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MAPIX Annual Report

Old_JoeOld_Joe
edited March 2016 in Fund Discussions
The summary outlook from the recent annual report:

"The market outlook for Asia today seems murky, in part as the real impact of the recent U.S. Federal Reserve rate hike on Asia is still unclear. In contrast to the U.S., Asia’s monetary policies are generally moving in the opposite direction, toward more easing. China’s headline growth figures continue to struggle and the movements of the renminbi still hold important implications to the stability of Asia’s markets. Against such a backdrop, a dividend-investing approach that balances both the yield and growth components in the underlying dividends, in our view, is an effective tool to filter out short-term market noise. Our focus is on what we consider a crucial factor for long-term investing: a company’s ability not only to generate sustainable cash flow but also its willingness to distribute it to minority shareholders in the form of stable or rising dividends."

Comments

  • Derf
    @ Old_Joe: Will you stay or will you go ?
    Derf
  • MikeMMikeM
    I have been a fan of Matthews in general for many years and have owned both MAPIX when it first opened as an alternative to MACSX when that fund was closed to new investors. When MACSX reopened, I moved my MAPIX money to it. But when moving my 401k money to an IRA I was able to buy SFGIX. I moved that EM chunk of money again, to Andrew Foster.

    At one time years back on this discussion board, many were saying Asia is the future - that's where the bulk of your money should be. Well, that was baloney then and it still is - at least I don't see it happening in my life time. Some exposure to Asia is great, but I for one don't think you need an Asia specific (especially China specific) fund. Not When Andrew Foster's fund is available. Who better then to determine an Asia allocation? And right now Foster is reducing Asia exposure. Matthews funds are the best of the Asian specific class, but are they needed other than for momentum bets? Here is a quote I pulled out of a different MFO post on SFGIX.
    February 2016 – In his latest portfolio review, Andrew Foster discusses a shift in the Fund’s composition, away from the Asian region, and toward larger stocks at the expense of smaller ones. Next, he speculates as to the cause behind the collapse in China’s capital markets. While he does not offer a definitive explanation, he does suggest that circumstances may be serious enough to warrant attention from investors.
  • Old_JoeOld_Joe
    @Derf- for heaven's sake, I'm the very last person that you should ask for advice. I know nothing!!

    All that I can tell you is that I'm still a few k ahead on MAPIX and ARTGX, and if they get any closer to breakeven I'm probably going to leave. SFGIX looks pretty sound, so far, but I'm watching our entire foreign exposure very closely.
  • CrashCrash
    I'm down to 8% foreign. After sticking to my guns about Asia for years, it's just plain not making me much money, anymore. Lots of macro reasons for that, of course. SFGIX is a small bite of my stuff now, too. Started with it 3 years ago.
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