Matthews Asia Dividend Fund

Portfolio Holdings: 12/31/2018

Security Country Sector Shares Value
Shenzhou International Group Holdings, Ltd. China/Hong Kong Consumer Discretionary 20,935,000 237,944,130
Minth Group, Ltd. China/Hong Kong Consumer Discretionary 68,147,000 219,908,372
Hyundai Mobis Co., Ltd. South Korea Consumer Discretionary 1,033,075 176,257,399
BGF Retail Co., Ltd. South Korea Consumer Staples 961,660 175,532,359
NTT DoCoMo, Inc. Japan Communication Services 7,671,500 172,372,670
Seven & i Holdings Co., Ltd. Japan Consumer Staples 3,733,500 162,239,644
Kao Corp. Japan Consumer Staples 2,186,100 161,809,959
Hoya Corp. Japan Health Care 2,362,400 142,452,819
Pigeon Corp. Japan Consumer Staples 3,077,300 131,255,149
China Petroleum & Chemical Corp. H Shares China/Hong Kong Energy 183,964,000 131,131,386
Anritsu Corp. Japan Information Technology 9,384,700 129,966,714
Japan Tobacco, Inc. Japan Consumer Staples 5,369,600 127,587,590
United Overseas Bank, Ltd. Singapore Financials 6,954,100 125,799,585
China Gas Holdings, Ltd. China/Hong Kong Utilities 34,903,000 124,456,917
LG Chem, Ltd., Pfd. South Korea Materials 706,538 123,882,569
MISUMI Group, Inc. Japan Industrials 5,869,600 123,653,506
Nitori Holdings Co., Ltd. Japan Consumer Discretionary 969,900 121,470,590
China Resources Power Holdings Co., Ltd. China/Hong Kong Utilities 60,274,000 115,933,108
Rohm Co., Ltd. Japan Information Technology 1,796,900 114,687,162
Huaneng Power International, Inc. H Shares China/Hong Kong Utilities 161,530,000 102,529,561
Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan Information Technology 13,740,469 100,386,760
ITC, Ltd. India Consumer Staples 24,818,730 100,070,891
Beijing Capital International Airport Co., Ltd. H Shares China/Hong Kong Industrials 94,084,000 99,853,768
Chongqing Brewery Co., Ltd. A Shares China/Hong Kong Consumer Staples 21,070,370 94,677,560
Fuji Seal International, Inc. Japan Materials 2,621,000 92,384,407
WH Group, Ltd. China/Hong Kong Consumer Staples 119,822,000 92,028,942
Breville Group, Ltd. Australia Consumer Discretionary 12,185,538 91,527,205
Sun Art Retail Group, Ltd. China/Hong Kong Consumer Staples 88,093,500 89,585,279
Globe Telecom, Inc. Philippines Communication Services 2,442,785 88,060,194
PT United Tractors Indonesia Energy 46,212,800 87,977,741
Taiwan Semiconductor Manufacturing Co., Ltd. ADR Taiwan Information Technology 2,362,340 87,193,969
HKBN, Ltd. China/Hong Kong Communication Services 56,401,123 85,506,443
Thai Beverage Public Co., Ltd. Thailand Consumer Staples 189,041,400 84,743,725
Vietnam Dairy Products JSC Vietnam Consumer Staples 15,017,385 77,892,692
Woori Bank South Korea Financials 5,472,430 76,525,882
Eiken Chemical Co., Ltd. Japan Health Care 3,493,200 76,416,687
Samsung Fire & Marine Insurance Co., Ltd. South Korea Financials 310,982 74,778,495
Fuyao Glass Industry Group Co., Ltd. H Shares China/Hong Kong Consumer Discretionary 23,075,200 73,879,247
Yuexiu Transport Infrastructure, Ltd. China/Hong Kong Industrials 97,328,000 73,834,707
Hua Hong Semiconductor, Ltd. China/Hong Kong Information Technology 39,475,000 72,992,327
GrameenPhone, Ltd. Bangladesh Communication Services 16,109,639 70,525,273
China Steel Chemical Corp. Taiwan Materials 15,589,000 69,943,970
Nifco, Inc. Japan Consumer Discretionary 2,943,300 69,634,917
BELLSYSTEM24 Holdings, Inc. Japan Industrials 5,597,000 65,691,365
Dairy Farm International Holdings, Ltd. China/Hong Kong Consumer Staples 7,158,000 64,881,615
Minda Industries, Ltd. India Consumer Discretionary 13,962,765 64,533,029
Far East Horizon, Ltd. China/Hong Kong Financials 61,980,000 62,530,107
China Mobile, Ltd. China/Hong Kong Communication Services 6,312,500 61,083,519
Crystal International Group, Ltd. China/Hong Kong Consumer Discretionary 116,044,000 58,878,892
Postal Savings Bank of China Co., Ltd. H Shares China/Hong Kong Financials 107,790,000 56,770,235
Outsourcing, Inc. Japan Industrials 5,932,400 56,738,739
Fanhua, Inc. ADR China/Hong Kong Financials 2,503,300 54,947,435
China Education Group Holdings, Ltd. China/Hong Kong Consumer Discretionary 43,736,000 53,470,973
Mitsubishi Pencil Co., Ltd. Japan Industrials 2,628,400 51,974,556
CapitaLand Retail China Trust, REIT Singapore Real Estate 49,800,000 49,706,389
Ascendas India Trust Singapore Real Estate 57,863,800 45,851,208
Shanghai Jin Jiang International Hotels Group Co., Ltd. H Shares China/Hong Kong Consumer Discretionary 173,612,000 42,026,409
Café de Coral Holdings, Ltd. China/Hong Kong Consumer Discretionary 17,330,000 41,967,470
PT Cikarang Listrindo Indonesia Utilities 477,480,200 29,484,985
Gujarat Pipavav Port, Ltd. India Industrials 10,652,487 15,648,719
China Mobile, Ltd. ADR China/Hong Kong Communication Services 245,200 11,769,600
China Petroleum & Chemical Corp. ADR China/Hong Kong Energy 153,800 10,858,280
Net Cash n.a. 17,719,552


The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition.

Unlike the Fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

You should carefully consider the investment objectives, risks, charges and expenses of the Matthews Asia Funds before making an investment decision. A prospectus with this and other information about the Funds may be obtained by visiting matthewsasia.com. Please read the prospectus carefully before investing as it explains the risks associated with investing in international and emerging markets. 

Matthews Asia Funds are distributed in the United States by Foreside Funds Distributors LLC
Matthews Asia Funds are distributed in Latin America by HMC Partners