NPORT-EX 2 838588_Clientfiling.htm SCHEDULE F HTML
The Advisors’ Inner Circle Fund III  

ARGA EMERGING MARKETS

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       

COMMON STOCK — 94.6%

       
    

  Shares  

         Value  

BRAZIL — 13.9%

       

Atacadao

      2,723,300       $ 7,319,473   

Banco Bradesco

      9,858,940         25,082,760   

Banco do Brasil

      1,089,600         12,313,779   

Lojas Renner

      2,975,400         10,043,769   

Petroleo Brasileiro ADR

      1,063,529         16,176,276   

Sendas Distribuidora S

      3,440,500         10,166,330   

Suzano

      816,800           10,419,680   
           91,522,067   

CHINA — 31.7%

       

Alibaba Group Holding

      503,300         4,517,347   

Alibaba Group Holding ADR

      311,877         22,567,420   

Baidu ADR *

      72,162         7,597,215   

Bank of China, Cl A

      7,903,630         4,789,781   

China Merchants Port Holdings

      5,856,653         7,026,278   

China Overseas Land & Investment

      9,584,969         13,789,208   

China Resources Power Holdings

      5,442,000         12,696,076   

Gree Electric Appliances of Zhuhai, Cl A

      4,345,100         23,566,807   

Hengli Petrochemical, Cl A *

      7,042,899         13,350,174   

Industrial & Commercial Bank of China, Cl A

      15,371,900         11,166,106   

Jiangsu Yanghe Brewery Joint-Stock, Cl A

      1,042,500         14,222,236   

Kunlun Energy

      6,020,037         5,022,530   

PICC Property & Casualty, Cl H

      4,588,000         6,049,414   

Ping An Insurance Group of China, Cl A

      2,473,400         13,925,056   

Shanghai Mechanical and Electrical Industry, Cl A

      3,909,614         6,437,182   

Suofeiya Home Collection, Cl A

      3,711,390         7,908,101   

Tencent Holdings

      487,300         18,914,480   

Trip.com Group ADR *

      251,144         11,022,710   

Weibo ADR

      403,370           3,666,633   
            208,234,754   

CZECH REPUBLIC — 0.0%

       

Komercni Banka

      2,179           78,040   

HONG KONG — 3.5%

       

Melco Resorts & Entertainment ADR *

      1,338,151         9,648,069   

WH Group

        20,640,306           13,607,428   
           23,255,497   

HUNGARY — 1.5%

       

OTP Bank Nyrt

      211,373           9,728,460   

INDIA — 4.1%

             

HDFC Bank

      741,127         12,866,255   

Hindalco Industries

      785,977         5,279,741   

Manappuram Finance

      4,143,995           8,603,252   
           26,749,248   

 

1

The Advisors’ Inner Circle Fund III  

ARGA EMERGING MARKETS

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       
    

  Shares  

         Value  

MACAO — 2.5%

       

Galaxy Entertainment Group

      1,185,000         $ 5,950,057   

Sands China *

      3,750,800           10,566,781   
           16,516,838   

PERU — 1.6%

       

Credicorp

      60,993           10,334,044   

RUSSIA — 0.0%

       

Alrosa PJSC (A)

      506,080           –   

SOUTH AFRICA — 5.8%

       

Absa Group

      513,918         4,019,360   

MTN Group

      3,694,219         18,283,848   

Naspers, Cl N

      90,652           16,070,149   
           38,373,357   

SOUTH KOREA — 14.0%

       

DB Insurance

      122,162         8,738,496   

Hana Financial Group

      185,145         8,100,308   

Hyundai Mobis

      38,418         7,462,438   

KB Financial Group

      142,479         7,440,129   

Samsung Electronics

      396,913         23,822,151   

SK Hynix

      237,478         31,434,414   

WONIK IPS *

      179,917           4,877,973   
           91,875,909   

TAIWAN — 9.8%

       

Chailease Holding

      1,960,000         10,503,226   

Taiwan Semiconductor Manufacturing

      592,000         14,224,944   

Taiwan Semiconductor Manufacturing ADR

      176,350         23,992,418   

Yageo

      610,813         11,336,976   

Zhen Ding Technology Holding

      1,119,000           4,370,616   
           64,428,180   

THAILAND — 3.5%

       

CP ALL

      4,754,400         7,101,468   

Kasikornbank

      2,464,200         8,374,397   

SCB X

      2,378,400           7,430,972   
             22,906,837   

UNITED STATES — 2.7%

       

JBS

         1,972,500         8,424,243   

Las Vegas Sands

      173,292           8,959,197   
           17,383,440   

TOTAL COMMON STOCK
(Cost $581,999,222)

            621,386,671   

TOTAL INVESTMENTS— 94.6%
(Cost $581,999,222)

      $     621,386,671   

 

2

The Advisors’ Inner Circle Fund III  

ARGA EMERGING MARKETS

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 

Percentages are based on Net Assets of $657,075,817.

*

Non-income producing security.

(A)

Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

ARG-QH-001-0600

 

3

The Advisors’ Inner Circle Fund III  

ARGA INTERNATIONAL

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       

COMMON STOCK — 93.8%

       
    

  Shares  

         Value  

AUSTRALIA — 1.6%

       

QBE Insurance Group

      41,901       $ 495,035   

South32

      147,820           288,980   
           784,015   

BRAZIL — 3.8%

       

Banco Bradesco ADR

      98,436         281,527   

Banco do Brasil

      6,500         73,458   

Lojas Renner

      452,800           1,528,473   
           1,883,458   

CANADA — 5.1%

             

Great-West Lifeco

      14,484         463,214   

Nutrien

      27,597         1,499,290   

Suncor Energy

      14,100           520,364   
           2,482,868   

CHINA — 12.0%

       

Alibaba Group Holding

      1,800         16,156   

Alibaba Group Holding ADR

      18,538         1,341,410   

China Overseas Land & Investment

      285,804         411,166   

Gree Electric Appliances of Zhuhai, Cl A

      273,600         1,483,942   

NXP Semiconductors

      2,021         500,743   

Ping An Insurance Group of China, Cl H

      160,500         677,730   

Tencent Holdings

      24,600         954,845   

Trip.com Group ADR *

      11,801           517,946   
           5,903,938   

FINLAND — 1.9%

             

Nokia

           255,353           906,633   

FRANCE — 9.7%

             

Accor

      33,951         1,585,999   

Airbus

      5,631         1,037,128   

Bouygues

      12,725         519,346   

Kering

      2,049         809,842   

Societe Generale

      18,660         499,460   

Teleperformance

      3,336           324,203   
              4,775,978   

GERMANY — 1.7%

             

BASF

      13,955         796,883   

Fresenius & KGaA

      1,982           53,457   
           850,340   

HONG KONG — 3.3%

       

CK Asset Holdings

      4,500         18,513   

Melco Resorts & Entertainment ADR *

      5,371         38,725   

Prudential

      164,636         1,543,917   

 

4

The Advisors’ Inner Circle Fund III  

ARGA INTERNATIONAL

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       
    

  Shares  

         Value  

Sun Hung Kai Properties

      2,000       $ 19,280   

WH Group

      13           8   
           1,620,443   

INDIA — 0.9%

             

HDFC Bank ADR

      8,118           454,365   

IRELAND — 2.1%

             

Smurfit Kappa Group

      22,738           1,036,924   

ITALY — 1.1%

             

Leonardo

      22,145           556,187   

JAPAN — 14.2%

       

ITOCHU

      11,100         473,975   

Japan Airlines

      36,000         682,758   

Kobe Steel

      68,200         920,867   

Marubeni

      28,100         484,575   

Nidec

      29,700         1,221,118   

Nitori Holdings

      40         6,030   

Nomura Holdings

      82,600         526,113   

Olympus

      31,600         453,710   

SoftBank Group

      8,300         491,377   

Subaru

      40,300         912,061   

Sumitomo Realty & Development

      8,500         315,339   

Toray Industries

      97,400           466,861   
           6,954,784   

LUXEMBOURG — 1.4%

       

ArcelorMittal

      24,898           683,754   

MACAO — 1.3%

             

Galaxy Entertainment Group

      82,000         411,734   

Sands China *

      77,600           218,615   
           630,349   

NETHERLANDS — 3.4%

             

ABN AMRO Bank GDR

      22,188         379,411   

Aegon

      156,627         954,723   

Shell

      10,359           343,208   
              1,677,342   

NORWAY — 2.9%

       

Aker BP

      1,405         35,239   

Equinor

      52,388           1,404,753   
           1,439,992   

SOUTH KOREA — 4.0%

             

Hyundai Mobis

      2,322         451,033   

KB Financial Group ADR

      1,624         84,562   

Samsung Electronics

      7,998         480,028   

Shinhan Financial Group

      12,457         436,747   

 

5

The Advisors’ Inner Circle Fund III  

ARGA INTERNATIONAL

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       
    

  Shares  

         Value  

SK Hynix

      4,010         $ 530,794   
           1,983,164   

SPAIN — 4.5%

       

Banco Bilbao Vizcaya Argentaria

      90,501         1,077,916   

Banco Santander

      229,088           1,117,499   
           2,195,415   

SWEDEN — 0.9%

             

Boliden

      16,565           460,010   

SWITZERLAND — 3.9%

       

Novartis

      8,990         870,939   

Sandoz Group *

      125         3,771   

UBS Group

      32,871           1,011,079   
           1,885,789   

UNITED KINGDOM — 5.0%

       

Berkeley Group Holdings

      363         21,799   

BP

      74,683         467,252   

easyJet

      2,079         14,978   

HSBC Holdings

      117,327         916,640   

Kingfisher

      23,023         72,472   

Lloyds Banking Group

      166,825         108,985   

Taylor Wimpey

      380,430         658,058   

Whitbread

      4,711           197,050   
           2,457,234   

UNITED STATES — 9.1%

       

GSK

      54,672         1,179,005   

JBS

      99,700         425,803   

Las Vegas Sands

      33,345         1,723,937   

Tenaris

      56,737           1,121,078   
           4,449,823   

TOTAL COMMON STOCK
(Cost $43,311,686)

              46,072,805   
      

PREFERRED STOCK — 4.6%

       

BRAZIL — 3.6%

       

Gerdau (A)

      213,390         944,542   

Petroleo Brasileiro (A)

      108,400           810,504   
           1,755,046   

 

6

The Advisors’ Inner Circle Fund III  

ARGA INTERNATIONAL

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       
    

  Shares  

         Value  

GERMANY — 1.0%

       

Henkel & KGaA (A)

      5,929         $ 476,541   

TOTAL PREFERRED STOCK
(Cost $2,173,647)

            2,231,587   

TOTAL INVESTMENTS— 98.4%
(Cost $45,485,333)

      $       48,304,392   

 

 

Percentages are based on Net Assets of $49,097,546.

*

Non-income producing security.

(A)

There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

ARG-QH-001-0600

 

7

The Advisors’ Inner Circle Fund III  

ARGA

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       

COMMON STOCK — 101.1%

       
    

  Shares  

         Value  

COMMUNICATION SERVICES — 7.0%

             

Comcast, Cl A

      428       $ 18,554   

Liberty Global, Cl A *

      1,376         23,282   

Walt Disney

      355           43,438   
           85,274   

CONSUMER DISCRETIONARY — 22.3%

             

Las Vegas Sands

      840         43,428   

Lear

      185         26,803   

Mohawk Industries *

      345         45,157   

Newell Brands

      1,895         15,217   

PVH

      374         52,588   

Signet Jewelers

      332         33,223   

Tapestry

      1,204           57,166   
           273,582   

CONSUMER STAPLES — 4.3%

             

Target

      159         28,176   

Tyson Foods, Cl A

      423           24,843   
           53,019   

ENERGY — 10.9%

             

EQT

      328         12,159   

Helmerich & Payne

      886         37,265   

Occidental Petroleum

      379         24,631   

PBF Energy, Cl A

      236         13,586   

Petroleo Brasileiro ADR

      1,283         19,514   

Phillips 66

      158           25,808   
           132,963   

FINANCIALS — 20.7%

             

American International Group

      342         26,734   

Bank of America

      1,028         38,982   

Citigroup

      697         44,078   

Goldman Sachs Group

      59         24,644   

Invesco

      1,105         18,332   

MetLife

      316         23,419   

RenaissanceRe Holdings

      36         8,461   

SLM

      703         15,319   

Travelers

      124         28,537   

Wells Fargo

      442           25,618   
                254,124   

HEALTH CARE — 11.4%

       

AbbVie

      135         24,583   

Baxter International

      560         23,935   

CVS Health

      280         22,333   

 

8

The Advisors’ Inner Circle Fund III  

ARGA

VALUE FUND

MARCH 31, 2024

(UNAUDITED)

 

 

 SCHEDULE OF INVESTMENTS

       
    

  Shares  

         Value  

Elevance Health

      22       $ 11,408   

Gilead Sciences

      521         38,163   

Medtronic

      121         10,545   

Perrigo

      281           9,045   
           140,012   

INDUSTRIALS — 4.5%

             

Genpact

      256         8,435   

Stanley Black & Decker

      257         25,168   

WESCO International

      123           21,068   
           54,671   

INFORMATION TECHNOLOGY — 10.0%

             

Arrow Electronics *

      236         30,553   

Intel

      278         12,279   

QUALCOMM

      298         50,452   

Skyworks Solutions

      57         6,174   

TE Connectivity

      159           23,093   
           122,551   

MATERIALS — 10.0%

             

Alcoa

      1,161         39,230   

Celanese, Cl A

      79         13,577   

Dow

      547         31,688   

International Flavors & Fragrances

      141         12,125   

LyondellBasell Industries, Cl A

      252           25,774   
           122,394   

TOTAL COMMON STOCK
(Cost $1,036,710)

            1,238,590   

TOTAL INVESTMENTS— 101.1%
(Cost $1,036,710)

      $        1,238,590   

 

 

Percentages are based on Net Assets of $1,225,377.

*

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

ARG-QH-001-0600

 

9