Matthews Asia Growth Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 99.0% | ||
Shares | Value | |
Japan: 35.8% | ||
Keyence Corp. | 33,600 | $15,599,167 |
Hitachi, Ltd. | 157,900 | 14,428,973 |
Shin-Etsu Chemical Co., Ltd. | 327,700 | 14,373,561 |
Tokyo Electron, Ltd. | 41,500 | 10,808,641 |
Sumitomo Mitsui Financial Group, Inc. | 146,200 | 8,548,709 |
Fast Retailing Co., Ltd. | 26,500 | 8,210,392 |
SoftBank Group Corp. | 137,900 | 8,189,245 |
Disco Corp. | 21,100 | 7,712,757 |
Renesas Electronics Corp. | 424,800 | 7,570,216 |
Japan Elevator Service Holdings Co., Ltd. | 418,700 | 6,836,793 |
Toyota Motor Corp. | 252,600 | 6,384,457 |
Daiichi Sankyo Co., Ltd. | 183,200 | 5,829,223 |
ORIX Corp. | 259,200 | 5,669,158 |
Recruit Holdings Co., Ltd. | 89,700 | 3,938,441 |
ITOCHU Corp. | 80,000 | 3,436,768 |
Denso Corp. | 102,400 | 1,961,131 |
Total Japan | 129,497,632 | |
India: 17.3% | ||
Zomato, Ltd.b | 5,151,150 | 11,290,926 |
ICICI Bank, Ltd. | 600,509 | 7,916,908 |
Tata Motors, Ltd. | 620,442 | 7,407,089 |
Reliance Industries, Ltd. | 199,400 | 7,130,183 |
Axis Bank, Ltd. | 556,009 | 7,007,602 |
Bajaj Finance, Ltd. | 80,231 | 7,005,676 |
Mahindra & Mahindra, Ltd. | 187,276 | 4,326,330 |
Godrej Consumer Products, Ltd. | 253,080 | 3,810,512 |
Lupin, Ltd. | 123,220 | 2,391,869 |
Delhivery, Ltd.b | 408,485 | 2,193,936 |
Cummins India, Ltd. | 55,148 | 1,990,874 |
Total India | 62,471,905 | |
China/Hong Kong: 11.8% | ||
Tencent Holdings, Ltd. | 145,100 | 5,651,637 |
Meituan Class Bb,c,d | 445,500 | 5,499,294 |
Trip.com Group, Ltd. ADRb | 115,436 | 5,066,486 |
PDD Holdings, Inc. ADRb | 42,501 | 4,940,741 |
Innovent Biologics, Inc.b,c,d | 921,500 | 4,446,243 |
Alibaba Group Holding, Ltd. | 489,400 | 4,425,563 |
Legend Biotech Corp. ADRb | 69,194 | 3,881,092 |
Shenzhen Inovance Technology Co., Ltd. A Shares | 415,300 | 3,445,661 |
Contemporary Amperex Technology Co., Ltd. A Shares | 104,600 | 2,721,655 |
DiDi Global, Inc.b | 673,368 | 2,578,999 |
Total China/Hong Kong | 42,657,371 | |
Taiwan: 11.5% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 760,000 | 18,206,723 |
Alchip Technologies, Ltd. | 54,000 | 5,343,645 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 39,150 | 5,326,358 |
Makalot Industrial Co., Ltd. | 345,000 | 3,940,017 |
Wiwynn Corp. | 51,000 | 3,492,292 |
Unimicron Technology Corp. | 555,000 | 3,299,579 |
MediaTek, Inc. | 50,000 | 1,811,715 |
Total Taiwan | 41,420,329 |
Shares | Value | |
South Korea: 8.9% | ||
Samsung Electronics Co., Ltd. | 166,103 | $9,982,377 |
Hyundai Motor Co. | 44,881 | 7,897,641 |
KB Financial Group, Inc. | 145,745 | 7,616,272 |
SK Hynix, Inc. | 50,274 | 6,660,067 |
Total South Korea | 32,156,357 | |
Indonesia: 4.4% | ||
PT Bank Rakyat Indonesia Persero Tbk | 25,486,600 | 9,745,437 |
PT Bank Mandiri Persero Tbk | 13,926,800 | 6,336,597 |
Total Indonesia | 16,082,034 | |
United States: 2.5% | ||
NVIDIA Corp. | 10,049 | 9,079,874 |
Total United States | 9,079,874 | |
Netherlands: 2.0% | ||
ASML Holding NV | 7,378 | 7,160,128 |
Total Netherlands | 7,160,128 | |
Philippines: 1.7% | ||
Bank of the Philippine Islands | 1,861,840 | 3,911,470 |
Jollibee Foods Corp. | 530,980 | 2,387,046 |
Total Philippines | 6,298,516 | |
Singapore: 1.5% | ||
Sea, Ltd. ADRb | 100,221 | 5,382,870 |
Total Singapore | 5,382,870 | |
Australia: 1.1% | ||
CSL, Ltd. | 21,447 | 4,024,048 |
Total Australia | 4,024,048 | |
Vietnam: 0.5% | ||
Military Commercial Joint Stock Bank | 1,812,700 | 1,864,214 |
Total Vietnam | 1,864,214 | |
Total Investments: 99.0% | 358,095,278 | |
(Cost $298,049,127) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.0% | 3,711,130 | |
Net Assets: 100.0% | $361,806,408 |
matthewsasia.com | 800.789.ASIA 1
Matthews Asia Growth Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
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 $9,945,537, which is 2.75% 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. |
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