Matthews Capital Management is making more moves. The San Francisco fund company plans to reopen two of its funds on September 2. The Matthews Asian Growth and Income Fund and Matthews Pacific Tiger Fund have been closed since November 28, 2003 and June 7, 2006, respectively.
“With the subsequent deepening of Asia’s capital markets, we are now
presented with new opportunities for investment, particularly as
valuations have declined, despite an environment of ongoing growth,”
said Andrew Foster, Matthews’ acting Chief Investment Officer and lead portfolio manager of the Matthews Asian Growth and Income Fund.
Matthews has been making headlines more often recently, getting on new platforms and launching a fund. Last spring rumors surfaced that that company was preparing for a possible sale.
Yet, Tuesday a spokeswoman for Matthews told the MFWire that she can confirm the company is not for sale.
Company Press Release
San Francisco, CA, Aug. 5, 2008—Matthews International Capital
Management, LLC today announced plans to re-open the Matthews Asian
Growth and Income Fund and Matthews Pacific Tiger Fund to new
investors on September 2, 2008.
The Funds, both launched in 1994, have been closed to most new
investors since November 28, 2003 and June 7, 2006, respectively. The
Funds’ closure had been prompted by rapid increases in inflows
combined with market constraints.
“With the subsequent deepening of Asia’s capital markets, we are now
presented with new opportunities for investment, particularly as
valuations have declined, despite an environment of ongoing growth,”
said Andrew Foster, Matthews’ acting Chief Investment Officer and lead
Portfolio Manager of the Matthews Asian Growth and Income Fund.
Re-opening the Funds will enable Matthews to pursue new investment
opportunities while maintaining existing positions that remain
attractive. In addition, the firm believes that restoring the balance
between purchases and redemptions is in the best interest of
shareholders.
The Matthews Asian Growth and Income Fund (MACSX) aims to offer
investors a relatively stable means to participate in Asia’s growth,
while providing some downside protection.
The Matthews Pacific Tiger Fund (MAPTX) is a diversified, all-cap
strategy that seeks long-term capital appreciation by investing in
companies capable of sustained, long-term growth.
Both Funds have long-term track records of investing in Asia. The
Matthews Asian Growth and Income Fund and the Matthews Pacific Tiger
Fund were ranked 1st and 2nd, respectively, based on total return, out
of 11 funds in the Lipper Pacific ex-Japan Funds category for the
period September 30, 1994 (the Funds’ inception) through June 30, 2008.
“With the re-opening of the Funds, we are pleased to offer investors
access to our full range of investment strategies,” said William J.
Guilfoyle, Co-Chief Executive Officer of Matthews. “At Matthews, we
believe regionally diversified Asia funds, such as these, are ideal as
a core component of any global portfolio.”
About Matthews Asia
At Matthews, we believe in the long-term growth of Asia. Since 1991,
we have focused our efforts and expertise exclusively within the
region, investing through a variety of market environments. As an
independent, privately owned firm, Matthews is the largest dedicated
Asia-only investment specialist in the United States. Our investment
offerings provide a broad range of choices for building a global
portfolio that includes exposure to one of the world’s fastest-growing
regions. With nearly $9 billion in assets under management as of June
30, 2008, Matthews employs a bottom-up, fundamental investment
philosophy, with a focus on long-term investment performance. For more
information please visit www.matthewsfunds.com.
Disclosures
You should consider the investment objectives, risks, charges and
expenses of the Matthews Asian Funds carefully before making an
investment decision. A prospectus with this information and other
information about the Funds may be obtained by calling 1-800-789-ASIA
or by visiting matthewsfunds.com. Please read the prospectus carefully
before investing as it explains the risks associated with investing in
international markets.
Investing in foreign securities may involve certain additional risks,
including exchange-rate fluctuations, less liquidity, greater
volatility and less regulation.
Lipper, Inc. reports performance and calculates rankings for mutual
funds. Each fund is ranked within a universe of funds with similar
investment objectives. Ranking is based on total returns, including
reinvestment of dividends and capital gains, for the stated periods.
Past performance does not guarantee future results.
The Matthews Asian Growth and Income Fund ranked 6th for the one-year
period; 31st for the five-year period; and 4th for the 10-year period,
as of 6/30/08 in the Lipper Pacific ex-Japan Funds category.
The Matthews Pacific Tiger Fund ranked 27th for the one-year period;
16th for the five-year period; and 2nd for the 10-year period, as of
6/30/08, in the Lipper Pacific ex-Japan Funds category.
As of 6/30/08, the Lipper Pacific ex-Japan Funds Category Average
consisted of 44 funds for the one-year period; 36 funds for the
five-year period; 27 funds for the 10-year period; and 11 funds since
9/30/94.
Correction: This story has been updated to include comments from a spokeswoman for Matthews Funds.
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