THE ADVISORS’ INNER CIRCLE FUND III |
KBI GLOBAL INVESTORS |
AQUARIUS FUND |
|
APRIL 30, 2025 |
|
(UNAUDITED) |
SCHEDULE OF INVESTMENTS |
||||||||
COMMON STOCK — 97.8% |
||||||||
Shares |
Value |
|||||||
Austria — 1.7% |
||||||||
Industrials — 1.7% |
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ANDRITZ |
12,036 | $ | 864,903 | |||||
Brazil — 2.6% |
||||||||
Utilities — 2.6% |
||||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR * |
44,385 | 902,347 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
119,800 | 451,956 | ||||||
| 1,354,303 | ||||||||
Canada — 1.6% |
||||||||
Industrials — 1.6% |
||||||||
Stantec |
9,432 | 827,849 | ||||||
China — 1.4% |
||||||||
Utilities — 1.4% |
||||||||
Beijing Enterprises Water Group |
543,355 | 171,619 | ||||||
China Water Affairs Group |
393,730 | 303,139 | ||||||
Guangdong Investment |
331,125 | 267,952 | ||||||
| 742,710 | ||||||||
France — 6.3% |
||||||||
Utilities — 6.3% |
||||||||
Veolia Environnement |
88,353 | 3,227,010 | ||||||
Germany — 0.7% |
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Industrials — 0.7% |
||||||||
Norma Group |
26,394 | 331,722 | ||||||
Japan — 6.7% |
||||||||
Industrials — 6.7% |
||||||||
Kubota |
51,400 | 597,288 | ||||||
Kurita Water Industries |
64,410 | 2,132,465 | ||||||
TOTO |
28,300 | 746,228 | ||||||
| 3,475,981 | ||||||||
Mexico — 0.3% |
||||||||
Materials — 0.3% |
||||||||
Orbia Advance |
239,080 | 161,414 | ||||||
THE ADVISORS’ INNER CIRCLE FUND III |
KBI GLOBAL INVESTORS |
AQUARIUS FUND |
|
APRIL 30, 2025 |
|
(UNAUDITED) |
COMMON STOCK — continued |
||||||||
|
Shares |
Value |
||||||
Netherlands — 4.6% |
||||||||
Industrials — 4.6% |
||||||||
Aalberts |
37,777 | $ | 1,254,446 | |||||
Arcadis |
23,075 | 1,118,931 | ||||||
| 2,373,377 | ||||||||
South Korea — 3.2% |
||||||||
Consumer Discretionary — 3.2% |
||||||||
Coway |
26,794 | 1,649,719 | ||||||
Switzerland — 1.7% |
||||||||
Industrials — 1.7% |
||||||||
Georg Fischer |
11,842 | 856,233 | ||||||
United Kingdom — 15.7% |
||||||||
Industrials — 3.2% |
||||||||
Costain Group |
241,798 | 355,111 | ||||||
Weir Group |
43,297 | 1,305,118 | ||||||
| 1,660,229 | ||||||||
Information Technology — 2.6% |
||||||||
Halma |
37,242 | 1,374,657 | ||||||
Utilities — 9.9% |
||||||||
Pennon Group |
276,202 | 1,848,980 | ||||||
Severn Trent |
28,759 | 1,069,751 | ||||||
United Utilities Group |
143,466 | 2,156,909 | ||||||
| 5,075,640 | ||||||||
| 8,110,526 | ||||||||
United States — 51.3% |
||||||||
Industrials — 35.3% |
||||||||
A O Smith |
14,693 | 997,067 | ||||||
Advanced Drainage Systems |
12,099 | 1,373,116 | ||||||
AECOM |
15,673 | 1,546,141 | ||||||
Core & Main, Cl A * |
19,180 | 1,010,402 | ||||||
Ferguson Enterprises |
7,949 | 1,348,627 | ||||||
Fortune Brands Innovations |
25,412 | 1,367,674 | ||||||
IDEX |
10,717 | 1,864,437 | ||||||
Lindsay |
1,874 | 241,858 | ||||||
Masco |
7,863 | 476,576 | ||||||
Pentair |
16,100 | 1,460,753 | ||||||
Tetra Tech |
39,389 | 1,228,543 | ||||||
Toro |
10,145 | 692,701 | ||||||
THE ADVISORS’ INNER CIRCLE FUND III |
KBI GLOBAL INVESTORS |
AQUARIUS FUND |
|
APRIL 30, 2025 |
|
(UNAUDITED) |
COMMON STOCK — continued |
||||||||
|
Shares |
Value |
||||||
United States — continued |
||||||||
Valmont Industries |
1,730 | $ | 507,271 | |||||
Veralto |
14,661 | 1,406,022 | ||||||
Xylem |
22,304 | 2,689,193 | ||||||
| 18,210,381 | ||||||||
Information Technology — 3.8% |
||||||||
Itron * |
9,791 | 1,089,640 | ||||||
Roper Technologies |
1,542 | 863,643 | ||||||
| 1,953,283 | ||||||||
Materials — 2.2% |
||||||||
Ecolab |
4,543 | 1,142,247 | ||||||
Utilities — 10.0% |
||||||||
American Water Works |
11,586 | 1,703,258 | ||||||
Essential Utilities |
42,589 | 1,751,686 | ||||||
SJW Group |
29,965 | 1,700,214 | ||||||
| 5,155,158 | ||||||||
| 26,461,069 | ||||||||
TOTAL COMMON STOCK |
||||||||
(Cost $40,461,726) |
50,436,816 | |||||||
TOTAL INVESTMENTS — 97.8% |
||||||||
(Cost $40,461,726) |
$ | 50,436,816 | ||||||
Percentages are based on Net Assets of $51,587,418.
* |
Non-income producing security. |
ADR |
American Depositary Receipt |
Cl |
Class |
KBI-QH-001-1400