NPORT-EX 2 d801901d8k.htm SCHEDULE F HTML

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

SCHEDULE OF INVESTMENTS

 

COMMON STOCK — 94.9%

 

 

 

       Shares          Value  

Brazil — 1.0%

     

Banco do Brasil

      50,600       $ 577,451  

Caixa Seguridade Participacoes S

      185,900        533,566  

Cia De Sanena Do Parana

      11,751        66,435  

CSN Mineracao

        1,378,500          1,903,145  

Fras-Le

      46,100        143,109  

Mahle Metal Leve

      16,800        114,918  

Nova Embrapar Participacoes * (A)

      854        —  

Seara Alimentos * (A)

      911        —  

TOTVS

      45,400        290,027  

Ultrapar Participacoes

      217,200        1,235,406  

Vibra Energia

      155,600        747,473  

VTEX, Cl A *

      4,682        38,158  

XP, Cl A

      30,190        742,070  
     

 

 

 

        6,391,758  
     

 

 

 

China — 21.3%

     

37 Interactive Entertainment Network Technology Group, Cl A

      1,522,074        3,522,492  

Agricultural Bank of China, Cl H

      12,501,000        4,840,275  

Anhui Hengyuan Coal Industry and Electricity Power, Cl A

      647,600        988,976  

Autohome ADR

      101,724        2,563,445  

Bank of China, Cl H

      7,440,926        2,792,359  

Bank of Communications, Cl H

      859,236        508,329  

Baoxiniao Holding, Cl A

      1,138,366        973,692  

Bear Electric Appliance, Cl A

      34,400        229,598  

Beijing Caishikou Department Store, Cl A

      96,300        163,150  

Beijing Sanlian Hope Shin-Gosen Technical Service, Cl A

      84,900        145,682  

Bosideng International Holdings

      362,000        163,645  

BYD Electronic International

      230,500        789,604  

Central China Land Media, Cl A

      94,200        124,150  

Changhong Meiling, Cl A

      556,425        573,661  

Changjiang Publishing & Media, Cl A

      639,958        632,931  

Cheetah Mobile ADR *

      3,235        6,664  

Cheng De Lolo, Cl A

      191,200        204,134  

Chengdu Hongqi Chain, Cl A

      82,300        51,584  

Chengdu Kanghong Pharmaceutical Group, Cl A

      63,500        134,130  

China Citic Bank, Cl H

      830,342        411,519  

China Construction Bank, Cl H

      33,657,715        19,988,092  

China Merchants Bank, Cl H

      362,500        1,321,453  

China World Trade Center, Cl A

      62,200        148,728  

Chinese Universe Publishing and Media Group, Cl A

      1,790,399        3,694,702  

Chongqing Rural Commercial Bank, Cl H

      731,622        284,556  

 

1

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

China — (continued)

      

De Rucci Healthy Sleep, Cl A

      28,500       $ 114,219  

Edan Instruments, Cl A

      383,200        445,346  

Focus Technology, Cl A

      229,700        807,637  

G-bits Network Technology Xiamen, Cl A

      80,889        2,036,060  

Goldcard Smart Group, Cl A

      93,000        133,305  

Guangdong Chj Industry, Cl A

      229,300        198,339  

Guangdong Vanward New Electric, Cl A

      391,900        459,065  

Hangzhou Alltest Biotech, Cl A

      3,030        24,502  

Hangzhou Haoyue Personal Care, Cl A

      19,700        93,398  

Healthcare, Cl A *

      78,200        102,352  

Hello Group ADR

      93,940        551,428  

HLA Group, Cl A

      302,000        323,339  

HUANLEJIA Food Group, Cl A

      50,400        77,144  

HUTCHMED China ADR *

      3,693        46,163  

Industrial & Commercial Bank of China, Cl H

        8,778,000          4,276,028  

JOYY ADR

      32,859        1,007,457  

Kanzhun ADR

      20,617        286,783  

Keboda Technology, Cl A

      16,300        121,522  

Kingnet Network, Cl A

      1,776,600        2,353,276  

Kunlun Energy

      4,810,000        4,309,265  

Loncin Motor, Cl A

      2,159,831        1,379,364  

Lonking Holdings

      53,354        8,635  

Lufax Holding ADR

      62,275        147,592  

Metallurgical Corp of China, Cl H

      308,808        60,433  

MINISO Group Holding ADR

      28,297        479,917  

MotoMotion China, Cl A

      54,340        363,450  

Newland Digital Technology, Cl A

      43,800        96,283  

Olympic Circuit Technology, Cl A

      67,800        128,955  

Opple Lighting, Cl A

      298,600        655,964  

PDD Holdings ADR *

      70,960        9,002,695  

Perfect World, Cl A

      1,636,582        2,179,391  

PetroChina, Cl H

      16,930,000        12,246,584  

Qudian ADR *

      249,049        513,041  

Quectel Wireless Solutions, Cl A

      89,360        431,620  

Rongan Property, Cl A

      867,900        280,455  

Shandong New Beiyang Information Technology, Cl A

      207,900        168,638  

Shanghai Bright Power Semiconductor, Cl A *

      9,963        97,054  

Shanghai Holystar Electrical Technology, Cl A

      21,982        66,349  

Shanghai Pudong Construction, Cl A

      710,880        687,428  

Shanghai Zhonggu Logistics, Cl A

      48,200        48,316  

Shenzhen Aisidi, Cl A

      304,500        343,507  

Shenzhen Fuanna Bedding and Furnishing, Cl A

      298,800        395,358  

Shenzhen Laibao Hi-tech, Cl A

      840,200        937,549  

 

2

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

China — (continued)

      

Shui On Land

      643,500       $ 57,748  

Sinotruk Hong Kong

      2,792,148        6,341,508  

Suzhou Gold Mantis Construction Decoration, Cl A

      278,246        134,190  

Suzhou TZTEK Technology, Cl A

      19,048        70,454  

TAL Education Group ADR *

      112,248        1,194,319  

TCL Electronics Holdings

      721,000        225,352  

Tencent Holdings

      612,200        21,250,271  

Time Publishing and Media, Cl A

      65,191        95,930  

Triangle Tyre, Cl A

      206,800        411,164  

Universal Scientific Industrial Shanghai, Cl A

      461,000        818,009  

Vatti, Cl A

      467,000        359,678  

Vipshop Holdings ADR *

      305,745        4,858,288  

Wasu Media Holding, Cl A

      25,200        23,488  

Weaver Network Technology, Cl A

      30,768        146,076  

Weibo ADR

      37,785        306,058  

Weichai Power, Cl H

      179,000        316,018  

Xiamen Comfort Science & Technology Group, Cl A

      669,700        606,312  

Xiamen Jihong Technology, Cl A

      103,000        208,600  

Xiangyu Medical, Cl A

      80,789        434,367  

Yutong Bus, Cl A

      253,800        536,032  

ZBOM Home Collection, Cl A

      23,000        47,864  

Zhejiang Publishing & Media, Cl A

      462,900        470,367  

Zhejiang Semir Garment, Cl A

        5,056,096        3,729,025  

Zhejiang Supor, Cl A

      46,000        323,978  
     

 

 

 

          136,707,853  
     

 

 

 

Colombia — 0.0%

     

Cementos Argos

      77,006        126,564  
     

 

 

 

Egypt — 0.0%

     

Ezz Steel SAE *

      25,763        66,256  
     

 

 

 

Greece — 0.2%

     

Cairo Mezz *

      8,000        2,835  

Fourlis Holdings

      25,163        110,384  

Motor Oil Hellas Corinth Refineries

      6,565        179,855  

National Bank of Greece *

      144,184        1,096,239  
     

 

 

 

        1,389,313  
     

 

 

 

Hong Kong — 7.6%

     

Alibaba Group Holding

      986,168        8,844,919  

Asia Cement China Holdings

      995,642        269,583  

Baidu, Cl A *

      215,050        2,784,299  

 

3

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Hong Kong — (continued)

      

Brilliance China Automotive Holdings

      1,552,000       $ 827,448  

Cabbeen Fashion

      107,928        13,805  

China BlueChemical

      994,491        273,823  

China Coal Energy, Cl H

      2,310,645        2,537,503  

China Foods

      421,556        155,882  

China Harmony Auto Holding

      895,780        59,995  

China International Marine Containers Group, Cl H

      202,346        140,493  

China Minsheng Banking, Cl H

      1,628,500        541,629  

China Oriental Group

      264,545        40,251  

China Pacific Insurance Group, Cl H

      2,005,715        3,690,461  

China Taiping Insurance Holdings

      633,800        526,133  

Chinasoft International

      248,000        141,324  

Chongqing Machinery & Electric, Cl H

      466,000        49,408  

CITIC Resources Holdings

      690,000        29,539  

Consun Pharmaceutical Group

      118,000        80,439  

COSCO SHIPPING Ports

      107        66  

Dawnrays Pharmaceutical Holdings

      79,485        11,351  

Edvantage Group Holdings

      102,310        28,462  

FriendTimes

      592,219        87,871  

Fufeng Group

      124,742        67,663  

Grand Baoxin Auto Group *

      379,968        11,187  

Hisense Home Appliances Group, Cl H

      71,000        170,450  

Inkeverse Group *

        1,150,000        109,675  

JNBY Design

      471,314        601,601  

Joy City Property

      780,000        20,900  

Kingboard Holdings

      85,000        151,292  

Kingsoft

      297,400        723,501  

Kuaishou Technology, Cl B *

      216,800          1,092,745  

Launch Tech, Cl H

      46,542        10,177  

Lenovo Group

      6,370,000        6,669,843  

Maoye International Holdings

      286,000        6,219  

NetDragon Websoft Holdings

      247,000        338,318  

NetEase

      344,500        6,696,429  

New Oriental Education & Technology Group *

      213,600        1,648,617  

Orient Overseas International

      12,500        186,603  

Pou Sheng International Holdings

      1,878,142        141,738  

Renrui Human Resources Technology Holdings *

      1,804        1,166  

Sinopec Engineering Group, Cl H

      1,555,500        780,185  

Skyworth Group

      5,139,486        1,629,235  

Tongcheng Travel Holdings *

      99,200        202,354  

Uni-President China Holdings

      123,000        69,092  

Wasion Holdings

      188,000        101,896  

XD *

      11,984        12,883  

 

4

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Hong Kong — (continued)

      

Xiaomi, Cl B *

        3,981,800       $ 6,273,442  

Zoomlion Heavy Industry Science and Technology

      100        53  
     

 

 

 

        48,851,948  
     

 

 

 

Hungary — 2.2%

      

MOL Hungarian Oil & Gas

      344,269        2,821,473  

OTP Bank Nyrt

      241,161        11,174,375  
     

 

 

 

          13,995,848  
     

 

 

 

India — 16.6%

      

Action Construction Equipment

      4,865        57,106  

Andhra Paper

      5,846        43,734  

Andhra Sugars

      40,305        53,902  

Angel One

      39,433        1,555,976  

Apar Industries

      34,366        2,613,702  

Arvind

      222,899        845,059  

AurionPro Solutions

      13,345        360,435  

Aurobindo Pharma

      16,447        227,816  

Authum Investment & Infrastucture *

      919        10,383  

Bajaj Consumer Care

      13,858        36,575  

Bharat Dynamics

      14,094        289,511  

Bharat Petroleum

      56,692        343,613  

Birlasoft

      35,233        359,958  

BSE

      41,354        1,156,491  

CESC

      662,003        1,140,852  

Chennai Petroleum

      105,361        1,082,512  

Cigniti Technologies

      12,994        156,296  

Coal India

      2,637,430        12,913,816  

Cyient

      63,035        1,499,538  

Datamatics Global Services

      22,513        188,666  

DCM Shriram Industries

      36,391        81,074  

Dhampur Sugar Mills

      21,205        67,510  

Dhunseri Ventures

      11,142        71,996  

Elecon Engineering

      96,672        1,280,148  

Emami

      68,908        414,732  

ESAB India

      690        45,713  

Firstsource Solutions

      23,361        57,567  

Force Motors

      1,976        94,450  

Foseco India

      724        32,274  

GAIL India

      171,102        356,027  

GHCL

      27,536        193,520  

Gillette India

      317        25,175  

Godawari Power and Ispat

      70,623        647,458  

Godfrey Phillips India

      3,147        93,312  

 

5

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

India — (continued)

      

Great Eastern Shipping

      30,644       $ 365,089  

Gujarat Industries Power

      46,596        126,141  

Gujarat Narmada Valley Fertilizers & Chemicals

      40,046        362,461  

Gujarat Pipavav Port

      28,643        60,829  

Gujarat State Fertilizers & Chemicals

      30,351        109,337  

HCL Technologies

      850,103          16,122,802  

Hindustan Aeronautics

      244,067        8,832,136  

IFGL Refractories

      3,062        30,449  

IIFL Securities

      22,871        46,713  

Indiabulls Housing Finance

      237,041        634,311  

Indian Metals & Ferro Alloys

      11,326        89,832  

Indian Oil

        1,593,973        2,822,718  

Indus Towers *

      244,944        654,659  

Intellect Design Arena

      19,717        213,927  

ITD Cementation India

      38,041        148,679  

J Kumar Infraprojects

      56,858        439,973  

Jagran Prakashan *

      140,311        169,158  

Jindal Saw

      150,278        942,150  

JK Tyre & Industries

      23,242        147,622  

Kalyani Steels

      2,129        15,654  

Karnataka Bank

      729,817        2,236,579  

KDDL

      1,543        51,359  

Kewal Kiran Clothing

      27,438        253,352  

Kirloskar Brothers

      30,179        331,600  

Kirloskar Industries

      1,818        90,764  

Kokuyo Camlin

      7,933        13,816  

Kolte-Patil Developers

      10,994        67,664  

KPIT Technologies

      325,127        6,071,983  

KSB

      10,918        479,646  

LG Balakrishnan & Bros

      26,722        413,543  

Mahanagar Gas

      22,868        408,122  

Maharashtra Seamless

      59,388        755,561  

Manappuram Finance

      287,552        639,529  

Mangalore Chemicals & Fertilizers

      33,585        58,359  

Mangalore Refinery & Petrochemicals *

      1,189,092        2,539,305  

Mazagon Dock Shipbuilders

      42,052        1,158,512  

MOIL

      34,378        143,759  

Mrs Bectors Food Specialities

      22,178        317,370  

MSTC

      81        1,035  

Multi Commodity Exchange of India

      10,575        434,542  

Nava

      279,542        1,602,019  

NCC

      107,339        278,214  

Neuland Laboratories

      1,448        111,930  

 

6

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

India — (continued)

      

NIIT

      30,311       $ 45,433  

NIIT Learning Systems

      59,181        334,874  

NMDC

      15,794        41,816  

NRB Bearings

      89,057        367,813  

Nucleus Software Exports

      6,979        134,164  

Oil & Natural Gas

        1,776,996        5,398,009  

Oil India

      202,404          1,039,408  

Om Infra

      7,017        11,018  

Oracle Financial Services Software

      21,547        1,691,448  

Orient Cement

      162,820        554,466  

Pennar Industries *

      81,342        150,592  

Power Finance

      1,033,760        5,519,878  

Prakash Industries *

      184,655        465,405  

Prudent Corporate Advisory Services

      2,724        46,809  

PTC India

      321,599        929,545  

PTC India Financial Services

      137,078        102,576  

Ramky Infrastructure *

      3,211        35,660  

REC

      664,518        3,991,867  

Repco Home Finance

      25,178        123,358  

Savita Oil Technologies

      3,290        16,554  

Seshasayee Paper & Boards

      25,001        103,963  

Siyaram Silk Mills

      37,411        239,564  

SKM EGG Products Export

      2,327        10,734  

SMC Global Securities

      1,350        1,785  

Sonata Software

      64,042        593,455  

South Indian Bank

      255,965        107,213  

SP Apparels

      13,232        98,954  

Styrenix Performance Materials

      4,846        89,946  

Sutlej Textiles and Industries

      30,377        23,984  

Tamil Nadu Newsprint & Papers

      47,442        183,036  

Tamilnadu Petroproducts

      92,741        113,738  

Time Technoplast

      122,412        257,093  

TransIndia Real Estate *

      17,795        11,958  

Transport Corp of India

      16,142        182,455  

Triveni Turbine *

      170,857        775,075  

Ugar Sugar Works

      75,362        72,678  

Ujjivan Financial Services

      70,867        486,528  

Uniparts India

      4,018        27,892  

Vardhman Textiles

      30,623        157,967  

Voltamp Transformers

      1,209        117,266  

VST Tillers Tractors

      1,352        54,280  

Welspun Enterprises

      6,449        27,567  

West Coast Paper Mills

      42,557        398,144  

 

7

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

India — (continued)

      

WNS Holdings ADR *

      30,355       $ 2,105,119  

Zensar Technologies

      32,696        226,082  
     

 

 

 

        106,657,269  
     

 

 

 

Indonesia — 1.6%

     

ABM Investama

      68,965        14,891  

Adaro Energy Indonesia

      30,027,555        4,552,987  

AKR Corporindo

      4,107,108        421,452  

Astra International

      2,997,100        971,182  

Bank CIMB Niaga

        1,583,567        176,452  

Bank OCBC Nisp

      239,061        18,861  

Bank Pembangunan Daerah Jawa Barat Dan Banten

      402,740        29,711  

Bukit Asam

      6,058,175          1,002,595  

Gajah Tunggal *

      1,763,835        121,278  

Hanjaya Mandala Sampoerna

      4,121,600        228,542  

Indika Energy

      279,534        24,446  

Indo Tambangraya Megah

      234,549        401,862  

Map Aktif Adiperkasa

      2,356,000        144,824  

Mayora Indah

      329,782        49,057  

Medco Energi Internasional

      4,666,119        359,811  

Mitra Adiperkasa

      1,992,700        246,813  

Panin Financial *

      3,262,500        53,341  

Perusahaan Gas Negara

      5,744,806        423,517  

Perusahaan Perkebunan London Sumatra Indonesia

      1,198,726        64,131  

Puradelta Lestari

      3,587,100        36,598  

Trans Power Marine

      904,900        37,041  

Triputra Agro Persada

      817,217        29,001  

United Tractors

      483,200        701,900  

Wismilak Inti Makmur

      244,200        26,772  
     

 

 

 

        10,137,065  
     

 

 

 

Luxembourg — 0.9%

     

Ternium ADR

      143,355        5,542,104  
     

 

 

 

Malaysia — 0.3%

     

Bermaz Auto

      74,700        38,535  

Dayang Enterprise Holdings

      271,500        117,127  

Fraser & Neave Holdings

      8,000        46,850  

Hong Leong Financial Group

      7,900        27,425  

IGB Real Estate Investment Trust ‡

      44,400        16,500  

Jaya Tiasa Holdings

      233,300        56,154  

Kim Loong Resources

      25,400        10,928  

KSL Holdings *

      228,383        73,639  

 

8

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Malaysia — (continued)

      

Magni-Tech Industries

      13,700       $ 5,503  

Mah Sing Group

      181,900        36,032  

Padini Holdings

      133,600        100,271  

Pelikan International

      195,300        10,087  

Sports Toto

      109,140        34,380  

YTL

        1,875,000        924,401  

YTL Power International

      665,200        575,768  
     

 

 

 

        2,073,600  
     

 

 

 

Mexico — 0.7%

     

Cemex ADR *

      513,268        4,249,859  
     

 

 

 

Philippines — 0.0%

     

Semirara Mining & Power, Cl A

      300,700        165,365  

SSI Group

      145,472        6,842  
     

 

 

 

        172,207  
     

 

 

 

Poland — 1.6%

     

Asseco Poland

      529        9,637  

Bank Polska Kasa Opieki

      23,284        895,645  

Budimex

      19        3,251  

Enea *

      4,620        10,985  

Grenevia *

      97,579        73,870  

PGE Polska Grupa Energetyczna *

      306,895        646,243  

Powszechna Kasa Oszczednosci Bank Polski

      75,557        958,670  

Powszechny Zaklad Ubezpieczen

      621,531        7,483,336  

Text

      8,744        211,822  
     

 

 

 

          10,293,459  
     

 

 

 

Qatar — 0.0%

     

Ooredoo QPSC

      85,673        251,772  
     

 

 

 

Russia — 0.0%

     

Globaltrans Investment GDR * (A)

      114,181        —  

HeadHunter Group ADR * (A)

      3,279        —  

Novolipetsk Steel PJSC GDR (A)

      189,918        —  

Sberbank of Russia PJSC ADR (A)

      447,493        —  

Tatneft PJSC ADR * (A)

      153,163        —  
     

 

 

 

        —  
     

 

 

 

Saudi Arabia — 4.9%

     

Abdullah Saad Mohammed Abo Moati Stationaries

      11,635        92,287  

Al Babtain Power & Telecommunication

      68,237        522,755  

Al-Dawaa Medical Services

      54,790        1,680,117  

 

9

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Saudi Arabia — (continued)

      

Almunajem Foods

      3,250       $ 74,618  

Alwasail Industrial

      19,940        12,733  

Americana Restaurants International

        3,367,721          2,864,732  

Arab National Bank

      132,879        883,560  

Arabian Centres

      220,745        1,194,717  

Arabian Contracting Services

      9,040        626,078  

Arabian Internet & Communications Services

      37,876        3,304,711  

Astra Industrial Group

      15,882        545,995  

BinDawood Holding

      159,775        278,265  

Dar Al Arkan Real Estate Development *

      323,953        1,119,641  

Electrical Industries

      948,751        822,229  

Elm

      36,762        8,824,491  

Etihad Etisalat

      70,687        982,052  

Gulf Insurance Group

      47,835        413,921  

Leejam Sports JSC

      43,637        2,246,680  

Middle East Specialized Cables *

      64,677        347,253  

Naba Alsaha Medical Services

      370        5,722  

National Agriculture Development *

      21,708        172,604  

Saudi Electricity

      756,274        3,816,103  

Saudi Marketing

      49,360        325,899  

Zamil Industrial Investment *

      85,854        587,327  
     

 

 

 

        31,744,490  
     

 

 

 

Singapore — 0.0%

     

Riverstone Holdings

      512,200        266,436  
     

 

 

 

South Africa — 1.7%

     

Exxaro Resources

      77,726        774,355  

Hudaco Industries

      688        5,843  

Investec

      266,871        1,761,051  

Kumba Iron Ore

      192,369        5,682,039  

Lewis Group

      13,447        30,589  

Murray & Roberts Holdings *

      58,238        3,919  

Naspers, Cl N

      4,480        751,404  

Omnia Holdings

      10,425        36,010  

Sappi

      216,323        515,194  

Standard Bank Group

      106,234        1,130,927  

Sun International

      12,734        28,746  
     

 

 

 

        10,720,077  
     

 

 

 

South Korea — 9.8%

     

Ace Bed

      567        10,823  

Advanced Process Systems

      3,673        58,428  

 

10

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

South Korea — (continued)

      

AfreecaTV

      6,179       $ 479,587  

Ahnlab

      7,852        427,163  

AK Holdings

      1,437        17,278  

Binggrae

      737        29,011  

BNK Financial Group

      95,862        539,156  

Cheil Worldwide

      37,434        515,218  

CJ

      22,209        1,559,929  

Creas F&C

      168        974  

Daewon San Up

      781        3,572  

Daishin Securities

      203        2,345  

DB *

      45,418        54,235  

DB HiTek

      51,947        1,925,794  

DGB Financial Group

      44,754        301,992  

DMS *

      9,421        44,041  

Dongwon F&B

      3,100        76,376  

DoubleUGames

      1,013        31,851  

DRB Holding

      528        2,169  

DY POWER

      2,434        22,920  

Echo Marketing

      11,644        83,708  

Eugene Technology

      17,747        556,970  

Global Standard Technology

      3,878        95,654  

GS Holdings *

      1,090        37,801  

Hana Financial Group

        285,984          10,226,060  

Hancom *

      13,764        251,021  

Handsome

      2,901        40,484  

Hankook Tire & Technology

      6,567        251,346  

Hansol Technics

      15,410        77,370  

Hanwha

      116,122        2,362,862  

Hanwha Life Insurance *

      137,009        311,031  

Hanyang Securities

      2,940        20,892  

Hyundai Glovis

      5,200        680,902  

Hyundai Mobis

      3,528        553,026  

JB Financial Group

      51,783        444,323  

KB Financial Group

      133,181        5,651,900  

KC Tech

      5,815        124,346  

Kolon

      6,767        85,698  

Korea Cast Iron Pipe Industries

      6,835        32,861  

Korea Economic Broadcasting

      15,443        69,894  

Korean Reinsurance

      11,443        64,767  

Krafton *

      433        69,434  

KT *

      120,435        3,190,082  

Kyung Dong Navien

      1,527        53,628  

LEADCORP

      6,795        29,363  

 

11

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

South Korea — (continued)

      

LG Electronics

      101,726       $ 7,090,740  

LG Uplus

      410,109        3,139,911  

Lock&Lock

      6,971        29,834  

LOT Vacuum

      4,221        61,368  

LX Hausys

      9,289        269,515  

Multicampus

      1,070        28,578  

NHN *

      36,564        677,999  

NOROO Paint & Coatings

      6,264        41,547  

PHA

      2,685        20,027  

Piolink

      2,947        23,845  

Rayence

      15,821        106,716  

Sajodaerim *

      7,208        177,586  

Samsung Electronics

      256,288        13,925,880  

Sangsangin *

      1,723        4,453  

Saramin *

      6,553        86,427  

SAVEZONE I&C CORP

      11,048        20,290  

Sebang

      6,363        58,348  

Sejong Industrial

      26,717        110,925  

Seoul Semiconductor

      7,050        54,818  

Seoyon

      8,880        53,696  

SGC e Tec E&C

      939        13,112  

Shinhan Financial Group

      2,952        90,450  

Shinsung Tongsang

      76,333        106,163  

SK Discovery

      1,351        39,276  

Suprema *

      2,025        39,080  

TK *

      5,267        49,559  

Tongyang Life Insurance *

      14,899        54,880  

Uju Electronics

      2,037        24,055  

Value Added Technology

      4,138        99,229  

WiSoL

      13,595        75,761  

Woongjin Thinkbig *

      18,433        34,160  

Woori Financial Group

      398,023        4,126,844  

YES24

      471        1,756  

Youngone

      14,053        504,504  
     

 

 

 

          62,709,617  
     

 

 

 

Taiwan — 19.8%

      

Acer

        1,437,000        2,110,370  

Alpha Networks

      215,000        264,391  

Anpec Electronics

      131,000        876,220  

Apacer Technology

      18,000        33,192  

Arcadyan Technology

      187,000        1,029,619  

ASE Technology Holding

      175,000        756,661  

 

12

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Taiwan — (continued)

      

Asustek Computer

      455,000       $ 6,460,687  

Axiomtek

      123,124        329,185  

Champion Microelectronic

      21,000        48,011  

Cheng Uei Precision Industry

      71,000        101,278  

Chicony Electronics

      160,000        838,916  

China Ecotek

      37,000        73,288  

Chin-Poon Industrial

      195,000        278,371  

ChipMOS Technologies

      479,000        653,894  

ChipMOS Technologies ADR

      2,816        75,694  

Compal Electronics

      2,778,000        3,185,967  

Darfon Electronics

      38,000        61,691  

D-Link

      375,000        231,405  

Dynamic Holding

      109,685        289,959  

Elan Microelectronics

      99,000        473,542  

Elitegroup Computer Systems

      160,000        157,731  

Emerging Display Technologies

      249,000        256,021  

Ennoconn

      78,000        670,695  

Eva Airways

        1,876,000        1,890,976  

Evergreen Marine Taiwan

      2,103,200          10,088,137  

First Insurance

      46,000        26,915  

Fitipower Integrated Technology

      112,450        841,965  

FocalTech Systems

      291,000        918,113  

Gemtek Technology

      550,000        622,592  

General Plastic Industrial

      30,000        32,320  

Getac Holdings

      294,000        966,782  

Giantplus Technology

      144,000        61,838  

Global Brands Manufacture

      453,000        924,185  

Global Mixed Mode Technology

      79,000        619,758  

Gourmet Master

      91,000        278,949  

Hannstar Board

      281,000        510,840  

Hon Hai Precision Industry

      952,648        3,116,326  

International Games System

      181,000        4,788,480  

ITE Technology

      73,000        354,483  

Jess-Link Products

      40,000        101,907  

Keystone Microtech

      13,000        120,582  

Kindom Development

      20,000        25,280  

L&K Engineering

      84,000        458,453  

Lite-On Technology

      612,061        2,119,637  

M31 Technology

      16,000        896,139  

Machvision

      12,000        105,571  

Macroblock

      200,000        644,270  

MediaTek

      346,000        10,676,738  

Micro-Star International

      464,000        2,691,214  

 

13

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Taiwan — (continued)

      

MPI

      39,000       $ 343,350  

Nexcom International

      115,000        171,990  

Niko Semiconductor

      70,000        122,457  

Novatek Microelectronics

      452,000        7,362,947  

Nuvoton Technology

      48,000        196,460  

Orient Semiconductor Electronics

      455,000        925,913  

Phison Electronics

      47,000        789,330  

Pixart Imaging

      114,000        578,660  

Pou Chen

      1,860,000        1,872,439  

Powertech Technology

      196,000        909,967  

Promate Solutions

      14,000        40,864  

Qisda

      19,000        28,225  

Raydium Semiconductor

      127,000        1,523,927  

Realtek Semiconductor

      815,000        12,196,802  

Sea Sonic Electronics

      37,000        108,697  

Senao International

      61,000        73,704  

Sercomm

      34,000        140,837  

Silicon Motion Technology ADR

      8,856        557,751  

Simplo Technology

      87,000        1,125,876  

Sitronix Technology

      43,000        373,115  

Solteam

      34,000        46,227  

Star Comgistic Capital

      147,723        154,371  

Sunplus Innovation Technology

      61,000        318,078  

Sunplus Technology

      360,000        370,779  

Sunrex Technology

      40,000        71,964  

Syncmold Enterprise

      20,000        48,988  

Taiflex Scientific

      23,000        35,415  

Taiwan PCB Techvest

      42,000        55,141  

Taiwan Puritic

      4,650        31,868  

Taiwan Semiconductor Manufacturing

        1,514,000          30,308,009  

TTFB

      6,600        49,674  

Ubright Optronics

      7,000        13,253  

Ventec International Group

      49,000        142,776  

Wah Hong Industrial

      35,000        38,717  

Winbond Electronics

      838,402        728,752  

Wistron NeWeb

      191,803        873,891  

Wowprime

      76,320        590,117  

X-Legend Entertainment

      10,200        20,192  

Young Fast Optoelectronics

      38,000        73,256  

Zhen Ding Technology Holding

      77,000        247,889  

Zyxel Group

      220,000        334,179  
     

 

 

 

        127,136,085  
     

 

 

 

 

14

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

Thailand — 2.8%

     

Bangchak NVDR

      851,200       $ 1,005,980  

Bangkok Bank NVDR

      2,127,800        8,456,211  

Bangkok Chain Hospital NVDR

      65,100        41,400  

Banpu NVDR

      1,411,900        246,473  

BTS Rail Mass Transit Growth Infrastructure Fund

      267,600        26,829  

Index Livingmall NVDR

      529,700        330,860  

Lanna Resources NVDR

      200,300        84,175  

MK Restaurants Group NVDR

      143,300        146,330  

Polyplex Thailand NVDR

      9,500        2,778  

Pruksa Holding NVDR

      47,600        16,185  

PTT NVDR

      3,379,600        3,208,183  

PTT Exploration & Production NVDR

      443,700        1,872,553  

PTT Oil & Retail Business NVDR

      1,895,500        955,177  

Regional Container Lines NVDR

      414,800        295,098  

Star Petroleum Refining NVDR

      369,900        87,446  

Thai Oil NVDR

      684,100        1,052,474  
     

 

 

 

          17,828,152  
     

 

 

 

Turkey — 0.7%

     

Agesa Hayat ve Emeklilik

      166,794        319,473  

Sok Marketler Ticaret

      268,132        562,069  

Turkiye Petrol Rafinerileri

      735,335        3,622,880  
     

 

 

 

        4,504,422  
     

 

 

 

United Arab Emirates — 1.1%

     

Abu Dhabi National Oil for Distribution PJSC

      341,323        329,897  

Emaar Properties PJSC

        2,558,282        5,172,519  

Emirates NBD Bank PJSC

      314,192        1,513,149  

Sharjah Islamic Bank

      117,456        75,138  

TECOM Group PJSC

      42,657        31,241  

Yalla Group ADR *

      20,634        105,853  
     

 

 

 

        7,227,797  
     

 

 

 

United Kingdom — 0.1%

     

Thungela Resources

      121,723        766,085  
     

 

 

 

 

15

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

COMMON STOCK — continued

 

 

       Shares          Value  

United States — 0.0%

     

Parade Technologies

      9,000       $ 319,294  
     

 

 

 

TOTAL COMMON STOCK
(Cost $524,459,270)

           610,129,330  
     

 

 

 

     

PREFERRED STOCK(B) — 3.9%

      

Brazil — 3.8%

     

Cia de Ferro Ligas da Bahia FERBASA

      156,632        326,896  

Cia Energetica de Minas Gerais

      981,179        2,285,404  

Gerdau

      1,479,579        6,292,332  

Marcopolo

      145,500        234,356  

Noxville Investimentos * (A)

      455        —  

Petroleo Brasileiro

        1,889,094        15,537,821  
     

 

 

 

        24,676,809  
     

 

 

 

South Korea — 0.1%

     

CJ

      9,029        494,967  
     

 

 

 

TOTAL PREFERRED STOCK
(Cost $15,240,770)

         25,171,776  
     

 

 

 

     

MUTUAL FUND — 1.0%

      

United States — 1.0%

      

iShares MSCI Emerging Markets ETF

      162,528        6,239,450  
     

 

 

 

TOTAL MUTUAL FUND
  (Cost $6,247,272)		         6,239,450  
     

 

 

 

 

16

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

RIGHT — 0.0%

      
      Number of 
Rights		        Value  

Taiwan — 0.0%

      

L&K Engineering, Expires 03/09/24

      2,086       $ 3,732  
     

 

 

 

TOTAL RIGHT
(Cost $—)

         3,732  
     

 

 

 

     

WARRANT — 0.0%

      
     Number of
Warrants		       

Thailand — 0.0%

      

Successmore Being PCL, Expires 05/28/25 * (A)

      400        18  
     

 

 

 

TOTAL WARRANT
(Cost $—)

         18  
     

 

 

 

     

SHORT-TERM INVESTMENT — 0.2%

      
     Shares       

FIRST AMERICAN TREASURY OBLIGATIONS FUND, Cl X, 5.370% (C)
(Cost $1,275,676)

      1,275,676        1,275,676  
     

 

 

 

TOTAL INVESTMENTS— 100.0%
(Cost $547,222,988)

        $  642,819,982   
     

 

 

 

Percentages are based on Net Assets of $642,522,371.

 

*

Non-income producing security.

‡

Real Estate Investment Trust

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

There is currently no rate available.

(C)

The rate shown is the 7 day effective yield as of January 31, 2024.

 

17

THE ADVISORS’ INNER CIRCLE FUND

  

ACADIAN EMERGING

MARKETS PORTFOLIO

JANUARY 31, 2024

(Unaudited)

 

 

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

JSC — Joint Stock Company

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

PCL — Public Company Limited

PJSC — Public Joint Stock Company

QPSC — Qatari Public Shareholding Company

ACA-QH-003-3400

 

18