Matthews Emerging Markets Small Companies Fund Investor Class
MSMLX
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- Matthews Emerging Markets Small Companies Fund (MSMLX) is an open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in common and preferred stocks of small companies located in emerging market countries worldwide, defined as those with market capitalizations no higher than the greater of $5 billion or the largest company in the MSCI Emerging Markets Small Cap Index; the fund targets innovative, capital-efficient entrepreneurial companies with competitive advantages in pricing power, distribution, differentiated technologies, or services catering to rising domestic consumer demand, benchmarked against the MSCI Emerging Markets Small Cap Index. Offered in Investor Class (MSMLX, inception September 15, 2008, $2,500 minimum, 1.35% net expense ratio) and Institutional Class (MISMX, inception April 30, 2013, $100,000 minimum, 1.15% net expense ratio) share classes, the fund employs a bottom-up, fundamental investment approach with sector allocations emphasizing information technology (24.0%), consumer discretionary (19.7%), and financials (17.7%), and country exposures led by India (26.7%), Taiwan (17.1%), and China/Hong Kong (15.4%) as of September 30, 2025. [pdf from ] Managed by Matthews International Capital Management, LLC, an independent Asia-focused investment specialist founded in 1991 and headquartered at Four Embarcadero Center, Suite 550, San Francisco, California, with approximately $6.9 billion in total assets under management, the fund maintains 85 positions, a weighted average market cap of $4.1 billion, and high active share of 97.2% versus its benchmark. [pdf from ] In recent developments, the fund's parent firm Matthews Asia highlighted a strategic investment emphasis on high-growth holdings such as Netweb Technologies India Ltd., underscoring its focus on innovative emerging market small caps amid market volatility and AI-driven optimism as of late 2025. Prior to April 30, 2021, the fund operated under a materially different investment strategy, resulting in performance disparities for earlier periods, with current management led by Portfolio Managers Vivek Tanneeru and Jeremy Sutch, CFA; Matthews Asia has also pursued broader strategic expansions, including the launch of UCITS-domiciled emerging market funds in Europe (e.g., Matthews Emerging Markets Equity Fund) and active emerging markets ETFs in 2023, alongside renaming the Matthews Asia Science and Technology Fund to Matthews Asia Innovators Fund in December 2025 to reflect evolving innovation themes across Asia and emerging markets. [pdf from ] The fund serves institutional, advisor, and individual investors seeking exposure to small-cap growth in emerging markets, including countries such as Brazil, Vietnam, South Africa, Poland, Greece, Philippines, Georgia, Mexico, Turkey, Indonesia, Panama, Cyprus, Bangladesh, United Kingdom, and Chile, while avoiding most developed markets like the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore, and Western Europe. [pdf from ]