Matthews China Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 99.8% | ||
Shares | Value | |
Consumer Discretionary: 31.0% | ||
Broadline Retail: 14.3% | ||
Alibaba Group Holding, Ltd. | 3,265,500 | $29,529,375 |
JD.com, Inc. Class A | 1,201,463 | 16,480,329 |
PDD Holdings, Inc. ADRb | 132,718 | 15,428,468 |
61,438,172 | ||
Hotels, Restaurants & Leisure: 11.0% | ||
Meituan Class Bb,c,d | 2,091,180 | 25,813,724 |
Galaxy Entertainment Group, Ltd. | 1,499,000 | 7,535,579 |
Luckin Coffee, Inc. ADRb | 207,953 | 5,082,371 |
Trip.com Group, Ltd. ADRb | 106,879 | 4,690,919 |
Yum China Holdings, Inc. | 112,327 | 4,469,491 |
47,592,084 | ||
Household Durables: 3.3% | ||
Man Wah Holdings, Ltd. | 11,577,200 | 8,181,768 |
Midea Group Co., Ltd. A Shares | 691,552 | 6,152,695 |
14,334,463 | ||
Textiles, Apparel & Luxury Goods: 1.1% | ||
ANTA Sports Products, Ltd. | 446,400 | 4,759,880 |
Specialty Retail: 1.0% | ||
China Tourism Group Duty Free Corp., Ltd. A Shares | 371,290 | 4,413,712 |
Diversified Consumer Services: 0.3% | ||
China Education Group Holdings, Ltd.d | 2,346,000 | 1,257,227 |
Total Consumer Discretionary | 133,795,538 | |
Financials: 17.1% | ||
Capital Markets: 6.7% | ||
China International Capital Corp., Ltd. H Sharesc,d | 9,897,200 | 11,750,251 |
CITIC Securities Co., Ltd. H Shares | 4,198,425 | 6,934,989 |
Hithink RoyalFlush Information Network Co., Ltd. A Shares | 219,700 | 4,082,901 |
Hong Kong Exchanges & Clearing, Ltd. | 138,400 | 4,032,737 |
East Money Information Co., Ltd. A Shares | 1,187,220 | 2,108,174 |
28,909,052 | ||
Banks: 6.6% | ||
China Merchants Bank Co., Ltd. H Shares | 2,575,000 | 10,206,057 |
China Merchants Bank Co., Ltd. A Shares | 2,262,023 | 10,041,196 |
China Construction Bank Corp. H Shares | 13,823,000 | 8,341,813 |
28,589,066 | ||
Insurance: 3.8% | ||
Ping An Insurance Group Co. of China, Ltd. H Shares | 2,836,000 | 12,040,752 |
PICC Property & Casualty Co., Ltd. H Shares | 3,092,000 | 4,080,649 |
16,121,401 | ||
Total Financials | 73,619,519 | |
Communication Services: 16.3% | ||
Interactive Media & Services: 12.7% | ||
Tencent Holdings, Ltd. | 1,130,600 | 44,036,806 |
Kuaishou Technologyb,c,d | 985,100 | 6,200,812 |
Shares | Value | |
Baidu, Inc. Class Ab | 332,700 | $4,379,870 |
54,617,488 | ||
Entertainment: 2.0% | ||
Tencent Music Entertainment Group ADRb | 417,192 | 4,668,378 |
NetEase, Inc. | 201,400 | 4,173,339 |
8,841,717 | ||
Media: 1.6% | ||
Focus Media Information Technology Co., Ltd. A Shares | 7,483,657 | 6,702,780 |
Total Communication Services | 70,161,985 | |
Consumer Staples: 8.9% | ||
Beverages: 6.0% | ||
Wuliangye Yibin Co., Ltd. A Shares | 617,129 | 13,024,078 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. A Shares | 191,722 | 6,481,565 |
Tsingtao Brewery Co., Ltd. H Shares | 930,000 | 6,400,433 |
25,906,076 | ||
Food Products: 1.9% | ||
Guangdong Haid Group Co., Ltd. A Shares | 715,900 | 4,245,035 |
Anjoy Foods Group Co., Ltd. A Shares | 365,100 | 4,173,094 |
8,418,129 | ||
Consumer Staples Distribution & Retail: 1.0% | ||
JD Health International, Inc.b,c,d | 1,162,100 | 4,129,800 |
Total Consumer Staples | 38,454,005 | |
Industrials: 7.2% | ||
Electrical Equipment: 2.9% | ||
Contemporary Amperex Technology Co., Ltd. A Shares | 313,960 | 8,169,129 |
Sungrow Power Supply Co., Ltd. A Shares | 297,974 | 4,237,500 |
12,406,629 | ||
Ground Transportation: 1.9% | ||
DiDi Global, Inc.b | 2,171,949 | 8,318,565 |
Transportation Infrastructure: 1.2% | ||
Shanghai International Airport Co., Ltd. A Sharesb | 1,025,691 | 5,038,247 |
Air Freight & Logistics: 0.7% | ||
JD Logistics, Inc.b,c,d | 3,117,900 | 3,184,874 |
Machinery: 0.5% | ||
Shenzhen Inovance Technology Co., Ltd. A Shares | 243,007 | 2,016,180 |
Total Industrials | 30,964,495 | |
Information Technology: 5.4% | ||
Electronic Equipment, Instruments & Components: 2.8% | ||
Wingtech Technology Co., Ltd. A Sharesb | 1,471,617 | 7,420,653 |
SUPCON Technology Co., Ltd. A Shares | 712,660 | 4,551,914 |
11,972,567 |
matthewsasia.com | 800.789.ASIA 1
Matthews China Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued) | ||
Shares | Value | |
Semiconductors & Semiconductor Equipment: 2.1% | ||
Will Semiconductor Co., Ltd. Shanghai A Shares | 328,700 | $4,463,010 |
NAURA Technology Group Co., Ltd. A Shares | 68,313 | 2,885,026 |
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. A Shares | 389,858 | 1,853,852 |
9,201,888 | ||
Software: 0.5% | ||
Shanghai Baosight Software Co., Ltd. A Shares | 434,334 | 2,302,541 |
Total Information Technology | 23,476,996 | |
Real Estate: 5.0% | ||
Real Estate Management & Development: 5.0% | ||
KE Holdings, Inc. ADR | 881,109 | 12,097,627 |
Longfor Group Holdings, Ltd.c,d | 2,888,000 | 4,096,353 |
CIFI Holdings Group Co., Ltd.b,e | 104,961,520 | 3,439,757 |
Times China Holdings, Ltd.b | 42,755,000 | 1,248,525 |
Country Garden Services Holdings Co., Ltd. | 1,270,000 | 815,083 |
Total Real Estate | 21,697,345 | |
Health Care: 4.9% | ||
Health Care Equipment & Supplies: 1.7% | ||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares | 193,614 | 7,466,786 |
Health Care Providers & Services: 1.5% | ||
Sinopharm Group Co., Ltd. H Shares | 1,606,800 | 4,120,305 |
Aier Eye Hospital Group Co., Ltd. A Shares | 1,201,706 | 2,129,534 |
6,249,839 | ||
Biotechnology: 1.0% | ||
Innovent Biologics, Inc.b,c,d | 879,500 | 4,243,592 |
Life Sciences Tools & Services: 0.7% | ||
Wuxi Biologics Cayman, Inc.b,c,d | 1,715,000 | 3,137,355 |
Total Health Care | 21,097,572 |
Shares | Value | |
Energy: 2.9% | ||
Oil, Gas & Consumable Fuels: 2.9% | ||
PetroChina Co., Ltd. H Shares | 14,698,000 | $12,605,335 |
Total Energy | 12,605,335 | |
Materials: 1.1% | ||
Chemicals: 1.1% | ||
Wanhua Chemical Group Co., Ltd. A Shares | 410,211 | 4,549,551 |
Total Materials | 4,549,551 | |
Total Investments: 99.8% | 430,422,341 | |
(Cost $611,265,744) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.2% | 1,051,437 | |
Net Assets: 100.0% | $431,473,778 |
a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | Non-income producing security. |
c | 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 $62,556,761, which is 14.50% of net assets. |
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 $3,439,757 and 0.80% of net assets. |
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