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Trending ETFs

Name

As of 03/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.76

$30.8 M

51.89%

$3.51

1.07%

Vitals

YTD Return

-10.0%

1 yr return

-15.9%

3 Yr Avg Return

-8.4%

5 Yr Avg Return

-8.2%

Net Assets

$30.8 M

Holdings in Top 10

34.9%

52 WEEK LOW AND HIGH

$6.8
$6.40
$8.42

Expenses

OPERATING FEES

Expense Ratio 1.07%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 79.83%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.76

$30.8 M

51.89%

$3.51

1.07%

MCRDX - Profile

Distributions

  • YTD Total Return -10.0%
  • 3 Yr Annualized Total Return -8.4%
  • 5 Yr Annualized Total Return -7.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.13%
DIVIDENDS
  • Dividend Yield 51.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Matthews Asia Credit Opportunities Fund
  • Fund Family Name
    Matthews Asia Funds
  • Inception Date
    Apr 29, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Teresa Kong

Fund Description

Under normal circumstances, the Matthews Asia Credit Opportunities Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in debt and debt-related instruments issued by companies as well as governments, quasi-governmental entities, and supra-national institutions in Asia. Debt and debt-related instruments typically include bonds, debentures, bills, securitized instruments (which are vehicles backed by pools of assets such as loans or other receivables), notes, certificates of deposit and other bank obligations, bank loans, senior secured bank debt, convertible debt securities (including contingent capital financial instruments or “CoCos”), exchangeable bonds, credit-linked notes, inflation-linked instruments, repurchase agreements, payment‑in‑kind securities and derivative instruments with fixed income characteristics.
Asia consists of all countries and markets in Asia, such as China and Indonesia, and includes developed, emerging, and frontier countries and markets in the Asian region. Certain emerging market countries may also be classified as “frontier” market countries, which are a subset of emerging market countries with newer or even less developed economies and markets, such as Sri Lanka and Vietnam. A company or other issuer is considered to be “located” in a country or a region, and a security or instrument is 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 principally secured or backed by assets located in that country or region; (iv) it is a component of 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 evaluation of credit risk of securities and issuers is a key element of our analysis. Matthews uses a fundamentals-based approach with a focus on risk-adjusted return. Matthews seeks to assess whether an instrument’s return is consistent with its risks and its value relative to other investment opportunities. Matthews judges this by analyzing each issuer based on a variety of factors. These factors include, but are not limited to, the strength of the balance sheet, the quality and 
sustainability of cash flows, the incentives and alignment of management, the ability of a company to weather business cycles, and each issuer’s corporate and capital structure. As a result, Matthews may look for investments such as oversold assets with intrinsic value, potential ratings upgrade candidates, event-driven opportunities, as well as relative value opportunities within a company’s capital structure. 
A substantial portion of the Fund’s portfolio is rated below investment grade or, if unrated, may be deemed by the Fund’s portfolio managers to be of comparable quality. Below investment grade securities are commonly referred to as “high yield” securities or “junk bonds.” Such investments are considered speculative and may include distressed and defaulted securities. High yield bonds tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The Fund may invest up to 50% of its net assets in bank loans. 
Convertible securities are often rated below investment grade and perform more like a stock when the underlying share price is high and more like a bond when the underlying share price is low. 
The Fund may invest a significant portion of its total net assets, 25% or more, in securities of issuers from a single country (including the government of that country and its agencies, instrumentalities and political subdivisions, quasi-governmental entities of that country, supra-national institutions issuing debt deemed to be of that country, and companies located in that country), and up to 25% of the Fund’s total net assets may be invested in the securities issued by any one Asian government (including its agencies, instrumentalities and political subdivisions). The Fund has from time to time invested, or may invest, more than 25% of its assets in China and Hong Kong, and Indonesia. 
The Fund may engage in derivative transactions for speculative purposes as well as to manage credit, interest rate and currency exposures of underlying instruments or market exposures. The Fund may use a variety of derivative instruments, including for example, forward contracts, option contracts, futures and options on futures, swaps (including interest rate swaps and credit default swaps) and swaptions. The Fund may seek to take on or hedge credit, currency, and interest rate exposure by using derivatives, and, as a result, the Fund’s exposure to credit, currency, and interest rates could exceed the value of the Fund’s assets denominated in that currency and could exceed the value of the Fund’s net assets. Under normal circumstances, holdings of the Fund are primarily denominated in U.S. dollars. Although the Fund is permitted to hedge currency risks, it does not normally seek to hedge its exposure to foreign currencies. 
The Fund has no stated maturity or duration target and the average effective maturity or duration target may change. Matthews has implemented risk management systems to monitor the Fund to reduce the risk of loss through overemphasis on a particular issuer, country, industry, currency, or interest rate regime. The implementation of the principal 
investment strategies of the Fund may result in a significant portion of the Fund’s assets being invested from time to time in one or more sectors, but the Fund may invest in companies in any sector. 
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MCRDX - Performance

Return Ranking - Trailing

Period MCRDX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.0% -23.5% 4.6% 98.30%
1 Yr -15.9% -24.3% 3.5% 97.38%
3 Yr -8.4%* -18.9% 13.6% 96.90%
5 Yr -8.2%* -21.4% 6.5% 91.95%
10 Yr N/A* -15.8% 5.6% N/A

* Annualized

Return Ranking - Calendar

Period MCRDX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.0% -58.7% 15.1% 47.34%
2022 -5.6% -12.8% 25.4% 77.04%
2021 -1.0% -12.0% 25.9% 87.62%
2020 2.0% -19.2% 4.2% 53.31%
2019 -1.2% -7.2% 9.9% 11.49%

Total Return Ranking - Trailing

Period MCRDX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.0% -23.5% 4.6% 96.60%
1 Yr -15.9% -24.3% 3.5% 97.38%
3 Yr -8.4%* -18.9% 13.6% 96.90%
5 Yr -7.7%* -21.4% 6.5% 89.26%
10 Yr N/A* -15.8% 9.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MCRDX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.0% -58.7% 15.1% 47.63%
2022 -5.6% -12.8% 25.4% 77.34%
2021 -1.0% -7.1% 25.9% 87.31%
2020 2.0% -19.2% 10.9% 55.84%
2019 -0.6% -7.2% 9.9% 6.76%

NAV & Total Return History


MCRDX - Holdings

Concentration Analysis

MCRDX Category Low Category High MCRDX % Rank
Net Assets 30.8 M 49.1 K 15.5 B 82.25%
Number of Holdings 51 4 2121 93.41%
Net Assets in Top 10 10.3 M -134 M 1.25 B 69.91%
Weighting of Top 10 34.86% 2.2% 95.0% 20.64%

Top 10 Holdings

  1. CIFI Holdings Group Co Ltd 6.55% 5.24%
  2. Logan Group Company Ltd 5.25% 4.67%
  3. Bosideng International Holdings 1% 4.48%
  4. PB International BV 7.63% 4.40%
  5. Honghua Group Ltd 6.38% 4.03%
  6. Franshion Brilliant Limited 5.75% 4.02%
  7. Poseidon Finance 1 Ltd 3.97%
  8. ABJA Investment Co. Pte. Ltd. 5.45% 3.83%
  9. Indika Energy Capital III Pte. Ltd 5.88% 3.83%
  10. KWG Group Holdings Limited 5.88% 3.71%

Asset Allocation

Weighting Return Low Return High MCRDX % Rank
Bonds
75.03% -0.02% 116.66% 92.26%
Convertible Bonds
21.88% 0.00% 26.58% 1.15%
Cash
3.09% -16.66% 101.67% 75.36%
Stocks
0.00% -0.47% 2.07% 73.35%
Preferred Stocks
0.00% 0.00% 0.00% 62.46%
Other
0.00% -3.28% 3.53% 59.89%

MCRDX - Expenses

Operational Fees

MCRDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.07% 0.01% 2.87% 38.97%
Management Fee 0.55% 0.00% 1.10% 21.91%
12b-1 Fee 0.00% 0.00% 1.00% 12.20%
Administrative Fee 0.14% 0.02% 0.65% 60.50%

Sales Fees

MCRDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MCRDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MCRDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 79.83% 0.00% 302.00% 67.32%

MCRDX - Distributions

Dividend Yield Analysis

MCRDX Category Low Category High MCRDX % Rank
Dividend Yield 51.89% 0.00% 30.37% 27.53%

Dividend Distribution Analysis

MCRDX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MCRDX Category Low Category High MCRDX % Rank
Net Income Ratio 4.13% -2.28% 9.04% 44.61%

Capital Gain Distribution Analysis

MCRDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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MCRDX - Fund Manager Analysis

Managers

Teresa Kong


Start Date

Tenure

Tenure Rank

Apr 29, 2016

6.09

6.1%

Teresa Kong is a Portfolio Manager at Matthews International Capital Management, LLC. Prior to joining Matthews in 2010, she was Head of Emerging Market Investments at Barclays Global Investors, now known as BlackRock, and responsible for managing the firm’s investment strategies in Emerging Asia, Eastern Europe, Africa and Latin America. She developed and managed strategies spanning absolute return, active long-only and exchange-traded funds. In addition to founding the Fixed Income Emerging Markets Group at BlackRock, she was also Senior Portfolio Manager and Credit Strategist on the Fixed Income credit team. Previously, Teresa was a Senior Securities Analyst in the High Yield Group with Oppenheimer Funds, and began her career with JP Morgan Securities Inc., where she worked in the Structured Products Group and Latin America Capital Markets Group. She received both a B.A. in Economics and Political Science and an M.A. in International Development Policies from Stanford University. She speaks Cantonese fluently and is conversational in Mandarin.

Satya Patel


Start Date

Tenure

Tenure Rank

Apr 29, 2016

6.09

6.1%

Satya Patel is a Portfolio Manager at Matthews. Prior to joining the firm in 2011, Satya was an Investment Analyst with Concerto Asset Management. He earned his M.B.A. from the University of Chicago Booth School of Business in 2010. In 2009, Satya worked as an Investment Associate in Private Placements for Metlife Investments and from 2006 to 2008, he was an Associate in Credit Hedge Fund Sales for Deutsche Bank in London. He holds a Master’s in Accounting and Finance from the London School of Economics and a B.A. in Business Administration and Public Health from the University of Georgia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.36 6.11