AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 88.9% | ||||||||
Aerospace & Defense - 0.9% | ||||||||
Singapore Technologies Engineering Ltd. | 2,699 | 7,805 | ||||||
Banks - 10.6% | ||||||||
Axis Bank Ltd., GDR* | 418 | 19,980 | ||||||
Banco Bradesco SA (Preference)* | 2,318 | 11,024 | ||||||
Bank Mandiri Persero Tbk. PT | 26,307 | 11,139 | ||||||
Credicorp Ltd. | 31 | 4,234 | ||||||
DBS Group Holdings Ltd. | 373 | 7,983 | ||||||
Grupo Financiero Banorte SAB de CV, Class O* | 559 | 3,149 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 12,241 | 8,786 | ||||||
Komercni banka A/S* | 219 | 6,760 | ||||||
Sberbank of Russia PJSC, ADR | 537 | 8,275 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 377 | 12,645 | ||||||
93,975 | ||||||||
Beverages - 2.3% | ||||||||
Budweiser Brewing Co. APAC Ltd. | 2,492 | 7,437 | ||||||
Coca-Cola HBC AG | 291 | 9,267 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 54 | 4,068 | ||||||
20,772 | ||||||||
Biotechnology - 0.5% | ||||||||
Hugel, Inc.* | 31 | 4,889 | ||||||
Chemicals - 0.3% | ||||||||
Hansol Chemical Co. Ltd. | 13 | 2,768 | ||||||
Construction & Engineering - 2.3% | ||||||||
Larsen & Toubro Ltd., GDR | 1,056 | 20,317 | ||||||
Diversified Consumer Services - 0.6% | ||||||||
New Oriental Education & Technology Group, Inc., ADR* | 160 | 2,240 | ||||||
YDUQS Participacoes SA | 679 | 3,222 | ||||||
5,462 | ||||||||
Diversified Financial Services - 2.0% | ||||||||
Chailease Holding Co. Ltd. | 1,547 | 10,681 | ||||||
FirstRand Ltd. | 2,025 | 7,082 | ||||||
17,763 | ||||||||
Diversified Telecommunication Services - 2.0% | ||||||||
Hellenic Telecommunications Organization SA | 502 | 8,053 | ||||||
Telkom Indonesia Persero Tbk. PT | 41,697 | 9,818 | ||||||
17,871 | ||||||||
Electrical Equipment - 0.8% | ||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 2,014 | 7,513 | ||||||
Electronic Equipment, Instruments & Components - 2.3% | ||||||||
Delta Electronics, Inc. | 1,128 | 11,385 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 55 | 9,112 | ||||||
20,497 | ||||||||
Energy Equipment & Services - 1.9% | ||||||||
Tenaris SA, ADR | 746 | 16,927 | ||||||
Food & Staples Retailing - 1.8% | ||||||||
Atacadao SA* | 1,921 | 7,925 | ||||||
Wal-Mart de Mexico SAB de CV | 2,439 | 7,693 | ||||||
15,618 | ||||||||
Health Care Providers & Services - 0.9% | ||||||||
Odontoprev SA | 3,300 | 7,710 | ||||||
Hotels, Restaurants & Leisure - 1.4% | ||||||||
Melco Resorts & Entertainment Ltd., ADR* | 626 | 12,464 | ||||||
Household Durables - 1.5% | ||||||||
Haier Smart Home Co. Ltd., Class H* | 3,363 | 13,453 | ||||||
Insurance - 4.1% | ||||||||
AIA Group Ltd. | 2,290 | 27,778 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 757 | 9,012 | ||||||
36,790 | ||||||||
Interactive Media & Services - 8.3% | ||||||||
Tencent Holdings Ltd. | 936 | 73,444 | ||||||
Internet & Direct Marketing Retail - 8.2% | ||||||||
Alibaba Group Holding Ltd.* | 1,652 | 46,750 | ||||||
Naspers Ltd., Class N | 50 | 11,964 | ||||||
Trip.com Group Ltd., ADR* | 349 | 13,831 | ||||||
72,545 | ||||||||
IT Services - 0.1% | ||||||||
Globant SA* | 6 | 1,246 | ||||||
Life Sciences Tools & Services - 1.3% | ||||||||
Wuxi Biologics Cayman, Inc.* | 955 | 11,959 | ||||||
Machinery - 2.3% | ||||||||
Airtac International Group | 458 | 16,132 | ||||||
Weichai Power Co. Ltd., Class H | 1,587 | 3,919 | ||||||
20,051 | ||||||||
Metals & Mining - 2.4% | ||||||||
Anglo American plc | 288 | 11,286 | ||||||
Southern Copper Corp. | 102 | 6,923 |
AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
Vale SA | 194 | 3,376 | ||||||
21,585 | ||||||||
Multiline Retail - 0.9% | ||||||||
Lojas Americanas SA (Preference)* | 1,907 | 7,576 | ||||||
Oil, Gas & Consumable Fuels - 5.0% | ||||||||
LUKOIL PJSC, ADR | 272 | 21,994 | ||||||
Reliance Industries Ltd., GDR | 400 | 22,120 | ||||||
44,114 | ||||||||
Paper & Forest Products - 1.4% | ||||||||
Mondi plc | 473 | 12,063 | ||||||
Personal Products - 1.1% | ||||||||
LG Household & Health Care Ltd. | 7 | 9,711 | ||||||
Pharmaceuticals - 1.5% | ||||||||
Richter Gedeon Nyrt. | 205 | 6,044 | ||||||
Sino Biopharmaceutical Ltd. | 7,468 | 7,474 | ||||||
13,518 | ||||||||
Real Estate Management & Development - 2.0% | ||||||||
China Overseas Land & Investment Ltd. | 1,232 | 3,201 | ||||||
China Vanke Co. Ltd., Class H | 2,776 | 10,873 | ||||||
KWG Living Group Holdings Ltd.* | 3,880 | 3,943 | ||||||
18,017 | ||||||||
Semiconductors & Semiconductor Equipment - 7.9% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 593 | 70,140 | ||||||
Software - 0.7% | ||||||||
TOTVS SA | 1,298 | 6,671 | ||||||
Specialty Retail - 1.3% | ||||||||
Foschini Group Ltd. (The)* | 1,427 | 11,871 | ||||||
Technology Hardware, Storage & Peripherals - 6.8% | ||||||||
Samsung Electronics Co. Ltd., GDR | 33 | 60,192 | ||||||
Textiles, Apparel & Luxury Goods - 1.5% | ||||||||
Eclat Textile Co. Ltd. | 782 | 13,155 | ||||||
TOTAL COMMON STOCKS (COST $663,033) | 790,452 |
Investments | Shares | Maturity Date | Value ($) | ||||||||
PARTICIPATION NOTES - 5.2% | |||||||||||
China | |||||||||||
Anhui Conch Cement Co., Ltd. (Issuer: Bank of America Merrill Lynch) | 802 | 10/14/2021 | 6,266 | ||||||||
Kweichow Moutai Co., Ltd. (Issuer: Bank of America Merrill Lynch) | 41 | 12/13/2021 | 12,566 | ||||||||
Nari Technology Co., Ltd (Issuer : Macquarie Bank Limited) | 4,800 | 03/13/2023 | 22,803 | ||||||||
Ningbo Xusheng Auto Technology Co., Ltd. (Issuer : Macquarie Bank Limited) | 908 | 01/13/2023 | 4,315 | ||||||||
TOTAL PARTICIPATION NOTES (Cost $38,561) | 45,950 |
Investments | Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 4.2% | ||||||||
iShares MSCI India ETF | ||||||||
(Cost $33,864) | 898 | 37,878 | ||||||
Total Investments - 98.3% (Cost $735,458) | 874,280 | |||||||
Other assets less liabilities - 1.7% | 14,841 | |||||||
Net Assets - 100.0% | 889,121 |
* | Non-income producing security. |
Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PJSC | Public Joint Stock Company |
Participation Notes | A derivative instrument designed to replicate equity exposure in certain foreign markets where direct investment is impossible or difficult due to local investment restrictions. A Participation Note is usually issued by a financial institution, therefore investors are exposed to the issuer’s credit risk and the risks of the underlying financial instrument. |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2021: | ||||
Argentina | 0.1 | % | ||
Brazil | 5.3 | % | ||
China | 26.6 | % | ||
Czech Republic | 0.8 | % | ||
Greece | 0.9 | % | ||
Hong Kong | 7.9 | % | ||
Hungary | 0.7 | % | ||
India | 7.0 | % | ||
Indonesia | 2.4 | % | ||
Mexico | 1.7 | % | ||
Netherlands Antilles | 2.1 | % | ||
Peru | 1.3 | % | ||
Russia | 3.4 | % | ||
Singapore | 1.8 | % | ||
South Africa | 4.7 | % | ||
South Korea | 11.2 | % | ||
Switzerland | 1.0 | % | ||
Taiwan | 11.8 | % | ||
United Kingdom | 1.4 | % | ||
United States | 6.2 | % | ||
Other(1) | 1.7 | % | ||
100.0 | % |
(1) | Includes any non-equity securities and net other assets (liabilities). |
AGF Investments Trust
AGF Global Sustainable Growth Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 90.5% | ||||||||
Auto Components - 6.4% | ||||||||
Aptiv plc* | 445 | 61,366 | ||||||
Denso Corp. | 812 | 53,879 | ||||||
115,245 | ||||||||
Building Products - 8.5% | ||||||||
Advanced Drainage Systems, Inc. | 244 | 25,227 | ||||||
Kingspan Group plc | 561 | 47,565 | ||||||
Nibe Industrier AB, Class B | 1,005 | 31,162 | ||||||
Trex Co., Inc.* | 544 | 49,798 | ||||||
153,752 | ||||||||
Capital Markets - 1.8% | ||||||||
MSCI, Inc. | 79 | 33,123 | ||||||
Chemicals - 8.6% | ||||||||
Albemarle Corp. | 244 | 35,651 | ||||||
Chr Hansen Holding A/S* | 99 | 8,996 | ||||||
Croda International plc | 293 | 25,641 | ||||||
Ecolab, Inc. | 172 | 36,820 | ||||||
Johnson Matthey plc | 785 | 32,607 | ||||||
Umicore SA | 315 | 16,708 | ||||||
156,423 | ||||||||
Commercial Services & Supplies - 4.2% | ||||||||
Tetra Tech, Inc. | 369 | 50,081 | ||||||
TOMRA Systems ASA | 583 | 25,240 | ||||||
75,321 | ||||||||
Construction & Engineering - 3.7% | ||||||||
Valmont Industries, Inc. | 166 | 39,453 | ||||||
WSP Global, Inc. | 286 | 27,210 | ||||||
66,663 | ||||||||
Containers & Packaging - 1.2% | ||||||||
Ball Corp. | 267 | 22,626 | ||||||
Electric Utilities - 0.9% | ||||||||
Orsted A/S | 105 | 16,959 | ||||||
Electrical Equipment - 5.6% | ||||||||
Legrand SA | 339 | 31,533 | ||||||
Prysmian SpA | 1,416 | 46,014 | ||||||
Siemens Gamesa Renewable Energy SA | 638 | 24,690 | ||||||
102,237 | ||||||||
Electronic Equipment, Instruments & Components - 12.6% | ||||||||
Amphenol Corp., Class A | 446 | 29,423 | ||||||
Halma plc | 1,094 | 35,804 | ||||||
Hexagon AB, Class B | 236 | 21,769 | ||||||
Keyence Corp. | 100 | 45,401 | ||||||
Samsung SDI Co. Ltd. | 71 | 41,405 | ||||||
Trimble, Inc.* | 701 | 54,531 | ||||||
228,333 | ||||||||
Food Products - 2.4% | ||||||||
Beyond Meat, Inc.* | 118 | 15,354 | ||||||
Kerry Group plc, Class A | 228 | 28,529 | ||||||
43,883 | ||||||||
Health Care Equipment & Supplies - 2.6% | ||||||||
Danaher Corp. | 210 | 47,267 | ||||||
Household Durables - 2.1% | ||||||||
Garmin Ltd. | 283 | 37,313 | ||||||
Independent Power and Renewable Electricity Producers - 0.4% | ||||||||
Brookfield Renewable Corp. | 156 | 7,308 | ||||||
Internet & Direct Marketing Retail - 1.0% | ||||||||
HelloFresh SE* | 238 | 17,751 | ||||||
Leisure Products - 4.2% | ||||||||
Giant Manufacturing Co. Ltd. | 2,826 | 34,071 | ||||||
Shimano, Inc. | 180 | 42,876 | ||||||
76,947 | ||||||||
Life Sciences Tools & Services - 2.4% | ||||||||
Thermo Fisher Scientific, Inc. | 96 | 43,812 | ||||||
Machinery - 7.7% | ||||||||
Cummins, Inc. | 203 | 52,599 | ||||||
Metso Outotec OYJ* | 1,642 | 18,303 | ||||||
NFI Group, Inc. | 1,521 | 33,865 | ||||||
Xylem, Inc. | 329 | 34,604 | ||||||
139,371 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) - 1.7% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 548 | 30,743 | ||||||
Professional Services - 1.6% | ||||||||
Stantec, Inc. | 685 | 29,325 | ||||||
Semiconductors & Semiconductor Equipment - 5.7% | ||||||||
Analog Devices, Inc. | 154 | 23,882 | ||||||
Cree, Inc.* | 170 | 18,382 | ||||||
Enphase Energy, Inc.* | 94 | 15,243 | ||||||
Infineon Technologies AG | 1,082 | 45,876 | ||||||
103,383 | ||||||||
Software - 4.2% | ||||||||
ANSYS, Inc.* | 86 | 29,202 | ||||||
Dassault Systemes SE | 169 | 36,149 | ||||||
Zoom Video Communications, Inc., Class A* | 31 | 9,960 | ||||||
75,311 | ||||||||
Water Utilities - 1.0% | ||||||||
American Water Works Co., Inc. | 116 | 17,391 | ||||||
TOTAL COMMON STOCKS (COST $1,073,900) | 1,640,487 |
AGF Investments Trust
AGF Global Sustainable Growth Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
MASTER LIMITED PARTNERSHIPS - 1.3% | ||||||||
Independent Power and Renewable Electricity Producers - 1.3% | ||||||||
Brookfield Renewable Partners LP (Cost $12,134) | 553 | 23,608 | ||||||
Total Investments - 91.8% (Cost $1,086,034) | 1,664,095 | |||||||
Other assets less liabilities - 8.2% | 149,416 | |||||||
Net Assets - 100.0% | 1,813,511 |
* | Non-income producing security. |
Abbreviations | |
OYJ | Public Limited Company |
AGF Global Sustainable Growth Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2021: | ||||
Belgium | 0.9 | % | ||
Canada | 6.3 | % | ||
Denmark | 1.4 | % | ||
Finland | 1.0 | % | ||
France | 3.7 | % | ||
Germany | 3.5 | % | ||
Ireland | 4.2 | % | ||
Italy | 2.5 | % | ||
Japan | 7.9 | % | ||
Norway | 1.4 | % | ||
South Korea | 2.3 | % | ||
Spain | 1.4 | % | ||
Sweden | 2.9 | % | ||
Taiwan | 1.9 | % | ||
United Kingdom | 5.2 | % | ||
United States | 45.3 | % | ||
Other(1) | 8.2 | % | ||
100.0 | % |
(1) | Includes any non-equity securities and net other assets (liabilities). |
AGF Investments Trust
Notes to Quarterly Schedules of Investments
March 31, 2021 (Unaudited)
Investment Valuation
The Funds disclose the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
· | Level 1 — Quoted prices in active markets for identical assets. |
· | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
· | Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of March 31, 2021 for the Fund based upon the three levels defined above:
AGF Emerging Markets Equity Fund | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks* | $ | 790,452 | $ | — | $ | — | $ | 790,452 | ||||||||
Exchange Traded Funds | 37,878 | — | — | 37,878 | ||||||||||||
Participation Notes | — | 45,950 | — | 45,950 | ||||||||||||
Total Investments | $ | 828,330 | $ | 45,950 | $ | — | $ | 874,280 | ||||||||
AGF Global Sustainable Growth Equity Fund | ||||||||||||||||
Investments | ||||||||||||||||
Common Stocks* | $ | 1,640,487 | $ | — | $ | — | $ | 1,640,487 | ||||||||
Master Limited Partnerships | 23,608 | — | — | 23,608 | ||||||||||||
Total Investments | $ | 1,664,095 | $ | — | $ | — | $ | 1,664,095 |
* See Schedules of Investments for presentation by industry type.