HDFC BANK LIMITED COMMON STOCK

NPORT-P false 0001593547 XXXXXXXX S000071562 C000226875 ADVISORS' INNER CIRCLE III 811-22920 0001593547 549300TG800HOPJVWT31 ONE FREEDOM VALLEY DRIVE OAKS 19456 8774463863 ARGA Emerging Markets Value Fund S000071562 54930048ZFLXP7RHY777 2025-12-31 2025-03-31 N 1017834874.21 1693697.73 1016141176.48 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 72938794.73000000 N HDFC BANK LIMITED 335800ZQ6I4E2JXENC50 HDFC BANK LIMITED COMMON STOCK N/A 1462910.00000000 NS 31183702.86000000 3.068835667896 Long EC IN N 1 N N N ABSA GROUP LIMITED 2138006IPPRD4N6XLT30 ABSA GROUP LTD COMMON STOCK N/A 1735632.00000000 NS 16818738.68000000 1.655157675851 Long EC ZA N 1 N N N VALE S.A. 254900SMTWBX7RU2SR20 VALE SA COMMON STOCK N/A 1506000.00000000 NS 15021864.73000000 1.478324575137 Long EC BR N 1 N N N TRIP.COM GROUP LIMITED 2549004RMYDSRQL4KW41 TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT 89677Q107 381071.00000000 NS USD 24228494.18000000 2.384362994119 Long EC US N 1 N N N SAMSUNG ELECTRO-MECHANICS CO.,LTD N/A SAMSUNG ELECTRO-MECHANICS CO COMMON STOCK N/A 137991.00000000 NS 12222419.35000000 1.202826893831 Long EC KR N 1 N N N AK ALROSA PAO 894500DKUWVBYZLLE651 ALROSA PJSC COMMON STOCK N/A 506080.00000000 NS 0.59714454 0.000000058765 Long EC RU N 3 N N N KASIKORNBANK PUBLIC COMPANY LIMITED 5493004COSQ54937AW41 KASIKORNBANK PCL-FOREIGN COMMON STOCK N/A 3538600.00000000 NS 16907236.16000000 1.663866847574 Long EC TH N 2 N N N Taiwan Semiconductor Manufacturing Co., Ltd. 549300KB6NK5SBD14S87 TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT 874039100 96067.00000000 NS USD 15947122.00000000 1.569380551553 Long EC US N 1 N N N HYUNDAI MOBIS CO.,LTD 988400HJA9E0ZVDHRS65 HYUNDAI MOBIS CO LTD COMMON STOCK N/A 102019.00000000 NS 18154753.93000000 1.786636970355 Long EC KR N 1 N N N Banco Bradesco S.A. 549300CTUU1RFXHQJE44 BANCO BRADESCO-ADR DEPOSITARY RECEIPT 059460303 9053719.00000000 NS USD 20189793.37000000 1.986908299488 Long EC US N 1 N N N SCB X PUBLIC COMPANY LIMITED 254900TG41KIWX7VDO42 SCB X PCL-FOREIGN COMMON STOCK N/A 4149900.00000000 NS 15082210.01000000 1.484263246003 Long EC TH N 2 N N N Localiza Rent a Car S.A. 984500C442A7E0CD4D11 LOCALIZA RENT A CAR COMMON STOCK N/A 2378200.00000000 NS 14011352.77000000 1.378878554900 Long EC BR N 1 N N N INDIAN OIL CORPORATION LIMITED 335800J8OBWE4VFUDG88 INDIAN OIL CORP LTD COMMON STOCK Y3925Y112 7985145.00000000 NS 11835494.80000000 1.164749059869 Long EC IN N 1 N N N BUDWEISER BREWING COMPANY APAC LIMITED 549300YF1MR4GTF18132 BUDWEISER BREWING CO APAC LT COMMON STOCK N/A 15824800.00000000 NS 19072735.24000000 1.876976908471 Long EC HK Y 1 N N N CHINA JUSHI CO., LTD 300300JZBQ0FKI1TDH04 CHINA JUSHI CO LTD -A COMMON STOCK N/A 11559734.00000000 NS 20562491.57000000 2.023586096690 Long EC CN N 1 N N N Alibaba Group Holding Limited 5493001NTNQJDH60PM02 ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT 01609W102 146642.00000000 NS USD 19390471.66000000 1.908245833238 Long EC US N 1 N N N Tencent Holdings Limited 254900N4SLUMW4XUYY11 TENCENT HOLDINGS LTD COMMON STOCK N/A 358300.00000000 NS 22893920.44000000 2.253025560809 Long EC HK N 1 N N N KB Financial Group Inc. 529900TKE4MXG3Q6GW86 KB FINANCIAL GROUP INC COMMON STOCK N/A 221341.00000000 NS 11997505.90000000 1.180692818842 Long EC KR N 1 N N N Beijing Oriental Yuhong Waterproof Technology Co., Ltd. 300300XMIXB7STDZWT60 BEIJING ORIENTAL YUHONG-A COMMON STOCK N/A 8600312.00000000 NS 16172114.83000000 1.591522438449 Long EC CN N 1 N N N SANDS CHINA LTD. 549300EVO6UZDGY05787 SANDS CHINA LTD COMMON STOCK N/A 8602400.00000000 NS 17257141.05000000 1.698301520442 Long EC HK N 1 N N N Banco Bradesco S.A. 549300CTUU1RFXHQJE44 BANCO BRADESCO S.A. COMMON STOCK N/A 9858940.00000000 NS 19695592.88000000 1.938273276969 Long EC BR N 1 N N N SITC International Holdings Co Ltd 529900JUV4MOM9CE3V12 SITC INTERNATIONAL HOLDINGS COMMON STOCK N/A 2999642.00000000 NS 8153034.24000000 0.802352510528 Long EC HK N 1 N N N OTP Bank Nyrt. 529900W3MOO00A18X956 OTP BANK PLC COMMON STOCK N/A 162862.00000000 NS 10957667.70000000 1.078360758684 Long EC HU N 1 N N N Petroleo Brasileiro S.A. (Petrobras) 5493000J801JZRCMFE49 PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT 71654V408 1267747.00000000 NS USD 18179491.98000000 1.789071479513 Long EC US N 1 N N N SINO BIOPHARMACEUTICAL LIMITED 529900LPR4ADFEJAR786 SINO BIOPHARMACEUTICAL COMMON STOCK N/A 18025151.00000000 NS 8715584.24000000 0.857713912371 Long EC HK N 1 N N N ATACADAO S.A. 549300SMI26ISJIRM371 ATACADAO SA COMMON STOCK N/A 4512800.00000000 NS 5733477.03000000 0.564240202317 Long EC BR N 1 N N N Ping An Insurance (Group) Company of China, Ltd. 529900M9MC28JLN35U89 PING AN INSURANCE GROUP CO-H COMMON STOCK N/A 5030500.00000000 NS 30026817.86000000 2.954984853976 Long EC HK N 1 N N N INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 5493002ERZU2K9PZDL40 IND & COMM BK OF CHINA-H COMMON STOCK N/A 28050000.00000000 NS 20015947.51000000 1.969799863768 Long EC HK N 1 N N N MTN GROUP LIMITED 2549009JD6Q6XHZS5E05 MTN GROUP LTD COMMON STOCK N/A 4733609.00000000 NS 31841946.01000000 3.133614378299 Long EC ZA N 1 N N N Gree Electric Appliances, Inc. of Zhuhai 655600UY069MU9JRAN62 GREE ELECTRIC APPLIANCES I-A COMMON STOCK N/A 5573800.00000000 NS 34929281.43000000 3.437443756683 Long EC CN N 1 N N N ZHEN DING TECHNOLOGY HOLDING LIMITED 549300H7R4K33675UP38 ZHEN DING TECHNOLOGY HOLDING COMMON STOCK N/A 1434682.00000000 NS 4550597.50000000 0.447831227129 Long EC TW N 1 N N N PICC Property and Casualty Company Limited 300300F1000311000017 PICC PROPERTY & CASUALTY-H COMMON STOCK N/A 8500000.00000000 NS 15739536.33000000 1.548951729770 Long EC HK N 1 N N N CHINA OVERSEAS LAND & INVESTMENT LTD. 529900I6W35GYKRIZ151 CHINA OVERSEAS LAND & INVEST COMMON STOCK N/A 19824969.00000000 NS 35485855.04000000 3.492217012888 Long EC HK N 1 N N N HINDALCO INDUSTRIES LIMITED 335800KXLE5NO5B4GF90 HINDALCO INDUSTRIES LTD COMMON STOCK Y3196V185 1460249.00000000 NS 11587293.53000000 1.140323195064 Long EC IN N 1 N N N WH GROUP LIMITED 254900A4AYEDRWYSE928 WH GROUP LTD COMMON STOCK N/A 14123806.00000000 NS 12968537.86000000 1.276253552181 Long EC HK Y 1 N N N YAGEO CORPORATION 5493001P0TOZH7GGNQ21 YAGEO CORPORATION COMMON STOCK N/A 1620237.00000000 NS 23863663.52000000 2.348459453504 Long EC TW N 1 N N N MELCO RESORTS & ENTERTAINMENT LIMITED 529900NRV6LBR3T6B421 MELCO RESORTS & ENTERT-ADR DEPOSITARY RECEIPT 585464100 1338151.00000000 NS USD 7052055.77000000 0.694003543329 Long EC US N 1 N N N Samsung Electronics Co., Ltd. 9884007ER46L6N7EI764 SAMSUNG ELECTRONICS CO LTD COMMON STOCK N/A 778423.00000000 NS 30860948.32000000 3.037072902301 Long EC KR N 1 N N N WONIK IPS CO., LTD. N/A WONIK IPS CO LTD COMMON STOCK N/A 179917.00000000 NS 3005760.00000000 0.295801417123 Long EC KR N 1 N N N BROWN BROTHERS HARRIMAN & CO. 5493006KMX1VFTPYPW14 FX Forward Contract: USD/HKD SETTLE 2025-04-01 N/A 1.00000000 NC USD 125.81000000 0.000012381153 N/A DFE US N 2 BROWN BROTHERS HARRIMAN & CO. 5493006KMX1VFTPYPW14 3715255.08000000 HKD 477576.04000000 USD 2025-04-01 125.81000000 N N N Alibaba Group Holding Limited 5493001NTNQJDH60PM02 ALIBABA GROUP HOLDING LTD COMMON STOCK N/A 1256000.00000000 NS 20781753.29000000 2.045163976327 Long EC HK N 1 N N N LAS VEGAS SANDS CORP. 549300DUOO1KXOHPM605 LAS VEGAS SANDS CORP COMMON STOCK 517834107 461627.00000000 NS USD 17832651.01000000 1.754938331676 Long EC US N 1 N N N PRIO S.A. 549300IQAZIWK5RVZX23 PRIO SA COMMON STOCK N/A 351200.00000000 NS 2458698.49000000 0.241964261158 Long EC BR N 1 N N N Sendas Distribuidora S.A. N/A SENDAS DISTRIBUIDORA SA COMMON STOCK N/A 9876500.00000000 NS 13049936.48000000 1.284264114284 Long EC BR N 1 N N N Galaxy Entertainment Group Limited 549300ZSEBV3HR826S10 GALAXY ENTERTAINMENT GROUP L COMMON STOCK N/A 2817000.00000000 NS 11008802.12000000 1.083392974796 Long EC HK N 1 N N N NASPERS LIMITED 21380044BQ8812EEKT59 NASPERS LTD-N SHS COMMON STOCK N/A 45168.00000000 NS 11201241.32000000 1.102331209409 Long EC ZA N 1 N N N B3 S.A - Brasil, Bolsa, Balcao 4GTK5S46E6H318LMDS44 B3 SA-BRASIL BOLSA BALCAO COMMON STOCK N/A 12813500.00000000 NS 27371932.64000000 2.693713558072 Long EC BR N 1 N N N SK hynix Inc. 988400XAIK6XISWQV045 SK HYNIX INC COMMON STOCK N/A 178369.00000000 NS 23777664.05000000 2.339996114749 Long EC KR N 1 N N N Hana Financial Group Inc. N/A HANA FINANCIAL GROUP COMMON STOCK N/A 279187.00000000 NS 11399303.23000000 1.121822783472 Long EC KR N 1 N N N CREDICORP LTD. 529900UYAEYQCQ2BKB17 CREDICORP LTD COMMON STOCK G2519Y108 60993.00000000 NS USD 11354456.88000000 1.117409385901 Long EC US N 1 N N N CHAILEASE HOLDING COMPANY LIMITED 529900L76E6T0JCM3J27 CHAILEASE HOLDING CO LTD COMMON STOCK N/A 2025068.00000000 NS 7161328.92000000 0.704757280362 Long EC TW N 1 N N N PT Bank Rakyat Indonesia (Persero) Tbk 254900HB6S4B12GBNP64 BANK RAKYAT INDONESIA PERSER COMMON STOCK N/A 57222500.00000000 NS 13832509.53000000 1.361278319408 Long EC ID N 1 N N N DB INSURANCE CO.,LTD 9884000ZF26VNJBWSJ91 DB INSURANCE CO LTD COMMON STOCK N/A 90745.00000000 NS 5481693.15000000 0.539461767408 Long EC KR N 1 N N N BROWN BROTHERS HARRIMAN & CO. 5493006KMX1VFTPYPW14 FX Forward Contract: USD/HKD SETTLE 2025-04-01 N/A 1.00000000 NC USD 320.59000000 0.000031549749 N/A DFE US N 2 BROWN BROTHERS HARRIMAN & CO. 5493006KMX1VFTPYPW14 6622883.51000000 HKD 851432.34000000 USD 2025-04-01 320.59000000 N N N Lojas Renner S.A. N/A LOJAS RENNER S.A. COMMON STOCK N/A 3272940.00000000 NS 7054677.08000000 0.694261510436 Long EC BR N 1 N N N Taiwan Semiconductor Manufacturing Co., Ltd. 549300KB6NK5SBD14S87 TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK N/A 551000.00000000 NS 15517807.78000000 1.527131085638 Long EC TW N 1 N N N HENGLI PETROCHEMICAL CO., LTD. N/A HENGLI PETROCHEMICAL CO L-A COMMON STOCK N/A 10536499.00000000 NS 22333832.63000000 2.197906466832 Long EC CN N 1 N N N Beijing New Building Materials Public Limited Company 3003000VY5ALEC09Q824 BEIJING NEW BUILDING MATER-A COMMON STOCK N/A 4138129.00000000 NS 16623353.29000000 1.635929502196 Long EC CN N 1 N N N Li Ning Co Ltd 529900T77L2FV3FZ3U81 LI NING CO LTD COMMON STOCK N/A 9385000.00000000 NS 19262914.97000000 1.895692785202 Long EC HK N 1 N N N CP All Public Company Limited 894500LSBZLM09TY1A91 CP ALL PCL-FOREIGN COMMON STOCK N/A 6747200.00000000 NS 9870187.61000000 0.971340187609 Long EC TH N 2 N N N 2025-03-31 THE ADVISORS' INNER CIRCLE III Andrew Metzger Andrew Metzger Treasurer, Controller and Chief Financial Officer XXXX