Overall Morningstar RatingTM (As of 09/30/2024)
Based on risk-adjusted return among 43 funds in the Pacific/Asia ex-Japan Stk Category
MutualFund
A special meeting of the Matthews Asian Growth and Income Fund’s shareholders is expected to be held in late January 2025 for the purpose of voting on the Fund’s reorganization with the Matthews Emerging Markets Equity Fund. If approved, the reorganization is expected close in mid-February 2025. Read More
Snapshot
Seeks upside participation while aiming to provide some downside protection in Asia ex Japan
Utilize income-paying equities and convertible bonds to help mitigate downside risk and volatility
Offers a relatively stable means of participating in Asia’s long-term growth
Long-term capital appreciation with some current income.
Strategy
Under normal circumstances, the Matthews Asian Growth and Income Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in dividend-paying common stock, preferred stock and other equity securities, and convertible securities as well as fixed-income securities, of any duration or quality, of companies located in Asia. The Fund attempts to offer investors a relatively stable means of participating in a portion of the Asian region’s growth prospects, while providing some downside protection, in comparison to a portfolio that invests purely in common stocks. The strategy of owning convertible bonds and dividend-paying equities is designed to help the Fund to meet its investment objective while helping to reduce the volatility of its portfolio.
Risks
Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
These and other risks associated with investing in the Fund can be found in the
prospectus.
Asia - Consists of all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region
Fees & Expenses
Gross Expense Ratio
1.15%
Objective
Long-term capital appreciation with some current income.
Strategy
Under normal circumstances, the Matthews Asian Growth and Income Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in dividend-paying common stock, preferred stock and other equity securities, and convertible securities as well as fixed-income securities, of any duration or quality, of companies located in Asia. The Fund attempts to offer investors a relatively stable means of participating in a portion of the Asian region’s growth prospects, while providing some downside protection, in comparison to a portfolio that invests purely in common stocks. The strategy of owning convertible bonds and dividend-paying equities is designed to help the Fund to meet its investment objective while helping to reduce the volatility of its portfolio.
Risks
Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
The risks associated with investing in the Fund can be found in the prospectus
Performance
Monthly
Quarterly
Calendar Year
As of 11/30/2024
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asian Growth and Income Fund - MACSX
09/12/1994
MACSX
-1.54%
1.13%
9.57%
12.96%
-2.38%
2.19%
2.46%
7.70%
MSCI All Country Asia ex Japan Index
-3.28%
0.24%
12.29%
16.28%
-0.79%
4.24%
4.64%
4.40%
As of 09/30/2024
Average Annual Total Returns
Name
1MO
3MO
YTD
1YR
3YR
5YR
10YR
Since Inception
Inception Date
Matthews Asian Growth and Income Fund - MACSX
09/12/1994
MACSX
7.39%
10.82%
16.35%
23.45%
0.06%
4.21%
3.06%
7.96%
MSCI All Country Asia ex Japan Index
8.47%
10.55%
21.52%
29.39%
0.98%
6.90%
5.71%
4.70%
For the years ended December 31st
Name
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Matthews Asian Growth and Income Fund - MACSX
MACSX
3.33%
-18.43%
0.04%
16.00%
17.26%
-10.96%
21.85%
1.34%
-4.50%
-0.65%
MSCI All Country Asia ex Japan Index (USD)
6.34%
-19.36%
-4.46%
25.36%
18.52%
-14.12%
42.08%
5.76%
-8.90%
5.11%
MSCI AC Asia ex Japan Index since inception value calculated from 8/31/94.
Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.
Assumes reinvestment of all dividends and/or distributions before taxes. All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund’s fees and expenses had not been waived. Performance differences between the Institutional class and the Investor class may arise due to differences in fees charged to each class.
Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.
Growth of a Hypothetical $10,000 Investment Since Inception
(as of 06/30/2024)
Source: BNY Mellon Investment Servicing (US) Inc. All performance is in US$.
The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gain distributions or redemption of fund shares.
Yield
(as of 09/30/2024)
1.49%30-Day SEC YieldThe 30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period ended 09/30/2024, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of investment income, and it may not equal the Fund’s actual income distribution rate.
1.49%30-Day SEC Yield(excluding expense waiver)
3.06%Dividend Yield<p data-pm-slice="1 1 []">Dividend Yield (trailing) is the weighted average sum of the dividends paid by each equity security held by the Fund over the last 12 months divided by the current price as of report date. The annualised dividend yield is for the equity-only portion of the Fund and does not reflect the actual yield an investor in the Fund would receive. There can be no guarantee that companies that the Fund invests in, and which have historically paid dividends, will continue to pay them or to pay them at the current rates in the future. A positive distribution yield does not imply positive return, and past yields are no guarantee of future yields.</p>
30-Day SEC Yield
1.49%
30-Day SEC Yield (excluding expense waiver)
1.49%
Dividend Yield
3.06%
Dividend Yield (trailing) Source: FactSet Research Systems, Bloomberg, Matthews 30-Day SEC Yield Source: BNY Mellon Investment Servicing (US) Inc.
Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.
The Overall Morningstar® Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.
Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Lipper Analytical Services, Inc., rankings are based on total return, including reinvestment of dividends and capital gains for the stated periods. Funds are assigned a rank within a universe of funds similar in investment objective as determined by Lipper. For the absolute rankings shown the lower the number rank, the better the Fund performed compared to other funds in the classification group. Lipper also calculates a quartile ranking which divides the peer group into quartiles to identify funds of similar quality. Funds in the 1st or 2nd quartile had outperformed the average fund in the peer group while funds in the 3rd or 4th quartile had underperformed.
Kenneth Lowe is a Portfolio Manager at Matthews and manages the firm’s Asian Growth and Income and Asia Dividend Strategies. Prior to joining Matthews in 2010, he was an Investment Manager on the Asia and Global Emerging Market Equities Team at Martin Currie Investment Management in Edinburgh, Scotland. Kenneth received an M.A. in Applied Mathematics and Economics from the University of Glasgow.
Siddharth Bhargava is a Portfolio Manager at Matthews and co-manages the firm’s Asian Growth and Income and Asia Dividend Strategies. Prior to joining Matthews in 2011, he was an Investment Analyst at Navigator Capital. Siddharth also served as a credit and debt market research assistant to Dr. Edward Altman at the New York University Salomon Center. From 2005 to 2008, he was a Credit Analyst at Sandell Asset Management. Siddharth received a B.A. in Economics from the University of Virginia and an MBA from the Stern School of Business at New York University. He is fluent in Hindi and conversational in German.
Elli Lee is a Portfolio Manager at Matthews and manages the firm’s Korea Strategy and co-manages the Asia Dividend, China Total Return Equity and Asian Growth and Income Strategies. Prior to joining Matthews in 2016, Elli worked at Bank of America Merrill Lynch for 10 years, most recently in Korean Equity Sales and previously as an Equity Research Analyst covering South Korea’s engineering, construction, steel and education sectors. From 2003 to 2005, Elli was an Investor Relations Specialist at Hana Financial Group in Seoul. She earned a Master of Science in Global Finance from the Hong Kong University of Science and Technology Business School and New York University Stern School of Business, and received a B.A. in Economics from Bates College. Elli is fluent in Korean.
Portfolio Characteristics
(as of 09/30/2024)
Fund
Benchmark
Number of Positions
45
1,070
Weighted Average Market Cap
$188.7 billion
$170.6 billion
Active Share
75.4
n.a.
Price/Cash Flow
11.2
9.5
Price/Book
2.6
1.9
Return On Equity
19.5
15.0
EPS Growth (3 Yr)
8.0%
12.9%
Sources: Factset Research Systems, Inc.
Risk Metrics (3 Yr Return)
(as of 09/30/2024)
Category
3YR Return Metric
Alpha
-1.3%
Beta
0.89
Upside Capture
77.94%
Downside Capture
87.86%
Sharpe Ratio
-0.2
Information Ratio
-0.2
Tracking Error
4.56%
R²
94.86
-1.30%
Alpha
0.89
Beta
77.94%
Upside Capture
87.86%
Downside Capture
-0.20
Sharpe Ratio
-0.20
Information Ratio
4.56%
Tracking Error
94.86
R²
Fund Risk Metrics are reflective of Investor share class.
Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: BNY Mellon Investment Servicing (US) Inc.
Portfolio Breakdown (%)
(as of 09/30/2024)
Sector Allocation
Country Allocation
Asset Type Breakdown
Market Cap Exposure
Sector
Fund
Benchmark
Difference
Information Technology
22.8
25.1
-2.3
Financials
20.6
21.1
-0.5
Communication Services
13.8
10.1
3.7
Industrials
10.0
7.5
2.5
Consumer Discretionary
9.6
15.0
-5.4
Consumer Staples
7.9
4.3
3.6
Real Estate
5.6
2.4
3.2
Materials
3.6
4.5
-0.9
Health Care
3.4
3.7
-0.3
Utilities
1.7
2.8
-1.1
Energy
0.0
3.6
-3.6
Cash and Other Assets, Less Liabilities
1.0
0.0
1.0
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Country
Fund
Benchmark
Difference
China/Hong Kong
38.1
36.5
1.6
India
16.0
22.2
-6.2
Taiwan
15.1
19.8
-4.7
South Korea
9.5
11.9
-2.4
Singapore
6.8
3.6
3.2
Thailand
3.5
1.7
1.8
France
3.0
0.0
3.0
United States
2.0
0.0
2.0
Philippines
1.9
0.6
1.3
Indonesia
1.6
1.9
-0.3
New Zealand
1.4
0.0
1.4
Malaysia
0.0
1.7
-1.7
Macau
0.0
0.2
-0.2
Cash and Other Assets, Less Liabilities
1.0
0.0
1.0
Not all countries are included in the benchmark index(es).
Asset Type
Fund
Common Equities and ADRs
91.3
Convertible Bonds
7.8
Cash and Other Assets, Less Liabilities
1.0
Equity market cap of issuer
Fund
Benchmark
Difference
Mega Cap (over $25B)
61.1
63.8
-2.7
Large Cap ($10B-$25B)
11.6
21.7
-10.1
Mid Cap ($3B-$10B)
19.3
14.3
5.0
Small Cap (under $3B)
7.1
0.2
6.9
Cash and Other Assets, Less Liabilities
1.0
0.0
1.0
Source: FactSet Research Systems.
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.
There is no guarantee that the Fund will pay or continue to pay distributions.
Past performance is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost.
The last quarter witnessed a significant rally in the final few weeks of September as China unveiled meaningful monetary stimulus. This included measures such as cutting rates, reducing reserve ratio requirements, efforts to bolster the stock market and multiple initiatives to support the property market. Added to this was a new focus by China’s leadership on hitting growth targets and possibility that larger fiscal support may be forthcoming.
Elsewhere, most other markets gained with Southeast Asia delivering double digit returns. This was likely aided by the Federal Reserve cutting interest rates by 50 basis points (0.5%), its first cut in more than four years.
South Korea was the weakest market in the region with semiconductor stocks particularly soft. Fellow technology-heavy hub Taiwan also failed to keep pace with the benchmark despite the potential growth opportunities that artificial intelligence (AI)-linked segments offer, in part as prior performance had been strong and as questions arose over valuations.
Contributors and Detractors
For the quarter ended September 30, 2024, the Matthews Asian Growth and Income Fund returned 10.82%, (Investor Class) and 10.84% (Institutional Class) while its benchmark, the MSCI All Country Asia ex Japan Index, returned 10.55% over the same period.
On a country basis, the top three contributors to relative performance were Taiwan due to an underweight allocation, India due to stock selection and Thailand due to an overweight allocation and stock selection. The top three detractors were China/Hong Kong due to stock selection, Malaysia due to zero allocation and New Zealand due to an off-benchmark allocation.
On a sector basis, the top three contributors to relative performance were industrials due to stock selection, information technology (IT) due to an underweight allocation and consumer staples due to stock selection. The top three detractors were consumer discretionary due to an underweight allocation, health care and financials due to stock selection.
The largest contributors to absolute performance included AIA Group, a pan-Asian life insurer, Tencent Holdings, a Chinese online gaming and social media conglomerate, and JD.com, a leading e-commerce platform in China. The top three detractors included Samsung Electronics, a South Korean semiconductor and consumer electronics maker, Qingdao Haier Biomedical, a Chinese manufacturer of low-temperature storage equipment for biomedical samples, and Advantech, a Taiwanese industrial computer manufacturer.
Outlook
U.S. economic data appears to be robust and suggests that, for now, a recession is unlikely to be imminent. It’s also evident that inflationary pressures have eased and this should allow the Fed to continue to reduce rates. A soft landing or no landing accompanied by declining rates may create a solid backdrop for emerging market equities, including parts of Asia, to perform.
China seems to be at least acknowledging and potentially addressing some of its challenges including within the property market. Although in the early stages, this could be a supporting factor for equities. We believe other major markets, such as India, remain well supported economically, given demographics, potential productivity growth and scope for continued CapEx.
Large benchmark constituents such as India and Taiwan are trading at higher multiples than their long-term averages. Going forward, this leaves earnings delivery as key for returns in these markets.
Top 10 holdings as of September 30, 2024. Current and future holdings are subject to change and risk.
Average Annual Total Returns - MACSX as of 09/30/2024
1YR
3YR
5YR
10YR
Since Inception
Inception Date
23.45%
0.06%
4.21%
3.06%
7.96%
09/12/1994
All performance quoted is past performance and is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com
Fees & Expenses
Gross Expense Ratio
1.15%
Yields as of 09/30/2024
30-Day SEC Yield
1.49%
30-Day SEC Yield
(excluding expense waiver)
1.49%
Dividend Yield
3.06%
The 30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period ended 09/30/2024, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of investment income, and it may not equal the Fund’s actual income distribution rate. Source: BNY Mellon Investment Servicing (US) Inc.
Dividend Yield (trailing) is the weighted average sum of the dividends paid by each equity security held by the Fund over the last 12 months divided by the current price as of report date. The annualised dividend yield is for the equity-only portion of the Fund and does not reflect the actual yield an investor in the Fund would receive. There can be no guarantee that companies that the Fund invests in, and which have historically paid dividends, will continue to pay them or to pay them at the current rates in the future. A positive distribution yield does not imply positive return, and past yields are no guarantee of future yields.
Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI All Country Asia Pacific Index is a free float–adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed securities known as Red chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g. ADRs).
The MSCI China All Shares Index captures large and mid-cap representation across China A shares, B shares, H shares, Red chips (issued by entities owned by national or local governments in China), P chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong,Shanghai, Shenzhen and outside of China.
The MSCI Emerging Markets (EM) Asia Index is a free float-adjusted market capitalization weighted index of the stock markets of China, India, Indonesia, Malaysia, Pakistan, Philippines, South Korea, Taiwan and Thailand. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization-weighted index that captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization weighted small cap index of the stock markets of Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungry, India, Indonesia, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan Thailand, Turkey and United Arab Emirates.
The S&P Bombay Stock Exchange 100 (S&P BSE 100) Index is a free float–adjusted market capitalization–weighted index of 100 stocks listed on the Bombay Stock Exchange.
The MSCI Japan Index is a free float–adjusted market capitalization–weighted index of Japanese equities listed in Japan.
The Korea Composite Stock Price Index (KOSPI) is a market capitalization–weighted index of all common stocks listed on the Korea Stock Exchange.
The MSCI All Country Asia ex Japan Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand.
The MSCI China Small Cap Index is a free float-adjusted market capitalization-weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong Kong exchange, B shares listed on the Shanghai and Shenzhen exchanges,Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China) and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China), and foreign listings (e.g., ADRs).
The MSCI India Index is a free float-adjusted market capitalization-weighted index of Indian equities listed in India.
The MSCI Korea Index is a free float-adjusted market capitalization-weighted index of Korean equities listed in Korea.
The MSCI Korea 25/50 Index is designed to measure the performance of the large and mid cap segments of the Korean market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code.
Indexes are for comparative purposes only and it is not possible to invest directly in an index.
The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Neither the funds nor the Investment Advisor accept any liability for losses either direct or consequential caused by the use of this information.
The views and opinions in the commentary were as of the report date, subject to change and may not reflect current views. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. It should not be assumed that any investment will be profitable or will equal the performance of any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.
Commentary
Period ended September 30, 2024
Market Environment
Contributors and Detractors
Outlook
Top 10 holdings as of September 30, 2024. Current and future holdings are subject to change and risk.
Average Annual Total Returns - MACSX as of 09/30/2024
All performance quoted is past performance and is no guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the return figures quoted. Returns would have been lower if certain of the Fund's fees and expenses had not been waived. For the Fund's most recent month-end performance visit matthewsasia.com
Fees & Expenses
Yields as of 09/30/2024
The 30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period ended 09/30/2024, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of investment income, and it may not equal the Fund’s actual income distribution rate. Source: BNY Mellon Investment Servicing (US) Inc.
Dividend Yield (trailing) is the weighted average sum of the dividends paid by each equity security held by the Fund over the last 12 months divided by the current price as of report date. The annualised dividend yield is for the equity-only portion of the Fund and does not reflect the actual yield an investor in the Fund would receive. There can be no guarantee that companies that the Fund invests in, and which have historically paid dividends, will continue to pay them or to pay them at the current rates in the future. A positive distribution yield does not imply positive return, and past yields are no guarantee of future yields.
Investments in Asian securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging and frontier markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.