Matthews Pacific Tiger Fund Investor Class · NASDAQ:MAPTX
Matthews Pacific Tiger Fund Investor Class — Matthews International Capital Management — Investor Presentation (2026)
49 slides from Matthews Pacific Tiger Fund Investor Class's investor presentation, Mar 9, 2026
Slide 1: Investing in a World of Innovation
Investing in a World of Innovation Matthews I Q4 2025 Do not give, show or quote to any Do not give,other person. show or quote This to anydocument is not other person. Thisfor public distribution document anddistribution is not for public is for institutional/professional and is for institutional/p
Slide 2: Matthews Capabilities
Matthews Capabilities Independent, private, employee ownership drives long-term investment excellence Firm Facts (As of December 31, 2025) Office Locations A History of Innovation 80+ employees 1991—Founded by Paul Matthews 20 investment professionals* London − 10 years average firm tenure 1994—U.S.
Slide 3: Why Sophisticated Investors Actively Partner with Matthews
Why Sophisticated Investors Actively Partner with Matthews Pioneer investor in Emerging Markets and Asia, with a 34-year A Trusted and Experienced Guide track record of generating excess returns in complex markets that demand deep expertise, operational skill and risk acumen Driven by intellectual c
Slide 4: Active Performance
Active Performance High Conviction Highly Active Highly Effective Approximately 64 More than 71% of 82% of Matthews holdings and 36% Matthews portfolios strategies outperformed average name have an Active Share relative to respective turnover over a 5-year greater than 60 benchmarks since time perio
Slide 5: Strategies for Investing in Emerging Markets and Asia
Strategies for Investing in Emerging Markets and Asia Matthews offers a range of public equity strategies across the risk-reward spectrum GLOBAL EMERGING All Cap Small and Mid Cap Emerging Markets — Emerging Markets Equity — Emerging Markets Small Companies MARKETS — Emerging Markets Sustainable Fut
Slide 6: Investment Philosophy
Investment Philosophy Asian equity markets offer investors attractive long-term growth opportunities but are inherently volatile and idiosyncratic requiring: — Extensive on-the-ground research that has resulted in company discovery and core / opportunistic investment opportunities — An investment fr
Slide 7: Deep Expertise across Trading, Operations and Compliance
Deep Expertise across Trading, Operations and Compliance 34 years of market understanding, relationships and execution Enterprise Risk Management Deep Investment Infrastructure — Oversight by Matthews Enterprise Risk and Compliance — Straight-through processing from order Committee, comprised of mem
Slide 8: Matthews: Emerging Markets, Asia and China Equity Specialist
Matthews: Emerging Markets, Asia and China Equity Specialist Active Trusted, Performance Experienced 30+ Years Partner invested in Emerging Markets & Asia Outcomes Global Holistic Risk & Tailored Perspective Management Solutions MCAR San Francisco, London, Customization, Hong Kong Sustainability Do
Slide 9: Matthews Asia Innovators Fund
Matthews Asia Innovators Fund Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional investors use only and has not been registered with, approved by, any regulatory authority in any jurisdiction. 9 © 2026 Matthews Internati
Slide 10: Our Edge in Asia
Our Edge in Asia Objectives Approach Differentiators − Invest in the next generation of − Select from the top 1% of − Diversity of thought and innovation enablers and companies in our universe expertise across the investment adopters in Asia − Identify giants of tomorrow team − Provide differentiate
Slide 11: Team Overview
Matthews Asia Innovators Team Overview Team Resources FUND FACTS Portfolio Manager* Investment Objective Long-term capital appreciation Tiffany Hsiao, CFA 25 years of exp. Cap Range All Cap Benchmark MSCI All Country Asia ex Japan Index Holdings-Based Style Map* AUM (as of December 31, 2025): Matthe
Slide 12: Idea Generation
Idea Generation | Asia Innovators Fund* PORTFOLIO MANAGEMENT TEAM Tiffany Hsiao, CFA 25 years of exp. INNOVATION KNOWLEDGE PLATFORM Located in Asia Tiffany Hsiao, CFA Sojung Park Donghoon Han Tech hardware & software, All sectors in Korea Japan tech semis, materials, health care, all sectors in Taiw
Slide 13: Why Innovation?
Why Innovation? Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional investors use only and has not been registered with, approved by, any regulatory authority in any jurisdiction. 13 © 2026 Matthews International Capital
Slide 14: Defining Innovation
Defining Innovation Enablers vs. Adopters INNOVATION ENABLERS – Create the hardware, software, and systems that power new technology breakthroughs – From AI servers and cloud supply chains to biotech platforms and renewable energy Semiconductor Power Grid Upgrade Agentic AI Innovative Drugs Design &
Slide 15: Too Big to be Ignored
Too Big to be Ignored Asia’s investment in innovation rising PUBLICATION RATE OF TOP 10% PUBLICATIONS PATENT APPLICATION BY COUNTRY 50 2,000,000 45 1,800,000 40 1,600,000 35 1,400,000 30 1,200,000 25 1,000,000 20 800,000 15 600,000 10 400,000 5 200,000 0 0 1986 1988 1990 1992 1994 1996 1998 2000 200
Slide 16: Global AI Supply-Demand Ecosystem
Global AI Supply-Demand Ecosystem Same AI, better diversification results As of 11/30/2025 accounts managed by Matthews Asia hold positions in the following securities: Alibaba, Tencent, Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC), Samsung Electronics Co., Ltd., SK Hynix, Inc., Micron Techno
Slide 17: Asia Mag 7: At More Magnificent Prices
Asia Mag 7: At More Magnificent Prices VALUATION (P/E FY1) EPS GROWTH 28% 62.0 25% 24% 47.9 19% 20.2 15.9 2025 Estimates* 2026 Estimates* 2025 Estimates* 2026 Estimates* U.S. Mag 7 Asia Mag 7 U.S. Mag 7 Asia Mag 7 *Note: ‘U.S. MAG 7’ securities refers to a group of highly influential, large-cap tech
Slide 18: Investing in Innovation
Investing in Innovation Our investment criteria INNOVATION ENABLERS & ADOPTERS HIGH SALES GROWTH STRONG HIGH ROIC ✓ Net Cash/2 Years Cash On Hand BALANCE SHEET *ROIC = Return on Invested Capital Do not give, show or quote to any other person. This document is not for public distribution and is for i
Slide 19: Matthews Asia Innovators Fund
Matthews Asia Innovators Fund Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional investors use only and has not been registered with, approved by, any regulatory authority in any jurisdiction. 19 © 2026 Matthews Internat
Slide 20: Risk and Opportunity are Two Sides of the Same Coin
Risk and Opportunity are Two Sides of the Same Coin Innovation to solve problems 3 ENORMOUS MARKET SHIFTS 3 SECULAR INVESTMENT THEMES Consumer and Aging Population Changing Demographics Growing Health Innovative Health Care Demands Care Solutions Need for Technology and Self Sufficiency Renewables D
Slide 21: Investment Snapshot | Typical Portfolio Characteristics
Investment Snapshot | Typical Portfolio Characteristics Matthews Asia Innovators Fund Number of Holdings 30-50 Top 20 Holdings Weight 25% - 45% Cap Range All Cap Primary Benchmark MSCI All Country Asia ex Japan Index The information contained in this presentation does not, in any way, constitute inv
Slide 22: Investment Process
Investment Process On-the-ground team, use of alternative data and private market insights Idea Generation Due Diligence Portfolio Construction Screening and Dialogue Deep-Dive Investigation Diversify by End Markets, Monitor & Rebalance Quantitative Qualitative Balancing Exposures Quarterly Screens
Slide 23: Investment Process | Internal Workflow
Investment Process | Internal Workflow Weekly Sector Meetings CoreWatchlist Portfolio Deep Dive Discussions and Market Observations 5-10 Companies Per Sector Active Management of the Core Watchlist − Analysts send deep dive materials a day − Represents companies where analysts − Active monitoring an
Slide 24: Portfolio Construction | Balancing Exposures
Portfolio Construction | Balancing Exposures Identify Asymmetry Measure End-Markets Build Diversified Portfolio Target Favorable Risk-Reward Cap End Markets at 25% Stress Test Portfolio − Emphasize investments in companies − Develop proprietary end-market − Leverage factor analysis models to identif
Slide 25: Portfolio Characteristics
Portfolio Characteristics | Matthews Asia Innovators Fund As of December 31, 2025 COUNTRY ALLOCATION (%) SECTOR ALLOCATION (%) Fund Benchmark Difference Fund Benchmark Difference China/Hong Kong 38.1 35.9 2.2 Information Technology 39.1 32.0 7.1 Taiwan 22.9 23.4 -0.5 Consumer Discretionary 19.3 12.8
Slide 26: Portfolio Characteristics
Portfolio Characteristics | Matthews Asia Innovators Fund As of December 31, 2025 MARKET CAP EXPOSURE (%) Fund Benchmark Difference Mega Cap (over $25B) 71.0 69.6 1.4 Large Cap ($10B-$25B) 15.4 20.3 -4.9 Mid Cap ($3B-$10B) 7.6 10.0 -2.4 Small Cap (under $3B) 3.5 0.1 3.4 Cash and Other Assets, Less 2
Slide 27: Investment Returns
Investment Returns | Matthews Asia Innovators Fund As of December 31, 2025 AVERAGE ANNUAL TOTAL RETURNS Since Inception 3 Months 1 Year 3 Years 5 Years 10 Years (12/27/1999) 33.02% 30.22% 16.75% 14.21% 10.30% 8.92% 5.55% 6.66% 4.33% 4.16% -0.53% -2.88% Matthews Asia Innovators Fund (Investor Class)
Slide 28: Competitive Returns
Competitive Returns | Matthews Asia Innovators Fund As of December 31, 2025 AVERAGE ANNUAL TOTAL RETURNS Year to Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Investor Class (MATFX) 30.22% 30.22% 14.21% -0.53% 10.30% 5.55% 12/27/99 Institutional Class (MITEX) 30.42% 30.42% 14.3
Slide 29: Outlook
Outlook Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional investors use only and has not been registered with, approved by, any regulatory authority in any jurisdiction. 29 © 2026 Matthews International Capital Manageme
Slide 30: Our Portfolio Strategy in 2026: Three Key Investment Buckets
Our Portfolio Strategy in 2026: Three Key Investment Buckets Many companies on our core watchlist trading at low valuations despite strong fundamentals Going Overseas CAPTURING GLOBAL OPPORTUNITIES — Focus on overseas strategies: Companies with robust international expansion plans are poised for sig
Slide 31: Outlook—Asia Has Attractive Earnings and Valuations
Outlook—Asia Has Attractive Earnings and Valuations Valuations continue to have room to re-rate EARNINGS GROWTH (%) – ROLLING 1-YEAR FORWARD PRICE-TO-EARNINGS RATIO – ROLLING 1-YEAR FORWARD 35x 50% 40% 30x 26X 30% 25x 20% 24% 22X 15% 20x 10% 14% 15x 0% 14X -10% 10x -20% 5x -30% 0x MSCI AC Ex Japan I
Slide 32: Appendix
Appendix Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional investors use only and has not been registered with, approved by, any regulatory authority in any jurisdiction. 32 © 2026 Matthews International Capital Managem
Slide 33: Asia Innovators Fund Invests in Structural Growth Sectors
Asia Innovators Fund Invests in Structural Growth Sectors Others, 7.3% − Energy transition, Power grids eCommerce, 10.7% − Defense − Gen AI, Cloud AI Services Future Mobilities, 3.1% − Electric vehicles − Autonomous vehicles Financial advisory services, 3.8% − Carbon neutrality − Fintech, Mobile pay
Slide 34: Early Innings of Long-Term Structural Trend
Early Innings of Long-Term Structural Trend Asia today is late 1970s in the U.S. U.S. GDP PER CAPITA AND S&P 500 INDEX $70,000 8,000 Asia’s GDP per capita in 2023 (1979 in the U.S.) 7,000 $60,000 Facebook (2004) Google (1998) 6,000 $50,000 Amazon (1994) 10.5% CAGR 5,000 $40,000 Microsoft founded (19
Slide 35: Top Ten Holdings
Top Ten Holdings | Matthews Asia Innovators Fund As of December 31, 2025 Company Sector Country % Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology Taiwan 11.7 Tencent Holdings, Ltd. Communication Services China/Hong Kong 6.8 Samsung Electronics Co., Ltd. Information Technology Sou
Slide 36: Attribution by Country
Attribution by Country | Matthews Asia Innovators Fund Fourth Quarter 2025 Published Portfolio Return1 -2.88% Selection + Average Average Allocation Total Interaction Published Benchmark Return 4.33% Portfolio Wt Benchmark Wt Effect Effect Effect Published Relative Return2 -7.21% Total 100.00 100.00
Slide 37: Attribution by Sector
Attribution by Sector | Matthews Asia Innovators Fund Fourth Quarter 2025 Published Portfolio Return1 -2.88% Selection + Average Average Allocation Total Interaction Published Benchmark Return 4.33% Portfolio Wt Benchmark Wt Effect Effect Effect Published Relative Return2 -7.21% Total 100.00 100.00
Slide 38: Attribution by Country
Attribution by Country | Matthews Asia Innovators Fund One Year December 31, 2024 to December 31, 2025 Published Portfolio Return1 30.22% Average Average Allocation Selection + Total Published Benchmark Return 33.02% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Retur
Slide 39: Attribution by Sector
Attribution by Sector | Matthews Asia Innovators Fund One Year December 31, 2024 to December 31, 2025 Published Portfolio Return1 30.22% Average Average Allocation Selection + Total Published Benchmark Return 33.02% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Return
Slide 40: Attribution by Country
Attribution by Country | Matthews Asia Innovators Fund Three Years December 31, 2022 to December 31, 2025 Published Portfolio Return1 14.21% Average Average Allocation Selection + Total Published Benchmark Return 16.75% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Total Portfolio 100.0
Slide 41: Attribution by Sector
Attribution by Sector | Matthews Asia Innovators Fund Three Years December 31, 2022 to December 31, 2025 Published Portfolio Return1 14.21% Average Average Allocation Selection + Total Published Benchmark Return 16.75% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Ret
Slide 42: Attribution by Country
Attribution by Country | Matthews Asia Innovators Fund Five Years December 31, 2020 to December 31, 2025 Published Portfolio Return1 -0.53% Average Average Allocation Selection + Total Published Benchmark Return 4.16% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Total Portfolio 100.00
Slide 43: Attribution by Sector
Attribution by Sector | Matthews Asia Innovators Fund Five Years December 31, 2020 to December 31, 2025 Published Portfolio Return1 -0.53% Average Average Allocation Selection + Total Published Benchmark Return 4.16% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Retur
Slide 44: Matthews Asia Innovators Fund Team
Matthews Asia Innovators Fund Team* TIFFANY HSIAO Tiffany Hsiao is a Portfolio Manager at Matthews. She originally joined Matthews in April 2014 and departed in August 2020 to launch a China-focused private fund at Artisan Partners. Prior to her departure, Tiffany managed the firm’s China Small Comp
Slide 45: Experienced Investment Team―Deep Capabilities
Experienced Investment Team―Deep Capabilities* CHIEF INVESTMENT OFFICER & PORTFOLIO MANAGER TRADERS Sean Taylor Jose Rivera Joong Kang Chief Investment Officer, Portfolio Manager Senior Trader Senior Trader 33 years exp. 26 years exp 35 years exp. Matthew Othick INVESTMENT TEAM Senior Trader 24 year
Slide 46: Disclosure
Disclosure You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus or summary prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please rea
Slide 47: Index Definitions
Index Definitions The Bloomberg European 500 Index is a free float capitalization-weighted index of the 500 most highly capitalized European companies. The iShares MSCI Emerging Markets ETF (EEM) is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI TR Emergi
Slide 48: Index Definitions
Index Definitions The MSCI Europe Small Cap Index captures small cap representation across the 15 Developed Markets (DM) countries in Europe. With 985 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in the European equity universe. The MSCI Frontier
Slide 49: Glossary
Glossary CAGR (Compound Annual Growth Rate) is the year-over-year growth rate of an investment over a specified period of time. DCF (Discounted Cash Flow) is a valuation method used to estimate the attractiveness of an investment opportunity. DCF analysis uses future free cash flow projections and d
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