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Matthews India Active ETF
INDE

Snapshot
  • Unconstrained all-cap strategy focused on companies with a sustainable competitive edge and pricing power, which are able to perform throughout economic cycles
  • Fundamental bottom-up approach to seek well-run entrepreneurial companies with sustainable organic growth and trustworthy managements
  • Bias toward businesses that cater to rising domestic consumer demand and to policy-independent sectors

09/21/2023

Inception Date

10.70%

NAV YTD Return

(as of 06/17/2024)

$29.89

NAV

(as of 06/17/2024)

-0.05

1 Day NAV Change

(as of 06/17/2024)

Objective

Long-term capital appreciation

Strategy

Under normal circumstances, the Matthews India Active ETF seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. The Matthews India Active ETF 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 markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. In addition, investments in a single-country ETF, which is considered a non-diversified fund, may be subject to a higher degree of market risk than diversified funds because of concentration in a specific country.

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

Fund Facts
Inception Date 09/21/2023
Fund Assets $9.03 million (06/18/2024)
Currency USD
Ticker INDE
Cusip 577-130-610
Primary Exchange NYSE Arca
Benchmark MSCI India Index S&P Bombay Stock Exchange 100 Index
Geographic Focus India
Fees & Expenses
Gross Expense Ratio 0.79%

NAV & Market Price

(as of 06/17/2024)
NAV $29.89
NAV Change -0.05
Market Price $30.33
Market Price Change +0.07
Day's Trading Volume 1,925 Shares
Median BID/ASK Spread (30 Day) 0.46% (as of 06/17/2024)
Premium Discount +1.47%
Number of days at Premium/Discount
2024 2023
Q2 Q1
Premium 52 58 59
Discount 3 3 9

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.

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Performance

  • Monthly
  • Quarterly
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As of 05/31/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Active ETF - INDE
09/21/2023
NAV
-1.18% 0.57% 5.19% n.a. n.a. n.a. n.a. 13.60%
Market Price
-0.66% 1.16% 6.11% n.a. n.a. n.a. n.a. 14.72%
MSCI India Index
0.76% 3.94% 9.41% n.a. n.a. n.a. n.a. 22.08%
S&P Bombay Stock Exchange 100 Index
0.36% 3.33% 6.40% n.a. n.a. n.a. n.a. 17.99%
As of 03/31/2024
Average Annual Total Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
Matthews India Active ETF - INDE
09/21/2023
NAV
-1.20% 3.33% 3.33% n.a. n.a. n.a. n.a. 11.60%
Market Price
-0.50% 4.37% 4.37% n.a. n.a. n.a. n.a. 12.84%
MSCI India Index
0.82% 6.12% 6.12% n.a. n.a. n.a. n.a. 18.41%
S&P Bombay Stock Exchange 100 Index
1.06% 4.07% 4.07% n.a. n.a. n.a. n.a. 15.39%

Effective April 29, 2024, the primary benchmark changed from the S&P Bombay Stock Exchange 100 Index to the MSCI India Index.

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 06/20/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $615,748 17,341 6.8
HDFCB HDFC BANK, LTD. BK1N461 $471,207 24,448 5.2
SHFL SHRIRAM TRANSPORT FINANCE CO., LTD. 6802608 $461,987 13,619 5.1
ICICIBC ICICI BANK, LTD. BSZ2BY7 $442,040 32,840 4.9
INFO INFOSYS, LTD. 6205122 $394,994 21,993 4.4
ALIC ALICON CASTALLOY LTD B1JM887 $249,413 16,096 2.8
BHARTI BHARTI AIRTEL, LTD. 6442327 $237,868 13,892 2.6
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $221,354 4,840 2.5
IIB INDUSIND BANK, LTD. 6100454 $212,595 11,761 2.4
AXSB AXIS BANK, LTD. BPFJHC7 $205,106 14,355 2.3
LICHF LIC HOUSING FINANCE LTD 6101026 $204,613 22,793 2.3
FB FEDERAL BANK LTD BFT7KB7 $183,385 87,371 2.0
BAF BAJAJ FINANCE, LTD. BD2N0P2 $181,480 2,064 2.0
VBL VARUN BEVERAGES LTD BQLPLZ7 $171,024 8,780 1.9
GCPL GODREJ CONSUMER PRODUCTS B1BDGY0 $168,838 10,034 1.9
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $167,381 9,602 1.9
WHIRL WHIRLPOOL OF INDIA LTD 6291790 $165,132 7,548 1.8
PLM POLY MEDICURE, LTD. BVRYS52 $163,985 6,958 1.8
MM MAHINDRA & MAHINDRA, LTD. 6100186 $151,293 4,261 1.7
TVSL TVS MOTOR CO LTD 6726548 $149,154 5,035 1.7
NLL NEULAND LABORATORIES LTD 6314727 $144,050 1,849 1.6
TTAN TITAN CO., LTD. 6139340 $137,806 3,203 1.5
ZOMATO ZOMATO LTD BL6P210 $128,321 56,754 1.4
MSIL MARUTI SUZUKI INDIA, LTD. 6633712 $126,485 840 1.4
KMB KOTAK MAHINDRA BANK, LTD. 6135661 $125,608 6,094 1.4
HONASA HONASA CONSUMER LTD BSCC0R6 $122,187 23,638 1.4
UTCEM ULTRATECH CEMENT, LTD. B01GZF6 $119,163 894 1.3
KKC CUMMINS INDIA, LTD. 6294863 $116,126 2,532 1.3
VOLT VOLTAS LTD B1FCQX2 $116,106 6,305 1.3
CROMPTO CROMPTON GREAVES CONSUMER BD87BS8 $114,538 22,290 1.3
TTMT TATA MOTORS, LTD. B611LV1 $112,053 9,481 1.2
TMX THERMAX, LTD. B10SSP1 $112,003 1,777 1.2
BHEL BHARAT HEAVY ELECTRICALS B6SNRV2 $111,882 30,540 1.2
POLICYB PB FINTECH LTD BP4DVR3 $110,611 6,759 1.2
SBIN STATE BANK OF INDIA BSQCB24 $102,287 10,099 1.1
UNBK UNION BANK OF INDIA 6579634 $101,618 57,646 1.1
BJAUT BAJAJ AUTO LTD B2QKXW0 $91,907 773 1.0
PWGR POWER GRID CORP. OF INDIA, LTD. B233HS6 $90,011 22,630 1.0
TJL THANGA MAYIL JEWELLERY, LTD. B61J988 $87,437 5,204 1.0
NTPC NTPC LTD B037HF1 $86,857 19,601 1.0
LATENTV LATENT VIEW ANALYTICS LTD BPG97T3 $86,562 14,545 1.0
LPC LUPIN, LTD. 6143761 $84,742 4,470 0.9
PRJ PRAJ INDUSTRIES, LTD. B0FHS89 $84,680 10,239 0.9
METROHL METROPOLIS HEALTHCARE LTD BHHLPD2 $84,308 3,597 0.9
MRCO MARICO, LTD. B1S34K5 $83,167 11,127 0.9
TRENT TRENT LTD BDDRN32 $81,952 1,276 0.9
LUMX LUMAX INDUSTRIES LTD 6525552 $78,926 2,309 0.9
NEWGEN NEWGEN SOFTWARE TECHNOLOG BG06NL1 $76,409 6,893 0.8
ELCN ELECON ENGINEERING CO LTD B1FVBW3 $74,954 4,808 0.8
ASFI ASHIANA HOUSING LTD BFZ1XJ2 $70,614 14,104 0.8
SRIN SUNTECK REALTY LTD BF0F7S6 $70,567 10,466 0.8
NEST NESTLE INDIA, LTD. BQB8GH3 $67,291 2,201 0.7
TATACON TATA CONSUMER PRODUCTS LT 6121488 $66,991 4,959 0.7
BQPG2F3 RELIANCE STRATEGIC BQPG2F3 $65,192 14,973 0.7
HNAL HINDUSTAN AERONAUTICS LTD BR56KD4 $65,139 982 0.7
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $62,648 3,436 0.7
ASTRA ASTRAL LTD BR2NB24 $59,718 2,207 0.7
DRRD DR. REDDY'S LABORATORIES 6410959 $56,093 781 0.6
DIVI DIVI'S LABORATORIES LTD 6602518 $49,684 908 0.5
JSW JSW ENERGY LTD B4X3ST8 $49,670 5,863 0.5
TDPS TD POWER SYSTEMS LTD BQMSXV5 $49,397 10,582 0.5
APR APAR INDUSTRIES LTD B01WBY5 $47,431 466 0.5
KAYNES KAYNES TECHNOLOGY INDIA L BP5WYF8 $44,258 948 0.5
DMART AVENUE SUPERMARTS LTD BYW1G33 $43,978 728 0.5
RBA RESTAURANT BRANDS ASIA LT BLGZ221 $38,261 29,468 0.4
PI PI INDUSTRIES LTD B992PT3 $37,961 865 0.4
JUST JUST DIAL, LTD. B8W3TV6 $34,544 2,847 0.4
GPPV GUJARAT PIPAVAV PORT, LTD. B53NR43 $22,403 9,242 0.2
CASH CASH AND OTHERS $-172,481 -1.9
CURR INR $-6,452 -0.1
TOTAL 38.9

Portfolio Breakdown (%)

(as of 03/31/2024)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 31.3 30.7 0.6
Consumer Discretionary 14.4 11.1 3.3
Industrials 11.4 8.1 3.3
Information Technology 10.7 11.0 -0.3
Health Care 9.6 4.5 5.1
Consumer Staples 7.1 9.4 -2.3
Energy 7.0 11.2 -4.2
Materials 1.6 7.3 -5.7
Communication Services 1.4 3.0 -1.6
Real Estate 1.2 0.5 0.7
Utilities 0.0 3.3 -3.3
Cash and Other Assets, Less Liabilities 4.2 0.0 4.2

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

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 43.8 73.1 -29.3
Large Cap ($10B-$25B) 22.2 20.6 1.6
Mid Cap ($3B-$10B) 17.1 6.2 10.9
Small Cap (under $3B) 12.7 0.1 12.6
Cash and Other Assets, Less Liabilities 4.2 0.0 4.2

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 03/31/2024)
Fund Benchmark
Number of Positions 57 101
Weighted Average Market Cap $52.3 billion $71.3 billion
Active Share 52.8 n.a.
P/E using FY1 estimates 25.9x 23.9x
P/E using FY2 estimates 23.5x 21.0x
Price/Cash Flow 22.1 16.6
Price/Book 4.4 4.1
Return On Equity 17.0 18.7
EPS Growth (3 Yr) 18.3% 22.8%

Sources: Factset Research Systems, Inc.

Portfolio Managers

Peeyush  Mittal, CFA photo
Peeyush Mittal, CFA

Lead Manager

Swagato  Ghosh photo
Swagato Ghosh

Co-Manager

 

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

Index Definitions

The Benchmark used for comparison under "Portfolio Breakdown" and "Portfolio Characteristics" is the S&P Bombay Stock Exchange 100 index.

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.