Matthews Pacific Tiger Fund Investor Class · NASDAQ:MAPTX
Matthews Pacific Tiger Fund Investor Class — Matthews International Capital Management — Investor Presentation (2026)
37 slides from Matthews Pacific Tiger Fund Investor Class's investor presentation, Feb 25, 2026
Slide 1: A New Way to Invest in the Future of Emerging Markets and Asia: Active ETFs
A New Way to Invest in the Future of Emerging Markets and Asia: Active ETFs Matthews Japan Active ETF (JPAN) Matthews I Q4 2025 Do not give, show or quoteDotonot any other give, showperson. or quoteThis document to any is notThis other person. fordocument public distribution anddistribution is not f
Slide 2: Access the Potential of Emerging Markets and Asia in Active ETFs
Access the Potential of Emerging Markets and Asia in Active ETFs We believe − these markets offer investors the best opportunities for long-term growth − Active management is required to successfully invest in these regions We have − An investment team with the experience and expertise needed to nav
Slide 3: 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 4: 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 5: 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 6: Investment Management Expertise with Potential Benefits of ETF Structure
Investment Management Expertise with Potential Benefits of ETF Structure 1 Potential for Increased Tax Efficiency Structure offers the potential for reduced capital gains 2 Transparency Daily view of portfolio holdings FIVE BENEFITS OF 3 Intraday Liquidity Can buy or sell shares throughout the U.S.
Slide 7: Active ETFs Based on Signature Strategies
Active ETFs Based on Signature Strategies Matthews Emerging Markets Equity Active ETF Matthews Asia Dividend Active ETF MEM Aims to generate attractive returns in Emerging Markets (EM) using a core approach to capture ADVE Aims to generate attractive total returns with lower volatility through inves
Slide 8: JPAN
JPAN Matthews Japan Active ETF Aims to generate attractive returns through investment in group opportunities in Japan 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
Slide 9: Why Matthews for Japan?
Why Matthews for Japan? EXPERIENCE 25-year track record in a dedicated Japan Strategy FOCUS Since 1991 we have managed equities in Emerging Markets and Asia. Today, we deploy a 20+ person investment team focused on generating great investment outcomes for clients EXPERTISE Dedicated Japan team consi
Slide 10: Matthews Japan Active ETF (JPAN) Portfolio Overview
Matthews Japan Active ETF (JPAN) Portfolio Overview Team Resources FUND FACTS Portfolio Managers Investment Objective Long-term capital appreciation Shuntaro Takeuchi Donghoon Han 25 years of exp. 16 years of exp. Cap Range All Cap Benchmark MSCI Japan Index Holdings-Based Style Map* AUM (as of Dece
Slide 11: Idea Generation | Japan Active ETF (JPAN)
Idea Generation | Japan Active ETF (JPAN) PORTFOLIO MANAGEMENT TEAM Shuntaro Takeuchi Donghoon Han 25 years of exp. 16 years of exp. Country Teams and Knowledge Platforms China India Innovation Japan Korea Financials Taiwan ASEAN Small & Mid-Cap Broader Investment Team Responsible Investment & Stewa
Slide 12: Matthews Japan Active ETF | Investment Philosophy
Matthews Japan Active ETF | Investment Philosophy We Believe Japanese equity returns are driven by three key factors: — Companies with consistent, long-term earnings growth can generate superior investment returns Earnings Growth — Top-line earnings growth combined with margin improvement form the b
Slide 13: Approach | Japanese Equity Market is Driven By Earnings
Approach | Japanese Equity Market is Driven By Earnings Integrating long-term fundamental research with macro awareness can create alpha opportunities 2014 – SEPTEMBER 2024 RETURN BREAKDOWN – MSCI JAPAN INDEX 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-1
Slide 14: Constructing a Core Growth Portfolio
Constructing a Core Growth Portfolio Portfolio exposures have flexibility to tilt and balance style exposure through cycle LINEAR CYCLICAL IDIOSYNCRATIC EPS Style Quality Growth Franchises Cyclical Growth Franchises Special Situations / Value Earnings Visible and forecastable Correlated to business
Slide 15: Investment Process
Investment Process We see growth opportunities in: We focus on: Declining population and aging society Opportunity and impact of disruption Slow to change legacy enterprise Sustainability of cash flow generation Low interest rates and deflationary environment Consistency of Management’s
Slide 16: Portfolio Construction
Portfolio Construction Buy Sell Adjustment How does a stock get into the portfolio? Why do we sell a stock? When do we change a stock’s weighting? ― Bottom-up, fundamental analysis ― Fundamental investment thesis played ― Intact investment thesis but change in out; target price reached degree of con
Slide 17: Risk Management
Risk Management Holistic Risk Management at all levels of Matthews PORTFOLIO CIO INDEPENDENT Portfolio Management Team Chief Investment Officer Global Head of Risk & Compliance & VP, Head of Investment Risk — Monitor active risk associated with — Oversight of all portfolio level risks — Independent
Slide 18: Portfolio Characteristics | Matthews Japan Active ETF
Portfolio Characteristics | Matthews Japan Active ETF As of December 31, 2025 SECTOR BREAKDOWN (%) Fund Benchmark Difference Industrials 28.3 25.4 2.9 Consumer Discretionary 20.6 17.0 3.6 Financials 17.5 17.0 0.5 Information Technology 14.6 14.0 0.6 Communication Services 4.1 7.6 -3.5 Materials 4.0
Slide 19: Portfolio Characteristics | Matthews Japan Active ETF
Portfolio Characteristics | Matthews Japan Active ETF As of December 31, 2025 MARKET CAP EXPOSURE (%) Fund Benchmark Difference Mega Cap (over $25B) 65.9 75.5 -9.6 Large Cap ($10B-$25B) 19.1 18.0 1.1 Mid Cap ($3B-$10B) 8.5 6.5 2.0 Small Cap (under $3B) 5.9 0.0 5.9 Cash and Other Assets, Less 0.6 0.0
Slide 20: Top Ten Holdings | Matthews Japan Active ETF
Top Ten Holdings | Matthews Japan Active ETF As of December 31, 2025 Company Sector % Sony Group Corp. Consumer Discretionary 5.7 Mitsubishi UFJ Financial Group, Inc. Financials 4.9 Hitachi, Ltd. Industrials 4.7 Tokyo Electron, Ltd. Information Technology 4.2 Sumitomo Mitsui Financial Group, Inc. Fi
Slide 21: Investment Returns | Matthews Japan Active ETF
Investment Returns | Matthews Japan Active ETF As of December 31, 2025 AVERAGE ANNUAL TOTAL RETURNS 3 Months 1 Year Since Inception (09/21/2023) 25.05% 21.79% 23.01% 20.61% 20.79% 16.91% 2.95% 4.21% 3.26% Matthews Japan Active ETF - NAV Matthews Japan Active ETF - Market Price MSCI Japan Index Assum
Slide 22: Matthews Japan Active ETF Investment Team
Matthews Japan Active ETF Investment Team SHUNTARO TAKEUCHI Shuntaro Takeuchi is a Portfolio Manager at Matthews. Prior to joining Matthews in 2016, he was an Executive Director for Japan Equity Sales at UBS Securities LLC in New York. Beginning in 2003, he worked on both Japanese Equity and Interna
Slide 23: Key Takeaways
Key Takeaways — Matthews has been invested in emerging markets for more than 30 years, and has an experienced investment team with the regional knowledge needed to uncover companies with the potential to deliver long-term growth — Matthews’ active ETFs benefit from the same investment management exp
Slide 24: A New Way to Invest in Emerging Markets and Asia
A New Way to Invest in Emerging Markets and Asia Access the potential of the world’s most dynamic economies with active ETFs from the experts MATTHEWS ACTIVE ETFs — Time-tested investment process — Potential to outperform — Investment team with the — Flexibility to buy and sell expertise needed to s
Slide 25: Contact Us
Contacting the Matthews Client Services team: Contact Us: Phone: 888.289.7988 To learn more about Matthews or how our strategies Email: clientservices@matthewsasia.com can complement globally diversified portfolios, please contact the Matthews Client Services Team Web: matthewsasia.com/ETFs Do not g
Slide 26: 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 27: 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 28: 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 29: Japanese Valuations
Japanese Valuations Valuations remain reasonable P/E Ratio P/B Ratio 25.0x 2.5x 20.0x 2.0x 15.0x 1.5x 10.0x 1.0x 5.0x 0.5x 0.0x 0.0x MSCI Japan Index Price/Earnings Ratio (LHS) MSCI Japan Index Price/Book Ratio (RHS) Forward Forward P/E Trailing P/B Dividend Yield MSCI Japan 16.9x 1.8x 2.9% MSCI Eur
Slide 30: Corporate Profit Growth Outpacing Real GDP
Corporate Profit Growth Outpacing Real GDP Equities buy a share of corporate profits Index, 4Q 2012 = 100 240 220 200 180 160 140 120 100 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2012 2013 20
Slide 31: Investing in Japan Equities = Investing in Innovation and Productivity
Investing in Japan Equities = Investing in Innovation and Productivity Japan equities lower exposure to interest rate sensitive sectors SECTOR WEIGHTS (%) MANUFACTURING ACTIVITY VS. INTEREST RATE CYCLE MSCI MSCI MSCI Asia Japan Europe ex Japan 39.4% 40.0% Communication Services 7.6 3.5 9.7 33.9% Con
Slide 32: Low Index Concentration Provides Opportunity for Active Investments
Low Index Concentration Provides Opportunity for Active Investments Percent of top five market cap as a percentage of entire index Average 38.4% Average 37.1% Average 35.6% Average 11.1% 66.1% 47.0% 45.5% 41.9% 41.7% 39.5% 32.2% 31.4% 29.8% 15.7% 16.9% 15.0% 12.5% 7.8% 3.3% Euro Stoxx 50 TAIEX DJIA
Slide 33: We Believe Japan's Alpha Opportunity is in Small Caps
We Believe Japan’s Alpha Opportunity is in Small Caps Small cap coverage in Japan remains thin, less than Asia ex Japan SMALL CAP COVERAGE IN JAPAN 72.3% 70.1% 67.1% 52.2% 33.4% 25.1% 21.2% 17.7% 14.3% 10.0% 8.7% 7.8% U.S. Western Europe Asia ex Japan Japan 1 or zero 2 3 or more Note: Universe as de
Slide 34: Japan IPO: Start Small, Grow Big
Japan IPO: Start Small, Grow Big Despite recent growth in Japan VC funding, it is still only a fraction of U.S. VC funding VENTURE CAPITAL (VC) FUNDING IN JAPAN VS. THE U.S. VC Funding (US$ BN) U.S. / Japan VC Funding Ratio $375 55x $350 50x $325 $300 45x $275 40x $250 35x $225 $200 30x $175 25x $15
Slide 35: Labor Population Peaking Out
Labor Population Peaking Out Percentage of total population by broad age group, both sexes (per 100 total population) % OF WORKING AGE POPULATION (Male and Female, Age 15-64) Forecasts* 75% 2011: China 1992: Japan 70% 2008: U.S. 2012: World 65% 60% 55% 50% 45% World China Japan U.S. *Note: 2020 data
Slide 36: Aging Society Will No Longer Be Unique to Japan
Aging Society Will No Longer Be Unique to Japan U.S., Western Europe and China expected to experience what Japan faced in 1990-2020 ELDERLY POPULATION AS A % OF TOTAL POPULATION (Male and Female, Age 65+) Forecasts* 45% 40% 35% 30% 2015: Japan 2035: Europe 2050: China 25% 2070: U.S. 20% 15% 10% 5% 0
Slide 37: Japan Health Care Spending
Japan Health Care Spending 50% of lifetime health care costs are spent after age 70 (total spending of 27 million Yen) JAPAN HEALTH CARE SPENDING PER PERSON BY AGE GROUP Yen, Thousands 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Source: Ministry of Health, Labor and Welfare, 2019 Do not give, show or
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