AB Cap Fund, Inc.
AB Global Core Equity Portfolio
Portfolio of Investments
September 30, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||||
COMMON STOCKS – 99.4% | ||||||||||
Information Technology – 21.1% | ||||||||||
Electronic Equipment, Instruments & Components – 0.5% |
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IPG Photonics Corp.(a) | 76,150 | $ | 12,062,160 | |||||||
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IT Services – 5.3% | ||||||||||
Akamai Technologies, Inc.(a) | 260,437 | 27,239,106 | ||||||||
Cognizant Technology Solutions Corp. - Class A | 962,039 | 71,392,914 | ||||||||
Visa, Inc. - Class A | 164,529 | 36,648,834 | ||||||||
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135,280,854 | ||||||||||
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Semiconductors & Semiconductor Equipment – 2.7% | ||||||||||
Applied Materials, Inc. | 413,899 | 53,281,218 | ||||||||
Infineon Technologies AG | 390,430 | 15,967,888 | ||||||||
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69,249,106 | ||||||||||
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Software – 9.2% | ||||||||||
Microsoft Corp. | 454,255 | 128,063,570 | ||||||||
SAP SE | 503,925 | 68,145,383 | ||||||||
VMware, Inc. - Class A(a) (b) | 259,500 | 38,587,650 | ||||||||
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234,796,603 | ||||||||||
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Technology Hardware, Storage & Peripherals – 3.4% | ||||||||||
Samsung Electronics Co., Ltd. | 1,395,829 | 86,533,862 | ||||||||
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537,922,585 | ||||||||||
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Health Care – 16.4% | ||||||||||
Health Care Equipment & Supplies – 3.8% | ||||||||||
Koninklijke Philips NV | 1,174,493 | 52,179,109 | ||||||||
Medtronic PLC | 366,382 | 45,925,984 | ||||||||
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98,105,093 | ||||||||||
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Health Care Providers & Services – 5.6% | ||||||||||
Anthem, Inc. | 332,441 | 123,934,005 | ||||||||
Henry Schein, Inc.(a) | 233,255 | 17,764,701 | ||||||||
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141,698,706 | ||||||||||
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Life Sciences Tools & Services – 1.6% | ||||||||||
Thermo Fisher Scientific, Inc. | 72,522 | 41,433,994 | ||||||||
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Pharmaceuticals – 5.4% | ||||||||||
AstraZeneca PLC (Sponsored ADR) | 385,914 | 23,177,995 | ||||||||
Roche Holding AG | 171,062 | 62,432,493 | ||||||||
Sanofi | 532,189 | 51,230,668 | ||||||||
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136,841,156 | ||||||||||
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418,078,949 | ||||||||||
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Financials – 15.8% | ||||||||||
Banks – 1.7% | ||||||||||
ABN AMRO Bank NV (GDR)(a) (c) | 1,528,460 | 22,051,664 | ||||||||
Jyske Bank A/S(a) | 483,532 | 20,847,709 | ||||||||
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42,899,373 | ||||||||||
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Capital Markets – 11.0% | ||||||||||
BlackRock, Inc. - Class A | 45,375 | 38,054,198 |
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Company | Shares | U.S. $ Value | ||||||||||
CME Group, Inc. - Class A | 107,958 | $ | 20,876,918 | |||||||||
Credit Suisse Group AG (REG) | 3,559,065 | 35,150,261 | ||||||||||
Euronext NV(c) | 123,535 | 13,980,554 | ||||||||||
Goldman Sachs Group, Inc. (The) | 103,904 | 39,278,829 | ||||||||||
Julius Baer Group Ltd. | 815,634 | 54,190,489 | ||||||||||
London Stock Exchange Group PLC | 197,679 | 19,809,063 | ||||||||||
Moody’s Corp. | 164,522 | 58,423,408 | ||||||||||
Singapore Exchange Ltd. | 347,100 | 2,541,074 | ||||||||||
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282,304,794 | ||||||||||||
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Consumer Finance – 1.5% | ||||||||||||
American Express Co. | 226,440 | 37,935,493 | ||||||||||
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Diversified Financial Services – 0.8% | ||||||||||||
Groupe Bruxelles Lambert SA | 187,759 | 20,652,681 | ||||||||||
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Insurance – 0.8% | ||||||||||||
PICC Property & Casualty Co., Ltd. - Class H | 20,712,000 | 20,092,057 | ||||||||||
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403,884,398 | ||||||||||||
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Communication Services – 12.4% | ||||||||||||
Diversified Telecommunication Services – 1.5% | ||||||||||||
Comcast Corp. - Class A | 696,223 | 38,939,752 | ||||||||||
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Entertainment – 2.1% | ||||||||||||
Electronic Arts, Inc. | 265,547 | 37,774,061 | ||||||||||
Nintendo Co., Ltd. | 34,700 | 16,582,535 | ||||||||||
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54,356,596 | ||||||||||||
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Interactive Media & Services – 8.2% | ||||||||||||
Alphabet, Inc. - Class C(a) | 41,087 | 109,509,592 | ||||||||||
Facebook, Inc. - Class A(a) | 290,731 | 98,671,194 | ||||||||||
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208,180,786 | ||||||||||||
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Wireless Telecommunication Services – 0.6% | ||||||||||||
SoftBank Group Corp. | 262,000 | 15,139,745 | ||||||||||
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316,616,879 | ||||||||||||
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Consumer Discretionary – 12.0% | ||||||||||||
Automobiles – 1.4% | ||||||||||||
Toyota Motor Corp.(b) | 1,988,500 | 35,429,872 | ||||||||||
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Diversified Consumer Services – 1.3% | ||||||||||||
Service Corp. International/US | 531,487 | 32,027,407 | ||||||||||
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Hotels, Restaurants & Leisure – 2.3% | ||||||||||||
Compass Group PLC(a) | 1,383,997 | 28,304,361 | ||||||||||
Galaxy Entertainment Group Ltd.(a) | 6,046,000 | 31,022,216 | ||||||||||
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59,326,577 | ||||||||||||
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Internet & Direct Marketing Retail – 6.5% | ||||||||||||
Alibaba Group Holding Ltd. (ADR)(a) | 240,787 | 35,648,515 | ||||||||||
Amazon.com, Inc.(a) | 19,321 | 63,470,258 | ||||||||||
Prosus NV(a) | 843,480 | 67,513,035 | ||||||||||
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166,631,808 | ||||||||||||
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Company | Shares | U.S. $ Value | ||||||||||
Textiles, Apparel & Luxury Goods – 0.5% | ||||||||||||
Kering SA | 17,664 | $ | 12,546,053 | |||||||||
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305,961,717 | ||||||||||||
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Industrials – 10.5% | ||||||||||||
Building Products – 3.2% | ||||||||||||
Otis Worldwide Corp. | 987,655 | 81,264,253 | ||||||||||
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Commercial Services & Supplies – 0.3% | ||||||||||||
Secom Co., Ltd. | 92,500 | 6,690,343 | ||||||||||
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Electrical Equipment – 0.6% | ||||||||||||
Vertiv Holdings Co. | 677,456 | 16,319,915 | ||||||||||
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Industrial Conglomerates – 1.4% | ||||||||||||
3M Co. | 199,409 | 34,980,327 | ||||||||||
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Machinery – 4.1% | ||||||||||||
Dover Corp. | 266,168 | 41,389,124 | ||||||||||
Parker-Hannifin Corp. | 120,300 | 33,638,286 | ||||||||||
Volvo AB - Class B | 1,318,185 | 29,430,441 | ||||||||||
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104,457,851 | ||||||||||||
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Professional Services – 0.9% | ||||||||||||
RELX PLC | 826,991 | 23,939,389 | ||||||||||
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267,652,078 | ||||||||||||
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Consumer Staples – 4.8% | ||||||||||||
Beverages – 4.8% | ||||||||||||
Asahi Group Holdings Ltd. | 1,115,335 | 53,820,920 | ||||||||||
Coca-Cola Co. (The) | 1,305,947 | 68,523,039 | ||||||||||
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122,343,959 | ||||||||||||
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Energy – 2.8% | ||||||||||||
Oil, Gas & Consumable Fuels – 2.8% | ||||||||||||
LUKOIL PJSC (Sponsored ADR) | 273,130 | 25,867,719 | ||||||||||
Neste Oyj | 249,154 | 14,055,362 | ||||||||||
Royal Dutch Shell PLC - Class B | 1,401,012 | 31,041,688 | ||||||||||
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70,964,769 | ||||||||||||
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Real Estate – 1.7% | ||||||||||||
Real Estate Management & Development – 1.7% | ||||||||||||
CBRE Group, Inc. - Class A(a) | 446,401 | 43,461,601 | ||||||||||
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Materials – 1.4% | ||||||||||||
Chemicals – 1.4% | ||||||||||||
Linde PLC | 118,808 | 34,855,891 | ||||||||||
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Utilities – 0.5% | ||||||||||||
Electric Utilities – 0.5% | ||||||||||||
Iberdrola SA(b) | 1,246,201 | 12,537,323 | ||||||||||
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Total Common Stocks | 2,534,280,149 | |||||||||||
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Company | Shares | U.S. $ Value | ||||||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||||||
Investment Companies – 0.1% | ||||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) | 4,581,339 | $ | 4,581,339 | |||||||||
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Principal Amount (000) | ||||||||||||
Time Deposits – 0.1% | ||||||||||||
BBH Grand Cayman | CHF | 33 | 35,183 | |||||||||
(0.46)%, 10/01/2021 | DKK | 6 | 987 | |||||||||
3.50%, 10/01/2021 | ZAR | 13 | 858 | |||||||||
Citibank, London | EUR | 221 | 255,576 | |||||||||
0.00%, 10/01/2021 | GBP | 238 | 320,306 | |||||||||
Hong Kong & Shanghai Bank, Hong Kong | HKD | 9 | 1,193 | |||||||||
Hong Kong & Shanghai Bank, Singapore | SGD | 350 | 257,444 | |||||||||
SEB, Stockholm | SEK | 2,260 | 258,193 | |||||||||
Sumitomo, Tokyo | JPY | 28,693 | 257,814 | |||||||||
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Total Time Deposits | 1,387,554 | |||||||||||
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Total Short-Term Investments | 5,968,893 | |||||||||||
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Total Investments Before Security Lending Collateral for Securities Loaned – 99.6% | 2,540,249,042 | |||||||||||
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Shares | ||||||||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.8% | ||||||||||||
Investment Companies – 2.8% | ||||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, | 69,808,972 | 69,808,972 | ||||||||||
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Total Investments – 102.4% | 2,610,058,014 | |||||||||||
Other assets less liabilities – (2.4)% | (60,398,222 | ) | ||||||||||
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Net Assets – 100.0% | $ | 2,549,659,792 | ||||||||||
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(a) | Non-income producing security. |
(b) | Represents entire or partial securities out on loan. |
(c) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2021, the aggregate market value of these securities amounted to $36,032,218 or 1.4% of net assets. |
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(d) | The rate shown represents the 7-day yield as of period end. |
(e) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(f) | Affiliated investments. |
(g) | As of September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $517,801,450 and gross unrealized depreciation of investments was $(50,372,277), resulting in net unrealized appreciation of $467,429,173. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. |
Currency Abbreviations:
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
JPY – Japanese Yen
SEK – Swedish Krona
SGD – Singapore Dollar
ZAR – South African Rand
Glossary:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
PJSC – Public Joint Stock Company
REG – Registered Shares
COUNTRY BREAKDOWN1
September 30, 2021 (unaudited)
58.7 | % | United States | ||||
6.3 | % | United Kingdom | ||||
6.0 | % | Switzerland | ||||
5.0 | % | Japan | ||||
4.9 | % | China | ||||
3.5 | % | Netherlands | ||||
3.4 | % | South Korea | ||||
3.3 | % | Germany | ||||
2.5 | % | France | ||||
1.2 | % | Macau | ||||
1.2 | % | Sweden | ||||
1.0 | % | Russia | ||||
0.8 | % | Denmark | ||||
2.0 | % | Other | ||||
0.2 | % | Short-Term | ||||
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100.0 | % | Total Investments | ||||
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1 | All data are as of September 30, 2021. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.8% or less in the following: Belgium, Finland, Singapore and Spain. |
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AB Cap Fund, Inc.
AB Global Core Equity Portfolio
September 30, 2021 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1 - quoted prices in active markets for identical investments |
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2021:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 367,275,452 | $ | 170,647,133 | $ | -0- | $ | 537,922,585 | ||||||||
Health Care | 252,236,679 | 165,842,270 | -0- | 418,078,949 | ||||||||||||
Financials | 208,549,400 | 195,334,998 | -0- | 403,884,398 | ||||||||||||
Communication Services | 284,894,599 | 31,722,280 | -0- | 316,616,879 | ||||||||||||
Consumer Discretionary | 131,146,180 | 174,815,537 | -0- | 305,961,717 | ||||||||||||
Industrials | 207,591,905 | 60,060,173 | -0- | 267,652,078 | ||||||||||||
Consumer Staples | 68,523,039 | 53,820,920 | -0- | 122,343,959 | ||||||||||||
Energy | 24,550,071 | 46,414,698 | -0- | 70,964,769 | ||||||||||||
Real Estate | 43,461,601 | -0- | -0- | 43,461,601 | ||||||||||||
Materials | 34,855,891 | -0- | -0- | 34,855,891 | ||||||||||||
Utilities | -0- | 12,537,323 | -0- | 12,537,323 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 4,581,339 | -0- | -0- | 4,581,339 | ||||||||||||
Time Deposits | -0- | 1,387,554 | -0- | 1,387,554 | ||||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 69,808,972 | -0- | -0- | 69,808,972 | ||||||||||||
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Total Investments in Securities | 1,697,475,128 | 912,582,886 | † | -0- | 2,610,058,014 | |||||||||||
Other Financial Instruments* | -0- | -0- | -0- | -0- | ||||||||||||
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Total | $ | 1,697,475,128 | $ | 912,582,886 | $ | -0- | $ | 2,610,058,014 | ||||||||
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† | A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available. |
* | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
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A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2021 is as follows:
Fund | Market Value (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 6,187 | $ | 86,056 | $ | 87,662 | $ | 4,581 | $ | 1 | ||||||||||
Government Money Market Portfolio* | 97,978 | 57,540 | 85,709 | 69,809 | 1 | |||||||||||||||
Total | $ | 74,390 | $ | 2 |
* | Investment of cash collateral for securities lending transactions. |
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