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Matthews Emerging Markets Small Companies Fund      March 31, 2023  
Schedule of Investmentsa (unaudited)   

COMMON EQUITIES: 97.5%

 

      Shares      Value  

CHINA/HONG KONG: 27.7%

      

Silergy Corp.

      925,000        $14,685,844  

Full Truck Alliance Co., Ltd. ADRb

     1,454,497        11,068,722  

Airtac International Group

      268,431        10,498,172  

Hainan Meilan International Airport Co., Ltd. H Sharesb

     3,126,000        7,593,859  

Ginlong Technologies Co., Ltd. A Sharesb

     367,406        7,151,716  

Zhihu, Inc. ADRb

     5,241,687        6,656,943  

Medlive Technology Co., Ltd.c,d

     4,805,500        6,638,334  

Peijia Medical, Ltd.b,c,d

     5,106,000        6,392,048  

Flat Glass Group Co., Ltd. H Shares

      1,859,000        5,317,053  

AK Medical Holdings, Ltd.c,d

     3,816,000        4,466,500  

Xtep International Holdings, Ltd.

      3,372,500        4,295,407  

Tongcheng Travel Holdings, Ltd.b,d

     1,892,400        4,119,297  

Innovent Biologics, Inc.b,c,d

     770,500        3,456,086  

Morimatsu International Holdings Co., Ltd.b,d

     2,887,000        3,445,160  

SITC International Holdings Co., Ltd.

      1,555,000        3,341,944  

Ginlong Technologies Co., Ltd. A Sharesb

     163,310        3,178,344  

CIFI Ever Sunshine Services Group, Ltd.d,e

     8,858,000        3,097,518  

Beijing Capital International Airport Co., Ltd. H Sharesb

     4,076,000        3,001,926  

Centre Testing International Group Co., Ltd. A Shares

      865,974        2,583,324  

OPT Machine Vision Tech Co., Ltd. A Shares

      117,095        2,353,493  

Zhejiang HangKe Technology, Inc. Co. A Shares

      344,761        2,257,591  

Tam Jai International Co., Ltd.

      7,102,000        2,111,493  

Centre Testing International Group Co., Ltd. A Shares

      585,338        1,746,452  
     

 

 

 

Total China/Hong Kong

         119,457,226  
     

 

 

 

     
     

INDIA: 18.0%

      

Bandhan Bank, Ltd.b,c,d

     10,271,745        24,557,248  

Shriram Finance, Ltd.

      1,528,896        23,503,964  

Phoenix Mills, Ltd.

      714,127        11,331,154  

Finolex Cables, Ltd.

      1,118,078        11,085,001  

HEG, Ltd.

      177,008        1,989,171  

Rainbow Children’s Medicare, Ltd.

      184,518        1,644,957  

Barbeque Nation Hospitality, Ltd.b

     209,090        1,614,459  

Lemon Tree Hotels, Ltd.b,c,d

     1,391,820        1,312,836  

Ashok Leyland, Ltd.

      423,432        720,705  
     

 

 

 

Total India

         77,759,495  
     

 

 

 

     
     

SOUTH KOREA: 12.4%

      

Ecopro BM Co., Ltd.

      161,966        28,067,828  

Hugel, Inc.b

     139,340        13,777,750  

Solus Advanced Materials Co., Ltd.

      216,643        7,879,770  

Eugene Technology Co., Ltd.

      145,472        3,572,114  
     

 

 

 

Total South Korea

         53,297,462  
     

 

 

 

     
     

TAIWAN: 9.6%

      

Andes Technology Corp.

      590,000        10,127,549  

M31 Technology Corp.

      407,000        8,955,688  

Yageo Corp.

      350,124        6,103,404  

Poya International Co., Ltd.

      323,610        6,079,805  

Wiwynn Corp.

      99,000        3,673,042  

Formosa Sumco Technology Corp.

      655,000        3,597,410  

ASPEED Technology, Inc.

      34,000        2,967,403  
     

 

 

 

Total Taiwan

         41,504,301  
     

 

 

 

      Shares      Value  

VIETNAM: 5.5%

      

Military Commercial Joint Stock Bankb

     10,703,722        $8,372,773  

Mobile World Investment Corp.

      4,206,714        6,933,722  

FPT Corp.

      1,721,238        5,812,251  

Nam Long Investment Corp.

      2,168,432        2,484,263  
     

 

 

 

Total Vietnam

         23,603,009  
     

 

 

 

     
     

UNITED STATES: 4.3%

      

Legend Biotech Corp. ADRb

     387,053        18,663,696  
     

 

 

 

Total United States

         18,663,696  
     

 

 

 

     
     

BRAZIL: 4.2%

      

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

      3,942,200        10,383,523  

YDUQS Participacoes SA

      4,007,900        5,574,820  

Vivara Participacoes SA

      500,100        2,180,590  
     

 

 

 

Total Brazil

         18,138,933  
     

 

 

 

     
     

CHILE: 3.8%

      

Parque Arauco SA

      7,520,220        10,690,597  

Lundin Mining Corp.

      589,400        4,003,472  

Banco de Credito e Inversiones SA

      64,762        1,898,400  
     

 

 

 

Total Chile

         16,592,469  
     

 

 

 

     
     

INDONESIA: 2.8%

      

PT Summarecon Agung Tbk

      148,173,416        5,241,129  

PT Mitra Adiperkasa Tbkb

     47,495,800        4,790,150  

PT Bank Tabungan Negara Persero Tbk

      22,805,000        1,867,542  
     

 

 

 

Total Indonesia

         11,898,821  
     

 

 

 

     
     

PHILIPPINES: 2.7%

      

Cebu Air, Inc.b

     10,386,400        7,929,941  

GT Capital Holdings, Inc.

      368,280        3,501,923  
     

 

 

 

Total Philippines

         11,431,864  
     

 

 

 

     
     

UNITED ARAB EMIRATES: 1.6%

      

Network International Holdings PLCb,c,d

     2,327,969        7,030,124  
     

 

 

 

Total United Arab Emirates

         7,030,124  
     

 

 

 

     
     

POLAND: 1.4%

      

InPost SAb

     647,686        5,923,333  
     

 

 

 

Total Poland

         5,923,333  
     

 

 

 

     
     

MEXICO: 1.4%

      

Banco del Bajio SAc,d

     1,622,500        5,906,548  
     

 

 

 

Total Mexico

         5,906,548  
     

 

 

 

     
     

THAILAND: 0.7%

      

Siam Wellness Group Public Co., Ltd. F Sharesb

     10,109,900        3,192,305  
     

 

 

 

Total Thailand

         3,192,305  
     

 

 

 

     
     

TURKEY: 0.7%

      

Ford Otomotiv Sanayi AS

      104,399        3,188,316  
     

 

 

 

Total Turkey

         3,188,316  
     

 

 

 

 

 

matthewsasia.com  |  800.789.ASIA   1

Matthews Emerging Markets Small Companies Fund      March 31, 2023  
Schedule of Investmentsa (unaudited) (continued)   

 

COMMON EQUITIES (continued)

 

      Shares      Value

BANGLADESH: 0.7%

      

BRAC Bank, Ltd.

      8,836,192        $2,890,587  
     

 

 

 

Total Bangladesh

         2,890,587  
     

 

 

 

     
     

RUSSIA: 0.0%

      

Moscow Exchange MICEX-RTS PJSCb,e

     2,101,250        27,061  

TCS Group Holding PLC GDRb,d,e

     62,962        1,259  

HeadHunter Group PLC ADRb,e

     15,800        316  
     

 

 

 

Total Russia

         28,636  
     

 

 

 

     
     

TOTAL COMMON EQUITIES

         420,507,125  
     

 

 

 

(Cost $401,935,467)

      

PREFERRED EQUITIES: 1.3%

      
     

BRAZIL: 1.3%

      

Banco Pan SA, Pfd.

      5,452,500        5,486,440  
     

 

 

 

Total Brazil

         5,486,440  
     

 

 

 

     
     

TOTAL PREFERRED EQUITIES

         5,486,440  
     

 

 

 

(Cost $8,481,395)

      
     
     

TOTAL INVESTMENTS: 98.8%

         425,993,565  

(Cost $410,416,862)

      

CASH AND OTHER ASSETS,

      

LESS LIABILITIES: 1.2%

         4,986,734  
     

 

 

 

NET ASSETS: 100.0%

         $430,980,299  
     

 

 

 

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, 2023, the aggregate value is $59,759,724, which is 13.87% 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 $3,126,154 and 0.73% of net assets.

 

ADR

American Depositary Receipt

 

GDR

Global Depositary Receipt

 

Pfd.

Preferred

 

PJSC

Public 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