Matthews Emerging Markets Small Companies Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 99.5% | ||
Shares | Value | |
China/Hong Kong: 25.9% | ||
Full Truck Alliance Co., Ltd. ADRb | 3,186,448 | $23,165,477 |
Airtac International Group | 513,431 | 17,800,257 |
Flat Glass Group Co., Ltd. H Shares | 7,090,000 | 17,257,589 |
Legend Biotech Corp. ADRb | 293,528 | 16,463,985 |
Tongcheng Travel Holdings, Ltd.b,c | 4,496,400 | 11,887,230 |
Silergy Corp. | 1,091,000 | 11,160,641 |
Medlive Technology Co., Ltd.c,d | 11,551,500 | 11,158,818 |
Zhihu, Inc. ADRb | 16,166,061 | 11,055,969 |
Beijing Capital International Airport Co., Ltd. H Sharesb | 27,134,000 | 8,229,074 |
Xtep International Holdings, Ltd. | 11,949,000 | 7,417,279 |
SITC International Holdings Co., Ltd. | 2,956,000 | 5,404,333 |
Hainan Meilan International Airport Co., Ltd. H Sharesb | 5,154,000 | 4,642,671 |
Hongfa Technology Co., Ltd. A Shares | 1,257,400 | 4,219,480 |
Ginlong Technologies Co., Ltd. A Shares | 491,906 | 4,039,029 |
AK Medical Holdings, Ltd.c,d | 5,978,000 | 3,757,779 |
Peijia Medical, Ltd.b,c,d | 7,470,000 | 3,496,781 |
Innovent Biologics, Inc.b,c,d | 665,000 | 3,208,629 |
Centre Testing International Group Co., Ltd. A Shares | 1,687,838 | 2,945,493 |
OPT Machine Vision Tech Co., Ltd. A Shares | 192,758 | 2,696,843 |
CIFI Ever Sunshine Services Group, Ltd.c | 13,838,000 | 2,288,981 |
Centre Testing International Group Co., Ltd. A Shares | 849,674 | 1,475,674 |
Ginlong Technologies Co., Ltd. A Shares | 160,210 | 1,309,168 |
Zhejiang HangKe Technology, Inc. Co. A Shares | 439,733 | 1,285,305 |
Total China/Hong Kong | 176,366,485 | |
India: 22.4% | ||
Shriram Finance, Ltd. | 1,487,314 | 42,192,672 |
Bandhan Bank, Ltd.c,d | 15,576,517 | 33,753,558 |
Phoenix Mills, Ltd. | 599,996 | 20,019,410 |
Finolex Cables, Ltd. | 841,822 | 10,128,943 |
Radico Khaitan, Ltd. | 479,542 | 9,955,743 |
Inox Wind, Ltd.b | 1,150,179 | 7,204,605 |
UNO Minda, Ltd. | 729,904 | 6,011,578 |
Rainbow Children’s Medicare, Ltd. | 373,662 | 5,827,023 |
Cartrade Tech, Ltd.b | 753,989 | 5,787,827 |
Barbeque Nation Hospitality, Ltd.b | 869,881 | 5,201,636 |
Shankara Building Products, Ltd. | 446,775 | 3,436,477 |
Hindware Home Innovation, Ltd. | 704,807 | 3,189,126 |
Total India | 152,708,598 | |
Taiwan: 12.7% | ||
M31 Technology Corp. | 422,702 | 16,999,971 |
Andes Technology Corp. | 809,000 | 10,750,441 |
Gold Circuit Electronics, Ltd. | 1,250,000 | 9,555,343 |
AURAS Technology Co., Ltd. | 445,000 | 9,172,407 |
Elite Material Co., Ltd. | 717,000 | 9,034,184 |
Wiwynn Corp. | 124,000 | 8,491,062 |
Poya International Co., Ltd. | 443,506 | 6,897,534 |
ASPEED Technology, Inc. | 59,000 | 6,148,986 |
AP Memory Technology Corp. | 497,000 | 6,024,545 |
Yageo Corp. | 156,124 | 2,897,086 |
Formosa Sumco Technology Corp. | 138,000 | 709,862 |
Total Taiwan | 86,681,421 |
Shares | Value | |
South Korea: 8.3% | ||
Hugel, Inc.b | 159,015 | $22,795,160 |
Eugene Technology Co., Ltd. | 426,411 | 13,482,322 |
Advanced Nano Products Co., Ltd. | 90,300 | 8,865,268 |
Ecopro BM Co., Ltd.b | 29,582 | 6,105,967 |
Solus Advanced Materials Co., Ltd. | 425,106 | 5,543,366 |
Total South Korea | 56,792,083 | |
Brazil: 8.3% | ||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 10,445,100 | 17,389,757 |
Grupo SBF SA | 6,088,200 | 15,720,020 |
YDUQS Participacoes SA | 3,999,800 | 14,442,792 |
Vivara Participacoes SA | 1,780,000 | 9,014,635 |
Total Brazil | 56,567,204 | |
Vietnam: 5.0% | ||
Military Commercial Joint Stock Bank | 12,076,780 | 12,419,983 |
FPT Corp. | 1,942,023 | 9,172,691 |
Mobile World Investment Corp. | 4,127,314 | 8,488,770 |
Nam Long Investment Corp. | 2,341,132 | 4,137,207 |
Total Vietnam | 34,218,651 | |
Chile: 4.1% | ||
Parque Arauco SA | 6,371,494 | 9,398,859 |
Lundin Mining Corp. | 900,800 | 9,217,148 |
Banco de Credito e Inversiones SA | 210,223 | 6,009,927 |
Aguas Andinas SA Class A | 12,481,194 | 3,643,326 |
Total Chile | 28,269,260 | |
Saudi Arabia: 3.9% | ||
Saudi Tadawul Group Holding Co. | 284,507 | 20,732,012 |
Seera Group Holdingb | 767,076 | 5,808,548 |
Total Saudi Arabia | 26,540,560 | |
Philippines: 2.6% | ||
GT Capital Holdings, Inc. | 1,060,250 | 13,390,928 |
Cebu Air, Inc.b | 7,995,400 | 4,551,326 |
Total Philippines | 17,942,254 | |
Poland: 1.7% | ||
InPost SAb | 728,499 | 11,220,069 |
Total Poland | 11,220,069 | |
Indonesia: 1.2% | ||
PT Mitra Adiperkasa Tbk | 65,430,900 | 7,513,721 |
PT Summarecon Agung Tbk | 20,620,416 | 689,674 |
Total Indonesia | 8,203,395 | |
Turkey: 1.1% | ||
Ford Otomotiv Sanayi AS | 212,349 | 7,595,566 |
Total Turkey | 7,595,566 | |
South Africa: 0.9% | ||
Transaction Capital, Ltd.b | 13,141,279 | 6,064,138 |
Total South Africa | 6,064,138 |
matthewsasia.com | 800.789.ASIA 1
Matthews Emerging Markets Small Companies Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued) | ||
Shares | Value | |
Thailand: 0.9% | ||
Siam Wellness Group Public Co., Ltd. F Sharesb | 16,919,000 | $5,982,916 |
Total Thailand | 5,982,916 | |
Bangladesh: 0.4% | ||
BRAC Bank PLC | 7,865,484 | 2,888,191 |
Total Bangladesh | 2,888,191 | |
Mexico: 0.1% | ||
Banco del Bajio SAc,d | 187,400 | 728,910 |
Total Mexico | 728,910 | |
Russia: 0.0% | ||
Moscow Exchange MICEX-RTS PJSCe | 2,101,250 | 22,698 |
TCS Group Holding PLC GDRb,c,e | 62,962 | 1,259 |
HeadHunter Group PLC ADRb,e | 15,800 | 316 |
Total Russia | 24,273 | |
TOTAL COMMON EQUITIES | 678,793,974 | |
(Cost $621,120,153) | ||
PREFERRED EQUITIES: 1.7% | ||
Brazil: 1.7% | ||
Banco Pan SA, Pfd. | 5,859,800 | 11,122,801 |
Total Brazil | 11,122,801 | |
TOTAL PREFERRED EQUITIES | 11,122,801 | |
(Cost $8,927,482) | ||
Total Investments: 101.2% | 689,916,775 | |
(Cost $630,047,635) | ||
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (1.2%) | (7,845,054) | |
Net Assets: 100.0% | $682,071,721 |
a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | Non-income producing security. |
c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
d | 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 $56,104,475, which is 8.23% of net assets. |
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 $24,273 and 0.00% of net assets. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Pfd. | Preferred |
PJSC | Public Joint Stock Co. |
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