NPORT-EX 2 NPORT_343897586231847.htm HTML

AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 92.7%

        

Information Technology – 18.8%

        

Electronic Equipment, Instruments & Components – 7.8%

        

Keyence Corp.

      16,600        $ 7,760,153  

Murata Manufacturing Co., Ltd.

      132,100          8,590,087  
       

 

 

  
          16,350,240  
       

 

 

  

IT Services – 3.2%

        

Capgemini SE

      51,371          6,590,660  
       

 

 

  

Semiconductors & Semiconductor Equipment – 3.2%

        

ASML Holding NV

      17,783          6,568,558  
       

 

 

  

Software – 4.6%

        

SAP SE

      23,210          3,614,217  

TeamViewer AG(a) (b)

      81,287          4,009,061  

Temenos AG

      14,514          1,950,746  
       

 

 

  
          9,574,024  
       

 

 

  
          39,083,482  
       

 

 

  

Industrials – 16.5%

        

Electrical Equipment – 4.6%

        

Nidec Corp.

      103,100          9,668,499  
       

 

 

  

Machinery – 7.0%

        

Alstom SA(b)

      121,382          6,063,391  

KION Group AG

      98,483          8,409,380  
       

 

 

  
          14,472,771  
       

 

 

  

Professional Services – 2.7%

        

Recruit Holdings Co., Ltd.

      143,800          5,711,067  
       

 

 

  

Trading Companies & Distributors – 2.2%

        

Ashtead Group PLC

      127,878          4,605,063  
       

 

 

  
          34,457,400  
       

 

 

  

Consumer Staples – 15.5%

        

Beverages – 3.6%

        

Budweiser Brewing Co. APAC Ltd.(a)

            1,078,700          3,155,024  

Treasury Wine Estates Ltd.

      676,812          4,348,690  
       

 

 

  
          7,503,714  
       

 

 

  

Food Products – 7.9%

        

Calbee, Inc.

      116,100          3,824,096  

Kerry Group PLC - Class A

      38,031          4,871,221  

Nestle SA

      65,500          7,795,284  
       

 

 

  
          16,490,601  
       

 

 

  

Household Products – 2.1%

        

Reckitt Benckiser Group PLC

      45,991          4,484,363  
       

 

 

  

Personal Products – 1.9%

        

Kose Corp.(c)

      31,700          3,881,270  
       

 

 

  
                32,359,948  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Consumer Discretionary – 12.7%

        

Hotels, Restaurants & Leisure – 3.8%

        

Compass Group PLC

      265,924        $ 3,994,648  

Yum China Holdings, Inc.

      76,154          4,032,354  
       

 

 

  
          8,027,002  
       

 

 

  

Internet & Direct Marketing Retail – 3.6%

        

Alibaba Group Holding Ltd. (Sponsored ADR)(b)

      25,389          7,463,858  
       

 

 

  

Multiline Retail – 3.4%

        

B&M European Value Retail SA

            1,098,543          7,003,423  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.9%

        

LVMH Moet Hennessy Louis Vuitton SE

      8,454          3,955,630  
       

 

 

  
          26,449,913  
       

 

 

  

Health Care – 11.1%

        

Biotechnology – 4.3%

        

Genmab A/S(b)

      24,607          8,930,016  
       

 

 

  

Health Care Providers & Services – 0.0%

        

NMC Health PLC(b) (d) (e)

      110,100          0  
       

 

 

  

Life Sciences Tools & Services – 6.8%

        

Eurofins Scientific SE(b)

      7,867          6,231,973  

Lonza Group AG

      12,927          7,977,706  
       

 

 

  
          14,209,679  
       

 

 

  
          23,139,695  
       

 

 

  

Financials – 7.7%

        

Capital Markets – 5.7%

        

Partners Group Holding AG

      7,274          6,690,655  

St. James’s Place PLC

      434,295          5,224,738  
       

 

 

  
          11,915,393  
       

 

 

  

Insurance – 2.0%

        

AIA Group Ltd.

      417,600          4,150,983  
       

 

 

  
          16,066,376  
       

 

 

  

Communication Services – 6.7%

        

Diversified Telecommunication Services – 3.8%

        

Cellnex Telecom SA(a)

      131,852          8,003,760  
       

 

 

  

Interactive Media & Services – 2.9%

        

Tencent Holdings Ltd.

      88,900          6,004,606  
       

 

 

  
          14,008,366  
       

 

 

  

Materials – 3.7%

        

Chemicals – 3.7%

        

Sika AG

      31,555          7,748,383  
       

 

 

  

Total Common Stocks
(cost $159,673,607)

               193,313,563  
       

 

 

  

 

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Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 5.6%

        

Investment Companies – 5.6%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(f) (g) (h)
(cost $11,787,379)

          11,787,379        $ 11,787,379  
       

 

 

  

Total Investments – 98.3%
(cost $171,460,986)(i)

           205,100,942  

Other assets less liabilities – 1.7%

           3,513,987  
       

 

 

  

Net Assets – 100.0%

         $     208,614,929  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty      Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)
Bank of America, NA          CHF        9,791          USD        10,823          12/11/2020        $ 170,626
Bank of America, NA          JPY        92,280          USD        870          12/11/2020          (5,764 )
Bank of America, NA          USD        7,151          AUD        9,784          12/11/2020          (141,941 )
Bank of America, NA          USD        625          CHF        575          12/11/2020          860
Bank of America, NA          USD        589          CHF        538          12/11/2020          (3,801 )
Bank of America, NA          USD        972          JPY        103,188          12/11/2020          6,848
Bank of America, NA          USD        880          JPY        92,634          12/11/2020          (641 )
Barclays Bank PLC          USD        695          AUD        959          12/11/2020          (7,509 )
Barclays Bank PLC          USD        1,072          EUR        904          12/11/2020          (10,158 )
Barclays Bank PLC          USD        1,140          JPY        119,346          12/11/2020          (7,305 )
Citibank, NA          CNY        72,496          USD        10,526          12/11/2020          (119,067 )
Citibank, NA          EUR        662          USD        775          12/11/2020          (2,297 )
Citibank, NA          USD        814          CNY        5,571          12/11/2020          4,393
Citibank, NA          USD        631          JPY        67,154          12/11/2020          5,979
Citibank, NA          USD        706          JPY        74,371          12/11/2020          (69 )
Goldman Sachs Bank USA          CHF        1,431          USD        1,585          12/11/2020          28,077
Goldman Sachs Bank USA          USD        560          AUD        778          12/11/2020          (3,090 )
Goldman Sachs Bank USA          USD        1,376          CHF        1,266          12/11/2020          1,479
Goldman Sachs Bank USA          USD        615          CHF        563          12/11/2020          (2,252 )
Goldman Sachs Bank USA          USD        1,570          EUR        1,311          12/11/2020          (31,002 )
Goldman Sachs Bank USA          USD        10,769          JPY        1,140,954          12/11/2020          58,884
Natwest Markets PLC          CNY        8,193          USD        1,173          12/11/2020          (30,034 )
Natwest Markets PLC          JPY        77,831          USD        747          12/11/2020          8,013
Natwest Markets PLC          USD        523          AUD        727          12/11/2020          (1,896 )
Natwest Markets PLC          USD        9,898          EUR        8,325          12/11/2020              (121,906 )
State Street Bank & Trust Co.          HKD        6,549          USD        845          12/11/2020          (213 )
State Street Bank & Trust Co.          JPY        38,385          USD        367          12/11/2020          2,973
State Street Bank & Trust Co.          USD        2,148          EUR        1,820          12/11/2020          (11,087 )
State Street Bank & Trust Co.          USD        206          HKD        1,596          12/11/2020          111
State Street Bank & Trust Co.          USD        997          JPY        105,279          12/11/2020          2,187
UBS AG          DKK        13,615          USD        2,137          12/11/2020          (9,736 )
UBS AG          HKD        26,163          USD        3,374          12/11/2020          (1,211 )
UBS AG          USD        2,560          JPY        269,772          12/11/2020          280
                                     

 

 

  
                                      $ (220,269 )
                                     

 

 

  

 

3

(a)  Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $15,167,845 or 7.3% of net assets.

(b)  Non-income producing security.

(c)   Represents entire or partial securities out on loan.

(d)  Fair valued by the Adviser.

(e)  Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f) Affiliated investments.

(g)  The rate shown represents the 7-day yield as of period end.

(h)  To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(i)  As of September 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $40,687,993 and gross unrealized depreciation of investments was $(7,268,306), resulting in net unrealized appreciation of $33,419,687.

 

     Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

 

Currency Abbreviations:

AUD – Australian Dollar
CHF – Swiss Franc
CNY – Chinese Yuan Renminbi
DKK – Danish Krone
EUR – Euro
HKD – Hong Kong Dollar
JPY – Japanese Yen
USD – United States Dollar

 

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN1

September 30, 2020 (unaudited)

 

  19.2%      Japan
  15.7%      Switzerland
  12.3%      United Kingdom
  11.1%      France
  10.1%      China
    7.8%      Germany
    4.4%      Denmark
    3.9%      Spain
    3.2%      Netherlands
    2.4%      Ireland
    2.1%      Australia
    2.0%      United Arab Emirates
    5.8%      Short-Term

 

 

     
  100.0%      Total Investments

 

 

     

 

1

All data are as of September 30, 2020. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

 

4

AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

September 30, 2020 (unaudited)

 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•  Level 1 - quoted prices in active markets for identical investments

•  Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

 

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2020:

 

 

Investments in Securities:

    Level 1      Level 2     Level 3     Total  
Assets:          
Common Stocks:          

Information Technology

    $ —      $ 39,083,482     $                     —     $ 39,083,482  

Industrials

      —        34,457,400       —       34,457,400  

Consumer Staples

      —        32,359,948       —       32,359,948  

Consumer Discretionary

      11,496,212        14,953,701       —       26,449,913  

Health Care

      —        23,139,695       0 (a)      23,139,695  

Financials

      —        16,066,376       —       16,066,376  

Communication Services

      —        14,008,366       —       14,008,366  

Materials

      —        7,748,383       —       7,748,383  
Short-Term Investments      11,787,379        —       —       11,787,379  
  

 

 

     

 

 

    

 

 

    

 

 

  
Total Investments in Securities          23,283,591            181,817,351 (b)      0           205,100,942  

 

5

Other Financial Instruments(c):           
Assets:           
Forward Currency Exchange Contracts      —        290,710                           —        290,710  
Liabilities:           
Forward Currency Exchange Contracts      —        (510,979 )      —        (510,979 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     23,283,591      $     181,597,082     $ 0      $     204,880,673  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a)  The Portfolio held securities with zero market value at period end.

(b)  A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(c)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2020 is as follows:

 

Fund    Market Value
06/31/2020
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
09/30/2020
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 6,171      $ 30,049      $ 24,433      $ 11,787      $ 2  
Government Money Market Portfolio*      5,623        7,691        13,314        0        0 ** 
Total    $     11,794      $     37,740      $     37,747      $     11,787      $     2  

 

*  Investments of cash collateral for securities lending transactions.

** Amount less than $500.

 

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