Matthews India Fund |
March 31, 2023 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 96.1%
Shares | Value | |||||||
FINANCIALS: 35.0% |
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Banks: 25.9% |
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HDFC Bank, Ltd. |
2,365,291 | $46,522,537 | ||||||
ICICI Bank, Ltd. |
3,780,057 | 40,395,371 | ||||||
Axis Bank, Ltd. |
1,933,056 | 20,252,177 | ||||||
Kotak Mahindra Bank, Ltd. |
724,955 | 15,323,271 | ||||||
IndusInd Bank, Ltd. |
1,150,993 | 15,014,674 | ||||||
Bandhan Bank, Ltd.b,c,d |
4,922,200 | 11,767,785 | ||||||
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|
| ||||||
149,275,815 | ||||||||
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Consumer Finance: 8.3% |
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Shriram Finance, Ltd. |
1,887,958 | 29,023,881 | ||||||
Bajaj Finance, Ltd. |
145,349 | 9,973,075 | ||||||
Cholamandalam Investment and Finance Co., Ltd. |
973,874 | 9,048,909 | ||||||
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|
| ||||||
48,045,865 | ||||||||
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Insurance: 0.8% |
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PB Fintech, Ltd.c |
600,379 | 4,682,735 | ||||||
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|
| ||||||
Total Financials |
202,004,415 | |||||||
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|
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INFORMATION TECHNOLOGY: 14.3% |
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IT Services: 14.3% |
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Infosys, Ltd. |
1,668,076 | 29,163,209 | ||||||
Tata Consultancy Services, Ltd. |
630,862 | 24,728,433 | ||||||
LTIMindtree, Ltd.b,d |
164,368 | 9,571,534 | ||||||
HCL Technologies, Ltd. |
628,255 | 8,340,452 | ||||||
Persistent Systems, Ltd. |
129,521 | 7,306,093 | ||||||
Cognizant Technology Solutions Corp. Class A |
63,512 | 3,869,786 | ||||||
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|
| ||||||
Total Information Technology |
82,979,507 | |||||||
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|
| ||||||
CONSUMER DISCRETIONARY: 11.4% |
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Automobiles: 4.3% |
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Maruti Suzuki India, Ltd. |
168,237 | 17,013,571 | ||||||
TVS Motor Co., Ltd. |
607,354 | 7,983,068 | ||||||
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|
| ||||||
24,996,639 | ||||||||
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Automobile Components: 2.6% |
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Bosch, Ltd. |
50,306 | 11,881,619 | ||||||
Sona Blw Precision Forgings, Ltd.b,d |
564,416 | 2,849,677 | ||||||
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|
| ||||||
14,731,296 | ||||||||
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|
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Hotels, Restaurants & Leisure: 2.5% |
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Lemon Tree Hotels, Ltd.b,c,d |
8,632,357 | 8,142,482 | ||||||
Restaurant Brands Asia, Ltd.c |
5,968,133 | 6,562,431 | ||||||
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|
| ||||||
14,704,913 | ||||||||
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Textiles, Apparel & Luxury Goods: 1.6% |
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Titan Co., Ltd. |
298,431 | 9,166,080 | ||||||
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|
| ||||||
Household Durables: 0.4% |
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Crompton Greaves Consumer Electricals, Ltd. |
578,149 | 2,064,986 | ||||||
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|
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Total Consumer Discretionary |
65,663,914 | |||||||
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CONSUMER STAPLES: 10.7% |
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Personal Care Products: 7.0% |
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Hindustan Unilever, Ltd. |
767,267 | 23,961,214 | ||||||
Dabur India, Ltd. |
2,513,632 | 16,690,513 | ||||||
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| ||||||
40,651,727 | ||||||||
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Shares | Value | |||||||
Food Products: 3.7% |
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Britannia Industries, Ltd. |
229,805 | $12,113,106 | ||||||
Nestle India, Ltd. |
38,088 | 9,145,213 | ||||||
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21,258,319 | ||||||||
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Total Consumer Staples |
61,910,046 | |||||||
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MATERIALS: 7.7% |
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Chemicals: 4.6% |
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PI Industries, Ltd. |
246,396 | 9,104,648 | ||||||
Asian Paints, Ltd. |
245,661 | 8,276,732 | ||||||
Carborundum Universal, Ltd. |
427,452 | 5,137,844 | ||||||
Pidilite Industries, Ltd. |
134,910 | 3,869,936 | ||||||
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26,389,160 | ||||||||
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Metals & Mining: 1.8% |
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APL Apollo Tubes, Ltd. |
715,848 | 10,531,671 | ||||||
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Construction Materials: 1.3% |
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Ramco Cements, Ltd. |
819,247 | 7,562,806 | ||||||
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Total Materials |
44,483,637 | |||||||
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HEALTH CARE: 7.4% |
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Pharmaceuticals: 3.6% |
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Neuland Laboratories, Ltd. |
520,256 | 11,447,920 | ||||||
Sun Pharmaceutical Industries, Ltd. |
779,211 | 9,336,721 | ||||||
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| ||||||
20,784,641 | ||||||||
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Health Care Equipment & Supplies: 2.0% |
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Poly Medicure, Ltd. |
1,006,473 | 11,676,655 | ||||||
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|
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Life Sciences Tools & Services: 1.8% |
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Syngene International, Ltd.b,d |
1,021,244 | 7,405,729 | ||||||
Divis Laboratories, Ltd. |
83,294 | 2,868,107 | ||||||
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| ||||||
10,273,836 | ||||||||
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Total Health Care |
42,735,132 | |||||||
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INDUSTRIALS: 6.9% |
||||||||
Machinery: 3.9% |
||||||||
Ashok Leyland, Ltd. |
6,374,760 | 10,850,199 | ||||||
Cummins India, Ltd. |
436,957 | 8,686,337 | ||||||
Greaves Cotton, Ltd. |
1,913,221 | 2,941,937 | ||||||
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|
| ||||||
22,478,473 | ||||||||
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Transportation Infrastructure: 1.4% |
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Gujarat Pipavav Port, Ltd. |
5,896,635 | 8,380,177 | ||||||
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Industrial Conglomerates: 0.9% |
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Siemens, Ltd. |
125,695 | 5,100,108 | ||||||
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|
| ||||||
Electrical Equipment: 0.4% |
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Havells India, Ltd. |
142,799 | 2,070,495 | ||||||
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Professional Services: 0.3% |
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Latent View Analytics, Ltd.c |
503,895 | 1,980,114 | ||||||
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|
| ||||||
Total Industrials |
40,009,367 | |||||||
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|
matthewsasia.com | 800.789.ASIA | 1 |
Matthews India Fund | March 31, 2023 | |
Schedule of Investmentsa (unaudited) (continued)
|
COMMON EQUITIES (continued)
Shares | Value | |||||||
ENERGY: 2.7% |
||||||||
Oil, Gas & Consumable Fuels: 2.7% |
||||||||
Reliance Industries, Ltd. |
546,761 | $15,546,924 | ||||||
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|
| ||||||
Total Energy |
15,546,924 | |||||||
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|
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TOTAL COMMON EQUITIES |
|
555,332,942 | ||||||
|
|
| ||||||
(Cost $489,992,780) |
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NON-CONVERTIBLE CORPORATE BONDS: 0.0% |
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Face Amount* | Value | |||||||
CONSUMER STAPLES: 0.0% |
||||||||
Food Products: 0.0% |
|
|||||||
Britannia Industries, Ltd., Series N3 5.500%, 06/03/2024 |
INR 1,996,476 | 23,633 | ||||||
|
|
| ||||||
Total Consumer Staples |
23,633 | |||||||
|
|
| ||||||
TOTAL NON-CONVERTIBLE CORPORATE BONDS |
|
23,633 | ||||||
|
|
| ||||||
(Cost $27,434) |
||||||||
TOTAL INVESTMENTS: 96.1% |
|
555,356,575 | ||||||
(Cost $490,020,214) |
||||||||
CASH AND OTHER ASSETS, LESS LIABILITIES: 3.9% |
|
22,389,085 | ||||||
|
|
| ||||||
NET ASSETS: 100.0% |
$577,745,660 | |||||||
|
|
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a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | 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 $39,737,207, which is 6.88% of net assets. |
c | Non-income producing security. |
d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
* | All Values in USD unless otherwise specified. |
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 Commissions website (www.sec.gov).
2 | MATTHEWS ASIA FUNDS |