0001752724-24-115595.txt : 20240523 0001752724-24-115595.hdr.sgml : 20240523 20240523150939 ACCESSION NUMBER: 0001752724-24-115595 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240328 FILED AS OF DATE: 20240523 DATE AS OF CHANGE: 20240523 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MATTHEWS INTERNATIONAL FUNDS CENTRAL INDEX KEY: 0000923184 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08510 FILM NUMBER: 24977636 BUSINESS ADDRESS: STREET 1: FOUR EMBARCADERO CENTER STREET 2: SUITE 550 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 8007898742 MAIL ADDRESS: STREET 1: FOUR EMBARCADERO CENTER STREET 2: SUITE 550 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 0000923184 S000001036 MATTHEWS INDIA FUND C000002794 Investor Class Shares MINDX C000093228 Institutional Class Shares MIDNX NPORT-P 1 primary_doc.xml NPORT-P false 0000923184 XXXXXXXX S000001036 C000002794 C000093228 Matthews International Funds 811-08510 0000923184 5493007IYPQKGSDVTS49 Four Embarcadero Center Suite 550 San Francisco 94111 415-788-7553 Matthews India Fund S000001036 549300DGDF42K8MZTH75 2024-12-31 2024-03-28 N 835486757.87 4292188.04 831194569.83 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 47364618.29000000 N DLF Ltd 335800PJLUEOB8914F48 DLF Ltd 000000000 521629.00000000 NS 5628100.53000000 0.677109877071 Long EC CORP IN N 2 N N N Godrej Consumer Products Ltd 335800P4GUWLGZFK2D63 Godrej Consumer Products Ltd 000000000 948234.00000000 NS 14277134.33000000 1.717664533458 Long EC CORP IN N 2 N N N Sterling and Wilson Renewable 335800EGTCN8LBFMDQ87 Sterling and Wilson Renewable 000000000 1030825.00000000 NS 6495705.92000000 0.781490418221 Long EC CORP IN N 2 N N N Metropolis Healthcare Ltd 335800SD5OOGR1D97215 Metropolis Healthcare Ltd 000000000 210152.00000000 NS 4352901.92000000 0.523692295161 Long EC CORP IN N 2 N N N Newgen Software Technologies L 335800WRTIML8UTR8X82 Newgen Software Technologies Ltd 000000000 441514.00000000 NS 4223171.32000000 0.508084565670 Long EC CORP IN N 2 N N N Persistent Systems Ltd 3358006QYD77Z66S1J89 Persistent Systems Ltd 000000000 102864.00000000 NS 4928347.60000000 0.592923459666 Long EC CORP IN N 2 N N N IndusInd Bank Ltd 335800JDVJ8HSXG9G512 IndusInd Bank Ltd 000000000 1333310.00000000 NS 24926939.43000000 2.998929532840 Long EC CORP IN N 2 N N N UltraTech Cement Ltd 335800PC9O9B4BQHG814 UltraTech Cement Ltd 000000000 55557.00000000 NS 6505890.66000000 0.782715731808 Long EC CORP IN N 2 N N N Latent View Analytics Ltd 335800DH59WJEXU4X131 Latent View Analytics Ltd 000000000 877039.00000000 NS 5363922.16000000 0.645326901148 Long EC CORP IN N 2 N N N Sun Pharmaceutical Industries 335800KJ7GE29LB4SS73 Sun Pharmaceutical Industries Ltd 000000000 574905.00000000 NS 11192114.68000000 1.346509600308 Long EC CORP IN N 2 N N N Infosys Ltd 335800TYLGG93MM7PR89 Infosys Ltd 000000000 2131346.00000000 NS 38381582.54000000 4.617641155650 Long EC CORP IN N 2 N N N Kotak Mahindra Bank Ltd 335800E6GTTXKHXE2I75 Kotak Mahindra Bank Ltd 000000000 628677.00000000 NS 13506512.30000000 1.624951941488 Long EC CORP IN N 2 N N N Cholamandalam Investment and F 3358008DNPV45O4EII52 Cholamandalam Investment and Finance Co Ltd 000000000 822079.00000000 NS 11447611.49000000 1.377248108387 Long EC CORP IN N 2 N N N Mahindra & Mahindra Financial 3358004E2XAMX9DYZM69 Mahindra & Mahindra Financial Services Ltd 000000000 1195646.00000000 NS 4011827.62000000 0.482658064142 Long EC CORP IN N 2 N N N Zomato Ltd 335800T4VOF9ETHF8W59 Zomato Ltd 000000000 8425458.00000000 NS 18467957.80000000 2.221857368940 Long EC CORP IN N 2 N N N Britannia Industries Ltd 335800RRN5EVHNNAXN80 Britannia Industries Ltd 000000000 68273.00000000 NS 4020915.73000000 0.483751443518 Long EC CORP IN N 2 N N N Shankara Building Products Ltd 2549002GQUNP5NQFPQ74 Shankara Building Products Ltd 000000000 526432.00000000 NS 4049177.95000000 0.487151636569 Long EC CORP IN N 2 N N N Schneider Electric Infrastruct 335800RG2MGPWVQQG739 Schneider Electric Infrastructure Ltd 000000000 270931.00000000 NS 2410988.01000000 0.290063012622 Long EC CORP IN N 2 N N N Thermax Ltd 33580013S142QYY9TR81 Thermax Ltd 000000000 346244.00000000 NS 17454769.08000000 2.099961875781 Long EC CORP IN N 2 N N N Sunteck Realty Ltd 335800TFT4V77I31F853 Sunteck Realty Ltd 000000000 988278.00000000 NS 4631977.51000000 0.557267537364 Long EC CORP IN N 2 N N N Varun Beverages Ltd 33580058NWEMWBDNMD48 Varun Beverages Ltd 000000000 727715.00000000 NS 12230367.22000000 1.471420490932 Long EC CORP IN N 2 N N N BRITANNIA INDUSTRIES LTD 335800RRN5EVHNNAXN80 Britannia Industries Ltd 000000000 1996476.00000000 PA 23783.68000000 0.002861385391 Long DBT CORP IN N 2 2024-06-03 Fixed 5.50000000 N N N N N N PI Industries Ltd 335800PEGP94E4CC1D11 PI Industries Ltd 000000000 170468.00000000 NS 7919974.15000000 0.952842383416 Long EC CORP IN N 2 N N N Bajaj Finance Ltd 335800YTEXC3DO4Z6F68 Bajaj Finance Ltd 000000000 196111.00000000 NS 17124181.28000000 2.060189262726 Long EC CORP IN N 2 N N N Divgi Torqtransfer Systems Ltd 335800N9OHIPOMBP7C30 Divgi Torqtransfer Systems Ltd 000000000 261674.00000000 NS 2427762.83000000 0.292081170657 Long EC CORP IN N 2 N N N Axis Bank Ltd 549300HVNWMJPOFVNI41 Axis Bank Ltd 000000000 1598009.00000000 NS 20140342.56000000 2.423059929773 Long EC CORP IN N 2 N N N SAMHI Hotels Ltd 33580049BXN7MTASU729 SAMHI Hotels Ltd 000000000 1458341.00000000 NS 3716371.58000000 0.447112110075 Long EC CORP IN N 2 N N N Voltas Ltd 335800VVTQSSZ7NV7F51 Voltas Ltd 000000000 741460.00000000 NS 9834168.80000000 1.183136795757 Long EC CORP IN N 2 N N N Honasa Consumer Ltd 2549004POI9PD5S9GC46 Honasa Consumer Ltd 000000000 2007369.00000000 NS 9701793.53000000 1.167210889260 Long EC CORP IN N 2 N N N Bajaj Auto Ltd 335800DLAO5NCNN8G863 Bajaj Auto Ltd 000000000 141507.00000000 NS 15568424.65000000 1.873018089276 Long EC CORP IN N 2 N N N Kaynes Technology India Ltd 335800BMPIF3PQ2IPI37 Kaynes Technology India Ltd 000000000 113431.00000000 NS 3930317.23000000 0.472851649019 Long EC CORP IN N 2 N N N Divi's Laboratories Ltd 335800C1DHFG1C9T1M03 Divi's Laboratories Ltd 000000000 61256.00000000 NS 2535362.22000000 0.305026321396 Long EC CORP IN N 2 N N N Titan Co Ltd 549300RO9VJWPK37FE54 Titan Co Ltd 000000000 353934.00000000 NS 16179067.11000000 1.946483735247 Long EC CORP IN N 2 N N N Syngene International Ltd 335800FFAWRC77Z2EY68 Syngene International Ltd 000000000 195805.00000000 NS 1652549.48000000 0.198816202605 Long EC CORP IN N 2 N N N Nestle India Ltd 3358008SYYY9CPWH5D94 Nestle India Ltd 000000000 411081.00000000 NS 12940151.39000000 1.556813754527 Long EC CORP IN N 2 N N N Bharat Heavy Electricals Ltd 3358007X5FQ2R445Z747 Bharat Heavy Electricals Ltd 000000000 5172705.00000000 NS 15386601.49000000 1.851143167735 Long EC CORP IN N 2 N N N Tata Consumer Products Ltd 335800LOXFWU8ZQJMD12 Tata Consumer Products Ltd 000000000 700120.00000000 NS 9219143.05000000 1.109143801539 Long EC CORP IN N 2 N N N Lemon Tree Hotels Ltd 335800QFBWIUBBCRJN72 Lemon Tree Hotels Ltd 000000000 1237644.00000000 NS 1943362.59000000 0.233803571454 Long EC CORP IN N 2 N N N Tata Consultancy Services Ltd 335800ZJKU9GPQRE2U66 Tata Consultancy Services Ltd 000000000 519379.00000000 NS 24240432.46000000 2.916336720649 Long EC CORP IN N 2 N N N LIC Housing Finance Ltd 335800NFSMJ2ZKBCYP06 LIC Housing Finance Ltd 000000000 1127867.00000000 NS 8292686.56000000 0.997682956674 Long EC CORP IN N 2 N N N PB Fintech Ltd 98450083AC6B01HF1F87 PB Fintech Ltd 000000000 685888.00000000 NS 9276511.39000000 1.116045716215 Long EC CORP IN N 2 N N N Shriram Finance Ltd 335800TM2YO24B76XL26 Shriram Finance Ltd 000000000 1412919.00000000 NS 40082207.21000000 4.822241225444 Long EC CORP IN N 2 N N N NTPC Ltd 335800Q4TRGJXNLVMB81 NTPC Ltd 000000000 1981076.00000000 NS 8006082.36000000 0.963201956629 Long EC CORP IN N 2 N N N Neuland Laboratories Ltd 335800AVHZURTYQ17N08 Neuland Laboratories Ltd 000000000 268065.00000000 NS 20320099.99000000 2.444686325869 Long EC CORP IN N 1 N N N Federal Bank Ltd 335800J8VWGE2HGWF417 Federal Bank Ltd 000000000 9453798.00000000 NS 17070358.48000000 2.053713907622 Long EC CORP IN N 2 N N N State Bank of India 5493001JZ37UBBZF6L49 State Bank of India 000000000 793853.00000000 NS 7189550.29000000 0.864965984013 Long EC CORP IN N 2 N N N Restaurant Brands Asia Ltd 335800NJ2UVPX11GIH32 Restaurant Brands Asia Ltd 000000000 5209995.00000000 NS 6345006.18000000 0.763359917196 Long EC CORP IN N 2 N N N Trent Ltd 335800IYA8EHI7MW7G59 Trent Ltd 000000000 120879.00000000 NS 5737615.30000000 0.690285464830 Long EC CORP IN N 2 N N N Tata Motors Ltd 335800BO2LHWJJ8TZI32 Tata Motors Ltd 000000000 1169785.00000000 NS 13965369.84000000 1.680156529758 Long EC CORP IN N 2 N N N Delhivery Ltd 335800CUQ1SBCH9TTH82 Delhivery Ltd 000000000 2325874.00000000 NS 12492057.58000000 1.502904137421 Long EC CORP IN N 2 N N N Gujarat Pipavav Port Ltd 335800Y6JBMRA4Y8TA95 Gujarat Pipavav Port Ltd 000000000 2864965.00000000 NS 7329941.53000000 0.881856282037 Long EC CORP IN N 2 N N N Maruti Suzuki India Ltd 335800D27PBEESKKD357 Maruti Suzuki India Ltd 000000000 98987.00000000 NS 14984798.15000000 1.802802700343 Long EC CORP IN N 2 N N N TVS Motor Co Ltd 335800URVL13UQEWM152 TVS Motor Co Ltd 000000000 529884.00000000 NS 13714627.77000000 1.649990058621 Long EC CORP IN N 2 N N N APL Apollo Tubes Ltd 335800ZU4GXSB7Q4IU95 APL Apollo Tubes Ltd 000000000 425066.00000000 NS 7648683.01000000 0.920203678852 Long EC CORP IN N 2 N N N HDFC Bank Ltd 335800ZQ6I4E2JXENC50 HDFC Bank Ltd 000000000 2397193.00000000 NS 41801345.51000000 5.029068647374 Long EC CORP IN N 2 N N N Poly Medicure Ltd 335800XM9YRKFWFVXO61 Poly Medicure Ltd 000000000 773567.00000000 NS 14775059.95000000 1.777569354552 Long EC CORP IN N 2 N N N Cummins India Ltd 3358002PR6NKJRU4YS77 Cummins India Ltd 000000000 473290.00000000 NS 17086035.54000000 2.055599995497 Long EC CORP IN N 2 N N N Bharti Airtel Ltd 335800KQ1FPKOQ84OR26 Bharti Airtel Ltd 000000000 713128.00000000 NS 10522023.66000000 1.265891770942 Long EC CORP IN N 2 N N N Dr Reddy's Laboratories Ltd 335800OVDPY3DVZR2798 Dr Reddy's Laboratories Ltd 000000000 144300.00000000 NS 10664352.48000000 1.283015176841 Long EC CORP IN N 2 N N N Sona Blw Precision Forgings Lt 335800LEL76GE6551Q27 Sona Blw Precision Forgings Ltd 000000000 840594.00000000 NS 7131308.54000000 0.857958990451 Long EC CORP IN N 2 N N N Lupin Ltd 335800HHXTESDEE2FC65 Lupin Ltd 000000000 560910.00000000 NS 10888029.54000000 1.309925489795 Long EC CORP IN N 2 N N N ICICI Bank Ltd R7RX8ER1V4666J8D1I38 ICICI Bank Ltd 000000000 3187949.00000000 NS 42028843.08000000 5.056438601204 Long EC CORP IN N 2 N N N Reliance Industries Ltd 5493003UOETFYRONLG31 Reliance Industries Ltd 000000000 1587947.00000000 NS 56782108.64000000 6.831385899406 Long EC CORP IN N 2 N N N Jio Financial Services Ltd 3358003O268Q1OGBQR42 Jio Financial Services Ltd 000000000 1014986.00000000 NS 4315103.70000000 0.519144837638 Long EC CORP IN N 2 N N N Coforge Ltd 3358004YL9JGBNP4KF72 Coforge Ltd 000000000 67853.00000000 NS 4494100.43000000 0.540679714849 Long EC CORP IN N 2 N N N HCL Technologies Ltd 549300C1F8OLYSOQYB65 HCL Technologies Ltd 000000000 438622.00000000 NS 8155099.82000000 0.981130064609 Long EC CORP IN N 2 N N N 2024-05-23 Matthews International Funds Shai Malka Shai Malka Treasurer XXXX NPORT-EX 2 MIMA800MATT033124.htm
Matthews India Fund March 31, 2024
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 97.9%  
  Shares Value
Financials: 31.4%
Banks: 20.1%
ICICI Bank, Ltd.  3,187,949 $42,028,843
HDFC Bank, Ltd.  2,397,193 41,801,346
IndusInd Bank, Ltd.  1,333,310 24,926,939
Axis Bank, Ltd.  1,598,009 20,140,343
Federal Bank, Ltd.  9,453,798 17,070,359
Kotak Mahindra Bank, Ltd.  628,677 13,506,512
State Bank of India  793,853 7,189,550
    166,663,892
Consumer Finance: 8.7%
Shriram Finance, Ltd.  1,412,919 40,082,207
Bajaj Finance, Ltd.  196,111 17,124,181
Cholamandalam Investment and Finance Co., Ltd.  822,079 11,447,612
Mahindra & Mahindra Financial Services, Ltd.  1,195,646 4,011,828
    72,665,828
Financial Services: 1.5%
LIC Housing Finance, Ltd.  1,127,867 8,292,686
Jio Financial Services, Ltd.b  1,014,986 4,315,104
    12,607,790
Insurance: 1.1%
PB Fintech, Ltd.b  685,888 9,276,511
Total Financials   261,214,021
Consumer Discretionary: 14.9%
Automobiles: 7.0%
Bajaj Auto, Ltd.  141,507 15,568,425
Maruti Suzuki India, Ltd.  98,987 14,984,798
Tata Motors, Ltd.  1,169,785 13,965,370
TVS Motor Co., Ltd.  529,884 13,714,628
    58,233,221
Hotels, Restaurants & Leisure: 3.7%
Zomato, Ltd.b  8,425,458 18,467,958
Restaurant Brands Asia, Ltd.b  5,209,995 6,345,006
SAMHI Hotels, Ltd.b  1,458,341 3,716,371
Lemon Tree Hotels, Ltd.b,c,d  1,237,644 1,943,363
    30,472,698
Textiles, Apparel & Luxury Goods: 1.9%
Titan Co., Ltd.  353,934 16,179,067
Specialty Retail: 1.2%
Trent, Ltd.  120,879 5,737,615
Shankara Building Products, Ltd.  526,432 4,049,178
    9,786,793
Automobile Components: 1.1%
Sona Blw Precision Forgings, Ltd.c,d  840,594 7,131,308
Divgi Torqtransfer Systems, Ltd.  261,674 2,427,763
    9,559,071
Total Consumer Discretionary   124,230,850
   
  Shares Value
Industrials: 11.3%
Machinery: 4.2%
Thermax, Ltd.  346,244 $17,454,769
Cummins India, Ltd.  473,290 17,086,036
    34,540,805
Electrical Equipment: 2.1%
Bharat Heavy Electricals, Ltd.  5,172,705 15,386,601
Schneider Electric Infrastructure, Ltd.b  270,931 2,410,988
    17,797,589
Construction & Engineering: 2.0%
Voltas, Ltd.  741,460 9,834,169
Sterling and Wilson Renewable Energy, Ltd.b,d  1,030,825 6,495,706
    16,329,875
Air Freight & Logistics: 1.5%
Delhivery, Ltd.b  2,325,874 12,492,058
Transportation Infrastructure: 0.9%
Gujarat Pipavav Port, Ltd.  2,864,965 7,329,941
Professional Services: 0.6%
Latent View Analytics, Ltd.b  877,039 5,363,922
Total Industrials   93,854,190
Information Technology: 10.6%
IT Services: 9.6%
Infosys, Ltd.  2,131,346 38,381,583
Tata Consultancy Services, Ltd.  519,379 24,240,432
HCL Technologies, Ltd.  438,622 8,155,100
Persistent Systems, Ltd.  102,864 4,934,354
Coforge, Ltd.  67,853 4,494,100
    80,205,569
Software: 0.5%
Newgen Software Technologies, Ltd.  441,514 4,223,172
Electronic Equipment, Instruments & Components: 0.5%
Kaynes Technology India, Ltd.b  113,431 3,930,317
Total Information Technology   88,359,058
Health Care: 9.2%
Pharmaceuticals: 6.4%
Neuland Laboratories, Ltd.  268,065 20,320,100
Sun Pharmaceutical Industries, Ltd.  574,905 11,192,115
Lupin, Ltd.  560,910 10,888,029
Dr. Reddy’s Laboratories, Ltd.  144,300 10,664,352
    53,064,596
Health Care Equipment & Supplies: 1.8%
Poly Medicure, Ltd.  773,567 14,775,060
Health Care Providers & Services: 0.5%
Metropolis Healthcare, Ltd.c,d  210,152 4,352,902
Life Sciences Tools & Services: 0.5%
Divi’s Laboratories, Ltd.  61,256 2,535,362
matthewsasia.com   |  800.789.ASIA    1
Matthews India Fund March 31, 2024
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued)  
  Shares Value
Syngene International, Ltd.c,d  195,805 $1,652,550
    4,187,912
Total Health Care   76,380,470
Consumer Staples: 7.5%
Food Products: 3.1%
Nestle India, Ltd.  411,081 12,940,151
Tata Consumer Products, Ltd.  700,120 9,219,143
Britannia Industries, Ltd.  68,273 4,020,916
    26,180,210
Personal Care Products: 2.9%
Godrej Consumer Products, Ltd.  948,234 14,277,134
Honasa Consumer, Ltd.b  2,007,369 9,701,794
    23,978,928
Beverages: 1.5%
Varun Beverages, Ltd.  727,715 12,230,367
Total Consumer Staples   62,389,505
Energy: 6.8%
Oil, Gas & Consumable Fuels: 6.8%
Reliance Industries, Ltd.  1,587,947 56,782,109
Total Energy   56,782,109
Materials: 2.7%
Chemicals: 1.0%
PI Industries, Ltd.  170,468 7,919,974
Metals & Mining: 0.9%
APL Apollo Tubes, Ltd.  425,066 7,648,683
Construction Materials: 0.8%
UltraTech Cement, Ltd.  55,557 6,505,891
Total Materials   22,074,548
Communication Services: 1.3%
Wireless Telecommunication Services: 1.3%
Bharti Airtel, Ltd.  713,128 10,522,024
Total Communication Services   10,522,024
Real Estate: 1.2%
Real Estate Management & Development: 1.2%
DLF, Ltd.  521,629 5,628,101
Sunteck Realty, Ltd.  988,278 4,631,977
Total Real Estate   10,260,078
   
  Shares Value
Utilities: 1.0%
Independent Power and Renewable Electricity Producers: 1.0%
NTPC, Ltd.  1,981,076 $8,006,082
Total Utilities   8,006,082
TOTAL COMMON EQUITIES 814,072,935
(Cost $631,158,428)    
NON-CONVERTIBLE CORPORATE BONDS: 0.0%  
  Face Amount*  
Consumer Staples: 0.0%
Food Products: 0.0%
Britannia Industries, Ltd., Series N3
5.500%, 06/03/24 INR 1,996,476 23,784
Total Consumer Staples   23,784
  
TOTAL NON-CONVERTIBLE CORPORATE BONDS 23,784
(Cost $27,434)    
Total Investments: 97.9%   814,096,719
(Cost $631,185,862)    
CASH AND OTHER ASSETS,
LESS LIABILITIES: 2.1% 		  17,073,113
Net Assets: 100.0%   $831,169,832
    
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, 2024, the aggregate value is $15,080,123, which is 1.81% 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.
* 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