NPORT-EX 2 sgiglobal.htm NPORT-EX

SGI GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
May 31, 2021 (UNAUDITED)
  
   
             
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 98.5%
            
Aerospace/Defense — 0.8%
            
Lockheed Martin Corp.
    
2,200
    
$
840,840
  
                 
Airlines — 1.2%
                
Delta Air Lines, Inc.*
    
13,800
      
657,984
  
Southwest Airlines Co.*
    
10,600
      
651,476
  
             
1,309,460
  
Apparel — 0.9%
                
NIKE, Inc., Class B
    
7,100
      
968,866
  
                 
Auto Manufacturers — 2.0%
                
Honda Motor Co., Ltd., (Japan) SP ADR
    
67,500
      
2,110,050
  
                 
Auto Parts & Equipment — 0.4%
                
Gentex Corp.
    
13,200
      
468,600
  
                 
Banks — 11.5%
                
Bank of America Corp.
    
48,200
      
2,043,198
  
Canadian Imperial Bank of Commerce, (Canada)
    
6,300
      
742,581
  
JPMorgan Chase & Co.
    
12,400
      
2,036,576
  
Royal Bank of Canada, (Canada)
    
32,600
      
3,390,074
  
Shinhan Financial Group Co., Ltd., (South Korea) ADR
    
29,300
      
1,117,502
  
Toronto-Dominion Bank, (The), (Canada)
    
30,400
      
2,191,840
  
Westpac Banking Corp. SP ADR
    
20,800
      
425,568
  
             
11,947,339
  
Beverages — 0.5%
                
PepsiCo, Inc.
    
3,500
      
517,790
  
                 
Biotechnology — 3.4%
                
Exelixis, Inc.*
    
32,600
      
735,130
  
Incyte Corp.*
    
7,200
      
603,216
  
Regeneron Pharmaceuticals, Inc.*
    
700
      
351,701
  
Vertex Pharmaceuticals, Inc.*
    
9,000
      
1,877,670
  
             
3,567,717
  
Building Materials — 0.8%
                
Johnson Controls International PLC, (Ireland)
    
12,500
      
831,750
  
                 
Chemicals — 1.1%
                
Air Products & Chemicals, Inc.
    
1,800
      
539,388
  
Linde PLC, (Ireland)
    
1,900
      
571,140
  
             
1,110,528
  
Commercial Services — 0.3%
                
Verisk Analytics, Inc.
    
1,900
      
328,377
  
                 
Computers — 3.0%
                
Apple, Inc.
    
15,100
      
1,881,611
  
Check Point Software Technologies Ltd., (Israel)*
    
10,600
      
1,239,988
  
             
3,121,599
  
Cosmetics & Personal Care — 1.2%
                
Procter & Gamble Co., (The)
    
9,800
      
1,321,530
  
                 
Diversified Financial Services — 2.5%
                
Cboe Global Markets, Inc.
    
4,100
      
456,330
  
ORIX Corp., (Japan) SP ADR
    
19,100
      
1,682,519
  
T Rowe Price Group, Inc.
    
2,900
      
554,915
  
             
2,693,764
  
Electric — 4.4%
                
Algonquin Power & Utilities Corp., (Canada)
    
62,300
      
951,944
  
Duke Energy Corp.
    
20,500
      
2,054,510
  
Fortis, Inc., (Canada)
    
20,000
      
913,000
  
Xcel Energy, Inc.
    
9,800
      
694,624
  
             
4,614,078
  
Food — 1.6%
                
General Mills, Inc.
    
9,800
      
616,028
  
Kellogg Co.
    
8,000
      
523,920
  
Kroger Co., (The)
    
13,800
      
510,324
  
             
1,650,272
  
Healthcare-Products — 2.4%
                
Medtronic PLC, (Ireland)
    
10,400
      
1,316,536
  
STERIS PLC, (Ireland)
    
5,900
      
1,126,074
  
             
2,442,610
  
Home Furnishings — 2.5%
                
Dolby Laboratories, Inc., Class A
    
26,500
      
2,584,810
  
                 
Household Products & Wares — 1.3%
                
Clorox Co., (The)
    
7,500
      
1,325,475
  
                 
Insurance — 0.9%
                
China Life Insurance Co. Ltd. ADR
    
41,100
      
439,770
  
Chubb Ltd., (Switzerland)
    
2,820
      
479,372
  
             
919,142
  
Internet — 7.0%
                
Alphabet, Inc., Class C*
    
1,100
      
2,652,716
  
Amazon.com, Inc.*
    
1,100
      
3,545,377
  
Yandex NV, Class A (Russia)*
    
15,700
      
1,060,378
  
             
7,258,471
  
Media — 1.9%
                
Charter Communications, Inc., Class A*
    
800
      
555,624
  
Thomson Reuters Corp., (Canada)
    
14,400
      
1,410,768
  
             
1,966,392
  
Oil & Gas — 2.3%
                
Chevron Corp.
    
5,800
      
601,982
  
Exxon Mobil Corp.
    
17,100
      
998,127
  
TOTAL SE SP ADR
    
16,600
      
775,054
  
             
2,375,163
  
Pharmaceuticals — 9.6%
                
CVS Health Corp.
    
12,100
      
1,045,924
  
Eli Lilly & Co.
    
2,170
      
433,436
  
GlaxoSmithKline PLC, (United Kingdom) SP ADR
    
26,100
      
1,011,897
  
Merck & Co., Inc.
    
11,500
      
872,735
  
Novartis AG, (Switzerland) SP ADR
    
11,100
      
981,018
  
Novo Nordisk, (Denmark) SP ADR
    
26,600
      
2,098,740
  
Sanofi, (France) ADR
    
31,970
      
1,708,157
  
Takeda Pharmaceutical Co., Ltd., (Japan) SP ADR
    
111,900
      
1,912,371
  
             
10,064,278
  
REITS — 1.2%
                
Alexandria Real Estate Equities, Inc.
    
4,000
      
713,040
  
Equinix, Inc.
    
700
      
515,704
  
             
1,228,744
  
Retail — 7.9%
                
Costco Wholesale Corp.
    
4,900
      
1,853,523
  
Dollar General Corp.
    
8,300
      
1,684,568
  
Starbucks Corp.
    
3,200
      
364,416
  
Target Corp.
    
14,200
      
3,222,264
  
Wal-Mart Stores, Inc.
    
7,660
      
1,087,950
  
             
8,212,721
  
Semiconductors — 4.4%
                
Marvell Technology, Inc.
    
25,000
      
1,207,500
  
QUALCOMM, Inc.
    
1,800
      
242,172
  
Taiwan Semiconductor Manufacturing Co., Ltd., (China) SP ADR
    
27,000
      
3,168,720
  
             
4,618,392
  
Software — 11.8%
                
Activision Blizzard, Inc.
    
16,500
      
1,604,625
  
Adobe Systems, Inc.*
    
4,900
      
2,472,442
  
Citrix Systems, Inc.
    
2,200
      
252,912
  
Electronic Arts, Inc.
    
2,700
      
385,911
  
Microsoft Corp.
    
16,200
      
4,044,816
  
Salesforce.com, Inc.*
    
6,400
      
1,523,840
  
ServiceNow, Inc.*
    
4,000
      
1,895,520
  
Tyler Technologies, Inc.*
    
400
      
161,264
  
             
12,341,330
  
Telecommunications — 9.5%
                
Chunghwa Telecom Co., Ltd., (China) SP ADR
    
38,500
      
1,577,345
  
Nice Ltd., (Isreal) SP ADR
    
8,500
      
1,890,060
  
Orange SA, (France) SP ADR
    
169,600
      
2,170,880
  
SK Telecom Co., Ltd., (South Korea) SP ADR
    
92,400
      
2,960,496
  
Verizon Communications, Inc.
    
12,600
      
711,774
  
Vodafone Group PLC, (United Kingdom) SP ADR
    
35,200
      
650,144
  
             
9,960,699
  
Transportation — 0.2%
                
Expeditors International of Washington, Inc.
    
2,000
      
251,380
  
                 
TOTAL COMMON STOCKS
                
(Cost $89,902,439)
            
102,952,167
  
                 
SHORT-TERM INVESTMENTS - 1.3%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
1,350,115
      
1,350,115
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,350,115)
            
1,350,115
  
TOTAL INVESTMENTS - 99.8%
                
(Cost $91,252,554)
            
104,302,282
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
            
214,723
  
NET ASSETS - 100.0%
          
$
104,517,005
  
   

*
Non-income producing security
              
(a)
The rate shown is as of May 31, 2021.
              
ADR
American Depositary Receipt
              
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
MAY 31, 2021 (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 May 31, 2021, in valuing each Fund's investments carried at fair value:
      

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
SGI Global Equity Fund
                        
Common Stocks
  
$
102,952,167
    
$
102,952,167
    
$
-
    
$
-
  
Short-Term Investments
    
1,350,115
      
1,350,115
      
-
      
-
  
Total Investments*
  
$
104,302,282
    
$
104,302,282
    
$
-
    
$
-
  
 
                                
* 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.