NPORT-EX 2 NPORT_64W4_2396785376.htm HTML

AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 96.9%

 

Industrials – 22.4%

 

Electrical Equipment – 4.9%

 

Nidec Corp.

      169,700        $ 20,691,147  
       

 

 

  

Machinery – 10.9%

 

Alstom SA(a)

      293,983          14,648,292  

FANUC Corp.

      54,400          13,078,143  

KION Group AG

      186,069          18,384,663  
       

 

 

  
          46,111,098  
       

 

 

  

Professional Services – 3.5%

        

Recruit Holdings Co., Ltd.

      301,700          14,815,340  
       

 

 

  

Trading Companies & Distributors – 3.1%

 

Ashtead Group PLC

      218,732          13,057,336  
       

 

 

  
          94,674,921  
       

 

 

  

Information Technology – 21.7%

        

Electronic Equipment, Instruments & Components – 6.6%

 

Keyence Corp.

      22,700          10,345,663  

Murata Manufacturing Co., Ltd.

      217,000          17,467,497  
       

 

 

  
          27,813,160  
       

 

 

  

IT Services – 5.9%

        

Capgemini SE

      99,081          16,846,435  

Worldline SA/France(a) (b)

      98,780          8,269,552  
       

 

 

  
                25,115,987  
       

 

 

  

Semiconductors & Semiconductor Equipment – 4.1%

        

ASML Holding NV

      28,060          17,216,753  
       

 

 

  

Software – 5.1%

 

SAP SE

      81,163          9,955,178  

TeamViewer AG(a) (b)

      268,274          11,473,080  
       

 

 

  
          21,428,258  
       

 

 

  
          91,574,158  
       

 

 

  

Consumer Discretionary – 15.5%

        

Hotels, Restaurants & Leisure – 3.0%

 

Yum China Holdings, Inc.

      217,331          12,868,168  
       

 

 

  

Internet & Direct Marketing Retail – 5.1%

 

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

      37,839          8,579,237  

Prosus NV(a)

      115,113          12,809,623  
       

 

 

  
          21,388,860  
       

 

 

  

Specialty Retail – 2.4%

        

Fast Retailing Co., Ltd.(c)

      12,600          10,072,157  
       

 

 

  

Textiles, Apparel & Luxury Goods – 5.0%

        

adidas AG(a)

      31,635          9,882,478  

LVMH Moet Hennessy Louis Vuitton SE

      17,172          11,470,055  
       

 

 

  
          21,352,533  
       

 

 

  
          65,681,718  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Financials – 12.8%

        

Banks – 2.5%

 

HDFC Bank Ltd. (ADR)(a)

      138,018        $ 10,722,618  
       

 

 

  

Capital Markets – 6.9%

        

Partners Group Holding AG

      12,429          15,883,341  

St. James’s Place PLC

      742,842          13,041,551  
       

 

 

  
          28,924,892  
       

 

 

  

Insurance – 3.4%

        

AIA Group Ltd.

      1,183,600          14,483,436  
       

 

 

  
          54,130,946  
       

 

 

  

Health Care – 9.1%

        

Biotechnology – 3.3%

 

Genmab A/S(a)

      42,101          13,846,753  
       

 

 

  

Life Sciences Tools & Services – 5.8%

        

Eurofins Scientific SE(a)

      134,629          12,867,877  

Lonza Group AG

      21,250          11,885,115  
       

 

 

  
          24,752,992  
       

 

 

  
          38,599,745  
       

 

 

  

Consumer Staples – 8.6%

        

Beverages – 2.2%

 

Treasury Wine Estates Ltd.

      1,157,647          9,124,603  
       

 

 

  

Food Products – 4.3%

        

Kerry Group PLC - Class A

      76,594          9,565,746  

Nestle SA

      78,182          8,715,447  
       

 

 

  
          18,281,193  
       

 

 

  

Personal Products – 2.1%

        

Kose Corp.(c)

      63,100          8,943,138  
       

 

 

  
          36,348,934  
       

 

 

  

Materials – 3.7%

        

Chemicals – 3.7%

 

Sika AG

      53,973          15,433,813  
       

 

 

  

Communication Services – 3.1%

 

Diversified Telecommunication Services – 3.1%

 

Cellnex Telecom SA(b) (c)

      225,942          13,025,151  
       

 

 

  

Total Common Stocks
(cost $354,727,115)

               409,469,386  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 2.4%

        

Investment Companies – 2.4%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f)
(cost $10,002,259)

      10,002,259        $ 10,002,259  
       

 

 

  

Total Investments – 99.3%
(cost $364,729,374)(g)

           419,471,645  

Other assets less liabilities – 0.7%

           3,156,747  
       

 

 

  

Net Assets – 100.0%

         $     422,628,392  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		    Unrealized
Appreciation/
(Depreciation)
Bank of America, NA        USD        1,853          GBP        1,349          04/09/2021      $ 6,679
Bank of America, NA        USD        3,656          GBP        2,636          04/09/2021        (22,384 )
Bank of America, NA        JPY        114,618          USD        1,051          05/20/2021        15,596
Bank of America, NA        HKD        5,660          USD        730          05/21/2021        1,604
Bank of America, NA        EUR        10,827          USD        12,898          05/27/2021        187,743
Barclays Bank PLC        GBP        861          USD        1,191          04/09/2021        3,539
Barclays Bank PLC        USD        1,043          GBP        760          04/09/2021        5,193
Barclays Bank PLC        USD        1,248          GBP        896          04/09/2021        (12,893 )
Barclays Bank PLC        USD        14,272          JPY        1,513,328          05/20/2021            (598,894 ) 
Barclays Bank PLC        USD        1,040          EUR        880          05/27/2021        (7,115 )
Barclays Bank PLC        USD        18,651          AUD        24,499          06/04/2021        (37,664 )
BNP Paribas SA        USD        1,634          CNY        10,661          04/22/2021        (11,638 )
BNP Paribas SA        JPY        113,357          USD        1,040          05/20/2021        15,408
Citibank, NA        USD        10,598          GBP        7,547          04/09/2021        (193,273 )
Citibank, NA        DKK        13,698          USD        2,245          04/15/2021        84,921
Citibank, NA        USD        1,173          CHF        1,042          05/06/2021        (69,932 )
Goldman Sachs Bank USA        USD        1,116          GBP        818          04/09/2021        11,625
Goldman Sachs Bank USA        USD        1,291          GBP        931          04/09/2021        (7,826 )
Goldman Sachs Bank USA        DKK        5,962          USD        977          04/15/2021        36,644
Goldman Sachs Bank USA        CNY        23,282          USD        3,596          04/22/2021        52,715
Goldman Sachs Bank USA        USD        6,206          CNY        40,216          04/22/2021        (86,128 )
Goldman Sachs Bank USA        JPY        143,937          USD        1,322          05/20/2021        21,630
Goldman Sachs Bank USA        USD        2,721          JPY        296,494          05/20/2021        (42,216 )
Goldman Sachs Bank USA        USD        1,174          EUR        985          05/27/2021        (18,057 )
Goldman Sachs Bank USA        USD        1,267          AUD        1,660          06/04/2021        (5,983 )
HSBC Bank USA        USD        3,850          GBP        2,740          04/09/2021        (73,009 )
HSBC Bank USA        USD        989          DKK        6,117          04/15/2021        (24,745 )
HSBC Bank USA        CNY        9,133          USD        1,405          04/22/2021        15,460
HSBC Bank USA        USD        837          CNY        5,435          04/22/2021        (9,424 )
HSBC Bank USA        CHF        7,859          USD        8,856          05/06/2021        534,143
HSBC Bank USA        USD        1,966          JPY        213,869          05/20/2021        (33,645 )
Natwest Markets PLC        USD        9,120          GBP        6,667          04/09/2021        71,684
Natwest Markets PLC        CNY        123,174          USD        18,959          04/22/2021        214,132
Natwest Markets PLC        CHF        739          USD        793          05/06/2021        10,293
Natwest Markets PLC        USD        2,677          JPY        290,638          05/20/2021        (50,967 )
Natwest Markets PLC        USD        670          HKD        5,199          05/21/2021        (1,520 )
Societe Generale        CNY        7,036          USD        1,080          04/22/2021        9,251
State Street Bank & Trust Co.        GBP        1,867          USD        2,593          04/09/2021        19,509
State Street Bank & Trust Co.        GBP        1,013          USD        1,392          04/09/2021        (4,675 )
State Street Bank & Trust Co.        USD        3,029          GBP        2,178          04/09/2021        (26,054 )
State Street Bank & Trust Co.        USD        1,118          DKK        6,847          04/15/2021        (38,430 )

 

3

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		    Unrealized
Appreciation/
(Depreciation)
State Street Bank & Trust Co.        CNY        9,556          USD        1,464          04/22/2021      $ 9,435
State Street Bank & Trust Co.        CHF        742          USD        810          05/06/2021        23,920
State Street Bank & Trust Co.        USD        1,132          CHF        1,051          05/06/2021        (19,211 )
State Street Bank & Trust Co.        JPY        585,920          USD        5,479          05/20/2021        185,351
State Street Bank & Trust Co.        USD        2,204          JPY        240,430          05/20/2021        (31,405 )
State Street Bank & Trust Co.        HKD        59,276          USD        7,644          05/21/2021        18,019
State Street Bank & Trust Co.        USD        4,236          HKD        32,857          05/21/2021        (8,942 )
State Street Bank & Trust Co.        EUR        1,412          USD        1,686          05/27/2021        28,489
State Street Bank & Trust Co.        EUR        1,076          USD        1,262          05/27/2021        (1,025 )
State Street Bank & Trust Co.        USD        345          EUR        289          05/27/2021        (5,558 )
UBS AG        USD        999          CNY        6,496          04/22/2021        (10,631 )
UBS AG        CHF        1,870          USD        2,012          05/06/2021        31,398
UBS AG        HKD        83,075          USD        10,716          05/21/2021        28,562
                                 

 

 

  
                                  $     189,699
                                 

 

 

  

 

(a)

Non-income producing security.

(b)

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 March 31, 2021, the aggregate market value of these securities amounted to $32,767,783 or 7.8% of net assets.

(c)

Represents entire or partial securities out on loan.

(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 March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $62,829,505 and gross unrealized depreciation of investments was $(7,897,535), resulting in net unrealized appreciation of $54,931,970.

 

 

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

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

 

4

COUNTRY BREAKDOWN1

March 31, 2021 (unaudited)

 

                         22.7%        Japan
    12.4%        Switzerland
    12.2%        France
    11.8%        Germany
    8.2%        China
    6.2%        United Kingdom
    4.1%        Netherlands
    3.4%        Hong Kong
    3.3%        Denmark
    3.1%        Spain
    3.1%        Luxembourg
    2.6%        India
    2.3%        Ireland
    2.2%        Australia
    2.4%        Short-Term
 

 

 

       
    100.0%        Total Investments
 

 

 

       

 

1

All data are as of March 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time.

 

5

AB Cap Fund, Inc.

AB Concentrated International Growth Portfolio

March 31, 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, 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 March 31, 2021:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:

 

Common Stocks:           

Industrials

    $ —      $ 94,674,921     $                 —      $ 94,674,921  

Information Technology

      —        91,574,158       —        91,574,158  

Consumer Discretionary

      21,447,405        44,234,313       —        65,681,718  

Financials

      10,722,618        43,408,328       —        54,130,946  

Health Care

      —        38,599,745       —        38,599,745  

Consumer Staples

      —        36,348,934       —        36,348,934  

Materials

      —        15,433,813       —        15,433,813  

Communication Services

      —        13,025,151       —        13,025,151  
Short-Term Investments      10,002,259        —       —        10,002,259  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      42,172,282        377,299,363 (a)      —        419,471,645  
Other Financial Instruments(b):           
Assets:

 

Forward Currency Exchange Contracts      —        1,642,943       —        1,642,943  
Liabilities:

 

Forward Currency Exchange Contracts      —        (1,453,244 )      —        (1,453,244 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     42,172,282      $     377,489,062     $ —      $     419,661,344  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

6

(a) 

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.

(b) 

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 nine months ended March 31, 2021 is as follows:

 

Fund    Market Value
06/30/2020
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2021
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 6,171      $ 162,996      $ 159,165      $ 10,002      $ 4  
Government Money Market Portfolio*      5,623        1,144        6,767        0        0 ** 
Total    $     11,794      $     164,140      $     165,932      $     10,002      $     4  

 

*

Investments of cash collateral for securities lending transactions.

**

Amount less than $500.

 

7