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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

16.96%

NAV YTD Return

(as of 10/04/2024)

$31.58

NAV

(as of 10/04/2024)

-0.15

1 Day NAV Change

(as of 10/04/2024)

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 $19.58 million (10/04/2024)
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 10/04/2024)
NAV $31.58
NAV Change -0.15
Market Price $31.80
Market Price Change -0.10
Day's Trading Volume 1,501 Shares
Median BID/ASK Spread (30 Day) 0.45% (as of 10/04/2024)
Premium Discount +0.70%
Number of days at Premium/Discount
2024 2023
Q4 Q3 Q2 Q1
Premium 2 51 59 58 59
Discount 2 12 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 08/31/2024
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
1.98% 12.64% 18.48% n.a. n.a. n.a. n.a. 27.96%
Market Price
2.45% 12.21% 19.05% n.a. n.a. n.a. n.a. 28.72%
MSCI India Index
1.10% 12.55% 23.14% n.a. n.a. n.a. n.a. 37.41%
S&P Bombay Stock Exchange 100 Index
1.05% 12.41% 19.61% n.a. n.a. n.a. n.a. 32.63%
As of 06/30/2024
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
7.61% 9.53% 13.19% n.a. n.a. n.a. n.a. 22.24%
Market Price
7.01% 8.79% 13.54% n.a. n.a. n.a. n.a. 22.76%
MSCI India Index
7.04% 10.36% 17.11% n.a. n.a. n.a. n.a. 30.68%
S&P Bombay Stock Exchange 100 Index
7.16% 9.56% 14.02% n.a. n.a. n.a. n.a. 26.43%

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 10/07/2024)
Ticker Name SEDOL Market Value Shares % Net Assets
HDFCB HDFC BANK, LTD. BK1N461 $1,048,053 53,091 5.4
RELIANC RELIANCE INDUSTRIES, LTD. 6099626 $1,047,020 31,705 5.3
INFO INFOSYS, LTD. 6205122 $983,777 43,067 5.0
ICICIBC ICICI BANK, LTD. BSZ2BY7 $971,263 65,786 5.0
SHFL SHRIRAM TRANSPORT FINANCE CO., LTD. 6802608 $917,558 23,094 4.7
NLL NEULAND LABORATORIES LTD 6314727 $667,770 4,643 3.4
TCS TATA CONSULTANCY SERVICES, LTD. B01NPJ1 $589,746 11,646 3.0
BHARTI BHARTI AIRTEL, LTD. 6442327 $544,770 27,878 2.8
ZOMATO ZOMATO LTD BL6P210 $526,108 160,472 2.7
ALIC ALICON CASTALLOY LTD B1JM887 $519,235 33,264 2.7
TJL THANGA MAYIL JEWELLERY, LTD. B61J988 $499,378 17,661 2.6
FB FEDERAL BANK LTD BFT7KB7 $417,047 180,823 2.1
AXSB AXIS BANK, LTD. BPFJHC7 $396,190 28,232 2.0
BAF BAJAJ FINANCE, LTD. BD2N0P2 $394,184 4,590 2.0
WHIRL WHIRLPOOL OF INDIA LTD 6291790 $346,605 12,319 1.8
MM MAHINDRA & MAHINDRA, LTD. 6100186 $339,651 9,452 1.7
IIB INDUSIND BANK, LTD. 6100454 $327,304 19,875 1.7
POLICYB PB FINTECH LTD BP4DVR3 $319,646 15,664 1.6
GCPL GODREJ CONSUMER PRODUCTS B1BDGY0 $319,339 19,963 1.6
MAXF MAX INDIA, LTD. B1TJG95 $317,187 22,945 1.6
VBL VARUN BEVERAGES LTD BQB80M6 $312,644 45,350 1.6
CIFC CHOLAMANDALAM INVESTMENT AND FINANCE CO., LTD. BJ9K2H4 $310,817 17,430 1.6
NEWGEN NEWGEN SOFTWARE TECHNOLOG BG06NL1 $301,182 19,540 1.5
KMB KOTAK MAHINDRA BANK, LTD. 6135661 $293,611 13,629 1.5
PLM POLY MEDICURE, LTD. BVRYS52 $287,841 10,296 1.5
SUEL SUZLON ENERGY LTD B0DX8R8 $271,942 305,816 1.4
ARJN AMRUTANJAN HEALTH CARE, LTD. BDQPZX7 $253,013 27,644 1.3
UTCEM ULTRATECH CEMENT, LTD. B01GZF6 $252,810 1,854 1.3
HONASA HONASA CONSUMER LTD BSCC0R6 $248,543 48,854 1.3
LICHF LIC HOUSING FINANCE LTD 6101026 $235,587 31,161 1.2
CROMPTO CROMPTON GREAVES CONSUMER BD87BS8 $231,533 46,066 1.2
TRENT TRENT LTD BDDRN32 $230,833 2,636 1.2
TVSL TVS MOTOR CO LTD 6726548 $230,212 7,193 1.2
BJAUT BAJAJ AUTO LTD B2QKXW0 $225,052 1,605 1.1
ELCN ELECON ENGINEERING CO LTD BSWYQD0 $207,638 25,800 1.1
LPC LUPIN, LTD. 6143761 $204,088 7,796 1.0
MSIL MARUTI SUZUKI INDIA, LTD. 6633712 $203,412 1,355 1.0
VOLT VOLTAS LTD B1FCQX2 $201,904 9,369 1.0
METROHL METROPOLIS HEALTHCARE LTD BHHLPD2 $197,932 7,437 1.0
TTAN TITAN CO., LTD. 6139340 $196,286 4,491 1.0
PI PI INDUSTRIES LTD B992PT3 $196,172 3,591 1.0
MRCO MARICO, LTD. B1S34K5 $195,681 23,807 1.0
TTMT TATA MOTORS, LTD. B611LV1 $193,718 17,477 1.0
NTPC NTPC LTD B037HF1 $187,838 36,643 1.0
TATACON TATA CONSUMER PRODUCTS LT 6121488 $176,187 13,088 0.9
LATENTV LATENT VIEW ANALYTICS LTD BPG97T3 $171,504 31,287 0.9
SUNP SUN PHARMACEUTICAL INDUSTRIES, LTD. 6582483 $161,500 7,100 0.8
JUST JUST DIAL, LTD. B8W3TV6 $154,478 10,865 0.8
PRJ PRAJ INDUSTRIES, LTD. B0FHS89 $152,701 16,844 0.8
BHEL BHARAT HEAVY ELECTRICALS B6SNRV2 $150,242 47,145 0.8
ITC ITC, LTD. B0JGGP5 $147,980 24,677 0.8
DRRD DR. REDDY'S LABORATORIES 6410959 $144,876 1,834 0.7
ZYDUSLI ZYDUS LIFESCIENCES LTD BYM8TG8 $141,910 11,270 0.7
ICICIGI ICICI LOMBARD GENERAL INS BYXH7P9 $138,580 5,472 0.7
TDPS TD POWER SYSTEMS LTD BQMSXV5 $136,513 28,940 0.7
SRIN SUNTECK REALTY LTD BF0F7S6 $125,735 18,755 0.6
SBIN STATE BANK OF INDIA BSQCB24 $125,354 13,213 0.6
KAYNES KAYNES TECHNOLOGY INDIA L BP5WYF8 $117,598 1,956 0.6
DMART AVENUE SUPERMARTS LTD BYW1G33 $114,248 2,025 0.6
KKC CUMMINS INDIA, LTD. 6294863 $110,814 2,568 0.6
TMX THERMAX, LTD. B10SSP1 $109,467 1,770 0.6
GPPV GUJARAT PIPAVAV PORT, LTD. B53NR43 $105,827 41,469 0.5
NEST NESTLE INDIA, LTD. BQB8GH3 $102,384 3,309 0.5
PSYS PERSISTENT SYSTEMS LTD BLC87W9 $91,228 1,490 0.5
ASFI ASHIANA HOUSING LTD BFZ1XJ2 $89,980 23,922 0.5
DIVI DIVI'S LABORATORIES LTD 6602518 $79,796 1,235 0.4
HDB HDFC BANK, LTD. ADR 2781648 $45,269 742 0.2
CASH CASH AND OTHERS $-605,195 -3.1
CURR INR $128,387 0.7
TOTAL 39.9

Portfolio Breakdown (%)

(as of 06/30/2024)
  • Sector Allocation
  • Market Cap Exposure
Sector Fund Benchmark Difference
Financials 33.3 24.7 8.6
Consumer Discretionary 18.8 13.1 5.7
Industrials 10.4 9.9 0.5
Information Technology 8.9 10.7 -1.8
Health Care 7.9 5.0 2.9
Consumer Staples 7.7 7.3 0.4
Energy 6.9 10.4 -3.5
Communication Services 3.0 3.5 -0.5
Utilities 2.4 5.2 -2.8
Materials 1.9 8.6 -6.7
Real Estate 1.5 1.5 0.0
Liabilities in Excess of Cash and Other Assets -2.6 0.0 -2.6

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) 48.9 63.9 -15.0
Large Cap ($10B-$25B) 19.8 26.1 -6.3
Mid Cap ($3B-$10B) 15.4 10.0 5.4
Small Cap (under $3B) 18.5 0.0 18.5
Liabilities in Excess of Cash and Other Assets -2.6 0.0 -2.6

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 06/30/2024)
Fund Benchmark
Number of Positions 70 146
Weighted Average Market Cap $53.6 billion $63.5 billion
Active Share 49.1 n.a.
P/E using FY1 estimates 23.9x 24.2x
P/E using FY2 estimates 20.7x 21.1x
Price/Cash Flow 20.1 18.6
Price/Book 4.5 4.6
Return On Equity 18.7 20.4
EPS Growth (3 Yr) 26.2% 27.1%

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.