In recent quarters, some stock-specific issues also had a negative impact on Fund performance. Orion (XKRX:001800), a South Korean confectionary business, has been trying to deal with a channel slowdown while also bearing the cost of new product launches. This negatively impacted near-term earnings. Chinese hardware manufacturer Lenovo has also struggled with a slower demand environment while at the same time integrating sizable acquisitions that produced gyrations in its financial performance.
From Matthews Pacific Tiger Fund (Trades, Portfolio) fourth quarter 2016 commentary.
