MICDX Performance — Matthews China Dividend Fund, Institutional Class
Data updated: 2026-03-10
MICDX returned +29.61% over one year to Dec 2025. Annualised returns are +5.81% over 3 years and −0.31% over 5 years. The fund trailed its China Equity category average: $100 invested three years ago grew to $118, against $128 for the category, and to $130 over one year, against $130. Volatility over the past three years was 20.64% a year. In the 12 months to Dec 2025 the fund lost a net $15.4M, and assets reached $92.93M.
MICDX Growth of $100
What $100 invested in Matthews China Dividend Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the China Equity category average over the same months.
| Period | MICDX | Category average |
|---|---|---|
| 1 year (Jan 2025 – Dec 2025) | $130 | $130 |
| 3 years (Jan 2023 – Dec 2025) | $118 | $128 |
| 5 years (Jan 2021 – Dec 2025) | $98 | $91 |
| Since data start (Jul 2019 – Dec 2025) | $122 | $129 |
MICDX Trailing Returns
Total returns to Dec 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +29.61% |
| 3 years (annualised) | +5.81% |
| 5 years (annualised) | −0.31% |
MICDX Annual Returns
Calendar-year total returns of Matthews China Dividend Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 | +29.61% |
| 2024 | +15.08% |
| 2023 | −20.57% |
| 2022 | −16.58% |
| 2021 | −0.39% |
| 2020 | +24.37% |
| 2019 (Jul–Dec) | −0.35% |
MICDX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | −0.2% | +8.0% | +3.1% | −4.0% | +2.9% | +3.6% | +5.9% | +6.2% | +4.2% | −2.1% | +0.1% | −0.9% |
| 2024 | −9.6% | +6.5% | +0.2% | +5.1% | +4.6% | −2.4% | −2.4% | +1.1% | +18.2% | −3.2% | −3.4% | +1.8% |
| 2023 | +10.4% | −8.8% | +2.1% | −4.0% | −10.1% | +2.8% | +7.7% | −9.0% | −3.1% | −4.8% | −2.0% | −1.8% |
| 2022 | −6.2% | −3.0% | −8.2% | −4.3% | +1.0% | +6.9% | −5.7% | −2.8% | −9.6% | −12.2% | +27.7% | +4.0% |
| 2021 | +1.9% | −0.9% | −0.1% | +4.4% | +3.5% | +2.7% | −10.1% | +4.7% | −3.5% | −0.7% | −1.5% | −0.1% |
| 2020 | −6.4% | +4.1% | −10.4% | +8.9% | +1.2% | +8.2% | +6.2% | +3.2% | −1.9% | −0.4% | +5.0% | +6.2% |
| 2019 | — | — | — | — | — | — | −0.9% | −4.7% | −0.3% | +1.6% | −2.2% | +6.4% |
MICDX Risk
Risk measures from monthly returns over Jan 2023 – Dec 2025.
- 3-year volatility (annualised): 20.64%
- 3-year Sharpe ratio: 0.06 (vs 4.5% risk-free rate)
- Best month: +18.22% (Sep 2024)
- Worst month: −10.12% (May 2023)
MICDX Fund Flows
Monthly money in and out of Matthews China Dividend Fund, from SEC Form N-PORT.
- 12-month net flow: −$15.4M
- 12-month gross sales (incl. reinvestments): $16.6M
- Sales ÷ redemptions: 0.52×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Dec 2025 | $2.6M | $4.5M | −$1.9M |
| Nov 2025 | $364K | $2.2M | −$1.8M |
| Oct 2025 | $850K | $3.0M | −$2.2M |
| Sep 2025 | $2.2M | $2.1M | $93K |
| Aug 2025 | $588K | $2.8M | −$2.2M |
| Jul 2025 | $1.9M | $2.1M | −$215K |
| Jun 2025 | $3.1M | $2.1M | $1.1M |
| May 2025 | $859K | $2.0M | −$1.1M |
| Apr 2025 | $988K | $4.1M | −$3.1M |
| Mar 2025 | $1.7M | $1.9M | −$179K |
| Feb 2025 | $1.1M | $2.1M | −$1.1M |
| Jan 2025 | $367K | $3.0M | −$2.7M |
MICDX Assets Under Management
Net assets of Matthews China Dividend Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-12-31 | $92.93M |
| 2025-09-30 | $103.73M |
| 2025-06-30 | $90.69M |
| 2025-03-31 | $93.96M |
| 2024-12-31 | $88.61M |
| 2024-09-30 | $101.15M |
| 2024-06-28 | $99.45M |
| 2024-03-28 | $101.95M |
| 2023-12-29 | $119.38M |
| 2023-09-29 | $152.66M |
| 2023-06-30 | $185.37M |
| 2023-03-31 | $236.52M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.