Matthews China Dividend Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 97.0% | ||
Shares | Value | |
Consumer Discretionary: 31.2% | ||
Hotels, Restaurants & Leisure: 12.0% | ||
Meituan Class Bb,c,d | 270,400 | $3,337,843 |
Shanghai Jinjiang International Hotels Co., Ltd. B Shares | 1,826,000 | 2,795,338 |
Yum China Holdings, Inc. | 58,590 | 2,331,296 |
Tam Jai International Co., Ltd. | 14,911,000 | 1,924,147 |
Galaxy Entertainment Group, Ltd. | 372,000 | 1,870,070 |
12,258,694 | ||
Broadline Retail: 8.5% | ||
Alibaba Group Holding, Ltd. | 686,600 | 6,208,810 |
MINISO Group Holding, Ltd. ADR | 120,799 | 2,476,380 |
8,685,190 | ||
Household Durables: 3.7% | ||
Haier Smart Home Co., Ltd. D Shares | 2,604,327 | 3,736,872 |
Automobiles: 2.4% | ||
BYD Co., Ltd. A Shares | 51,600 | 1,481,954 |
Yadea Group Holdings, Ltd.b,d | 566,000 | 918,374 |
2,400,328 | ||
Automobile Components: 2.3% | ||
Fuyao Glass Industry Group Co., Ltd. H Sharesb,d | 468,400 | 2,359,918 |
Textiles, Apparel & Luxury Goods: 2.3% | ||
ANTA Sports Products, Ltd. | 216,800 | 2,311,698 |
Total Consumer Discretionary | 31,752,700 | |
Financials: 15.4% | ||
Banks: 7.1% | ||
Postal Savings Bank of China Co., Ltd. H Sharesb,d | 6,900,000 | 3,611,807 |
China Merchants Bank Co., Ltd. A Shares | 803,784 | 3,568,024 |
7,179,831 | ||
Insurance: 5.5% | ||
PICC Property & Casualty Co., Ltd. H Shares | 2,540,000 | 3,352,150 |
Ping An Insurance Group Co. of China, Ltd. H Shares | 531,500 | 2,256,580 |
5,608,730 | ||
Capital Markets: 2.8% | ||
Hong Kong Exchanges & Clearing, Ltd. | 65,500 | 1,908,557 |
CSC Financial Co., Ltd. H Sharesb,d | 1,271,000 | 964,524 |
2,873,081 | ||
Total Financials | 15,661,642 | |
Communication Services: 13.6% | ||
Interactive Media & Services: 10.7% | ||
Tencent Holdings, Ltd. | 226,100 | 8,806,582 |
Kanzhun, Ltd. ADR | 120,401 | 2,110,630 |
10,917,212 | ||
Diversified Telecommunication Services: 2.9% | ||
CITIC Telecom International Holdings, Ltd. | 9,190,000 | 2,971,368 |
Total Communication Services | 13,888,580 |
Shares | Value | |
Consumer Staples: 9.7% | ||
Beverages: 6.4% | ||
Wuliangye Yibin Co., Ltd. A Shares | 156,200 | $3,296,492 |
Tsingtao Brewery Co., Ltd. H Shares | 462,000 | 3,179,570 |
6,476,062 | ||
Food Products: 3.3% | ||
Inner Mongolia Yili Industrial Group Co., Ltd. A Shares | 885,600 | 3,393,518 |
Total Consumer Staples | 9,869,580 | |
Industrials: 7.5% | ||
Machinery: 3.3% | ||
Yangzijiang Shipbuilding Holdings, Ltd. | 2,375,100 | 3,359,465 |
Air Freight & Logistics: 2.1% | ||
ZTO Express Cayman, Inc. ADR | 104,751 | 2,193,486 |
Transportation Infrastructure: 2.1% | ||
Anhui Expressway Co., Ltd. H Shares | 1,916,000 | 2,122,388 |
Total Industrials | 7,675,339 | |
Energy: 5.5% | ||
Oil, Gas & Consumable Fuels: 5.5% | ||
China Suntien Green Energy Corp., Ltd. H Shares | 8,411,000 | 3,183,655 |
PetroChina Co., Ltd. H Shares | 2,812,000 | 2,411,635 |
Total Energy | 5,595,290 | |
Real Estate: 5.0% | ||
Real Estate Management & Development: 5.0% | ||
Onewo, Inc. H Shares | 782,730 | 1,969,917 |
KE Holdings, Inc. ADR | 120,333 | 1,652,172 |
ESR Group, Ltd.b,d | 1,374,800 | 1,472,937 |
Total Real Estate | 5,095,026 | |
Materials: 4.2% | ||
Construction Materials: 2.3% | ||
China Jushi Co., Ltd. A Shares | 1,632,407 | 2,355,251 |
Metals & Mining: 1.9% | ||
Tiangong International Co., Ltd. | 8,980,000 | 1,894,389 |
Total Materials | 4,249,640 | |
Health Care: 2.1% | ||
Health Care Equipment & Supplies: 2.1% | ||
AK Medical Holdings, Ltd.b,d | 3,396,000 | 2,134,730 |
Total Health Care | 2,134,730 | |
Information Technology: 2.0% | ||
Electronic Equipment, Instruments & Components: 2.0% | ||
E Ink Holdings, Inc. | 289,000 | 2,050,754 |
Total Information Technology | 2,050,754 |
matthewsasia.com | 800.789.ASIA 1
Matthews China Dividend Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued) | ||
Shares | Value | |
Utilities: 0.8% | ||
Water Utilities: 0.8% | ||
Guangdong Investment, Ltd. | 1,830,000 | $783,953 |
Total Utilities | 783,953 | |
Total Investments: 97.0% | 98,757,234 | |
(Cost $121,040,978) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.0% | 3,088,988 | |
Net Assets: 100.0% | $101,846,222 |
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 $14,800,133, which is 14.53% 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. |
ADR | American Depositary Receipt |
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