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Matthews Asian Growth & Income (MACSX) and Matthews Asia Small Companies Funds (MSMLX) will reopen

TheShadowTheShadow
edited December 2011 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/923184/000114420411070421/v243311_497.htm


SUPPLEMENT DATED DECEMBER 19, 2011

TO THE INVESTOR CLASS PROSPECTUS OF MATTHEWS ASIA FUNDS

DATED APRIL 29, 2011 (AS SUPPLEMENTED)

The Matthews Asian Growth and Income Fund (MACSX) and Matthews Asia Small Companies Fund (MSMLX) will resume accepting offers to purchase shares from new investors effective January 4, 2012.

As of January 4, 2012, all references in the Prospectus to the Matthews Asian Growth and Income Fund and Matthews Asia Small Companies Fund being closed to new investors (including pages 1 and 28 of the Prospectus) or investing in or exchanging shares into a closed fund, and the information under the caption “Who Can Invest in a Closed Fund?” (page 65 of the Prospectus) are hereby removed in their entirety.


Please refer to page 62 of the Prospectus for information on how to purchase shares of the Matthews Asian Growth and Income Fund and the Matthews Asia Small Companies Fund.

Effective immediately, the following supplements the Portfolio Managers section on page 3:



Co-Manager: Kenneth Lowe, CFA, has been a Portfolio Manager of the Asian Growth and Income Fund since 2011.



Effective immediately, the following supplements the “Management of the Funds – Portfolio Managers” section on page 60 with respect to the Matthews Asian Growth and Income Fund:



Kenneth Lowe is a Portfolio Manager at Matthews. Prior to joining Matthews in 2010, he was an Investment Manager on the Asia and Global Emerging Market Equities Team at Martin Currie Investment Management in Edinburgh, Scotland. Kenneth received an M.A. in Mathematics and Economics from the University of Glasgow. Kenneth has been a Portfolio Manager of the Matthews Asian Growth and Income Fund since 2011.





Please retain this Supplement with your records.





Comments

  • catch22catch22
    Thank you, Shadow.

    One may presume some reverse flow of funds in 2011, eh?

    Regards, and you and yours enjoy the holiday period.

    Catch
  • TheShadowTheShadow
    I suspect that is the reason for the reopening the funds.

    Have a happy holiday season also!
  • Kenster1_GlobalValue
    edited December 2011
    Yup, MACX is $1B lighter since its closing at the beginning of this year and MSMLX is also $150M lighter (about 1/3rd of assets).

    Here's the Matthews Asia announcement on the closing and addition of a 3rd co-manager to MACSX (...part of that reason was to beef up the management capabilities and to ensure Jesper Madsen wasn't getting stretched too thin)

    http://matthewsasia.com/investor-resources/content/shareholder-letters/message-to-matthews-shareholders-dec-2011.fs

  • Sven
    Reply to @Kenster1_GlobalValue: Thanks. That is a sizable loss in asset considering that MACSX is doing better/losing less than the typical Asia-specific funds.
  • msf
    Matthews created an institutional class MICSX of Asian G&I just before it closed the fund. Now that the fund is reopening, it may be worth considering that share class if one can get it at a reasonable minimum through a broker (even with a transaction fee). Looks to be about 20 basis points cheaper than the retail MACSX.

    Hard to tell now what the brokers' min will be, since it's still listed as a closed fund.
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