NPORT-EX 2 Schedule_F_ICM.htm FOR VALIDATION PURPOSES ONLY - [908582.TX]
THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JULY 31, 2020  (Unaudited)    
      

 

 SCHEDULE OF INVESTMENTS
 COMMON STOCK‡ — 93.9%
             Shares              Value  

CONSUMER DISCRETIONARY — 18.1%

      

Central Garden & Pet, Cl A*

      293,492      $ 10,169,498    

Cheesecake Factory

      446,200        10,708,800    

Cooper Tire & Rubber

      506,200        15,722,572    

Designer Brands, Cl A

      1,528,100        9,031,071    

El Pollo Loco Holdings*

      759,000        14,997,840    

Extended Stay America

      944,900        10,781,309    

Group 1 Automotive

      158,608        13,326,244    

John Wiley & Sons, Cl A

      249,600        8,443,968    

MDC Holdings

      419,881        18,823,265    

Oxford Industries

      194,745        8,362,350    

SP Plus*

      321,119        5,102,581    

Standard Motor Products

      228,907        10,410,690    

TRI Pointe Group*

      1,055,550        17,648,796    

Universal Electronics*

      214,908        9,900,812    

Urban Outfitters*

      467,800        7,737,412    

Winnebago Industries

      141,102        8,523,972    
     

 

 

  
                179,691,180    
     

 

 

  

CONSUMER STAPLES — 2.5%

             

Edgewell Personal Care*

      253,327        7,571,944    

Landec*

      441,900        4,171,536    

TreeHouse Foods*

      293,800        12,874,316    
     

 

 

  
        24,617,796    
     

 

 

  

ENERGY — 2.3%

      

DMC Global

      205,336        6,032,772    

Dril-Quip*

      276,800        9,214,672    

Earthstone Energy, Cl A*

      637,300        1,676,099    

Frank’s International*

      2,441,900        5,567,532    
     

 

 

  
        22,491,075    
     

 

 

  

FINANCIAL SERVICES — 27.9%

      

Ameris Bancorp

      309,391        7,139,197    

Argo Group International Holdings

      289,026        9,685,262    

Atlantic Union Bankshares

      211,052        4,763,444    

Banc of California

      769,100        8,244,752    

Boston Private Financial Holdings

      774,220        4,556,285    

Brandywine Realty Trust†

      755,848        8,185,834    

CatchMark Timber Trust, Cl A†

      947,941        9,251,904    

Compass Diversified Holdings(A)

      560,755        8,944,042    

ConnectOne Bancorp

      539,800        7,443,842    

Empire State Realty Trust, Cl A†

      717,575        4,735,995    

 

1

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JULY 31, 2020  (Unaudited)    
      

 

COMMON STOCK — continued

      
             Shares              Value  

FINANCIAL SERVICES — continued

      

Enterprise Financial Services

      261,982      $ 7,613,197    

First Bancorp

      303,394        6,268,120    

First Bancshares

      372,157        7,409,646    

First Industrial Realty Trust†

      283,700        12,460,104    

First Merchants

      219,519        5,362,849    

Four Corners Property Trust†

      346,906        8,742,031    

James River Group Holdings

      79,507        3,682,764    

Jernigan Capital†

      321,500        4,504,215    

Kite Realty Group Trust†

      919,843        9,078,851    

MGIC Investment

      1,238,000        10,238,260    

Pacific Premier Bancorp

      396,151        8,323,132    

Pebblebrook Hotel Trust†

      331,477        3,513,656    

Physicians Realty Trust†

      640,400        11,552,816    

Pinnacle Financial Partners

      228,409        9,049,564    

PRA Group*

      383,300        15,163,348    

QTS Realty Trust, Cl A†

      181,761        13,077,704    

Sandy Spring Bancorp

      292,000        6,751,040    

Seacoast Banking Corp of Florida*

      449,202        8,480,934    

Simmons First National, Cl A

      589,044        9,772,240    

Sterling Bancorp

      851,000        9,573,750    

Texas Capital Bancshares*

      253,600        8,424,592    

TriCo Bancshares

      267,437        7,488,236    

UMH Properties†

      685,900        8,436,570    

Veritex Holdings

      471,700        7,886,824    
     

 

 

  
                275,805,000    
     

 

 

  

HEALTH CARE — 5.3%

      

ANI Pharmaceuticals*

      132,925        3,935,909    

Avanos Medical*

      14,302        438,642    

Ensign Group

      226,870        10,433,751    

Integer Holdings*

      61,000        4,011,970    

Lantheus Holdings*

      462,089        6,228,960    

NextGen Healthcare*

      784,816        11,474,010    

NuVasive*

      40,900        2,337,026    

Providence Service*

      167,800        13,593,478    
     

 

 

  
        52,453,746    
     

 

 

  

MATERIALS & PROCESSING — 6.0%

      

GrafTech International

      310,200        1,882,914    

Greif, Cl A

      228,000        7,932,120    

Hexcel

      218,000        8,131,400    

Livent*

      1,190,000        7,461,300    

Minerals Technologies

      211,986        9,937,904    

 

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THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JULY 31, 2020  (Unaudited)    
      

 

COMMON STOCK — continued

      
             Shares              Value  

MATERIALS & PROCESSING — continued

      

Mueller Water Products, Cl A

      660,504      $ 6,684,300    

Orion Engineered Carbons

      817,500        8,338,500    

Quanex Building Products

      615,171        8,643,153    
     

 

 

  
        59,011,591    
     

 

 

  

PRODUCER DURABLES — 17.0%

      

ABM Industries

      273,600        9,822,240    

Albany International, Cl A

      136,171        6,547,102    

Astec Industries

      192,670        8,571,888    

Belden CDT

      256,472        8,104,515    

CBIZ*

      525,711        12,711,692    

Conduent*

      1,879,300        3,589,463    

Deluxe

      178,720        5,045,266    

Dycom Industries*

      196,100        8,398,963    

Enerpac Tool Group, Cl A

      410,243        7,753,593    

Granite Construction

      358,730        6,084,061    

Harsco*

      428,076        6,832,093    

Hawaiian Holdings

      182,100        2,165,169    

Hub Group, Cl A*

      219,000        11,585,100    

ICF International

      168,764        11,410,134    

Kaman

      179,946        7,106,067    

Knoll

      545,200        6,384,292    

MYR Group*

      379,182        13,904,604    

Regal Beloit

      156,956        14,435,243    

Rush Enterprises, Cl A

      187,877        8,939,188    

Saia*

      77,856        9,299,899    
     

 

 

  
                168,690,572    
     

 

 

  

TECHNOLOGY — 13.1%

      

Advanced Energy Industries*

      161,300        11,866,841    

Benchmark Electronics

      380,799        7,753,067    

CSG Systems International

      143,399        6,041,400    

Knowles*

      709,900        10,833,074    

Kulicke & Soffa Industries

      428,700        10,160,190    

Methode Electronics

      499,739        14,092,640    

NETGEAR*

      565,776        17,397,612    

NetScout Systems*

      331,926        8,450,836    

Onto Innovation*

      348,953        13,197,403    

Progress Software

      303,904        10,594,093    

Verint Systems*

      340,400        15,280,556    

Virtusa*

      109,708        4,454,145    
     

 

 

  
        130,121,857    
     

 

 

  

 

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THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JULY 31, 2020  (Unaudited)    
      

 

COMMON STOCK — continued

 

     Shares      Value  

UTILITIES — 1.7%

      

IDACORP

      74,164      $ 6,915,793    

Spire

      162,900        10,044,414    
     

 

 

  
        16,960,207    
     

 

 

  

TOTAL COMMON STOCK

      

    (Cost $991,207,696)

         929,843,024    
     

 

 

  
     

WARRANTS — 0.0%

 

         Number of    
     Warrants    		      Value  

SAExploration Holdings, Ser A, Expires 08/01/2021* (B)

      2,784        —    

SAExploration Holdings, Ser B, Expires 08/01/2021* (B)

      2,784        —    
     

 

 

  

TOTAL WARRANTS

      

    (Cost $–)

         —    
     

 

 

  
     

SHORT-TERM INVESTMENT — 4.3%

      
     Shares      Value  

Dreyfus Treasury Prime Cash Management, Cl A
0.050% (C)
(Cost $42,090,358)

      42,090,358        42,090,358    
     

 

 

  

TOTAL INVESTMENTS— 98.2%

      

    (Cost $1,033,298,054)

       $         971,933,382    
     

 

 

  

Percentages are based on Net Assets of $990,191,208.

*

Non-income producing security.

†

Real Estate Investment Trust

‡

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(A)

Security considered to be a Master Limited Partnership. The total value of such security as of July 31, 2020 was $8,944,042 or 0.9% of Net Assets.

(B)

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of July 31, 2020, was $0 and represented 0.0% of net assets.

(C)

The rate shown is the 7-day effective yield as of July 31, 2020.

Cl — Class

Ser — Series

 

4

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JULY 31, 2020  (Unaudited)    
      

The following is a list of the inputs used as of July 31, 2020 when valuing the Portfolio’s investments:

 

Investments in Securities    Level 1      Level 2      Level 3*      Total  

Common Stock

    $ 929,843,024      $ —      $ —      $ 929,843,024  

Warrants

      —        —        —        —  

Short-Term Investment

      42,090,358        —        —        42,090,358  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $         971,933,382      $                     —      $                     —      $         971,933,382  
  

 

 

     

 

 

     

 

 

     

 

 

  

* Portfolio investment in warrants is considered Level 3.

For the period ended July 31, 2020, there have been no transfers in or out of Level 3.

Amounts designated as “-“are either $0 or have been rounded to $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

ICM-QH-001-3300

 

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