NPORT-EX 2 bpwpg.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
 
   
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—94.9%
            
Consumer Discretionary—6.6%
            
BJ's Restaurants, Inc.*
    
10,852
    
$
348,132
  
Century Communities, Inc.(a)
    
1,794
      
86,399
  
Cheesecake Factory Inc., (The)(a)
    
8,688
      
304,428
  
Designer Brands, Inc., Class A
    
17,521
      
268,071
  
Goodyear Tire & Rubber Co. (The)*
    
14,625
      
164,092
  
Latham Group, Inc.*
    
44,224
      
152,573
  
Monro Muffler Brake, Inc.(a)
    
2,650
      
120,496
  
Poshmark, Inc., Class A*
    
13,445
      
239,724
  
Stride, Inc.*
    
4,929
      
174,536
  
Target Hospitality Corp.*
    
8,098
      
117,097
  
Universal Electronics, Inc.*
    
6,871
      
150,269
  
             
2,125,817
  
Consumer Staples—4.5%
                
Dole PLC(a)
    
15,146
      
156,004
  
Nomad Foods Ltd.*
    
15,140
      
264,799
  
Sovos Brands, Inc.*(a)
    
28,146
      
405,021
  
TreeHouse Foods, Inc.*(a)
    
12,899
      
637,597
  
             
1,463,421
  
Energy—7.5%
                
DHT Holdings, Inc.
    
44,560
      
451,393
  
Earthstone Energy, Inc., Class A*(a)
    
14,122
      
223,692
  
Green Plains, Inc.*(a)
    
9,002
      
311,109
  
Liberty Energy, Inc.
    
6,857
      
113,346
  
NexTier Oilfield Solutions, Inc.*
    
31,050
      
316,400
  
Scorpio Tankers, Inc.
    
6,707
      
342,191
  
SM Energy Co.
    
14,830
      
639,321
  
             
2,397,452
  
Financials—20.5%
                
AGNC Investment Corp.
    
16,849
      
168,322
  
Ameris Bancorp
    
7,167
      
378,991
  
Axis Capital Holdings Ltd.
    
8,653
      
498,067
  
BankUnited, Inc.
    
8,293
      
304,519
  
Blucora, Inc.*(a)
    
12,396
      
310,520
  
Essent Group Ltd.
    
12,659
      
507,499
  
First BanCorp
    
15,289
      
235,145
  
First Commonwealth Financial Corp.(a)
    
10,798
      
158,947
  
First Foundation, Inc.
    
11,293
      
158,215
  
First Interstate BancSystem, Inc., Class A
    
8,271
      
360,781
  
Hanover Insurance Group, Inc., (The)(a)
    
1,326
      
195,320
  
HomeStreet, Inc.
    
5,648
      
154,190
  
Kemper Corp.
    
4,936
      
280,957
  
Ladder Capital Corp.
    
14,194
      
157,553
  
National Bank Holdings Corp., Class A
    
10,193
      
474,076
  
Popular, Inc.
    
6,098
      
445,276
  
PRA Group, Inc.*(a)
    
4,696
      
161,448
  
Premier Financial Corp.
    
14,125
      
412,167
  
Sculptor Capital Management, Inc.
    
16,476
      
165,584
  
Triumph Bancorp, Inc.*
    
2,911
      
173,961
  
Washington Trust Bancorp, Inc.
    
5,697
      
283,483
  
Webster Financial Corp.
    
11,043
      
600,077
  
             
6,585,098
  
Health Care—2.9%
                
CareDx, Inc.*
    
5,252
      
68,013
  
Innoviva, Inc.*
    
17,802
      
233,740
  
Pacira BioSciences, Inc.*
    
8,254
      
398,256
  
Patterson Cos., Inc.(a)
    
2,752
      
78,267
  
Tenet Healthcare Corp.*(a)
    
3,709
      
171,282
  
             
949,558
  
Industrials—21.1%
                
ABM Industries, Inc.(a)
    
6,798
      
320,730
  
Air Transport Services Group, Inc.*
    
2,904
      
81,428
  
Allison Transmission Holdings, Inc.
    
3,604
      
161,459
  
Altra Industrial Motion Corp.
    
13,425
      
786,973
  
Argan, Inc.
    
8,686
      
329,634
  
Astec Industries, Inc.
    
3,510
      
155,282
  
BrightView Holdings, Inc.*
    
23,086
      
159,063
  
Frontier Group Holdings, Inc.*(a)
    
7,001
      
91,293
  
Hillman Solutions Corp.*
    
21,012
      
167,256
  
ICF International, Inc.(a)
    
4,078
      
441,933
  
KBR, Inc.
    
12,274
      
634,198
  
Kirby Corp.*
    
7,668
      
535,150
  
Knight-Swift Transportation Holdings, Inc., Class A(a)
    
6,925
      
383,853
  
Matthews International Corp., Class A(a)
    
5,675
      
179,670
  
Maxar Technologies, Inc.
    
26,657
      
645,099
  
Star Bulk Carriers Corp.(a)
    
8,994
      
173,134
  
Stericycle, Inc., Class A*
    
4,287
      
223,481
  
Sun Country Airlines Holdings, Inc.*
    
12,415
      
250,783
  
Tutor Perini Corp.*
    
38,853
      
277,799
  
Univar Solutions, Inc.*(a)
    
18,440
      
610,917
  
XPO Logistics, Inc.*(a)
    
4,617
      
178,309
  
             
6,787,444
  
Information Technology—8.4%
                
Axcelis Technologies, Inc.*(a)
    
3,200
      
255,552
  
Celestica, Inc.*
    
15,272
      
170,436
  
JFrog Ltd.*(a)
    
10,944
      
240,549
  
LiveRamp Holdings, Inc.*
    
3,705
      
81,362
  
Mirion Technologies, Inc.*(a)
    
36,044
      
229,961
  
Momentive Global, Inc.*
    
78,173
      
619,912
  
NetScout Systems, Inc.*
    
10,836
      
403,966
  
Rambus, Inc.*(a)
    
12,730
      
488,577
  
SMART Global Holdings, Inc.*
    
11,943
      
201,956
  
             
2,692,271
  
Materials—11.6%
                
ATI, Inc.*
    
7,682
      
234,378
  
Axalta Coating Systems Ltd.*
    
10,292
      
276,237
  
Capstone Copper Corp.*
    
60,918
      
212,850
  
Commercial Metals Co.(a)
    
4,575
      
225,181
  
Constellium SE*
    
15,943
      
198,490
  
Ecovyst, Inc.*
    
21,187
      
196,827
  
Livent Corp.*(a)
    
6,892
      
192,907
  
Mativ Holdings, Inc.
    
7,209
      
149,731
  
Mosaic Co., (The)(a)
    
2,550
      
130,815
  
O-I Glass, Inc.*
    
11,238
      
184,416
  
Piedmont Lithium, Inc.*
    
3,316
      
191,201
  
Stelco Holdings, Inc.
    
5,073
      
169,446
  
Summit Materials, Inc., Class A*
    
5,571
      
168,746
  
Tronox Holdings PLC, Class A
    
35,900
      
507,267
  
Valvoline, Inc.
    
16,387
      
540,443
  
Warrior Met Coal, Inc.
    
3,837
      
141,278
  
             
3,720,213
  
Real Estate—6.3%
                
Apple Hospitality REIT, Inc.
    
16,910
      
288,485
  
Brixmor Property Group, Inc.
    
26,229
      
607,988
  
Equity Commonwealth
    
14,495
      
392,669
  
Getty Realty Corp.(a)
    
10,638
      
351,267
  
UMH Properties, Inc.(a)
    
21,340
      
375,797
  
             
2,016,206
  
Utilities—5.5%
                
ALLETE, Inc.
    
5,015
      
331,993
  
Avista Corp.(a)
    
6,287
      
259,527
  
Black Hills Corp.
    
3,105
      
222,411
  
NorthWestern Corp.
    
3,678
      
214,832
  
Portland General Electric Co.
    
3,531
      
173,831
  
Southwest Gas Holdings, Inc.
    
4,749
      
325,117
  
Spire, Inc.(a)
    
3,082
      
228,376
  
             
1,756,087
  
TOTAL COMMON STOCKS
                
(Cost $25,553,140)
            
30,493,567
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—22.6%
                
Mount Vernon Liquid Assets Portfolio, LLC, 4.01%(b)
    
7,280,417
      
7,280,417
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $7,280,417)
            
7,280,417
  
SHORT-TERM INVESTMENTS—5.6%
                
U.S. Bank Money Market Deposit Account, 3.50%(b)
    
1,799,469
      
1,799,469
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,799,469)
            
1,799,469
  
TOTAL INVESTMENTS—123.1%
                
(Cost $34,633,026)
            
39,573,453
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(23.1)%
            
(7,426,093
)
NET ASSETS—100.0%
          
$
32,147,360
  

PLC
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing.
(a)
All or a portion of the security is on loan. At November 30, 2022, the market value of securities on loan was $7,233,949.
(b)
The rate shown is as of November 30, 2022.
             
Industry classifications may be different than those used for compliance monitoring purposes.

 
BOSTON PARTNERS INVESTMENT FUNDS
  
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

PORTFOLIO VALUATION — The WPG Partners Small/Micro Cap Value 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
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
Common Stock
                              
Consumer Discretionary
  
$
2,125,817
    
$
2,125,817
    
$
-
    
$
-
    
$
-
  
Consumer Staples
    
1,463,421
      
1,463,421
      
-
      
-
      
-
  
Energy
    
2,397,452
      
2,397,452
      
-
      
-
      
-
  
Financials
    
6,585,098
      
6,585,098
      
-
      
-
      
-
  
Health Care
    
949,558
      
949,558
      
-
      
-
      
-
  
Industrials
    
6,787,444
      
6,787,444
      
-
      
-
      
-
  
Information Technology
    
2,692,271
      
2,692,271
      
-
      
-
      
-
  
Materials
    
3,720,213
      
3,720,213
      
-
      
-
      
-
  
Real Estate
    
2,016,206
      
2,016,206
      
-
      
-
      
-
  
Utilities
    
1,756,087
      
1,756,087
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
7,280,417
      
-
      
-
      
-
      
7,280,417
  
Short-Term Investments
    
1,799,469
      
1,799,469
      
-
      
-
      
-
  
Total Assets
  
$
39,573,453
    
$
32,293,036
    
$
-
    
$
-
    
$
7,280,417
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy included to reconcile to the amounts presented in the Portfolio of Investments.

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.