NPORT-EX 2 NPORT_343917764865563.htm HTML

AB Cap Fund, Inc.

AB FlexFee Emerging Markets Growth Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.0%

        

Information Technology – 24.7%

        

Electronic Equipment, Instruments & Components – 2.8%

        

Hangzhou Hikvision Digital Technology Co., Ltd. - Class A

      26,400        $ 149,188  

Sinbon Electronics Co., Ltd.

      6,000          37,353  
       

 

 

  
          186,541  
       

 

 

  

IT Services – 2.7%

        

GDS Holdings Ltd. (ADR)(a) (b)

      1,260          103,106  

My EG Services Bhd

      201,500          63,949  

Network International Holdings PLC(b) (c)

      4,290          15,089  
       

 

 

  
          182,144  
       

 

 

  

Semiconductors & Semiconductor Equipment – 14.1%

        

ASPEED Technology, Inc.

      250          9,892  

Broadcom, Inc.

      380          138,441  

MediaTek, Inc.

      8,000          169,512  

Micron Technology, Inc.(b)

      560          26,298  

SK Hynix, Inc.

      530          37,992  

Taiwan Semiconductor Manufacturing Co., Ltd.

      37,900          570,170  
       

 

 

  
          952,305  
       

 

 

  

Software – 0.6%

        

Douzone Bizon Co., Ltd.

      410          36,536  
       

 

 

  

Technology Hardware, Storage & Peripherals – 4.5%

        

Samsung Electronics Co., Ltd.

      4,730          234,817  

Samsung Electronics Co., Ltd. (Preference Shares)

      1,670          71,878  
       

 

 

  
          306,695  
       

 

 

  
          1,664,221  
       

 

 

  

Consumer Discretionary – 22.4%

        

Diversified Consumer Services – 5.7%

        

Fu Shou Yuan International Group Ltd.

      96,000          93,769  

New Oriental Education & Technology Group, Inc. (Sponsored ADR)(b)

      1,303          194,798  

TAL Education Group (ADR)(b)

      1,280          97,331  
       

 

 

  
          385,898  
       

 

 

  

Hotels, Restaurants & Leisure – 1.7%

        

OPAP SA

      11,910          112,941  
       

 

 

  

Internet & Direct Marketing Retail – 15.0%

        

Alibaba Group Holding Ltd.(b)

      17,940          658,597  

JD.com, Inc. - Class A(b)

      6,230          239,888  

Naspers Ltd. - Class N

      655          115,689  
       

 

 

  
          1,014,174  
       

 

 

  
          1,513,013  
       

 

 

  

Financials – 18.6%

        

Banks – 5.9%

        

Bandhan Bank Ltd.(b) (c)

      4,237          15,884  

 

1

Company    Shares        U.S. $ Value  

Bank Central Asia Tbk PT

      15,500        $ 28,294  

Bank for Foreign Trade of Vietnam JSC

      28,130          103,014  

Capitec Bank Holdings Ltd.

      1,320          81,300  

Sberbank of Russia PJSC (Sponsored ADR)

      14,469          168,853  
       

 

 

  
          397,345  
       

 

 

  

Capital Markets – 0.9%

        

B3 SA - Brasil Bolsa Balcao

      3,900          38,202  

New Frontier Health Corp.(b)

      3,150          24,035  
       

 

 

  
          62,237  
       

 

 

  

Consumer Finance – 3.1%

        

Manappuram Finance Ltd.

      40,858          87,474  

Muangthai Capital PCL(b)

      27,200          42,275  

Muthoot Finance Ltd.

      5,387          82,850  
       

 

 

  
          212,599  
       

 

 

  

Insurance – 6.6%

        

AIA Group Ltd.

      20,000          198,802  

IRB Brasil Resseguros S/A

      4,700          6,268  

Ping An Insurance Group Co. of China Ltd. - Class H

      23,000          238,760  
       

 

 

  
          443,830  
       

 

 

  

Thrifts & Mortgage Finance – 2.1%

        

Housing Development Finance Corp., Ltd.

      6,005          141,758  
       

 

 

  
          1,257,769  
       

 

 

  

Communication Services – 13.3%

        

Entertainment – 5.1%

        

HUYA, Inc. (ADR)(b)

      3,570          85,502  

NCSoft Corp.

      187          128,868  

NetEase, Inc.

      7,350          131,965  
       

 

 

  
          346,335  
       

 

 

  

Interactive Media & Services – 7.3%

        

Tencent Holdings Ltd.

      7,300          493,067  
       

 

 

  

Wireless Telecommunication Services – 0.9%

        

Safaricom PLC

      220,850          60,783  
       

 

 

  
          900,185  
       

 

 

  

Industrials – 7.0%

        

Commercial Services & Supplies – 4.5%

        

A-Living Services Co., Ltd. - Class H(c)

      29,000          148,370  

Sunny Friend Environmental Technology Co., Ltd.

      19,000          151,237  
       

 

 

  
          299,607  
       

 

 

  

Electrical Equipment – 0.5%

        

Voltronic Power Technology Corp.

      1,050          35,667  
       

 

 

  

Professional Services – 0.5%

        

L&T Technology Services Ltd.(c)

      1,580          34,556  
       

 

 

  

Road & Rail – 1.5%

        

Globaltrans Investment PLC (Sponsored GDR)(c)

      16,286          99,344  
       

 

 

  
          469,174  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Energy – 4.1%

        

Oil, Gas & Consumable Fuels – 4.1%

        

Petroleo Brasileiro SA (ADR)

      20,616        $ 146,786  

Reliance Industries Ltd.

      4,322          130,881  
       

 

 

  
          277,667  
       

 

 

  

Health Care – 2.8%

        

Health Care Equipment & Supplies – 1.0%

        

Top Glove Corp. Bhd

      28,700          57,544  

Yestar Healthcare Holdings Co., Ltd.(b)

      57,500          9,571  
       

 

 

  
          67,115  
       

 

 

  

Health Care Providers & Services – 1.2%

        

Jinxin Fertility Group Ltd.(c)

      49,200          62,431  

Universal Vision Biotechnology Co., Ltd.

      2,000          18,296  
       

 

 

  
          80,727  
       

 

 

  

Pharmaceuticals – 0.6%

        

Genomma Lab Internacional SAB de CV - Class B(b)

      43,840          42,627  
       

 

 

  
          190,469  
       

 

 

  

Real Estate – 2.4%

        

Equity Real Estate Investment Trusts (REITs) – 1.5%

        

Embassy Office Parks REIT

      20,800          102,013  
       

 

 

  

Real Estate Management & Development – 0.9%

        

Vincom Retail JSC(b)

      48,410          58,278  
       

 

 

  
          160,291  
       

 

 

  

Utilities – 1.6%

        

Electric Utilities – 1.6%

        

Equatorial Energia SA

      29,200          110,126  
       

 

 

  

Consumer Staples – 1.1%

        

Food & Staples Retailing – 0.5%

        

Dino Polska SA(b) (c)

      540          31,766  
       

 

 

  

Household Products – 0.2%

        

C&S Paper Co., Ltd.

      5,500          17,443  
       

 

 

  

Tobacco – 0.4%

        

VST Industries Ltd.

      590          26,212  
       

 

 

  
          75,421  
       

 

 

  

Total Common Stocks
(cost $5,687,389)

           6,618,336  
       

 

 

  

EQUITY LINKED NOTES – 1.4%

        

Information Technology – 1.1%

        

Electronic Equipment, Instruments & Components – 1.1%

        

FPT Corp., Macquarie Bank Ltd., expiring 03/31/2021(b)

      35,190          75,900  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Consumer Discretionary – 0.3%

 

Specialty Retail – 0.3%

 

Mobile World Investment Corp., Macquarie Bank Ltd., expiring 03/31/2021(b)

      3,666        $ 16,494  
          

 

 

  

Total Equity Linked Notes
(cost $101,031)

 

        92,394  
          

 

 

  

SHORT-TERM INVESTMENTS – 0.4%

 

Investment Companies – 0.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f)
(cost $26,814)

      26,814          26,814  
          

 

 

  
       
    

Principal
Amount
(000)

           

Time Deposits – 0.0%

 

BBH, Grand Cayman

        

(1.49)%, 10/01/2020

    CHF      0 *         13  

(0.69)%, 10/01/2020

    EUR      1          800  

0.01%, 10/01/2020

    SGD      0 *         42  

0.01%, 10/05/2020

    HKD      5          674  

0.01%, 10/01/2020

    GBP      1          800  

5.20%, 10/01/2020

    ZAR      12          688  
          

 

 

  

Total Time Deposits
(cost $3,017)

 

        3,017  
          

 

 

  

Total Short-Term Investments
(cost $29,831)

 

        29,831  
          

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.8%
(cost $5,818,251)

 

        6,740,561  
          

 

 

  
                      
              Shares               

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.4%

 

Investment Companies – 1.4%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.05%(d) (e) (f)
(cost $98,400)

      98,400          98,400  
          

 

 

  

Total Investments – 101.2%
(cost $5,916,651)(g)

 

        6,838,961  

Other assets less liabilities – (1.2)%

 

        (84,020 ) 
          

 

 

  

Net Assets – 100.0%

 

      $ 6,754,941  
          

 

 

  

 

*

Principal amount less than 500.

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

 

4

(c)   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 $407,440 or 6.0% of net assets.

(d)  Affiliated investments.

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

(f) 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.

(g)  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 $1,172,951 and gross unrealized depreciation of investments was $(250,641), resulting in net unrealized appreciation of $922,310.

 

Currency Abbreviations:

CHF – Swiss Franc
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
SGD – Singapore Dollar
ZAR – South African Rand

 

Glossary:

ADR – American Depositary Receipt
GDR – Global Depositary Receipt
JSC – Joint Stock Company
PJSC – Public Joint Stock Company
REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN1

September 30, 2020 (unaudited)

  40.4%      China
  14.7%      Taiwan
  9.2%      India
  7.6%      South Korea
  4.5%      Brazil
  4.0%      Russia
  3.8%      Vietnam
  3.3%      Hong Kong
  2.9%      South Africa
  2.4%      United States
  1.8%      Malaysia
  1.7%      Greece
  0.9%      Kenya
  2.4%      Other
  0.4%      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 (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.6% or less in the following: Indonesia, Mexico, Poland, Thailand and United Arab Emirates.

 

5

AB Cap Fund, Inc.

AB FlexFee Emerging Markets 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, 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

    $ 267,845      $ 1,396,376     $ -0-      $ 1,664,221  

Consumer Discretionary

      292,129        1,220,884       -0-        1,513,013  

Financials

      237,358        1,020,411       -0-        1,257,769  

Communication Services

      85,502        814,683       -0-        900,185  

Industrials

      99,344        369,830       -0-        469,174  

Energy

      146,786        130,881       -0-        277,667  

Health Care

      52,198        138,271       -0-        190,469  

Real Estate

      -0-        160,291       -0-        160,291  

Utilities

      110,126        -0-       -0-        110,126  

Consumer Staples

      -0-        75,421       -0-        75,421  
Fixed Income Securities:           

Equity Linked Notes

      -0-        92,394       -0-        92,394  
Short-Term Investments:           

Investment Companies

      26,814        -0-       -0-        26,814  

Time Deposits

      -0-        3,017       -0-        3,017  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      98,400        -0-       -0-        98,400  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      1,416,502         5,422,459 †       -0-        6,838,961  
Other Financial Instruments*      -0-        -0-       -0-        -0-  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $ 1,416,502      $ 5,422,459     $ -0-      $ 6,838,961  
  

 

 

     

 

 

    

 

 

     

 

 

  
†

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.

*

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.

 

6

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

 

Fund   

Market Value

12/31/19

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

9/30/20

(000)

     

Dividend

Income

(000)

  
Government Money Market Portfolio    $ 27      $ 2,877      $ 2,877      $ 27      $ 0 ** 
Government Money Market Portfolio*      80        1,403        1,385        98        0 ** 
Total                               $ 125      $ 0 ** 

 

*

Investment of cash collateral for securities lending transactions.

**

Amount is less than $500.

 

7