Matthews Pacific Tiger Fund Investor Class · NASDAQ:MAPTX
Matthews Pacific Tiger Fund Investor Class — Matthews International Capital Management — Investor Presentation (February 2026)
38 slides from Matthews Pacific Tiger Fund Investor Class's investor presentation, February 2026
Slide 1: Investing in a World of Emerging Opportunities
Investing in a World of Emerging Opportunities Matthews I Q4 2025 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 juris
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 19 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 China Fund
Matthews China 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 International Capit
Slide 10: Why Matthews for China?
Why Matthews for China? EXPERIENCE 26-year track record in a dedicated China Strategy FOCUS Since 1991 we have managed equities in Emerging Markets and Asia; Today, we deploy a 15+ person investment team focused on generating great investment outcomes for clients EXPERTISE Dedicated China team consi
Slide 11: Matthews China Portfolio Overview
Matthews China Portfolio Overview FUND FACTS Team Resources Investment Objective Portfolio Manager* Long-term capital appreciation Andrew Mattock, CFA Cap Range 33 years of exp. All Cap Benchmarks MSCI China Index MSCI China All Shares Index Holdings-Based Style Map** AUM (as of December 31, 2025):
Slide 12: Idea Generation | China Fund
Idea Generation | China Fund PORTFOLIO MANAGEMENT TEAM* Andrew Mattock, CFA 33 years of exp. Country Teams and Knowledge Platforms China India Innovation Japan Korea Financials Taiwan ASEAN Small & Mid-Cap Broader Investment Team Responsible Investment & Stewardship Analysts Holistic Risk Management
Slide 13: Matthews China Fund Investment Philosophy
Matthews China Fund Investment Philosophy All share approach — Fund invests in mainland China-listed equity both in HK and on the mainland — No current exposure to Taiwan — Fundamental bottom-up stock selection with a focus on long-term value and cash flow Fundamentally oriented and — GARP* is core
Slide 14: We Believe in an All-Share Approach to Investing in China
We Believe in an All-Share Approach to Investing in China The Chinese equity investment universe comprises various share listings CHINA A SHARES 4,526 companies CHINA ALL-SHARE Market Cap: US$9.88TN APPROACH U.S. ADRs HK SHARES 287 companies 2,300 companies Market Cap: US$701BN Market Cap: US$4.1TN
Slide 15: Matthews China Fund Investment Process
Matthews China Fund Investment Process Highly Selective With a focus on quality and growth sustainability of business operations, management and corporate governance Portfolio Construction MATTHEWS CHINA FUND Stock Selection to − 35 to 65 names Qualitative Assessment Drive Alpha Track earnings and k
Slide 16: Idea Generation
Idea Generation Goal: Identify the Top 1% of the Universe KEEPING UP THROUGH RESULTS SEASON — Bi-annual results review: $1BN+ market cap universe, ~3,400 companies — Identify companies/industries worth following up on — Maintain follow-up watch list for future deep-dives COMPANY VISITS AND MANAGEMEN
Slide 17: Portfolio Construction and Monitoring
Portfolio Construction and Monitoring PORTFOLIO CONSTRUCTION CORE PORTFOLIO GROWTH SEEKING Long-term cash flow predictability FUNDAMENTAL ANALYSIS Tend to prefer domestically oriented — Focused on growth companies (e.g. companies in service — On the ground company that is: sectors) visits — Internet
Slide 18: Buy/Sell Discipline
Buy/ Sell Discipline BUY DISCIPLINE SELL DISCIPLINE TEAM DISCUSSION FUNDAMENTAL ANALYSIS BUY CANDIDATE — Research focus ATTRACTIVE — Impact to overall risks — Industry analysis — Trip planning VALUATIONS? — Diversification merits — Economics of the business — Conviction building — Capital allocation
Slide 19: Why the Matthews China Fund—How our Portfolio is Different
Why the Matthews China Fund⎯How our Portfolio is Different Next top ten positions, as of November 30, 2025 COMPANY %WEIGHT SECTOR DESCRIPTION Provides investment services to corporations, institutions and China International Capital 2.2% individuals worldwide China Merchants Securities 2.1% Operates
Slide 20: Portfolio Characteristics | Matthews China Fund
Portfolio Characteristics | Matthews China Fund As of December 31, 2025 SECTOR BREAKDOWN (%) CHINA EXPOSURE (%) Fund Benchmark Difference Fund Financials 25.3 17.9 7.4 Hong Kong Listed Companies 65.3 Consumer Discretionary 23.6 27.8 -4.2 Mainland China Listed Companies 26.0 Communication Services 15
Slide 21: Portfolio Characteristics | Matthews China Fund
Portfolio Characteristics | Matthews China Fund As of December 31, 2025 MARKET CAP EXPOSURE (%) Fund Benchmark Difference Mega Cap (over $25B) 69.1 75.5 -6.4 Large Cap ($10B-$25B) 17.6 14.8 2.8 Mid Cap ($3B-$10B) 9.5 9.5 0.0 Small Cap (under $3B) 3.2 0.2 3.0 Cash and Other Assets, Less 0.5 0.0 0.5 L
Slide 22: Sector Allocation Changes 8/31/25 vs. 11/30/25
Sector Allocation Changes 8/31/25 vs. 11/30/25 Portfolio Weight (%) Sector Aug-25 Nov-25 Difference Communication Services 17.0 16.4 -0.6 Consumer Discretionary 24.2 24.8 0.6 Consumer Staples 2.8 0.8 -2.0 Example of New Positions Energy 2.4 1.6 -0.8 — Shanghai Putailai New Energy — Xinyi Solar Holdi
Slide 23: Top Ten Holdings | Matthews China Fund
Top Ten Holdings | Matthews China Fund As of December 31, 2025 Company Sector % Tencent Holdings, Ltd. Communication Services 10.8 Alibaba Group Holding, Ltd. Consumer Discretionary 8.8 China Merchants Bank Co., Ltd. Financials 4.4 Ping An Insurance Group Co. of China, Ltd. Financials 4.3 CMOC Group
Slide 24: Investment Returns | Matthews China Fund
Investment Returns | Matthews China Fund As of December 31, 2025 AVERAGE ANNUAL TOTAL RETURNS Since Inception 3 Months 1 Year 3 Years 5 Years 10 Years (02/19/1998) 31.43% 29.81% 29.22% 11.85% 10.15% 7.32% 8.32% 6.48% 5.71% 4.34% 4.14% -2.26% -4.20% -3.90% -3.03% -5.29% -7.35% Matthews China Fund (In
Slide 25: Competitive Returns | Matthews China Fund
Competitive Returns | Matthews China 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 (MCHFX) 29.81% 29.81% 7.32% -3.90% 6.48% 8.32% 2/19/98 Institutional Class (MICFX) 29.93% 29.93% 7.43% -3.77% 6.64
Slide 26: Attribution by Sector | Fourth Quarter 2025
Attribution by Sector | Matthews China Fund Fourth Quarter 2025 Published Portfolio Return1 -5.29% Selection + Average Average Allocation Total Interaction Published Benchmark Return -7.35% Portfolio Wt Benchmark Wt Effect Effect Effect Published Relative Return2 2.06% Total 100.00 100.00 1.52 0.63
Slide 27: Attribution by Sector | One Year
Attribution by Sector | Matthews China Fund One Year December 31, 2024 to December 31, 2025 Published Portfolio Return1 29.81% Average Average Allocation Selection + Total Published Benchmark Return 31.43% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Return2 -1.62% T
Slide 28: Attribution by Sector | Three Years
Attribution by Sector | Matthews China Fund Three Years December 31, 2022 to December 31, 2025 Published Portfolio Return1 7.32% Average Average Allocation Selection + Total Published Benchmark Return 11.85% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Return2 -4.53%
Slide 29: Attribution by Sector | Five Years
Attribution by Sector | Matthews China Fund Five Years December 31, 2020 to December 31, 2025 Published Portfolio Return1 -3.90% Average Average Allocation Selection + Total Published Benchmark Return -3.03% Portfolio Wt Benchmark Wt Effect Interaction Effect Effect Published Relative Return2 -0.87%
Slide 30: Attribution Disclosure
Attribution Disclosure Performance attribution reports are calculated with a holdings-based methodology using software supplied by FactSet Research Systems, Inc. The performance shown will not equate to the standard, published performance for the Fund. The quarterly or annual periods shown in the at
Slide 31: Matthews China Fund Investment Team
Matthews China Fund Investment Team* ANDREW MATTOCK, CFA Andrew Mattock is a Portfolio Manager at Matthews. Prior to joining Matthews in 2015, he was a Fund Manager at Henderson Global Investors for 15 years, first in London and then in Singapore, managing Asia Pacific equities. Andrew holds a Bache
Slide 32: Disclosure
Disclosure You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. Please read the prospectus carefully before investing. Investment involves risk. Past performance is no guarantee of future results. Invest
Slide 33: 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 34: 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 35: 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
Slide 36: China Currently Priced Attractively Against Global Indices
China Currently Priced Attractively Against Global Indices GROWTH (EARNINGS)* VALUATION (P/E) 18% 24.8x 25.1x 16% 15% 11% 16.7x 10% 15.1x 12.7x CY 2024 EPS Growth, Annualized* 2024 Price-to-Earnings Ratio China U.S. MSCI EAFE MSCI Emerging Markets MSCI India *Estimates as of December 31, 2025, for c
Slide 37: Why Matthews China—We Invest in Structural Growth Sectors
Why Matthews China⎯We Invest in Structural Growth Sectors 3-YEAR EPS CAGR* 45% Industrials Health Care 40% 35% Materials Information Technology 30% Communication 25% Services 20% Consumer Discretionary Energy Matthews China Portfolio 15% 10% Financials 5% Real Estate 0% 5 10 15 20 25 30 35 40 P/E NT
Slide 38: Case Study | Sungrow
Case Study | Sungrow Solar component manufacturer has benefited from renewable energy growth MACRO INVESTMENT THESIS − China’s carbon neutrality 2060 plans significant volume expansion opportunities across the solar chain BOTTOM-UP ASSESSMENT − Strong execution by the company has meant that its glob
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