Matthews India Fund

Top 10 Holdings as of 6/30/2020

Security Sector % Net Assets
Reliance Industries, Ltd. Energy 9.1
HDFC Bank, Ltd. Financials 8.1
Infosys, Ltd. Information Technology 4.8
Housing Development Finance Corp., Ltd. Financials 4.1
ICICI Bank, Ltd. Financials 4.0
Kotak Mahindra Bank, Ltd. Financials 3.9
VST Industries, Ltd. Consumer Staples 3.7
Info Edge India, Ltd. Communication Services 3.5
Bharti Airtel, Ltd. Communication Services 3.3
Zydus Wellness, Ltd. Consumer Staples 3.0
Total 47.5
Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.
Source: BNY Mellon Investment Servicing (US) Inc.

Portfolio Breakdown (%) as of 6/30/2020

  Fund S&P Bombay Stock Exchange 100 IndexDifference
Financials 31.4 32.1 -0.7
Consumer Staples 14.3 12.1 2.2
Information Technology 13.2 12.5 0.7
Energy 9.1 13.6 -4.5
Consumer Discretionary 7.8 7.3 0.5
Communication Services 7.6 3.7 3.9
Health Care 6.9 5.0 1.9
Industrials 4.3 4.1 0.2
Materials 1.9 6.8 -4.9
Utilities 0.0 2.5 -2.5
Real Estate 0.0 0.2 -0.2
Cash and Other Assets, Less Liabilities 3.4 0.0 3.4
  Fund S&P Bombay Stock Exchange 100 Index Difference
Mega Cap (over $25B) 41.7 53.9 -12.2
Large Cap ($10B-$25B) 8.4 24.4 -16.0
Mid Cap ($3B-$10B) 16.8 18.4 -1.6
Small Cap (under $3B) 29.7 3.4 26.3
Cash and Other Assets, Less Liabilities 3.4 0.0 3.4
Equity market cap of issuer.
Source: FactSet Research Systems.

Portfolio Characteristics as of 6/30/2020

Number of Securities1


Weighted Average
Market Cap

$34.9 billion

P/E using FY1 estimates


P/E using FY2 estimates


1Source: BNY Mellon Investment Servicing (US) Inc.
Source: FactSet Research Systems unless otherwise noted. Sector data (excluding Government Bonds) based on MSCI’s revised Global Industry Classification Standards. For more details, visit

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding.  Percentage values may be derived from different data sources and may not be consistent with other Fund literature. 

The P/E Ratio is the share price of a stock as of the report date, divided by the forecasted earnings per share for a 12-month period (FY1) and 24 month period (FY2). For the Fund, this is the weighted harmonic average estimated P/E ratio of all the underlying stocks in the Fund, excluding negative earners. There is no guarantee that the composition of the Fund will remain unchanged, or that forecasted earnings of a stock will be realized. Information provided is for illustrative purposes only.

Index Definitions

The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy.