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Matthews Asia Innovators Active ETF
MINV

Snapshot
  • High-conviction, concentrated equity portfolio of innovative companies in Asia ex Japan
  • All-cap fundamental approach focused on companies with unique offerings that create or expand markets
  • Capitalizing on the new economy and the rising disposable income in Asia

07/13/2022

Inception Date

n.a.

NAV YTD Return

(as of 12/05/2022)

$25.14

NAV

(as of 12/05/2022)

+0.50

1 Day NAV Change

(as of 12/05/2022)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews Asia Innovators Active ETF seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in Asia that Matthews believes are innovators in their products, services, processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Fund seeks to invest in companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health.

Risks

Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Sector funds may be subject to a higher degree of market risk than diversified funds because of a concentration in a specific sector. The Fund's value may be affected by changes in the science and technology-related industries.

These and other risks associated with investing in the Fund can be found in the prospectus.

Fund Facts
Inception Date 07/13/2022
Fund Assets $17.91 million (10/31/2022)
Currency USD
Ticker MINV
Cusip 577-125-826
Primary Exchange NYSE Arca
Benchmark MSCI All Country Asia ex Japan Index
Geographic Focus Asia - Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 12/05/2022)
NAV $25.14
NAV Change +0.50
Market Price $24.89
Market Price Change -0.30
Day's Trading Volume 54,012 Shares
Median BID/ASK Spread (30 Day) 0.34% (as of 12/05/2022)
Premium Discount -0.99%
Number of days at Q3 2022 2021
Premium 31 0
Discount 26 0

The NAV of an ETF represents the value of all the securities held by the ETF such as shares or bonds and cash minus any liabilities such as Total Expense Ratio (TER), and divided by the number of shares outstanding. An ETF’s market price is the price at which investors can buy or sell an ETF on an exchange. This price may deviate from the NAV of the ETF depending on demand for and supply for the ETF at a point in time.

The Premium/Discount chart shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount of the Mid-Point price as a percentage of the NAV. The horizontal axis shows the number of trading days covered by the chart, and each bar in the chart demonstrates how many days the Fund traded within the given premium/discount range. The data presented in the chart and table above represent past performance and cannot be used to predict future results.

Performance

  • Monthly
  • Quarterly
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As of 10/31/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
-11.08% -20.37% n.a. n.a. n.a. n.a. n.a. -20.40%
Market Price
-10.08% -20.32% n.a. n.a. n.a. n.a. n.a. -19.68%
MSCI All Country Asia ex Japan Index
-6.09% -18.02% n.a. n.a. n.a. n.a. n.a. -16.93%
As of 09/30/2022
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews Asia Innovators Active ETF - MINV
07/13/2022
NAV
-11.61% n.a. n.a. n.a. n.a. n.a. n.a. -10.48%
Market Price
-11.18% n.a. n.a. n.a. n.a. n.a. n.a. -10.68%
MSCI All Country Asia ex Japan Index
-12.73% n.a. n.a. n.a. n.a. n.a. n.a. -11.54%

Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.

Year to Date and Since Inception performance with less than one year of history represents actual performance, not annualized.

Assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund’s fees and expenses had not been waived.

Net asset value (“NAV”) returns are based on the dollar value of a single share of the ETF, calculated using the value of the underlying assets of the ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects the reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of the ETF’s shares may differ significantly from their NAV during periods of market volatility.

Top 10 Holdings

(as of 12/06/2022)
Ticker Name SEDOL Market Value Shares % Net Assets
700 TENCENT HOLDINGS, LTD. BMMV2K8 $3,581,411 88,600 5.5
9988 ALIBABA GROUP HOLDING, LTD. BK6YZP5 $3,282,348 275,200 5.0
3690 MEITUAN DIANPING CLASS B BGJW376 $3,228,858 143,900 4.9
HDFCB HDFC BANK, LTD. BK1N461 $3,219,176 163,254 4.9
PDD PINDUODUO INC-ADR BYVW0F7 $3,067,205 34,934 4.7
9618 JD.COM INC - CL A BKPQZT6 $3,060,433 98,400 4.7
9961 TRIP.COM GROUP LTD BNYK8H9 $2,939,923 86,900 4.5
1179 H WORLD GROUP LTD BMB5YK5 $2,880,580 679,100 4.4
BEKE KE HOLDINGS INC-ADR BMBX7M2 $2,698,381 164,235 4.1
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 6889106 $2,328,724 145,000 3.6
ICICIBC ICICI BANK, LTD. BSZ2BY7 $2,231,543 195,517 3.4
1024 KUAISHOU TECHNOLOGY BLC90T0 $2,136,143 260,700 3.3
291 CHINA RESOURCES BEER HOLDINGS CO., LTD. 6972459 $2,113,774 298,000 3.2
1299 AIA GROUP, LTD. B4TX8S1 $2,027,024 188,800 3.1
6415 SILERGY CORP. BH4DMW9 $1,719,259 92,000 2.6
603288 FOSHAN HAITIAN FLAVOURING AND FOOD CO., LTD. A SHARES BTFRHX0 $1,705,990 155,110 2.6
IIB INDUSIND BANK, LTD. 6100454 $1,686,335 115,381 2.6
CPNG COUPANG INC BNYHDF3 $1,555,322 86,841 2.4
005930 SAMSUNG ELECTRONICS CO., LTD. 6771720 $1,505,902 32,282 2.3
BZ KANZHUN LTD - ADR BM91SH0 $1,476,169 75,546 2.3
SE SEA, LTD. ADR BYWD7L4 $1,424,566 24,137 2.2
GRAB GRAB HOLDINGS LTD - CL A BP6NH40 $1,400,964 451,924 2.1
006400 SAMSUNG SDI CO., LTD. 6771645 $1,397,073 2,591 2.1
300124 SHENZHEN INOVANCE TECHNOLOGY CO., LTD. A SHARES BD5CMN8 $1,233,694 118,700 1.9
RIL RELIANCE INDUSTRIES, LTD. 6099626 $1,116,629 34,050 1.7
1368 XTEP INTERNATIONAL HOLDIN B2RJYH8 $1,060,350 858,000 1.6
BBRI PT BANK RAKYAT INDONESIA PERSERO 6709099 $1,060,008 3,352,900 1.6
ZOMATO ZOMATO LTD BL6P210 $1,017,889 1,272,128 1.6
051910 LG CHEM, LTD. 6346913 $876,024 1,627 1.3
300274 SUNGROW POWER SUPPLY CO L BD5CGB4 $827,264 53,000 1.3
1801 INNOVENT BIOLOGICS, INC. BGR6KX5 $734,118 205,500 1.1
600036 CHINA MERCHANTS BANK CO., LTD. A SHARES BP3R273 $705,253 135,900 1.1
300347 HANGZHOU TIGERMED CONSULTING CO., LTD. A SHARES BD5CCK5 $679,587 51,700 1.0
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD. A SHARES BHQPSY7 $609,076 10,800 0.9
MWG MOBILE WORLD INVESTMENT CORP. BP3RNW5 $457,437 230,400 0.7
688686 OPT MACHINE VISION TECH C BL6JNM0 $356,326 16,981 0.5
CASH CASH AND OTHERS $1,968,966 3.0
TOTAL 46.3

Portfolio Breakdown (%)

(as of 09/30/2022)
  • Sector Allocation
  • Country Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Consumer Discretionary 34.1 15.1 19.0
Financials 24.8 21.1 3.7
Communication Services 10.5 9.7 0.8
Information Technology 7.1 20.8 -13.7
Consumer Staples 6.2 5.8 0.4
Industrials 5.5 6.7 -1.2
Health Care 3.1 3.9 -0.8
Materials 2.6 5.5 -2.9
Real Estate 2.6 4.1 -1.5
Energy 2.1 3.9 -1.8
Utilities 0.0 3.3 -3.3
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.

Country Fund Benchmark Difference
China/Hong Kong 54.3 43.3 11.0
India 24.5 17.5 7.0
South Korea 6.3 12.2 -5.9
Indonesia 4.5 2.5 2.0
Singapore 4.0 3.9 0.1
Taiwan 1.8 15.6 -13.8
Vietnam 1.7 0.0 1.7
United States 1.3 0.0 1.3
Thailand 0.0 2.4 -2.4
Malaysia 0.0 1.7 -1.7
Philippines 0.0 0.8 -0.8
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

Not all countries are included in the benchmark index(es).

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 59.9 56.1 3.8
Large Cap ($10B-$25B) 26.1 21.0 5.1
Mid Cap ($3B-$10B) 9.7 19.3 -9.6
Small Cap (under $3B) 2.8 3.5 -0.7
Cash and Other Assets, Less Liabilities 1.5 0.0 1.5

Source: FactSet Research Systems.

Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.

Portfolio Characteristics

(as of 09/30/2022)
Fund Benchmark
Number of Positions 42 1,205
Weighted Average Market Cap $66.0 billion $86.3 billion
Active Share 79.5 n.a.
P/E using FY1 estimates 20.9x 10.7x
P/E using FY2 estimates 17.7x 10.2x
Price/Cash Flow 14.6 6.3
Price/Book 2.7 1.4
Return On Equity 3.2 14.6
EPS Growth (3 Yr) 4.1% 11.4%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Michael J. Oh, CFA photo
Michael J. Oh, CFA

Lead Manager

Taizo  Ishida photo
Taizo Ishida

Co-Manager

 

Visit our Glossary of Terms page for definitions and additional information.

Index Definitions

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. Neither the funds nor the Investment Advisor accept any liability for losses either direct or consequential caused by the use of this information.