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MATTHEWS CHINA DIVIDEND FUND
mutual fund
MICDX
Payout Change
Pending
Price as of:
$12.03
-0.13
-1.07%
primary theme
China Region Equity
share class
MICDX (Mutual Fund)
MATTHEWS CHINA DIVIDEND FUND
Payout Change
Pending
Price as of:
$12.03
-0.13
-1.07%
primary theme
China Region Equity
share class
MICDX (Mutual Fund)
MATTHEWS CHINA DIVIDEND FUND
Payout Change
Pending
Price as of:
$12.03
-0.13
-1.07%
primary theme
China Region Equity
share class
Name
As of 12/13/2024Price
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
Vitals
YTD Return
15.4%
1 yr return
19.5%
3 Yr Avg Return
-8.6%
5 Yr Avg Return
-0.1%
Net Assets
$106 M
Holdings in Top 10
45.3%
52 WEEK LOW AND HIGH
$12.2
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 12/13/2024Price
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
MICDX - Profile
Distributions
- YTD Total Return 15.4%
- 3 Yr Annualized Total Return -8.6%
- 5 Yr Annualized Total Return -0.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.65%
- Dividend Yield 4.9%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameMATTHEWS CHINA DIVIDEND FUND
-
Fund Family NameMatthews Asia Funds
-
Inception DateOct 29, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerYu 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.
MICDX - Performance
Return Ranking - Trailing
| Period | MICDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.4% | -12.8% | 31.4% | 28.09% |
| 1 Yr | 19.5% | -12.1% | 35.4% | 22.47% |
| 3 Yr | -8.6%* | -20.4% | 4.4% | 25.30% |
| 5 Yr | -0.1%* | -12.7% | 13.7% | 30.88% |
| 10 Yr | 4.8%* | -4.1% | 9.9% | 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 | 15.4% | -12.8% | 31.4% | 28.09% |
| 1 Yr | 19.5% | -12.1% | 35.4% | 22.47% |
| 3 Yr | -8.6%* | -20.4% | 4.4% | 25.30% |
| 5 Yr | -0.1%* | -12.7% | 13.7% | 30.88% |
| 10 Yr | 4.8%* | -4.1% | 9.9% | 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 | 5.63 B | 29.21% |
| Number of Holdings | 43 | 27 | 1169 | 82.02% |
| 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
- Tencent Holdings Ltd 9.48%
- Alibaba Group Holding Ltd 9.02%
- Ping An Insurance Group Co of China Ltd 4.83%
- Meituan 4.67%
- China Construction Bank Corp 3.57%
- AIA Group Ltd 3.01%
- Fuyao Glass Industry Group Co Ltd 2.89%
- Hong Kong Exchanges Clearing Ltd 2.65%
- China Everbright Environment Group Ltd 2.58%
- 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% | 34.83% |
| Preferred Stocks | 0.00% | 0.00% | 2.47% | 49.44% |
| Other | 0.00% | -0.02% | 47.32% | 53.93% |
| Convertible Bonds | 0.00% | 0.00% | 0.15% | 49.41% |
| Bonds | 0.00% | 0.00% | 0.00% | 44.94% |
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% | 72.94% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MICDX % Rank | |
|---|---|---|---|---|
| Non US | 91.30% | 0.00% | 100.00% | 61.80% |
| US | 5.24% | 0.00% | 100.63% | 41.57% |
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% | 23.60% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 28.57% |
| 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 | 4.88% | 0.00% | 8.89% | 8.99% |
Dividend Distribution Analysis
| MICDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annual | Annual | 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
| Date | Amount | Type |
|---|---|---|
| Jun 26, 2024 | $0.292 | OrdinaryDividend |
| Dec 14, 2023 | $0.119 | OrdinaryDividend |
| Jun 28, 2023 | $0.341 | OrdinaryDividend |
| Dec 14, 2022 | $0.374 | OrdinaryDividend |
| Jun 28, 2022 | $0.394 | OrdinaryDividend |
| Dec 15, 2021 | $1.475 | OrdinaryDividend |
| Jun 29, 2021 | $0.394 | OrdinaryDividend |
| Dec 16, 2020 | $0.049 | OrdinaryDividend |
| Sep 25, 2020 | $0.376 | OrdinaryDividend |
| Jun 25, 2020 | $0.376 | OrdinaryDividend |
| Dec 17, 2019 | $0.031 | OrdinaryDividend |
| Jun 18, 2019 | $0.251 | OrdinaryDividend |
| Dec 12, 2018 | $0.069 | OrdinaryDividend |
| Dec 12, 2018 | $0.141 | CapitalGainShortTerm |
| Dec 12, 2018 | $1.074 | CapitalGainLongTerm |
| Jun 19, 2018 | $0.356 | OrdinaryDividend |
| Dec 06, 2017 | $0.302 | OrdinaryDividend |
| Dec 06, 2017 | $0.510 | CapitalGainShortTerm |
| Dec 06, 2017 | $0.678 | CapitalGainLongTerm |
| Jun 20, 2017 | $0.209 | OrdinaryDividend |
| Dec 07, 2016 | $0.083 | OrdinaryDividend |
| Dec 07, 2016 | $0.198 | CapitalGainLongTerm |
| Jun 21, 2016 | $0.219 | OrdinaryDividend |
| Dec 10, 2015 | $0.025 | OrdinaryDividend |
| Dec 10, 2015 | $0.006 | CapitalGainShortTerm |
| Dec 10, 2015 | $0.598 | CapitalGainLongTerm |
| Jun 18, 2015 | $0.277 | OrdinaryDividend |
| Dec 11, 2014 | $0.208 | OrdinaryDividend |
| Dec 11, 2014 | $0.073 | CapitalGainShortTerm |
| Dec 11, 2014 | $0.065 | CapitalGainLongTerm |
| Jun 19, 2014 | $0.174 | OrdinaryDividend |
| Dec 12, 2013 | $0.063 | OrdinaryDividend |
| Jun 20, 2013 | $0.199 | OrdinaryDividend |
| Dec 13, 2012 | $0.250 | OrdinaryDividend |
| Jun 21, 2012 | $0.225 | OrdinaryDividend |
| Dec 08, 2011 | $0.214 | OrdinaryDividend |
| Dec 08, 2011 | $0.009 | CapitalGainShortTerm |
| Dec 08, 2011 | $0.011 | CapitalGainLongTerm |
| Jun 23, 2011 | $0.167 | OrdinaryDividend |
| Dec 09, 2010 | $0.126 | OrdinaryDividend |
| Dec 09, 2010 | $0.037 | CapitalGainShortTerm |
| Jun 24, 2010 | $0.121 | OrdinaryDividend |
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 |
