MICFX Fees and Costs — Matthews China Fund, Institutional Class
Data updated: 2026-08-24
The net expense ratio is 1.13%: a 0.72% management fee plus 0.41% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $360K in broker commissions, 0.0905% of average net assets, and portfolio turnover was 37%.
MICFX Fees and Expenses
Annual operating expenses and sales charges of MICFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.72% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.41% |
| Gross expense ratio | 1.13% |
| Fee waiver | — |
| Net expense ratio | 1.13% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MICFX Costs Over Time
On $10,000 invested in MICFX, assuming 5% a year before costs, total costs come to $760 over 5 years, cutting the return by 1.28% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.13%) | $119 | $369 | $639 |
| Trading costs (broker commissions) | $10 | $30 | $51 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $419 | $760 |
| Value after costs | $10,372 | $11,158 | $12,003 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
MICFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0905%
- Total broker commissions: $360K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
MICFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $57K | 20.67% |
| China International Capital Corporation Limited | $37K | 13.54% |
| CITIGROUP GLOBAL MARKETS INC. | $36K | 13.12% |
| Daiwa Securities Group Inc. | $33K | 12.01% |
| J.P. MORGAN SECURITIES LLC | $24K | 8.61% |
| HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED | $21K | 7.72% |
| UBS Securities LLC | $20K | 7.07% |
| HSBC SECURITIES (USA) INC. | $17K | 6.23% |
| CLSA SINGAPORE PTE LTD | $15K | 5.52% |
| MORGAN STANLEY & CO. LLC | $15K | 5.51% |
Matthews China Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MICFX | Institutional Class | 1.13% | — |
| MCHFX | Investor Class | 1.25% | — |
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.