0001752724-20-103252.txt : 20200526 0001752724-20-103252.hdr.sgml : 20200526 20200526150856 ACCESSION NUMBER: 0001752724-20-103252 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200526 PERIOD START: 20201231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MATTHEWS INTERNATIONAL FUNDS CENTRAL INDEX KEY: 0000923184 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08510 FILM NUMBER: 20910040 BUSINESS ADDRESS: STREET 1: FOUR EMBARCADERO CENTER STREET 2: SUITE 550 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 8007898742 MAIL ADDRESS: STREET 1: FOUR EMBARCADERO CENTER STREET 2: SUITE 550 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 0000923184 S000034706 Matthews Asia Total Return Bond Fund C000106892 Institutional Class Shares MINCX C000106893 Investor Class Shares MAINX NPORT-P 1 primary_doc.xml NPORT-P false 0000923184 XXXXXXXX S000034706 C000106893 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Matthews Asia Total Return Bond Fund    March 31, 2020
Schedule of Investmentsa (unaudited)   
NON-CONVERTIBLE CORPORATE BONDS: 56.7%   

 

      Face Amount*               Value  

CHINA/HONG KONG: 37.1%

             

CIFI Holdings Group Co., Ltd.
6.550%, 03/28/24b

   4,500,000     $4,094,874  

Wanda Properties International Co., Ltd.
7.250%, 01/29/24b

   5,300,000     3,837,200  

Logan Property Holdings Co., Ltd.
5.250%, 02/23/23b

   3,900,000     3,587,765  

Franshion Brilliant, Ltd.
5.750%c, 01/17/22b,d

   3,400,000     3,264,000  

King Talent Management, Ltd.
5.600%c, 12/04/22b,d

   3,500,000     3,045,000  

China Huaneng Group Co., Ltd.
3.950%, 04/21/26

    CNY 20,000,000     2,912,081  

KWG Group Holdings, Ltd.
5.875%, 11/10/24b,e

   3,400,000     2,890,000  

KWG Group Holdings, Ltd.
7.875%, 09/01/23b

   2,050,000     1,875,754  

HSBC Holdings PLC
6.375%c, 03/30/25d

   2,000,000     1,870,000  

CIFI Holdings Group Co., Ltd.
7.750%, 09/20/20b

   CNY 12,000,000     1,691,523  

CITIC Telecom International Finance, Ltd.
6.100%, 03/05/25b

   1,631,000     1,646,495  

China Cinda Asset Management Co., Ltd.
5.500%, 03/14/28

    CNY 10,000,000     1,585,972  

Agricultural Bank of China, Ltd., Series B
4.300%, 04/11/29b

   CNY 10,000,000     1,465,223  

Sino-Ocean Land Treasure III, Ltd.
4.900%c, 09/21/22b,d

   1,400,000     1,240,750  

Honghua Group, Ltd.
6.375%, 08/01/22b

   1,100,000     1,077,950  

Geely Automobile Holdings, Ltd.
4.000%c, 12/09/24b,d

   633,000     499,776  

Deutsche Bank AG
5.600%c, 04/10/25b,e

   CNY 2,000,000     261,397  
    

 

 

 

Total China/Hong Kong

        36,845,760  
    

 

 

 

    

INDIA: 9.5%

             

Network i2i, Ltd.
5.650%c, 01/15/25d,f

   5,000,000     4,025,000  

ABJA Investment Co. Pte, Ltd.
5.450%, 01/24/28b

   4,440,000     3,266,614  

ICICI Bank UK PLC
5.375%c, 09/26/28b

   SGD 1,750,000     1,194,041  

Network i2i, Ltd.
5.650%c, 01/15/25b,d

   1,200,000     966,000  
    

 

 

 

Total India

        9,451,655  
    

 

 

 

    

INDONESIA: 7.7%

             

PB International BV
7.625%, 01/26/22b

   5,100,000     4,080,000  

Indika Energy Capital III Pte, Ltd.
5.875%, 11/09/24b

   3,300,000     2,176,703  

Modernland Overseas Pte, Ltd.
6.950%, 04/13/24b

   1,900,000     1,330,835  
    

 

 

 

Total Indonesia

        7,587,538  
    

 

 

 

    

PHILIPPINES: 2.4%

             

Jollibee Worldwide Pte, Ltd.
3.900%c, 01/23/25b,d

   1,729,000     1,366,774  
      Face Amount*               Value  

Royal Capital BV
4.875%c, 05/05/24b,d

   1,041,000     $982,704  
    

 

 

 

Total Philippines

        2,349,478  
    

 

 

 

    

TOTAL NON-CONVERTIBLE CORPORATE BONDS

     56,234,431  
    

 

 

 

(Cost $63,398,271)

     

FOREIGN GOVERNMENT OBLIGATIONS: 25.2%

  

INDONESIA: 5.6%

             

Indonesia Government Bond
9.000%, 03/15/29

    IDR 38,000,000,000     2,452,897  

Indonesia Government Bond
8.250%, 05/15/29

    IDR 34,550,000,000     2,148,992  

Indonesia Government Bond
8.375%, 04/15/39

    IDR 15,000,000,000     918,044  
    

 

 

 

Total Indonesia

        5,519,933  
    

 

 

 

    

MALAYSIA: 5.5%

             

Malaysia Government Bond
4.642%, 11/07/33

    MYR 13,000,000     3,282,958  

Malaysia Government Bond
3.478%, 06/14/24

    MYR 4,800,000     1,133,208  

Malaysia Government Investment Issue
4.119%, 11/30/34

    MYR 4,500,000     1,066,912  
    

 

 

 

Total Malaysia

        5,483,078  
    

 

 

 

    

VIETNAM: 4.8%

             

Viet Nam Debt and Asset Trading Corp.
1.000%, 10/10/25b

   6,219,000     4,788,630  
    

 

 

 

Total Vietnam

        4,788,630  
    

 

 

 

    

PHILIPPINES: 4.2%

             

Republic of Philippines
3.900%, 11/26/22

    PHP 123,000,000     2,403,948  

Republic of Philippines
6.250%, 01/14/36

    PHP 70,000,000     1,712,210  
    

 

 

 

Total Philippines

        4,116,158  
    

 

 

 

    

SRI LANKA: 2.9%

             

Sri Lanka Government Bond
7.850%, 03/14/29b

   5,000,000     2,900,179  
    

 

 

 

Total Sri Lanka

        2,900,179  
    

 

 

 

    

THAILAND: 2.2%

             

Thailand Government Bond
1.600%, 12/17/29

    THB 72,000,000     2,226,785  
    

 

 

 

Total Thailand

        2,226,785  
    

 

 

 

    

TOTAL FOREIGN GOVERNMENT OBLIGATIONS

     25,034,763  
    

 

 

 

(Cost $27,908,018)

     
CONVERTIBLE CORPORATE BONDS: 11.6%  

CHINA/HONG KONG: 11.6%

             

Luye Pharma Group, Ltd., Cnv.
1.500%, 07/09/24b

   4,700,000     4,282,875  

Bosideng International Holdings, Ltd., Cnv.
1.000%, 12/17/24b

   5,000,000     3,625,000  
 


 

matthewsasia.com  |  800.789.ASIA   1

Matthews Asia Total Return Bond Fund    March 31, 2020
Schedule of Investmentsa (unaudited) (continued)   
CONVERTIBLE CORPORATE BONDS (continued)

 

     

Face Amount*  

   Value  

Weibo Corp., Cnv.
1.250%, 11/15/22

    2,400,000     $2,028,031  

Baozun, Inc., Cnv.
1.625%, 05/01/24f

   1,900,000     1,554,749  
    

 

 

 

Total China/Hong Kong

        11,490,655  
    

 

 

 

    

TOTAL CONVERTIBLE CORPORATE BONDS

     11,490,655  
    

 

 

 

(Cost $ 13,556,935)

     
    

TOTAL INVESTMENTS: 93.5%

          92,759,849  

(Cost $ 104,863,224)

     

CASH AND OTHER ASSETS,

LESS LIABILITIES: 6.5%

        6,421,156  
    

 

 

 

NET ASSETS: 100.0%

        $99,181,005  
    

 

 

 

 

a

Certain securities were fair valued under the valuation policies approved by the Board of Trustees.

 

b

The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 

c

Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

 

d

Perpetual security with no stated maturity date. First call date is disclosed.

 

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 $3,151,397 and 3.18% of net assets.

 

f

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 $5,579,749, which is 5.63% of net assets.

 

*

All Values in USD unless otherwise specified

3M MYR-KLIBOR    Three Month Kuala Lumpur Interbank Offered Rate
6M THB-THBFIX    Six Month Thai Baht Interest Rate Fixing
Cnv.    Convertible
CNY    Chinese Renminbi (Yuan)
IDR    Indonesian Rupiah
KRW    Korean Won
MYR    Malaysian Ringgit
OTC    Over-the-counter
PHP    Philippine Peso
SGD    Singapore Dollar
THB    Thai Baht
USD    U.S. Dollar
 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

                    Unrealized  
Currency              Settlement    Appreciation  
Purchased        Currency Sold                Counterparty    Date    (Depreciation)  

 

  

USD 3,142,919

    CNY 21,793,000    Merrill Lynch & Co., Inc.    05/05/20        $68,545  

USD 806,335

    CNY 5,600,000    Merrill Lynch & Co., Inc.    06/23/20        17,440  
             

 

 

  
                     85,985  
             

 

 

  

CNY 21,793,000

    USD 3,100,000    Merrill Lynch & Co., Inc.    05/05/20        (25,626)  

CNY 21,135,000

    USD 3,000,000    Merrill Lynch & Co., Inc.    06/23/20        (22,625)  

KRW 5,270,220,000

    USD 4,600,000    JPMorgan Chase & Co.    07/16/20        (258,572)  

THB 90,630,000

    USD 3,000,000    Merrill Lynch & Co., Inc.    07/21/20        (236,812)  

KRW 6,677,976,000

    USD 5,756,876    Merrill Lynch & Co., Inc.    07/29/20        (253,160)  

SGD 6,374,892

    USD 4,700,000    Merrill Lynch & Co., Inc.    07/30/20        (207,254)  

CNY 19,250,000

    USD 2,750,000    Merrill Lynch & Co., Inc.    08/04/20        (41,198)  
             

 

 

  
                (1,045,247)  
             

 

 

  

Net Unrealized Depreciation

                 ($959,262)  
             

 

 

  


 

2   MATTHEWS ASIA FUNDS

Matthews Asia Total Return Bond Fund    March 31, 2020
Schedule of Investmentsa (unaudited) (continued)   

OTC INTEREST RATE SWAPS*

Floating Rate

Paid by Fund

  

 

  

Fixed Rate

Received by Fund

       Termination     Notional
Amount		           Upfront
Premium
Paid		     Unrealized
  Appreciation		  
Rate   Frequency       Rate   Frequency   Counterparty   Date     (000)         Value         (Received)  

 

  

3M MYR-KLIBOR, 2.780%

   Quarterly     3.300%   Quarterly   Bank of America, N.A.     06/19/2024       MRY 13,000           $110,641       —       $110,641  

6M THB-THBFIX, 1.167%

   Semi-annual     1.610%   Semi-annual   Bank of America, N.A.     06/21/2024       THB 281,000       234,821       —       234,821  

6M THB-THBFIX, 0.914%

   Semi-annual     1.265%   Semi-annual   Bank of America, N.A.     09/04/2024       THB 210,000       87,326       —       87,326  
               

 

 

  

Total

                       $432,788       —       $432,788  
               

 

 

  

*Swaps are not centrally cleared.

 

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).



 

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