- ISIN
- US5771252062
- CUSIP
- 577125206
- Issuer
- Matthews
- Inception Date
- Sep 14, 2008
- Category
- Emerging Markets Diversified
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
MSMLX Performance Chart
Matthews Emerging Markets Small Companies Fund (MSMLX) is up 27.8% since the beginning of the year. MSMLX is currently trading at $33 per share. Investors who bought $1,000 worth of MSMLX shares 5 years ago would now be looking at an investment worth $1,524.
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Returns By Period
Matthews Emerging Markets Small Companies Fund (MSMLX) has returned 27.83% so far this year and 35.36% over the past 12 months. Over the last ten years, MSMLX has returned 12.03% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Matthews Emerging Markets Small Companies Fund
- 1D
- 1.17%
- 1M
- 3.81%
- YTD
- 27.83%
- 6M
- 28.38%
- 1Y
- 35.36%
- 3Y*
- 12.57%
- 5Y*
- 8.79%
- 10Y*
- 12.03%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MSMLX Monthly Returns History
Based on dividend-adjusted daily data since Sep 15, 2008, MSMLX's average daily return is +0.05%, while the average monthly return is +1.08%. At this rate, an investment would double in approximately 5.4 years.
Historically, 59% of months were positive and 41% were negative. The best month was May 2009 with a return of +22.5%, while the worst month was Oct 2008 at -21.3%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MSMLX closed higher 53% of trading days. The best single day was May 18, 2009 with a return of +7.7%, while the worst single day was Mar 16, 2020 at -9.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.82% | 6.02% | -9.86% | 19.13% | 2.01% | 3.03% | 27.83% | ||||||
| 2025 | -1.26% | -1.18% | 0.36% | 2.30% | 4.02% | 7.65% | -1.47% | 3.68% | 0.60% | 2.33% | -3.01% | -0.81% | 13.50% |
| 2024 | -2.23% | 5.09% | -2.78% | 0.04% | -1.10% | 1.39% | 1.10% | 2.17% | 3.41% | -5.57% | -4.11% | -3.10% | -6.10% |
| 2023 | 8.45% | -4.51% | 1.88% | 2.63% | -0.80% | 6.13% | 8.06% | -5.49% | -2.31% | -6.29% | 9.31% | 3.03% | 20.04% |
| 2022 | -5.75% | -3.90% | -1.88% | -5.68% | 4.70% | -6.93% | 1.19% | 1.54% | -9.16% | -0.61% | 12.31% | -2.20% | -16.78% |
| 2021 | 3.55% | 1.12% | -4.16% | 5.92% | 4.03% | 7.15% | 3.16% | -1.48% | -0.29% | 4.14% | -0.15% | 1.25% | 26.40% |
Benchmark Metrics
Matthews Emerging Markets Small Companies Fund has an annualized alpha of 5.26%, beta of 0.63, and R2 of 0.49 versus S&P 500 Index. Calculated based on daily prices since September 15, 2008.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (85.22%) than losses (78.29%) - typical of diversified or defensive assets.
- Beta of 0.63 may look defensive, but with R2 of 0.49 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.49 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 5.26%
- Beta
- 0.63
- R²
- 0.49
- Upside Capture
- 85.22%
- Downside Capture
- 78.29%
Expense Ratio
MSMLX has a high expense ratio of 1.37%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MSMLX ranks 43 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Matthews Emerging Markets Small Companies Fund (MSMLX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MSMLX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 2.78 | -0.16 |
| Martin ratioReturn relative to average drawdown | 8.52 | 12.44 | -3.92 |
Dividends
Dividend History
Matthews Emerging Markets Small Companies Fund provided a 1.17% dividend yield over the last twelve months, with an annual payout of $0.39 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.39 | $0.39 | $0.91 | $2.13 | $1.86 | $2.75 | $0.07 | $0.09 | $3.30 | $1.86 | $0.08 | $0.03 |
Dividend yield | 1.17% | 1.50% | 3.95% | 8.36% | 8.04% | 9.18% | 0.28% | 0.51% | 21.31% | 8.12% | 0.43% | 0.13% |
Monthly Dividends
The table displays the monthly dividend distributions for Matthews Emerging Markets Small Companies Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.39 | $0.39 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.91 | $0.91 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.13 | $2.13 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.86 | $1.86 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.75 | $2.75 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Matthews Emerging Markets Small Companies Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Matthews Emerging Markets Small Companies Fund was 36.40%, occurring on Nov 20, 2008. Recovery took 114 trading sessions.
The current Matthews Emerging Markets Small Companies Fund drawdown is 0.18%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -36.40%Nov 2008 | 1mo 29d | 5mo 18d | 7mo 17dSep 2008 - May 2009 |
COVID crash2020 | -34.33%Mar 2020 | 1y 9mo | 3mo 15d | 2y 24dJun 2018 - Jul 2020 |
Bear market2022 | -28.00%Oct 2022 | 11mo 1d | 1y 4mo | 2y 3moNov 2021 - Mar 2024 |
2011 bear market2011 | -27.40%Oct 2011 | 2mo 8d | 1y 7mo | 1y 9moJul 2011 - Apr 2013 |
2016 bear market2016 | -25.43%Jan 2016 | 7mo 23d | 1y 7mo | 2y 3moJun 2015 - Sep 2017 |
Drawdown Indicators
| MSMLX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.40% | -56.78% | +20.38% |
Max Drawdown (1Y)Largest decline over 1 year | -12.89% | -9.10% | -3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -22.62% | -18.90% | -3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -28.00% | -25.43% | -2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -34.33% | -33.92% | -0.41% |
Current DrawdownCurrent decline from peak | -0.18% | -1.80% | +1.62% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -10.71% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 2.03% | +1.91% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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