NPORT-EX 2 large_cap.htm NPORT-EX

SGI U.S. LARGE CAP EQUITY FUND
 
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2020 (UNAUDITED)

             
   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 97.4%
            
Aerospace & Defense — 0.9%
            
L3Harris Technologies, Inc.
    
13,700
    
$
2,630,263
  
Mercury Systems, Inc.*
    
27,700
      
1,972,794
  
             
4,603,057
  
Air Freight & Logistics — 0.8%
                
Expeditors International of Washington, Inc.
    
47,600
      
4,254,012
  
Beverages — 0.2%
                
Coca-Cola Co., (The)
    
20,300
      
1,047,480
  
Biotechnology — 1.3%
                
AbbVie, Inc.
    
11,700
      
1,223,586
  
Exelixis, Inc.*
    
116,200
      
2,226,392
  
Incyte Corp.*
    
42,800
      
3,618,312
  
             
7,068,290
  
Capital Markets — 2.5%
                
Cboe Global Markets, Inc.
    
114,700
      
10,474,404
  
MarketAxess Holdings, Inc.
    
5,000
      
2,695,900
  
             
13,170,304
  
Commercial Services — 1.4%
                
S&P Global, Inc.
    
21,100
      
7,422,558
  
Commercial Services & Supplies — 1.0%
                
Cintas Corp.
    
3,100
      
1,101,430
  
Copart, Inc.*
    
35,300
      
4,075,385
  
             
5,176,815
  
Computers — 2.1%
                
Accenture PLC, Class A, (Ireland)
    
22,100
      
5,504,889
  
Apple, Inc.
    
44,600
      
5,309,630
  
             
10,814,519
  
Cosmetics & Personal Care — 1.1%
                
Colgate-Palmolive Co.
    
66,100
      
5,660,804
  
Distribution & Wholesale — 0.2%
                
Fastenal Co.
    
23,600
      
1,167,020
  
Electric — 1.0%
                
Duke Energy Corp.
    
22,100
      
2,047,786
  
Xcel Energy, Inc.
    
50,500
      
3,401,680
  
             
5,449,466
  
Electric Utilities — 1.1%
                
Alliant Energy Corp.
    
67,800
      
3,566,280
  
Southern Co., (The)
    
33,100
      
1,981,035
  
             
5,547,315
  
Electronic Equipment, Instruments & Components — 2.6%
                
CDW Corp.
    
8,600
      
1,122,214
  
Dolby Laboratories Inc., Class A
    
114,600
      
10,136,370
  
Keysight Technologies, Inc.*
    
9,300
      
1,116,372
  
Zebra Technologies Corp., Class A*
    
4,000
      
1,513,680
  
             
13,888,636
  
Electronics — 0.3%
                
National Instruments Corp.
    
39,000
      
1,459,770
  
Entertainment — 4.1%
                
Electronic Arts, Inc.
    
16,100
      
2,056,775
  
Take-Two Interactive Software, Inc.*
    
109,200
      
19,711,692
  
             
21,768,467
  
Environmental Control — 3.1%
                
Republic Services, Inc.
    
78,700
      
7,611,864
  
Waste Management, Inc.
    
72,500
      
8,636,925
  
             
16,248,789
  
Food — 1.9%
                
Flowers Foods, Inc.
    
293,100
      
6,503,889
  
Hershey Co., (The)
    
23,200
      
3,431,048
  
             
9,934,937
  
Health Care Equipment & Supplies — 0.2%
                
Cooper Cos Inc., (The)
    
3,600
      
1,206,792
  
Health Care Providers & Services — 2.3%
                
Chemed Corp.
    
25,600
      
12,243,200
  
Health Care Technology — 1.8%
                
Cerner Corp.
    
91,800
      
6,870,312
  
Teladoc Health, Inc.*
    
12,200
      
2,424,994
  
             
9,295,306
  
Healthcare-Products — 5.2%
                
IDEXX Laboratories, Inc.*
    
46,000
      
21,205,080
  
Intuitive Surgical, Inc.*
    
8,800
      
6,389,240
  
             
27,594,320
  
Healthcare-Services — 0.6%
                
Amedisys, Inc.*
    
12,000
      
2,937,480
  
Home Builders — 3.5%
                
NVR, Inc.*
    
4,600
      
18,387,028
  
Household Products — 1.2%
                
Kimberly-Clark Corp.
    
44,100
      
6,143,571
  
Household Products & Wares — 0.9%
                
Clorox Co., (The)
    
23,800
      
4,830,448
  
Insurance — 0.6%
                
Arthur J Gallagher & Co.
    
10,300
      
1,188,723
  
Progressive Corp., (The)
    
25,400
      
2,212,594
  
             
3,401,317
  
Interactive Media & Services — 0.2%
                
Facebook, Inc., Class A*
    
4,200
      
1,163,274
  
Internet — 4.7%
                
Alphabet, Inc., Class A*
    
5,700
      
10,000,080
  
F5 Networks, Inc.*
    
90,900
      
14,799,429
  
             
24,799,509
  
Internet & Direct Marketing Retail — 4.0%
                
Amazon.com, Inc.*
    
6,700
      
21,225,868
  
IT Services — 1.3%
                
Amdocs Ltd.
    
16,000
      
1,052,960
  
GoDaddy, Inc., Class A*
    
37,800
      
3,006,612
  
Jack Henry & Associates, Inc.
    
17,100
      
2,750,706
  
             
6,810,278
  
Life Sciences Tools & Services — 0.2%
                
Illumina, Inc.*
    
3,000
      
966,270
  
Media — 3.1%
                
Cable One, Inc.
    
700
      
1,386,469
  
Charter Communications, Inc., Class A*
    
22,700
      
14,800,173
  
             
16,186,642
  
Multi-Utilities — 0.4%
                
Dominion Resources, Inc.
    
24,800
      
1,946,552
  
Pharmaceuticals — 5.0%
                
Bristol-Myers Squibb Co.
    
16,100
      
1,004,640
  
Eli Lilly & Co.
    
29,700
      
4,325,805
  
Merck & Co., Inc.
    
117,900
      
9,477,981
  
Pfizer, Inc.
    
29,800
      
1,141,638
  
Viatris, Inc.*
    
3,896
      
65,531
  
Zoetis, Inc.
    
63,500
      
10,184,130
  
             
26,199,725
  
Professional Services — 0.4%
                
Verisk Analytics, Inc.
    
9,400
      
1,864,114
  
REITS — 2.2%
                
AvalonBay Communities, Inc.
    
15,100
      
2,515,509
  
Equity Residential
    
41,900
      
2,426,848
  
Public Storage
    
25,600
      
5,746,176
  
Rexford Industrial Realty, Inc.
    
22,000
      
1,054,240
  
             
11,742,773
  
Retail — 10.0%
                
Best Buy Co., Inc.
    
49,700
      
5,407,360
  
Costco Wholesale Corp.
    
20,300
      
7,952,931
  
Dollar General Corp.
    
79,000
      
17,267,820
  
Wal-Mart Stores, Inc.
    
145,000
      
22,154,550
  
             
52,782,661
  
Road & Rail — 0.4%
                
Landstar System, Inc.
    
15,000
      
1,971,300
  
Semiconductors — 0.8%
                
Texas Instruments, Inc.
    
25,900
      
4,176,375
  
Semiconductors & Semiconductor Equipment — 0.3%
                
Universal Display Corp.
    
5,900
      
1,351,336
  
Software — 17.5%
                
Adobe Systems, Inc.*
    
32,800
      
15,693,816
  
Cadence Design Systems, Inc.*
    
62,300
      
7,245,490
  
Dropbox, Inc., Class A*
    
45,500
      
908,635
  
Fiserv, Inc.*
    
31,500
      
3,628,170
  
Five9, Inc.*
    
7,900
      
1,226,080
  
Fortinet, Inc.*
    
24,900
      
3,068,427
  
Intuit, Inc.
    
56,200
      
19,783,524
  
Microsoft Corp.
    
76,300
      
16,333,541
  
Paycom Software, Inc.*
    
41,700
      
17,392,236
  
Salesforce.com, Inc.*
    
6,100
      
1,499,380
  
ServiceNow, Inc.*
    
5,600
      
2,993,480
  
SolarWinds Corp.*
    
72,200
      
1,651,936
  
Synopsys, Inc.*
    
5,800
      
1,319,500
  
             
92,744,215
  
Technology Hardware, Storage & Peripherals — 1.0%
                
Logitech International SA (Switzerland)
    
55,900
      
5,047,770
  
Telecommunications — 2.7%
                
Cisco Systems, Inc.
    
70,900
      
3,050,118
  
Verizon Communications, Inc.
    
183,100
      
11,061,071
  
             
14,111,189
  
Water — 0.7%
                
American Water Works Co., Inc.
    
23,700
      
3,635,106
  
Wireless Telecommunication Services — 0.6%
                
T-Mobile US, Inc.*
    
24,400
      
3,243,736
  
TOTAL COMMON STOCKS
                
(Cost $392,980,916)
            
512,690,394
  
SHORT-TERM INVESTMENTS - 2.5%
                
U.S. Bank Money Market Deposit Account, 0.03%(a)
    
13,387,539
      
13,387,539
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $13,387,539)
            
13,387,539
  
TOTAL INVESTMENTS - 99.9%
                
(Cost $406,368,455)
            
526,077,933
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
745,218
  
NET ASSETS - 100.0%
          
$
526,823,151
  
 
                

*
Non-income producing security
              
(a)
The rate shown is as of November 30, 2020.
            
PLC
Public Limited Company
              
REIT
Real Estate Investment Trust
              
                 
The accompanying notes are an integral part of the portfolio of investments.


SUMMIT GLOBAL INVESTMENTS, LLC
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2020 (UNAUDITED)
                 
PORTFOLIO VALUATION – Investments in the underlying fund are valued at the SGI U.S. Large Cap Equity Fund ("Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

             
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
        
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).
                 
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
                 
The following is a summary of the inputs used, as of November 30, 2020, in valuing each Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
SGI U.S. Large Cap Equity Fund
                        
Common Stocks
  
$
512,690,394
    
$
512,690,394
    
$
-
    
$
-
  
Short-Term Investments
    
13,387,539
      
13,387,539
      
-
      
-
  
Total Investments*
  
$
526,077,933
    
$
526,077,933
    
$
-
    
$
-
  
 
                                
* Please refer to Portfolio of Investments for further details.
                          

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Fund had no Level 3 transfers.
            
                 
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.