NPORT-EX 2 global-equity.htm NPORT-EX


SGI GLOBAL EQUITY FUND
  
   
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
             
   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 95.4%
            
Aerospace/Defense — 0.9%
            
Lockheed Martin Corp.
    
2,000
    
$
730,000
  
Auto Components — 0.5%
                
Gentex Corp.
    
11,800
      
384,680
  
Automobiles — 2.2%
                
Honda Motor Co., Ltd., (Japan) SP ADR
    
49,700
      
1,377,684
  
Toyota Motor Corp., (Japan) SP ADR
    
3,700
      
497,502
  
             
1,875,186
  
Banks — 3.4%
                
Royal Bank of Canada, (Canada)
    
24,800
      
2,033,104
  
Shinhan Financial Group Co., Ltd., (South Korea) ADR
    
27,000
      
804,600
  
             
2,837,704
  
Beverages — 2.5%
                
Coca-Cola Co., (The)
    
26,200
      
1,351,920
  
PepsiCo, Inc.
    
5,000
      
721,150
  
             
2,073,070
  
Biotechnology — 1.1%
                
Regeneron Pharmaceuticals, Inc.*
    
700
      
361,221
  
Vertex Pharmaceuticals, Inc.*
    
2,400
      
546,600
  
             
907,821
  
Building Products — 0.9%
                
Johnson Controls International PLC, (Ireland)
    
15,500
      
713,620
  
Capital Markets — 1.0%
                
Cboe Global Markets, Inc.
    
8,800
      
803,616
  
Computers — 1.6%
                
Apple, Inc.
    
11,200
      
1,333,360
  
Diversified Consumer Services — 1.3%
                
New Oriental Education & Technology Group, Inc., (China) SP ADR*
    
6,800
      
1,120,980
  
Diversified Financial Services — 1.6%
                
ORIX Corp., (Japan) SP ADR
    
18,100
      
1,341,210
  
Diversified Telecommunication Services — 3.4%
                
Chunghwa Telecom Co., Ltd., (China) SP ADR
    
34,600
      
1,317,568
  
Orange SA, (France) SP ADR
    
119,100
      
1,494,705
  
             
2,812,273
  
Electric — 2.8%
                
Duke Energy Corp.
    
18,700
      
1,732,742
  
Xcel Energy, Inc.
    
8,800
      
592,768
  
             
2,325,510
  
Electric Utilities — 0.9%
                
Fortis Inc., (Canada)
    
17,900
      
720,833
  
Electronic Equipment, Instruments & Components — 2.5%
                
Dolby Laboratories Inc., Class A
    
23,200
      
2,052,040
  
Entertainment — 1.7%
                
Activision Blizzard, Inc.
    
14,100
      
1,120,668
  
Electronic Arts, Inc.
    
2,400
      
306,600
  
             
1,427,268
  
Food — 1.7%
                
Hershey Co., (The)
    
6,900
      
1,020,441
  
Lancaster Colony Corp.
    
2,500
      
423,325
  
             
1,443,766
  
Food Products — 2.4%
                
General Mills, Inc.
    
17,600
      
1,070,432
  
Kellogg Co.
    
14,300
      
913,913
  
             
1,984,345
  
Health Care Equipment & Supplies — 2.4%
                
Medtronic PLC, (Ireland)
    
9,400
      
1,068,780
  
STERIS PLC, (Ireland)
    
4,900
      
949,669
  
             
2,018,449
  
Health Care Providers & Services — 0.9%
                
CVS Health Corp.
    
11,300
      
766,027
  
Household Products & Wares — 1.6%
                
Clorox Co., (The)
    
6,400
      
1,298,944
  
Insurance — 1.3%
                
Alleghany Corp.
    
900
      
517,680
  
Chubb Ltd., (Switzerland)
    
4,020
      
594,277
  
             
1,111,957
  
Interactive Media & Services — 2.8%
                
Alphabet, Inc., Class C*
    
800
      
1,408,592
  
Yandex NV, Class A (Russia)*
    
13,100
      
903,376
  
             
2,311,968
  
Internet & Direct Marketing Retail — 3.4%
                
Amazon.com, Inc.*
    
900
      
2,851,236
  
IT Services — 2.6%
                
Amdocs Ltd.
    
17,300
      
1,138,513
  
Genpact Ltd.
    
13,200
      
536,580
  
Mastercard, Inc., Class A
    
1,500
      
504,765
  
             
2,179,858
  
Media — 0.6%
                
Charter Communications, Inc., Class A*
    
800
      
521,592
  
Multi-Utilities — 1.3%
                
Algonquin Power & Utilities Corp., (Canada)
    
71,400
      
1,119,552
  
Pharmaceuticals — 13.4%
                
Eli Lilly & Co.
    
8,170
      
1,189,961
  
GlaxoSmithKline PLC, (United Kingdom) SP ADR
    
22,600
      
831,454
  
Merck & Co., Inc.
    
19,700
      
1,583,683
  
Novartis AG, (Switzerland) SP ADR
    
9,900
      
899,217
  
Novo Nordisk, (Denmark) SP ADR
    
23,000
      
1,543,990
  
Pfizer, Inc.
    
22,800
      
873,468
  
Sanofi, (France) ADR
    
27,970
      
1,404,094
  
Takeda Pharmaceutical Co., Ltd. (Japan) SP ADR
    
159,600
      
2,845,668
  
Viatris, Inc.*
    
2,270
      
38,181
  
             
11,209,716
  
Professional Services — 2.1%
                
Thomson Reuters Corp., (Canada)
    
21,900
      
1,737,327
  
REITS — 1.2%
                
American Tower Corp.
    
2,100
      
485,520
  
Equinix, Inc.
    
700
      
488,453
  
             
973,973
  
Retail — 6.3%
                
Costco Wholesale Corp.
    
4,300
      
1,684,611
  
Dollar General Corp.
    
6,900
      
1,508,202
  
Wal-Mart Stores, Inc.
    
13,760
      
2,102,390
  
             
5,295,203
  
Semiconductors & Semiconductor Equipment — 1.8%
                
Marvell Technology Group Ltd., (Bermuda)
    
20,800
      
962,832
  
Taiwan Semiconductor Manufacturing Co., Ltd., (China) SP ADR
    
5,800
      
562,716
  
             
1,525,548
  
Software — 14.9%
                
Adobe Systems, Inc.*
    
4,000
      
1,913,880
  
Citrix Systems, Inc.
    
2,000
      
247,840
  
Intuit, Inc.
    
5,000
      
1,760,100
  
Microsoft Corp.
    
12,100
      
2,590,247
  
Nice Ltd., (Isreal) SP ADR
    
7,400
      
1,803,528
  
Salesforce.com, Inc.*
    
7,200
      
1,769,760
  
ServiceNow, Inc.*
    
3,500
      
1,870,925
  
Tyler Technologies, Inc.*
    
1,400
      
598,640
  
             
12,554,920
  
Technology Hardware, Storage & Peripherals — 1.3%
                
Logitech International SA, (Switzerland)
    
12,200
      
1,101,660
  
Telecommunications — 2.3%
                
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia) SP ADR
    
35,800
      
803,710
  
Verizon Communications, Inc.
    
18,500
      
1,117,585
  
             
1,921,295
  
Textiles, Apparel & Luxury Goods — 1.0%
                
NIKE, Inc., Class B
    
6,200
      
835,140
  
Wireless Telecommunication Services — 1.8%
                
SK Telecom Co., Ltd., (South Korea) SP ADR
    
63,400
      
1,490,534
  
TOTAL COMMON STOCKS
                
(Cost $71,336,276)
            
79,712,181
  
EXCHANGE-TRADED FUNDS - 1.5%
                
Exchange-Traded Funds — 1.5%
                
iShares MSCI ACWI ETF
    
9,700
      
847,101
  
Vanguard Total World Stock ETF
    
4,500
      
399,420
  
             
1,246,521
  
TOTAL EXCHANGE-TRADED FUNDS
                
(Cost $1,237,236)
            
1,246,521
  
SHORT-TERM INVESTMENTS - 3.0%
                
U.S. Bank Money Market Deposit Account, 0.03%(a)
    
2,537,854
      
2,537,854
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $2,537,854)
            
2,537,854
  
TOTAL INVESTMENTS - 99.9%
                
(Cost $75,111,366)
            
83,496,556
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
73,284
  
NET ASSETS - 100.0%
          
$
83,569,840
  

*
Non-income producing security
              
(a)
The rate shown is as of November 30, 2020.
              
ADR
American Depositary Receipt
              
ETF
Exchange-Traded Funds
              
PLC
Public Limited Company
              
REIT
Real Estate Investment Trust
              
SP ADR
Sponsored ADR
              
                 
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 Global 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 Global Equity Fund
                        
Common Stocks
  
$
79,712,181
    
$
79,712,181
    
$
-
    
$
-
  
Exchange-Traded Funds
    
1,246,521
      
1,246,521
      
-
      
-
  
Short-Term Investments
    
2,537,854
      
2,537,854
      
-
      
-
  
Total Investments*
  
$
83,496,556
    
$
83,496,556
    
$
-
    
$
-
  
 
                                
* 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.