AB Cap Fund, Inc.
AB All China Equity Portfolio
Portfolio of Investments
August 31, 2020 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 98.0% |
| |||||||
Consumer Discretionary – 26.4% |
| |||||||
Auto Components – 0.9% |
| |||||||
Huayu Automotive Systems Co., Ltd. - Class A | 317,100 | $ | 1,155,527 | |||||
|
| |||||||
Automobiles – 2.3% |
| |||||||
Geely Automobile Holdings Ltd. | 665,000 | 1,415,307 | ||||||
Guangzhou Automobile Group Co., Ltd. - Class H | 1,456,000 | 1,252,793 | ||||||
SAIC Motor Corp., Ltd. - Class A | 168,200 | 458,419 | ||||||
|
| |||||||
3,126,519 | ||||||||
|
| |||||||
Diversified Consumer Services – 0.8% |
| |||||||
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(a) | 7,630 | 1,118,787 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure – 3.5% |
| |||||||
Galaxy Entertainment Group Ltd. | 247,000 | 1,941,719 | ||||||
Jiumaojiu International Holdings Ltd.(a) (b) | 631,000 | 1,432,112 | ||||||
Melco Resorts & Entertainment Ltd. (ADR) | 63,550 | 1,240,496 | ||||||
|
| |||||||
4,614,327 | ||||||||
|
| |||||||
Household Durables – 1.8% |
| |||||||
Haier Smart Home Co., Ltd. - Class A | 406,406 | 1,321,880 | ||||||
Midea Group Co., Ltd. - Class A | 104,000 | 1,070,641 | ||||||
|
| |||||||
2,392,521 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail – 12.3% |
| |||||||
Alibaba Group Holding Ltd.(a) | 394,860 | 14,212,927 | ||||||
Meituan Dianping - Class B(a) (b) | 68,000 | 2,241,566 | ||||||
|
| |||||||
16,454,493 | ||||||||
|
| |||||||
Specialty Retail – 2.4% |
| |||||||
China Tourism Group Duty Free Corp., Ltd. - Class A (Nth SSE-SEHK) | 32,906 | 997,904 | ||||||
Topsports International Holdings Ltd.(b) | 756,000 | 933,597 | ||||||
Zhongsheng Group Holdings Ltd. | 197,000 | 1,228,588 | ||||||
|
| |||||||
3,160,089 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 2.4% |
| |||||||
Li Ning Co., Ltd. | 743,000 | 3,138,361 | ||||||
|
| |||||||
35,160,624 | ||||||||
|
| |||||||
Financials – 13.3% |
| |||||||
Banks – 6.5% |
| |||||||
Bank of Hangzhou Co., Ltd. - Class A (Nth SSE-SEHK) | 650,500 | 1,229,346 | ||||||
Bank of Nanjing Co., Ltd. - Class A | 965,600 | 1,210,770 | ||||||
China Construction Bank Corp. - Class H | 6,293,000 | 4,434,763 | ||||||
Ping An Bank Co., Ltd. - Class A | 800,173 | 1,761,435 | ||||||
|
| |||||||
8,636,314 | ||||||||
|
| |||||||
Capital Markets – 3.1% |
| |||||||
CITIC Securities Co., Ltd. - Class A | 628,710 | 2,920,267 | ||||||
East Money Information Co., Ltd. - Class A | 101,500 | 388,009 |
Company | Shares | U.S. $ Value | ||||||
Haitong Securities Co., Ltd. - Class H(a) | 1,006,800 | $ | 914,099 | |||||
|
| |||||||
4,222,375 | ||||||||
|
| |||||||
Insurance – 3.7% |
| |||||||
Ping An Insurance Group Co. of China Ltd. - Class A | 441,393 | 4,936,098 | ||||||
|
| |||||||
17,794,787 | ||||||||
|
| |||||||
Communication Services – 13.2% |
| |||||||
Entertainment – 3.2% |
| |||||||
Beijing Kunlun Tech Co., Ltd. - Class A (Nth SZ-SEHK) | 177,572 | 721,468 | ||||||
G-bits Network Technology Xiamen Co., Ltd. - Class A | 11,599 | 1,047,735 | ||||||
NetEase, Inc. (ADR) | 5,110 | 2,489,643 | ||||||
|
| |||||||
4,258,846 | ||||||||
|
| |||||||
Interactive Media & Services – 9.3% |
| |||||||
Tencent Holdings Ltd. | 182,050 | 12,437,358 | ||||||
|
| |||||||
Wireless Telecommunication Services – 0.7% |
| |||||||
China Mobile Ltd. | 139,500 | 976,209 | ||||||
|
| |||||||
17,672,413 | ||||||||
|
| |||||||
Industrials – 10.3% |
| |||||||
Building Products – 1.1% |
| |||||||
Zhuzhou Kibing Group Co., Ltd. - Class A | 1,171,900 | 1,439,821 | ||||||
|
| |||||||
Commercial Services & Supplies – 1.8% |
| |||||||
A-Living Services Co., Ltd. - Class H(b) | 156,250 | 805,151 | ||||||
Ever Sunshine Lifestyle Services Group Ltd.(b) | 806,290 | 1,657,450 | ||||||
|
| |||||||
2,462,601 | ||||||||
|
| |||||||
Electrical Equipment – 1.2% |
| |||||||
Contemporary Amperex Technology Co., Ltd. - Class A | 51,449 | 1,582,693 | ||||||
|
| |||||||
Machinery – 5.3% |
| |||||||
Sany Heavy Industry Co., Ltd. - Class A | 649,221 | 2,095,756 | ||||||
Weichai Power Co., Ltd. - Class A | 1,007,915 | 2,179,265 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A(a) | 2,208,045 | 2,744,014 | ||||||
|
| |||||||
7,019,035 | ||||||||
|
| |||||||
Transportation Infrastructure – 0.9% |
| |||||||
Shandong Hi-speed Co., Ltd. - Class A | 1,347,297 | 1,260,124 | ||||||
|
| |||||||
13,764,274 | ||||||||
|
| |||||||
Information Technology – 9.8% |
| |||||||
Electronic Equipment, Instruments & Components – 6.0% |
| |||||||
BOE Technology Group Co., Ltd. - Class A | 840,700 | 674,403 | ||||||
Luxshare Precision Industry Co., Ltd. - Class A | 404,510 | 3,258,884 | ||||||
Shengyi Technology Co., Ltd. - Class A | 579,242 | 2,095,481 | ||||||
Shennan Circuits Co., Ltd. - Class A | 98,406 | 1,989,463 | ||||||
|
| |||||||
8,018,231 | ||||||||
|
|
Company | Shares | U.S. $ Value | ||||||
IT Services – 3.3% |
| |||||||
21Vianet Group, Inc. (ADR)(a) | 72,510 | $ | 1,682,957 | |||||
Beijing Sinnet Technology Co., Ltd. - Class A | 130,200 | 500,460 | ||||||
GDS Holdings Ltd. (ADR)(a) (c) | 27,730 | 2,244,466 | ||||||
|
| |||||||
4,427,883 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 0.5% |
| |||||||
Tianshui Huatian Technology Co., Ltd. | 274,700 | 635,784 | ||||||
|
| |||||||
13,081,898 | ||||||||
|
| |||||||
Real Estate – 6.7% |
| |||||||
Real Estate Management & Development – 6.7% |
| |||||||
CIFI Holdings Group Co., Ltd. | 1,913,083 | 1,626,115 | ||||||
Gemdale Corp. - Class A | 299,320 | 625,610 | ||||||
Midea Real Estate Holding Ltd.(b) (c) | 779,400 | 1,984,546 | ||||||
Poly Developments and Holdings Group Co., Ltd. - Class A | 651,200 | 1,530,929 | ||||||
Times China Holdings Ltd. | 1,195,000 | 1,834,730 | ||||||
Times Neighborhood Holdings Ltd.(b) | 908,000 | 1,298,484 | ||||||
|
| |||||||
8,900,414 | ||||||||
|
| |||||||
Consumer Staples – 6.6% |
| |||||||
Beverages – 5.4% |
| |||||||
Kweichow Moutai Co., Ltd. - Class A | 13,163 | 3,430,519 | ||||||
Wuliangye Yibin Co., Ltd. - Class A | 105,536 | 3,694,557 | ||||||
|
| |||||||
7,125,076 | ||||||||
|
| |||||||
Food Products – 1.2% |
| |||||||
New Hope Liuhe Co., Ltd. - Class A | 136,000 | 754,075 | ||||||
WH Group Ltd.(b) | 1,023,500 | 882,160 | ||||||
|
| |||||||
1,636,235 | ||||||||
|
| |||||||
8,761,311 | ||||||||
|
| |||||||
Health Care – 5.7% |
| |||||||
Health Care Providers & Services – 0.7% |
| |||||||
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 570,500 | 1,015,229 | ||||||
|
| |||||||
Life Sciences Tools & Services – 0.6% |
| |||||||
Hangzhou Tigermed Consulting Co., Ltd. - Class A | 47,376 | 773,329 | ||||||
|
| |||||||
Pharmaceuticals – 4.4% |
| |||||||
Jiangsu Hengrui Medicine Co., Ltd. - Class A | 147,577 | 2,041,086 | ||||||
Joincare Pharmaceutical Group Industry Co., Ltd. - Class A (Nth SSE-SEHK) | 291,600 | 828,003 | ||||||
Livzon Pharmaceutical Group, Inc. - Class A (Nth SZ-SEHK) | 152,807 | 1,191,900 | ||||||
Yunnan Baiyao Group Co., Ltd. - Class A (Nth SZ-SEHK) | 41,303 | 696,877 | ||||||
Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 175,450 | 1,120,615 | ||||||
|
| |||||||
5,878,481 | ||||||||
|
| |||||||
7,667,039 | ||||||||
|
|
Company | Shares | U.S. $ Value | ||||||
Utilities – 3.2% |
| |||||||
Gas Utilities – 1.8% |
| |||||||
ENN Energy Holdings Ltd. | 138,000 | $ | 1,529,036 | |||||
Kunlun Energy Co., Ltd. | 1,278,000 | 950,905 | ||||||
|
| |||||||
2,479,941 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers – 1.4% |
| |||||||
China Yangtze Power Co., Ltd. - Class A | 390,482 | 1,099,732 | ||||||
Huaneng Lancang River Hydropower, Inc. - Class A | 1,226,200 | 728,195 | ||||||
|
| |||||||
1,827,927 | ||||||||
|
| |||||||
4,307,868 | ||||||||
|
| |||||||
Materials – 2.8% |
| |||||||
Construction Materials – 2.8% |
| |||||||
Anhui Conch Cement Co., Ltd. - Class A | 181,950 | 1,615,836 | ||||||
China Resources Cement Holdings Ltd. | 970,000 | 1,412,614 | ||||||
Guangdong Tapai Group Co., Ltd. - Class A | 287,200 | 660,850 | ||||||
|
| |||||||
3,689,300 | ||||||||
|
| |||||||
Total Common Stocks |
| 130,799,928 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 1.2% |
| |||||||
Investment Companies – 1.2% |
| |||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(d) (e) (f) | 1,552,389 | 1,552,389 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 99.2% | ||||||||
(cost $96,715,842) | 132,352,317 | |||||||
|
| |||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2% |
| |||||||
Investment Companies – 0.2% |
| |||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(d) (e) (f) | 268,000 | 268,000 | ||||||
|
| |||||||
Total Investments – 99.4% | ||||||||
(cost $96,983,842)(g) |
| 132,620,317 | ||||||
Other assets less liabilities – 0.6% |
| 770,742 | ||||||
|
| |||||||
Net Assets – 100.0% |
| $ | 133,391,059 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2020, the aggregate market value of these securities amounted to $11,235,066 or 8.4% of net assets. |
(c) | Represents entire or partial securities out on loan. |
(d) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(e) | The rate shown represents the 7-day yield as of period end. |
(f) | Affiliated investments. |
(g) | As of August 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $37,277,509 and gross unrealized depreciation of investments was $(1,641,034), resulting in net unrealized appreciation of $35,636,475. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.
Glossary:
ADR – American Depositary Receipt
COUNTRY BREAKDOWN1 August 30, 2020 (unaudited) | ||||
95.7 | % | China | ||
1.6 | % | Hong Kong | ||
1.5 | % | Macau | ||
1.2 | % | Short-Term | ||
|
| |||
100.0 | % | Total Investments | ||
|
|
1 | All data are as of August 30, 2020. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. |
AB Cap Fund, Inc.
AB All China Equity Portfolio
August 31, 2020 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1—quoted prices in active markets for identical investments |
• | Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2020:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | $ | 2,359,283 | $ | 32,801,341 | $ | -0- | $ | 35,160,624 | ||||||||
Financials | -0- | 17,794,787 | -0- | 17,794,787 | ||||||||||||
Communication Services | 2,489,643 | 15,182,770 | -0- | 17,672,413 | ||||||||||||
Industrials | -0- | 13,764,274 | -0- | 13,764,274 | ||||||||||||
Information Technology | 3,927,423 | 9,154,475 | -0- | 13,081,898 | ||||||||||||
Real Estate | -0- | 8,900,414 | -0- | 8,900,414 | ||||||||||||
Consumer Staples | -0- | 8,761,311 | -0- | 8,761,311 | ||||||||||||
Health Care | -0- | 7,667,039 | -0- | 7,667,039 | ||||||||||||
Utilities | -0- | 4,307,868 | -0- | 4,307,868 | ||||||||||||
Materials | -0- | 3,689,300 | -0- | 3,689,300 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 1,552,389 | -0- | -0- | 1,552,389 | ||||||||||||
Investments of Cash Collateral for Securities Loaned in | ||||||||||||||||
Affiliated Money Market Fund | 268,000 | -0- | -0- | 268,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 10,596,738 | 122,023,579+ | -0- | 132,620,317 | ||||||||||||
Other Financial Instruments* | -0- | -0- | -0- | -0- | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 10,596,738 | $ | 122,023,579 | $ | -0- | $ | 132,620,317 | ||||||||
|
|
|
|
|
|
|
|
+ | A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available. |
* | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
A summary of the Fund’s transactions in AB mutual funds for the nine months ended August 31, 2020 is as follows:
Fund | Market Value 11/30/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 8/31/20 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 647 | $ | 32,885 | $ | 31,980 | $ | 1,552 | $ | 15 | ||||||||||
Government Money Market Portfolio* | 253 | 7,236 | 7,221 | 268 | 2 | |||||||||||||||
Total | $ | 1,820 | $ | 17 | ||||||||||||||||
* Investments of cash collateral for securities lending transactions. |
|