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THE ADVISORS’ INNER CIRCLE FUND II    CARDINAL SMALL        
   CAP VALUE FUND
   JULY 31, 2020
   (UNAUDITED)

 

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.2%

 

 

         Shares          Value  

COMMUNICATION SERVICES — 3.5%

      

Nexstar Media Group, Cl A

      27,697      $ 2,427,642  
     

 

 

  

CONSUMER DISCRETIONARY — 7.5%

      

Denny’s *

      85,139        756,460  

Lithia Motors, Cl A

      12,716        2,913,871  

Oxford Industries

      30,807        1,322,853  

Wendy’s

      9,002        208,666  
     

 

 

  
            5,201,850  
     

 

 

  

CONSUMER STAPLES — 4.6%

      

Calavo Growers

      17,047        984,805  

Hostess Brands, Cl A *

      176,503        2,238,058  
     

 

 

  
            3,222,863  
     

 

 

  

ENERGY — 2.2%

      

Rattler Midstream (A)

      103,264        812,688  

Viper Energy Partners (A)

      71,058        734,740  
     

 

 

  
            1,547,428  
     

 

 

  

FINANCIALS — 15.9%

      

BGC Partners, Cl A

      415,389        1,150,627  

Columbia Banking System

      70,859        2,049,951  

FB Financial

      47,229        1,200,089  

First Merchants

      59,109        1,444,033  

Pacific Premier Bancorp

      75,938        1,595,457  

PacWest Bancorp

      117,315        2,143,932  

Starwood Property Trust ‡

      99,589        1,488,856  
     

 

 

  
     11,072,945  
     

 

 

  

HEALTH CARE — 8.9%

      

Change Healthcare *

      122,920        1,433,247  

Ligand Pharmaceuticals *

      25,182        2,950,827  

Providence Service *

      22,590        1,830,016  
     

 

 

  
            6,214,090  
     

 

 

  

INDUSTRIALS — 21.2%

      

BWX Technologies, Cl W

      39,930        2,176,983  

CBIZ *

      121,150        2,929,407  

 

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THE ADVISORS’ INNER CIRCLE FUND II    CARDINAL SMALL        
   CAP VALUE FUND
   JULY 31, 2020
   (UNAUDITED)

 

 

 

 

 

COMMON STOCK — continued

 

 

         Shares          Value  

INDUSTRIALS — continued

      

CIRCOR International *

      50,578      $ 1,326,155  

Colfax *

      75,102        2,183,966  

ESCO Technologies

      15,177        1,304,312  

IAA *

      15,952        691,519  

Kaman

      26,632        1,051,698  

KAR Auction Services

      121,039        1,831,320  

Teledyne Technologies *

      1,484        455,143  

Trinity Industries

      41,358        807,722  
     

 

 

  
            14,758,225  
     

 

 

  

INFORMATION TECHNOLOGY — 16.6%

      

ACI Worldwide *

      116,114        3,110,694  

Itron *

      18,715        1,301,815  

J2 Global *

      38,457        2,181,281  

OSI Systems *

      5,452        386,874  

Silicon Motion Technology ADR

      53,648        2,219,418  

Verint Systems *

      40,266        1,807,541  

Verra Mobility, Cl A *

      53,773        550,098  
     

 

 

  
            11,557,721  
     

 

 

  

MATERIALS — 4.7%

      

Silgan Holdings

      85,133        3,256,337  
     

 

 

  

REAL ESTATE — 11.1%

      

Community Healthcare Trust ‡

      51,704        2,364,424  

Howard Hughes *

      25,407        1,351,398  

Medical Properties Trust ‡

      98,666        1,986,147  

Newmark Group, Cl A

      116,304        473,357  

Physicians Realty Trust ‡

      85,427        1,541,103  
     

 

 

  
            7,716,429  
     

 

 

  

TOTAL COMMON STOCK

      

(Cost $74,025,673)

         66,975,530  
     

 

 

  

 

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THE ADVISORS’ INNER CIRCLE FUND II    CARDINAL SMALL        
   CAP VALUE FUND
   JULY 31, 2020
   (UNAUDITED)

 

 

 

 

 

SHORT-TERM INVESTMENT — 3.8%

 

 

         Shares          Value  

SEI Daily Income Trust Government Fund, Cl F, 0.010%(B)

      

(Cost $2,642,149)

      2,642,149      $ 2,642,149  
     

 

 

  

TOTAL INVESTMENTS— 100.0%

      

(Cost $76,667,822)

       $ 69,617,679  
     

 

 

  

Percentages are based on Net Assets of $69,643,318.

*

Non-income producing security.

‡

Real Estate Investment Trust

(A)

Security is a Master Limited Partnership. At July 31, 2020, such securities amounted to $1,547,428, or 2.2% of the net assets of the Fund.

(B)

The rate shown is the 7-day effective yield as of July 31, 2020.

ADR — American Depositary Receipt

Cl — Class

As of July 31, 2020, 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.

For the period ended July 31, 2020, there were no transfers in or out of Level 3.

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

CAR-QH-001-1300

 

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