NPORT-EX 2 d230577d8k.htm SCHEDULE F HTML

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR OPPORTUNITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 99.0%

     
         Shares          Value

AEROSPACE/DEFENSE EQUIPMENT — 5.5%

      

L3Harris Technologies

      52,000       $ 11,790,480  

Raytheon Technologies

      90,000        7,825,500  
     

 

 

 

        19,615,980    
     

 

 

 

AIR FREIGHT & LOGISTICS — 3.0%

      

United Parcel Service, Cl B

      56,000              10,716,160  
     

 

 

 

AIRLINES — 2.6%

      

Southwest Airlines *

      183,600        9,275,472  
     

 

 

 

BANKS — 5.7%

      

JPMorgan Chase

      64,000        9,713,920  

US Bancorp

      190,000        10,552,600  
     

 

 

 

        20,266,520  
     

 

 

 

BIOTECHNOLOGY — 5.2%

      

Biogen *

      38,000        12,415,740  

Incyte *

      82,000        6,342,700  
     

 

 

 

        18,758,440  
     

 

 

 

CAPITAL MARKETS — 6.9%

      

Charles Schwab

      100,000        6,795,000  

Goldman Sachs Group

      25,000        9,372,000  

KKR, Cl A

      135,000        8,607,600  
     

 

 

 

        24,774,600  
     

 

 

 

CHEMICALS — 3.0%

      

Corteva

      250,000        10,695,000  
     

 

 

 

COMMUNICATION EQUIPMENT — 3.5%

      

Motorola Solutions

      56,000        12,539,520  
     

 

 

 

CONSUMER FINANCE — 2.1%

      

American Express

      45,000        7,673,850  
     

 

 

 

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.0%

      

TE Connectivity

      50,000        7,373,500  
     

 

 

 

FOOD, BEVERAGE & TOBACCO — 2.6%

      

Sysco

      127,000        9,423,400  
     

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES — 4.7%

      

Baxter International

      90,000        6,961,500  

Medtronic

      75,000        9,848,250  
     

 

 

 

        16,809,750  
     

 

 

 

HEALTH CARE PROVIDERS & SERVICES — 3.3%

      

Centene *

      170,000        11,663,700  
     

 

 

 

HOTELS, RESTAURANTS & LEISURE — 1.8%

      

Penn National Gaming *

      94,000        6,427,720  
     

 

 

 

HOUSEHOLD PRODUCTS — 2.9%

      

Colgate-Palmolive

      132,000        10,494,000  
     

 

 

 

INDUSTRIAL CONGLOMERATES — 3.0%

      

3M

      55,000        10,886,700  
     

 

 

 

INSURANCE — 5.9%

      

Chubb

      65,000        10,968,100  

Principal Financial Group

      162,000        10,065,060  
     

 

 

 

        21,033,160  
     

 

 

 

INTERACTIVE MEDIA & SERVICES — 3.4%

      

Alphabet, Cl A *

      4,500        12,125,385  
     

 

 

 

INTERNET & DIRECT MARKETING RETAIL — 3.0%

      

Amazon.com *

      3,200        10,648,288  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR OPPORTUNITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

IT SERVICES — 5.8%

      

Fiserv *

      100,000       $ 11,511,000  

Mastercard, Cl A

      24,000        9,262,560  
     

 

 

 

        20,773,560  
     

 

 

 

MULTI-UTILITIES — 2.7%

      

Sempra Energy

      75,000        9,798,750    
     

 

 

 

PHARMACEUTICALS — 3.2%

      

Bristol-Myers Squibb

      170,000        11,537,900  
     

 

 

 

REAL ESTATE INVESTMENT TRUSTS — 2.1%

      

Welltower

      85,000        7,383,100  
     

 

 

 

ROAD & RAIL — 4.4%

      

Uber Technologies *

      210,000        9,126,600  

Union Pacific

      31,000        6,781,560  
     

 

 

 

        15,908,160  
     

 

 

 

SEMI-CONDUCTORS & EQUIPMENT — 5.4%

      

Applied Materials

      79,000        11,054,470  

Skyworks Solutions

      45,000        8,302,950  
     

 

 

 

        19,357,420  
     

 

 

 

SEMI-CONDUCTORS & INSTRUMENTS — 3.2%

      

Marvell Technology

      190,000        11,496,900  
     

 

 

 

SPECIALTY RETAIL — 2.1%

      

TJX

      110,000        7,569,100  
     

 

 

 

TOTAL COMMON STOCK
(Cost $255,271,494)

         355,026,035  
     

 

 

 

TOTAL INVESTMENTS — 99.0%
    (Cost $255,271,494)

        $     355,026,035  
     

 

 

 

 

  

Percentages are based on Net Assets of $358,556,323.

*

Non-income producing security.

Cl — Class

As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-007-2800

 

2

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR SMID FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 94.6%

     
         Shares          Value

AEROSPACE & DEFENSE — 2.9%

      

Mercury Systems *

      67,000       $ 4,422,000  
     

 

 

 

AIR FREIGHT & LOGISTICS — 2.5%

      

Expeditors International of Washington

      29,500        3,783,375  
     

 

 

 

BANKS — 9.3%

      

BOK Financial

      42,170        3,542,702  

East West Bancorp

      52,330        3,723,279  

First Horizon

      218,990        3,383,395  

Signature Bank NY

      15,750        3,574,778  
     

 

 

 

        14,224,154    
     

 

 

 

BIOTECHNOLOGY — 2.2%

      

Exelixis *

      193,840        3,266,204  
     

 

 

 

BUILDING PRODUCTS — 2.2%

      

Builders FirstSource *

      76,000        3,382,000  
     

 

 

 

ELECTRICAL EQUIPMENT — 5.0%

      

GrafTech International

      304,850        3,466,145  

Hubbell, Cl B

      21,340        4,277,816  
     

 

 

 

        7,743,961  
     

 

 

 

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.7%

      

IPG Photonics *

      18,800        4,101,408  
     

 

 

 

ELECTRONICS EQUIPMENT — 2.4%

      

Vontier

      112,000        3,623,200  
     

 

 

 

FOOD, BEVERAGE & TOBACCO — 2.4%

      

Lamb Weston Holdings

      55,700        3,719,089  
     

 

 

 

GAS UTILITIES — 2.4%

      

Atmos Energy

      37,090        3,656,703  
     

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 2.6%

      

STERIS

      18,490        4,029,896  
     

 

 

 

HOTELS, RESTAURANTS & LEISURE — 2.0%

      

Penn National Gaming *

      45,730        3,127,017  
     

 

 

 

INSURANCE — 12.9%

      

American Financial Group

      33,030        4,177,965  

Arch Capital Group *

      103,650        4,042,350  

Axis Capital Holdings

      76,210        3,876,803  

Fidelity National Financial

      90,440        4,034,528  

Reinsurance Group of America, Cl A

      33,835        3,727,940  
     

 

 

 

              19,859,586  
     

 

 

 

IT SERVICES — 10.0%

      

Amdocs

      49,280        3,799,981  

Euronet Worldwide *

      26,930        3,846,142  

Maximus

      42,170        3,753,130  

WEX *

      20,530        3,895,157  
     

 

 

 

        15,294,410  
     

 

 

 

MACHINERY — 5.3%

      

Lincoln Electric Holdings

      30,490        4,251,221  

Toro

      34,040        3,871,709  
     

 

 

 

        8,122,930  
     

 

 

 

PROFESSIONAL SERVICES — 2.4%

      

Leidos Holdings

      35,060        3,731,085  
     

 

 

 

REAL ESTATE INVESTMENT TRUSTS — 5.3%

      

National Retail Properties

      82,310        4,022,490  

VICI Properties **

      132,610        4,136,106  
     

 

 

 

        8,158,596  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR SMID FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

SEMI-CONDUCTORS & INSTRUMENTS — 4.8%

      

ON Semiconductor *

      92,470       $ 3,611,878  

Qorvo *

      20,020        3,795,592  
     

 

 

 

        7,407,470  
     

 

 

 

SOFTWARE — 2.3%

      

Dolby Laboratories, Cl A

      37,090        3,601,439  
     

 

 

 

SPECIALTY RETAIL — 10.3%

      

Bed Bath & Beyond *

      134,000        3,824,360  

Burlington Stores *

      12,190        4,081,212  

Gap

      134,315        3,917,969  

Ulta Beauty *

      11,690        3,925,502  
     

 

 

 

        15,749,043  
     

 

 

 

WATER UTILITIES — 2.7%

      

Essential Utilities

      84,340        4,142,781  
     

 

 

 

TOTAL COMMON STOCK
(Cost $122,781,512)

         145,146,347  
     

 

 

 

TOTAL INVESTMENTS — 94.6%
    (Cost $122,781,512)

        $     145,146,347    
     

 

 

 

 

  

Percentages are based on Net Assets of $153,416,582.

*

Non-income producing security.

Cl — Class

As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-011-2100

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR SMALL CAP FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 98.0%

     
         Shares          Value

AEROSPACE & DEFENSE — 6.0%

      

BWX Technologies

      34,000       $ 1,952,620  

Mercury Systems *

      31,000        2,046,000  

Parsons *

      51,000        1,969,620  
     

 

 

 

        5,968,240  
     

 

 

 

AIR FREIGHT & LOGISTICS — 1.9%

      

Forward Air

      21,000        1,857,240  
     

 

 

 

AIRLINES — 2.1%

      

Hawaiian Holdings *

      105,000        2,071,650  
     

 

 

 

BANKS — 9.4%

      

Cathay General Bancorp

      49,000        1,855,630  

Prosperity Bancshares

      28,000        1,909,320  

Texas Capital Bancshares *

      31,000        1,952,380  

United Bankshares

      53,000        1,830,620  

United Community Banks

      62,000        1,786,220  
     

 

 

 

        9,334,170  
     

 

 

 

BIOTECHNOLOGY — 4.4%

      

Chimerix *

      123,000        815,490  

Emergent BioSolutions *

      27,500        1,812,250  

Exelixis *

      100,075        1,686,264  
     

 

 

 

        4,314,004  
     

 

 

 

BUILDING PRODUCTS — 1.9%

      

PGT Innovations *

      84,000        1,896,720  
     

 

 

 

CHEMICALS — 2.0%

      

Cabot

      36,000        1,982,160  
     

 

 

 

COMMERCIAL SERVICES & SUPPLIES — 1.7%

      

Healthcare Services Group

      63,000        1,644,300  
     

 

 

 

CONSTRUCTION & ENGINEERING — 2.0%

      

NV5 Global *

      21,000        1,995,000  
     

 

 

 

ELECTRIC UTILITIES — 2.3%

      

IDACORP

      22,000        2,319,900  
     

 

 

 

ELECTRICAL EQUIPMENT — 4.3%

      

EnerSys

      23,000        2,269,180  

GrafTech International

      174,000        1,978,380    
     

 

 

 

        4,247,560  
     

 

 

 

ELECTRONICS EQUIPMENT — 2.2%

      

Advanced Energy Industries

      21,000        2,178,750  
     

 

 

 

FOOD PRODUCTS — 4.5%

      

Hain Celestial Group *

      50,000        1,995,500  

Sanderson Farms

      13,000        2,428,920  
     

 

 

 

        4,424,420  
     

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 6.4%

      

Cardiovascular Systems *

      52,000        2,095,080  

ICU Medical *

      10,000        2,032,900  

NuVasive *

      34,000        2,174,300  
     

 

 

 

        6,302,280  
     

 

 

 

HEALTH CARE PROVIDER & SERVICES — 3.9%

      

Apria *

      72,000        2,270,160  

Innovage Holding *

      94,000        1,584,840  
     

 

 

 

                3,855,000  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR SMALL CAP FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

INSURANCE — 10.6%

      

Axis Capital Holdings

      41,000       $ 2,085,670  

First American Financial

      35,500        2,389,505  

James River Group Holdings

      58,000        2,110,040  

Reinsurance Group of America, Cl A

      17,000        1,873,060  

RenaissanceRe Holdings

      13,000        1,984,970  
     

 

 

 

        10,443,245  
     

 

 

 

IT SERVICES — 6.6%

      

Perficient *

      24,000        2,262,960  

Switch, Cl A

      101,000        2,086,660  

WNS Holdings ADR *

      27,000        2,223,180  
     

 

 

 

        6,572,800  
     

 

 

 

PHARMACEUTICALS — 1.9%

      

Harmony Biosciences Holdings *

      73,000        1,909,680  
     

 

 

 

PROFESSIONAL SERVICES — 4.2%

      

Insperity

      22,000        2,179,100  

ManpowerGroup

      17,000        2,015,860  
     

 

 

 

        4,194,960  
     

 

 

 

REAL ESTATE INVESTMENT TRUSTS — 2.3%

      

NETSTREIT

      88,000        2,283,600  
     

 

 

 

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.4%

      

Marcus & Millichap *

      59,600        2,371,484  
     

 

 

 

SEMI-CONDUCTORS & INSTRUMENTS — 6.8%

      

Cohu *

      57,000        2,018,370  

Diodes *

      26,500        2,173,000  

Rambus *

      106,000        2,507,960  
     

 

 

 

        6,699,330  
     

 

 

 

SOFTWARE — 6.2%

      

Bottomline Technologies DE *

      51,000        2,058,360  

Cognyte Software *

      81,000        2,103,570  

Envestnet *

      26,000        1,955,980  
     

 

 

 

        6,117,910  
     

 

 

 

SPECIALTY RETAIL — 2.0%

      

Bed Bath & Beyond *

      70,000        1,997,800  
     

 

 

 

TOTAL COMMON STOCK
(Cost $79,585,478)

         96,982,203  
     

 

 

 

TOTAL INVESTMENTS — 98.0%

      

    (Cost $79,585,478)

        $       96,982,203    
     

 

 

 

 

  

Percentages are based on Net Assets of $98,966,390.

*

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of July 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-009-2800

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR INTERNATIONAL EQUITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 95.0%

      
         Shares          Value

BELGIUM — 4.1%

      

KBC Group

      258,000       $         20,781,029    

UCB

      172,000        18,608,050  
     

 

 

 

        39,389,079  
     

 

 

 

BRAZIL — 1.8%

      

Itau Unibanco Holding ADR

      3,005,000        17,338,850  
     

 

 

 

CHINA — 3.8%

      

Alibaba Group Holding ADR *

      96,000        18,738,240  

Yum China Holdings

      288,000        17,910,720  
     

 

 

 

        36,648,960  
     

 

 

 

DENMARK — 2.0%

      

Carlsberg, Cl B

      105,000        19,414,368  
     

 

 

 

FINLAND — 2.2%

      

Nordea Bank Abp *

      1,753,000        20,547,105  
     

 

 

 

FRANCE — 15.2%

      

Air Liquide

      117,000        20,344,085  

Airbus

      143,000        19,626,686  

Capgemini

      120,000        25,943,368  

Compagnie de Saint-Gobain

      288,000        20,583,874  

Danone

      268,000        19,729,866  

Pernod Ricard

      138,000        30,465,130  

Worldline *

      91,662        8,580,231  
     

 

 

 

        145,273,240  
     

 

 

 

GERMANY — 13.1%

      

Deutsche Post

      335,000        22,695,228  

Fresenius Medical Care & KGaA

      268,000        21,154,130  

Merck KGaA

      115,000        23,552,770  

SAP

      216,000        30,962,929  

Siemens

      172,000        26,847,009  
     

 

 

 

        125,212,066  
     

 

 

 

HONG KONG — 1.8%

      

AIA Group

      1,396,000        16,724,371  
     

 

 

 

ITALY — 1.8%

      

Enel

      1,913,000        17,655,180  
     

 

 

 

JAPAN — 11.3%

      

FANUC

      71,000        15,778,497  

Hitachi

      373,000        21,277,371  

Komatsu

      771,000        19,882,038  

Murata Manufacturing

      258,000        21,259,924  

Sony Group

      286,000        29,654,528  
     

 

 

 

        107,852,358  
     

 

 

 

NETHERLANDS — 4.0%

      

ASML Holding

      27,000        20,466,435  

Koninklijke Philips

      386,000        17,807,495  
     

 

 

 

        38,273,930  
     

 

 

 

SINGAPORE — 2.1%

      

DBS Group Holdings

      880,000        19,750,397  
     

 

 

 

SPAIN — 5.7%

      

Aena SME ADR *

      1,128,000        17,969,040  

Amadeus IT Group *

      258,000        16,906,393  

Banco Santander

      5,404,000        19,792,465  
     

 

 

 

        54,667,898  
     

 

 

 

SWITZERLAND — 7.8%

      

Adecco Group

      288,000        17,257,427  

Julius Baer Group

      288,000        19,056,930  

Roche Holding

      54,000        20,885,246  

 

7

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR INTERNATIONAL EQUITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

SWITZERLAND — continued

      

Zurich Insurance Group

      44,000       $ 17,768,063  
     

 

 

 

        74,967,666  
     

 

 

 

TAIWAN — 1.7%

      

Taiwan Semiconductor Manufacturing ADR

      137,000        15,979,680  
     

 

 

 

UNITED KINGDOM — 16.6%

      

Anglo American

      463,000        20,533,228  

BAE Systems

      3,568,000        28,567,012  

Compass Group

      846,000        17,886,158  

Entain

      1,170,000        29,541,923  

London Stock Exchange Group

      178,000        18,531,873  

Reckitt Benckiser Group

      321,000        24,643,227  

Smith & Nephew ADR

      455,000        18,623,150  
     

 

 

 

        158,326,571  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $703,495,721)

         908,021,719  
     

 

 

 

TOTAL INVESTMENTS — 95.0%

      

(Cost $703,495,721)

        $     908,021,719    
     

 

 

 

 

  

Percentages are based on Net Assets of $956,280,953.

*

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of July 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-008-2800

 

8

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR INTERNATIONAL SMALL CAP FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 93.4%

      
         Shares          Value

ARGENTINA — 2.4%

      

Despegar.com *

      188,000       $ 2,370,680  
     

 

 

 

AUSTRIA — 2.0%

      

Flughafen Wien *

      60,000        1,992,906  
     

 

 

 

DENMARK — 2.2%

      

GN Store Nord

      24,517        2,148,707  
     

 

 

 

FINLAND — 2.3%

      

Nokian Renkaat

      54,692        2,307,083  
     

 

 

 

FRANCE — 12.6%

      

Eurazeo

      28,569        2,768,820  

Euronext

      25,924        2,884,579  

Remy Cointreau

      10,081        2,214,737  

Virbac

      6,174        2,493,799  

Wendel

      15,000        2,106,786  
     

 

 

 

        12,468,721  
     

 

 

 

GERMANY — 14.8%

      

Brenntag

      24,101        2,407,270  

Gerresheimer

      19,648        2,052,227  

KION Group

      22,716        2,411,751  

MTU Aero Engines

      6,080        1,522,542  

Rheinmetall

      22,588        2,169,331  

Scout24

      23,614        2,023,041  

Stabilus

      25,209        1,999,100  
     

 

 

 

        14,585,262  
     

 

 

 

HONG KONG — 2.1%

      

ASM Pacific Technology

      162,832        2,095,340  
     

 

 

 

ITALY — 6.1%

      

Azimut Holding

      76,384        1,968,067  

Buzzi Unicem

      70,327        1,860,392  

Technogym

      168,532        2,175,148  
     

 

 

 

        6,003,607  
     

 

 

 

JAPAN — 11.0%

      

Kakaku.com

      73,500        1,994,526  

Matsumotokiyoshi Holdings

      46,500        2,055,740  

OKUMA

      45,050        2,238,025  

Ryohin Keikaku

      101,700        2,057,083  

Taiyo Yuden

      48,800        2,486,596  
     

 

 

 

              10,831,970    
     

 

 

 

LUXEMBOURG — 2.1%

      

L’Occitane International

      603,600        2,097,141  
     

 

 

 

MEXICO — 2.1%

      

Coca-Cola Femsa ADR

      36,243        2,050,266  
     

 

 

 

NETHERLANDS — 2.5%

      

Aalberts

      40,000        2,435,142  
     

 

 

 

NORWAY — 4.3%

      

Schibsted

      39,269        2,081,960  

Volue *

      410,500        2,139,679  
     

 

 

 

        4,221,639  
     

 

 

 

SPAIN — 2.1%

      

Almirall

      130,019        2,062,129  
     

 

 

 

SWITZERLAND — 2.3%

      

COSMO Pharmaceuticals *

      23,810        2,234,200  
     

 

 

 

UNITED KINGDOM — 22.5%

      

Ashmore Group

      381,500        2,016,156  

Biffa *

      531,000        2,638,688  

 

9

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR INTERNATIONAL SMALL CAP FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

UNITED KINGDOM — continued

      

Britvic

      147,225       $ 1,994,256  

Electrocomponents

      171,591        2,425,677  

Greggs

      70,356        2,694,264  

Hargreaves Lansdown

      86,081        1,953,341  

Lancashire Holdings

      223,429        1,982,978  

Rotork

      411,413        2,062,154  

Tate & Lyle

      219,877        2,259,224  

Virgin Money UK *

      791,000        2,198,994  
     

 

 

 

        22,225,732  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $66,189,116)

         92,130,525  
     

 

 

 

TOTAL INVESTMENTS — 93.4%

      

(Cost $66,189,116)

        $       92,130,525    
     

 

 

 

 

  

Percentages are based on Net Assets of $98,669,425.

*

Non-income producing security.

ADR — American Depositary Receipt

As of July 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-013-1400

 

10

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR GLOBAL EQUITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 96.1%

      
         Shares          Value

BELGIUM — 3.7%

      

KBC Group ADR

      5,088       $ 205,555  

UCB ADR

      3,386        186,603  
     

 

 

 

        392,158  
     

 

 

 

CHINA — 3.9%

      

Alibaba Group Holding ADR *

      996        194,409  

Yum China Holdings

      3,445        214,245  
     

 

 

 

        408,654  
     

 

 

 

FRANCE — 8.3%

      

Airbus ADR *

      6,106        209,588  

Capgemini ADR

      5,135        222,243  

Danone ADR

      15,177        223,405  

Pernod Ricard ADR

      4,954        218,199  
     

 

 

 

        873,435  
     

 

 

 

GERMANY — 5.8%

      

Deutsche Post ADR

      2,968        201,438  

Merck KGaA ADR

      5,056        207,397  

SAP ADR

      1,413        203,077  
     

 

 

 

        611,912  
     

 

 

 

HONG KONG — 1.9%

      

AIA Group ADR

      4,186        200,656  
     

 

 

 

ITALY — 1.9%

      

Enel ADR

      21,794        199,633  
     

 

 

 

JAPAN — 1.9%

      

Sony Group ADR

      1,947        203,072  
     

 

 

 

NETHERLANDS — 4.2%

      

ASML Holding ADR

      315        241,523  

Koninklijke Philips ADR

      4,395        202,346  
     

 

 

 

        443,869  
     

 

 

 

SWITZERLAND — 2.0%

      

Roche Holding ADR

      4,264        205,781  
     

 

 

 

TAIWAN — 1.9%

      

Taiwan Semiconductor Manufacturing ADR

      1,740        202,953  
     

 

 

 

UNITED KINGDOM — 5.8%

      

Entain ADR *

      9,000        225,000  

Reckitt Benckiser Group ADR

      12,001        186,063  

Smith & Nephew ADR

      4,746        194,254  
     

 

 

 

                   605,317    
     

 

 

 

UNITED STATES — 54.8%

      

3M

      1,091        215,952  

Alphabet *

      104        280,231  

Amazon.com *

      73        242,914  

American Express

      1,211        206,512  

Baxter International

      2,700        208,845  

Biogen *

      599        195,711  

Burlington Stores *

      880        294,624  

Charles Schwab

      2,982        202,627  

Chubb

      1,179        198,944  

Colgate-Palmolive

      3,087        245,416  

Corteva

      4,838        206,970  

Expeditors International of Washington

      1,593        204,302  

Fiserv *

      1,900        218,709  

Incyte *

      2,211        171,021  

JPMorgan Chase

      1,324        200,957  

KKR

      3,388        216,019  

L3Harris Technologies

      1,066        241,705  

London Stock Exchange Group ADR

      7,843        207,447  

Marvell Technology

      3,690        223,282  

 

11

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR GLOBAL EQUITY FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

COMMON STOCK — continued

      
         Shares          Value

UNITED STATES — continued

      

Mastercard

      570       $ 219,986  

Medtronic

      1,629        213,904  

Motorola Solutions

      929        208,022  

Sysco

      3,685        273,427  

Uber Technologies *

      5,413        235,249  

Ulta Beauty *

      650        218,270  

Union Pacific

      989        216,354  
     

 

 

 

        5,767,400  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $7,443,754)

         10,114,840  
     

 

 

 

TOTAL INVESTMENTS — 96.1%

      

(Cost $7,443,754)

        $       10,114,840    
     

 

 

 

 

  

Percentages are based on Net Assets of $10,525,201.

*

Non-income producing security.

ADR — American Depositary Receipt

As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-012-2000

 

12

THE ADVISORS’ INNER CIRCLE FUND

    CAMBIAR AGGRESSIVE VALUE FUND
   JULY 31, 2021 (UNAUDITED)
       
       

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 98.6%

      
         Shares          Value

FRANCE — 5.3%

      

Airbus ADR *

      40,000       $ 1,373,000  

Capgemini ADR

      37,000        1,601,360  
     

 

 

 

        2,974,360  
     

 

 

 

GERMANY — 5.2%

      

SAP ADR

      20,000        2,874,400  
     

 

 

 

HONG KONG — 2.5%

      

ASM Pacific Technology ADR

      36,000        1,393,920  
     

 

 

 

NETHERLANDS — 3.2%

      

ING Groep ADR

      140,000        1,792,000  
     

 

 

 

SPAIN — 6.1%

      

Aena SME ADR *

      110,000        1,752,300  

Amadeus IT Group ADR *

      25,000        1,640,125  
     

 

 

 

        3,392,425  
     

 

 

 

SWITZERLAND — 2.7%

      

Adecco Group ADR

      50,000        1,493,500  
     

 

 

 

UNITED KINGDOM — 10.5%

      

BAE Systems ADR

      60,000        1,939,200  

Entain ADR *

      90,000        2,250,000  

Tate & Lyle ADR

      40,000        1,669,200  
     

 

 

 

        5,858,400  
     

 

 

 

UNITED STATES — 63.1%

      

3M

      9,000        1,781,460  

Air Lease

      57,000        2,414,520  

Alphabet *

      900        2,425,077  

Applied Materials

      13,000        1,819,090  

Bed Bath & Beyond *

      82,000        2,340,280  

Biogen *

      10,000        3,267,300  

Centene *

      30,000        2,058,300  

Corteva

      42,000        1,796,760  

Fiserv *

      22,000        2,532,420  

Goldman Sachs Group

      4,000        1,499,520  

GrafTech International

      225,000        2,558,250  

Marvell Technology

      30,000        1,815,300  

Motorola Solutions

      10,000        2,239,200  

Penn National Gaming *

      15,000        1,025,700  

Principal Financial Group

      30,000        1,863,900  

Raytheon Technologies

      20,000        1,739,000  

Uber Technologies *

      45,000        1,955,700  
     

 

 

 

        35,131,777  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $43,547,390)

         54,910,782  
     

 

 

 

TOTAL INVESTMENTS — 98.6%

      

(Cost $43,547,390)

        $       54,910,782    
     

 

 

 

 

  

Percentages are based on Net Assets of $55,715,861.

*

Non-income producing security.

ADR — American Depositary Receipt

As of July 31, 2021, all of the Fund’s investments in securities were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

CMB-QH-010-2800

 

13