NPORT-EX 2 fp0093600-1_nportex.htm SCHEDULE F

The Advisors’ Inner Circle Fund III

     ARGA EMERGING MARKETS  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† — 92.4%
   

Shares

    

Value

  

BRAZIL — 14.1%

CONSUMER DISCRETIONARY — 0.7%

        

Lojas Renner

    3,272,940     $ 7,054,677  
                 

CONSUMER STAPLES — 1.9%

        

Atacadao

    4,512,800       5,733,477  

Sendas Distribuidora

    9,876,500       13,049,936  
                 
              18,783,413  

ENERGY — 2.0%

        

Petroleo Brasileiro ADR

    1,267,747       18,179,492  

PRIO *

     365,900       2,561,611  
                 
              20,741,103  

FINANCIALS — 6.6%

        

B3 - Brasil Bolsa Balcao

    12,813,500       27,371,933  

Banco Bradesco ADR

    9,053,719       20,189,793  

Banco Bradesco

    9,858,940       19,695,593  
                 
              67,257,319  

INDUSTRIALS — 1.4%

        

Localiza Rent a Car

    2,411,700       14,208,721  
                 

MATERIALS — 1.5%

        

Vale

    1,506,000       15,021,865  
                 
              143,067,098  
                 

CHINA — 34.0%

COMMUNICATION SERVICES — 2.2%

        

Tencent Holdings

    358,300       22,893,920  
                 

CONSUMER DISCRETIONARY — 11.7%

        

Alibaba Group Holding ADR

    146,642       19,390,472  

Alibaba Group Holding

    1,256,000       20,781,753  

Gree Electric Appliances of Zhuhai, Cl A

    5,573,800       34,929,282  

Li Ning

    9,385,000       19,262,915  

Trip.com Group ADR

    381,071       24,228,494  
                 
              118,592,916  

CONSUMER STAPLES — 1.9%

        

Budweiser Brewing APAC

    15,824,800       19,072,735  
                 

FINANCIALS — 6.5%

        

Industrial & Commercial Bank of China, Cl H

    28,050,000       20,015,947  

PICC Property & Casualty, Cl H

    8,500,000       15,739,536  

Ping An Insurance Group of China, Cl H

    5,030,500       30,026,818  
                 
              65,782,301  

 

1

 

The Advisors’ Inner Circle Fund III

     ARGA EMERGING MARKETS  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

INDUSTRIALS — 2.4%

        

Beijing New Building Materials, Cl A

    4,138,129     $ 16,623,353  

SITC International Holdings

    2,999,642       8,153,034  
              24,776,387  

MATERIALS — 5.8%

        

Beijing Oriental Yuhong Waterproof Technology, Cl A

    8,600,312       16,172,115  

China Jushi, Cl A

    11,559,734       20,562,492  

Hengli Petrochemical, Cl A

    10,536,499       22,333,833  
                 
              59,068,440  

REAL ESTATE — 3.5%

        

China Overseas Land & Investment

    19,824,969       35,485,855  
                 
              345,672,554  
                 

HONG KONG — 2.7%

CONSUMER DISCRETIONARY — 0.7%

        

Melco Resorts & Entertainment ADR *

     1,338,151       7,052,056  

CONSUMER STAPLES — 1.2%

        

WH Group

    12,966,806       11,906,176  
                 

HEALTH CARE — 0.8%

        

Sino Biopharmaceutical

    18,025,151       8,715,584  
                 
              27,673,816  
                 

HUNGARY — 1.1%

FINANCIALS — 1.1%

        

OTP Bank Nyrt

    162,862       10,957,668  

INDIA — 5.4%

ENERGY — 1.2%

        

Indian Oil

    7,985,145       11,835,495  
                 

FINANCIALS — 3.1%

        

HDFC Bank

    1,462,910       31,183,703  
                 

MATERIALS — 1.1%

        

Hindalco Industries

    1,460,249       11,587,293  
                 
              54,606,491  
                 

INDONESIA — 1.4%

FINANCIALS — 1.4%

        

Bank Rakyat Indonesia Persero

    57,222,500       13,832,509  
                 
                 

MACAO — 2.8%

CONSUMER DISCRETIONARY — 2.8%

        

Galaxy Entertainment Group

    2,817,000       11,008,802  

 

2

 

The Advisors’ Inner Circle Fund III

     ARGA EMERGING MARKETS  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

Sands China *

     8,602,400     $ 17,257,141  
                 
              28,265,943  
              28,265,943  
                 

PERU — 1.1%

FINANCIALS — 1.1%

        

Credicorp

    60,993       11,354,457  
                 
                 

RUSSIA — 0.0%

MATERIALS — 0.0%

        

Alrosa PJSC (A)

     506,080       –  
                 
                 

SOUTH AFRICA — 5.9%

COMMUNICATION SERVICES — 3.1%

        

MTN Group

    4,733,609       31,841,946  
                 

CONSUMER DISCRETIONARY — 1.1%

        

Naspers, Cl N

    45,168       11,201,241  
                 

FINANCIALS — 1.7%

        

Absa Group

    1,735,632       16,818,739  
                 
              59,861,926  
                 

SOUTH KOREA — 11.5%

CONSUMER DISCRETIONARY — 1.8%

        

Hyundai Mobis

    102,019       18,154,754  
                 

FINANCIALS — 2.8%

        

DB Insurance

    90,745       5,481,693  

Hana Financial Group

    279,187       11,399,303  

KB Financial Group

    221,341       11,997,506  
                 
              28,878,502  

INFORMATION TECHNOLOGY — 6.9%

        

Samsung Electro-Mechanics

    137,991       12,222,420  

Samsung Electronics

    778,423       30,860,948  

SK Hynix

    178,369       23,777,664  

WONIK IPS

    179,917       3,005,760  
                 
              69,866,792  
              116,900,048  
                 

TAIWAN — 6.6%

FINANCIALS — 0.7%

        

Chailease Holding

    2,025,068       7,161,329  
                 

INFORMATION TECHNOLOGY — 5.9%

        

Taiwan Semiconductor Manufacturing ADR

    96,067       15,947,122  

Taiwan Semiconductor Manufacturing

    551,000       15,517,808  

 

3

 

The Advisors’ Inner Circle Fund III

     ARGA EMERGING MARKETS  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

Yageo

    1,620,237     $ 23,863,664  

Zhen Ding Technology Holding

    1,434,682       4,550,597  
                 
              59,879,191  
              67,040,520  
                 

THAILAND — 4.1%

CONSUMER STAPLES — 1.0%

        

CP ALL

    6,747,200       9,870,188  
                 

FINANCIALS — 3.1%

        

Kasikornbank

    3,538,600       16,907,236  

SCB X

    4,149,900       15,082,210  
                 
              31,989,446  
              41,859,634  
                 

UNITED STATES — 1.7%

CONSUMER DISCRETIONARY — 1.7%

        

Las Vegas Sands

    461,627       17,832,651  
                 
                 

TOTAL COMMON STOCK

               

(Cost $836,852,538)

            938,925,315  

 

                

 

                

TOTAL INVESTMENTS— 92.4%

                

(Cost $836,852,538)

          $ 938,925,315  
                 
                 

 

Percentages are based on Net Assets of $1,016,133,226.

††

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

*

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-001-0800

 

4

 

The Advisors’ Inner Circle Fund III

     ARGA INTERNATIONAL  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† — 98.6%
   

Shares

    

Value

  

AUSTRALIA — 0.9%

FINANCIALS — 0.6%

        

QBE Insurance Group

    41,901     $ 578,954  
                 

MATERIALS — 0.3%

        

South32

    147,820       297,790  
                 
              876,744  
                 

BRAZIL — 3.9%

CONSUMER DISCRETIONARY — 2.1%

        

Lojas Renner

    1,037,750       2,236,824  
                 

CONSUMER STAPLES — 0.7%

        

Ambev

    281,358       668,579  
                 

FINANCIALS — 1.1%

        

Banco Bradesco ADR

    495,999       1,106,078  
                 
              4,011,481  
                 

CANADA — 4.5%

CONSUMER DISCRETIONARY — 1.5%

        

Magna International

    45,343       1,541,104  
                 

MATERIALS — 3.0%

        

Nutrien

    62,705       3,112,047  
                 
              4,653,151  
                 

CHINA — 12.0%

CONSUMER DISCRETIONARY — 6.9%

        

Alibaba Group Holding

    94,300       1,560,286  

Gree Electric Appliances of Zhuhai, Cl A

    186,100       1,166,231  

Li Ning

    945,500       1,940,659  

Trip.com Group ADR

    39,210       2,492,972  
                 
              7,160,148  

FINANCIALS — 3.0%

        

Ping An Insurance Group of China, Cl H

    518,627       3,095,660  
                 

REAL ESTATE — 2.1%

        

China Overseas Land & Investment

    1,189,804       2,129,699  
                 
              12,385,507  
                 

 

5

 

The Advisors’ Inner Circle Fund III

     ARGA INTERNATIONAL  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

FINLAND — 4.3%

ENERGY — 0.9%

        

Neste

    106,160     $ 981,902  
                 

INFORMATION TECHNOLOGY — 3.4%

        

Nokia

    658,355       3,467,432  
                 
              4,449,334  
                 

FRANCE — 10.4%

CONSUMER DISCRETIONARY — 7.9%

        

Accor

    90,058       4,107,132  

Kering

    19,202       3,994,801  
                 
              8,101,933  

INDUSTRIALS — 2.5%

        

Airbus

    12,070       2,125,361  

Teleperformance

    5,027       505,472  
                 
              2,630,833  
              10,732,766  
                 

GERMANY — 6.4%

CONSUMER DISCRETIONARY — 0.8%

        

Continental

    11,632       820,289  
                 

HEALTH CARE — 2.0%

        

Bayer

    84,185       2,018,084  

Fresenius & KGaA *

     1,982       84,619  
                 
              2,102,703  

INFORMATION TECHNOLOGY — 2.9%

        

Infineon Technologies

    88,571       2,952,515  
                 

MATERIALS — 0.7%

        

BASF

    13,955       699,550  
                 
              6,575,057  
                 

HONG KONG — 5.9%

CONSUMER DISCRETIONARY — 0.9%

        

Melco Resorts & Entertainment ADR *

     185,949       979,951  
                 

FINANCIALS — 3.9%

        

Prudential

    371,381       4,007,601  
                 

REAL ESTATE — 1.1%

        

CK Asset Holdings

    4,500       18,207  

Sun Hung Kai Properties

    113,500       1,081,388  
                 
              1,099,595  
              6,087,147  
                 

 

6

 

The Advisors’ Inner Circle Fund III

     ARGA INTERNATIONAL  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

INDIA — 1.2%

FINANCIALS — 1.2%

        

HDFC Bank

    33,438     $ 712,771  

HDFC Bank ADR

    8,118       539,360  
                 
              1,252,131  
              1,252,131  
                 

ITALY — 1.5%

ENERGY — 1.5%

        

Eni

    57,957       896,397  

Saipem *

     271,223       629,279  
                 
              1,525,676  
              1,525,676  
                 

JAPAN — 6.4%

INDUSTRIALS — 5.2%

        

Marubeni

    28,100       450,775  

Nidec

    291,800       4,897,070  
                 
              5,347,845  

MATERIALS — 1.2%

        

Kobe Steel

    107,300       1,245,420  
                 
              6,593,265  
                 

LUXEMBOURG — 0.7%

MATERIALS — 0.7%

        

ArcelorMittal

    24,898       719,220  
                 
                 

MACAO — 3.9%

CONSUMER DISCRETIONARY — 3.9%

        

Galaxy Entertainment Group

    249,000       973,089  

Sands China *

     1,545,200       3,099,802  
                 
              4,072,891  
              4,072,891  
                 

NETHERLANDS — 2.8%

FINANCIALS — 1.8%

        

ABN AMRO Bank GDR

    39,111       824,125  

Aegon

    156,627       1,028,703  
                 
              1,852,828  

INDUSTRIALS — 1.0%

        

Randstad

    24,643       1,024,321  
                 
              2,877,149  
                 

 

7

 

The Advisors’ Inner Circle Fund III

     ARGA INTERNATIONAL  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

NORWAY — 2.8%

ENERGY — 2.8%

        

Aker BP

    1,405     $ 33,311  

Equinor

    106,740       2,818,870  
                 
              2,852,181  
              2,852,181  
                 

SINGAPORE — 4.7%

INFORMATION TECHNOLOGY — 4.7%

        

STMicroelectronics

    223,156       4,893,278  
                 
                 

SOUTH KOREA — 6.0%

CONSUMER DISCRETIONARY — 2.0%

        

Hyundai Mobis

    11,899       2,117,482  
                 

FINANCIALS — 1.0%

        

Shinhan Financial Group

    32,841       1,051,006  
                 

INFORMATION TECHNOLOGY — 3.0%

        

Samsung Electronics

    13,372       530,139  

SK Hynix

    19,159       2,554,011  
                 
              3,084,150  
              6,252,638  
                 

SPAIN — 5.1%

FINANCIALS — 5.1%

        

Banco Bilbao Vizcaya Argentaria

    231,652       3,161,500  

Banco Santander

    315,626       2,126,351  
                 
              5,287,851  
              5,287,851  
                 

SWEDEN — 2.9%

MATERIALS — 2.9%

        

Boliden

    91,939       3,016,761  
                 
                 

SWITZERLAND — 5.2%

FINANCIALS — 4.3%

        

Julius Baer Group

    19,526       1,353,465  

UBS Group

    100,031       3,072,412  
                 
              4,425,877  

INDUSTRIALS — 0.9%

        

Adecco Group

    32,603       980,394  
                 
              5,406,271  
                 

 

8

 

The Advisors’ Inner Circle Fund III

     ARGA INTERNATIONAL  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK†† (continued)

 

  

Shares

    

Value

  

UNITED KINGDOM — 4.0%

CONSUMER DISCRETIONARY — 1.0%

        

Whitbread

    32,233     $ 1,026,820  

ENERGY — 0.4%

        

BP

    74,683       419,082  

FINANCIALS — 2.6%

        

HSBC Holdings

    241,261       2,735,064  
                 
              4,180,966  
                 

UNITED STATES — 3.1%

CONSUMER DISCRETIONARY — 2.1%

        

Las Vegas Sands

    56,136       2,168,534  
                 

HEALTH CARE — 1.0%

        

GSK

    54,672       1,044,798  
                 
              3,213,332  
                 

TOTAL COMMON STOCK

               

(Cost $103,388,595)

            101,914,797  

 

                

PREFERRED STOCK — 0.7%
                 

BRAZIL — 0.7%

MATERIALS — 0.7%

        

Gerdau (A)

     256,068       728,744  

TOTAL PREFERRED STOCK

               

(Cost $939,337)

            728,744  

 

                

TOTAL INVESTMENTS— 99.3%

                

(Cost $104,327,932)

          $ 102,643,541  

 

Percentages are based on Net Assets of $103,394,478.

*

Non-income producing security.

††

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(A)

There is currently no rate available.

 

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

 

 

ARG-QH-001-0800

 

9

 

The Advisors’ Inner Circle Fund III

     ARGA  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.3%
   

Shares

    

Value

  

COMMUNICATION SERVICES — 3.7%

        

Comcast, Cl A

    573     $ 21,144  

Liberty Global, Cl A *

     1,947       22,410  

 

                
              43,554  

 

                

CONSUMER DISCRETIONARY — 14.7%

        

Las Vegas Sands

    1,101       42,532  

Lear

    481       42,434  

Mohawk Industries *

     403       46,014  

Newell Brands

    1,895       11,749  

Tapestry

    398       28,023  

 

                
              170,752  

 

                

CONSUMER STAPLES — 9.0%

        

Bunge Global

    288       22,009  

Dollar General

    274       24,093  

Kraft Heinz

    723       22,001  

Target

    240       25,046  

Walgreens Boots Alliance

    1,012       11,304  

 

                
              104,453  

 

                

ENERGY — 9.6%

        

Chord Energy

    189       21,304  

Occidental Petroleum

    379       18,708  

Patterson-UTI Energy

    6,859       56,381  

PBF Energy, Cl A

    793       15,138  

 

                
              111,531  

 

                

FINANCIALS — 10.3%

        

American International Group

    154       13,389  

Bank of America

    580       24,203  

Citigroup

    374       26,550  

Invesco

    1,345       20,404  

RenaissanceRe Holdings

    145       34,800  

 

                
              119,346  

 

                

HEALTH CARE — 18.7%

        

Baxter International

    1,164       39,843  

Cardinal Health

    105       14,466  

CVS Health

    901       61,043  

Gilead Sciences

    521       58,378  

Labcorp Holdings

    101       23,507  

Merck

    235       21,094  

 

                
              218,331  

 

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The Advisors’ Inner Circle Fund III

     ARGA  
      VALUE FUND  
      March 31, 2025  
      (UNAUDITED )

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK (continued)

 

  

Shares

    

Value

  

INDUSTRIALS — 9.3%

        

Alaska Air Group *

     657     $ 32,338  

Carrier Global

    186       11,792  

ManpowerGroup

    576       33,339  

Stanley Black & Decker

    148       11,378  

WESCO International

    123       19,102  

 

                
              107,949  

 

                

INFORMATION TECHNOLOGY — 9.6%

        

Amdocs

    271       24,796  

Arrow Electronics *

     236       24,504  

Cisco Systems

    233       14,379  

Flex *

     301       9,957  

Jabil

    116       15,784  

QUALCOMM

    71       10,906  

TE Connectivity

    80       11,306  

 

                
              111,632  

 

                

MATERIALS — 7.5%

        

Alcoa

    1,161       35,410  

Chemours

    572       7,739  

Dow

    547       19,101  

FMC

    182       7,679  

LyondellBasell Industries, Cl A

    252       17,741  

 

                
              87,670  

 

                

UTILITIES — 4.9%

        

Eversource Energy

    425       26,397  

UGI

    915       30,259  

 

                
              56,656  

 

                

TOTAL COMMON STOCK

               

(Cost $1,153,702)

            1,131,874  

 

                

TOTAL INVESTMENTS— 97.3%

                

(Cost $1,153,702)

          $ 1,131,874  

 

Percentages are based on Net Assets of $1,163,352.

*

Non-income producing security.

 

ADR — American Depositary Receipt

Cl — Class

 

ARG-QH-001-0800

 

11