0001752724-24-075100.txt : 20240401 0001752724-24-075100.hdr.sgml : 20240401 20240401105043 ACCESSION NUMBER: 0001752724-24-075100 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240401 DATE AS OF CHANGE: 20240401 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS' INNER CIRCLE FUND CENTRAL INDEX KEY: 0000878719 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06400 FILM NUMBER: 24806341 BUSINESS ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 BUSINESS PHONE: 8009327781 MAIL ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: ADVISORS INNER CIRCLE FUND DATE OF NAME CHANGE: 19920929 0000878719 S000005784 CAMBIAR INTERNATIONAL EQUITY FUND C000015898 INVESTOR CLASS SHARES CAMIX C000070601 INSTITUTIONAL CLASS SHARES CAMYX NPORT-P 1 primary_doc.xml NPORT-P false 0000878719 XXXXXXXX S000005784 C000070601 C000015898 ADVISORS' INNER CIRCLE FUND 811-06400 0000878719 549300LRWL70Z8CGWD77 ONE FREEDOM VALLEY DRIVE OAKS 19456 8774463863 Cambiar International Equity Fund S000005784 I18CS3V77KB764QNDY04 2024-10-31 2024-01-31 N 166469002.37 294260.47 166174741.90 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.01000000 N SAP SE 529900D6BF99LW9R2E68 SAP SE COMMON STOCK N/A 21000.00000000 NS 3638162.34000000 2.189359404685 Long EC DE N 2 N N N CNH Industrial N.V. 549300WGC2HZ5J67V817 CNH INDUSTRIAL NV COMMON STOCK N20944109 208000.00000000 NS USD 2496000.00000000 1.502033324355 Long EC US N 1 N N N CHUGAI PHARMACEUTICAL CO., LTD. 529900T9LAII161DCN95 CHUGAI PHARMACEUTICAL CO LTD COMMON STOCK N/A 112000.00000000 NS 4028664.90000000 2.424354540249 Long EC JP N 2 N N N Tokyo Electron Limited 549300H5LSF8DP3RIJ34 TOKYO ELECTRON LTD COMMON STOCK N/A 13700.00000000 NS 2542342.65000000 1.529921226855 Long EC JP N 2 N N N GSK PLC 5493000HZTVUYLO1D793 GSK PLC COMMON STOCK N/A 189000.00000000 NS 3737988.53000000 2.249432427131 Long EC GB N 2 N N N INTERTEK GROUP PLC 2138003GAT25WW1RN369 INTERTEK GROUP PLC COMMON STOCK N/A 66000.00000000 NS 3746199.99000000 2.254373888093 Long EC GB N 2 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 DHL GROUP COMMON STOCK N/A 98000.00000000 NS 4693606.28000000 2.824500418255 Long EC DE N 2 N N N HALEON PLC 549300PSB3WWEODCUP19 HALEON PLC COMMON STOCK N/A 753000.00000000 NS 3058505.68000000 1.840535838978 Long EC GB N 2 N N N Mitsubishi Estate Company, Limited 353800KOFMRGOXSJ5Z65 MITSUBISHI ESTATE CO LTD COMMON STOCK N/A 266000.00000000 NS 3685674.90000000 2.217951331146 Long EC JP N 2 N N N FUJI ELECTRIC CO., LTD. 5299000HVNGZZTYYM906 FUJI ELECTRIC CO LTD COMMON STOCK N/A 78000.00000000 NS 3906242.66000000 2.350683753341 Long EC JP N 2 N N N Suncor Energy Inc. 549300W70ZOQDVLCHY06 SUNCOR ENERGY INC COMMON STOCK 867224107 114700.00000000 NS USD 3798864.00000000 2.286065834413 Long EC US N 1 N N N Murata Manufacturing Co., Ltd. 529900QZG6DL8ZRI7140 MURATA MANUFACTURING CO LTD COMMON STOCK N/A 120000.00000000 NS 2423054.84000000 1.458136665232 Long EC JP N 2 N N N TotalEnergies SE 529900S21EQ1BO4ESM68 TOTALENERGIES SE COMMON STOCK N/A 46400.00000000 NS 3010214.11000000 1.811475122862 Long EC FR N 2 N N N MERCK Kommanditgesellschaft auf Aktien 529900OAREIS0MOPTW25 MERCK KGAA COMMON STOCK N/A 14000.00000000 NS 2297049.03000000 1.382309371289 Long EC DE N 2 N N N Taiwan Semiconductor Manufacturing Co., Ltd. 549300KB6NK5SBD14S87 TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT 874039100 32000.00000000 NS USD 3614720.00000000 2.175252363066 Long EC US N 1 N N N L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA 969500MMPQVHK671GT54 AIR LIQUIDE SA COMMON STOCK N/A 11100.00000000 NS 2077172.10000000 1.249992674127 Long EC FR N 2 N N N Nintendo Co., Ltd. 353800FEEXU6I9M0ZF27 NINTENDO CO LTD COMMON STOCK N/A 73000.00000000 NS 4078576.94000000 2.454390416597 Long EC JP N 2 N N N MINES AGNICO EAGLE LIMITEE YGE0EUBRF7IJOB3QRX76 AGNICO EAGLE MINES LTD COMMON STOCK 008474108 62000.00000000 NS USD 3047920.00000000 1.834165628994 Long EC US N 1 N N N Airbus SE MINO79WLOO247M1IL051 AIRBUS SE COMMON STOCK N/A 15000.00000000 NS 2389278.54000000 1.437810892727 Long EC FR N 2 N N N KBC GROEP NV 213800X3Q9LSAKRUWY91 KBC GROUP NV COMMON STOCK N/A 68000.00000000 NS 4435730.69000000 2.669317032951 Long EC BE N 2 N N N N/A N/A FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X 31846V328 1948894.89000000 PA USD 1948894.89000000 1.172798505787 Long STIV US N 2 N N N SANTOS LIMITED 5299000RK70B5O2M7077 SANTOS LTD COMMON STOCK N/A 677000.00000000 NS 3421528.43000000 2.058994279683 Long EC AU N 2 N N N RWE Aktiengesellschaft 529900GB7KCA94ACC940 RWE AG COMMON STOCK N/A 83000.00000000 NS 3064815.80000000 1.844333118834 Long EC DE N 2 N N N ING Groep N.V. 549300NYKK9MWM7GGW15 ING GROEP NV COMMON STOCK N/A 268000.00000000 NS 3807854.16000000 2.291475898480 Long EC NL N 2 N N N SSE PLC 549300KI75VYLLMSK856 SSE PLC COMMON STOCK N/A 159000.00000000 NS 3386370.14000000 2.037836858526 Long EC GB N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK N/A 16000.00000000 NS 4555461.67000000 2.741368283719 Long EC CH N 2 N N N UCB SA 2138008J191VLSGY5A09 UCB SA COMMON STOCK N/A 37000.00000000 NS 3480416.10000000 2.094431476291 Long EC BE N 2 N N N Novartis AG 5493007HIVTX6SY6XD66 NOVARTIS AG-REG COMMON STOCK N/A 27000.00000000 NS 2792172.64000000 1.680262961792 Long EC CH N 2 N N N EQUINOR ASA OW6OFBNCKXC4US5C7523 EQUINOR ASA-SPON ADR DEPOSITARY RECEIPT 29446M102 97000.00000000 NS USD 2780990.00000000 1.673533515504 Long EC US N 1 N N N SINGAPORE TELECOMMUNICATIONS LIMITED 2549003XJKIQO8YDYD89 SINGAPORE TELECOMMUNICATIONS COMMON STOCK N/A 1709000.00000000 NS 3049783.44000000 1.835287002783 Long EC SG N 2 N N N BUNZL PUBLIC LIMITED COMPANY 213800Q1Q9DV4L78UM09 BUNZL PLC COMMON STOCK N/A 104000.00000000 NS 4226532.82000000 2.543426739632 Long EC GB N 2 N N N Sony Group Corporation 529900R5WX9N2OI2N910 SONY GROUP CORP COMMON STOCK N/A 31900.00000000 NS 3128381.88000000 1.882585671101 Long EC JP N 2 N N N LVMH MOET HENNESSY LOUIS VUITTON SE IOG4E947OATN0KJYSD45 LVMH MOET HENNESSY LOUIS VUI COMMON STOCK N/A 4100.00000000 NS 3411427.66000000 2.052915876982 Long EC FR N 2 N N N BAE SYSTEMS PLC 8SVCSVKSGDWMW2QHOH83 BAE SYSTEMS PLC COMMON STOCK N/A 188000.00000000 NS 2800533.61000000 1.685294394310 Long EC GB N 2 N N N DIAGEO PLC 213800ZVIELEA55JMJ32 DIAGEO PLC COMMON STOCK N/A 103000.00000000 NS 3720135.66000000 2.238688995370 Long EC GB N 2 N N N Knorr-Bremse Aktiengesellschaft 5299001GRRO0Z25YZT52 KNORR-BREMSE AG COMMON STOCK N/A 49000.00000000 NS 3026529.25000000 1.821293185351 Long EC DE N 2 N N N LONDON STOCK EXCHANGE GROUP PLC 213800QAUUUP6I445N30 LONDON STOCK EXCHANGE GROUP COMMON STOCK N/A 36100.00000000 NS 4083413.34000000 2.457300846874 Long EC GB N 2 N N N COMPASS GROUP PLC 2138008M6MH9OZ6U2T68 COMPASS GROUP PLC COMMON STOCK N/A 125000.00000000 NS 3442967.76000000 2.071895957613 Long EC GB N 2 N N N NIDEC CORPORATION 353800IF171MZTNL6Y31 NIDEC CORP COMMON STOCK N/A 75000.00000000 NS 2797261.24000000 1.683325160019 Long EC JP N 2 N N N BANK OF IRELAND GROUP PUBLIC LIMITED COMPANY 635400C8EK6DRI12LJ39 BANK OF IRELAND GROUP PLC COMMON STOCK N/A 336000.00000000 NS 3089836.51000000 1.859389985909 Long EC IE N 2 N N N Nestle S.A. KY37LUS27QQX7BB93L28 NESTLE SA-REG COMMON STOCK N/A 26000.00000000 NS 2962715.80000000 1.782891771712 Long EC CH N 2 N N N BARCLAYS PLC 213800LBQA1Y9L22JB70 BARCLAYS PLC COMMON STOCK N/A 1968000.00000000 NS 3657185.86000000 2.200807305722 Long EC GB N 2 N N N PUMA SE 529900GRZ2BQY5ZM9N49 PUMA SE COMMON STOCK N/A 53000.00000000 NS 2132912.15000000 1.283535708022 Long EC DE N 2 N N N TERUMO CORPORATION 353800JX1R4582QVK932 TERUMO CORP COMMON STOCK N/A 111300.00000000 NS 3767722.12000000 2.267325393089 Long EC JP N 2 N N N BANK OF NEW YORK (THE) HPFHU0OQ28E4N0NFVK49 FX Forward Contract: USD/AUD SETTLE 2024-02-01 N/A 1.00000000 NC USD 181.31000000 0.000109108037 N/A DFE US N 2 BANK OF NEW YORK (THE) HPFHU0OQ28E4N0NFVK49 54150.47000000 AUD 35706.82000000 USD 2024-02-01 181.31000000 N N N AIA Group Limited ZP5ILWVSYE4LJGMMVD57 AIA GROUP LTD COMMON STOCK N/A 360000.00000000 NS 2823271.18000000 1.698977322136 Long EC HK N 2 N N N CAPGEMINI SE 96950077L0TN7BAROX36 CAPGEMINI SE COMMON STOCK N/A 21500.00000000 NS 4779889.23000000 2.876423441582 Long EC FR N 2 N N N DBS GROUP HOLDINGS LTD 5493007FKT78NKPM5V55 DBS GROUP HOLDINGS LTD COMMON STOCK N/A 125000.00000000 NS 2960662.79000000 1.781656319214 Long EC SG N 2 N N N Hitachi, Ltd. 549300T6IPOCDWLKC615 HITACHI LTD COMMON STOCK N/A 50400.00000000 NS 3958937.57000000 2.382394294544 Long EC JP N 2 N N N 2024-01-31 THE ADVISORS' INNER CIRCLE FUND Andy Metzger Andy Metzger CFO XXXX NPORT-EX 2 d750216d8k.htm SCHEDULE F HTML
THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR OPPORTUNITY FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 SCHEDULE OF INVESTMENTS

      

 COMMON STOCK — 98.5%

     
      Shares         Value  

AEROSPACE/DEFENSE EQUIPMENT — 5.6%

      

Airbus ADR

      184,000       $ 7,304,800   

RTX

      139,000        12,665,680  
     

 

 

 

        19,970,480  
     

 

 

 

AIR FREIGHT & LOGISTICS — 2.6%

      

United Parcel Service, Cl B

      67,000        9,507,300  
     

 

 

 

AIRLINES — 2.2%

      

Delta Air Lines

      200,000        7,828,000  
     

 

 

 

BANKS — 4.8%

      

JPMorgan Chase

      52,000        9,066,720  

PNC Financial Services Group

      54,000        8,165,340  
     

 

 

 

        17,232,060  
     

 

 

 

BEVERAGES — 3.0%

      

Constellation Brands, Cl A

      44,000        10,783,520  
     

 

 

 

BROADLINE RETAIL — 3.0%

      

Amazon.com *

      70,000        10,864,000  
     

 

 

 

CAPITAL MARKETS — 7.8%

      

CME Group, Cl A

      45,000        9,262,800  

Goldman Sachs Group

      27,800        10,675,478  

Intercontinental Exchange

      62,000        7,894,460  
     

 

 

 

        27,832,738  
     

 

 

 

CHEMICALS — 4.9%

      

Corteva

      138,000        6,276,240  

PPG Industries

      80,000        11,283,200  
     

 

 

 

        17,559,440  
     

 

 

 

CONSUMER FINANCE — 3.2%

      

American Express

      58,000        11,642,920  
     

 

 

 

CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.8%

      

Sysco

      126,000        10,197,180  
     

 

 

 

ELECTRICAL EQUIPMENT — 2.0%

      

Rockwell Automation

      28,000        7,091,840  
     

 

 

 

ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 3.0%

      

TE Connectivity

      74,000        10,522,060  
     

 

 

 

FINANCIAL SERVICES — 2.1%

      

Mastercard, Cl A

      17,000        7,636,910  
     

 

 

 

GROUND TRANSPORTATION — 4.8%

      

Uber Technologies *

      81,000        5,286,870  

Union Pacific

      49,000        11,952,570  
     

 

 

 

        17,239,440  
     

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 3.0%

      

Medtronic

      124,000        10,854,960  
     

 

 

 

HEALTH CARE PROVIDERS & SERVICES — 6.1%

      

Centene *

      146,000        10,995,260  

Laboratory Corp of America Holdings

      49,000        10,892,700  
     

 

 

 

           21,887,960  
     

 

 

 

HOUSEHOLD PRODUCTS — 2.8%

      

Colgate-Palmolive

      119,000        10,019,800  
     

 

 

 

INSURANCE — 3.0%

      

Chubb

      44,000        10,780,000  
     

 

 

 

INTERACTIVE MEDIA & SERVICES — 2.8%

      

Alphabet, Cl A *

      72,000        10,087,200  
     

 

 

 

LIFE SCIENCES TOOLS & SERVICES — 2.3%

      

Waters *

      26,000        8,260,460  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR OPPORTUNITY FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

COMMON STOCK — continued

      
      Shares         Value  

MULTI-UTILITIES — 2.6%

      

Sempra

      128,000       $     9,159,680   
     

 

 

 

OIL, GAS & CONSUMABLE FUELS — 9.4%

      

Cenovus Energy

      605,000        9,788,900  

Chevron

      71,000        10,467,530  

ConocoPhillips

      60,000        6,712,200  

Williams

      190,000        6,585,400  
     

 

 

 

        33,554,030  
     

 

 

 

PHARMACEUTICALS — 5.3%

      

Bristol-Myers Squibb

      175,000        8,552,250  

Johnson & Johnson

      65,000        10,328,500  
     

 

 

 

        18,880,750  
     

 

 

 

SEMI-CONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.4%

      

Applied Materials

      42,000        6,900,600  

Marvell Technology

      131,000        8,868,700  

Texas Instruments

      68,000        10,888,160  
     

 

 

 

        26,657,460  
     

 

 

 

SPECIALTY RETAIL — 2.0%

      

TJX

      76,000        7,213,160  
     

 

 

 

TOTAL COMMON STOCK
(Cost $271,849,151)

         353,263,348  
     

 

 

 

SHORT-TERM INVESTMENT — 1.2%

     

First American Treasury Obligation Fund 5.372% (A)
(Cost $4,125,285)

      4,125,285        4,125,285  
     

 

 

 

TOTAL INVESTMENTS— 99.7%
(Cost $275,974,436)

       $  357,388,633  
     

 

 

 

Percentages are based on Net Assets of $358,573,141.

*

Non-income producing security.

(A)

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

ADR — American Depository Receipt

Cl — Class

CMB-QH-007-3300

 

2

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR INTERNATIONAL EQUITY FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 SCHEDULE OF INVESTMENTS

      

 COMMON STOCK — 94.9%

      
      Shares         Value  

AUSTRALIA — 2.0%

      

Santos

      677,000       $ 3,421,528  
     

 

 

 

BELGIUM — 4.8%

      

KBC Group

      68,000        4,435,731  

UCB

      37,000        3,480,416   
     

 

 

 

        7,916,147  
     

 

 

 

CANADA — 4.1%

      

Agnico Eagle Mines

      62,000        3,047,920  

Suncor Energy

      114,700        3,798,864  
     

 

 

 

        6,846,784  
     

 

 

 

FRANCE — 9.4%

      

Air Liquide

      11,100        2,077,172  

Airbus

      15,000        2,389,279  

Capgemini

      21,500        4,779,889  

LVMH Moet Hennessy Louis Vuitton

      4,100        3,411,428  

TotalEnergies

      46,400        3,010,214  
     

 

 

 

        15,667,982  
     

 

 

 

GERMANY — 11.3%

      

Deutsche Post

      98,000        4,693,606  

Knorr-Bremse

      49,000        3,026,529  

Merck KGaA

      14,000        2,297,049  

Puma

      53,000        2,132,912  

RWE

      83,000        3,064,816  

SAP

      21,000        3,638,163  
     

 

 

 

        18,853,075  
     

 

 

 

HONG KONG — 1.7%

      

AIA Group

      360,000        2,823,271  
     

 

 

 

IRELAND — 1.9%

      

Bank of Ireland Group

      336,000        3,089,837  
     

 

 

 

JAPAN — 20.6%

      

Chugai Pharmaceutical

      112,000        4,028,665  

Fuji Electric

      78,000        3,906,243  

Hitachi

      50,400        3,958,937  

Mitsubishi Estate

      266,000        3,685,675  

Murata Manufacturing

      120,000        2,423,055  

NIDEC CORP

      75,000        2,797,261  

Nintendo

      73,000        4,078,577  

Sony Group

      31,900        3,128,382  

Terumo

      111,300        3,767,722  

Tokyo Electron Ltd.

      13,700        2,542,343  
     

 

 

 

          34,316,860  
     

 

 

 

NETHERLANDS — 2.3%

      

ING Groep

      268,000        3,807,854  
     

 

 

 

NORWAY — 1.7%

      

Equinor ADR

      97,000        2,780,990  
     

 

 

 

SINGAPORE — 3.6%

      

DBS Group Holdings

      125,000        2,960,663  

Singapore Telecommunications

      1,709,000        3,049,783  
     

 

 

 

        6,010,446  
     

 

 

 

SWITZERLAND — 6.2%

      

Nestle

      26,000        2,962,716  

Novartis

      27,000        2,792,172  

Roche Holding

      16,000        4,555,462  
     

 

 

 

        10,310,350  
     

 

 

 

TAIWAN — 2.2%

      

Taiwan Semiconductor Manufacturing ADR

      32,000        3,614,720  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR INTERNATIONAL EQUITY FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

COMMON STOCK — continued

      
      Shares         Value  

UNITED KINGDOM — 21.6%

      

BAE Systems

      188,000       $ 2,800,533   

Barclays

      1,968,000        3,657,186  

Bunzl

      104,000        4,226,533  

Compass Group

      125,000        3,442,968  

Diageo

      103,000        3,720,136  

GSK

      189,000        3,737,988  

Haleon

      753,000        3,058,506  

Intertek Group

      66,000        3,746,200  

London Stock Exchange Group

      36,100        4,083,413  

SSE

      159,000        3,386,370  
     

 

 

 

        35,859,833  
     

 

 

 

UNITED STATES — 1.5%

      

CNH Industrial

      208,000        2,496,000  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $139,861,160)

         157,815,677  
     

 

 

 

SHORT-TERM INVESTMENT — 1.2%

      

First American Treasury Obligation Fund 5.372% (A)

      

(Cost $1,948,895)

      1,948,895        1,948,895  
     

 

 

 

TOTAL INVESTMENTS — 96.1%

      

(Cost $141,810,055)

        $   159,764,572  
     

 

 

 

 

 

Percentages are based on Net Assets of $166,174,742.

(A)

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

ADR — American Depositary Receipt

Ltd. — Limited

CMB-QH-008-3300

 

2

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR SMALL CAP FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 SCHEDULE OF INVESTMENTS

      

 COMMON STOCK — 99.3%

     
      Shares         Value  

AEROSPACE & DEFENSE — 1.3%

      

Mercury Systems *

      41,000       $    1,216,060  
     

 

 

 

AIR FREIGHT & LOGISTICS — 2.3%

      

Hub Group, Cl A *

      49,000        2,218,720  
     

 

 

 

AUTO COMPONENTS — 4.5%

      

Atmus Filtration Technologies *

      89,000        1,987,370   

Gentex

      69,500        2,302,535  
     

 

 

 

        4,289,905  
     

 

 

 

BANKS — 9.4%

      

Prosperity Bancshares

      32,200        2,057,902  

Texas Capital Bancshares *

      40,500        2,470,500  

United Bankshares

      62,300        2,233,455  

United Community Banks

      81,600        2,230,944  
     

 

 

 

        8,992,801  
     

 

 

 

BEVERAGES — 1.7%

      

Duckhorn Portfolio *

      189,000        1,631,070  
     

 

 

 

BIOTECHNOLOGY — 2.1%

      

Exelixis *

      90,000        1,958,400  
     

 

 

 

CHEMICALS — 2.1%

      

Cabot

      28,300        2,040,430  
     

 

 

 

COMMERCIAL SERVICES & SUPPLIES — 1.4%

      

Healthcare Services Group *

      143,000        1,349,920  
     

 

 

 

DIVERSIFIED CONSUMER SERVICES — 2.1%

      

Frontdoor *

      61,500        2,014,740  
     

 

 

 

ELECTRIC UTILITIES — 2.3%

      

IDACORP

      24,000        2,221,920  
     

 

 

 

ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%

      

Advanced Energy Industries

      21,000        2,187,780  
     

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 2.3%

      

Globus Medical, Cl A *

      42,000        2,217,180  
     

 

 

 

HEALTH CARE PROVIDERS & SERVICES — 11.5%

      

Addus HomeCare *

      28,000        2,424,800  

AMN Healthcare Services *

      35,300        2,612,553  

HealthEquity *

      35,300        2,667,974  

Innovage Holding *

      286,000        1,512,940  

US Physical Therapy

      19,500        1,799,070  
     

 

 

 

        11,017,337  
     

 

 

 

HEALTH CARE TECHNOLOGY — 2.3%

      

HealthStream

      84,000        2,236,080  
     

 

 

 

HOTELS, RESTAURANTS & LEISURE — 2.5%

      

Monarch Casino & Resort

      35,300        2,433,229  
     

 

 

 

INDUSTRIAL REITS — 2.1%

      

Innovative Industrial Properties, Cl A

      21,500        2,004,445  
     

 

 

 

INSURANCE — 9.7%

      

Axis Capital Holdings

      42,200        2,511,744  

First American Financial

      40,200        2,426,070  

Reinsurance Group of America, Cl A

      11,700        2,034,513  

RenaissanceRe Holdings

      9,800        2,242,534  
     

 

 

 

        9,214,861  
     

 

 

 

LEISURE PRODUCTS — 1.9%

      

Johnson Outdoors, Cl A

      40,000        1,790,400  
     

 

 

 

MACHINERY — 2.4%

      

Alamo Group

      10,800        2,292,624  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR SMALL CAP FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 COMMON STOCK — continued

      
      Shares         Value  

MULTI-UTILITIES — 2.3%

      

Avista

      64,000       $ 2,176,640  
     

 

 

 

OIL, GAS & CONSUMABLE FUELS — 2.2%

      

Magnolia Oil & Gas, Cl A

      102,500        2,113,550  
     

 

 

 

PROFESSIONAL SERVICES — 11.4%

      

ASGN *

      25,500        2,366,910  

Forrester Research *

      71,000        1,809,080  

Insperity

      19,500        2,236,455  

NV5 Global *

      22,000        2,307,580  

WNS Holdings ADR *

      31,750        2,201,862  
     

 

 

 

        10,921,887  
     

 

 

 

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%

      

Marcus & Millichap

      52,596        2,003,382   
     

 

 

 

RETAIL REITS — 2.1%

      

NETSTREIT

      111,000        2,016,870  
     

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.0%

      

Diodes *

      28,800        1,938,816  

Rambus *

      36,000        2,467,080  

Tower Semiconductor *

      69,200        1,996,420  

Universal Display

      12,700        2,156,079  
     

 

 

 

        8,558,395  
     

 

 

 

SOFTWARE — 4.0%

      

Cerence *

      54,000        1,081,080  

Envestnet *

      54,000        2,759,400  
     

 

 

 

        3,840,480  
     

 

 

 

TOTAL COMMON STOCK
(Cost $88,240,683)

         94,959,106  
     

 

 

 

 SHORT-TERM INVESTMENT — 5.1%

     

First American Treasury Obligation Fund 5.372% (A)
(Cost $4,900,670)

      4,900,670        4,900,670  
     

 

 

 

TOTAL INVESTMENTS— 104.4%

(Cost $93,141,353)

        $   99,859,776  
     

 

 

 

 

 

Percentages are based on Net Assets of $95,645,380.

*

Non-income producing security.

(A)

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

ADR — American Depositary Receipt

Cl — Class

REIT — Real Estate Investment Trust

CMB-QH-009-3300

 

2

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR SMID FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 SCHEDULE OF INVESTMENTS

      

 COMMON STOCK — 96.9%

     
      Shares         Value  

AEROSPACE & DEFENSE — 1.5%

      

Mercury Systems *

      91,210       $     2,705,288  
     

 

 

 

AIR FREIGHT & LOGISTICS — 2.6%

      

Expeditors International of Washington

      37,690        4,761,378  
     

 

 

 

AUTO COMPONENTS — 2.9%

      

Gentex

      158,140        5,239,178   
     

 

 

 

BANKS — 2.5%

      

BOK Financial

      53,290        4,467,834  
     

 

 

 

BIOTECHNOLOGY — 1.9%

      

Incyte *

      57,720        3,392,204  
     

 

 

 

BUILDING PRODUCTS — 2.5%

      

Masco

      69,000        4,643,010  
     

 

 

 

CAPITAL MARKETS — 2.5%

      

Cboe Global Markets

      25,250        4,642,212  
     

 

 

 

CONTAINERS & PACKAGING — 2.4%

      

Packaging Corp of America

      27,000        4,478,760  
     

 

 

 

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%

      

IPG Photonics *

      39,890        3,904,832  

Littelfuse

      17,150        4,148,585  
     

 

 

 

        8,053,417  
     

 

 

 

FINANCIAL SERVICES — 5.2%

      

Euronet Worldwide *

      51,000        5,082,150  

WEX *

      21,810        4,457,746  
     

 

 

 

        9,539,896  
     

 

 

 

FOOD PRODUCT — 2.3%

      

Lamb Weston Holdings

      40,990        4,199,016  
     

 

 

 

GAS UTILITIES — 2.6%

      

Atmos Energy

      41,740        4,755,856  
     

 

 

 

GROUND TRANSPORTATION — 2.8%

      

JB Hunt Transport Services

      25,800        5,185,284  
     

 

 

 

HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%

      

Dentsply Sirona

      138,000        4,795,500  
     

 

 

 

HEALTH CARE PROVIDERS & SERVICES — 7.4%

      

HealthEquity *

      65,730        4,967,873  

Molina Healthcare *

      12,500        4,455,500  

Quest Diagnostics

      31,850        4,090,496  
     

 

 

 

        13,513,869  
     

 

 

 

INDUSTRIAL REITS — 2.4%

      

Americold Realty Trust

      160,000        4,400,000  
     

 

 

 

INSURANCE — 11.4%

      

American Financial Group

      40,000        4,816,000  

Arch Capital Group *

      64,690        5,332,397  

Fidelity National Financial

      105,360        5,271,161  

Reinsurance Group of America, Cl A

      31,490        5,475,796  
     

 

 

 

        20,895,354  
     

 

 

 

IT SERVICES — 5.3%

      

Amdocs

      45,810        4,199,861  

EPAM Systems *

      19,950        5,548,294  
     

 

 

 

        9,748,155  
     

 

 

 

LIFE SCIENCES TOOLS & SERVICES — 8.7%

      

Bruker

      71,020        5,078,640  

Charles River Laboratories International *

      25,500        5,515,140  

Waters *

      17,000        5,401,070  
     

 

 

 

        15,994,850  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND    CAMBIAR SMID FUND
   JANUARY 31, 2024 (UNAUDITED)
    
      

 

 

 COMMON STOCK — continued

      
      Shares         Value  

MACHINERY — 5.4%

      

Lincoln Electric Holdings

      25,580       $ 5,684,388  

Toro

      44,690        4,132,931  
     

 

 

 

        9,817,319  
     

 

 

 

OIL, GAS & CONSUMABLE FUELS — 4.7%

      

Magnolia Oil & Gas, Cl A

      219,690        4,530,008   

Targa Resources

      47,390        4,026,254  
     

 

 

 

        8,556,262  
     

 

 

 

PROFESSIONAL SERVICES — 2.5%

      

Maximus

      55,270        4,483,502  
     

 

 

 

RETAIL REITS — 2.4%

      

NNN REIT

      111,000        4,477,740  
     

 

 

 

SOFTWARE — 2.7%

      

Dolby Laboratories, Cl A

      58,120        4,834,422  
     

 

 

 

SPECIALTY RETAIL — 2.9%

      

Ulta Beauty *

      10,600        5,321,730  
     

 

 

 

WATER UTILITIES — 2.4%

      

Essential Utilities

      125,000        4,482,500  
     

 

 

 

TOTAL COMMON STOCK
(Cost $151,256,739)

         177,384,536  
     

 

 

 

 SHORT-TERM INVESTMENT — 3.0%

     

First American Treasury Obligation Fund 5.372% (A)
(Cost $5,454,476)

      5,454,476        5,454,476  
     

 

 

 

TOTAL INVESTMENTS— 99.9%

(Cost $156,711,215)

        $   182,839,012  
     

 

 

 

 

 

Percentages are based on Net Assets of $182,994,182.

*

Non-income producing security.

(A)

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

Cl — Class

REIT — Real Estate Investment Trust

CMB-QH-011-2600

 

2