Matthews Asia Funds - China Small Companies Fund A Acc USD

銘基亞洲基金 - 中國小型企業基金 A類 Acc 美元

LU0721876364

Risk Rating: Level 6

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

On Holiday

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.50%

HKD5,000.00Min. Subscription

EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

16:30

2019-09-30

  • The fund has been suspended for further subscription since 2019-03-20.
*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+7.73%
3 mth
+8.11%
6 mth
+5.70%
1 yr
+8.42%
3 yr
+37.54%
5 yr
+43.72%

Analytical Figures (3 years)

Annualized Return
+11.21%
Annualized Volatility
+18.58%
Sharpe Ratio
+0.55

Fund Information

Fund Houses
Matthews Asia
Launch Date
2012-02-28
Fund Manager
Kenichi Amaki
Tiffany Hsiao
Manager Start Date
Kenichi Amaki (Start Date: 2015-07-01) Tiffany Hsiao (Start Date: 2015-07-01)
Geographical Focus
China
Asset Class/ Sector
Equity - Small / Mid cap
Risk Rating
Risk Level 6

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2019-09-18)
USD 60,129,643.27
Management Fee
1.50%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.50%

HKD5,000.00Min. Subscription

EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

16:30

2019-09-30

  • The fund has been suspended for further subscription since 2019-03-20.

Dividend Records

No Dividends

Investment Objective

The Sub-Fund seeks to achieve long-term capital appreciation.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. General Investment Risk
The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
2. China Investment Risk
The Sub-Fund invests primarily in companies located in China and is subject to applicable laws, rules and regulations of the People’s Republic of China (“China” or “PRC”). The Chinese government exercises significant control over China’s economy through its industrial policies (e.g., allocation of resources and other preferential treatment), monetary policy, management of currency exchange rates and management of the payment of foreign currency-denominated obligations. Changes in these policies could adversely impact affected industries or companies. China’s economy, particularly, its export-oriented industries, may be adversely impacted by trade or political disputes with China’s major trading partners, including the U.S. In addition, as its consumer class emerges, China’s domestically oriented industries may be especially sensitive to changes in government policy and investment cycles.
3. Risk Associated with Smaller Companies
Larger portions of smaller companies may be held by a small number of investors (including founders and management) in such companies than is typical of larger companies. As a result, the rights of minority owners may be restricted or not fully respected in corporate governance or corporate actions. Securities of smaller companies may trade less frequently, in lower volumes and with less liquidity and be subject to greater price movements than more widely held securities or the securities of larger, more established companies, or the market indices in general.
4. Equity Market Risk
The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
5. Concentration Risk
The Sub-Fund’s investments are concentrated in companies located in China. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the China region.
6. Emerging Markets Risk
The Sub-Fund invests primarily in companies located in China which is an emerging market. Investing in emerging markets may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
7. Risk Associated with High Volatility of the Equity Market in China
High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Sub-Fund.
8. Risk Associated with Regulatory Requirements of the Equity Market in China
Securities exchanges in China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Sub-Fund.
9. Risk Associated with Investment in China A Shares
The Sub-Fund may invest in securities of companies based in the PRC, listed and traded on China’s domestic stock exchanges and denominated in renminbi (“China A Shares”). The Sub-Fund’s investment in China A Shares is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Investments in China A Shares may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events affecting the PRC. China A Shares may have lower liquidity and their prices are more volatile to adverse economic developments than those of securities traded in a more developed market.
10. Risk Associated with Investment made through QFII Regime
The Sub-Fund may suffer losses if there is insufficient QFII quota allocated for the Sub-Fund to make investments, the approval of the QFII status of the Investment Manager is being revoked, terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including the QFII custodian or brokers) is bankrupt, in default, or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
11. Risk Associated with the Stock Connects
The relevant rules and regulations on the Stock Connects are subject to change which may have potential retrospective effect. The Stock Connects are subject to quota limitations. Where a suspension in the trading through the program is effected, the Sub-Fund’s ability to invest in China A Shares or access the PRC market through the program will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
12. PRC Tax Risk
There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realized via QFII quota or Stock Connects or access products on the Sub-Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value. Because the Sub-Fund did not hold any China A Shares prior to 17 November 2014, based on professional and independent tax advice, the Sub-Fund will not make any provisions for tax on gross realized or unrealized capital gains derived from trading China A Shares.
13. Currency and Conversion Risk
Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the SubFund, in particular the Chinese renminbi (“RMB”). RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currency (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Sub-Fund. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. Also, a class of shares may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
14. Risk Relating to Dividends Paid out of Capital
Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the NAV per share of the Sub-Fund.
15. Non-hedging Risk
The Sub-Fund does not currently use hedging techniques to attempt to offset certain market risks. Hedging against a decline in the value of a portfolio position seeks to establish other positions which are designed to gain from the decline in the value of a portfolio position and, thus, moderate the values of, or prevent losses to, the Sub-Fund, if the value of its portfolio position declines. Non-use of hedging techniques may expose the Sub-Fund to the risk of full losses resulting from the decline in the value of its portfolio positions, thereby subjecting its NAV to greater fluctuation than if such hedging techniques had been utilized.

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