170,617 | | | | 80,022,756 | |
End of period | | | $64,440,663 | | | | $67,170,617 | |
|
1 The Matthews Korea Active ETF acquired all assets and liabilities of the Matthews Korea Fund (the “Predecessor Fund”) in a reorganization that occurred on July 14, 2023. The performance and financial history of the Predecessor Fund’s Institutional Class have been adopted by the Matthews Korea Active ETF. As a result, the information prior to July 14, 2023 reflects that of the Predecessor Fund. The Predecessor Fund ceased operations as of the date of the reorganization. | |
| | |
| MATTHEWS ASIA DIVIDEND ACTIVE ETF | | Six-Month Period
Ended June 30, 2024
(Unaudited) | | | For the Period Ended December 31, 20231 | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | | $18,115 | | | | $5,997 | |
Net realized gain (loss) on investments and foreign currency related transactions | | | 10,216 | | | | (640 | ) |
Net change in unrealized appreciation/depreciation on investments and foreign currency related translations | | | 41,079 | | | | 83,585 | |
Net change on foreign capital gains taxes on unrealized appreciation/depreciation | | | (1,288 | ) | | | (1,433 | ) |
Net increase (decrease) in net assets resulting from operations | | | 68,122 | | | | 87,509 | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net decrease in net assets resulting from distributions | | | (16,223 | ) | | | (5,818 | ) |
CAPITAL SHARE TRANSACTIONS (net) (Note 3) | | | — | | | | 1,500,000 | |
Total increase (decrease) in net assets | | | 51,899 | | | | 1,581,691 | |
NET ASSETS: | | | | | | | | |
Beginning of period | | | 1,581,691 | | | | — | |
End of period | | | $1,633,590 | | | | $1,581,691 | |
| 1 | The Fund commenced operations on September 21, 2023. |
See accompanying notes to financial statements.
34
| | |
| Financial Highlights | | |
| |
| Matthews Emerging Markets Equity Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | Year Ended
Dec. 31, 2023 | | | Dec. 31, 20221 | |
Net Asset Value, beginning of Period | | | $28.24 | | | | $26.27 | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.26 | | | | 0.44 | | | | 0.23 | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments, foreign currency related transactions and foreign capital gains taxes | | | 2.13 | | | | 1.53 | | | | 1.18 | |
Total from investment operations | | | 2.39 | | | | 1.97 | | | | 1.41 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | — | | | | —3 | | | | (0.14) | |
Net Asset Value, end of Period | | | $30.63 | | | | $28.24 | | | | $26.27 | |
TOTAL RETURN | | | 8.46%4 | | | | 7.51% | | | | 5.63%4 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $55,742 | | | | $55,907 | | | | $6,304 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%5 | | | | 0.79% | | | | 0.79%5 | |
Ratio of net investment income (loss) to average net assets | | | 1.80%5 | | | | 1.64% | | | | 1.93%5 | |
Portfolio turnover | | | 72.94%4 | | | | 54.86% | | | | 15.47%4 | |
| 1 | The Fund commenced operations on July 13, 2022. |
| 2 | Calculated using the average daily shares method. |
| 3 | Less than $0.01 per share. |
See accompanying notes to financial statements.
35
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Emerging Markets ex China Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Dec. 31, 20231 | |
Net Asset Value, beginning of Period | | | $27.60 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.27 | | | | | | | | 0.45 | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments and foreign currency related transactions | | | 2.38 | | | | | | | | 2.46 | |
Total from investment operations | | | 2.65 | | | | | | | | 2.91 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.31) | |
Net Asset Value, end of Period | | | $30.25 | | | | | | | | $27.60 | |
TOTAL RETURN | | | 9.60%3 | | | | | | | | 11.68%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $26,623 | | | | | | | | $8,831 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 1.88%4 | | | | | | | | 1.81%4 | |
Portfolio turnover | | | 48.23%3 | | | | | | | | 28.64%3 | |
| 1 | The Fund commenced operations on January 10, 2023. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
36
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Emerging Markets Sustainable Future Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Dec. 31, 20231 | |
Net Asset Value, beginning of Period | | | $25.74 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.10 | | | | | | | | —3 | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments and foreign currency related transactions | | | 0.05 | | | | | | | | 0.75 | |
Total from investment operations | | | 0.15 | | | | | | | | 0.75 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.01) | |
Net Asset Value, end of Period | | | $25.89 | | | | | | | | $25.74 | |
TOTAL RETURN | | | 0.58%4 | | | | | | | | 2.98%4 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $23,305 | | | | | | | | $14,155 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%5 | | | | | | | | 0.79%5 | |
Ratio of net investment income (loss) to average net assets | | | 0.80%5 | | | | | | | | 0.07%5 | |
Portfolio turnover | | | 15.28%4 | | | | | | | | 0.37%4 | |
| 1 | The Fund commenced operations on September 21, 2023. |
| 2 | Calculated using the average daily shares method. |
| 3 | Less than $0.01 per share. |
See accompanying notes to financial statements.
37
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Emerging Markets Discovery Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | |
| | | Period Ended
June 30, 2024
(Unaudited)1 | |
Net Asset Value, beginning of Period | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | |
Net investment income (loss)2 | | | 0.12 | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments and foreign currency related transactions | | | 0.32 | |
Total from investment operations | | | 0.44 | |
Net Asset Value, end of Period | | | $25.44 | |
TOTAL RETURN | | | 1.76%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | |
Net assets, end of Period (in 000’s) | | | $8,142 | |
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | | | 0.99%4 | |
Ratio of expenses to average net assets after any waiver of expenses by Advisor | | | 0.89%4 | |
Ratio of net investment income (loss) to average net assets | | | 1.03%4 | |
Portfolio turnover | | | 8.72%3 | |
| 1 | The Fund commenced operations on January 11, 2024. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
38
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Pacific Tiger Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Dec. 31, 20231 | |
Net Asset Value, beginning of Period | | | $25.33 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.18 | | | | | | | | 0.05 | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments and foreign currency related transactions | | | 1.50 | | | | | | | | 0.31 | |
Total from investment operations | | | 1.68 | | | | | | | | 0.36 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.03) | |
Net Asset Value, end of Period | | | $27.01 | | | | | | | | $25.33 | |
TOTAL RETURN | | | 6.63%3 | | | | | | | | 1.44%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $85,074 | | | | | | | | $79,789 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 1.41%4 | | | | | | | | 0.80%4 | |
Portfolio turnover | | | 214.95%3 | | | | | | | | 12.07%3 | |
| 1 | The Fund commenced operations on September 21, 2023. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
39
| | |
| Financial Highlights (continued) | | |
| |
| Matthews Asia Innovators Active ETF | | |
|
| The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented. |
| | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Year Ended
Dec. 31, 2023 | | | | | | Dec. 31, 20221 | |
Net Asset Value, beginning of Period | | | $23.56 | | | | | | | | $24.24 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.07 | | | | | | | | 0.09 | | | | | | | | (0.04) | |
Net realized gain (loss) and unrealized appreciation/depreciation
on investments and foreign currency related transactions | | | 3.47 | | | | | | | | (0.54) | | | | | | | | (0.72) | |
Total from investment operations | | | 3.54 | | | | | | | | (0.45) | | | | | | | | (0.76) | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.23) | | | | | | | | — | |
Net Asset Value, end of Period | | | $27.10 | | | | | | | | $23.56 | | | | | | | | $24.24 | |
TOTAL RETURN | | | 15.03%3 | | | | | | | | (1.83%) | | | | | | | | (3.04%)3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $71,826 | | | | | | | | $84,809 | | | | | | | | $105,439 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79% | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 0.53%4 | | | | | | | | 0.39% | | | | | | | | (0.33%)4 | |
Portfolio turnover | | | 172.20%3 | | | | | | | | 277.86% | | | | | | | | 72.56%3 | |
| 1 | The Fund commenced operations on July 13, 2022. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
40
Financial Highlights (continued)
Matthews China Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Year Ended
Dec. 31, 2023 | | | | | | Dec. 31, 20221 | |
Net Asset Value, beginning of Period | | | $19.07 | | | | | | | | $24.04 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.15 | | | | | | | | 0.25 | | | | | | | | (0.03 | ) |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.05 | ) | | | | | | | (4.91 | ) | | | | | | | (0.93 | ) |
Total from investment operations | | | 0.10 | | | | | | | | (4.66 | ) | | | | | | | (0.96 | ) |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.31 | ) | | | | | | | — | |
Net Asset Value, end of Period | | | $19.17 | | | | | | | | $19.07 | | | | | | | | $24.04 | |
TOTAL RETURN | | | 0.52%3 | | | | | | | | (19.35% | ) | | | | | | | (3.84% | )3 |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $24,540 | | | | | | | | $21,737 | | | | | | | | $10,099 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79% | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 1.58%4 | | | | | | | | 1.15% | | | | | | | | (0.24% | )4 |
Portfolio turnover | | | 35.46%3 | | | | | | | | 58.98% | | | | | | | | 12.48%3 | |
| 1 | The Fund commenced operations on July 13, 2022. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
41
Financial Highlights (continued)
Matthews China Discovery Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | |
| | | Period Ended
June 30, 2024
(Unaudited)1 | |
Net Asset Value, beginning of Period | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | |
Net investment income (loss)2 | | | 0.25 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 0.22 | |
| | |
Total from investment operations | | | 0.47 | |
Net Asset Value, end of Period | | | $25.47 | |
TOTAL RETURN | | | 1.88%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | |
Net assets, end of Period (in 000’s) | | | $2,037 | |
Ratio of expenses to average net assets before any wavier of expenses by Advisor (Note 4) | | | 0.99%4 | |
Ratio of expenses to average net assets after any waiver of expenses by Advisor | | | 0.89%4 | |
Ratio of net investment income (loss) to average net assets | | | 2.04%4 | |
Portfolio turnover | | | 61.44%3 | |
| 1 | The Fund commenced operations on January 11, 2024. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
42
Financial Highlights (continued)
Matthews India Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | |
| | | Dec. 31, 20231 | |
Net Asset Value, beginning of Period | | | $27.00 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | (0.01 | ) | | | | | | | (0.03 | ) |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 3.57 | | | | | | | | 2.03 | |
Total from investment operations | | | 3.56 | | | | | | | | 2.00 | |
Net Asset Value, end of Period | | | $30.56 | | | | | | | | $27.00 | |
TOTAL RETURN | | | 13.19%3 | | | | | | | | 8.00%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $9,167 | | | | | | | | $5,940 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79%4 | |
| | | | |
Ratio of net investment income (loss) to average net assets | | | (0.05% | )4 | | | | | | | (0.37% | )4 |
Portfolio turnover | | | 60.21%3 | | | | | | | | 14.97%3 | |
| 1 | The Fund commenced operations on September 21, 2023. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
43
Financial Highlights (continued)
Matthews Japan Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | |
| | | Dec. 31, 20231
| |
Net Asset Value, beginning of Period | | | $26.31 | | | | | | | | $25.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.20 | | | | | | | | 0.14 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 3.10 | | | | | | | | 1.30 | |
Total from investment operations | | | 3.30 | | | | | | | | 1.44 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | — | | | | | | | | (0.13 | ) |
Net Asset Value, end of Period | | | $29.61 | | | | | | | | $26.31 | |
TOTAL RETURN | | | 12.54%3 | | | | | | | | 5.79%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $3,553 | | | | | | | | $1,053 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 1.41%4 | | | | | | | | 2.07%4 | |
Portfolio turnover | | | 46.67%3 | | | | | | | | 45.53%3 | |
| 1 | The Fund commenced operations on September 21, 2023. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
44
Financial Highlights (continued)
Matthews Korea Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | Year Ended Dec. 31, 20231, 2 | | | Year Ended
Dec. 31, 20222 | | | Year Ended
Dec. 31, 20212 | | | Year Ended
Dec. 31, 20202 | | | Year Ended
Dec. 31, 20192 | |
Net Asset Value, beginning of Period | | | $26.31 | | | | $23.18 | | | | $34.53 | | | | $37.05 | | | | $26.54 | | | | $27.68 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)3 | | | 0.03 | | | | 0.55 | | | | 0.36 | | | | 0.36 | | | | 0.06 | | | | 0.06 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | (0.07 | ) | | | 3.00 | | | | (9.07 | ) | | | (0.42 | ) | | | 10.75 | | | | 1.02 | |
Total from investment operations | | | (0.04 | ) | | | 3.55 | | | | (8.71 | ) | | | (0.06 | ) | | | 10.81 | | | | 1.08 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.42 | ) | | | — | | | | (0.66 | ) | | | (0.30 | ) | | | — | |
Net realized gains on investments | | | — | | | | — | | | | (2.64 | ) | | | (1.80 | ) | | | — | | | | (2.22 | ) |
Total distributions | | | — | | | | (0.42 | ) | | | (2.64 | ) | | | (2.46 | ) | | | (0.30 | ) | | | (2.22 | ) |
Net Asset Value, end of Period | | | $26.27 | | | | $26.31 | | | | $23.18 | | | | $34.53 | | | | $37.05 | | | | $26.54 | |
TOTAL RETURN | | | (0.15% | )4 | | | 15.41% | | | | (25.39% | ) | | | (0.16% | ) | | | 40.76% | | | | 4.01% | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $64,441 | | | | $67,171 | | | | $9,166 | | | | $14,998 | | | | $12,192 | | | | $23,426 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%5 | | | | 0.88% | | | | 1.08% | | | | 0.98% | | | | 1.05% | | | | 1.05% | |
Ratio of net investment income (loss) to average net assets | | | 0.27%5 | | | | 2.26% | | | | 1.20% | | | | 0.93% | | | | 0.28% | | | | 0.29% | |
Portfolio turnover | | | 16.52%4 | | | | 31.75% | | | | 56.94% | | | | 40.18% | | | | 39.62% | | | | 36.63% | |
| 1 | The Matthews Korea Active ETF acquired all assets and liabilities of the Matthews Korea Fund (the “Predecessor Fund”) in a reorganization that occurred on July 14, 2023. The performance and financial history of the Predecessor Fund’s Institutional Class have been adopted by the Matthews Korea Active ETF. As a result, the information prior to July 14, 2023 reflects that of the Predecessor Fund’s Institutional Class. The Predecessor Fund ceased operations as of the date of the reorganization. |
| 2 | On June 23, 2023, the Predecessor Fund effected a reverse share split with a ratio of 1 : 0.166538 (old to new). All per share data has been adjusted to reflect the reverse share split. |
| 3 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
45
Financial Highlights (continued)
Matthews Asia Dividend Active ETF
The tables below set forth financial data for a share of beneficial interest outstanding throughout each period presented.
| | | | | | | | | | | | |
| | | Six-Month
Period Ended
June 30, 2024
(Unaudited) | | | | | | Dec. 31, 20231
| |
Net Asset Value, beginning of Period | | | $31.63 | | | | | | | | $30.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss)2 | | | 0.36 | | | | | | | | 0.12 | |
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency related transactions | | | 1.00 | | | | | | | | 1.63 | |
Total from investment operations | | | 1.36 | | | | | | | | 1.75 | |
LESS DISTRIBUTIONS FROM: | | | | | | | | | | | | |
Net investment income | | | (0.32 | ) | | | | | | | (0.12 | ) |
Net Asset Value, end of Period | | | $32.67 | | | | | | | | $31.63 | |
TOTAL RETURN | | | 4.33%3 | | | | | | | | 5.83%3 | |
RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | |
Net assets, end of Period (in 000’s) | | | $1,634 | | | | | | | | $1,582 | |
Ratio of expenses to average net assets (Note 4) | | | 0.79%4 | | | | | | | | 0.79%4 | |
Ratio of net investment income (loss) to average net assets | | | 2.28%4 | | | | | | | | 1.45%4 | |
Portfolio turnover | | | 17.26%3 | | | | | | | | 5.82%3 | |
| 1 | The Fund commenced operations on September 21, 2023. |
| 2 | Calculated using the average daily shares method. |
See accompanying notes to financial statements.
46
Notes to Financial Statements (unaudited)
Matthews International Funds (d/b/a Matthews Asia Funds) (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2024, the Trust issued twenty-five separate series of shares. This shareholder report pertains to twelve of those series (each a “Fund”, and collectively, the “Funds”): Matthews Emerging Markets Equity Active ETF, Mathews Emerging Markets ex China Active ETF, Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews Pacific Tiger Active ETF, Matthews Asia Innovators Active ETF, Matthews China Active ETF, Matthews China Discovery Active ETF, Matthews India Active ETF, Matthews Japan Active ETF, Matthews Korea Active ETF and Matthews Asia Dividend Active ETF. The Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF incepted on January 11, 2024. All of the Funds are considered diversified with the exception of Matthews Emerging Markets Sustainable Future Active ETF, Matthews Emerging Markets Discovery Active ETF, Matthews China Discovery Active ETF and Matthews India Active ETF which are considered non-diversified.The other thirteen separate series of the Trust are mutual funds and are covered in a separate shareholder report.
The Funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement may purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the Funds are not redeemable securities.
Individual shares of the Funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.matthewsasia.com.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. Each Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
| A. | SECURITY VALUATION: Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) has designated authority to a Valuation Designee, Matthews International Capital Management, LLC (“Matthews”), the Funds’ investment advisor, to make fair valuation determinations under adopted procedures subject to Board oversight. Matthews has formed a Valuation Committee (the “Valuation Committee”) to administer the pricing and valuation of portfolio securities and other assets and liabilities and to ensure that prices determined by Matthews or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. The value of the Trust’s securities is based on market quotations for those securities, or on their fair value determined by the valuation policies approved by the Board. Market quotations and valuation information are provided by commercial pricing services or securities dealers that are independent of the Funds and Matthews in accordance with procedures established by the Valuation Designee. Foreign exchange-traded securities are valued as of the close of trading on the primary exchange on which they trade. Securities that trade in over-the-counter markets, including most debt securities (bonds), may be valued by other third-party vendors or by using indicative bid quotations from dealers or market makers, or other available market information. Market values for securities are determined based on quotations, market data or other information from the principal (or most advantageous) market on which the security is traded. Market quotations for equity securities used by the Funds include last reported sale prices, or, if such prices are not reported or available, bid and ask prices. The Funds may also utilize independent pricing services to assist them in determining a current market value for each security based on sources believed to be reliable. |
When fair value pricing is employed, the prices of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from any quoted or published prices for the same securities for that day. Events affecting the value of foreign investments may occur between the time at which they are determined and when the Funds calculate their NAV, which is normally the close of trading on the NYSE. If such events render market quotations unreliable, and the impact of such events can be reasonably determined, the investments will be valued at their fair value in accordance with pricing policies. The fair value of a security held by the Funds may be determined using the services of third-party pricing services to assist in this process.
The books and records of the Funds are maintained in U.S. dollars. Transactions, portfolio securities, and assets and liabilities denominated in a foreign currency are translated and recorded in U.S. dollars at the prevailing exchange rates. The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds isolate that portion of gains and losses on investments in fixed income securities that is due to changes in foreign exchange rate from that which is due to changes in market prices of securities.
Foreign securities held by the Funds may be traded on days and at times when the NYSE and the Nasdaq are closed. Accordingly, the value of the Funds may be significantly affected on days when shareholders have no access to the Funds.
| B. | FAIR VALUE MEASUREMENTS: The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ financial instruments and are summarized in the following fair value hierarchy: |
Level 1: Unadjusted quoted prices in active markets for identical securities (foreign securities that are valued based on market quotations).
Notes to Financial Statements (unaudited) (continued)
Level 2: Other significant observable inputs. Certain foreign securities may be fair valued by Matthews using information such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and foreign exchange. Additionally, external pricing services are used when the Funds determine that events affecting the value of foreign securities which occur between the time at which they are determined and the close of trading on the NYSE render market quotations unreliable.
Level 3: Significant unobservable inputs. Level 3 securities are valued based on significant unobservable inputs as determined under procedures approved by the Board. Characterization of such securities as Level 3 securities are not necessarily an indication of their liquidity or the risk associated with investing in these securities. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 securities and could impact overall Fund performance.
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
On June 30, 2024, securities held by the Matthews Emerging Markets Equity Active ETF, Matthews Emerging Markets Sustainable Future Active ETF, Matthews Asia Innovators Active ETF, Matthews China Active ETF, Matthews China Discovery Active ETF, Matthews India Active ETF, Matthews Japan Active ETF and Matthews Korea Active ETF were classified as Level 1, based on the inputs used to determine their fair values.
On June 30, 2024, the following Funds had level 1 and level 2 fair valued securities:
| | | | | | | | | | | | | | | | |
| | | Matthews Emerging
Markets ex China
Active ETF | | | Matthews Pacific
Tiger Active ETF | | | Matthews Asia
Dividend Active ETF | | | Matthews Emerging
Markets Discovery
Active ETF | |
Assets: | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | |
Level 1: Quoted Prices | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
Australia | | | $— | | | | $— | | | | $167,555 | | | | $— | |
Argentina | | | 642,674 | | | | — | | | | — | | | | — | |
Bangladesh | | | — | | | | — | | | | — | | | | 30,151 | |
Brazil | | | 2,278,829 | | | | — | | | | — | | | | 570,259 | |
Chile | | | 235,758 | | | | — | | | | — | | | | 328,559 | |
China/Hong Kong | | | — | | | | 22,489,175 | | | | 358,203 | | | | 2,166,354 | |
France | | | 118,557 | | | | — | | | | — | | | | — | |
India | | | 5,461,027 | | | | 23,072,772 | | | | 148,952 | | | | 2,139,637 | |
Indonesia | | | 385,112 | | | | 691,022 | | | | 24,299 | | | | 73,673 | |
Japan | | | — | | | | — | | | | 533,862 | | | | — | |
Kazakhstan | | | 424,443 | | | | — | | | | — | | | | — | |
Malaysia | | | — | | | | 1,316,281 | | | | — | | | | — | |
Mexico | | | 1,011,534 | | | | — | | | | — | | | | 53,125 | |
Peru | | | 488,023 | | | | — | | | | — | | | | — | |
Philippines | | | 526,392 | | | | 271,206 | | | | — | | | | 154,275 | |
Poland | | | 814,342 | | | | — | | | | — | | | | 170,906 | |
Romania | | | — | | | | — | | | | — | | | | — | |
Saudi Arabia | | | 340,465 | | | | — | | | | — | | | | 278,190 | |
Singapore | | | — | | | | 2,091,022 | | | | 46,833 | | | | — | |
South Africa | | | 178,539 | | | | — | | | | — | | | | 98,111 | |
South Korea | | | 3,083,744 | | | | 11,777,904 | | | | 101,121 | | | | 667,944 | |
Taiwan | | | 4,551,737 | | | | 18,415,700 | | | | 164,299 | | | | 1,162,837 | |
Turkey | | | 883,450 | | | | — | | | | — | | | | 22,526 | |
United Arab Emirates | | | 1,241,258 | | | | — | | | | — | | | | — | |
United States | | | 735,626 | | | | — | | | | — | | | | — | |
Vietnam | | | 607,824 | | | | 1,676,173 | | | | 3,461 | | | | 79,993 | |
Preferred Equities: | | | | | | | | | | | | | | | | |
Brazil | | | — | | | | — | | | | — | | | | 114,043 | |
| | | | |
South Korea | | | 736,355 | | | | — | | | | — | | | | — | |
Short-Term Investments | | | 1,932,550 | | | | 2,191,269 | | | | 55,793 | | | | 5,112 | |
| | | | |
Total | | | 26,678,239 | | | | 83,992,524 | | | | 1,604,378 | | | | 8,115,695 | |
| | | | |
Level 2: Other Significant Observable Inputs | | | | | | | | | | | | | | | | |
Common Equities: | | | | | | | | | | | | | | | | |
| | | | |
Thailand | | | 263,329 | | | | 1,071,667 | | | | 25,586 | | | | 63,091 | |
| | | | |
Total Market Value of Investments | | | $26,941,568 | | | | $85,064,191 | | | | $1,629,964 | | | | $8,178,786 | |
| C. | RISKS ASSOCIATED WITH NON-U.S. COMPANIES: Investments by the Funds in the securities of non-U.S. companies may involve investment risks not typically associated with investments in U.S. issuers. These risks include possible political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of Emerging Market or Asia Pacific countries where the Funds may invest; international relations |
Notes to Financial Statements (unaudited) (continued)
with other nations; natural disasters; corruption; and military activity. Foreign securities may trade in securities markets that are substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Foreign securities may be subject to greater fluctuations in price than securities of domestic corporations or the U.S. government. Foreign investing may also include the risk of expropriation or confiscatory taxation, limitation on the removal of funds or other assets, currency crises and exchange controls, the imposition of foreign withholding tax on the interest income payable on such instruments, the possible seizure or nationalization of foreign deposits or assets, or the adoption of other foreign government restrictions that might adversely affect the foreign securities held by the Funds. Additionally, Emerging Market and Asia Pacific countries may utilize formal or informal currency exchange controls or “capital controls” that may limit the ability to repatriate investments or income or adversely affect the value of portfolio investments. The economies of many Emerging Market and Asia Pacific countries differ from the economies of more developed countries in many respects, such as their rate of growth, inflation, capital reinvestment, resource self-sufficiency and dependence on other economies, financial system stability, the national balance of payments position and sensitivity to changes in global trade.
Certain Emerging Market and Asia Pacific countries are highly dependent upon and may be affected by developments in the economies of other countries. Non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States, which may result in less transparency with respect to a company’s operations, and make obtaining information about them more difficult (or such information may be unavailable).
Among other risks of investing in foreign markets, particularly those of emerging and frontier markets in which the Funds invest, are the variable quality and reliability of financial information and related audits of companies. In some cases, financial information and related audits can be unreliable and not subject to verification. Auditing firms in some of these markets are not subject to independent inspection or oversight of audit quality. For example, China does not allow the Public Company Accounting Oversight Board to inspect the work that auditors perform in China for Chinese companies that sell stock into U.S. markets. This can result in investment decisions being made based on flawed or misleading information.
Foreign stock markets, particularly those of emerging and frontier markets in which the Funds invest, may not be as developed or efficient as those in more developed markets such as the United States, and the absence of negotiated brokerage commissions in certain countries may result in higher brokerage fees. The time between the trade and settlement dates of securities transactions on foreign exchanges ranges from one day to four weeks or longer and may result in higher custody charges. Custodial arrangements may be less well developed than in the United States. Foreign securities are generally denominated and pay distributions in foreign currencies, exposing the Funds to changes in foreign currency exchange rates. Investing in any Emerging Market or Asia Pacific country will also entail risks specific and unique to that country, and these risks can be significant and change rapidly.
Changes in interest rates in each of the countries in which the Funds may invest, as well as interest rates in more-developed countries, may cause a decline in the market value of an investment. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated.
The Funds may invest in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.
VIEs are a longstanding industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Funds’ associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.
The ongoing conflict from Russia’s invasion of Ukraine has the potential to adversely impact global economies and increase volatility across markets. The duration of the Russian-Ukraine conflict and its effect on financial markets cannot be determined with certainty. The Funds’ performance could be negatively impacted if the value of a portfolio holding were harmed by these and such other events. Management is actively monitoring these events. As of June 30, 2024, the Funds did not hold any Russian securities.
The Israel-Hamas war, which began in October 2023, has resulted in significant loss of life and increased volatility in the Middle East, and there is a risk that the war could spread within the region. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund’s performance and ability to achieve its investment objective. The extent and duration of the military action and any market disruptions are impossible to predict, but could be substantial.
| D. | DISTRIBUTIONS TO SHAREHOLDERS: |
The Funds generally distribute their net investment income once annually in December. Any net realized gain from the sale of portfolio securities and net realized gains from foreign currency transactions are distributed at least once each year unless they are used to offset losses carried forward from prior years. The Funds will declare and pay income and capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional whole shares of the Funds only if the broker through whom you purchased your shares makes such option available. Your broker is
| | |
Notes to Financial Statements (unaudited) (continued) | | |
responsible for distributing the income and capital gain distributions to you. Distributions are treated the same for tax purposes whether received in cash or reinvested. If you buy shares when a Fund has realized but not yet distributed ordinary income or capital gains, you will be “buying a dividend” by paying the full price of the shares and then receiving a portion of the price back in the form of a taxable dividend.
The tax character of distributions paid for the period ended December 31, 2023 were as follows:
| | | | |
| PERIOD ENDED DECEMBER 31, 2023 | | Ordinary
Income | |
| |
Matthews Emerging Markets Equity Active ETF | | $ | 5,917 | |
Matthews Emerging Markets ex China Active ETF | | | 100,234 | |
| |
Matthews Emerging Markets Sustainable Future Active ETF | | | 3,113 | |
Matthews Pacific Tiger Active ETF | | | 58,559 | |
| |
Matthews Asia Innovators Active ETF | | | 841,608 | |
Matthews China Active ETF | | | 350,744 | |
| |
Matthews India Active ETF | | | — | |
Matthews Japan Active ETF | | | 5,378 | |
| |
Matthews Korea Active ETF | | | 1,077,132 | |
Matthews Asia Dividend Active ETF | | | 5,818 | |
| E. | INVESTMENT TRANSACTIONS AND INCOME: Securities transactions are accounted for on the date the securities are purchased or sold or on the following business day. Financial statements reflect security transactions on trade date. Gains or losses on the sale of securities are determined on the identified cost basis. Interest income is recorded on the accrual basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Dividend income is generally recorded on the ex-dividend date net of any foreign taxes withheld at the source. Dividend income for certain issuers headquartered in countries which the Funds invest may not be recorded until approved by the shareholders (which may occur after the ex-dividend date) if, in the judgment of management, such dividends are not reasonably determined as of the ex-dividend date. |
The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
| F. | CASH, CASH OVERDRAFTS, AND FOREIGN CURRENCY: When any of the Funds’ cash balances are overdrawn, a Fund is charged an overdraft fee by the custodian of 3% above the effective federal funds rate on outstanding balances. QFI accounts (i.e., the accounts through which the QFI quota is accessed) are required by the local market to maintain a cash reserve. The cash reserve is based upon a fixed ratio of the QFI’s approved investment quota, which is defined as the amount remitted into its special Renminbi (RMB) cash account. These amounts, if any, are included in “Segregated foreign currency at value” on the Statements of Assets and Liabilities. The fixed ratio is set at 0.08 percent for the Shanghai and 0.06 percent for the Shenzhen market. |
| G. | USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. |
| 3. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV, in return for securities, other instruments, and/or cash (the Basket). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. Purchasers and redeemers of Creation Units are charged for the costs to the Fund of processing the purchase or redemption, including costs charged to it by the NSCC (National Securities Clearing Corporation) or DTC (Depository Trust Company), and the transaction costs, e.g., brokerage commissions, bid-ask spread, and market impact trading costs, incurred in converting the Basket to or from the desired portfolio composition.
50
| | |
Notes to Financial Statements (unaudited) (continued) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS EMERGING MARKETS EQUITY ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | — | | | | $— | | | | 2,700,000 | | | | $73,704,102 | |
Shares redeemed | | | | | | | (160,000 | ) | | | (4,601,969 | ) | | | (960,000 | ) | | | (25,232,737 | ) |
Net increase (decrease) | | | | | | | (160,000 | ) | | | ($4,601,969 | ) | | | 1,740,000 | | | | $48,471,365 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended
December 31, 20231 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
MATTHEWS EMERGING MARKETS EX CHINA ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 560,000 | | | | $16,162,788 | | | | 320,000 | | | | $8,191,671 | |
Shares redeemed | | | | | | | — | | | | — | | | | — | | | | — | |
Net increase | | | | | | | 560,000 | | | | $16,162,788 | | | | 320,000 | | | | $8,191,671 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended
December 31, 20232 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 350,000 | | | | $8,839,088 | | | | 550,000 | | | | $13,578,322 | |
Shares redeemed | | | | | | | — | | | | — | | | | — | | | | — | |
Net increase | | | | | | | 350,000 | | | | $8,839,088 | | | | 550,000 | | | | $13,578,322 | |
| | | |
| | | | | | | | | For the Period Ended June 30, 2024 (Unaudited)3 | |
| | | | | | | | | | | | Shares | | | Amount | |
| | | | | |
MATTHEWS EMERGING MARKETS DISCOVERY ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | | | | | | | | | 320,000 | | | | $8,153,248 | |
Shares redeemed | | | | | | | | | | | | | | | — | | | | — | |
Net increase | | | | | | | | | | | | | | | 320,000 | | | | $8,153,248 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended
December 31, 20232 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS PACIFIC TIGER ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 150,000 | | | | $3,687,240 | | | | 3,150,000 | | | | $77,678,654 | |
Shares redeemed | | | | | | | (150,000 | ) | | | (3,987,025 | ) | | | — | | | | — | |
Net increase (decrease) | | | | | | | — | | | | ($299,785 | ) | | | 3,150,000 | | | | $77,678,654 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS ASIA INNOVATORS ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 50,000 | | | | $1,310,680 | | | | 1,400,000 | | | | $36,516,439 | |
Shares redeemed | | | | | | | (1,000,000 | ) | | | (22,882,587 | ) | | | (2,150,000 | ) | | | (48,679,124 | ) |
Net (decrease) | | | | | | | (950,000 | ) | | | ($21,571,907 | ) | | | (750,000 | ) | | | ($12,162,685 | ) |
| | |
Notes to Financial Statements (unaudited) (continued) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS CHINA ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 140,000 | | | | $2,926,465 | | | | 1,160,000 | | | | $30,207,259 | |
Shares redeemed | | | | | | | — | | | | — | | | | (440,000 | ) | | | (8,952,861 | ) |
Net increase | | | | | | | 140,000 | | | | $2,926,465 | | | | 720,000 | | | | $21,254,398 | |
| | | |
| | | | | | | | | For the Period Ended June 30, 2024 (Unaudited)3 | |
| | | | | |
| | | | | | | | | | | | Shares | | | Amount | |
| | | | | |
MATTHEWS CHINA DISCOVERY ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | | | | | | | | | 80,000 | | | | $2,000,000 | |
Shares redeemed | | | | | | | | | | | | | | | — | | | | — | |
Net increase | | | | | | | | | | | | | | | 80,000 | | | | $2,000,000 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended
December 31, 20232 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS INDIA ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 80,000 | | | | $2,230,079 | | | | 220,000 | | | | $5,563,942 | |
Shares redeemed | | | | | | | — | | | | — | | | | — | | | | — | |
Net increase | | | | | | | 80,000 | | | | $2,230,079 | | | | 220,000 | | | | $5,563,942 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended December 31,
20232 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS JAPAN ACTIVE ETF | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | | | | | 80,000 | | | | $2,359,833 | | | | 40,000 | | | | $1,000,000 | |
Shares redeemed | | | | | | | — | | | | — | | | | — | | | | — | |
Net increase | | | | | | | 80,000 | | | | $2,359,833 | | | | 40,000 | | | | $1,000,000 | |
| | | |
| | | | | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | Year Ended December 31, 20234,5 | |
| | | | | |
| | | | | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | | |
MATTHEWS KOREA ACTIVE ETF
institutional class | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | — | | | | $— | | | | 2,718,906 | | | | $70,480,765 | |
Shares issued through reinvestment of distributions | | | | | | | — | | | | — | | | | 42,186 | | | | 1,051,693 | |
Shares redeemed | | | | | | | (100,000 | ) | | | (2,469,575 | ) | | | (603,244 | ) | | | (15,058,183 | ) |
Net increase (decrease) | | | | | | | (100,000 | ) | | | ($2,469,575 | ) | | | 2,157,848 | | | | $56,474,275 | |
Investor class | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | — | | | | $— | | | | 318,248 | | | | $1,279,757 | |
Shares issued through reinvestment of distributions | | | | | | | — | | | | — | | | | — | | | | — | |
Shares redeemed | | | | | | | — | | | | $— | | | | (18,877,339 | ) | | | (79,650,512 | ) |
Net (decrease) | | | | | | | | | | | | | | | (18,559,091 | ) | | | ($78,370,755 | ) |
52
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six-Month Period Ended
June 30, 2024 (Unaudited) | | | For the Period Ended
December 31, 20232 | |
| | | | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
MATTHEWS ASIA DIVIDEND ACTIVE ETF | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | $— | | | | 50,000 | | | | $1,500,000 | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
Net increase | | | — | | | | $— | | | | 50,000 | | | | $1,500,000 | |
| 1 | The Fund commenced operations on January 10, 2023. |
| 2 | The Fund commenced operations on September 21, 2023. |
| 3 | The Fund commenced operations on January 11, 2024. |
| 4 | The Matthews Korea Active ETF acquired all assets and liabilities of the Matthews Korea Fund (the “Predecessor Fund”) in a reorganization that occurred on July 14, 2023. The performance and financial history of the Predecessor Fund’s Institutional Class have been adopted by the Matthews Korea Active ETF. As a result, the information prior to July 14, 2023 reflects that of the Predecessor Fund’s Institutional Class. The Predecessor Fund ceased operations as of the date of the reorganization. |
| 5 | On June 23, 2023, the Predecessor Fund’s Institutional Class effected a reverse share split with a ratio of 1 : 0.166538 (old to new). Share amounts transacted prior to June 23, 2023 have been adjusted to reflect the reverse share split. |
| 4. | INVESTMENT MANAGEMENT FEES |
Pursuant to the Investment Management Agreement, as amended, between Matthews and the Trust, Matthews will pay substantially all the expenses of each Fund excluding management fees, interest expenses, taxes, brokerage fees, securities lending fees, payments under a Fund’s 12b-1 plan (if any), acquired fund fees, litigation expenses and any extraordinary expenses.
For the Matthews Korea Active ETF, Matthews has contractually agreed to a fee waiver agreement dated April 28, 2023 (the “Fee Waiver Agreement”), under which Matthews has agreed to waive a portion of the management fee with respect to the Matthews Korea Active ETF if and to the extent that the total annual operating expense ratio of the lowest cost share class of any “Family-Priced Fund” is less than the applicable management fee rate of the Matthews Korea Active ETF. The Family-Priced Funds are the series of the Trust that are operated as mutual funds, other than the Matthews Emerging Markets Small Companies Fund and the Matthews China Small Companies Fund. The Fee Waiver Agreement will remain in effect until terminated by the Board and a majority of the Independent Trustees. Based on the currently applicable expense ratios for the Family-Priced Funds, it is not expected that a waiver under the Fee Waiver Agreement will occur in the foreseeable future.
Pursuant to the Management Agreement, each Fund, other than the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF, pays Matthews 0.79% of the aggregate average daily net assets of the Fund. Each of the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF pays Matthews 0.99% of the aggregate average daily net assets of the Fund. The Funds shall pay to Matthews a monthly fee at the annual rate using the applicable management fee calculated based on the actual number of days of that month and based on the Funds’ average daily net assets for the month.
Pursuant to a fee waiver agreement, effective as of December 29, 2023, between the Trust and Matthews for the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF (the “Discovery ETF Fee Waiver Agreement”), Matthews has contractually agreed to waive 0.10% of the fee payable under the Management Agreement for the Funds. Matthews may not recoup fees waived pursuant to the Fee Waiver Agreement. The Board has approved the Fee Waiver Agreement for an initial term through April 30, 2026 and may terminate the agreement at any time upon 60 days’ written notice to Matthews. Matthews may decline to renew the Fee Waiver Agreement by providing written notice to the Trust at least 60 days before its annual expiration date. For the period ended June 30, 2024, the Matthews Emerging Markets Discovery Active ETF and Matthews China Discovery Active ETF waived management fees of $2,714 and $967, respectively.
For the period ended June 30, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| | | | | | | | |
| | | Purchases | | | Proceeds from
Sales | |
| | |
Matthews Emerging Markets Equity Active ETF | | | $37,478,102 | | | | $43,077,823 | |
Matthews Emerging Markets ex China Active ETF | | | 13,308,526 | | | | 6,273,759 | |
Matthews Emerging Markets Sustainable Future Active ETF | | | 9,559,502 | | | | 2,969,039 | |
Matthews Emerging Markets Discovery Active ETF | | | 7,883,476 | | | | 526,474 | |
Matthews Pacific Tiger Active ETF | | | 170,068,139 | | | | 171,670,317 | |
Matthews Asia Innovators Active ETF | | | 116,259,012 | | | | 128,421,282 | |
Matthews China Active ETF | | | 10,556,348 | | | | 7,921,206 | |
Matthews China Discovery Active ETF | | | 3,173,171 | | | | 1,212,029 | |
Matthews India Active ETF | | | 6,514,915 | | | | 4,337,118 | |
Matthews Japan Active ETF | | | 1,019,044 | | | | 888,390 | |
Matthews Korea Active ETF | | | 9,833,080 | | | | 12,413,437 | |
Matthews Asia Dividend Active ETF | | | 267,459 | | | | 293,649 | |
Notes to Financial Statements (unaudited) (continued)
For the period ended June 30. 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| | | | | | | | |
| | | Purchases | | | Proceeds from
Sales | |
| | |
Matthews Emerging Markets Equity Active ETF | | | $— | | | | $2,081,879 | |
Matthews Emerging Markets ex China Active ETF | | | 7,774,618 | | | | — | |
Matthews Emerging Markets Sustainable Future Active ETF | | | 2,071,283 | | | | — | |
Matthews Emerging Markets Discovery Active ETF | | | 821,070 | | | | — | |
Matthews Pacific Tiger Active ETF | | | 898,029 | | | | 1,766,596 | |
Matthews Asia Innovators Active ETF | | | — | | | | 10,226,012 | |
Matthews China Active ETF | | | 346,823 | | | | — | |
Matthews Japan Active ETF | | | 2,129,791 | | | | — | |
Matthews Korea Active ETF | | | — | | | | 39,187 | |
It is the policy of the Funds to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six-month period ended June 30, 2024. Therefore, no federal income tax provision is required.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Under current tax law, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the year ending December 31, 2023:
| | | | |
| | | Late Year Losses* | |
| |
Matthews Emerging Markets Equity Active ETF | | | ($459,414 | ) |
Matthews Emerging Markets ex China Active ETF | | | (95,491 | ) |
Matthews Pacific Tiger Active ETF | | | (362,038 | ) |
Matthews Asia Innovators Active ETF | | | (4,065,416 | ) |
Matthews China Active ETF | | | (296 | ) |
Matthews Japan Active ETF | | | (6,785 | ) |
| * | As permitted by the Internal Revenue Service, the Funds have elected to defer certain qualified late-year losses and recognize such losses in the next fiscal year. |
As of December 31, 2023, the Funds have capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | |
| | | Amount With No Expiration | | | | |
| | | |
| | | Short-term
Losses | | | Long-term
Losses | | | Total | |
| | | |
Matthews Emerging Markets Equity Active ETF | | | $807,971 | | | | $13,142 | | | | $821,113 | |
Matthews Emerging Markets ex China Active ETF | | | 52,444 | | | | — | | | | 52,444 | |
Matthews Asia Innovators Active ETF | | | 15,537,340 | | | | 125,687 | | | | 15,663,027 | |
Matthews China Active ETF | | | 2,071,547 | | | | 119,611 | | | | 2,191,158 | |
Matthews Japan Active ETF | | | 17,075 | | | | — | | | | 17,075 | |
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Notes to Financial Statements (unaudited) (continued)
As of June 30, 2024, the tax cost of investments and the related net unrealized appreciation and depreciation were as follows:
| | | | | | | | | | | | | | | | |
| | | Tax Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
| | | | |
Matthews Emerging Markets Equity Active ETF | | | $50,194,604 | | | | $7,290,707 | | | | ($1,682,809 | ) | | | $5,607,898 | |
Matthews Emerging Markets ex China Active ETF | | | 24,512,605 | | | | 2,886,587 | | | | (457,624 | ) | | | 2,428,963 | |
Matthews Emerging Markets Sustainable Future Active ETF | | | 22,384,626 | | | | 3,435,515 | | | | (2,228,474 | ) | | | 1,207,041 | |
Matthews Emerging Markets Discovery Active ETF | | | 8,128,381 | | | | 735,997 | | | | (685,592 | ) | | | 50,405 | |
Matthews Pacific Tiger Active ETF | | | 74,217,166 | | | | 12,589,730 | | | | (1,742,705 | ) | | | 10,847,025 | |
Matthews Asia Innovators Active ETF | | | 58,405,459 | | | | 15,117,843 | | | | (1,800,780 | ) | | | 13,317,063 | |
Matthews China Active ETF | | | 28,851,115 | | | | 1,176,143 | | | | (5,573,458 | ) | | | (4,397,315 | ) |
Matthews China Discovery Active ETF | | | 1,972,957 | | | | 190,771 | | | | (151,115 | ) | | | 39,656 | |
Matthews India Active ETF | | | 7,904,196 | | | | 1,541,409 | | | | (34,575 | ) | | | 1,506,834 | |
Matthews Japan Active ETF | | | 3,376,912 | | | | 227,148 | | | | (68,906 | ) | | | 158,242 | |
Matthews Korea Active ETF | | | 57,845,082 | | | | 12,969,627 | | | | (6,538,772 | ) | | | 6,430,855 | |
Matthews Asia Dividend Active ETF | | | 1,505,423 | | | | 193,938 | | | | (69,397 | ) | | | 124,541 | |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.
| | | | |
| Matthews Asia Funds | | |
| | |
| INVESTMENT ADVISOR | | ADMINISTRATOR, CUSTODIAN & | | LEGAL COUNSEL |
| Matthews International Capital Management, LLC | | TRANSFER AGENT | | Paul Hastings LLP |
| Four Embarcadero Center, Suite 550 | | BNY Mellon | | 101 California Street, 48th Floor |
| San Francisco, CA 94111 | | 240 Greenwich St. | | San Francisco, CA 94111 |
| 833.228.5605 | | New York, NY 10007 | | |
| | |
P.O. Box 9791 | Providence, RI 02940 | matthewsasia.com | 833.228.5605 Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC, Portland, Maine Matthews Asia Funds are distributed in Latin America by Picton S. A. | |
N-CSR-ETF-0624 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Certain officers and Trustees of the Funds are also officers and directors of Matthews. All officers serve without compensation from the Funds. The Trust paid the Independent Trustees $567,245 in aggregate for regular compensation during the six-month period ended June 30, 2024.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Matthews International Funds
Approval of Investment Management Agreement (unaudited)
Matthews Emerging Markets Discovery Active ETF
Matthews China Discovery Active ETF
The Funds named above, which are series of the Trust, have retained Matthews International Capital Management, LLC (“Matthews”) to manage their assets pursuant to an Investment Management Agreement dated as of June 30, 2022, as amended (the “Management Agreement”), which has been approved by the Board of Trustees of the Trust, including all of the Trustees who are not “interested persons” (“Independent Trustees”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). Following an initial two-year term with respect to each Fund, the Management Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Funds, or by the Board of Trustees, and, in either event, by a majority of the Independent Trustees of the Trust casting votes in person at a meeting called for that purpose (the “Annual 15(c) Process”).
At a meeting held on November 14-15, 2023 (the “Meeting”), the Board, including all of the Independent Trustees, approved the Management Agreement for an initial two-year term from December 29, 2023 through December 28, 2025 with respect to each Fund.
At the Meeting and at a prior meeting of the Independent Trustees on October 26, 2023, the Board received and considered information (both written and oral) provided to assist it in the review of the Management Agreement and made assessments with respect to each Fund individually. The Independent Trustees were advised by independent legal counsel with respect to these matters. The Independent Trustees discussed the approval of the Management Agreement with representatives of Matthews and among themselves in private sessions on various occasions at which no representatives of Matthews were present.
In addition, the Board received presentations about the Trust and its other series throughout the year from management. That other information considered by the Board addressed many of the factors discussed below, including, but not limited to, information about the services provided by Matthews, its structure, organization, operations and personnel, the financial condition of Matthews and the profitability to Matthews from the Management Agreement, compliance procedures and resources, investment performance of other series and any similar strategies, expected expenses of the Funds, planned distribution and marketing of the Funds, relationships with Authorized Participants and market makers, and other information considered relevant.
In considering information relating to management fee levels, the Board took into account that the Funds would pay Matthews a single unitary fee and that Matthews would be responsible for payment of all ordinary fund expenses out of the unitary fee. The Board considered that Matthews had aimed to provide an estimate of that portion of the unitary fee that might be considered to constitute payment for advisory services, but noted that such estimates were imprecise and not representative of the different market in which the Funds would operate. The Board noted that the current almost universal practice among exchange-traded funds was to charge
a single unitary fee and therefore considered as highly relevant the unitary fees charged by other similarly managed exchange-traded funds. The Board also received, and considered to the extent it thought relevant, information provided by Matthews as to Fund management services and fees as compared to advisory services and fees charged by Matthews to its open-end mutual funds, institutional clients and pooled vehicles organized outside of the United States. The Trustees also considered information comparing the proposed fee and expense levels of each Fund to appropriate peer groups of funds, as well as performance data provided by Matthews with respect to unmanaged benchmarks and pooled vehicles or other accounts managed by Matthews with similar investment objectives and/or strategies to the Funds, as applicable.
Furthermore, throughout the course of the year, the Board received a wide variety of materials relating to the services provided by Matthews, and relating to the nature, extent, and quality of services that would be provided by Matthews to the Funds. The Board also considered that, under the Management Agreement and as part of the unitary management fee, Matthews would provide additional services to the Funds that are essential to the operation of the Funds.
In addition to the information furnished by Matthews, the Trustees were provided with advice from their independent legal counsel discussing their fiduciary duties related to their approval of the Management Agreement and discussed these matters with their counsel.
The Trustees’ determinations at the Meeting were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In deciding to recommend the approval of the Management Agreement with respect to each Fund, the Independent Trustees did not identify any single factor or particular piece of information that, in isolation, was controlling. Each Independent Trustee may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.
| 1. | The nature, extent and quality of the services provided by Matthews under the Management Agreement. |
The Trustees considered the overall financial strength and long-term stability of Matthews and its ability to provide a high level and high quality of services to the Funds. The Trustees considered that despite recent challenging conditions with respect to revenues and profitability of the organization, which have been caused by contracting revenues and assets under management, a difficult geopolitical environment and market volatility, Matthews has the resources to provide high quality services to the Funds. They considered Matthews’ services provided to the Trust and noted that past periods of volatile and challenging securities markets had not resulted in a diminution of services to the Trust and that Matthews has always demonstrated a commitment to employ the resources necessary to maintain the high level of quality and services to the Trust’s family of funds. The Trustees positively viewed Matthews’ emphasis on preserving and enhancing portfolio management team resources, and careful business planning and management.
The Trustees considered the experience and qualifications of the executive and portfolio management personnel at Matthews who would be responsible for providing services to the Funds and who are responsible for the daily management of the Funds’ portfolios. The Trustees
noted that Matthews had experienced some turnover at the senior executive and professional staff levels in recent years. In this regard, the Trustees reviewed with Matthews the efforts undertaken to replace staff where appropriate and to otherwise minimize its impact on the Trust, including enhancements to the portfolio management teams of certain funds. They also reviewed Matthews’ retention strategies and recent personnel developments relevant to the Trust. They discussed efforts by Matthews to provide appropriate support to the Trust, including, but not limited to, appropriate back-up support such as, but not limited to, enhancing the structure of the portfolio management team to better recognize Matthews’ bench of talent, and ensuring succession plans are put in place. Among the improved capabilities noted by the Independent Trustees over the past several years are enhanced risk analytical resources and related professionals, including ongoing enhancements to compliance, risk management, technology, business infrastructure, operations, marketing and client service, as well as enhancements to valuation practices.
The Trustees considered the technical capabilities of Matthews, including the design and implementation of its disaster recovery and business continuity infrastructure. The Trustees also considered the Chief Compliance Officer’s report regarding Matthews’ compliance resources, risk assessment and other compliance initiatives and programs. The Trustees concluded that Matthews has implemented a robust and diligent compliance process, and demonstrates a strong commitment to a culture of compliance. The Independent Trustees took into consideration Matthews’ description of its supervision of the activities of the Funds’ various service providers, as well as supporting the Independent Trustees’ responsibilities and requests and its responsiveness to questions and/or concerns raised by the Trustees throughout the year.
The Trustees noted the significant role played by Matthews, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors.
The Trustees concluded that Matthews had the quality of personnel and other investment resources essential to performing its duties under the Management Agreement, and that the nature, overall quality, cost and extent of such management services are satisfactory.
| 2. | The investment performance of the Funds. |
The Trustees considered the performance of other series of Trust with similar strategies, on both an absolute basis and in comparison to appropriate peer funds, benchmark indices and to the extent they exist, Matthews’ similarly managed accounts, for various periods. The Trustees considered those investment results in light of each Fund’s objective, strategies and market conditions, noting periods during which there were challenging investment conditions in various Asian and emerging markets. The Board also considered that the Funds had investment objectives, goals and strategies that were very different from non-managed broad-based benchmarks, which rendered performance comparisons against such broad-based benchmarks of lesser utility. In this regard, the Board took into account that the Funds are not designed to perform like broad-based indices and therefore that most investors in the Funds likely are not seeking to achieve benchmark-like returns.
After review, the Trustees concluded that each Fund has the potential to achieve acceptable performance. The Trustees also reviewed Matthews’ trading policies and ability to obtain best overall execution for the Funds in the various markets in which the Funds trade securities. The Trustees noted Matthews’ consistent adherence to its long-standing investment approach, which emphasizes fundamental bottom-up driven investment selection in light of its view of regional economic conditions.
| 3. | The extent to which Matthews realizes economies of scale as the Funds grow larger and whether Fund investors benefit from any economies of scale. |
The Trustees considered that because the Funds would be newly launched, they are not expected to recognize economies of scale for some time. The Trustees noted that they expect to monitor each Fund’s growth and evaluate economies of scale at future renewals of the Management Agreement in effect at that time. The Trustees further noted that each Fund benefits from existing economies of scale through relatively low fee rates established at inception, as well as through additional investment in the Trust’s business and the provision of improved or additional infrastructure and services to the Funds and their shareholders. The Trustees discussed Matthews’ ongoing investment in its technology, systems, staffing and other aspects of its business that can benefit the Funds, noting that all these endeavors are a means by which Matthews is sharing economies of scale with the Funds and their shareholders through reinvestment in products and services that are designed to benefit the Funds and their shareholders. The Trustees considered the new personnel hired over recent years, as well as planned hiring, and the extent to which that hiring could be expected to benefit shareholders. As a result, the Trustees remain satisfied about the extent to which economies of scale are being and will continue to be shared with the Funds and their shareholders.
| 4. | The costs of the services provided by Matthews and others. |
The Trustees considered the unitary fee, which is the total expense ratio of each Fund. The Board also considered that Matthews had aimed to provide an estimate of that portion of the unitary fee that might be considered to constitute payment for advisory services, but noted that such estimates were imprecise and not representative of the different market in which the Funds operate. The Board considered as highly relevant the unitary fees charged by other similarly managed exchange-traded funds in each Fund’s relevant peer group.
The Trustees also received, and considered to the extent they thought relevant, information relating to the estimated management fees and total expenses of the Funds in comparison to the advisory fees and other fees and expenses of other existing series of the Trust, noting that, as compared to the other series of the Trust that are operated as mutual funds, the Funds have a unitary management fee structure that covers most of the ordinary operating expenses of the Funds.
The Trustees also compared the Funds unitary fee with the advisory or management fee charged by Matthews’ for its separate accounts and other investment products. The Trustees considered Matthews’ explanations as to the differences in services between these products and the Funds, including the differences in the frequency of net asset value calculations and other operational and compliance activities.
The Trustees’ overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor’s net experience, would be fair and reasonable.
The Trustees recognized that, as new funds with a unitary fee structure, it is unlikely that a Fund will generate profits for Matthews initially and may not do so until the Fund has experienced some significant growth.
The Trustees also reviewed information provided regarding the structure and manner in which Matthews’ investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered Matthews’ willingness to invest in technology, infrastructure and professional staff to reinforce and offer services and to accommodate changing regulatory requirements and industry practices.
The Trustees noted that Matthews has experienced reduced profitability this past year as overall assets under management have fallen due to continued risk off sentiment in the asset class but still appeared to be sufficiently profitable to operate as a viable investment management firm, able to honor its obligations as a sponsor of the Funds, including the funds that do not generate a profit for Matthews. The Trustees noted that, with fluctuations in asset levels in the Trust in recent years, heightened volatility in revenues and profitability could be expected from time to time in the future, but they also noted the increased cost control measures by Matthews with certain continued expenditures on personnel and other resources where appropriate.
Based on information received, the consensus of the Trustees was that Matthews’ expected overall profitability from the Management Agreement with respect to the Funds would not be excessive in the foreseeable future.
The Trustees requested and received from Matthews information concerning other benefits received by Matthews as a result of its respective relationship with the Trust, including various service arrangements with Matthews. These potential benefits included, among other things, the use of soft dollars as well as potential benefits resulting from the structure of compensation arrangements between the Trust, the Adviser and financial intermediaries in the areas of shareholder servicing and sub-transfer agency services. The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.
Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Management Agreement would be fair and reasonable with respect to each Fund and its shareholders, and that the approval of the Management Agreement would be in the best interests of each Fund and its shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Management Agreement, but indicated that the Board based its determination on the total mix of information available to it.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
| (a) | The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) | There were no changes to the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| (Registrant) | | Matthews International Funds |
| |
| By (Signature and Title)* | | /s/ James Cooper Abbott |
| | James Cooper Abbott, President |
| | (principal executive officer) |
| |
| Date | | September 9, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title)* | | /s/ James Cooper Abbott |
| | James Cooper Abbott, President |
| | (principal executive officer) |
| |
| Date | | September 9, 2024 |
| |
| By (Signature and Title)* | | /s/ Shai Malka |
| | Shai Malka, Treasurer |
| | (principal financial officer) |
| |
| Date | | September 9, 2024 |
| * | Print the name and title of each signing officer under his or her signature. |
