Marketing Communication
India Fund Matthews Asia Funds
Class I Shares 31 March 2024
RATINGS
Investment Objective
Long-term capital appreciation.
Overall Morningstar RatingTM ★★★★
Available Share Classes
Share Class ISIN SEDOL CUSIP
I Acc (USD) LU0594557885 B4RGPB4 L6263Q546
FUND FACTS (USD) I Acc (GBP) LU0594558263 B3SWSK4 L6263Q629
Total Fund Assets $47.1 million
S&P Bombay Stock Performance as of 31 March 2024†
Exchange 100 Index
37.44% 37.35%
Benchmark MSCI India Index 40%
32.15%
Management Fee 0.75%
30%
Minimum Initial Investment $1,000/£500
Minimum Subsequent 20%
13.26% 12.67% 12.77%
Investment $100/£50 11.73% 11.84% 11.90%
8.35% 7.96%
Fund Domicile Luxembourg 10% 4.75% 4.07%
6.12%
4.75% 4.07%
6.12% 6.77%
Available Share Classes A, I 1.06% 0.82%
Base Currency USD 0%
-1.17%
Additional Dealing -10%
Currencies GBP Mar '24 3 MO YTD 1 YR 3 YR 5 YR Since Inception
Net Asset Value
I Acc (USD) $27.79 India Fund, I Acc (USD) S&P Bombay Stock Exchange 100 MSCI India Index
Index (USD)
I Acc (GBP) £35.39
PORTFOLIO MANAGEMENT Since
India Fund Mar '24 3 MO YTD 1 YR 3 YR 5 YR
Inception
Inception
Peeyush Mittal, CFA
Lead Manager I Acc (USD) -1.17% 4.75% 4.75% 37.44% 13.26% 11.73% 8.35% 30 Jun 2011
Swagato Ghosh I Acc (GBP) -1.15% 5.39% 5.39% 34.51% 16.71% 12.61% 10.42% 30 Jun 2011
Co-Manager S&P Bombay Stock
Exchange 100 Index
KEY RISKS (USD) 1.06% 4.07% 4.07% 32.15% 12.67% 11.84% 7.96% n.a.
MSCI India Index
The value of an investment in the Fund can go down as (USD)†† 0.82% 6.12% 6.12% 37.35% 12.77% 11.90% 6.77% n.a.
well as up and possible loss of principal is a risk of
investing. Investments in international, emerging and Rolling 12 Month Returns (For the period ended 31 March 2024)
frontier market securities may involve risks such as
social and political instability, market illiquidity,
exchange-rate fluctuations, a high level of volatility and India Fund 2024 2023 2022 2021 2020
limited regulation, which may adversely affect the
value of the Fund's assets. The Fund invests in holdings I Acc (USD) 37.44% -4.22% 10.35% 86.27% -35.65%
denominated in foreign currency, and is exposed to the I Acc (GBP) 34.51% 2.10% 15.77% 67.12% -31.83%
risk that the value of the foreign currency will increase S&P Bombay Stock Exchange
or decrease. The Fund invests primarily in equity
securities, which may result in increased volatility. 100 Index (USD) 32.15% -6.93% 16.28% 78.72% -31.53%
Investments in a single-country fund may be subject to MSCI India Index (USD)†† 37.35% -11.71% 18.25% 76.99% -30.86%
a higher degree of market risk than diversified funds † All returns over 1 year are annualised
because of concentration in a specific country. †† Source for the MSCI India Index is MSCI.
Pandemics and other public health emergencies can
result in market volatility and disruption. These and
other risks associated with investing in the Fund can be All performance quoted represents past performance and is no guarantee of future results. Investment return and
found in the Prospectus. principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than
the original cost. Current performance may be lower or higher than performance shown. Investors investing in Funds
MATTHEWS ASIA denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a
loss of principal.
Matthews Asia believes in the long-term growth of Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of
Asia, one of the world's fastest-growing regions. Since management fees and other expenses. Source: Brown Brothers Harriman (Luxembourg) S.C.A.
1991, we have focused our efforts and expertise in
these countries, investing through a variety of market
environments. Matthews Asia employs a bottom-up,
fundamental investment philosophy with a focus on
long-term investment performance. As of 31 March
2024, Matthews Asia had US$8.4 billion in assets under
management.
G-FS006A_India_I_324 For Institutional/Professional Investor Use Only
India Fund
31 March 2024 1 Holdings may combine more than one security from the same
issuer and related depositary receipts.
TOP TEN HOLDINGS1 2 Percentage values in data are rounded to the nearest tenth of one
percent; the values may not sum to 100% due to rounding.
% of Net
Sector Percentage values may be derived from different data sources and
Assets
may not be consistent with other Fund literature.
Reliance Industries, Ltd. Energy 5.9% 3 Equity market cap of issuer.
HDFC Bank, Ltd. Financials 5.3% 4 Active Share is calculated by taking the absolute value of the
difference between portfolio holdings and benchmark weights,
ICICI Bank, Ltd. Financials 5.1% summing all of these differences, and dividing by two. The
calculation will result in an active share number between 0%,
Shriram Finance, Ltd. Financials 4.6%
which indicates the portfolio perfectly replicates the benchmark,
Infosys, Ltd. Information Technology 4.2% and 100%, which indicates there is no overlap whatsoever between
the portfolio and the index. Active Share was calculated including
Tata Consultancy Services, Ltd. Information Technology 3.1% cash held in the Fund.
IndusInd Bank, Ltd. Financials 3.0% 5 The P/E Ratio is the share price of a stock as of the report date,
divided by the forecasted earnings per share for a 12-month period
Zomato, Ltd. Consumer Discretionary 2.6% (FY1) or a 24-month period (FY2). For the Fund, this is the weighted
Axis Bank, Ltd. Financials 2.4% harmonic average estimated P/E ratio of all the underlying stocks in
the Fund, excluding negative earners. There is no guarantee that
Thermax, Ltd. Industrials 2.3% the composition of the Fund will remain unchanged, or that
% OF ASSETS IN TOP TEN 38.5% forecasted earnings of a stock will be realized. Information
provided is for illustrative purposes only.
Source: Brown Brothers Harriman (Luxembourg) S.C.A. 6 A measure of the market's expectations of a firm's future financial
health. Because this measure deals with cash flow, the effects of
depreciation and other non-cash factors are removed. Similar to
SECTOR ALLOCATION (%)2 MARKET CAP EXPOSURE (%)2,3 price/earnings ratio, this measure provides an indication of relative
value.
Fund Benchmark Difference Fund Benchmark Difference 7 Price-to-Book Ratio (P/B Ratio) is used to compare a stock's market
value to its book value. It is calculated by dividing the current
Financials 30.2 30.7 -0.5 Mega Cap (over $25B) 43.2 73.1 -29.9 closing price of the stock by the latest quarter's book value per
Consumer Discretionary 19.0 11.1 7.9 Large Cap ($10B-$25B) 20.9 20.6 0.3 share. A lower P/B ratio could mean that the stock is undervalued.
8 Return on Equity (ROE) is the amount of net income returned as a
Industrials 11.7 8.1 3.6 Mid Cap ($3B-$10B) 15.4 6.2 9.2 percentage of shareholders equity. Return on equity measures a
Information Technology 10.0 11.0 -1.0 Small Cap (under $3B) 16.5 0.1 16.4 corporation's profitability by revealing how much profit a company
generates with the money shareholders have invested, and is
Health Care 8.2 4.5 3.7 Cash and Other Assets, calculated as net income divided by shareholder's equity.
Consumer Staples 7.0 9.4 -2.4 Less Liabilities 4.1 0.0 4.1 9 Earnings Per Share (EPS) is the amount of annual profit (after tax
and all other expenses) attributable to each share in a company.
Energy 5.9 11.2 -5.3 EPS is calculated by dividing profit by the average number of shares
Source: FactSet Research Systems in a company. Earnings growth is not a measure of a fund's future
Materials 1.5 7.3 -5.8
performance.
Communication Services 1.3 3.0 -1.7 PORTFOLIO CHARACTERISTICS
Real Estate 1.2 0.5 0.7 Fund Benchmark
The Benchmark used for comparison on this page is the S&P Bombay
Utilities 0.0 3.3 -3.3 Number of Positions 62 101 Stock Exchange 100 Index.
Cash and Other Assets, Weighted Avg. Market Cap
Less Liabilities 4.1 0.0 4.1 $49.0 $71.3
(in billions)
Active Share4 53.2 n.a.
P/E Using FY1 Estimates5 25.6x 23.9x
P/E Using FY2 Estimates5 23.0x 21.0x
Price/Cash Flow6 21.4 16.6
Price/Book7 4.5 4.1
Sector data based on MSCI's revised Global Industry Return on Equity8 16.8 18.7
Classification Standards. For more details, visit
www.msci.com. EPS Growth (3 Years)9 19.3% 22.8%
Source: FactSet Research Systems Source: FactSet Research Systems
©2024 Matthews International Capital Management, LLC
India Fund
Matthews Asia Funds
CONTACT INFORMATION
Matthews International Capital Management, LLC
Four Embarcadero Center, Suite 550
San Francisco, CA 94111 USA
Phone: +1 (415) 954-4510
Email:
[email protected]Web: global.matthewsasia.com
FE Crown Fund Rating as of 31/01/2024.
Copyright © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied
or distributed; and (3) is provided for reference purposes only. Past performance is no guarantee of future results.
Overall Morningstar Ratings are reflective of the USD Accumulation Share class.
Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund.
The S&P Bombay Stock Exchange 100 ( S&P BSE 100 ) Index is a free float—adjusted market capitalization-weighted index of 100 stocks listed on the Bombay Stock Exchange.
Index is for comparative purposes only and it is not possible to invest directly in an index.
The MSCI India Index is a free float–adjusted market capitalization-weighted index of Indian equities listed in India. Index is for comparative purposes only and it is not possible
to invest directly in an index.
IMPORTANT INFORMATION
This is a marketing communication. This document is not a Prospectus/Offering Document and does not constitute an offer to the public. No public offering or advertising of
investment services or securities is intended to have taken effect through the provision of these materials. Investors should carefully consider the investment objectives, risks,
charges and expenses of the Fund before making an investment decision. The current prospectus, Key Information Document or Key Investor Information Document, or other
offering documents ("Offering Documents") contain this and other information. Please refer to the Offering Documents before making any final investment decisions.
The Fund is a sub-fund of Matthews Asia Funds, an umbrella fund, with segregated liability between sub-funds, established as an open-ended investment company with
variable capital and incorporated with limited liability under the laws of Luxembourg. It is authorised by the Commission de Surveillance du Secteur Financier (CSSF) as a UCITS
and is registered for public offer and sale in certain jurisdictions only. Not all share classes are registered in each jurisdiction. GENERALLY NOT FOR SALE IN THE U.S. OR TO U.S.
PERSONS.
Matthews Asia is the brand for Matthews International Capital Management, LLC and its direct and indirect subsidiaries.
Investing in emerging and frontier securities involves greater risks than investing in securities of developed markets, as issuers in these countries generally disclose less financial
and other information publicly or restrict access to certain information from review by non-domestic authorities. Emerging and frontier markets tend to have less stringent and
less uniform accounting, auditing and financial reporting standards, limited regulatory or governmental oversight, and limited investor protection or rights to take action
against issuers, resulting in potential material risks to investors.
This material does not constitute or contain an offer, solicitation, recommendation or investment advice with respect to the purchase of the Funds described herein or any
security. Prospective investors should carefully review the information contained in the Offering Documents and consult their professional legal, tax and financial advisers as to
the suitability of any investment in light of their particular circumstances and applicable citizenship, residence or domicile, including any tax or foreign exchange control
restrictions. The Fund's shares may not be sold to citizens or residents of the United States or in any other state, country or jurisdiction where it would be unlawful to offer,
solicit an offer for, or sell the shares. No securities commission or regulatory authority has in any waypassed upon the merits of an investment in the Fund or the accuracy or
adequacy of this information or the material contained herein or otherwise. Neither this factsheet nor the Offering Documents have been approved in any jurisdiction where
the Fund has not been registered for public offer and sale. Application for shares may only be made by way of the Fund's most recent Offering Documents.To obtain the
Offering Documents, please contact Matthews Asia or your financial professional. Please read the Offering Documents carefully before investing. Fees and expenses vary
among Funds and share classes.
The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or
implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or
consequential caused by the use of this information.
Portfolio characteristics for the Fund may vary from time to time from what is shown. It should not be assumed that any investment in the securities listed was or will be
profitable.
Matthews International Capital Management, LLC is the Investment Manager to the Matthews Asia Funds, and is a U.S.-based investment adviser registered with the U.S.
Securities and Exchange Commission who has not represented and will not represent that it is otherwise registered with any other regulator or regulatory body. Registration
does not imply a certain level of skill or training.
In Singapore, this document is available to, and intended for Institutional Investors under Section 304 of the Securities and Futures Act. It should not be circulated or distributed
to the retail public in Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore.
In the UK, this document is only made available to professional clients and eligible counterparties as defined by the Financial Conduct Authority ("FCA"). Under no
circumstances should this document be forwarded to anyone in the UK who is not a professional client or eligible counterparty as defined by the FCA. Issued in the UK by
Matthews Global Investors (UK) Limited, which is authorised and regulated by the FCA, FRN 667893.
