MAVRX — Matthews Asia Value Fund

Data updated: 2020-08-21

MAVRX — Matthews Asia Value Fund. Europe Value Equity · $13.42M AUM · 1.37% expense ratio · -3.3% 1-yr return. Holdings, fees, performance and SEC filings.

MAVRX Fund Overview

MAVRX — Matthews Asia Value Fund is a US mutual fund managed by Matthews International Funds, categorised as Europe Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Matthews International Funds
Category: Europe Value Equity
Assets under management: $13.42M
1-year return: -3.3%
Ticker: MAVRX
SEC CIK: 0000923184
SEC series ID: S000051743
Share class ID: C000162839

MAVRX Investment Objective and Strategy

Matthews Asia Value Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Matthews International Funds.

Investment objective

Long-term capital appreciation.

Principal investment strategy

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in common stock, preferred stock and other equity securities, and convertible securities of any maturity and in those that are unrated, or would be below investment grade if rated, of companies located in Asia. Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in the Asian region. A company or other issuer is considered to be located in a country or a region, and a security or instrument will 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 with significant assets or operations in that country or region; (iii) it is secured or backed by assets located in that country or region; (iv) it is a component or its issuer is included in a recognized securities index for the country or region; 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. Matthews is a fundamental investor and will seek to construct a diversified portfolio of securities of undervalued companies from the Asian region. The Fund will seek to invest in Asian companies that Matthews believes are high quality, undervalued companies that have strong balance sheets, are focused on their shareholders, and are well-positioned to take advantage of Asias economic and financial evolution. The Fund attempts to offer investors a relatively stable means of participating in the economic prospects of the Asian region.

The Fund may invest in companies of any size, including smaller size companies. Matthews measures a companys 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. Matthews value investment process focuses on a companys intrinsic value. Matthews seeks out companies whose share price trades at a substantial discount to its estimate of the companys intrinsic value. Intrinsic value includes both tangible and intangible, and quantitative and qualitative factors such as: a sound balance sheet, competitive market position, strong management, and favorable shareholder orientation. Investing in a company with a sound balance sheet (without excessive leverage) helps to reduce the risk of reliance on external sources of capital and gives management the ability to build value opportunistically.

Matthews also seeks out companies with a competitive position in their industry and region. Matthews seeks out companies with strong management that includes good corporate governance, a clear business strategy, integrity, and a demonstrated capacity for adaptability. Matthews also focuses on companies with a history of generating high incremental returns on capital. Matthews seeks companies whose management has built value for shareholders and has a good capital allocation track record. Matthews seeks to create an investable universe of value companies that it believes trade at market values with discounts to their intrinsic value, have strong financial and market positions, have strong management and are oriented to creating value for their shareholders. Matthews assesses companies within this universe according to each of these factors.

Generally, Matthews will establish larger positions in companies trading at a greater discount to Matthews estimate of their intrinsic value (taking into account other concerns such as diversification, risk management and liquidity). The Fund may sell positions as their market price approaches their intrinsic value, when more attractive alternatives are identified, or Matthews believes that corporate governance issues may have developed. Although Matthews generally believes that investors benefit in the long term when their assets are fully invested, Matthews also believes that some types of funds that employ a value investing approach, such as the Fund, may benefit from holding cash under certain market conditions (e.g., when Matthews considers equity markets to be overvalued) so that the Fund could deploy capital during market downturns.

As a result, the Fund may, subject to other requirements and limitations, hold up to 15% or more of its net assets in cash or cash equivalent investments.

MAVRX Performance

Total returns for MAVRX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-3.3%

MAVRX Risk Information

Risk metrics for MAVRX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 18.7%

MAVRX Costs and Fees

MAVRX costs about $137 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.37%
Gross expense ratio: 1.85%
Portfolio turnover: 32%
Brokerage commissions: 4716.87 bps of average net assets (SEC N-CEN)

MAVRX Cashflows

Over the 12 months to 2020-06, Matthews Asia Value Fund had net inflows of $21.75M, from monthly SEC N-PORT filings.

Month	Net flow
2020-06	$1.25M
2020-05	$308.49K
2020-04	$598.74K
2020-03	$4.49M
2020-02	$790.33K
2020-01	$1.04M

MAVRX Debt Constituents

No individual debt constituents are reported in Matthews Asia Value Fund's latest SEC N-PORT filing.

MAVRX Prospectus and SEC Filings

Official Matthews Asia Value Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Europe Value Equity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.