NPORT-EX 2 MIMA800MATT033123.htm HTML

 

Matthews India Fund

    March 31, 2023

Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 96.1%

 

      Shares      Value  

FINANCIALS: 35.0%

 

   

Banks: 25.9%

 

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  
     

 

 

 

          149,275,815  
     

 

 

 

Consumer Finance: 8.3%

      

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  
     

 

 

 

        48,045,865  
     

 

 

 

Insurance: 0.8%

      

PB Fintech, Ltd.c

     600,379        4,682,735  
     

 

 

 

Total Financials

         202,004,415  
     

 

 

 

     
     

INFORMATION TECHNOLOGY: 14.3%

      

IT Services: 14.3%

      

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  
     

 

 

 

Total Information Technology

         82,979,507  
     

 

 

 

     
   

CONSUMER DISCRETIONARY: 11.4%

 

   

Automobiles: 4.3%

 

   

Maruti Suzuki India, Ltd.

      168,237        17,013,571  

TVS Motor Co., Ltd.

      607,354        7,983,068  
     

 

 

 

        24,996,639  
     

 

 

 

Automobile Components: 2.6%

      

Bosch, Ltd.

      50,306        11,881,619  

Sona Blw Precision Forgings, Ltd.b,d

     564,416        2,849,677  
     

 

 

 

        14,731,296  
     

 

 

 

Hotels, Restaurants & Leisure: 2.5%

      

Lemon Tree Hotels, Ltd.b,c,d

     8,632,357        8,142,482  

Restaurant Brands Asia, Ltd.c

     5,968,133        6,562,431  
     

 

 

 

        14,704,913  
     

 

 

 

Textiles, Apparel & Luxury Goods: 1.6%

      

Titan Co., Ltd.

      298,431        9,166,080  
     

 

 

 

Household Durables: 0.4%

      

Crompton Greaves Consumer Electricals, Ltd.

      578,149        2,064,986  
     

 

 

 

Total Consumer Discretionary

         65,663,914  
     

 

 

 

     
     

CONSUMER STAPLES: 10.7%

      

Personal Care Products: 7.0%

      

Hindustan Unilever, Ltd.

      767,267        23,961,214  

Dabur India, Ltd.

      2,513,632        16,690,513  
     

 

 

 

        40,651,727  
     

 

 

 

      Shares      Value  

Food Products: 3.7%

 

Britannia Industries, Ltd.

      229,805        $12,113,106  

Nestle India, Ltd.

      38,088        9,145,213  
     

 

 

 

        21,258,319  
     

 

 

 

Total Consumer Staples

             61,910,046  
     

 

 

 

     
     

MATERIALS: 7.7%

      

Chemicals: 4.6%

      

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  
     

 

 

 

        26,389,160  
     

 

 

 

Metals & Mining: 1.8%

      

APL Apollo Tubes, Ltd.

      715,848        10,531,671  
     

 

 

 

Construction Materials: 1.3%

      

Ramco Cements, Ltd.

      819,247        7,562,806  
     

 

 

 

Total Materials

         44,483,637  
     

 

 

 

     
     

HEALTH CARE: 7.4%

      

Pharmaceuticals: 3.6%

      

Neuland Laboratories, Ltd.

      520,256        11,447,920  

Sun Pharmaceutical Industries, Ltd.

      779,211        9,336,721  
     

 

 

 

        20,784,641  
     

 

 

 

Health Care Equipment & Supplies: 2.0%

      

Poly Medicure, Ltd.

      1,006,473        11,676,655  
     

 

 

 

Life Sciences Tools & Services: 1.8%

 

Syngene International, Ltd.b,d

     1,021,244        7,405,729  

Divi’s Laboratories, Ltd.

      83,294        2,868,107  
     

 

 

 

        10,273,836  
     

 

 

 

Total Health Care

         42,735,132  
     

 

 

 

     
     

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  
     

 

 

 

        22,478,473  
     

 

 

 

Transportation Infrastructure: 1.4%

      

Gujarat Pipavav Port, Ltd.

      5,896,635        8,380,177  
     

 

 

 

Industrial Conglomerates: 0.9%

      

Siemens, Ltd.

      125,695        5,100,108  
     

 

 

 

Electrical Equipment: 0.4%

      

Havells India, Ltd.

      142,799        2,070,495  
     

 

 

 

Professional Services: 0.3%

      

Latent View Analytics, Ltd.c

     503,895        1,980,114  
     

 

 

 

Total Industrials

         40,009,367  
     

 

 

 

 

 

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  
     

 

 

 

Total Energy

         15,546,924  
     

 

 

 

     
   

TOTAL COMMON EQUITIES

 

        555,332,942  
     

 

 

 

(Cost $489,992,780)

      

NON-CONVERTIBLE CORPORATE BONDS: 0.0%

 

   
      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  
     

 

 

 

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 Commission’s website (www.sec.gov).

 

 

2   MATTHEWS ASIA FUNDS