Matthews Japan Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 97.4% | ||
Shares | Value | |
Information Technology: 20.7% | ||
Semiconductors & Semiconductor Equipment: 8.4% | ||
Tokyo Electron, Ltd. | 121,300 | $31,592,485 |
Renesas Electronics Corp. | 1,196,500 | 21,322,419 |
Disco Corp. | 26,700 | 9,759,744 |
62,674,648 | ||
Electronic Equipment, Instruments & Components: 4.6% | ||
Keyence Corp. | 73,300 | 34,030,325 |
IT Services: 4.5% | ||
NEC Corp. | 287,100 | 20,959,834 |
OBIC Co., Ltd. | 83,300 | 12,582,561 |
33,542,395 | ||
Technology Hardware, Storage & Peripherals: 2.9% | ||
FUJIFILM Holdings Corp. | 977,100 | 21,940,407 |
Software: 0.3% | ||
Appier Group, Inc.b | 185,200 | 1,919,991 |
Total Information Technology | 154,107,766 | |
Consumer Discretionary: 20.1% | ||
Broadline Retail: 5.2% | ||
Isetan Mitsukoshi Holdings, Ltd. | 1,223,500 | 19,857,487 |
Pan Pacific International Holdings Corp. | 705,800 | 18,704,913 |
38,562,400 | ||
Automobiles: 4.5% | ||
Toyota Motor Corp. | 819,600 | 20,715,366 |
Suzuki Motor Corp. | 1,121,600 | 12,805,608 |
33,520,974 | ||
Specialty Retail: 4.2% | ||
Fast Retailing Co., Ltd. | 69,700 | 21,594,880 |
ZOZO, Inc. | 383,800 | 9,525,850 |
31,120,730 | ||
Automobile Components: 2.5% | ||
Denso Corp. | 768,300 | 14,714,231 |
Yokohama Rubber Co., Ltd. | 138,100 | 3,724,913 |
18,439,144 | ||
Textiles, Apparel & Luxury Goods: 2.3% | ||
Asics Corp. | 292,700 | 13,856,101 |
Goldwin, Inc. | 57,200 | 3,642,025 |
17,498,126 | ||
Hotels, Restaurants & Leisure: 1.4% | ||
Kyoritsu Maintenance Co., Ltd. | 452,200 | 10,353,857 |
Total Consumer Discretionary | 149,495,231 | |
Industrials: 19.5% | ||
Industrial Conglomerates: 5.9% | ||
Hitachi, Ltd. | 338,700 | 30,950,558 |
Hikari Tsushin, Inc. | 68,000 | 12,788,841 |
43,739,399 |
Shares | Value | |
Trading Companies & Distributors: 5.5% | ||
Mitsubishi Corp. | 982,200 | $22,699,851 |
ITOCHU Corp. | 417,500 | 17,935,633 |
40,635,484 | ||
Electrical Equipment: 2.9% | ||
GS Yuasa Corp. | 539,200 | 11,237,489 |
Mitsubishi Electric Corp. | 617,100 | 10,329,605 |
21,567,094 | ||
Professional Services: 2.9% | ||
Recruit Holdings Co., Ltd. | 489,000 | 21,470,429 |
Construction & Engineering: 1.6% | ||
Kajima Corp. | 588,900 | 12,086,981 |
Machinery: 0.6% | ||
THK Co., Ltd. | 205,100 | 4,822,231 |
Commercial Services & Supplies: 0.1% | ||
TOPPAN Holdings, Inc. | 45,400 | 1,138,042 |
Total Industrials | 145,459,660 | |
Financials: 12.6% | ||
Insurance: 4.0% | ||
Tokio Marine Holdings, Inc. | 959,200 | 30,067,340 |
Financial Services: 3.4% | ||
ORIX Corp. | 1,143,500 | 25,010,347 |
Banks: 3.2% | ||
Mitsubishi UFJ Financial Group, Inc. | 2,339,500 | 23,802,312 |
Consumer Finance: 2.0% | ||
Credit Saison Co., Ltd. | 721,500 | 14,882,257 |
Total Financials | 93,762,256 | |
Materials: 7.7% | ||
Chemicals: 6.0% | ||
Shin-Etsu Chemical Co., Ltd. | 766,000 | 33,598,254 |
Mitsui Chemicals, Inc. | 376,200 | 11,036,191 |
44,634,445 | ||
Construction Materials: 0.9% | ||
Taiheiyo Cement Corp. | 281,700 | 6,487,949 |
Metals & Mining: 0.8% | ||
Nippon Steel Corp. | 250,400 | 6,025,746 |
Total Materials | 57,148,140 | |
Health Care: 5.1% | ||
Pharmaceuticals: 2.6% | ||
Daiichi Sankyo Co., Ltd. | 347,700 | 11,063,432 |
Sawai Group Holdings Co., Ltd. | 218,200 | 8,531,220 |
19,594,652 | ||
Health Care Equipment & Supplies: 2.5% | ||
Terumo Corp. | 1,014,200 | 18,558,494 |
Total Health Care | 38,153,146 |
matthewsasia.com | 800.789.ASIA 1
Matthews Japan Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued) | ||
Shares | Value | |
Consumer Staples: 4.3% | ||
Food Products: 2.4% | ||
Ajinomoto Co., Inc. | 484,700 | $18,100,449 |
Household Products: 1.3% | ||
Unicharm Corp. | 291,500 | 9,280,270 |
Consumer Staples Distribution & Retail: 0.6% | ||
Trial Holdings, Inc.b | 268,200 | 4,668,430 |
Total Consumer Staples | 32,049,149 | |
Real Estate: 4.0% | ||
Real Estate Management & Development: 4.0% | ||
Mitsui Fudosan Co., Ltd. | 1,837,200 | 19,807,724 |
Mitsubishi Estate Co., Ltd. | 560,600 | 10,228,697 |
Total Real Estate | 30,036,421 | |
Communication Services: 3.4% | ||
Entertainment: 1.4% | ||
Capcom Co., Ltd. | 560,600 | 10,502,342 |
Wireless Telecommunication Services: 1.4% | ||
SoftBank Group Corp. | 171,700 | 10,196,471 |
Shares | Value | |
Diversified Telecommunication Services: 0.6% | ||
Internet Initiative Japan, Inc. | 237,300 | $4,431,002 |
Total Communication Services | 25,129,815 | |
Total Investments: 97.4% | 725,341,584 | |
(Cost $563,921,733) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.6% | 19,468,937 | |
Net Assets: 100.0% | $744,810,521 |
a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | Non-income producing security. |
Other information regarding the Fund is available in the Funds’ most recent report to shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
2 MATTHEWS ASIA FUNDS