STEPAN CO COMMON STOCK

NPORT-P false 0001593547 XXXXXXXX S000070198 C000223246 C000223247 ADVISORS' INNER CIRCLE III 811-22920 0001593547 549300TG800HOPJVWT31 ONE FREEDOM VALLEY DRIVE OAKS 19456 8774463863 SouthernSun Small Cap Fund S000070198 549300J3C6X3PT4RE218 2025-09-30 2025-09-30 N 277114651.99 353002.22 276761649.77 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 0.00000000 N STEPAN COMPANY IZU1EW9GB3WC7CYCSR17 STEPAN CO COMMON STOCK 858586100 198881.00000000 NS USD 9486623.70000000 3.427723352525 Long EC US N 1 N N N BELDEN INC. 68BKYO1JC791TTJHUE82 BELDEN INC COMMON STOCK N/A 101438.00000000 NS USD 12199948.26000000 4.408106495296 Long EC US N 1 N N N DYCOM INDUSTRIES, INC. 549300F56EKTHQI3WT60 DYCOM INDUSTRIES INC COMMON STOCK 267475101 15269.00000000 NS USD 4454883.44000000 1.609646222192 Long EC US N 1 N N N THE BOSTON BEER COMPANY, INC. 529900Q02MQ0DCQNRM58 BOSTON BEER COMPANY INC-A COMMON STOCK 100557107 31517.00000000 NS USD 6663324.14000000 2.407603851739 Long EC US N 1 N N N N/A N/A BROWN BROTHERS HARRIMAN SWEEP INTEREST N/A 10411232.49000000 PA USD 10411232.49000000 3.761804606473 Long STIV US N 1 N N N CRANE NXT, CO. 549300EXNPSXEWUD3N21 CRANE NXT CO COMMON STOCK 224441105 195590.00000000 NS USD 13118221.30000000 4.739898505050 Long EC US N 1 N N N EXTREME NETWORKS, INC. 549300WRECW11X94UB57 EXTREME NETWORKS INC COMMON STOCK 30226D106 597592.00000000 NS USD 12340274.80000000 4.458809524460 Long EC US N 1 N N N THE BRINK'S COMPANY XFP140TFNOQMIVFTVQ13 BRINK'S CO/THE COMMON STOCK 109696104 172479.00000000 NS USD 20155895.94000000 7.282763329655 Long EC US N 1 N N N INGEVITY CORPORATION 5493009UTFC4B5IMGF87 INGEVITY CORP COMMON STOCK 45688C107 149581.00000000 NS USD 8255375.39000000 2.982846574610 Long EC US N 1 N N N U. S. PHYSICAL THERAPY, INC. 529900KL1UXQYFIOMY96 U.S. PHYSICAL THERAPY INC COMMON STOCK 90337L108 178806.00000000 NS USD 15189569.70000000 5.488321706646 Long EC US N 1 N N N MSA Safety Incorporated 529900DVA3258XK11O39 MSA SAFETY INC COMMON STOCK 553498106 60292.00000000 NS USD 10374444.44000000 3.748512284350 Long EC US N 1 N N N ENERPAC TOOL GROUP CORP. IZW37BPZKUJE1QXGB081 ENERPAC TOOL GROUP COMMON STOCK 292765104 281512.00000000 NS USD 11541992.00000000 4.170372596633 Long EC US N 1 N N N BOOT BARN HOLDINGS, INC. 529900QE1BFMYA3N4E71 BOOT BARN HOLDINGS INC COMMON STOCK N/A 74149.00000000 NS USD 12287972.28000000 4.439911487090 Long EC US N 1 N N N LOUISIANA-PACIFIC CORPORATION 549300C7E2UAO5BVRR75 LOUISIANA-PACIFIC CORP COMMON STOCK 546347105 152500.00000000 NS USD 13548100.00000000 4.895223023586 Long EC US N 1 N N N MURPHY USA INC. 549300Y081F8XIKQIO72 MURPHY USA INC COMMON STOCK 626755102 33514.00000000 NS USD 13012145.64000000 4.701571063336 Long EC US N 1 N N N THE TIMKEN COMPANY B0I35MLPFXZSE70ASS73 TIMKEN CO COMMON STOCK 887389104 132028.00000000 NS USD 9925865.04000000 3.586430796408 Long EC US N 1 N N N AGCO CORPORATION LYOM0B2GCF1JWXK5ZG04 AGCO CORP COMMON STOCK N/A 90885.00000000 NS USD 9731056.95000000 3.516042398969 Long EC US N 1 N N N THOR INDUSTRIES, INC. 254900XZO1228PDSG060 THOR INDUSTRIES INC COMMON STOCK 885160101 53698.00000000 NS USD 5567945.62000000 2.011819782338 Long EC US N 1 N N N ARMSTRONG WORLD INDUSTRIES, INC. KXMRXXOJ88Q45Y45MG74 ARMSTRONG WORLD INDUSTRIES COMMON STOCK 04247X102 60630.00000000 NS USD 11884086.30000000 4.293978703290 Long EC US N 1 N N N DORMAN PRODUCTS, INC. 2549000O0BBUX740XR59 DORMAN PRODUCTS INC COMMON STOCK 258278100 88951.00000000 NS USD 13865681.88000000 5.009972260073 Long EC US N 1 N N N MODINE MANUFACTURING COMPANY Z35SZFYJR8GZZRSIUU09 MODINE MANUFACTURING CO COMMON STOCK 607828100 94460.00000000 NS USD 13428433.60000000 4.851984952091 Long EC US N 1 N N N ADVANCED ENERGY INDUSTRIES, INC. 549300756XI3QLFT2U27 ADVANCED ENERGY INDUSTRIES COMMON STOCK N/A 76421.00000000 NS USD 13002268.94000000 4.698002396938 Long EC US N 1 N N N DARLING INGREDIENTS INC. L1N0SPPKS7EXZYUMZ898 DARLING INGREDIENTS INC COMMON STOCK 237266101 400093.00000000 NS USD 12350870.91000000 4.462638129330 Long EC US N 1 N N N Live Oak Bancshares, Inc. N/A LIVE OAK BANCSHARES INC COMMON STOCK 53803X105 399745.00000000 NS USD 14079018.90000000 5.087055562683 Long EC US N 1 N N N 2025-09-30 THE ADVISORS' INNER CIRCLE III Andrew Metzger Andrew Metzger Treasurer, Controller and Chief Financial Officer