N-Q 1 d684367dnq.htm AIC II RQSI FUNDS AIC II RQSI Funds

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07102

 

 

The Advisors’ Inner Circle Fund II

(Exact name of registrant as specified in charter)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2019

Date of reporting period: January 31, 2019

 

 

 

Item 1.

Schedule of Investments

The registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

 

THE ADVISORS’ INNER CIRCLE FUND II   

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap Hedged Equity Fund) JANUARY 31, 2019 (Unaudited)

 

 

 

 SCHEDULE OF INVESTMENTS

      

 COMMON STOCK — 92.7%**

      

 

   

Shares

   

Value

COMMUNICATION SERVICES — 2.4%

   

Cinemark Holdings

   7,979    $         326,501  

Emerald Expositions Events

   17,569      249,480  

GCI Liberty *

   6,974      354,976  

John Wiley & Sons, Cl A

   6,019      311,664  

Manchester United, Cl A

   2,691      51,936  

New Media Investment Group

   22,813      311,854  

Shenandoah Telecommunications

   4,426      210,810  

TechTarget *

   7,213      104,589  
    

 

 

 

       1,921,810  
    

 

 

 

CONSUMER DISCRETIONARY — 5.6%

   

AutoNation *

   8,288      321,160  

Carter’s

   3,439      285,093  

Century Casinos *

   10,801      82,844  

Collectors Universe

   1,442      19,438  

Columbia Sportswear

   2,329      207,724  

Escalade

   4,073      45,455  

Gildan Activewear, Cl A

   6,451      218,560  

Grand Canyon Education *

   2,037      189,319  

Hooker Furniture

   2,423      69,710  

Liberty Expedia Holdings, Cl A *

   5,008      205,278  

Lifetime Brands

   5,373      52,279  

Murphy USA *

   4,150      305,233  

RCI Hospitality Holdings

   1,660      37,035  

Speedway Motorsports

   34,196      551,922  

Steven Madden

   10,366      338,450  

Superior Group of

   28,478      506,053  

Texas Roadhouse, Cl A

   5,476      333,160  

Unifi *

   1,229      26,288  

Wendy’s

   19,586      339,230  

Winmark

   2,020      311,383  
    

 

 

 

       4,445,614  
    

 

 

 

CONSUMER STAPLES — 3.7%

   

Central Garden & Pet, Cl A *

   6,268      223,266  

Cott

   14,051      213,294  

Darling Ingredients *

   15,947      339,193  

Flowers Foods

   17,617      346,350  

 

1

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

CONSUMER STAPLES — continued

     

Inter Parfums

   876    $ 58,219  

Nomad Foods *

   28,899              529,719  

Oil-Dri Corp of America

   6,163      163,566  

Performance Food Group *

   6,070      207,351  

Pingtan Marine Enterprise

   12,335      28,124  

Simply Good Foods *

   27,681      547,807  

Vector Group

   25,281      278,091  
    

 

 

 

       2,934,980  
    

 

 

 

ENERGY — 1.3%

   

Era Group *

   9,594      90,375  

Hallador Energy

   19,313      109,408  

Isramco *

   4,059      451,768  

NACCO Industries, Cl A

   1,693      57,697  

National Energy Services Reunited *

   15,079      118,370  

Natural Gas Services Group *

   4,991      82,401  

RigNet *

   9,354      124,970  
    

 

 

 

       1,034,989  
    

 

 

 

FINANCIALS — 26.5%

   

ACNB

   3,565      129,766  

American National Bankshares

   3,388      110,720  

Ames National

   1,821      45,780  

Apollo Investment

   6,574      100,582  

Arbor Realty Trust †

   21,519      257,367  

Argo Group International Holdings

   2,912      194,347  

Arrow Financial

   348      11,084  

Artisan Partners Asset Management, Cl A

   9,441      220,164  

Associated Banc-Corp

   20,826      450,882  

Assured Guaranty

   6,368      258,286  

Athene Holding, Cl A *

   4,917      210,939  

Atlantic Capital Bancshares *

   924      16,706  

Axis Capital Holdings

   3,793      203,115  

Bancorp *

   1,522      12,907  

BancorpSouth Bank

   8,732      254,800  

Bank First National

   205      9,967  

Bank of Commerce Holdings

   1,182      12,636  

Bank of Marin Bancorp

   283      11,869  

BankUnited

   7,739      261,656  

 

2

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged

Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

FINANCIALS — continued

     

Bankwell Financial Group

   905    $ 26,155  

Banner

   3,662              199,725  

BlackRock Capital Investment

   28,030      172,945  

BOK Financial

   2,671      221,987  

BrightSphere Investment Group

   18,339      226,853  

Bryn Mawr Bank

   2,306      85,299  

Byline Bancorp *

   656      12,392  

Cambridge Bancorp

   837      63,696  

Cannae Holdings *

   11,441      221,269  

Capital City Bank Group

   411      9,864  

Cathay General Bancorp

   12,581      467,006  

CenterState Bank

   9,309      230,863  

Central Valley Community Bancorp

   6,541      129,316  

Century Bancorp, Cl A

   354      27,481  

Chemical Financial

   5,489      244,041  

Chemung Financial

   3,501      146,762  

Cherry Hill Mortgage Investment †

   1,068      19,758  

Chimera Investment †

   13,883      264,193  

Civista Bancshares

   547      10,245  

CNO Financial Group

   13,682      244,634  

Codorus Valley Bancorp

   5,272      116,511  

Community Bankers Trust *

   2,793      20,836  

Community Trust Bancorp

   3,215      130,561  

Crawford, Cl A

   1,071      10,249  

CVB Financial

   11,530      252,622  

Donegal Group, Cl A

   10,410      137,100  

Dynex Capital †

   2,296      13,822  

East West Bancorp

   4,499      226,390  

Enterprise Bancorp

   4,397      142,243  

Essent Group *

   5,730      227,768  

Evans Bancorp

   2,811      98,385  

Evercore, Cl A

   3,074      274,970  

Farmers National Banc

   9,555      123,928  

Fidelity D&D Bancorp

   250      14,753  

Financial Institutions

   3,338      89,525  

First American Financial

   5,608      280,850  

First Bancshares

   400      12,964  

 

3

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged

Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

FINANCIALS — continued

     

First Bank

   1,844    $ 20,727  

First Citizens BancShares, Cl A

   519              211,508  

First Community Bankshares

   1,500      51,450  

First Defiance Financial

   4,224      119,032  

First Financial

   802      33,259  

First Financial Bancorp

   9,673      254,690  

First Financial Northwest

   739      11,196  

First Mid-Illinois Bancshares

   359      11,696  

Fulton Financial

   15,755      252,868  

FVCBankcorp *

   541      9,468  

Glacier Bancorp

   5,944      250,718  

Global Indemnity

   1,041      34,249  

Great Southern Bancorp

   3,112      165,994  

Great Western Bancorp

   6,268      221,198  

Guaranty Bancshares

   2,693      80,790  

Hancock Whitney

   11,690      480,224  

HarborOne Bancorp *

   3,708      56,287  

Heritage Commerce

   2,428      32,220  

Hilltop Holdings

   12,818      235,979  

Hingham Institution for Savings

   674      124,623  

Home Bancorp

   3,018      106,716  

Home BancShares

   13,250      242,608  

HomeTrust Bancshares

   5,176      139,752  

Hope Bancorp

   17,429      249,409  

Howard Bancorp *

   830      10,649  

Independent Bank

   3,780      83,765  

International Bancshares

   5,694      201,966  

Invesco Mortgage Capital †

   16,955      272,976  

Investar Holding

   3,313      76,398  

Investors Bancorp

   41,415      502,777  

Janus Henderson Group

   10,728      234,193  

Kemper

   2,951      221,856  

Kingstone

   1,032      16,976  

Ladenburg Thalmann Financial Services

   8,247      23,751  

LCNB

   1,035      17,078  

LPL Financial Holdings

   3,207      225,677  

MBT Financial

   7,497      75,045  

 

4

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged

Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

FINANCIALS — continued

     

Mercantile Bank

   4,130    $ 137,116  

MidWestOne Financial Group

   5,234              145,034  

Morningstar

   1,783      221,359  

MVB Financial

   1,291      21,740  

MVC Capital

   6,968      63,966  

National General Holdings

   8,090      195,374  

Northrim BanCorp

   290      9,608  

Oaktree Specialty Lending

   32,085      156,575  

Oaktree Strategic Income

   20,179      172,732  

Old Republic International

   9,522      191,868  

Old Second Bancorp

   7,473      104,846  

Oppenheimer Holdings, Cl A

   854      22,998  

Oxford Square Capital

   9,896      67,293  

Pacific Mercantile Bancorp *

   4,826      37,932  

Parke Bancorp

   1,247      24,466  

PDL Community Bancorp *

   748      9,672  

Peapack Gladstone Financial

   468      12,491  

PennantPark Investment

   23,465      168,479  

Penns Woods Bancorp

   762      26,921  

PennyMac Financial Services *

   9,213      190,525  

Peoples Bancorp

   663      21,216  

Peoples Financial Services

   1,104      45,529  

Pinnacle Financial Partners

   4,857      261,161  

Premier Financial Bancorp

   6,981      99,619  

Prosperity Bancshares

   3,843      273,391  

Provident Bancorp *

   2,083      47,097  

QCR Holdings

   3,285      112,544  

Renasant

   6,490      230,525  

Republic Bancorp, Cl A

   3,595      149,876  

Riverview Bancorp

   3,945      29,390  

Santander Consumer USA Holdings

   11,135      212,233  

Selective Insurance Group

   3,214      195,797  

Sierra Bancorp

   4,422      117,625  

SmartFinancial *

   1,793      34,605  

Southern First Bancshares *

   1,858      66,869  

Southern Missouri Bancorp

   3,767      132,636  

Southern National Bancorp of Virginia

   843      12,712  

 

5

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

FINANCIALS — continued

     

Sterling Bancorp

   2,805    $ 24,123  

Sterling Bancorp

   14,120              271,669  

Summit Financial Group

   6,444      151,627  

TCF Financial

   10,049      222,686  

Territorial Bancorp

   5,662      156,158  

Third Point Reinsurance *

   995      10,457  

THL Credit

   10,336      71,422  

TPG Specialty Lending

   1,134      22,487  

TriCo Bancshares

   1,828      68,952  

Trustmark

   8,240      259,807  

Umpqua Holdings

   25,433      449,655  

United Bankshares

   7,550      267,044  

United Community Banks

   9,127      234,746  

United Community Financial

   13,349      126,549  

United Financial Bancorp

   3,467      51,346  

Unity Bancorp

   6,108      120,999  

Univest Financial

   442      10,383  

Walker & Dunlop

   4,529      217,709  

Washington Federal

   9,164      266,580  

Waterstone Financial

   1,812      28,448  

West Bancorporation

   7,077      152,439  

Wins Finance Holdings *

   443      10,632  

Wintrust Financial

   6,263      445,550  
    

 

 

 

       20,996,590  
    

 

 

 

HEALTH CARE — 4.1%

   

Bio-Techne

   1,353      236,044  

Bruker

   10,411      365,010  

Catalent *

   6,282      231,994  

Charles River Laboratories International *

   1,731      213,242  

Chemed

   691      205,876  

CONMED

   3,051      214,638  

Globus Medical, Cl A *

   6,217      280,076  

ICON *

   1,516      212,058  

Integra LifeSciences Holdings *

   4,343      205,684  

KalVista Pharmaceuticals *

   1,884      35,212  

Kamada *

   37,893      198,938  

Merit Medical Systems *

   5,692      321,770  

 

6

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

HEALTH CARE — continued

     

National HealthCare

   2,299    $ 184,679  

Sinovac Biotech *

   18,113              115,742  

West Pharmaceutical Services

   1,998      216,323  
    

 

 

 

       3,237,286  
    

 

 

 

INDUSTRIALS — 21.8%

   

Air Lease, Cl A

   8,571      325,184  

Aircastle

   11,361      236,763  

Albany International, Cl A

   3,137      215,386  

Allied Motion Technologies

   7,287      307,220  

Altra Industrial Motion

   17,641      539,991  

Applied Industrial Technologies

   3,631      214,265  

Arcosa

   3,421      100,680  

Armstrong World Industries

   8,615      586,164  

Barnes Group

   3,653      215,819  

Barrett Business Services

   647      40,535  

Brady, Cl A

   4,507      201,508  

CBIZ *

   5,021      98,412  

China Yuchai International

   29,516      496,754  

Civeo *

   31,674      80,135  

Comfort Systems USA

   4,484      215,097  

Covanta Holding

   22,225      357,823  

Crane

   2,713      224,528  

Curtiss-Wright

   1,918      217,731  

Deluxe

   6,860      322,214  

Ducommun *

   2,372      93,386  

EMCOR Group

   7,955      518,906  

ESCO Technologies

   2,970      193,377  

Exponent

   3,862      192,946  

Federal Signal

   4,183      91,942  

Forward Air

   3,571      209,011  

Generac Holdings *

   6,264      331,554  

Genesee & Wyoming, Cl A *

   4,147      325,622  

Graham

   1,867      41,821  

Heritage-Crystal Clean *

   2,133      54,605  

Herman Miller

   6,475      221,639  

ICF International

   4,549      299,869  

Interface, Cl A

   33,870      555,806  

 

7

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

INDUSTRIALS — continued

     

Kadant

   1,178    $ 100,483  

Kforce

   1,623      53,251  

Kimball International, Cl B

   25,854              365,316  

Lawson Products *

   22,158      655,877  

LB Foster, Cl A *

   7,490      133,846  

Lincoln Electric Holdings

   2,484      214,717  

LSI Industries

   10,366      33,897  

Luxfer Holdings

   2,102      41,851  

Lydall *

   1,789      47,444  

ManpowerGroup

   3,022      238,828  

Masonite International *

   4,369      249,907  

McGrath RentCorp

   2,647      133,409  

Mistras Group *

   19,038      280,048  

Moog, Cl A

   2,528      226,180  

MSA Safety

   2,078      208,174  

MSC Industrial Direct, Cl A

   4,058      338,802  

Mueller Water Products, Cl A

   53,479      528,373  

NL Industries *

   45,566      172,695  

Orion Group Holdings *

   6,979      29,451  

Oshkosh

   4,937      370,522  

Preformed Line Products

   7,755      430,402  

Quanta Services

   10,065      355,697  

RBC Bearings *

   1,494      208,293  

Regal Beloit

   2,796      214,621  

Resources Connection

   6,850      114,464  

Ritchie Bros Auctioneers

   5,986      215,257  

Rush Enterprises, Cl A

   5,680      217,260  

Schneider National, Cl B

   10,491      222,829  

SP Plus *

   3,916      129,620  

SPX *

   6,993      208,042  

SPX FLOW *

   2,426      79,500  

Standex International

   3,694      275,499  

Teledyne Technologies *

   946      212,112  

Tetra Tech

   3,783      208,784  

TriMas *

   1,661      48,152  

TriNet Group *

   4,669      213,187  

Trinity Industries

   10,637      248,693  

 

8

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

INDUSTRIALS — continued

     

Twin Disc *

   2,598    $ 47,076  

UniFirst

   1,369              189,511  

Universal Forest Products

   7,545      232,537  

Vectrus *

   1,315      33,125  

VSE

   2,530      82,554  

Watsco

   2,256      332,715  

Woodward

   2,636      239,481  
    

 

 

 

       17,309,175  
    

 

 

 

INFORMATION TECHNOLOGY — 11.6%

   

Amber Road *

   16,320      142,147  

Aspen Technology *

   2,383      230,269  

AudioCodes

   58,141      813,974  

Cabot Microelectronics

   2,054      209,283  

CACI International, Cl A *

   1,360      227,365  

Celestica *

   35,973      357,212  

Cision *

   16,741      207,588  

CommVault Systems *

   3,315      219,022  

CoreLogic *

   5,861      212,754  

Dolby Laboratories, Cl A

   3,167      204,683  

EPAM Systems *

   1,688      238,818  

ExlService Holdings *

   3,722      214,015  

Fair Isaac *

   1,047      235,784  

FLIR Systems

   4,498      219,862  

Gilat Satellite Networks *

   67,945      654,310  

Hackett Group

   18,624      335,046  

Hollysys Automation Technologies

   9,775      201,561  

InterXion Holding *

   5,562      333,942  

j2 Global

   4,610      346,488  

Jabil

   13,037      347,436  

Magic Software Enterprises

   55,173      447,453  

Majesco *

   27,821      236,479  

ManTech International, Cl A

   3,745      211,106  

Net 1 UEPS Technologies *

   20,078      57,222  

Orbotech *

   9,383      575,459  

PRGX Global *

   17,341      158,844  

Quarterhill

   22,328      21,591  

Ribbon Communications *

   32,413      180,865  

 

9

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

NFORMATION TECHNOLOGY — continued

     

Rimini Street *

   25,616    $ 135,765  

Sabre

   9,051              207,992  

Sapiens International

   38,203      466,077  

Tower Semiconductor *

   2,514      37,433  

TTEC Holdings

   9,606      321,129  

Tyler Technologies *

   1,054      199,406  
    

 

 

 

       9,208,380  
    

 

 

 

MATERIALS — 5.0%

   

Avery Dennison

   2,180      227,701  

Balchem

   2,500      207,550  

Berry Global Group *

   4,121      202,959  

Eagle Materials

   4,365      309,915  

Fortuna Silver Mines *

   85,564      344,824  

Hawkins

   5,693      236,202  

Hudbay Minerals

   13,251      79,373  

Minerals Technologies

   3,815      223,445  

Mountain Province Diamonds

   99,448      114,365  

Orion Engineered Carbons

   7,748      213,767  

Packaging Corp of America

   2,347      221,369  

PolyOne

   6,848      221,670  

Resolute Forest Products *

   18,924      147,607  

RPM International

   3,332      190,457  

Sierra Metals *

   153,997      264,875  

Silgan Holdings

   8,292      229,025  

Steel Dynamics

   6,520      238,567  

Taseko Mines *

   22,327      12,726  

Tredegar

   5,916      96,490  

UFP Technologies *

   6,433      212,289  
    

 

 

 

       3,995,176  
    

 

 

 

REAL ESTATE — 6.4%

   

Brixmor Property Group †

   13,333      228,394  

CareTrust REIT †

   18,798      413,180  

Cedar Realty Trust †

   12,441      43,419  

CIM Commercial Trust †

   2,441      43,206  

CoreCivic †

   10,985      218,272  

FRP Holdings * †

   806      40,880  

GEO Group †

   9,942      224,192  

 

10

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

 COMMON STOCK (continued)

 

   

Shares

   

Value

REAL ESTATE — continued

     

Jones Lang LaSalle

   1,547    $ 221,856  

Life Storage †

   3,553              349,153  

Monmouth Real Estate Investment †

   38,304      526,297  

Physicians Realty Trust †

   20,053      363,160  

Retail Opportunity Investments †

   19,043      334,586  

Rexford Industrial Realty †

   10,444      350,918  

Ryman Hospitality Properties †

   2,937      235,988  

Safety Income & Growth †

   6,788      119,740  

STAG Industrial †

   12,784      352,455  

Terreno Realty †

   8,971      361,890  

Tier REIT †

   1,926      45,261  

Urban Edge Properties †

   11,785      240,650  

Urstadt Biddle Properties, Cl A †

   2,455      52,586  

Weingarten Realty Investors †

   11,936      342,444  
    

 

 

 

       5,108,527  
    

 

 

 

UTILITIES — 4.3%

   

Black Hills

   5,577      378,623  

Clearway Energy, Cl C

   17,194      259,457  

Hawaiian Electric Industries

   9,033      335,937  

Kenon Holdings

   15,419      282,169  

MDU Resources Group

   12,982      333,767  

New Jersey Resources

   7,446      361,131  

NextEra Energy Partners

   4,550      182,728  

PNM Resources

   4,767      203,027  

Portland General Electric

   7,466      360,757  

South Jersey Industries

   11,058      329,307  

Southwest Gas Holdings

   2,560      200,499  

TransAlta

   40,786      223,507  
    

 

 

 

       3,450,909  
    

 

 

 

TOTAL COMMON STOCK

(Cost $73,777,844)

        73,643,436  
    

 

 

 

TOTAL INVESTMENTS — 92.7%

(Cost $73,777,844)

      $ 73,643,436  
    

 

 

 

 

11

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI Small/Mid Cap Hedged Equity Fund

(Formerly, RQSI Small Cap

Hedged Equity Fund)

JANUARY 31, 2019 (Unaudited)

 

 

A list of the open futures contracts held by the Fund at January 31, 2019, is as follows:

 

Type of Contract   Number of
Contracts
Long/(Short)		     Expiration Date     Notional Amount     Value     Unrealized
Appreciation/
(Depreciation)		  

S&P 500 E-MINI

     (12)       Mar-2019               $(1,592,888)           $(1,622,700)               $(29,812)  

NASDAQ 100 Index E-MINI

     12       Mar-2019       1,606,400       1,659,540       53,140  
     

 

 

    

 

 

    

 

 

  
        $13,512       $36,840       $23,328  
     

 

 

    

 

 

    

 

 

  
 

Percentages are based on Net Assets of $79,485,200.

*

Non-income producing security.

†

Real Estate Investment Trust

**

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

Cl — Class

NASDAQ — National Association of Securities Dealers and Automated Quotations

REIT — Real Estate Investment Trust

S&P — Standard & Poors

The following is a list of the level of inputs used as of January 31, 2019, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities    Level 1              Level 2          Level 3      Total    

Common Stock

    $   73,643,436      $         —      $         —      $   73,643,436    
  

 

 

  

Total Investments in Securities

    $   73,643,436      $ —      $ —      $   73,643,436    
  

 

 

  
Other Financial Instruments    Level 1      Level 2      Level 3      Total    

Unrealized Appreciation

    $ 53,140      $ —      $ —      $ 53,140    

Unrealized Depreciation

      (29,812)        —        —        (29,812)    
  

 

 

  

Total Liabilities

    $ 23,328      $ —      $ —      $ 23,328    
  

 

 

  

 

*

Futures are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended January 31, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For more information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.

RQS-QH-001-0700

 

12

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI GAA SYSTEMATIC

GLOBAL MACRO FUND

JANUARY 31, 2019 (Unaudited)

 

 

 SCHEDULE OF INVESTMENTS

A list of the open futures contracts held by the Fund at January 31, 2019, is as follows:

 

Type of Contract   Number of
Contracts
Long/(Short)		     Expiration Date     Notional Amount     Value     Unrealized
Appreciation/
(Depreciation)		  

90-Day Euro

     (80)       Sep-2019       $(19,461,550)       $(19,478,000)       $(16,448)  

Amsterdam Index

     2       Feb-2019       233,072       237,600       3,884  

AUDUSD Currency

     11       Mar-2019       801,350       799,700       (1,650)  

Australian 10-Year Bond

     (75)       Mar-2019       (7,111,299)       (7,279,108)       (39,078)  

British Pound

     (92)       Mar-2019       (7,499,788)       (7,556,075)       (56,288)  

CAC40 10 Euro Index

     33       Feb-2019       1,822,692       1,885,185       50,484  

CAD Currency

     (79)       Mar-2019       (5,955,800)       (6,023,355)       (67,555)  

Canadian 10-Year Bond

     108       Mar-2019       11,163,873       11,313,307       64,743  

DAX Index

     5       Mar-2019       1,574,882       1,595,854       16,273  

Euro

     (5)       Mar-2019       (720,750)       (717,906)       2,844  

Euro Stoxx 50

     (21)       Mar-2019       (741,207)       (757,632)       (10,859)  

Euro-BTP

     68       Mar-2019       9,693,221       10,084,769       337,043  

Euro-Bund

     33       Mar-2019       6,215,573       6,257,637       37,109  

Euro-OAT

     30       Mar-2019       5,202,241       5,250,953       37,814  

FTSE 100 Index

     75       Mar-2019       6,633,488       6,789,968       163,004  

FTSE MIB Index

     13       Mar-2019       1,429,471       1,465,731       30,522  

Hang Seng Index

     (18)       Feb-2019       (3,158,849)       (3,217,665)       (59,352)  

IBEX

     21       Feb-2019       2,133,781       2,176,436       34,204  

Japanese 10-Year Bond

     (18)       Mar-2019       (25,234,408)       (25,232,224)       (10,468)  

Japanese Yen

     (13)       Mar-2019       (1,491,444)       (1,497,519)       (6,075)  

KOSPI 200 Index

     (112)       Mar-2019       (7,090,207)       (7,221,139)       (101,063)  

Long Gilt 10-Year Bond

     7       Mar-2019       1,123,002       1,134,150       6,213  

NASDAQ 100 Index E-MINI

     9       Mar-2019       1,206,735       1,244,655       37,920  

Nikkei 225 Index

     (8)       Mar-2019       (1,449,154)       (1,523,984)       (64,736)  

S&P 500 Index E-MINI

     (76)       Mar-2019       (9,887,913)       (10,277,100)       (389,188)  

S&P TSX 60 Index

     (7)       Mar-2019       (976,686)       (988,561)       (5,533)  

SPI 200 Index

     (4)       Mar-2019       (423,339)       (421,891)       2,759  

U.S. 10-Year Treasury Note

     175       Mar-2019       21,328,266       21,432,031       103,766  
     

 

 

    

 

 

    

 

 

  
        $(20,640,747)           $(20,524,183)         $100,289  
     

 

 

    

 

 

    

 

 

  

Percentages are based on Net Assets of $36,151,414.

 

1

THE ADVISORS’ INNER CIRCLE FUND II        

RQSI GAA SYSTEMATIC

GLOBAL MACRO FUND

JANUARY 31, 2019 (Unaudited)

 

 

AUD — Australian Dollar

CAC — Cotation Assistee en Continu

CAD — Canadian Dollar

DAX — Deutscher Aktien 30 Index

FTSE — Financial Times Stock Exchange

IBEX — International Business Exchange

KOSPI — Korea Composite Stock Price Index

NASDAQ — National Association of Securities Dealers and Automated Quotations

S&P — Standard & Poors

SPI — Share Price Index

TSX — Toronto Stock Exchange

USD — United States Dollar

The following is a list of the level of inputs used as of January 31, 2019, in valuing the Fund’s other financial instruments carried at value:

 

Other Financial Instruments    Level 1     Level 2       Level 3       Total 

Futures Contracts *

            

Unrealized Appreciation

      $ 928,582        $         —          $         —          $ 928,582  

Unrealized Depreciation

      (828,293)        —          —          (828,293)  
  

 

 

 

   

 

 

     

 

 

     

 

 

 

Total Other Financial Instruments

      $ 100,289        $ —          $  —          $ 100,289  
  

 

 

 

   

 

 

     

 

 

     

 

 

 

 

*

Futures are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended January 31, 2019, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. All transfers, if any, are recognized by the Fund at the end of the period.

For more information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.

RQS-QH-002-0200

 

2

Item 2.

Controls and Procedures

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3.

Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(a)), are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)       The Advisors’ Inner Circle Fund II
By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: March 27, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: March 27, 2019

 

By (Signature and Title)      

/s/ Stephen Connors

      Stephen Connors
      Treasurer, Controller & CFO

Date: March 27, 2019