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Matthews Asia Growth Fund    March 31, 2020
Schedule of Investmentsa (unaudited)   
COMMON EQUITIES: 98.2%   

 

      Shares               Value  

JAPAN: 40.2%

             

Sony Corp.

    656,600     $38,892,769  

Terumo Corp.

    921,900     31,585,568  

Keyence Corp.

    93,800     30,157,878  

Nintendo Co., Ltd.

    74,900     29,110,156  

SoftBank Group Corp.

    552,400     19,556,280  

PeptiDream, Inc.b

   555,300     19,329,491  

Eisai Co., Ltd.

    257,700     18,850,093  

HEALIOS KKb

   1,149,400     16,039,857  

Nidec Corp.

    281,800     14,522,422  

TechnoPro Holdings, Inc.

    294,700     13,753,852  

Fast Retailing Co., Ltd.

    33,600     13,710,218  

Takeda Pharmaceutical Co., Ltd.

    411,000     12,514,174  

Hikari Tsushin, Inc.

    73,700     12,332,443  

M3, Inc.

    400,400     11,810,654  

Sysmex Corp.

    153,200     11,087,837  

Shionogi & Co., Ltd.

    223,500     11,009,494  

Nitori Holdings Co., Ltd.

    80,900     10,932,897  

Sansan, Inc.b

   236,000     9,818,511  

Bushiroad, Inc.b

   548,000     9,607,451  

Kyoritsu Maintenance Co., Ltd.

    432,900     9,525,663  

Japan Elevator Service Holdings Co., Ltd.

    402,600     9,207,941  

Rozetta Corp.b,†

   516,600     8,950,052  

FANUC Corp.

    63,400     8,471,879  

Sosei Group Corp.b

   550,900     6,551,773  

Kudan, Inc.b

   226,500     5,657,992  

Freee KKb

   158,000     5,078,857  

SanBio Co., Ltd.b

   364,200     3,895,505  
    

 

 

 

Total Japan

            391,961,707  
    

 

 

 

    

CHINA/HONG KONG: 35.2%

             

Wuxi Biologics Cayman, Inc.b,c,d

   3,693,000     46,110,399  

Bilibili, Inc. ADRb

   1,434,500     33,595,990  

Shenzhou International Group Holdings, Ltd.

    3,155,000     33,096,156  

Innovent Biologics, Inc.b,c,d

   6,984,500     29,143,923  

Alibaba Group Holding, Ltd. ADRb

   146,700     28,530,216  

BeiGene, Ltd. ADRb

   225,200     27,724,372  

Alphamab Oncologyb,c,d

   11,948,000     23,659,047  

Baozun, Inc. ADRb

   818,500     22,868,890  

Jiangsu Hengrui Medicine Co., Ltd. A Shares

    1,491,124     19,137,612  

Genscript Biotech Corp.b

   11,934,000     19,101,767  

Autohome, Inc. ADRb

   248,400     17,641,368  

Shenzhen Inovance Technology Co., Ltd. A Shares

    4,069,575     14,677,954  

InnoCare Pharma, Ltd.b,c,d

   8,323,000     12,217,051  

Hansoh Pharmaceutical Group Co., Ltd.b,c,d

   3,472,000     11,601,591  

Venus MedTech Hangzhou, Inc. H Sharesb,c,d

   602,500     3,510,402  
    

 

 

 

Total China/Hong Kong

        342,616,738  
    

 

 

 

    

AUSTRALIA: 5.7%

             

CSL, Ltd.

    240,892     43,666,940  

Oil Search, Ltd.

    8,072,259     11,706,873  
    

 

 

 

Total Australia

        55,373,813  
    

 

 

 

    

UNITED STATES: 4.5%

             

Schrodinger, Inc.b

   427,300     18,425,176  

Oyster Point Pharma, Inc.b

   225,000     7,875,000  

Frequency Therapeutics, Inc.b

   437,079     7,784,377  

Turning Point Therapeutics, Inc.b

   118,000     5,269,880  
      Shares               Value  

NextCure, Inc.b

   120,000     $4,448,400  
    

 

 

 

Total United States

        43,802,833  
    

 

 

 

    

INDIA: 3.3%

             

HDFC Bank, Ltd.

    2,837,251     32,333,715  
    

 

 

 

Total India

        32,333,715  
    

 

 

 

    

INDONESIA: 3.1%

             

PT Bank Rakyat Indonesia Persero

    129,492,600     23,749,618  

PT Mayora Indah

    54,105,900     6,147,726  
    

 

 

 

Total Indonesia

        29,897,344  
    

 

 

 

    

BANGLADESH: 2.6%

             

Square Pharmaceuticals, Ltd.e

   9,381,451     17,989,363  

BRAC Bank, Ltd.b,e

   22,667,262     7,948,475  
    

 

 

 

Total Bangladesh

        25,937,838  
    

 

 

 

    

SRI LANKA: 1.9%

             

Sampath Bank PLCe,†

   21,899,216     13,081,672  

LOLC Holdings PLCb,e

   11,399,052     5,195,679  
    

 

 

 

Total Sri Lanka

        18,277,351  
    

 

 

 

    

VIETNAM: 1.2%

             

Vietnam Dairy Products JSC

    3,116,592     11,902,855  
    

 

 

 

Total Vietnam

        11,902,855  
    

 

 

 

    

CANADA: 0.5%

             

Zymeworks, Inc.b

   129,700     4,600,459  
    

 

 

 

Total Canada

        4,600,459  
    

TOTAL INVESTMENTS: 98.2%

     956,704,653  

(Cost $895,794,450)

     
    

CASH AND OTHER ASSETS,

LESS LIABILITIES: 1.8%

        17,062,679  
    

 

 

 

NET ASSETS: 100.0%

        $973,767,332  
    

 

 

 

 


 

matthewsasia.com  |  800.789.ASIA   1

Matthews Asia Growth Fund    March 31, 2020
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, 2020, the aggregate value is $126,242,413, which is 12.96% 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.

 

e

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $44,215,189 and 4.54% of net assets.

 

†

Affiliated Issuer, as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of this issuer)

 

ADR

American Depositary Receipt

 

JSC

Joint Stock Co.

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