NPORT-EX 2 bpemergingmarkets.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
       
BOSTON PARTNERS EMERGING MARKETS FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—84.4%
            
Austria—0.6%
            
Erste Group Bank AG
    
1,695
    
$
53,073
  
Raiffeisen Bank International AG*
    
4,738
      
74,559
  
             
127,632
  
Brazil—8.4%
                
Banco do Brasil SA*
    
90,600
      
618,566
  
Cielo SA*
    
465,000
      
427,423
  
Eletromidia SA*
    
129,376
      
253,300
  
Localiza Rent a Car SA*
    
63
      
723
  
Minerva SA
    
20,300
      
48,703
  
Sendas Distribuidora SA
    
104,400
      
396,126
  
             
1,744,841
  
Chile—0.9%
                
Banco Santander Chile - SP ADR
    
11,633
      
181,591
  
China—29.6%
                
Alibaba Group Holding Ltd.*
    
18,900
      
205,692
  
Alibaba Group Holding Ltd. - SP ADR*
    
3,492
      
305,759
  
Bank of Chengdu Co., Ltd., Class A
    
162,800
      
351,876
  
Chengdu Wintrue Holding Co., Ltd., Class A
    
26,300
      
44,155
  
China State Construction Engineering Corp., Ltd., Class A
    
526,300
      
435,760
  
Fufeng Group Ltd.
    
103,000
      
65,620
  
Greentown China Holdings Ltd.
    
78,000
      
134,064
  
JD.com, Inc., Class A
    
305
      
8,700
  
JD.com, Inc. - ADR
    
5,650
      
323,067
  
Jiangsu Changshu Rural Commercial Bank Co., Ltd., Class A
    
94,900
      
100,892
  
Muyuan Foodstuff Co., Ltd., Class A
    
35,300
      
238,410
  
NetEase, Inc. - ADR
    
1,326
      
94,305
  
Pinduoduo, Inc. - ADR*
    
12,750
      
1,046,010
  
Power Construction Corp. of China Ltd., Class A
    
138,500
      
149,185
  
Proya Cosmetics Co., Ltd., Class A
    
12,700
      
302,726
  
Rianlon Corp., Class A
    
24,100
      
187,531
  
Shandong Hi-Speed Road & Bridge Co., Ltd., Class A
    
49,400
      
52,264
  
Shanghai International Port Group Co., Ltd., Class A
    
49,100
      
37,609
  
Tangshan Port Group Co., Ltd., Class A
    
163,500
      
67,228
  
Tech-Bank Food Co., Ltd., Class A*
    
276,778
      
244,273
  
Tencent Holdings Ltd.
    
4,200
      
158,828
  
Trip.com Group Ltd. - ADR*
    
15,765
      
503,692
  
Wens Foodstuffs Group Co., Ltd., Class A
    
192,386
      
485,692
  
Xiamen Xiangyu Co., Ltd., Class A
    
32,100
      
53,067
  
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co., Class H
    
27,000
      
49,716
  
YTO Express Group Co., Ltd., Class A
    
127,197
      
347,065
  
YTO Express Group Co., Ltd., Class A
    
55,900
      
152,527
  
             
6,145,713
  
Greece—0.4%
                
JUMBO SA
    
5,689
      
90,860
  
Hungary—0.3%
                
Richter Gedeon Nyrt
    
2,632
      
56,621
  
India—4.2%
                
Bajaj Auto Ltd.
    
3,384
      
156,112
  
Bharti Airtel Ltd.
    
12,294
      
128,476
  
Bharti Airtel Ltd.
    
1,797
      
10,271
  
Indian Hotels Co Ltd.
    
39,066
      
155,692
  
Maruti Suzuki India Ltd.
    
1,372
      
151,702
  
PB Fintech Ltd.*
    
33,184
      
185,489
  
Power Grid Corp. of India Ltd.
    
15,176
      
41,872
  
Reliance Industries Ltd. - SP GDR
    
575
      
38,571
  
             
868,185
  
Indonesia—2.6%
                
Bank Mandiri Persero Tbk PT
    
805,300
      
543,225
  
Israel—1.6%
                
Inmode Ltd.*
    
4,254
      
163,311
  
Mizrahi Tefahot Bank Ltd.
    
4,353
      
161,736
  
             
325,047
  
Mexico—7.5%
                
Arca Continental SAB de CV
    
22,900
      
190,616
  
Grupo Aeroportuario del Centro Norte SAB de CV - ADR
    
4,279
      
297,476
  
Grupo Aeroportuario del Pacifico SAB de CV - ADR
    
3,587
      
583,067
  
Grupo Bimbo SAB de CV, Class A
    
35,400
      
150,213
  
Grupo Comercial Chedraui SA de CV
    
8,400
      
36,305
  
Grupo Financiero Banorte SAB de CV, Class O
    
37,900
      
304,178
  
             
1,561,855
  
Poland—0.7%
                
Dino Polska SA*
    
1,837
      
150,980
  
Russia—0.0%
                
Fix Price Group Ltd. - GDR*†
    
5,934
      
0
  
HeadHunter Group PLC - ADR†
    
3,106
      
0
  
Magnit PJSC†
    
2,995
      
0
  
Sberbank of Russia PJSC - SP ADR*†
    
9,522
      
0
  
             
0
  
Singapore—4.9%
                
DBS Group Holdings Ltd.
    
23,256
      
606,487
  
Singapore Airlines Ltd.
    
34,200
      
138,752
  
United Overseas Bank Ltd.
    
11,600
      
267,467
  
             
1,012,706
  
South Africa—0.8%
                
Life Healthcare Group Holdings Ltd.
    
28,783
      
29,021
  
Shoprite Holdings Ltd.
    
9,831
      
144,708
  
             
173,729
  
South Korea—8.1%
                
GS Holdings Corp.
    
1,170
      
43,488
  
Hankook Tire & Technology Co., Ltd.
    
2,708
      
70,725
  
Hite Jinro Co., Ltd.
    
2,646
      
53,012
  
HL Mando Co., Ltd.
    
1,430
      
53,029
  
JYP Entertainment Corp.
    
2,125
      
99,319
  
Korean Air Lines Co., Ltd.*
    
8,764
      
171,940
  
Orion Corp.
    
1,063
      
95,455
  
Osstem Implant Co., Ltd.
    
3,843
      
328,590
  
SK Hynix, Inc.
    
11,755
      
775,830
  
             
1,691,388
  
Taiwan—8.1%
                
Accton Technology Corp.
    
50,000
      
444,913
  
Asia Vital Components Co., Ltd.
    
6,000
      
22,354
  
Compeq Manufacturing Co., Ltd.
    
48,000
      
78,194
  
Delta Electronics, Inc.
    
9,000
      
88,998
  
Hiwin Technologies Corp.
    
19,580
      
119,501
  
Lotes Co., Ltd.
    
9,115
      
258,150
  
Nanya Technology Corp.
    
170,000
      
317,241
  
Voltronic Power Technology Corp.
    
2,000
      
113,509
  
Wiwynn Corp.
    
8,000
      
230,863
  
             
1,673,723
  
Thailand—4.5%
                
AP Thailand PCL - NVDR
    
491,400
      
141,455
  
Kiatnakin Phatra Bank PCL - NVDR
    
194,200
      
396,127
  
Supalai PCL - NVDR
    
445,600
      
291,226
  
Thanachart Capital PCL
    
94,500
      
113,218
  
             
942,026
  
United States—1.2%
                
Coupang, Inc.*
    
13,149
      
256,142
  
TOTAL COMMON STOCKS
                
(Cost $17,125,000)
            
17,546,264
  
PREFERRED STOCKS—2.1%
                
Brazil—1.9%
                
Itau Unibanco Holding SA, Class H - SP ADR 2.170%
    
77,705
      
386,971
  
South Korea—0.2%
                
Samsung Electronics Co., Ltd. 2.585%
    
1,003
      
43,131
  
TOTAL PREFERRED STOCKS
                
(Cost $425,618)
            
430,102
  
EXCHANGE TRADED FUNDS—0.2%
                
Thailand—0.2%
                
Jasmine Broadband Internet Infrastructure Fund, Class F
    
236,600
      
54,345
  
TOTAL EXCHANGE TRADED FUNDS
                
(Cost $81,570)
            
54,345
  
                 
                 
SHORT-TERM INVESTMENTS—12.4%
                
Tri-State Deposit, 3.20%(a)
    
1,505,895
      
1,505,895
  
U.S. Bank Money Market Deposit Account, 3.50%(a)
    
1,059,938
      
1,059,938
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $2,565,833)
            
2,565,833
  
TOTAL INVESTMENTS—99.1%
                
(Cost $20,198,021)
            
20,596,544
  
OTHER ASSETS IN EXCESS OF LIABILITIES—0.9%
            
177,619
  
NET ASSETS—100.0%
          
$
20,774,163
  

ADR
American Depositary Receipt
          
GDR
Global Depositary Receipt
          
NVDR
Non-voting Depository Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
SP GDR
Sponsored Global Depositary Receipt
          
GDR
Global Depositary Receipt
          
*
Non-income producing.
          
(a)
The rate shown is as of November 30, 2022.
          
†
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors.
As of November 30, 2022, these securities amounted to $0 or 0.0% of net assets.


Contracts For Difference held by the Fund at November 30, 2022, are as follows:
                    
                                   
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
Long
                                  
China
                                  
Jiangsu Phoenix Publishing & Media Group Co., Ltd., Class A
  
Goldman Sachs
  
09/16/2025
  
3.83%
  
Monthly
  
94,800
   $
           112,014
  
$
                12,402
  
Meihua Holdings Group Co., Class A
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
43,600
    
                 59,147
    
                     (388)
  
                         
               171,161
    
                  12,014
  
Portugal
                                  
Jeronimo Martins SGPS SA
  
Goldman Sachs
  
09/18/2025
  
1.40
  
Monthly
  
13,351
    
               294,534
    
                    5,905
  
Russia
                                  
Detsky Mir PJSC
  
Goldman Sachs
  
09/18/2025
  
3.83
  
Monthly
  
117,900
    
                          –
    
              (175,295)
  
Saudi Arabia
                                  
Al Rajhi Bank
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
2,070
    
                 44,327
    
                  (2,250)
  
Taiwan
                                  
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
09/18/2025
  
3.83
  
Monthly
  
3,000
    
                 47,564
    
                    1,101
  
Total Long
                        
               557,586
    
              (158,525)
  
Net unrealized gain/(loss) on Contracts For Difference
                             $
            (158,525)
  


BOSTON PARTNERS EMERGING MARKETS FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

PORTFOLIO VALUATION — The Boston Partners Emerging Markets Fund's (the "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.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’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. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure 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 Fund’s 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, 2022, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Austria
  
$
127,632
    
$
-
    
$
127,632
    
$
-
  
Brazil
    
1,744,841
      
1,744,841
      
-
      
-
  
Chile
    
181,591
      
181,591
      
-
      
-
  
China
    
6,145,713
      
2,272,833
      
3,872,880
      
-
  
Greece
    
90,860
      
-
      
90,860
      
-
  
Hungary
    
56,621
      
-
      
56,621
      
-
  
India
    
868,185
      
-
      
868,185
      
-
  
Indonesia
    
543,225
      
-
      
543,225
      
-
  
Israel
    
325,047
      
163,311
      
161,736
      
-
  
Mexico
    
1,561,855
      
1,561,855
      
-
      
-
  
Poland
    
150,980
      
-
      
150,980
      
-
  
Russia
    
-
      
-
      
-
      
-
 *
Singapore
    
1,012,706
      
-
      
1,012,706
      
-
  
South Africa
    
173,729
      
29,021
      
144,708
      
-
  
South Korea
    
1,691,388
      
-
      
1,691,388
      
-
  
Taiwan
    
1,673,723
      
-
      
1,673,723
      
-
  
Thailand
    
942,026
      
113,218
      
828,808
      
-
  
United States
    
256,142
      
256,142
      
-
      
-
  
Preferred Stock
                                
Brazil
    
386,971
      
386,971
      
-
      
-
  
South Korea
    
43,131
      
-
      
43,131
      
-
  
Exchange Traded Funds
                                
Thailand
    
54,345
      
54,345
      
-
      
-
  
Short-Term Investments
    
2,565,833
      
1,059,938
      
1,505,895
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
19,408
      
19,408
      
-
      
-
  
Total Assets
  
$
20,615,952
    
$
7,843,474
    
$
12,772,478
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Contracts For Difference
                                
     Equity Contracts
  
$
(177,933
)
  
$
(2,638
)
  
$
-
    
$
(175,295
)
Total Liabilities
  
$
(177,933
)
  
$
(2,638
)
  
$
-
    
$
(175,295
)

* Value equals zero as of the end of the reporting period.
  

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 Level 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 when the 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.

For the period ended November 30, 2022, the Fund had no significant 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.