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Matthews Emerging Markets Equity Fund    March 31, 2022

Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 89.5%

 

      Shares      Value  
     

CHINA/HONG KONG: 16.4%

      

Tencent Holdings, Ltd.

      38,000        $1,751,585  

AIA Group, Ltd.

      109,800        1,146,519  

Alibaba Group Holding, Ltd.b

     82,700        1,128,583  

China International Capital Corp., Ltd. H Sharesc,d

     303,200        670,289  

Huazhu Group, Ltd. ADR

      18,500        610,315  

Techtronic Industries Co., Ltd.

      33,000        528,709  

NARI Technology Co., Ltd. A Shares

      105,000        516,449  

Midea Group Co., Ltd. A Shares

      57,200        510,182  

Yum China Holdings, Inc.

      11,600        481,864  

JD.com, Inc. A Sharesb

     12,102        343,877  

Total China/Hong Kong

         7,688,372  
          
     

INDIA: 11.9%

      

Infosys, Ltd. ADR

      62,200        1,548,158  

HDFC Bank, Ltd. ADR

      20,700        1,269,531  

Dabur India, Ltd.

      123,021        867,541  

ICICI Bank, Ltd. ADR

      41,600        787,904  

Kotak Mahindra Bank, Ltd.

      32,328        742,466  

Restaurant Brands Asia, Ltd.b

     264,537        349,249  

Total India

         5,564,849  
          
     

BRAZIL: 9.1%

      

Banco BTG Pactual SA

      203,400        1,112,472  

Petroleo Brasileiro SA ADR

      67,600        1,000,480  

Hapvida Participacoes e Investimentos SAc,d

     382,600        951,468  

Vale SA ADR

      46,600        931,534  

Itau Unibanco Holding SA ADR

      49,200        280,932  

Total Brazil

         4,276,886  
          
     

MEXICO: 8.6%

      

Prologis Property Mexico SA de CV, REIT

      399,398        1,042,772  

GCC SAB de CV

      130,600        941,647  

Grupo Financiero Banorte SAB de CV Class O

      120,100        903,014  

Grupo Aeroportuario del Sureste SAB de CV ADR

      3,500        775,600  

Becle SAB de CV

      157,300        387,121  

Total Mexico

         4,050,154  
          
     

TAIWAN: 7.7%

      

Taiwan Semiconductor Manufacturing Co., Ltd.

      177,000        3,630,893  

Total Taiwan

         3,630,893  
          
     

VIETNAM: 6.2%

      

FPT Corp.

      389,348        1,819,440  

Military Commercial Joint Stock Bankb

     455,480        653,601  

Sai Gon Cargo Service Corp.

      59,400        420,264  

Total Vietnam

         2,893,305  
          
     

SINGAPORE: 5.2%

      

Capitaland Investment, Ltd.b

     558,000        1,634,982  

TDCX, Inc. ADRb

     64,100        778,815  

Total Singapore

         2,413,797  
          
     

ZAMBIA: 4.0%

      

First Quantum Minerals, Ltd.

      54,500        1,886,782  

Total Zambia

         1,886,782  
      Shares      Value  
     

SOUTH KOREA: 3.4%

      

LG Chem Ltd.

      1,451        $634,039  

Kia Corp.

      9,058        548,626  

Doosan Bobcat, Inc.

      12,599        400,399  

Total South Korea

         1,583,064  
          
     

PHILIPPINES: 3.0%

      

Ayala Land, Inc.

      1,116,200        753,655  

Wilcon Depot, Inc.

      1,291,800        674,048  

Total Philippines

         1,427,703  
          
     

UNITED STATES: 3.0%

      

Lam Research Corp.

      1,500        806,415  

Globant SAb

     2,200        576,554  

Total United States

         1,382,969  
          
     

FRANCE: 2.3%

      

Pernod Ricard SA

      2,773        609,259  

LVMH Moet Hennessy Louis Vuitton SE

      673        480,387  

Total France

         1,089,646  
          
     

INDONESIA: 2.0%

      

PT Bank Rakyat Indonesia Persero

      1,832,500        591,870  

PT Avia Avian Tbkb

     6,672,600        362,376  

Total Indonesia

         954,246  
          
     

ISRAEL: 1.6%

      

Nice, Ltd. ADRb

     3,500        766,500  

Total Israel

         766,500  
          
     

AUSTRALIA: 1.3%

      

Woodside Petroleum, Ltd.

      24,531        589,515  

Total Australia

         589,515  
          
     

QATAR: 1.2%

      

Qatar National Bank QPSC

      90,510        571,990  

Total Qatar

         571,990  
          
     

NETHERLANDS: 1.0%

      

Heineken NV

      4,934        471,838  

Total Netherlands

         471,838  
          
     

CANADA: 0.6%

      

Parex Resources, Inc.

      12,500        256,469  

Total Canada

         256,469  
          
     

THAILAND: 0.5%

      

CP ALL Public Co., Ltd.

      122,900        239,436  

Total Thailand

         239,436  
          
     

ARGENTINA: 0.5%

      

MercadoLibre, Inc.b

     200        237,896  

Total Argentina

         237,896  
          
     

RUSSIA: 0.0%

      

LUKOIL PJSC ADRe

     18,010        6,484  

TCS Group Holding PLC GDRd,e

     3,865        6,170  
 

 

matthewsasia.com  |   800.789.ASIA    1

Matthews Emerging Markets Equity Fund    March 31, 2022

Schedule of Investmentsa (unaudited) (continued)

 

COMMON EQUITIES (continued)

 

     

Shares

      Value  

Novatek PJSC GDRd,e

     6,184        $2,010  

Sberbank of Russia PJSC ADRe

     32,077        728  

Total Russia

         15,392  
          
     

TOTAL COMMON EQUITIES

         41,991,702  

(Cost $44,332,785)

      

PREFERRED EQUITIES: 6.2%

      
     

SOUTH KOREA: 6.2%

      

Samsung Electronics Co., Ltd., Pfd.

      55,795        2,891,043  

Total South Korea

         2,891,043  
          
     

TOTAL PREFERRED EQUITIES

         2,891,043  

(Cost $3,029,213)

      
          
     

TOTAL INVESTMENTS: 95.7%

         44,882,745  

(Cost $47,361,998)

      

CASH AND OTHER ASSETS,

LESS LIABILITIES: 4.3%

         2,020,538  

NET ASSETS: 100.0%

         $46,903,283  
           
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, 2022, the aggregate value is $1,621,757, which is 3.46% 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 $15,392 and 0.03% of net assets.
ADR   American Depositary Receipt
GDR   Global Depositary Receipt
Pfd.   Preferred
PJSC   Public Joint Stock Co.
QPSC   Qatari Public Shareholding Co.
REIT   Real Estate Investment Trust

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