Matthews Asian Growth and Income Fund
MACSX
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- Matthews Asian Growth and Income Fund (MACSX) is a mutual fund that seeks long-term capital appreciation and current income by investing at least 80% of its net assets in dividend-paying common stocks, preferred stocks, other equity securities, convertible securities, and fixed-income securities of any duration or quality, including high-yield securities, of companies located across Asia, encompassing developed, emerging, and frontier markets; the portfolio typically holds 45 positions with a weighted average market capitalization of approximately $190 billion, emphasizing a bottom-up, fundamental investment philosophy focused on quality growth companies that generate income. The fund offers Investor Class shares (MACSX) with a gross expense ratio of 1.15% and minimum initial investment of $2,500, alongside Institutional Class shares (MICSX) with a 1.02% expense ratio and $100,000 minimum; its top holdings include Taiwan Semiconductor Manufacturing Co., Ltd. (11.1%), Tencent Holdings, Ltd. (6.6%), and HDFC Bank, Ltd. (5.6%), with sector allocations led by information technology (24.6%), financials (19.9%), and communication services (14.4%), and country exposures primarily in China/Hong Kong (37.5%), India (17.1%), and Taiwan (15.8%). Managed by Matthews Asia, the largest dedicated Asia-only investment specialist in the United States with $6.9 billion in total assets under management as of December 31, 2024, the fund operates within the diversified Pacific/Asia category and targets individual and institutional investors seeking hybrid growth and income exposure to Asian equities and fixed income; it maintains net assets of approximately $246 million and a low portfolio turnover of 12%, benchmarked against the MSCI All Country Asia ex Japan Index. Inaugurated on September 12, 1994, and headquartered in San Francisco, California, the fund reflects Matthews Asia's expertise since the firm's founding in 1991 by Paul Matthews, employing lead manager Sean Taylor and co-manager Sojung Park effective February 20, 2025; it provides geographic coverage across all Asian countries and markets, including allocations to convertible bonds (9.5% of assets) alongside common equities and ADRs (90.5%). Recent developments include a one-time net asset value adjustment on September 8, 2025, due to updated tax estimation methodology for India exposure affecting multiple Matthews Asia funds, alongside ongoing portfolio management enhancements and sustained semi-annual dividend distributions, such as $0.1046 per share on March 11, 2025, and $0.12099 on December 18, 2024; the firm continues to emphasize active share of 74.9% relative to its benchmark, supporting differentiated performance amid volatile Asian markets.