THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

  SCHEDULE OF INVESTMENTS

 

  COMMON STOCK — 97.4%

 

 

           Shares            Value  

CHINA — 3.3%

      

NetEase ADR

      94,403       $ 8,777,591  
     

 

 

  

GERMANY — 3.2%

      

Beiersdorf

      82,221        8,459,101  
     

 

 

  

IRELAND — 3.0%

      

ICON *

      32,949        7,948,946  
     

 

 

  

NETHERLANDS — 5.9%

      

ASML Holding

      27,753        15,913,791  
     

 

 

  

SOUTH KOREA — 1.7%

      

Samsung Electronics GDR

      3,760        4,442,768  
     

 

 

  

SWITZERLAND — 7.9%

      

Nestle

      94,797        11,608,512  

Roche Holding

      28,461        9,443,724  
     

 

 

  
            21,052,236  
     

 

 

  

UNITED KINGDOM — 1.8%

      

St. James’s Place

      326,904        4,906,822  
     

 

 

  

UNITED STATES — 70.6%

      

Communication Services — 4.8%

      

Electronic Arts

      61,916        8,125,237  

Fox

      143,424        4,748,768  
     

 

 

  
        12,874,005  
     

 

 

  

Consumer Discretionary — 4.3%

      

Booking Holdings *(a)

      5,897        11,414,764  
     

 

 

  

Consumer Staples — 8.5%

      

Estee Lauder, Cl A

      38,662        10,558,592  

Philip Morris International (a)

      124,812        12,125,486  
     

 

 

  
        22,684,078  
     

 

 

  

Financials — 13.5%

      

Charles Schwab

      76,401        5,275,489  

FactSet Research Systems

      16,236        6,976,285  

Moody’s

      49,705        15,420,976  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

  COMMON STOCK — continued

 

 

           Shares            Value  

Financials (continued)

      

S&P Global

      22,261       $ 8,390,839  
     

 

 

  
        36,063,589  
     

 

 

  

Health Care — 7.2%

      

Becton Dickinson

      37,086        9,060,481  

Johnson & Johnson

      59,216        10,334,376  
     

 

 

  
        19,394,857  
     

 

 

  

Information Technology — 32.3%

      

Autodesk *

      43,167        9,337,885  

Automatic Data Processing

      32,070        7,732,718  

Check Point Software Technologies *

      51,820        6,456,772  

Intuit

      27,765        12,665,560  

Microsoft

      56,917        15,978,879  

VeriSign *

      58,797        11,122,041  

Visa, Cl A (a)

      108,500        23,013,935  
     

 

 

  
        86,307,790  
     

 

 

  
            188,739,083  
     

 

 

  

Total Common Stock

(Cost $240,202,680)

      

 

260,240,338

 

     

 

 

  

Total Investments — 97.4%

(Cost $240,202,680)

      

$

260,240,338

 

     

 

 

  

Percentages are based on Net Assets of $267,112,653.

 

*

Non-income producing security.

(a)

Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

The following is a summary of the level of the inputs used as of July 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities                     

    Level 1      Level 2            Level 3            Total  

Common Stock

            

China

      $ 8,777,591        $ —        $ —        $ 8,777,591  

Germany

      —        8,459,101        —        8,459,101  

Ireland

      7,948,946        —        —        7,948,946  

Netherlands

      —        15,913,791        —        15,913,791  

South Korea

      4,442,768        —        —        4,442,768  

Switzerland

      —        21,052,236        —        21,052,236  

United Kingdom

      —        4,906,822        —        4,906,822  

United States

      188,739,083        —        —        188,739,083  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

      $ 209,908,388        $     50,331,950        $ —        $   260,240,338  
  

 

 

     

 

 

     

 

 

     

 

 

  

Amounts designated as “—“ are $0.

For information on the Fund’s policies regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

INV-QH-001-1000

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

  SCHEDULE OF INVESTMENTS

  COMMON STOCK — 95.5%

 

             Shares                      Value          

AUSTRALIA — 5.4%

      

CSL

      232        $ 47,178    

REA Group

      438        38,592    
     

 

 

  
        85,770    
     

 

 

  

CANADA — 4.3%

      

Constellation Software

      40        68,002    
     

 

 

  

CHINA — 6.1%

      

Hangzhou Tigermed Consulting, Cl H

      2,500        25,966    

Kweichow Moutai, Cl A

      100        28,175    

NetEase

      2,300        43,026    
     

 

 

  
        97,167    
     

 

 

  

FRANCE — 8.9%

      

EssilorLuxottica

      422        66,007    

Hermes International

      26        35,587    

L’Oreal

      109        41,111    
     

 

 

  
        142,705    
     

 

 

  

GERMANY — 7.8%

      

Beiersdorf

      388        39,919    

SAP

      505        46,992    

Siemens Healthineers

      740        37,831    
     

 

 

  
        124,742    
     

 

 

  

HONG KONG — 2.6%

      

AIA Group

      4,200        42,196    
     

 

 

  

IRELAND — 3.2%

      

ICON *

      215        51,869    
     

 

 

  

NETHERLANDS — 9.5%

      

ASML Holding

      133        76,264    

Heineken

      330        32,457    

Wolters Kluwer

      401        43,447    
     

 

 

  
        152,168    
     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

  COMMON STOCK — continued

 

           Shares            Value  

SWEDEN — 4.0%

      

Swedish Match

      6,127        $ 63,933    
     

 

 

  

SWITZERLAND — 13.7%

      

Alcon

      743        58,443    

Lonza Group

      66        40,089    

Nestle

      603        73,841    

Roche Holding

      139        46,122    
     

 

 

  
        218,495    
     

 

 

  

TAIWAN — 2.6%

      

Taiwan Semiconductor Manufacturing ADR

      462        40,878    
     

 

 

  

UNITED KINGDOM — 10.6%

      

Experian

      1,149        40,200    

InterContinental Hotels Group

      434        25,706    

London Stock Exchange Group

      520        50,711    

Reckitt Benckiser Group

      659        53,415    
     

 

 

  
        170,032    
     

 

 

  

UNITED STATES — 16.8%

      

Accenture, Cl A

      172        52,677    

Check Point Software Technologies *

      241        30,028    

Estee Lauder, Cl A

      110        30,041    

Mastercard, Cl A

      294        104,014    

Philip Morris International (a)

      538        52,267    
     

 

 

  
        269,027    
     

 

 

  

Total Common Stock

    (Cost $1,711,480)

         1,526,984    
     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

  PREFERRED STOCK — 1.6%

 

          Shares                 Value        

GERMANY — 1.6%

      

Sartorius (b)

      

(Cost $25,739)

      59       $ 26,329   
     

 

 

  

 

Total Investments — 97.1%

      

(Cost $1,737,219)

        $   1,553,313   
     

 

 

  

Percentages are based on Net Assets of $1,599,015.

 

*

Non-income producing security.

(a)

Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.

(b)

There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the level of the inputs used as of July 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities            

        Level 1          Level 2      Level 3      Total  

Common Stock

            

Australia

     $ —       $ 85,770       $ —       $ 85,770  

Canada

      68,002        —        —        68,002  

China

      —        97,167        —        97,167  

France

      —        142,705        —        142,705  

Germany

      —        124,742        —        124,742  

Hong Kong

      —        42,196        —        42,196  

Ireland

      51,869        —        —        51,869  

Netherlands

      —        152,168        —        152,168  

Sweden

      —        63,933        —        63,933  

Switzerland

      —        218,495        —        218,495  

Taiwan

      40,878        —        —        40,878  

United Kingdom

      —        170,032        —        170,032  

United States

      269,027        —        —        269,027  

Preferred Stock

            

Germany

      —        26,329        —        26,329  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

     $       429,776       $     1,123,537       $             —       $     1,553,313  
  

 

 

     

 

 

     

 

 

     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

INTERNATIONAL FRANCHISE FUND

JULY 31, 2022 (Unaudited)

 

 

 

Amounts designated as “—” are $0.

For information on the Fund’s policies regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

INV-QH-001-1000

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2022 (Unaudited)

 

 

 

  SCHEDULE OF INVESTMENTS

 

  COMMON STOCK — 96.5%

 

           Shares            Value  

BRAZIL — 3.2%

      

Atacadao

      277,587       $ 996,484  

Porto Seguro

      231,907        821,794  

Vale ADR, Cl B

      141,104        1,899,260  
     

 

 

  
        3,717,538  
     

 

 

  

CHINA — 26.3%

      

Communication Services — 4.7%

      

NetEase

      183,100        3,425,210  

Tencent Holdings

      54,100        2,090,900  
     

 

 

  
        5,516,110  
     

 

 

  

Consumer Discretionary — 5.7%

      

Alibaba Group Holding *

      355,936        4,001,955  

Bosideng International Holdings

      2,344,000        1,368,073  

Haier Smart Home, Cl H

      403,400        1,291,086  
     

 

 

  
        6,661,114  
     

 

 

  

Consumer Staples — 3.2%

      

Inner Mongolia Yili Industrial Group, Cl A

      249,833        1,329,127  

Kweichow Moutai, Cl A

      3,339        940,768  

Tsingtao Brewery, Cl H

      158,000        1,543,359  
     

 

 

  
        3,813,254  
     

 

 

  

Financials — 4.1%

      

China Construction Bank, Cl H

      3,055,000        1,950,956  

East Money Information, Cl A

      433,503        1,435,838  

Ping An Insurance Group of China, Cl H

      262,500        1,542,723  
     

 

 

  
        4,929,517  
     

 

 

  

Industrials — 3.0%

      

CITIC

      1,345,000        1,454,729  

Contemporary Amperex Technology, Cl A

      15,496        1,177,420  

Hongfa Technology, Cl A

      150,886        920,900  
     

 

 

  
        3,553,049  
     

 

 

  

Materials — 1.2%

      

Zijin Mining Group, Cl H

      1,194,000        1,399,144  
     

 

 

  

Utilities — 4.4%

      

China Longyuan Power Group, Cl H

      1,361,000        2,186,530  

China Resources Gas Group

      286,000        1,200,180  

ENN Energy Holdings

      113,300        1,848,217  
     

 

 

  
        5,234,927  
     

 

 

  
            31,107,115  
     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2022 (Unaudited)

 

 

 

  COMMON STOCK — continued

 

           Shares            Value  

HONG KONG — 5.1%

      

AIA Group

      224,400       $ 2,254,469  

Hong Kong Exchanges & Clearing

      31,200        1,431,782  

Pacific Basin Shipping

      1,932,000        923,952  

WH Group

      1,926,623        1,459,104  
     

 

 

  
        6,069,307  
     

 

 

  

HUNGARY — 0.4%

      

Richter Gedeon Nyrt

      24,687        504,792  
     

 

 

  

INDIA — 12.9%

      

Gland Pharma *

      17,884        511,593  

HDFC Bank

      73,562        1,343,321  

Hindustan Aeronautics

      20,885        533,732  

Infosys ADR

      149,973        2,922,974  

ITC

      603,019        2,312,524  

LIC Housing Finance

      145,806        713,539  

Mahindra & Mahindra

      62,116        916,522  

Muthoot Finance

      76,099        1,027,109  

Reliance Industries *

      113,132        3,598,088  

Tech Mahindra

      106,047        1,410,152  
     

 

 

  
            15,289,554  
     

 

 

  

INDONESIA — 1.9%

      

Bank Central Asia

      2,851,900        1,418,137  

Telkom Indonesia Persero

      2,652,500        757,607  
     

 

 

  
        2,175,744  
     

 

 

  

MALAYSIA — 1.3%

      

CIMB Group Holdings

      999,600        1,171,096  

My EG Services

      2,157,700        376,634  
     

 

 

  
        1,547,730  
     

 

 

  

MEXICO — 3.9%

      

Grupo Mexico

      341,485        1,355,005  

Ternium ADR (a)

      27,582        977,230  

Wal-Mart de Mexico

      609,494        2,218,492  
     

 

 

  
        4,550,727  
     

 

 

  

NETHERLANDS — 1.0%

      

OCI

      32,813        1,136,481  
     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2022 (Unaudited)

 

 

 

  COMMON STOCK — continued

 

           Shares            Value  

POLAND — 0.4%

      

Powszechna Kasa Oszczednosci Bank Polski *

      81,873       $ 463,325  
     

 

 

  

PORTUGAL — 0.6%

      

Jeronimo Martins SGPS

      32,004        739,055  
     

 

 

  

QATAR — 0.8%

      

Qatar National Bank QPSC

      172,721        956,692  
     

 

 

  

RUSSIA — 0.0%

      

Moscow Exchange MICEX-RTS PJSC (b)

      491,250        23,189  
     

 

 

  

SAUDI ARABIA — 3.9%

      

Leejam Sports JSC

      32,297        970,632  

Saudi Arabian Oil

      116,853        1,248,857  

Saudi National Bank

      128,316        2,408,716  
     

 

 

  
        4,628,205  
     

 

 

  

SOUTH AFRICA — 6.4%

      

Anglo American (a)

      52,209        1,885,694  

Anglo American Platinum

      351        26,862  

Bidcorp

      79,907        1,467,732  

FirstRand

      343,609        1,356,025  

Naspers, Cl N

      16,685        2,351,790  

Netcare

      557,778        510,021  
     

 

 

  
        7,598,124  
     

 

 

  

SOUTH KOREA — 10.6%

      

Kia

      24,677        1,544,963  

Korea Zinc

      2,558        940,409  

LG

      14,098        879,937  

LG Energy Solution *

      3,373        1,099,878  

POSCO

      3,644        680,546  

Samsung Electronics

      139,433        6,600,084  

Samsung Life Insurance

      16,276        760,852  
     

 

 

  
            12,506,669  
     

 

 

  

TAIWAN — 14.0%

      

Fubon Financial Holding

      763,331        1,433,850  

Hon Hai Precision Industry

      509,000        1,860,266  

MediaTek

      87,000        2,004,487  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2022 (Unaudited)

 

 

 

  COMMON STOCK — continued

 

           Shares            Value  

TAIWAN (continued)

      

Taiwan Semiconductor Manufacturing

      598,000       $ 10,255,441  

Yageo

      90,000        1,039,146  
     

 

 

  
        16,593,190  
     

 

 

  

TURKEY — 0.2%

      

TAV Havalimanlari Holding *

      68,407        214,944  
     

 

 

  

UNITED ARAB EMIRATES — 1.5%

      

Abu Dhabi Commercial Bank PJSC

      381,779        948,948  

Emaar Properties PJSC

      564,872        847,711  
     

 

 

  
        1,796,659  
     

 

 

  

UNITED KINGDOM — 1.2%

      

Mondi

      73,368        1,391,293  
     

 

 

  

UNITED STATES — 0.9%

      

Mosaic

      20,848        1,097,856  
     

 

 

  

Total Common Stock
(Cost $126,862,714)

         114,108,189  
     

 

 

  

Total Investments — 96.5%
(Cost $126,862,714)

        $  114,108,189  
     

 

 

  

Percentages are based on Net Assets of $118,287,837.

 

*

Non-income producing security.

(a)

Represents a company categorized as a “non-United States company”, as set forth in the Fund’s Prospectus, because at least 50% of the company’s revenue is generated outside of the United States.

(b)

Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

JSC — Joint-Stock Company

MICEX-RTS — Moscow Interbank Currency Exchange-Russian Trading System

Nyrt — Hungarian Public Limited Company

PJSC — Public Joint-Stock Company

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

EMERGING MARKETS EQUITY FUND

JULY 31, 2022 (Unaudited)

 

 

 

The following is a summary of the level of the inputs used as of July 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities

    Level 1      Level 2      Level 3 ^      Total  

Common Stock

            

Brazil

     $ 3,717,538       $ —       $ —       $ 3,717,538  

China

      —        31,107,115        —        31,107,115  

Hong Kong

      —        6,069,307        —        6,069,307  

Hungary

      —        504,792        —        504,792  

India

      2,922,974        12,366,580        —        15,289,554  

Indonesia

      —        2,175,744        —        2,175,744  

Malaysia

      —        1,547,730        —        1,547,730  

Mexico

      4,550,727        —        —        4,550,727  

Netherlands

      —        1,136,481        —        1,136,481  

Poland

      —        463,325        —        463,325  

Portugal

      —        739,055        —        739,055  

Qatar

      —        956,692        —        956,692  

Russia

      —        —        23,189        23,189  

Saudi Arabia

      —        4,628,205        —        4,628,205  

South Africa

      1,467,732        6,130,392        —        7,598,124  

South Korea

      —        12,506,669        —        12,506,669  

Taiwan

      —        16,593,190        —        16,593,190  

Turkey

      —        214,944        —        214,944  

United Arab Emirates

      —        1,796,659        —        1,796,659  

United Kingdom

      —        1,391,293        —        1,391,293  

United States

      1,097,856        —        —        1,097,856  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

     $     13,756,827       $   100,328,173       $            23,189       $   114,108,189  
  

 

 

     

 

 

     

 

 

     

 

 

  

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.

Amounts designated as “—“ are $0.

For information on the Fund’s policies regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

NV-QH-001-1000

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL ENVIRONMENT FUND

JULY 31, 2022 (Unaudited)

 

 

 

  SCHEDULE OF INVESTMENTS

 

  COMMON STOCK — 97.9%

 

 

           Shares            Value  

AUSTRALIA — 4.1%

      

Brambles

      184,808       $ 1,485,544  
     

 

 

  

CHINA — 17.6%

      

Sungrow Power Supply, Cl A

      69,789        1,286,135  

Wuxi Lead Intelligent Equipment, Cl A

      191,893        1,700,134  

Xinyi Solar Holdings

      890,000        1,511,942  

Zhejiang Sanhua Intelligent Controls, Cl A

      368,989        1,783,371  
     

 

 

  
            6,281,582  
     

 

 

  

DENMARK — 11.6%

      

Novozymes, Cl B

      27,543        1,755,058  

Orsted

      15,055        1,748,272  

Vestas Wind Systems

      24,983        655,006  
     

 

 

  
        4,158,336  
     

 

 

  

GERMANY — 3.4%

      

Infineon Technologies

      44,281        1,211,531  
     

 

 

  

SPAIN — 4.0%

      

Iberdrola

      133,671        1,424,049  
     

 

 

  

TAIWAN — 4.1%

      

Voltronic Power Technology

      30,000        1,473,517  
     

 

 

  

UNITED KINGDOM — 4.9%

      

Croda International

      19,061        1,741,841  
     

 

 

  

UNITED STATES — 48.2%

      

Consumer Discretionary — 4.1%

      

Aptiv *

      14,047        1,473,390  
     

 

 

  

Consumer Staples — 0.9%

      

Beyond Meat *

      10,489        335,543  
     

 

 

  

Industrials — 19.2%

      

Rockwell Automation

      6,474        1,652,683  

Schneider Electric

      10,041        1,385,447  

Trane Technologies

      12,464        1,832,083  

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL ENVIRONMENT FUND

JULY 31, 2022 (Unaudited)

 

 

 

 

  COMMON STOCK — continued

 

 

           Shares            Value  

Industrials (continued)

      

Waste Management

      12,110       $ 1,992,822  
     

 

 

  
        6,863,035  
     

 

 

  

Information Technology — 19.4%

      

Analog Devices

      7,679        1,320,481  

ANSYS *

      6,539        1,824,315  

Autodesk *

      8,434        1,824,443  

TE Connectivity

      14,694        1,965,029  
     

 

 

  
        6,934,268  
     

 

 

  

Utilities — 4.6%

      

NextEra Energy

      19,415        1,640,373  
     

 

 

  
            17,246,609  
     

 

 

  

Total Common Stock

(Cost $36,428,073)

      

 

35,023,009

 

     

 

 

  

Total Investments — 97.9%

(Cost $36,428,073)

      

 $

35,023,009

 

     

 

 

  

Percentages are based on Net Assets of $35,769,553.

 

*

Non-income producing security.

Cl — Class

The following is a summary of the level of the inputs used as of July 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  

Common Stock

            

Australia

     $ —       $ 1,485,544       $ —       $ 1,485,544  

China

      —        6,281,582        —        6,281,582  

Denmark

      —        4,158,336        —        4,158,336  

Germany

      —        1,211,531        —        1,211,531  

Spain

      —        1,424,049        —        1,424,049  

Taiwan

      —        1,473,517        —        1,473,517  

United Kingdom

      —        1,741,841        —        1,741,841  

United States

      15,861,162        1,385,447        —        17,246,609  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

     $     15,861,162       $     19,161,847       $                 —       $     35,023,009  
  

 

 

     

 

 

     

 

 

     

 

 

  

Amounts designated as “—“ are $0.

THE ADVISORS’ INNER CIRCLE FUND III   

NINETY ONE

GLOBAL ENVIRONMENT FUND

JULY 31, 2022 (Unaudited)

 

 

 

For information on the Fund’s policies regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

INV-QH-001-1000