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MAPIX 4Q pay-out

Hello. The Matthews website says, ZERO. Please help me understand: is that absolutely ZERO, or is it "zero" in addition to the customary quarterly pay-out? In other words, is there just not going to be a year-end bonus in 2014? Thanks.

Comments

  • Yep, it does say zero across the board. For a dividend fund that seems a bit unusual. Perhaps someone else has some insights?
  • edited November 2014
    @MaxBialystock
    Given its make-up, I'm sure you'll be getting a dividend. And I'm sure Mathews would be willing to calculate what that will be for the 4th qtr, if you'll give 'em a call and tell them what the precise currency exchange rates will be, on the dvd ex-date for every one of their hldgs, and the precise dvd in local currency that each of their hldgs will be "ex-ing."
    Ya see their problem?
    On the other hand, they should not have put a ZERO in the blank, because that is incorrect and misleading. Why they couldn't think it thru and write "to be determined" is beyond me. Stay cool; in all likelihood, your reward is coming.;)
  • Great, thanks, man. I was hoping I'd read something along those lines.
  • Thanks @heezsafe for the clarification.
  • Problem is, the other income funds (as well as most of the other funds) do show estimated income distributions. It may deserve a check-in with Matthews; I'm not sure that in this case an estimate of zero doesn't mean an estimate of zero, but that doesn't make sense for a fund that always AFAIK has distributed income quarterly.
  • The Matthews website does show distribution history for 2013 and foreign tax credits going back several years. A 4Q distribution was paid out last year.

    I guess the best thing is to give them a call.
  • Given the rigorous proofreading to which all documents are subjected prior to their release by MF families, and given the rarity of numerical mistakes one finds in data posted on MF websites, I realize this is way out there.
    But do you suppose this might be nothing more than just another g.d. sloppy typo?!:)
  • heezsafe said:


    But do you suppose this might be nothing more than just another g.d. sloppy typo?!:)

    For sure a possibility. Or, say, there was a placeholder 0.0 in the columns, somebody didn't supply the MAPIX figure by posting time, and nobody at Matthews has noticed yet.
  • According to a poster on M* thread on this very matter, who called Matthews this morning (Monday, 11-24), that is not a typo. No capital gains, ordinary income, or any other type of distribution for MAPIX 4th Q 2014.
  • Thanks, IE. The next MAPIX commentary should be interesting.
  • Well, that will teach me to be sure of anything in the MF world!
    @MaxBialystock
    Sorry, Max. I recall, several months ago, that JC saw some things, from his vantage on the ground in the Phillipines, that had his instincts tell him to "sell all" of his MAPIX, and he did so. I don't know how hard it is to look up info on Asian stocks re. distribution announcements; but you might check out the top 10 of MAPIX's last posting and see if a number of them discontinued their dvds? If no explanation if forthcoming by the ex-date, I'd consider taking your own capital gains by giving this one a big fat trim (insert your favorite expletive, for "fat").
    Rather disappointing. I had this fund on my WatchList, if it reopened on a big correction (when US domestic catches a cold, Asia always catches a fever). I dunno now.
  • @heezsafe, to clarify, I planned and I did sell my MAPTX. I have held on to MAPIX as I consider that my core Asia fund. My thoughts at the time were that the smaller Tigers were slowing down.

    MAPIX is closed to new investors so I would think carefully before liquidating that fund. Long term, it should be a winner.
  • edited November 2014
    I'm crestfallen, but I'm not going to sell it. Along with JohnChisum, it's my own core Asia fund, too. I certainly will be looking for the next Fund Managers' commentary! That fund is my biggest holding, so getting no 4Q pay-out sucks big. Thanks, everyone, for getting this information to me and to everyone else..... I have noticed through 2014 that the Morningstar ratings for that fund have been reduced from 4 stars to 3, and the risk/reward profile now looks like MACSX--- LOW risk, and (merely) AVERAGE returns. Yet Morningstar's little thumbnail note about the fund on its "quote" page says: don't be distressed. The sub-par performance recently is due to some of its sector overweightings under its new co-lead managers... Bah. .....The fund has done very well for me over the last several years, and I actually DID take an 18% chunk of it a few months ago and put it into MEASX--- which is pleasing me so far, too. But this ZERO 4th Q pay-out is a big pile of nothing. :(
    http://quotes.morningstar.com/fund/f?t=MAPIX&region=USA

    @InformalEconomist:
    I just saw that Morningstar thread. The fellow summarized the reply he got this way: "Reason for the "nothing coming to us" at year-end is, according to their (admitted) talking points, is the tax treatment of passive foreign investment company holdings for US citizens."

    Can someone tell me what that means? Thanks.


  • The manager situation with MAPIX doesn't bother me at all. M* might be programmed to deduct points on any managerial change but in this case, Robert Horrocks took charge and has been overseeing the fund himself. Yu Zhang has been with Matthews since 2007. The third guy is relatively new having joined Matthews in 2011. In my opinion, Matthews runs a very tight ship.

    MEASX has been a good surprise this year. Max, you made a good decision buying that fund. MAINX will show it's worth when interest rates rise and US bond funds get affected.
  • Hello, JC! Reassuring, thanks. And your final remark helps me understand why MAINX is not tracking so much higher, along with some other bond funds. M* has it in a "World Bond" category. I think they just didn't bother to look under the hood! My EM bond fund is PREMX, + ytd 6.75%. My domestic bond fund is DLFNX, up + ytd by 6.28%.
  • I should clarify that while MAINX is not directly affected by interest rates here, there will be some effect because the prices are eventually converted to USD. The q3 commentary is quite informative if you had not read it yet.

    http://us.matthewsasia.com/our-funds/f-17/matthews-asia-strategic-income-fund/commentary.fs
  • :)
    Yes, I have. Been a while, though.
  • regarding MAINX, I found it interesting in the geographical listings that Cayman Islands is number 2 with 18.51% of the portfolio.
  • grin. Like I said.....
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