NPORT-EX 2 NPORT_3122_BBH_6474326866.htm HTML

AB Cap Fund, Inc.

AB All China Equity Portfolio

Portfolio of Investments

February 28, 2021 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.8%

 

Consumer Discretionary – 28.2%

 

Auto Components – 0.4%

 

Huayu Automotive Systems Co., Ltd. - Class A

      193,100        $ 766,865  
       

 

 

  

Automobiles – 2.2%

 

Geely Automobile Holdings Ltd.

      600,000          1,940,825  

Great Wall Motor Co., Ltd. - Class H

      300,500          870,503  

Guangzhou Automobile Group Co., Ltd. - Class H

      1,342,000          1,243,072  
       

 

 

  
          4,054,400  
       

 

 

  

Diversified Consumer Services – 2.3%

 

Fu Shou Yuan International Group Ltd.

      1,577,000          1,582,371  

New Oriental Education & Technology Group, Inc.(a)

      14,810          2,639,461  
       

 

 

  
          4,221,832  
       

 

 

  

Hotels, Restaurants & Leisure – 5.1%

 

Galaxy Entertainment Group Ltd.

      411,000          3,749,413  

Jiumaojiu International Holdings Ltd.(a) (b) (c)

      727,000          2,849,239  

Melco Resorts & Entertainment Ltd. (ADR)(a)

      133,480          2,891,177  
       

 

 

  
          9,489,829  
       

 

 

  

Household Durables – 1.4%

 

Midea Group Co., Ltd. - Class A

      60,600          870,399  

TCL Technology Group Corp. - Class A

      1,314,900          1,669,198  
       

 

 

  
          2,539,597  
       

 

 

  

Internet & Direct Marketing Retail – 12.4%

 

Alibaba Group Holding Ltd.(a)

      541,060          16,258,413  

Meituan - Class B(a) (c)

      146,300          6,570,985  
       

 

 

  
          22,829,398  
       

 

 

  

Specialty Retail – 2.7%

 

China Tourism Group Duty Free Corp., Ltd. - Class A

      51,031          2,422,649  

Topsports International Holdings Ltd.(c)

      861,000          1,264,196  

Zhongsheng Group Holdings Ltd.

      224,500          1,387,566  
       

 

 

  
          5,074,411  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.7%

 

Li Ning Co., Ltd.

      360,500          2,023,324  

Shenzhou International Group Holdings Ltd.

      53,000          1,099,031  
       

 

 

  
          3,122,355  
       

 

 

  
          52,098,687  
       

 

 

  

Financials – 17.2%

 

Banks – 11.5%

 

Bank of Hangzhou Co., Ltd. - Class A

      794,200          1,961,471  

Bank of Nanjing Co., Ltd. - Class A

      1,103,800          1,497,802  

China Construction Bank Corp. - Class H

      7,283,000          5,846,391  

China Merchants Bank Co., Ltd. - Class H

      481,000          3,688,670  

Industrial Bank Co., Ltd. - Class A

      995,300          3,788,712  

Ping An Bank Co., Ltd. - Class A

      755,373          2,490,249  

Shanghai Pudong Development Bank Co., Ltd. - Class A

      1,197,670          1,945,679  
       

 

 

  
          21,218,974  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Capital Markets – 2.2%

 

CITIC Securities Co., Ltd. - Class A

      538,310        $ 2,265,288  

GF Securities Co., Ltd. - Class H

      573,400          812,603  

Huatai Securities Co., Ltd. - Class H(c)

      714,200          1,061,555  
       

 

 

  
          4,139,446  
       

 

 

  

Insurance – 3.5%

 

China Pacific Insurance Group Co., Ltd. - Class H

      218,000          1,001,510  

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

      409,993          5,384,631  
       

 

 

  
          6,386,141  
       

 

 

  
          31,744,561  
       

 

 

  

Communication Services – 11.4%

 

Entertainment – 2.1%

 

NetEase, Inc.

      174,100          3,800,406  
       

 

 

  

Interactive Media & Services – 9.3%

 

Tencent Holdings Ltd.

      197,250          17,160,161  
       

 

 

  
          20,960,567  
       

 

 

  

Information Technology – 9.8%

 

Electronic Equipment, Instruments & Components – 4.1%

 

BOE Technology Group Co., Ltd. - Class A

      1,554,900          1,461,236  

Luxshare Precision Industry Co., Ltd. - Class A

      469,310          3,360,585  

Shengyi Technology Co., Ltd. - Class A

      349,042          1,316,834  

Wuxi Lead Intelligent Equipment Co., Ltd.

      105,300          1,362,149  
       

 

 

  
          7,500,804  
       

 

 

  

IT Services – 4.4%

 

21Vianet Group, Inc. (ADR)(a)

      134,570          4,903,731  

GDS Holdings Ltd.(a)

      257,140          3,276,322  
       

 

 

  
          8,180,053  
       

 

 

  

Semiconductors & Semiconductor Equipment – 1.3%

 

LONGi Green Energy Technology Co., Ltd. - Class A

      109,700          1,765,951  

Tianshui Huatian Technology Co., Ltd. - Class A

      319,600          635,574  
       

 

 

  
          2,401,525  
       

 

 

  
          18,082,382  
       

 

 

  

Industrials – 9.6%

 

Building Products – 0.5%

 

Zhuzhou Kibing Group Co., Ltd. - Class A

      448,700          1,019,448  
       

 

 

  

Commercial Services & Supplies – 1.8%

 

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

      181,000          757,876  

Ever Sunshine Lifestyle Services Group Ltd.(c)

      1,005,800          2,478,592  
       

 

 

  
          3,236,468  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Electrical Equipment – 1.6%

 

Contemporary Amperex Technology Co., Ltd. - Class A

      60,049        $ 2,972,572  
       

 

 

  

Machinery – 5.7%

 

Sany Heavy Industry Co., Ltd. - Class A

      351,821          2,231,634  

Weichai Power Co., Ltd. - Class A

      873,115          2,971,010  

Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A

      2,364,134          5,246,403  
       

 

 

  
          10,449,047  
       

 

 

  
          17,677,535  
       

 

 

  

Materials – 6.5%

 

Chemicals – 1.5%

 

Hengli Petrochemical Co., Ltd. - Class A

      232,384          1,296,617  

Wanhua Chemical Group Co., Ltd. - Class A

      76,000          1,533,953  
       

 

 

  
          2,830,570  
       

 

 

  

Metals & Mining – 4.3%

 

Baoshan Iron & Steel Co., Ltd. - Class A

      1,478,979          1,714,306  

Ganfeng Lithium Co., Ltd.

      50,300          769,218  

Shandong Nanshan Aluminum Co., Ltd. - Class A

      3,238,100          2,054,370  

Zijin Mining Group Co., Ltd. - Class A

      1,823,400          3,418,081  
       

 

 

  
          7,955,975  
       

 

 

  

Paper & Forest Products – 0.7%

 

Shandong Chenming Paper Holdings Ltd. - Class A

      764,300          1,304,236  
       

 

 

  
          12,090,781  
       

 

 

  

Health Care – 6.2%

 

Health Care Providers & Services – 1.2%

 

Aier Eye Hospital Group Co., Ltd. - Class A

      79,500          886,919  

Shanghai Pharmaceuticals Holding Co., Ltd. - Class H

      661,100          1,212,597  
       

 

 

  
          2,099,516  
       

 

 

  

Life Sciences Tools & Services – 0.4%

 

Wuxi Biologics Cayman, Inc.(a) (c)

      65,000          805,280  
       

 

 

  

Pharmaceuticals – 4.6%

 

Jiangsu Hengrui Medicine Co., Ltd. - Class A

      171,177          2,687,769  

Joincare Pharmaceutical Group Industry Co., Ltd. - Class A

      341,200          652,050  

Livzon Pharmaceutical Group, Inc. - Class A

      176,407          1,012,704  

Yunnan Baiyao Group Co., Ltd. - Class A

      96,603          1,949,416  

Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A

      242,968          1,059,983  

Zhejiang NHU Co., Ltd. - Class A

      177,880          1,190,067  
       

 

 

  
          8,551,989  
       

 

 

  
          11,456,785  
       

 

 

  

Consumer Staples – 5.6%

 

Beverages – 4.3%

 

Kweichow Moutai Co., Ltd. - Class A

      15,363          5,034,351  

Tsingtao Brewery Co., Ltd. - Class A

      122,400          1,504,883  

Wuliangye Yibin Co., Ltd. - Class A

      34,736          1,502,244  
       

 

 

  
          8,041,478  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Food Products – 1.3%

 

Inner Mongolia Yili Industrial Group Co., Ltd. - Class A

      202,708        $ 1,352,851  

WH Group Ltd.(c)

      1,153,000          1,034,137  
       

 

 

  
          2,386,988  
       

 

 

  
          10,428,466  
       

 

 

  

Real Estate – 2.8%

 

Real Estate Management & Development – 2.8%

 

CIFI Holdings Group Co., Ltd.

      2,919,083          2,764,420  

KWG Living Group Holdings Ltd.(a) (c)

      377,600          448,969  

Midea Real Estate Holding Ltd.(b) (c)

      676,600          1,514,068  

Times Neighborhood Holdings Ltd.(c)

      576,000          496,295  
       

 

 

  
          5,223,752  
       

 

 

  

Utilities – 1.5%

 

Gas Utilities – 1.5%

 

ENN Energy Holdings Ltd.

      56,000          856,358  

Kunlun Energy Co., Ltd.

      2,000,000          1,837,054  
       

 

 

  
          2,693,412  
       

 

 

  

Total Common Stocks
(cost $134,210,825)

           182,456,928  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.6%

 

Investment Companies – 0.6%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f)
(cost $1,083,512)

      1,083,512          1,083,512  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.4%
(cost $135,294,337)

 

        183,540,440  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%

 

Investment Companies – 0.8%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f)
(cost $1,539,254)

      1,539,254          1,539,254  
       

 

 

  

Total Investments – 100.2%
(cost $136,833,591)(g)

 

        185,079,694  

Other assets less liabilities – (0.2)%

           (380,701 ) 
       

 

 

  

Net Assets – 100.0%

         $ 184,698,993  
       

 

 

  

 

4

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(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 February 28, 2021, the aggregate market value of these securities amounted to $19,281,192 or 10.4% of net assets.

(d)

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.

(e)

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

(f)

Affiliated investments.

(g)

As of February 28, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $50,372,174 and gross unrealized depreciation of investments was $(2,126,071), resulting in net unrealized appreciation of $48,246,103.

 

 

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.

Glossary:

ADR – American Depositary Receipt

COUNTRY BREAKDOWN1

February 28, 2021 (unaudited)

 

    95.2%        China
    2.2%        Hong Kong
                         2.0%        Macau
    0.6%        Short-Term
 

 

 

       
    100.0%        Total Investments
 

 

 

       

 

1

All data are as of February 28, 2021. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

 

5

AB All China Equity Portfolio

February 28, 2021 (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 February 28, 2021:

 

Investments in Securities

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

Consumer Discretionary

    $ 2,891,177      $ 49,207,510      $ -0-      $ 52,098,687  

Financials

      -0-        31,744,561        -0-        31,744,561  

Communication Services

      -0-        20,960,567        -0-        20,960,567  

Information Technology

      4,903,731        13,178,651        -0-        18,082,382  

Industrials

      -0-        17,677,535        -0-        17,677,535  

Materials

      -0-        12,090,781        -0-        12,090,781  

Health Care

      -0-        11,456,785        -0-        11,456,785  

Consumer Staples

      -0-        10,428,466        -0-        10,428,466  

Real Estate

      -0-        5,223,752        -0-        5,223,752  

Utilities

      -0-        2,693,412        -0-        2,693,412  
Short-Term Investments:            

Investment Companies

      1,083,512        -0-        -0-        1,083,512  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      1,539,254        -0-        -0-        1,539,254  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      10,417,674            174,662,020+        -0-            185,079,694  
Other Financial Instruments*      -0-        -0-        -0-        -0-  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     10,417,674      $ 174,662,020      $                 -0-      $ 185,079,694  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

+

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.

 

6

*

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 February 28, 2021 is as follows:

 

Fund    Market Value
11/30/20
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		     

Market Value
2/28/21

(000)

      Dividend
Income
(000)		  
Government Money Market Portfolio    $     4,210      $     16,174      $     19,300      $ 1,084      $                 0 * 
Government Money Market Portfolio**      3,221        2,096        3,778        1,539        0 * 
Total                               $     2,623      $ 0 * 

 

*

Amount is less than $500.

**

Investments of cash collateral for securities lending transactions.

 

7