NPORT-EX 2 d13500dex.htm FOR VALIDATION PURPOSES ONLY - [13500.TX]
THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   SMALL COMPANY FUND
   OCTOBER 31, 2019
    

(Unaudited)

 

SCHEDULE OF INVESTMENTS

    

COMMON STOCK — 93.8%

 

    
            Shares                         Value               

COMMUNICATION SERVICES — 2.0%

    

John Wiley & Sons, Cl A

     865,000     $ 39,850,550  
   

 

 

  

CONSUMER DISCRETIONARY — 3.7%

    

National Vision Holdings *

     682,115       16,234,337  

Sally Beauty Holdings *

     1,810,000       28,055,000  

Wolverine World Wide

     1,010,000       29,976,800  
   

 

 

  
      74,266,137  
   

 

 

  

CONSUMER STAPLES — 13.5%

    

B&G Foods

     1,240,000       19,282,000  

Boston Beer, Cl A *

     35,000       13,106,100  

elf Beauty *

     1,355,000       22,764,000  

Freshpet *

     510,000       26,652,600  

Hostess Brands, Cl A *

     3,660,000       46,774,800  

J&J Snack Foods

     50,000       9,538,000  

Lancaster Colony

     288,540       40,158,997  

MGP Ingredients

     525,000       22,517,250  

Simply Good Foods *

     1,390,000       34,110,600  

TreeHouse Foods *

     660,000       35,653,200  
   

 

 

  
      270,557,547  
   

 

 

  

FINANCIALS — 13.9%

    

Argo Group International Holdings

     633,000       39,163,710  

Bryn Mawr Bank

     420,000       16,006,200  

Community Bank System

     380,000       25,756,400  

CVB Financial

     985,000       20,468,300  

German American Bancorp

     455,000       15,037,750  

Independent Bank

     455,000       37,346,400  

James River Group Holdings

     430,000       15,398,300  

Palomar Holdings, Cl A *

     117,315       5,296,772  

Prosperity Bancshares

     410,000       28,298,200  

Stock Yards Bancorp

     375,000       14,977,500  

UMB Financial

     660,000       43,071,600  

Washington Trust Bancorp

     320,000       16,348,800  
   

 

 

  
      277,169,932  
   

 

 

  

 

1  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   SMALL COMPANY FUND
   OCTOBER 31, 2019
    

(Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

HEALTH CARE — 20.5%

      

AtriCure *

      452,005      $ 12,018,813  

Avanos Medical *

      1,100,000        48,444,000  

Cantel Medical

      425,000        30,978,250  

Cardiovascular Systems *

      810,000        36,061,200  

Catalent *

      690,000        33,568,500  

CONMED

      465,000        51,159,300  

Inspire Medical Systems *

      235,000        14,330,300  

Integra LifeSciences Holdings *

      1,020,000        59,221,200  

Masimo *

      130,000        18,952,700  

NuVasive *

      310,000        21,867,400  

Penumbra *

      100,000        15,597,000  

Prestige Consumer Healthcare *

      885,000        31,382,100  

Teladoc Health *

      470,000        36,002,000  
     

 

 

  
        409,582,763  
     

 

 

  

INDUSTRIALS — 16.7%

 

   

Altra Industrial Motion

      1,065,000        32,802,000  

Barnes Group

      665,000        38,869,250  

CSW Industrials

      120,955        8,372,505  

Evoqua Water Technologies *

      661,325        11,487,216  

John Bean Technologies

      500,000        51,385,000  

Lydall *

      265,000        5,186,050  

MSA Safety

      460,000        55,232,200  

Ritchie Bros. Auctioneers

      875,000        35,980,000  

Standex International

      305,000        23,112,900  

TriMas *

      455,000        14,705,600  

Welbilt *

      2,935,000        55,647,600  
     

 

 

  
        332,780,321  
     

 

 

  

INFORMATION TECHNOLOGY — 17.8%

 

   

Blackbaud

      410,000        34,419,500  

Blackline *

      600,000        28,044,000  

Envestnet *

      450,000        28,120,500  

LogMeIn

      260,000        17,076,800  

New Relic *

      560,000        35,873,600  

Novanta *

      64,835        5,773,557  

Pure Storage, Cl A *

      2,905,000        56,531,300  

Q2 Holdings *

 

     

 

 615,000

 

  

 

     

 

 43,966,350

 

  

 

 

2  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   SMALL COMPANY FUND
   OCTOBER 31, 2019
     (Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

INFORMATION TECHNOLOGY — continued

 

   

Qualys *

      155,000      $ 13,226,150  

SailPoint Technologies Holding *

      1,380,000        26,716,800  

Tenable Holdings *

      1,085,000        27,342,000  

Yext *

      2,400,000        39,504,000  
     

 

 

  
        356,594,557  
     

 

 

  

MATERIALS — 5.7%

 

   

Chase

      90,000        10,543,500  

H.B. Fuller

      600,000        29,280,000  

Innospec

      270,000        24,667,200  

Sensient Technologies

      780,000        48,796,800  
     

 

 

  
        113,287,500  
     

 

 

  

TOTAL COMMON STOCK
(Cost $1,554,489,015)

         1,874,089,307  
     

 

 

  

CASH EQUIVALENTS — 6.5%**

 

Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 1.720%

      20,000,000        20,000,000  

Fidelity Treasury Portfolio, Cl I, 1.490%

      109,149,240        109,149,240  
     

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $129,149,240)

         129,149,240  
     

 

 

  

TOTAL INVESTMENTS— 100.3%
(Cost $1,683,638,255)

       $ 2,003,238,547  
     

 

 

  

 

Percentages are based on Net Assets of $1,997,138,700.

 

*   Non-income producing security.

** Rate reported is the 7-day effective yield as of October 31, 2019.

 

Cl — Class

 

As of October 31, 2019, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

 

During the period ended October 31, 2019, there were no transfers in or out of Level 3 securities.

 

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

 

 

 

 

 

 

 

 

CSC-QH-001-3000

 

3  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   MID CAP FUND
   OCTOBER 31, 2019
     (Unaudited)

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 95.5%

 

      
             Shares                          Value               

COMMUNICATION SERVICES — 1.1%

 

   

John Wiley & Sons, Cl A

      890,000      $ 41,002,300  
     

 

 

  

CONSUMER DISCRETIONARY — 6.4%

 

   

Advance Auto Parts

      510,000        82,864,800  

Sally Beauty Holdings *

      2,000,000        31,000,000  

Tractor Supply

      665,000        63,188,300  

Ulta Beauty *

      235,000        54,790,250  
     

 

 

  
        231,843,350  
     

 

 

  

CONSUMER STAPLES — 12.8%

 

   

Brown-Forman, Cl B

      830,000        54,381,600  

Campbell Soup

      975,000        45,152,250  

Flowers Foods

      1,505,000        32,688,600  

Hormel Foods

      1,380,000        56,428,200  

JM Smucker

      695,000        73,447,600  

Lamb Weston Holdings

      1,015,000        79,210,600  

McCormick

      225,000        36,155,250  

Molson Coors Brewing, Cl B

      860,000        45,339,200  

TreeHouse Foods *

      800,000        43,216,000  
     

 

 

  
        466,019,300  
     

 

 

  

FINANCIALS — 12.9%

 

   

Arthur J Gallagher

      970,000        88,483,400  

Commerce Bancshares

      585,000        37,650,600  

Cullen/Frost Bankers

      495,000        44,589,600  

Everest Re Group

      440,000        113,119,600  

Morningstar

      135,000        21,848,400  

Northern Trust

      810,000        80,740,800  

Prosperity Bancshares

      640,000        44,172,800  

SVB Financial Group *

      170,000        37,651,600  
     

 

 

  
        468,256,800  
     

 

 

  

HEALTH CARE — 23.2%

 

   

Align Technology *

      85,000        21,444,650  

Bio-Techne

 

     

 

 375,000

 

  

 

     

 

 78,063,750

 

  

 

 

4  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   MID CAP FUND
   OCTOBER 31, 2019
     (Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

HEALTH CARE — continued

 

   

Cantel Medical

      785,000      $ 57,218,650  

Catalent *

      1,365,000        66,407,250  

Cooper

      220,000        64,020,000  

DENTSPLY SIRONA

      1,490,000        81,622,200  

Edwards Lifesciences *

      400,000        95,352,000  

Envista Holdings *

      200,200        5,871,866  

Integra LifeSciences Holdings *

      1,485,000        86,219,100  

Laboratory Corporation of America Holdings *

      340,000        56,021,800  

Masimo *

      294,905        42,994,200  

Veeva Systems, Cl A *

      385,000        54,604,550  

Waters *

      445,000        94,170,900  

West Pharmaceutical Services

      270,000        38,836,800  
     

 

 

  
        842,847,716  
     

 

 

  

INDUSTRIALS — 14.9%

 

   

AMETEK

      1,005,000        92,108,250  

Fortive

      1,435,000        99,015,000  

IDEX

      510,000        79,320,300  

Nordson

      665,000        104,278,650  

Rockwell Automation

      555,000        95,454,450  

Stericycle *

      674,430        38,847,168  

Verisk Analytics, Cl A

      225,000        32,557,500  
     

 

 

  
        541,581,318  
     

 

 

  

INFORMATION TECHNOLOGY — 20.9%

 

   

ANSYS *

      80,000        17,612,000  

Blackbaud

      660,000        55,407,000  

Guidewire Software *

      615,000        69,335,100  

Medallia *

      1,025,000        29,807,000  

New Relic *

      665,000        42,599,900  

Nutanix, Cl A *

      1,840,000        53,764,800  

Okta, Cl A *

      435,000        47,445,450  

Palo Alto Networks *

      375,000        85,271,250  

Pure Storage, Cl A *

      3,575,000        69,569,500  

ServiceNow *

      325,000        80,359,500  

Splunk *

      740,000        88,770,400  

Synopsys *

 

     

 

 265,000

 

  

 

     

 

 35,973,750

 

  

 

 

5  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN
   MID CAP FUND
   OCTOBER 31, 2019
     (Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

INFORMATION TECHNOLOGY — continued

 

   

Workday, Cl A *

      500,000      $ 81,080,000  
     

 

 

  
        756,995,650  
     

 

 

  

MATERIALS — 3.3%

 

   

AptarGroup

      590,000        69,708,500  

International Flavors & Fragrances

      410,000        50,024,100  
     

 

 

  
        119,732,600  
     

 

 

  

TOTAL COMMON STOCK
(Cost $2,860,442,401)

         3,468,279,034  
     

 

 

  

CASH EQUIVALENTS — 5.0%**

 

Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 1.720%

      20,000,000        20,000,000  

Fidelity Treasury Portfolio, Cl I, 1.490%

      161,272,581        161,272,581  
     

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $181,272,581)

         181,272,581  
     

 

 

  

TOTAL INVESTMENTS — 100.5%
(Cost $3,041,714,982)

       $ 3,649,551,615  
     

 

 

  

 

Percentages are based on Net Assets of $3,631,130,901.

 

*   Non-income producing security.

** Rate reported is the 7-day effective yield as of October 31, 2019.

 

Cl — Class

 

As of October 31, 2019, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

 

During the period ended October 31, 2019, there were no transfers in or out of Level 3 securities.

 

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

 

 

 

 

 

 

 

 

CSC-QH-002-2300

 

6  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN EMERGING
   MARKETS FUND
   OCTOBER 31, 2019
     (Unaudited)

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 95.1%

 

      
             Shares                          Value               

ARGENTINA — 2.3%

 

   

MercadoLibre *

      175      $ 91,266  
     

 

 

  

BRAZIL — 2.4%

 

   

Ambev ADR

      13,600        58,616  

Itau Unibanco Holding ADR

      4,395        39,687  
     

 

 

  
        98,303  
     

 

 

  

CHINA — 24.9%

 

   

Alibaba Group Holding ADR *

      1,460        257,937  

Foshan Haitian Flavouring & Food, Cl A

      5,100        80,957  

JD.com ADR *

      2,585        80,523  

Meituan Dianping, Cl B *

      3,200        38,236  

Shenzhen Inovance Technology, Cl A

      17,000        60,240  

Tencent Holdings

      5,500        225,117  

WuXi AppTec, Cl H

      7,420        89,653  

Wuxi Biologics Cayman *

      8,500        100,317  

Yum China Holdings

      1,855        78,838  
     

 

 

  
        1,011,818  
     

 

 

  

HONG KONG — 8.3%

 

   

AIA Group

      15,700        157,146  

Hong Kong Exchanges & Clearing

      2,300        71,896  

Shenzhou International Group Holdings

      4,900        67,895  

Vitasoy International Holdings

      10,000        40,701  
     

 

 

  
        337,638  
     

 

 

  

HUNGARY — 1.5%

 

   

OTP Bank

      1,345        62,045  
     

 

 

  

INDIA — 18.2%

 

   

Avenue Supermarts, Cl A *

      2,190        61,587  

Bajaj Finance

      1,040        59,054  

Britannia Industries

      1,565        72,076  

HDFC Bank

 

     

 

 7,130

 

  

 

     

 

 123,679

 

  

 

 

7  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN EMERGING
   MARKETS FUND
   OCTOBER 31, 2019
     (Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

INDIA — continued

 

   

Housing Development Finance

      2,270      $ 68,229  

Kotak Mahindra Bank

      3,925        87,128  

Maruti Suzuki India

      450        47,960  

Reliance Industries

      6,605        136,363  

Tata Consultancy Services

      2,565        82,077  
     

 

 

  
        738,153  
     

 

 

  

INDONESIA — 2.0%

 

   

Bank Central Asia

      36,200        81,106  
     

 

 

  

KENYA — 1.9%

 

   

Safaricom PLC

      267,000        76,895  
     

 

 

  

MEXICO — 5.6%

 

   

Banco del Bajio

      31,355        50,830  

Grupo Aeroportuario del Sureste ADR

      410        67,138  

Wal-Mart de Mexico

      36,000        108,251  
     

 

 

  
        226,219  
     

 

 

  

NETHERLANDS — 5.8%

 

   

Heineken

      950        96,935  

Unilever ADR

      2,300        136,252  
     

 

 

  
        233,187  
     

 

 

  

PERU — 1.6%

 

   

Credicorp

      300        64,212  
     

 

 

  

SOUTH AFRICA — 3.8%

 

   

Clicks Group

      4,590        74,892  

Discovery

      9,780        78,079  
     

 

 

  
        152,971  
     

 

 

  

SOUTH KOREA — 5.6%

 

   

Kakao

      600        72,973  

Koh Young Technology

      985        79,667  

LG Household & Health Care

      70        75,869  
     

 

 

  
        228,509  
     

 

 

  

 

8  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN EMERGING
   MARKETS FUND
   OCTOBER 31, 2019
     (Unaudited)

 

COMMON STOCK — continued

 

      
             Shares                          Value               

TAIWAN — 7.8%

 

   

Chroma ATE

      9,170      $ 45,940  

Taiwan Semiconductor Manufacturing

      20,600        202,003  

Voltronic Power Technology

      3,100        68,741  
     

 

 

  
        316,684  
     

 

 

  

UNITED STATES — 1.6%

 

   

International Flavors & Fragrances

      515        62,835  
     

 

 

  

VIETNAM — 1.8%

 

   

Vietnam Dairy Products JSC

      13,248        74,225  
     

 

 

  

TOTAL COMMON STOCK
(Cost $3,000,745)

         3,856,066  
     

 

 

  

PREFERRED STOCK* — 0.7%

 

BRAZIL — 0.7%

 

   

Banco Inter S.A. †
(Cost $30,341)

      7,000        30,009  
     

 

 

  

CASH EQUIVALENT — 4.3%**

 

Fidelity Treasury Portfolio, Cl I, 1.490%
(Cost $175,125)

      175,125        175,125  
     

 

 

  

TOTAL INVESTMENTS— 100.1%
(Cost $3,206,211)

       $ 4,061,200  
     

 

 

  

 

Percentages are based on Net Assets of $4,057,238.

 

*   Non-income producing security.

** Rate reported is the 7-day effective yield as of October 31, 2019.

† There is currently no rate available.

 

 

 

 

 

9  

LOGO

THE ADVISORS’ INNER CIRCLE FUND II    CHAMPLAIN EMERGING
   MARKETS FUND
   OCTOBER 31, 2019
     (Unaudited)

 

 

ADR — American Depositary Receipt

Cl — Class

JSC — Joint Stock Company

PLC — Public Limited Company

 

As of October 31, 2019, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

 

During the period ended October 31, 2019, there were no transfers in or out of Level 3 securities.

 

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

 

CSC-QH-004-0900

 

10  

LOGO