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 2026-09-30 2026-03-31 N 240449303.42 340285.82 240109017.60 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 172428.00000000 NS USD 8617951.44000000 3.589182749627 Long EC US N 1 N N N BELDEN INC. 68BKYO1JC791TTJHUE82 BELDEN INC COMMON STOCK N/A 87713.00000000 NS USD 10072083.79000000 4.194796134970 Long EC US N 1 N N N THE BOSTON BEER COMPANY, INC. 529900Q02MQ0DCQNRM58 BOSTON BEER COMPANY INC-A COMMON STOCK 100557107 28053.00000000 NS USD 6463411.20000000 2.691865247130 Long EC US N 1 N N N N/A N/A BROWN BROTHERS HARRIMAN SWEEP INTEREST N/A 7029205.66000000 PA USD 7029205.66000000 2.927505901386 Long STIV US N 1 N N N CRANE NXT, CO. 549300EXNPSXEWUD3N21 CRANE NXT CO COMMON STOCK 224441105 269690.00000000 NS USD 10946717.10000000 4.559061217032 Long EC US N 1 N N N EXTREME NETWORKS, INC. 549300WRECW11X94UB57 EXTREME NETWORKS INC COMMON STOCK 30226D106 818578.00000000 NS USD 12344156.24000000 5.141063156804 Long EC US N 1 N N N THE BRINK'S COMPANY XFP140TFNOQMIVFTVQ13 BRINK'S CO/THE COMMON STOCK 109696104 113126.00000000 NS USD 11723247.38000000 4.882468595798 Long EC US N 1 N N N INGEVITY CORPORATION 5493009UTFC4B5IMGF87 INGEVITY CORP COMMON STOCK 45688C107 85434.00000000 NS USD 6085463.82000000 2.534458672492 Long EC US N 1 N N N U. S. PHYSICAL THERAPY, INC. 529900KL1UXQYFIOMY96 U.S. PHYSICAL THERAPY INC COMMON STOCK 90337L108 151430.00000000 NS USD 11351192.80000000 4.727516239689 Long EC US N 1 N N N MSA Safety Incorporated 529900DVA3258XK11O39 MSA SAFETY INC COMMON STOCK 553498106 58857.00000000 NS USD 9649605.15000000 4.018843293122 Long EC US N 1 N N N ENERPAC TOOL GROUP CORP. IZW37BPZKUJE1QXGB081 ENERPAC TOOL GROUP COMMON STOCK 292765104 299783.00000000 NS USD 10933086.01000000 4.553384174939 Long EC US N 1 N N N BOOT BARN HOLDINGS, INC. 529900QE1BFMYA3N4E71 BOOT BARN HOLDINGS INC COMMON STOCK N/A 92207.00000000 NS USD 13495416.52000000 5.620537143874 Long EC US N 1 N N N LOUISIANA-PACIFIC CORPORATION 549300C7E2UAO5BVRR75 LOUISIANA-PACIFIC CORP COMMON STOCK 546347105 166577.00000000 NS USD 12118476.75000000 5.047072730183 Long EC US N 1 N N N MURPHY USA INC. 549300Y081F8XIKQIO72 MURPHY USA INC COMMON STOCK 626755102 29098.00000000 NS USD 14373539.06000000 5.986255411675 Long EC US N 1 N N N AGCO CORPORATION LYOM0B2GCF1JWXK5ZG04 AGCO CORP COMMON STOCK N/A 88674.00000000 NS USD 10274656.38000000 4.279163057972 Long EC US N 1 N N N THOR INDUSTRIES, INC. 254900XZO1228PDSG060 THOR INDUSTRIES INC COMMON STOCK 885160101 44936.00000000 NS USD 3589937.04000000 1.495127953078 Long EC US N 1 N N N ARMSTRONG WORLD INDUSTRIES, INC. KXMRXXOJ88Q45Y45MG74 ARMSTRONG WORLD INDUSTRIES COMMON STOCK 04247X102 58701.00000000 NS USD 9673924.80000000 4.028971879813 Long EC US N 1 N N N CSW INDUSTRIALS, INC. 549300SYOEO3RVQ7FB83 CSW INDUSTRIALS INC COMMON STOCK 126402106 39829.00000000 NS USD 10378640.82000000 4.322470236119 Long EC US N 1 N N N DORMAN PRODUCTS, INC. 2549000O0BBUX740XR59 DORMAN PRODUCTS INC COMMON STOCK 258278100 111215.00000000 NS USD 11606397.40000000 4.833803209896 Long EC US N 1 N N N MODINE MANUFACTURING COMPANY Z35SZFYJR8GZZRSIUU09 MODINE MANUFACTURING CO COMMON STOCK 607828100 36926.00000000 NS USD 8002233.46000000 3.332750073273 Long EC US N 1 N N N KADANT INC. 549300K06LNJYBMPYP15 KADANT INC COMMON STOCK 48282T104 20340.00000000 NS USD 5946399.00000000 2.476541305877 Long EC US N 1 N N N ADVANCED ENERGY INDUSTRIES, INC. 549300756XI3QLFT2U27 ADVANCED ENERGY INDUSTRIES COMMON STOCK N/A 21164.00000000 NS USD 6829834.44000000 2.844472276912 Long EC US N 1 N N N DARLING INGREDIENTS INC. L1N0SPPKS7EXZYUMZ898 DARLING INGREDIENTS INC COMMON STOCK 237266101 261629.00000000 NS USD 16181753.65000000 6.739336078146 Long EC US N 1 N N N Live Oak Bancshares, Inc. N/A LIVE OAK BANCSHARES INC COMMON STOCK 53803X105 381410.00000000 NS USD 12613228.70000000 5.253125778479 Long EC US N 1 N N N 2026-03-31 THE ADVISORS' INNER CIRCLE III Andrew Metzger Andrew Metzger Treasurer, Controller and Chief Financial Officer