MCH

Matthews China Active ETF

MCH is actively managed to hold stocks of Chinese companies that are fundamentally screened for sustainable growth. The fund also considers ESG factors in the investment process.


Emerging Market

EQUITY

Rules-Based

MANAGEMENT STYLE

79 bp

EXPENSES

$24.8 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorMatthews International Capital Man
CategoryEmerging
Asset classEquity
Websitelink...
Inception dateJul 13, 2022
Assets (mns)$25
Expense ratio79 bp
CurrencyCAD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
TENCENT HOLDINGS LTD 11.8 %
ALIBABA GROUP HOLDING LTD. 6.6 %
MEITUAN DIANPING 6.0 %
PINDUODUO, INC. SPONSORED ADR CLASS A 4.4 %
CHINA CONSTRUCTION BANK-H 4.3 %
JD.COM, INC. CLASS A 3.4 %
PETROCHINA CO LTD-H 3.4 %
PING AN INSURANCE GROUP CO-H 3.0 %
WULIANGYE YIBIN CO LTD-A 2.7 %
CHINA INTERNATIONAL CAPITAL CORP. LTD. C 2.5 %
Constituent Breakdown
Number of holdings68
Herfindahl-Hirschman Index 370
Wgt avg mkt cap (mns)$118,472
Large cap (>$10bn)83.9%
Mid cap ($2-10bn)14.8%
Small cap (<$2bn)1.4%
Developed mkts.20.7%
Emerging mkts.79.3%
Country Exposure
CHINA 92.4 %
HONG KONG 6.0 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -1.9% -9.1% -- -- -- -- -11.5%
Volatility 25.6% 25.6% -- -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.8716%
MSCI EAFE1.4148%
MSCI Emg Mkts1.6783%
Liquidity Measures
Avg. volume (000)6
Turnover0.5%
Avg. Bid/Ask (% of price)0.31%
ADV of underlying (mns)$7,828
Technical Indicators
Recent close$19.36
30d moving avg.$19.46
Annualized volatility37.2%
Relative strength (RSI)50
Short interest (ETF)0.2%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: MCH vs. Comps (1 YR)

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
1.0 9.9 1.1 2.6% --
Based on closing prices from 7/22/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
MCH



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

MCH

6.1%

Cat. Avg

7.3%

Fund Category: Emerging

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™6.1%
Recommendation

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™ of 7.3% and a standard deviation of 3.8%. MCH's ALTAR Score™ is approximately 0.3 standard deviations below the category average. This places MCH in the 37th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
MCH
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
Emerging Market Equity ETFs
# of ETFs 103
Avg. Expense Ratio 64.6 bp
Std. Deviation 29 bp
MCH (79 bp) Percentile rank 69
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
MCH 79.0 30.8 109.8
Peer Avg. 77.3 32.0 109.3
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .