MICFX Performance — Matthews China Fund, Institutional Class
Data updated: 2026-08-24
MICFX returned +1.80% year to date and +18.66% over one year to Jun 2026. Annualised returns are +13.05% over 3 years and −4.75% over 5 years. The fund trailed its China Equity category average: $100 invested three years ago grew to $144, against $145 for the category, and to $119 over one year, against $123. Volatility over the past three years was 25.13% a year. In the 12 months to Jun 2026 the fund lost a net $43.7M, and assets reached $397.84M.
MICFX Growth of $100
What $100 invested in Matthews China Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the China Equity category average over the same months.
| Period | MICFX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $119 | $123 |
| 3 years (Jul 2023 – Jun 2026) | $144 | $145 |
| 5 years (Jul 2021 – Jun 2026) | $78 | $92 |
| Since data start (Jul 2019 – Jun 2026) | $133 | $138 |
MICFX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.80% |
| 1 year | +18.66% |
| 3 years (annualised) | +13.05% |
| 5 years (annualised) | −4.75% |
MICFX Annual Returns
Calendar-year total returns of Matthews China Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.80% |
| 2025 | +29.95% |
| 2024 | +17.95% |
| 2023 | −19.11% |
| 2022 | −24.32% |
| 2021 | −12.06% |
| 2020 | +43.23% |
| 2019 (Jul–Dec) | +10.14% |
MICFX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +4.0% | −3.1% | −8.4% | +6.6% | +2.2% | +1.4% | — | — | — | — | — | — |
| 2025 | +1.9% | +7.8% | +0.5% | −7.2% | +2.3% | +6.3% | +5.8% | +8.8% | +7.0% | −1.9% | −3.2% | −0.2% |
| 2024 | −11.3% | +7.0% | +2.5% | +5.5% | +2.6% | −5.3% | −1.6% | +0.1% | +29.3% | −1.4% | −5.0% | −0.9% |
| 2023 | +13.9% | −12.1% | +0.4% | −6.2% | −10.1% | +3.2% | +12.0% | −8.4% | −4.9% | −5.6% | +2.7% | −2.1% |
| 2022 | −3.8% | −5.8% | −12.1% | −7.9% | +3.0% | +14.9% | −12.4% | −1.4% | −13.8% | −12.6% | +31.3% | +2.0% |
| 2021 | +8.3% | −0.7% | −4.6% | +1.7% | +2.1% | +0.5% | −8.3% | −0.4% | −4.7% | +3.3% | −5.2% | −3.7% |
| 2020 | −6.3% | +6.4% | −8.4% | +7.6% | +3.2% | +10.8% | +10.1% | +5.5% | −2.6% | +4.6% | +2.2% | +5.4% |
| 2019 | — | — | — | — | — | — | −1.3% | −3.1% | −1.2% | +5.1% | +2.8% | +7.9% |
MICFX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 25.13%
- 3-year Sharpe ratio: 0.34 (vs 4.5% risk-free rate)
- Best month: +29.32% (Sep 2024)
- Worst month: −11.29% (Jan 2024)
MICFX Fund Flows
Monthly money in and out of Matthews China Fund, from SEC Form N-PORT.
- 12-month net flow: −$43.7M
- 12-month gross sales (incl. reinvestments): $79.3M
- Sales ÷ redemptions: 0.64×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $2.4M | $8.6M | −$6.2M |
| May 2026 | $5.0M | $7.4M | −$2.4M |
| Apr 2026 | $3.2M | $15.9M | −$12.7M |
| Mar 2026 | $5.9M | $9.5M | −$3.6M |
| Feb 2026 | $3.4M | $7.8M | −$4.4M |
| Jan 2026 | $4.8M | $12.7M | −$7.9M |
| Dec 2025 | $10.7M | $11.4M | −$693K |
| Nov 2025 | $2.3M | $7.2M | −$4.9M |
| Oct 2025 | $7.4M | $17.2M | −$9.8M |
| Sep 2025 | $11.3M | $8.1M | $3.2M |
| Aug 2025 | $15.6M | $10.0M | $5.5M |
| Jul 2025 | $7.3M | $7.0M | $287K |
MICFX Assets Under Management
Net assets of Matthews China Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $397.84M |
| 2026-03-31 | $380.65M |
| 2025-12-31 | $428.59M |
| 2025-09-30 | $474.86M |
| 2025-06-30 | $378.37M |
| 2025-03-31 | $392.75M |
| 2024-12-31 | $349.59M |
| 2024-09-30 | $419.79M |
| 2024-06-28 | $414.42M |
| 2024-03-28 | $431.86M |
| 2023-12-29 | $449.70M |
| 2023-09-29 | $584.45M |
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.