NPORT-EX 2 MIMA800MATT093021.htm FOR VALIDATION PURPOSES ONLY - [239746.TXL]
Matthews India Fund    September 30, 2021

Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 103.1%

 

     Shares     Value  
FINANCIALS: 33.8%    

Banks: 21.7%

    

HDFC Bank, Ltd.

     2,668,055       $57,038,369  

ICICI Bank, Ltd.

     4,416,280       41,498,521  

Kotak Mahindra Bank, Ltd.

     1,064,299       28,642,879  

Axis Bank, Ltd.b

    2,163,455       22,179,470  

Bandhan Bank, Ltd.c,d

    5,196,478       19,677,919  

IndusInd Bank, Ltd.

     596,581       8,857,928  
   

 

 

  
      177,895,086  
   

 

 

  
   

Consumer Finance: 9.2%

    

Bajaj Finance, Ltd.

     356,578       36,691,308  

Shriram City Union Finance, Ltd.

     1,100,949       30,157,348  

Cholamandalam Investment and Finance Co., Ltd.

     1,067,759       8,060,641  
   

 

 

  
      74,909,297  
   

 

 

  
   

Thrifts & Mortgage Finance: 2.9%

    

Housing Development Finance Corp., Ltd.

     645,218       23,845,902  
   

 

 

  
   

Total Financials

       276,650,285  
   

 

 

  
   
     
INFORMATION TECHNOLOGY: 19.2%    

IT Services: 18.0%

    

Infosys, Ltd.

     2,283,502       51,196,640  

Tata Consultancy Services, Ltd.

     706,853       35,822,080  

HCL Technologies, Ltd.

     1,259,977       21,610,432  

Tech Mahindra, Ltd.

     760,446       14,078,923  

Larsen & Toubro Infotech, Ltd.c,d

    159,450       12,329,338  

Mindtree, Ltd.

     218,694       12,315,168  
   

 

 

  
      147,352,581  
   

 

 

  
   

Software: 1.2%

    

Birlasoft, Ltd.

     1,782,699       9,763,146  
   

 

 

  

Total Information Technology

       157,115,727  
   

 

 

  
   
     
CONSUMER STAPLES: 10.0%    

Food & Staples Retailing: 3.1%

    

Avenue Supermarts, Ltd.b,c,d

    438,383       25,024,112  
   

 

 

  
   

Food Products: 2.3%

    

Zydus Wellness, Ltd.

     583,249       18,556,284  
   

 

 

  
   

Personal Products: 1.9%

    

Dabur India, Ltd.

     1,912,658       15,870,896  
   

 

 

  
   

Household Products: 1.5%

    

Hindustan Unilever, Ltd.

     337,060       12,256,246  
   

 

 

  
   

Tobacco: 1.2%

    

VST Industries, Ltd.

     215,276       9,823,493  
   

 

 

  

Total Consumer Staples

       81,531,031  
   

 

 

  
   
     
CONSUMER DISCRETIONARY: 9.3%    

Household Durables: 2.3%

    

Crompton Greaves Consumer Electricals, Ltd.

     2,148,828       13,845,154  

Whirlpool of India, Ltd.

     172,707       5,302,695  
   

 

 

  
      19,147,849  
   

 

 

  
   

Auto Components: 1.7%

    

Bosch, Ltd.

     52,627       10,936,232  
     Shares     Value  

Suprajit Engineering, Ltd.

     674,985       $2,912,817  
   

 

 

  
      13,849,049  
   

 

 

  
   

Automobiles: 1.7%

    

Maruti Suzuki India, Ltd.

     138,184       13,629,616  
   

 

 

  
   

Multiline Retail: 1.4%

    

Trent, Ltd.

     802,019       11,040,174  
   

 

 

  
   

Textiles, Apparel & Luxury Goods: 0.9%

    

Vaibhav Global, Ltd.

     757,413       7,117,717  
   

 

 

  
   

Internet & Direct Marketing Retail: 0.7%

 

Zomato, Ltd.b

    1,780,740       3,277,075  

Cartrade Tech, Ltd.b

    162,234       2,701,660  
   

 

 

  
      5,978,735  
   

 

 

  
   

Hotels, Restaurants & Leisure: 0.6%

    

Burger King India, Ltd.b

    2,306,946       5,025,396  
   

 

 

  

Total Consumer Discretionary

       75,788,536  
   

 

 

  
   
     
ENERGY: 8.4%    

Oil, Gas & Consumable Fuels: 8.4%

    

Reliance Industries, Ltd.

     1,924,028       65,118,365  

Reliance Industries, Ltd. - partially paid

     141,310       3,542,105  
   

 

 

  

Total Energy

       68,660,470  
   

 

 

  
   
     
INDUSTRIALS: 7.8%    

Machinery: 4.7%

    

Ashok Leyland, Ltd.

     7,306,502       13,092,873  

Cummins India, Ltd.

     629,639       8,388,780  

Carborundum Universal, Ltd.

     590,474       7,021,785  

Greaves Cotton, Ltd.

     3,165,723       5,817,491  

AIA Engineering, Ltd.

     155,767       4,096,453  
   

 

 

  
      38,417,382  
   

 

 

  
   

Professional Services: 0.9%

    

Quess Corp., Ltd.c,d

    616,586       7,563,015  
   

 

 

  
   

Transportation Infrastructure: 0.8%

    

Gujarat Pipavav Port, Ltd.

     4,175,130       6,192,707  
   

 

 

  
   

Electrical Equipment: 0.7%

    

ABB India, Ltd.

     240,745       6,046,567  
   

 

 

  
   

Trading Companies & Distributors: 0.7%

 

IndiaMart InterMesh, Ltd.c,d

    51,020       5,729,200  
   

 

 

  

Total Industrials

       63,948,871  
   

 

 

  
   
     
HEALTH CARE: 6.3%    

Pharmaceuticals: 3.5%

    

Laurus Labs, Ltd.c,d

    2,023,190       16,693,110  

Neuland Laboratories, Ltd.

     400,066       8,385,069  

Natco Pharma, Ltd.

     318,811       3,816,674  
   

 

 

  
      28,894,853  
   

 

 

  
   

Health Care Providers & Services: 1.2%

 

Metropolis Healthcare, Ltd.c,d

    261,249       9,476,102  
 

 

     matthewsasia.com  |  800.789.ASIA      1  
Matthews India Fund    September 30, 2021

Schedule of Investmentsa (unaudited) (continued)

COMMON EQUITIES (continued)

 

     Shares     Value  

Thyrocare Technologies, Ltd.c,d

    16,039       $250,842  
   

 

 

  
      9,726,944  
   

 

 

  
   

Life Sciences Tools & Services: 0.9%

 

  

Divi’s Laboratories, Ltd.

     115,806       7,477,047  
   

 

 

  
   

Health Care Equipment & Supplies: 0.7%

 

  

Poly Medicure, Ltd.

     447,801       5,573,353  
   

 

 

  

Total Health Care

       51,672,197  
   

 

 

  
   
     
MATERIALS: 4.9%    

Chemicals: 2.9%

    

Pidilite Industries, Ltd.

     314,652       10,075,774  

Asian Paints, Ltd.

     170,548       7,434,338  

PI Industries, Ltd.

     147,660       6,305,522  
   

 

 

  
      23,815,634  
   

 

 

  
   

Construction Materials: 2.0%

    

Ramco Cements, Ltd.

     662,873       8,778,067  

Ambuja Cements, Ltd.

     1,334,962       7,174,296  
   

 

 

  
      15,952,363  
   

 

 

  

Total Materials

       39,767,997  
   

 

 

  
   
 
COMMUNICATION SERVICES: 3.4%

 

Interactive Media & Services: 3.4%

 

  

Info Edge India, Ltd.

     316,811       27,345,261  
   

 

 

  

Total Communication Services

       27,345,261  
   

 

 

  
   
     
TOTAL COMMON EQUITIES       842,480,375  
   

 

 

  

(Cost $551,602,384)

    

 

NON-CONVERTIBLE CORPORATE BONDS: 0.0%

 

  
     Face Amount     Value  
CONSUMER STAPLES: 0.0%    

Food Products: 0.0%

    

Britannia Industries, Ltd.
5.500%, 06/03/2024

     INR 1,996,476       27,053  
   

 

 

  

Total Consumer Staples

       27,053  
   

 

 

  
   
     
TOTAL NON-CONVERTIBLE CORPORATE BONDS       27,053  
   

 

 

  

(Cost $27,435)

    
            Value  
     
TOTAL INVESTMENTS: 103.1%       $842,507,428  
   

 

 

  

(Cost $551,629,819)

    
   
LIABILITIES IN EXCESS OF CASH
AND OTHER ASSETS: (3.1%)		       (24,936,649 ) 
   

 

 

  

NET ASSETS: 100.0%

       $817,570,779  
   

 

 

  
   

 

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 September 30, 2021, the aggregate value is $96,743,638, which is 11.83% 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.

 

INR

Indian Rupee

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