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Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

MATTHEWS CHINA DIVIDEND FUND

MICDX | Fund

$11.77

$106 M

4.96%

$0.58

1.04%

Vitals

YTD Return

12.9%

1 yr return

15.3%

3 Yr Avg Return

-8.7%

5 Yr Avg Return

-0.8%

Net Assets

$106 M

Holdings in Top 10

45.3%

52 WEEK LOW AND HIGH

$11.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.04%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 68.25%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

MATTHEWS CHINA DIVIDEND FUND

MICDX | Fund

$11.77

$106 M

4.96%

$0.58

1.04%

MICDX - Profile

Distributions

  • YTD Total Return 12.9%
  • 3 Yr Annualized Total Return -8.7%
  • 5 Yr Annualized Total Return -0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.65%
DIVIDENDS
  • Dividend Yield 5.0%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    MATTHEWS CHINA DIVIDEND FUND
  • Fund Family Name
    Matthews Asia Funds
  • Inception Date
    Oct 29, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Yu Zhang

Fund Description

Under normal circumstances, the Matthews China Dividend Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in dividend-paying equity securities of companies located in China. The Fund may also invest in convertible debt and equity securities of any maturity and quality, including those that are unrated, or would be below investment grade (referred to as “junk bonds”) if rated, of companies located in China. China also includes its administrative and other districts, such as Hong Kong. A company or other issuer is considered to be “located” in a country or a region, and a security or instrument is deemed to be an Asian (or specific country) security or instrument, if it has substantial ties to that country or region. Matthews currently makes that determination based primarily on one or more of the following criteria: (A) with respect to a company
or issuer, whether (i) it is organized under the laws of that country or any country in that region; (ii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located, within that country or region; (iii) it has the primary trading markets for its securities in that country or region; (iv) it has its principal place of business in or is otherwise headquartered in that country or region; or (v) it is a governmental entity or an agency, instrumentality or a political subdivision of that country or any country in that region; and (B) with respect to an instrument or issue, whether (i) its issuer is headquartered or organized in that country or region; (ii) it is issued to finance a project that has at least 50% of its assets or operations in that country or region; (iii) it is at least 50% secured or backed by assets located in that country or region; (iv) it is a component of or its issuer is included in the MSCI China Index, the Fund’s primary benchmark index; or (v) it is denominated in the currency of an Asian country and addresses at least one of the other above criteria. The term “located” and the associated criteria listed above have been defined in such a way that Matthews has latitude in determining whether an issuer should be included within a region or country. The Fund may also invest in depositary receipts, including American, European and Global Depositary Receipts.
The Fund seeks to provide a level of current income that is higher than the yield generally available in Chinese equity markets over the long term. The Fund intends to distribute its realized income, if any, regularly (typically semi-annually in June and December). There is no guarantee that the Fund will be able to distribute its realized income, if any, regularly. If the value of the Fund’s investments declines, the net asset value of the Fund will decline and investors may lose some or all of the value of their investments.
The Fund’s objective is total return with an emphasis on providing current income. Total return includes current income (dividends and distributions paid to shareholders) and capital gains (share price appreciation). The Fund measures total return over longer periods. Because of this objective, under normal circumstances, the Fund primarily invests in companies that exhibit attractive dividend yields and the propensity (in Matthews’ judgment) to pay increasing dividends. Matthews believes that in addition to providing current income, growing dividend payments by portfolio companies are an important component supporting capital appreciation. Matthews expects that such companies typically will be of small or medium size, but the Fund may invest in companies of any size. Matthews measures a company’s size with respect to fundamental criteria such as, but not limited to, market capitalization, book value, revenues, profits, cash flow, dividends paid and number of employees. The implementation of the principal investment strategies of the Fund may result in a significant portion of the Fund’s assets being invested from time to time in one or more sectors, but the Fund may invest in companies in any sector.
Read More

MICDX - Performance

Return Ranking - Trailing

Period MICDX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.9% -16.5% 28.9% 32.58%
1 Yr 15.3% -14.0% 30.6% 24.72%
3 Yr -8.7%* -19.4% 4.2% 24.10%
5 Yr -0.8%* -13.8% 13.3% 35.29%
10 Yr 4.7%* -4.7% 9.8% 18.00%

* Annualized

Return Ranking - Calendar

Period MICDX Return Category Return Low Category Return High Rank in Category (%)
2023 -23.6% -26.6% 26.3% 85.39%
2022 -21.0% -41.6% -9.4% 10.84%
2021 -9.8% -52.5% 26.5% 40.00%
2020 21.2% 1.3% 138.5% 81.43%
2019 13.1% 4.4% 42.6% 91.18%

Total Return Ranking - Trailing

Period MICDX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.9% -16.5% 28.9% 32.58%
1 Yr 15.3% -14.0% 30.6% 24.72%
3 Yr -8.7%* -19.4% 4.2% 24.10%
5 Yr -0.8%* -13.8% 13.3% 35.29%
10 Yr 4.7%* -4.7% 9.8% 18.00%

* Annualized

Total Return Ranking - Calendar

Period MICDX Return Category Return Low Category Return High Rank in Category (%)
2023 -20.6% -25.7% 30.1% 85.39%
2022 -16.8% -40.4% -6.8% 12.05%
2021 -0.4% -48.9% 29.5% 26.25%
2020 27.1% 2.0% 138.5% 71.43%
2019 15.2% 7.8% 44.4% 88.24%

NAV & Total Return History

MICDX - Holdings

Concentration Analysis

MICDX Category Low Category High MICDX % Rank
Net Assets 106 M 1.85 M 7.24 B 30.34%
Number of Holdings 43 27 1169 84.27%
Net Assets in Top 10 45.8 M 971 K 4.09 B 30.34%
Weighting of Top 10 45.28% 5.6% 85.4% 66.29%

Top 10 Holdings

  1. Tencent Holdings Ltd 9.48%
  2. Alibaba Group Holding Ltd 9.02%
  3. Ping An Insurance Group Co of China Ltd 4.83%
  4. Meituan 4.67%
  5. China Construction Bank Corp 3.57%
  6. AIA Group Ltd 3.01%
  7. Fuyao Glass Industry Group Co Ltd 2.89%
  8. Hong Kong Exchanges Clearing Ltd 2.65%
  9. China Everbright Environment Group Ltd 2.58%
  10. Anhui Expressway Co Ltd 2.56%

Asset Allocation

Weighting Return Low Return High MICDX % Rank
Stocks 		96.55% 51.72% 113.15% 69.66%
Cash 		3.45% 0.00% 33.85% 28.09%
Preferred Stocks 		0.00% 0.00% 2.47% 70.79%
Other 		0.00% -0.02% 47.32% 74.16%
Convertible Bonds 		0.00% 0.00% 0.15% 70.59%
Bonds 		0.00% 0.00% 0.00% 70.79%

Stock Sector Breakdown

Weighting Return Low Return High MICDX % Rank
Communication Services 		14.75% 0.00% 41.06% 28.24%
Consumer Cyclical 		14.04% 0.00% 95.37% 77.65%
Industrials 		14.01% 0.00% 36.69% 40.00%
Financial Services 		13.57% 0.00% 41.62% 58.82%
Consumer Defense 		12.01% 0.00% 20.13% 22.35%
Healthcare 		11.72% 0.00% 100.00% 17.65%
Technology 		7.58% 0.00% 58.02% 72.94%
Basic Materials 		6.55% 0.00% 19.86% 31.76%
Utilities 		2.93% 0.00% 11.37% 22.35%
Real Estate 		2.85% 0.00% 22.12% 42.35%
Energy 		0.00% 0.00% 19.38% 85.88%

Stock Geographic Breakdown

Weighting Return Low Return High MICDX % Rank
Non US 		91.30% 0.00% 100.00% 59.55%
US 		5.24% 0.00% 100.63% 43.82%

MICDX - Expenses

Operational Fees

MICDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.04% 0.09% 11.25% 69.66%
Management Fee 0.68% 0.09% 1.50% 24.72%
12b-1 Fee 0.00% 0.00% 1.00% 31.43%
Administrative Fee N/A 0.06% 0.25% 56.41%

Sales Fees

MICDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

MICDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 44.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MICDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 68.25% 4.00% 241.00% 66.67%

MICDX - Distributions

Dividend Yield Analysis

MICDX Category Low Category High MICDX % Rank
Dividend Yield 4.96% 0.00% 8.89% 8.99%

Dividend Distribution Analysis

MICDX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annual Quarterly Annual

Net Income Ratio Analysis

MICDX Category Low Category High MICDX % Rank
Net Income Ratio 2.65% -1.17% 3.66% 4.71%

Capital Gain Distribution Analysis

MICDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

MICDX - Fund Manager Analysis

Managers

Yu Zhang

Start Date

Tenure

Tenure Rank

Apr 27, 2012

10.1

10.1%

Yu Zhang is a Portfolio Manager at Matthews. He manages the firm’s Asia Dividend and Asia ex Japan Dividend Strategies, and co-manages the China Dividend Strategy. Prior to joining the firm in 2007 as a Research Associate, Yu was an Analyst researching Japanese companies at Aperta Asset Management from 2005 to 2007. Before receiving a graduate degree in the U.S., he was an Associate in the Ningbo, China office of Mitsui & Co., a Japanese general trading firm. Yu received a B.A. in English Language from the Beijing Foreign Studies University, an M.B.A. from Suffolk University and an M.S. in Finance from Boston College. He is fluent in Mandarin.Yu has been a Portfolio Manager of the Matthews Asia Dividend Fund since 2011 and of the Matthews China Dividend Fund since 2012.

Sherwood Zhang

Start Date

Tenure

Tenure Rank

Apr 30, 2014

8.09

8.1%

Sherwood Zhang is a Portfolio Manager at Matthews. He manages the firm’s China Dividend Strategy and co-manages the Asia Dividend and Asia ex Japan Dividend Strategies. Prior to joining the Matthews in 2011, Sherwood was an analyst at Passport Capital from 2007 to 2010, where he focused on such industries as property and basic materials in China as well as consumer-related sectors. Before earning his M.B.A. in 2007, Sherwood served as a Senior Treasury Officer for Hang Seng Bank in Shanghai and Hong Kong, and worked as a Foreign Exchange Trader at Shanghai Pudong Development Bank in Shanghai. He received his M.B.A. from the University of Maryland and his Bachelor of Economics in Finance from Shanghai University. Sherwood is fluent in Mandarin and speaks conversational Cantonese.Sherwood has been a Portfolio Manager of the Matthews China Dividend Fund since 2014 and of the Matthews Asia Dividend Fund since 2018.

S. Joyce Li

Start Date

Tenure

Tenure Rank

Apr 30, 2019

3.09

3.1%

S. Joyce Li is a Portfolio Manager at Matthews Asia and co-manages the firm's China Dividend, Asia ex Japan Dividend, and Asia Dividend Strategies. Prior to joining Matthews in 2016, she was a Portfolio Manager and Principal at Marvin & Palmer Associates, where she co-managed equity investments in the Asia Pacific markets between 2007 and 2016. Joyce started her investment career as a Senior Investment Associate at Wilmington Trust. Joyce received an MBA with honors from the Wharton School of the University of Pennsylvania and a M.S. in Computer Science from the University of Virginia. She is fluent in Mandarin and Cantonese. She is a CFA charterholder and has been a board director of the CFA Society of San Francisco since 2016.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 24.1 3.8 3.22

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