Matthews Emerging Markets Equity Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 86.2% | ||
Shares | Value | |
China/Hong Kong: 22.7% | ||
Tencent Holdings, Ltd. | 24,400 | $950,379 |
Meituan Class Bb,c,d | 42,500 | 524,624 |
Trip.com Group, Ltd. ADRc | 9,909 | 434,906 |
Midea Group Co., Ltd. A Shares | 42,200 | 377,261 |
BYD Co., Ltd. A Shares | 12,100 | 347,512 |
JD.com, Inc. Class A | 23,502 | 322,374 |
China Merchants Bank Co., Ltd. A Shares | 68,800 | 305,406 |
Alibaba Group Holding, Ltd. | 32,700 | 295,701 |
Yum China Holdings, Inc. | 6,619 | 263,370 |
ANTA Sports Products, Ltd. | 21,800 | 232,449 |
Wuliangye Yibin Co., Ltd. A Shares | 10,700 | 225,816 |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | 3,700 | 142,692 |
Innovent Biologics, Inc.b,c,d | 29,500 | 142,338 |
PDD Holdings, Inc. ADRc | 685 | 79,631 |
Midea Group Co., Ltd. A Shares | 1,300 | 11,566 |
Total China/Hong Kong | 4,656,025 | |
India: 11.6% | ||
HDFC Bank, Ltd. ADR | 10,785 | 603,637 |
UltraTech Cement, Ltd. | 2,996 | 350,841 |
Indian Hotels Co., Ltd. | 45,936 | 326,059 |
Varun Beverages, Ltd. | 15,275 | 256,720 |
Reliance Industries, Ltd. | 5,751 | 205,645 |
Kotak Mahindra Bank, Ltd. | 9,558 | 205,344 |
Shriram Finance, Ltd. | 6,888 | 195,401 |
Infosys, Ltd. ADR | 7,666 | 137,451 |
ICICI Bank, Ltd. ADR | 3,925 | 103,659 |
Total India | 2,384,757 | |
Taiwan: 10.2% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 79,000 | 1,892,541 |
ASPEED Technology, Inc. | 2,000 | 208,440 |
Total Taiwan | 2,100,981 | |
Brazil: 7.9% | ||
Banco BTG Pactual SA | 70,500 | 512,086 |
WEG SA | 41,200 | 313,801 |
PRIO SA | 31,200 | 303,204 |
MercadoLibre, Inc.c | 146 | 220,746 |
NU Holdings, Ltd. Class Ac | 13,412 | 160,005 |
Vale SA ADR | 8,858 | 107,979 |
Total Brazil | 1,617,821 | |
Mexico: 5.9% | ||
GCC SAB de CV | 33,900 | 403,388 |
Grupo Financiero Banorte SAB de CV Class O | 34,500 | 366,438 |
BBB Foods, Inc. Class Ac | 9,464 | 225,054 |
Prologis Property Mexico SA de CV REIT | 46,999 | 206,377 |
Total Mexico | 1,201,257 | |
Vietnam: 5.8% | ||
FPT Corp. | 136,554 | 644,981 |
Military Commercial Joint Stock Bank | 299,157 | 307,659 |
HDBank | 235,906 | 230,728 |
Total Vietnam | 1,183,368 |
Shares | Value | |
United States: 4.0% | ||
Freeport-McMoRan, Inc. | 8,983 | $422,381 |
Globant SAc | 1,962 | 396,128 |
Total United States | 818,509 | |
South Korea: 3.7% | ||
LG Chem, Ltd. | 767 | 251,043 |
SK Hynix, Inc. | 1,547 | 204,939 |
Hyundai Motor Co. | 1,107 | 194,797 |
KB Financial Group, Inc. | 2,111 | 110,316 |
Total South Korea | 761,095 | |
France: 2.6% | ||
TotalEnergies SE ADR | 4,637 | 319,165 |
LVMH Moet Hennessy Louis Vuitton SE | 228 | 205,153 |
Total France | 524,318 | |
Indonesia: 2.3% | ||
PT Bank Rakyat Indonesia Persero Tbk | 1,212,000 | 463,439 |
Total Indonesia | 463,439 | |
Kazakhstan: 2.1% | ||
Kaspi.KZ JSC ADR | 3,326 | 427,857 |
Total Kazakhstan | 427,857 | |
United Arab Emirates: 2.0% | ||
Emaar Properties PJSC | 100,752 | 223,604 |
Fertiglobe PLC | 248,453 | 189,439 |
Total United Arab Emirates | 413,043 | |
Poland: 1.6% | ||
Dino Polska SAb,c,d | 3,494 | 338,961 |
Total Poland | 338,961 | |
Philippines: 1.4% | ||
Ayala Corp. | 24,660 | 283,729 |
Total Philippines | 283,729 | |
Saudi Arabia: 1.2% | ||
Bupa Arabia for Cooperative Insurance Co. | 3,452 | 242,804 |
Total Saudi Arabia | 242,804 | |
Peru: 1.2% | ||
Credicorp, Ltd. | 1,417 | 240,082 |
Total Peru | 240,082 | |
Russia: 0.0% | ||
Sberbank of Russia PJSCe | 128,308 | 1,386 |
LUKOIL PJSC ADRc,e | 18,010 | 360 |
TCS Group Holding PLC GDRc,d,e | 3,865 | 78 |
Total Russia | 1,824 | |
TOTAL COMMON EQUITIES | 17,659,870 | |
(Cost $18,265,695) |
matthewsasia.com | 800.789.ASIA 1
Matthews Emerging Markets Equity Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
PREFERRED EQUITIES: 5.7% | ||
Shares | Value | |
South Korea: 5.7% | ||
Samsung Electronics Co., Ltd., Pfd. | 23,413 | $1,168,594 |
Total South Korea | 1,168,594 | |
TOTAL PREFERRED EQUITIES | 1,168,594 | |
(Cost $1,429,674) | ||
Total Investments: 91.9% | 18,828,464 | |
(Cost $19,695,369) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 8.1% | 1,665,033 | |
Net Assets: 100.0% | $20,493,497 |
a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2024, the aggregate value is $1,005,923, which is 4.91% of net assets. |
c | Non-income producing security. |
d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
e | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $1,824 and 0.01% of net assets. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Co. |
Pfd. | Preferred |
PJSC | Public Joint Stock Co. |
REIT | Real Estate Investment Trust |
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