NPORT-EX 2 fp0095123-1_nportex.htm SCHEDULE F

 

THE ADVISORS’ INNER CIRCLE FUND III BROWN ADVISORY
  FLEXIBLE EQUITY ETF
  JUNE 30, 2025
  (Unaudited)

 

 

SCHEDULE OF INVESTMENTS 

COMMON STOCK** — 98.4% 

 

   Shares   Value 
Communication Services — 11.8%          
Alphabet, Cl A   183,879   $32,404,996 
Alphabet, Cl C   176,785    31,359,891 
Meta Platforms, Cl A   102,348    75,542,035 
T-Mobile US   67,396    16,057,771 
         155,364,693 
Consumer Discretionary — 11.4%          
Amazon.com *   266,091    58,377,704 
Amer Sports *   712,911    27,632,430 
Booking Holdings   5,751    33,293,919 
Lowe's   56,350    12,502,374 
TJX   155,047    19,146,754 
         150,953,181 
Consumer Staples — 2.0%          
Mondelez International, Cl A   229,799    15,497,645 
Nomad Foods   638,945    10,855,676 
         26,353,321 
Energy — 1.9%          
Suncor Energy   661,279    24,764,899 
           
Financials — 26.8%          
American International Group   237,934    20,364,771 
Bank of America   467,165    22,106,248 
Berkshire Hathaway, Cl B *   97,036    47,137,178 
Charles Schwab   148,688    13,566,293 
First Citizens BancShares, Cl A   14,223    27,826,873 
Fiserv *   176,981    30,513,294 
KKR   395,716    52,642,099 
Mastercard, Cl A   100,085    56,241,765 
Progressive   79,514    21,219,106 
Visa, Cl A   173,454    61,584,843 
         353,202,470 

 

COMMON STOCK** — continued 

 

   Shares   Value 
Health Care — 9.2%          
Align Technology *   72,544   $13,734,756 
Danaher   61,468    12,142,389 
Edwards Lifesciences *   327,700    25,629,417 
Elevance Health   51,120    19,883,635 
Illumina *   163,928    15,640,370 
UnitedHealth Group   113,547    35,423,258 
         122,453,825 
Industrials — 10.5%          
Canadian National Railway   121,412    12,631,704 
Carrier Global   378,752    27,720,859 
Ferguson Enterprises   69,745    15,186,974 
General Electric   81,777    21,048,582 
Old Dominion Freight Line   72,285    11,731,855 
Uber Technologies *   222,983    20,804,314 
United Rentals   39,051    29,421,023 
         138,545,311 
Information Technology — 24.8%          
Adobe *   35,346    13,674,660 
Analog Devices   74,626    17,762,481 
Apple   116,611    23,925,079 
Autodesk *   74,979    23,211,249 
Intuit   44,887    35,354,348 
KLA   22,131    19,823,622 
Marvell Technology   292,302    22,624,175 
Microsoft   211,688    105,295,728 
Taiwan Semiconductor Manufacturing ADR   244,197    55,308,179 
Workday, Cl A *   41,858    10,045,920 
         327,025,441 
Total Common Stock          
(Cost $825,381,841)        1,298,663,141 
           
Total Investments - 98.4%          
(Cost $825,381,841)       $1,298,663,141 

  

Percentages are based on Net Assets of $1,319,607,215.

 

**More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
*Non-income producing security.

 

ADR — American Depositary Receipt 

Cl — Class

 
 
THE ADVISORS’ INNER CIRCLE FUND III BROWN ADVISORY
  SUSTAINABLE VALUE ETF
  JUNE 30, 2025
  (Unaudited)

 

 

SCHEDULE OF INVESTMENTS 

COMMON STOCK — 95.3%

 

   Shares   Value 
Communication Services — 7.9%          
Alphabet, Cl C   7,457   $1,322,797 
Comcast, Cl A   116,254    4,149,105 
Nexstar Media Group, Cl A   7,983    1,380,660 
T-Mobile US   13,338    3,177,912 
         10,030,474 
Consumer Discretionary — 4.2%          
Expedia Group *   8,321    1,403,586 
LKQ   56,520    2,091,805 
Wyndham Hotels & Resorts   23,112    1,876,926 
         5,372,317 
Consumer Staples — 4.7%          
Kenvue   54,587    1,142,506 
Unilever ADR   78,049    4,774,257 
         5,916,763 
Energy — 4.7%          
ChampionX   78,916    1,960,273 
Schlumberger   68,522    2,316,044 
Weatherford International   35,806    1,801,400 
         6,077,717 
Financials — 21.8%          
American International Group   56,183    4,808,703 
Ameriprise Financial   2,462    1,314,043 
Bank of America   98,029    4,638,732 
Citigroup   37,776    3,215,493 
Equitable Holdings   44,081    2,472,944 
Fidelity National Information Services   52,947    4,310,415 
KKR   19,532    2,598,342 
Willis Towers Watson   14,311    4,386,322 
         27,744,994 
         
COMMON STOCK — continued        
         
   Shares   Value 
Health Care — 17.5%          
Cardinal Health   30,019   $5,043,192 
Elevance Health   7,183    2,793,900 
Gilead Sciences   19,226    2,131,587 
ICON *   17,901    2,603,700 
Labcorp Holdings   10,295    2,702,540 
Medtronic   17,742    1,546,570 
Sanofi ADR   110,738    5,349,753 
         22,171,242 
Industrials — 11.9%          
Ferguson Enterprises   25,551    5,563,730 
Masco   28,485    1,833,295 
Pentair   27,869    2,861,032 
Trane Technologies   7,453    3,260,017 
Waste Connections   8,362    1,561,353 
         15,079,427 
Information Technology — 11.8%          
Applied Materials   13,346    2,443,252 
Cisco Systems   18,712    1,298,239 
Dell Technologies, Cl C   29,450    3,610,570 
Flex *   54,250    2,708,160 
NXP Semiconductors   8,617    1,882,728 
TD SYNNEX   23,004    3,121,643 
         15,064,592 
Materials — 4.5%          
CRH   62,075    5,698,485 
           
Real Estate — 2.7%          
CBRE Group, Cl A *   24,804    3,475,536 
           
Utilities — 3.6%          
Constellation Energy   14,336    4,627,087 
           
Total Common Stock          
(Cost $99,891,557)        121,258,634 
           
Total Investments - 95.3%          
(Cost $99,891,557)       $121,258,634 

 

Percentages are based on Net Assets of $127,259,755.

 

*Non-income producing security.

 

ADR — American Depositary Receipt 

Cl — Class

 
 
THE ADVISORS’ INNER CIRCLE FUND III BROWN ADVISORY
  SUSTAINABLE GROWTH ETF
  JUNE 30, 2025
  (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK** — 98.8%

 

   Shares   Value 
Communication Services — 3.4%           
Alphabet, Cl A   16,029   $2,824,791 
Spotify Technology *   6,454    4,952,412 
Trade Desk, Cl A *   124,383    8,954,332 
         16,731,535 
Consumer Discretionary — 12.2%           
Airbnb, Cl A *   84,591    11,194,773 
Amazon.com *   173,871    38,145,559 
Chipotle Mexican Grill, Cl A *   178,805    10,039,901 
         59,380,233 
Financials — 19.1%           
Ares Management, Cl A   67,762    11,736,378 
Arthur J Gallagher   43,682    13,983,482 
Charles Schwab   135,317    12,346,323 
KKR   143,811    19,131,177 
Progressive   62,261    16,614,970 
Visa, Cl A   55,527    19,714,861 
         93,527,191 
Health Care — 6.4%           
Danaher   62,750    12,395,635 
Intuitive Surgical *   15,833    8,603,811 
West Pharmaceutical Services   47,637    10,422,976 
         31,422,422 
Industrials — 10.9%           
Carrier Global   161,612    11,828,382 
         
COMMON STOCK** — continued        
         
   Shares   Value 
Industrials — continued          
General Electric   45,203   $11,634,800 
Uber Technologies *   112,649    10,510,152 
Veralto   94,048    9,494,146 
Verisk Analytics, Cl A   31,324    9,757,426 
         53,224,906 
Information Technology — 45.0%           
Cadence Design Systems *   32,720    10,082,668 
Datadog, Cl A *   92,091    12,370,584 
Dynatrace *   172,617    9,530,185 
Intuit   27,522    21,677,153 
KLA   12,183    10,912,800 
Marvell Technology   209,062    16,181,399 
Microsoft   84,003    41,783,932 
Monolithic Power Systems   17,144    12,538,779 
NVIDIA   271,562    42,904,080 
ServiceNow *   15,044    15,466,435 
Shopify, Cl A *   39,795    4,590,353 
Taiwan Semiconductor Manufacturing ADR   56,822    12,869,615 
Workday, Cl A *   40,366    9,687,840 
         220,595,823 
Materials — 1.8%           
Ecolab   31,825    8,574,928 
           
Total Common Stock          
(Cost $293,080,031)        483,457,038 
           
Total Investments - 98.8%          
(Cost $293,080,031)       $483,457,038 

  

Percentages are based on Net Assets of $489,244,597.

 

**More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

*Non-income producing security.

 

ADR — American Depositary Receipt 

Cl — Class

 

BRW-QH-001-0200