Spyglass Growth Fund |
Schedule of Investments |
as of September 30, 2023 (Unaudited) |
COMMON STOCKS - 99.1% | Shares | Value | ||||||
Communication Services - 10.0% | ||||||||
Roku, Inc.(a) | 445,670 | $ | 31,459,845 | |||||
Spotify Technology SA(a) | 228,276 | 35,300,600 | ||||||
66,760,445 | ||||||||
Consumer Discretionary - 15.7% | ||||||||
DoorDash, Inc.(a) | 292,171 | 23,218,830 | ||||||
Five Below, Inc.(a) | 137,817 | 22,174,755 | ||||||
Global-e Online Ltd.(a) | 565,985 | 22,492,244 | ||||||
Sweetgreen, Inc.(a) | 1,573,006 | 18,482,821 | ||||||
Vail Resorts, Inc. | 86,933 | 19,289,563 | ||||||
105,658,213 | ||||||||
Financials - 12.1% | ||||||||
Affiliated Managers Group, Inc. | 192,043 | 25,030,885 | ||||||
Affirm Holdings, Inc.(a) | 1,563,887 | 33,263,877 | ||||||
Shift4 Payments, Inc.(a) | 419,912 | 23,250,527 | ||||||
81,545,289 | ||||||||
Health Care - 10.4% | ||||||||
Ascendis Pharma AS - ADR(a) | 321,045 | 30,062,654 | ||||||
Exact Sciences Corp.(a) | 287,001 | 19,579,208 | ||||||
Medpace Holdings, Inc.(a) | 83,207 | 20,146,911 | ||||||
69,788,773 | ||||||||
Industrials - 14.7% | ||||||||
API Group Corp.(a) | 763,950 | 19,809,224 | ||||||
Lyft, Inc.(a) | 1,831,678 | 19,305,886 | ||||||
TransDigm Group, Inc.(a) | 32,098 | 27,062,787 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 789,087 | 32,818,128 | ||||||
98,996,025 | ||||||||
Information Technology - 36.2% | ||||||||
AppLovin Corp.(a) | 983,075 | 39,283,677 | ||||||
Datadog, Inc.(a) | 330,965 | 30,147,602 | ||||||
GoDaddy, Inc.(a) | 380,318 | 28,326,085 | ||||||
Nutanix, Inc.(a) | 1,020,767 | 35,604,353 | ||||||
Palo Alto Networks, Inc.(a) | 117,816 | 27,620,783 | ||||||
Procore Technologies, Inc.(a) | 399,719 | 26,109,645 | ||||||
Pure Storage, Inc.(a) | 945,202 | 33,668,095 | ||||||
Splunk, Inc.(a) | 157,961 | 23,101,796 | ||||||
243,862,036 | ||||||||
TOTAL COMMON STOCKS (Cost $593,579,128) | 666,610,781 | |||||||
TOTAL INVESTMENTS (Cost $593,579,128) – 99.1% | 666,610,781 | |||||||
Other Assets in Excess of Liabilities – 0.9% | 5,814,473 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 672,425,254 |
Percentages are stated as a percent of net assets. ADR - American Depositary Receipt SA – Societe Anonyme | |
(a) Non-income producing security. | |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
Summary of Fair Value Measurements at September 30, 2023 (Unaudited) |
The Fund has adopted fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
Level 1 - | Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement. | |||||||||
Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). | |||||||||
Level 3 - | Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs, are not available, are representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information | |||||||||
available. |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2023: |
Spyglass Growth Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 666,610,781 | $ | – | $ | – | $ | 666,610,781 | ||||||||
Total Investments | $ | 666,610,781 | $ | – | $ | – | $ | 666,610,781 | ||||||||
*See the industry classifications in the fund’s schedule of investments. |