Fund Evaluator:
Matthews India Investor (MINDX)
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Best Performing in India Equity Over the Last Year
| -8.0% | Matthews India Investor (MINDX) |
| -11.1% | Wasatch Emerging India Investor (WAINX) |
| -13.9% | Kotak India Equity Fund Class I (INDIX) |
| -14.2% | Kotak India Equity Fund Class Investor (INDAX) |
| -15.6% | Q India Equity Investor (QINRX) |
Fund Details
Matthews India Investor Overview
Matthews India Investor (MINDX) is an actively managed International Equity India Equity fund. Matthews Asia Funds launched the fund in 2005.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in publicly traded common stocks, preferred stocks and convertible securities of companies located in India. A company or other issuer is considered to be "located" in a country or a region, and a security or instrument is deemed to be an Indian security or instrument, if it has substantial ties to India.
About Matthews India Investor (MINDX)
There are 1 members of the management team with an average tenure of 8.17 years: Peeyush Mittal (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI India NR USD index with a weighting of 100%. Matthews India Investor has 74 securities in its portfolio. The top 10 holdings constitute 45.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Matthews India Investor is part of the Equity global asset class and is within the International Equity fund group. Matthews India Investor has 102.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 102.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Matthews India Investor has -2.2% of the portfolio in cash.
Assets Under Management
The fund has $382 million in total assets, which is above the $65 million average for the India Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MINDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Matthews India Investor expense ratio is high compared to funds in the India Equity category. Matthews India Investor has an expense ratio of 1.26%, which is 2% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Matthews India Investor has a portfolio turnover rate of 53%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the India Equity category.
Recently, in the month of June 2026, Matthews India Investor returned 4.4%, which earned it a grade of B, as the India Equity category had an average return of 3.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Matthews India Investor has a trailing yield of 0.03%, which is below the 1.43% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Matthews India Investor Grades
Year to date, the fund has returned -8.2%, 0.5 percentage points worse than the category, which translates into a grade of B. The fund has returned -8.0% over the past year (grade of B), 4.3% over the past three years (grade of D) and 3.9% per year over the past five years (grade of A) and 6.3% per year over the past 10 years (grade of F).
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MINDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MINDX Return (NAV) | 4.4% | 12.1% | -8.0% | 4.3% | 3.9% | 6.3% |
| MINDX Grade | B | B | B | D | A | F |
| +/- Category | 0.8% | 1.2% | 4.0% | -0.1% | 0.7% | -1.1% |
| India Equity Avg | 3.6% | 10.9% | -12.0% | 4.4% | 3.2% | 7.4% |
| MINDX Tax Cost Ratio | na | na | 1.5% | 2.2% | 2.4% | 2.0% |
MINDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MINDX Return (NAV) | -8.2% | 1.6% | 10.3% | 23.1% | -9.9% | 18.1% | 16.5% | -0.9% | -10.1% | 35.8% | -1.2% |
| MINDX Grade | B | B | D | A | A | F | B | F | B | F | F |
| +/- Category | -0.5% | 1.9% | -3.0% | 6.4% | 7.0% | -8.2% | 1.4% | -9.1% | 0.7% | -6.8% | -3.4% |
| India Equity Avg | -7.7% | -0.4% | 13.3% | 16.7% | -16.9% | 26.3% | 15.1% | 8.2% | -10.8% | 42.6% | 2.2% |
| Risk Measures | |
| Standard Deviation: | 14.7% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 0.97 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.50 |
| R-Squared: | 23% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $480 Mil |
| Fund Total Assets: | $ 383 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.2 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Mittal Peeyush (2018) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 74 |
| % in Top 10 Holdings: | 45.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 102.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 102.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -2.2% |
Purchase Information
| Fund Family: | Matthews Asia Funds |
| Phone Number: | 800-789-2742 |
| Website: | www.matthewsasia.com/ |
| Status: | Open |
| Inception Date: | October 31, 2005 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.26% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.28% |
| Share Class: | Matthews India Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
