NPORT-EX 2 MIMA800MI9.30.23.htm HTML
Matthews India Fund    September 30, 2023
Schedule of Investmentsa (unaudited)   
COMMON EQUITIES: 99.0%   

 

      Shares      Value  

FINANCIALS: 35.9%

      

Banks: 22.6%

 

   

HDFC Bank, Ltd.

      2,201,057        $40,367,198  

ICICI Bank, Ltd.

      3,383,883        38,768,472  

Axis Bank, Ltd.

      2,097,399        26,107,884  

IndusInd Bank, Ltd.

      1,273,549        21,831,990  

Kotak Mahindra Bank, Ltd.

      679,361        14,157,892  

Federal Bank, Ltd.

      5,800,109        10,252,015  

Bandhan Bank, Ltd.b,c

      1,212,572        3,662,222  
     

 

 

  
        155,147,673  
     

 

 

  

Consumer Finance: 12.3%

      

Shriram Finance, Ltd.

      1,757,419        40,556,483  

Cholamandalam Investment and Finance Co., Ltd.

      1,158,600        16,947,251  

Bajaj Finance, Ltd.

      180,636        16,943,394  

Mahindra & Mahindra Financial Services, Ltd.

      2,803,846        10,141,637  
     

 

 

  
        84,588,765  
     

 

 

  

Insurance: 1.0%

      

PB Fintech, Ltd.d

      738,241        6,781,788  
     

 

 

  

Total Financials

         246,518,226  
     

 

 

  
     
     

INFORMATION TECHNOLOGY: 13.7%

      

IT Services: 13.7%

 

   

Infosys, Ltd.

      1,840,398        31,627,824  

Tata Consultancy Services, Ltd.

      553,579        23,439,751  

LTIMindtree, Ltd.b,c

      188,436        11,773,726  

Persistent Systems, Ltd.

      163,008        11,327,806  

Coforge, Ltd.

      139,815        8,560,138  

HCL Technologies, Ltd.

      498,562        7,389,402  
     

 

 

  

Total Information Technology

         94,118,647  
     

 

 

  
     
     

CONSUMER DISCRETIONARY: 13.1%

      

Automobiles: 6.2%

 

   

Maruti Suzuki India, Ltd.

      151,894        19,366,383  

Bajaj Auto, Ltd.

      192,961        11,736,624  

TVS Motor Co., Ltd.

      633,355        11,573,322  
     

 

 

  
        42,676,329  
     

 

 

  

Textiles, Apparel & Luxury Goods: 2.1%

      

Titan Co., Ltd.

      384,115        14,529,935  
     

 

 

  

Automobile Components: 2.1%

      

Sona Blw Precision Forgings, Ltd.b,c

      1,348,851        9,457,533  

Divgi Torqtransfer Systems, Ltd.

      370,364        4,629,398  
     

 

 

  
        14,086,931  
     

 

 

  

Hotels, Restaurants & Leisure: 2.0%

      

Restaurant Brands Asia, Ltd.d

      5,756,100        8,630,549  

Lemon Tree Hotels, Ltd.b,c,d

      3,478,314        4,748,178  
     

 

 

  
        13,378,727  
     

 

 

  

Specialty Retail: 0.7%

      

Shankara Building Products, Ltd.

      593,801        5,127,898  
     

 

 

  

Total Consumer Discretionary

         89,799,820  
     

 

 

  
      Shares      Value  
     

HEALTH CARE: 10.7%

      

Pharmaceuticals: 5.2%

 

   

Neuland Laboratories, Ltd.

      522,353        $23,083,174  

Sun Pharmaceutical Industries, Ltd.

      894,041        12,445,474  
     

 

 

  
        35,528,648  
     

 

 

  

Life Sciences Tools & Services: 3.3%

      

Syngene International, Ltd.b,c

      1,590,229        15,369,743  

Divi’s Laboratories, Ltd.

      152,389        6,893,531  
     

 

 

  
        22,263,274  
     

 

 

  

Health Care Equipment & Supplies: 2.2%

      

Poly Medicure, Ltd.

      926,203        15,305,278  
     

 

 

  

Total Health Care

         73,097,200  
     

 

 

  
     
     

CONSUMER STAPLES: 9.4%

      

Personal Care Products: 4.7%

 

   

Hindustan Unilever, Ltd.

      683,892        20,282,223  

Dabur India, Ltd.

      1,389,626        9,207,649  

Bajaj Consumer Care, Ltd.

      1,063,948        2,881,621  
     

 

 

  
        32,371,493  
     

 

 

  

Food Products: 4.0%

      

Britannia Industries, Ltd.

      248,955        13,595,450  

Nestle India, Ltd.

      49,587        13,420,451  
     

 

 

  
        27,015,901  
     

 

 

  

Tobacco: 0.7%

      

ITC, Ltd.

      920,713        4,919,395  
     

 

 

  

Total Consumer Staples

         64,306,789  
     

 

 

  
     
     

INDUSTRIALS: 6.2%

      

Machinery: 2.8%

 

   

Ashok Leyland, Ltd.

      4,399,810        9,357,050  

Thermax, Ltd.

      175,649        6,569,038  

Cummins India, Ltd.

      159,066        3,241,781  
     

 

 

  
        19,167,869  
     

 

 

  

Professional Services: 1.4%

      

Latent View Analytics, Ltd.d

      1,975,634        9,735,711  
     

 

 

  

Transportation Infrastructure: 1.3%

      

Gujarat Pipavav Port, Ltd.

      5,896,635        8,800,077  
     

 

 

  

Electrical Equipment: 0.4%

      

ABB India, Ltd.

      62,590        3,083,275  
     

 

 

  

Industrial Conglomerates: 0.3%

      

Siemens, Ltd.

      39,150        1,728,408  
     

 

 

  

Total Industrials

         42,515,340  
     

 

 

  
     
     

MATERIALS: 5.3%

      

Chemicals: 2.7%

 

   

Asian Paints, Ltd.

      261,395        9,935,204  

PI Industries, Ltd.

      207,710        8,627,239  
     

 

 

  
        18,562,443  
     

 

 

  

Metals & Mining: 1.6%

      

APL Apollo Tubes, Ltd.

      556,384        10,867,608  
     

 

 

  

 

 

 

1   MATTHEWS ASIA FUNDS

Matthews India Fund      September 30, 2023  
Schedule of Investmentsa (unaudited) (continued)   
COMMON EQUITIES (continued)

 

   
      Shares      Value  

Construction Materials: 1.0%

 

   

Ramco Cements, Ltd.

      654,421        $7,153,316  
     

 

 

  

Total Materials

         36,583,367  
     

 

 

  
     
     

ENERGY: 4.7%

      

Oil, Gas & Consumable Fuels: 4.7%

 

   

Reliance Industries, Ltd.

      1,139,656        32,086,642  
     

 

 

  

Total Energy

         32,086,642  
     

 

 

  
     
   

TOTAL COMMON EQUITIES

 

      679,026,031  
     

 

 

  

(Cost $537,792,116)

      

NON-CONVERTIBLE CORPORATE BONDS: 0.0%

 

      Face Amount*          
     

CONSUMER STAPLES: 0.0%

      

Food Products: 0.0%

      

Britannia Industries, Ltd., Series N3

      

5.500%, 06/03/2024

      INR 1,996,476        23,664  
     

 

 

  

Total Consumer Staples

         23,664  
     

 

 

  
     
   

TOTAL NON-CONVERTIBLE CORPORATE BONDS

 

      23,664  
     

 

 

  

(Cost $27,435)

      
     
     

TOTAL INVESTMENTS: 99.0%

         679,049,695  

(Cost $537,819,551)

      

CASH AND OTHER ASSETS,

LESS LIABILITIES: 1.0%

         7,082,287  
     

 

 

  

NET ASSETS: 100.0%

       $ 686,131,982  
     

 

 

  
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 September 30, 2023, the aggregate value is $45,011,402, which is 6.56% of net assets.

 

c

The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 

d

Non-income producing security.

 

*

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).

 

 

 

 

 

 

matthewsasia.com  |  800.789.ASIA   2