AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 88.8% | ||||||||
Banks - 11.8% | ||||||||
Axis Bank Ltd., GDR* | 401 | 19,837 | ||||||
Banco Bradesco SA (Preference) | 2,957 | 13,800 | ||||||
Bank Mandiri Persero Tbk. PT | 34,277 | 18,808 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,169 | 16,956 | ||||||
Komercni banka A.S. | 211 | 8,160 | ||||||
Sberbank of Russia PJSC, ADR‡(a) | 259 | 2 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 362 | 12,102 | ||||||
89,665 | ||||||||
Beverages - 3.7% | ||||||||
Budweiser Brewing Co. APAC Ltd. | 3,550 | 9,422 | ||||||
Coca-Cola HBC AG* | 279 | 5,818 | ||||||
Varun Beverages Ltd. | 1,034 | 12,758 | ||||||
27,998 | ||||||||
Biotechnology - 0.4% | ||||||||
Hugel, Inc.* | 29 | 3,311 | ||||||
Chemicals - 1.7% | ||||||||
Hansol Chemical Co. Ltd. | 65 | 13,074 | ||||||
Construction & Engineering - 3.1% | ||||||||
Larsen & Toubro Ltd., GDR | 1,011 | 23,399 | ||||||
Diversified Financial Services - 3.7% | ||||||||
Chailease Holding Co. Ltd. | 1,272 | 11,193 | ||||||
FirstRand Ltd. | 3,170 | 16,739 | ||||||
27,932 | ||||||||
Diversified Telecommunication Services - 2.3% | ||||||||
Hellenic Telecommunications Organization SA | 442 | 7,997 | ||||||
Telkom Indonesia Persero Tbk. PT | 29,408 | 9,378 | ||||||
17,375 | ||||||||
Electronic Equipment, Instruments & Components - 1.1% | ||||||||
Delta Electronics, Inc. | 904 | 8,409 | ||||||
Energy Equipment & Services - 2.5% | ||||||||
China Oilfield Services Ltd., Class H | 3,900 | 3,983 | ||||||
Tenaris SA, ADR | 489 | 14,704 | ||||||
18,687 | ||||||||
Food & Staples Retailing - 1.1% | ||||||||
Atacadao SA | 1,840 | 8,703 | ||||||
Health Care Providers & Services - 1.1% | ||||||||
Odontoprev SA | 3,163 | 8,331 | ||||||
Hotels, Restaurants & Leisure - 1.7% | ||||||||
Melco Resorts & Entertainment Ltd., ADR* | 600 | 4,584 | ||||||
Trip.com Group Ltd.* | 345 | 8,127 | ||||||
12,711 | ||||||||
Household Durables - 1.9% | ||||||||
Haier Smart Home Co. Ltd., Class H | 4,555 | 14,731 | ||||||
Insurance - 4.9% | ||||||||
AIA Group Ltd. | 2,797 | 29,283 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 1,097 | 7,740 | ||||||
37,023 | ||||||||
Interactive Media & Services - 7.8% | ||||||||
Kakao Corp. | 118 | 10,248 | ||||||
Tencent Holdings Ltd. | 1,048 | 49,440 | ||||||
59,688 | ||||||||
Internet & Direct Marketing Retail - 5.5% | ||||||||
Alibaba Group Holding Ltd.* | 2,249 | 30,783 | ||||||
Naspers Ltd., Class N | 96 | 10,868 | ||||||
41,651 | ||||||||
IT Services - 2.7% | ||||||||
Globant SA* | 38 | 9,959 | ||||||
HCL Technologies Ltd. | 720 | 10,994 | ||||||
20,953 | ||||||||
Life Sciences Tools & Services - 1.2% | ||||||||
Wuxi Biologics Cayman, Inc.* | 1,130 | 9,167 | ||||||
Machinery - 2.1% | ||||||||
Airtac International Group | 488 | 15,735 | ||||||
Metals & Mining - 6.2% | ||||||||
Anglo American plc | 345 | 17,794 | ||||||
Southern Copper Corp. | 182 | 13,813 | ||||||
Vale SA | 789 | 15,843 | ||||||
47,450 | ||||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||||
Reliance Industries Ltd. | 253 | 8,757 | ||||||
Pharmaceuticals - 1.2% | ||||||||
Richter Gedeon Nyrt. | 197 | 4,155 | ||||||
Sino Biopharmaceutical Ltd. | 8,073 | 5,008 | ||||||
9,163 | ||||||||
Real Estate Management & Development - 1.8% | ||||||||
Country Garden Services Holdings Co. Ltd. | 2,051 | 8,715 | ||||||
KWG Living Group Holdings Ltd | 14,149 | 5,235 | ||||||
13,950 | ||||||||
Semiconductors & Semiconductor Equipment - 8.7% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 634 | 66,101 | ||||||
Software - 1.9% | ||||||||
TOTVS SA | 1,893 | 14,465 |
AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
Specialty Retail - 1.3% | ||||||||
Foschini Group Ltd. (The) | 1,012 | 10,178 | ||||||
Technology Hardware, Storage & Peripherals - 6.3% | ||||||||
Samsung Electronics Co. Ltd., GDR | 34 | 48,030 | ||||||
TOTAL COMMON STOCKS (COST $655,462) | 676,637 |
Investments | Shares | Maturity Date | Value ($) | |||||||
PARTICIPATION NOTES - 7.6% | ||||||||||
China | ||||||||||
Anhui Conch Cement Co., Ltd. (Issuer: Bank of America Merrill Lynch)* | 1,218 | 9/26/2022 | 7,583 | |||||||
Estun Automation Co., Ltd. (Issuer: Macquarie Bank Limited)* | 2,996 | 9/25/2023 | 9,499 | |||||||
Kweichow Moutai Co., Ltd. (Issuer: UBS AG)* | 61 | 9/16/2022 | 16,531 | |||||||
LONGi Green Energy Technology Co., Ltd. (Issuer: Macquarie Bank Limited)* | 604 | 6/26/2023 | 6,874 | |||||||
Nari Technology Co., Ltd. (Issuer: Macquarie Bank Limited)* | 2,503 | �� | 3/13/2023 | 12,426 | ||||||
Wuliangye Yibin Co., Ltd. (Issuer: Macquarie Bank Limited)* | 216 | 3/31/2023 | 5,280 | |||||||
58,193 | ||||||||||
TOTAL PARTICIPATION NOTES (COST $59,252) | 58,193 | |||||||||
Total Investments - 96.4% (Cost $714,714) | 734,830 | |||||||||
Other assets less liabilities - 3.6% | 27,677 | |||||||||
Net Assets - 100.0% | 762,507 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs |
(a) | Security fair valued as of March 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at March 31, 2022 amounted to $2, which represents approximately 0.00%(1) of net assets of the Fund. |
(1) | Represents less than 0.05% of net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PJSC | Public Joint Stock Company |
Participation Notes | A derivative instrument designed to replicate equity exposure in certain foreign markets where direct investment is impossible or difficult due to local investment restrictions. A Participation Note is usually issued by a financial institution, therefore investors are exposed to the issuer’s credit risk and the risks of the underlying financial instrument. |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2022:
Australia | 0.7 | % | ||
Brazil | 8.0 | % | ||
China | 23.6 | % | ||
Czech Republic | 1.1 | % | ||
Greece | 1.1 | % | ||
Hong Kong | 6.7 | % | ||
Hungary | 0.5 | % | ||
India | 9.9 | % | ||
Indonesia | 3.7 | % | ||
Italy | 0.8 | % | ||
Peru | 1.8 | % | ||
Russia | 0.0 | %(1) | ||
South Africa | 7.3 | % | ||
South Korea | 11.4 | % | ||
Switzerland | 2.2 | % | ||
Taiwan | 11.2 | % | ||
United States | 6.4 | % | ||
Other(2) | 3.6 | % | ||
100.0 | % |
(1) | Represents less than 0.05% of net assets. |
(2) | Includes cash and net other assets (liabilities). |
AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 95.7% | ||||||||
Auto Components - 4.9% | ||||||||
Aptiv plc* | 358 | 42,856 | ||||||
Denso Corp. | 660 | 42,116 | ||||||
84,972 | ||||||||
Automobiles - 1.7% | ||||||||
Mercedes-Benz Group AG | 419 | 29,429 | ||||||
Building Products - 7.9% | ||||||||
Advanced Drainage Systems, Inc. | 206 | 24,475 | ||||||
Kingspan Group plc | 444 | 43,153 | ||||||
Nibe Industrier AB, Class B | 3,525 | 38,849 | ||||||
Trex Co., Inc.* | 473 | 30,901 | ||||||
137,378 | ||||||||
Capital Markets - 1.0% | ||||||||
MSCI, Inc. | 35 | 17,601 | ||||||
Chemicals - 8.6% | ||||||||
Albemarle Corp. | 241 | 53,297 | ||||||
Croda International plc | 374 | 38,437 | ||||||
Ecolab, Inc. | 150 | 26,484 | ||||||
Johnson Matthey plc | 383 | 9,385 | ||||||
Koninklijke DSM NV | 122 | 21,804 | ||||||
149,407 | ||||||||
Commercial Services & Supplies - 5.4% | ||||||||
Tetra Tech, Inc. | 396 | 65,316 | ||||||
TOMRA Systems ASA | 552 | 28,135 | ||||||
93,451 | ||||||||
Construction & Engineering - 5.5% | ||||||||
Valmont Industries, Inc. | 191 | 45,573 | ||||||
WSP Global, Inc. | 374 | 49,634 | ||||||
95,207 | ||||||||
Containers & Packaging - 1.2% | ||||||||
Ball Corp. | 232 | 20,880 | ||||||
Electrical Equipment - 6.7% | ||||||||
Legrand SA | 589 | 55,994 | ||||||
Plug Power, Inc.* | 183 | 5,236 | ||||||
Prysmian SpA | 1,594 | 54,297 | ||||||
115,527 | ||||||||
Electronic Equipment, Instruments & Components - 13.2% | ||||||||
Amphenol Corp., Class A | 642 | 48,375 | ||||||
Halma plc | 1,083 | 35,351 | ||||||
Hexagon AB, Class B | 1,466 | 20,567 | ||||||
Keyence Corp. | 106 | 49,282 | ||||||
Samsung SDI Co. Ltd. | 55 | 26,837 | ||||||
Trimble, Inc.* | 662 | 47,757 | ||||||
228,169 | ||||||||
Food & Staples Retailing - 0.5% | ||||||||
HelloFresh SE* | 206 | 9,308 | ||||||
Food Products - 2.1% | ||||||||
Kerry Group plc, Class A | 321 | 35,866 | ||||||
Household Durables - 2.6% | ||||||||
Garmin Ltd. | 377 | 44,716 | ||||||
Independent Power and Renewable Electricity Producers - 0.8% | ||||||||
Brookfield Renewable Corp. | 332 | 14,500 | ||||||
Insurance - 0.8% | ||||||||
Intact Financial Corp. | 96 | 14,185 | ||||||
Leisure Products - 3.7% | ||||||||
Giant Manufacturing Co. Ltd. | 2,820 | 25,493 | ||||||
Shimano, Inc. | 170 | 38,885 | ||||||
64,378 | ||||||||
Life Sciences Tools & Services - 8.7% | ||||||||
Danaher Corp. | 275 | 80,666 | ||||||
Thermo Fisher Scientific, Inc. | 117 | 69,106 | ||||||
149,772 | ||||||||
Machinery - 6.0% | ||||||||
Cummins, Inc. | 175 | 35,894 | ||||||
Metso Outotec OYJ | 4,413 | 37,229 | ||||||
NFI Group, Inc. | 246 | 3,137 | ||||||
Xylem, Inc. | 312 | 26,601 | ||||||
102,861 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) - 1.1% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 388 | 18,403 | ||||||
Professional Services - 2.0% | ||||||||
Stantec, Inc. | 684 | 34,311 | ||||||
Semiconductors & Semiconductor Equipment - 6.2% | ||||||||
Analog Devices, Inc. | 250 | 41,295 | ||||||
Enphase Energy, Inc.* | 107 | 21,590 | ||||||
Infineon Technologies AG | 774 | 26,443 | ||||||
Wolfspeed, Inc.* | 161 | 18,331 | ||||||
107,659 | ||||||||
Software - 3.5% | ||||||||
ANSYS, Inc.* | 68 | 21,600 | ||||||
Dassault Systemes SE | 800 | 39,420 | ||||||
61,020 | ||||||||
Textiles, Apparel & Luxury Goods - 0.2% | ||||||||
Allbirds, Inc., Class A* | 562 | 3,378 | ||||||
Water Utilities - 1.4% | ||||||||
American Water Works Co., Inc. | 144 | 23,836 | ||||||
TOTAL COMMON STOCKS (COST $1,168,137) | 1,656,214 |
AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
Investments | Shares | Value ($) | ||||||
MASTER LIMITED PARTNERSHIPS - 1.2% | ||||||||
Independent Power and Renewable Electricity Producers - 1.2% | ||||||||
Brookfield Renewable Partners LP (Cost $11,470) | 524 | 21,506 | ||||||
Total Investments - 96.9% (Cost $1,179,607) | 1,677,720 | |||||||
Other assets less liabilities - 3.1% | 53,767 | |||||||
Net Assets - 100.0% | 1,731,487 |
* | Non-income producing security. |
Abbreviations | |
OYJ | Public Limited Company |
AGF Global Sustainable Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2022:
Canada | 7.1 | % | ||
Finland | 2.2 | % | ||
France | 5.5 | % | ||
Germany | 3.8 | % | ||
Ireland | 4.6 | % | ||
Italy | 3.1 | % | ||
Japan | 7.5 | % | ||
Netherlands | 1.3 | % | ||
Norway | 1.6 | % | ||
South Korea | 1.5 | % | ||
Sweden | 3.4 | % | ||
Taiwan | 1.5 | % | ||
United Kingdom | 4.8 | % | ||
United States | 49.0 | % | ||
Other(1) | 3.1 | % | ||
100.0 | % |
(1) | Includes cash and net other assets (liabilities). |
AGF Investments Trust
Notes to Quarterly Schedules of Investments
March 31, 2022 (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, 2022 for each 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 | ||||||||||||||||
Banks | $ | 25,902 | $ | 63,761 | $ | 2 | $ | 89,665 | ||||||||
Beverages | — | 27,998 | — | 27,998 | ||||||||||||
Biotechnology | — | 3,311 | — | 3,311 | ||||||||||||
Chemicals | — | 13,074 | — | 13,074 | ||||||||||||
Construction & Engineering | — | 23,399 | — | 23,399 | ||||||||||||
Diversified Financial Services | — | 27,932 | — | 27,932 | ||||||||||||
Diversified Telecommunication Services | — | 17,375 | — | 17,375 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 8,409 | — | 8,409 | ||||||||||||
Energy Equipment & Services | 14,704 | 3,983 | — | 18,687 | ||||||||||||
Hotels, Restaurants & Leisure | 4,584 | 8,127 | — | 12,711 | ||||||||||||
Household Durables | — | 14,731 | — | 14,731 | ||||||||||||
Insurance | — | 37,023 | — | 37,023 | ||||||||||||
Interactive Media & Services | — | 59,688 | — | 59,688 | ||||||||||||
Internet & Direct Marketing Retail | — | 41,651 | — | 41,651 | ||||||||||||
IT Services | 9,959 | 10,994 | — | 20,953 | ||||||||||||
Life Sciences Tools & Services | — | 9,167 | — | 9,167 | ||||||||||||
Machinery | — | 15,735 | — | 15,735 | ||||||||||||
Metals & Mining | 29,656 | 17,794 | — | 47,450 | ||||||||||||
Oil, Gas & Consumable Fuels | — | 8,757 | — | 8,757 | ||||||||||||
Pharmaceuticals | — | 9,163 | — | 9,163 | ||||||||||||
Real Estate Management & Development | — | 13,950 | — | 13,950 | ||||||||||||
Specialty Retail | — | 10,178 | — | 10,178 | ||||||||||||
Technology Hardware, Storage & Peripherals | — | 48,030 | — | 48,030 | ||||||||||||
Other* | 97,600 | — | — | 97,600 | ||||||||||||
Participation Notes | — | 58,193 | — | 58,193 | ||||||||||||
Total Investments | $ | 182,405 | $ | 552,423 | $ | 2 | $ | 734,830 |
AGF Investments Trust
Notes to Quarterly Schedules of Investments (continued)
March 31, 2022 (Unaudited)
AGF Global Sustainable Equity Fund | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | $ | 42,856 | $ | 42,116 | $ | — | $ | 84,972 | ||||||||
Automobiles | — | 29,429 | — | 29,429 | ||||||||||||
Building Products | 55,376 | 82,002 | — | 137,378 | ||||||||||||
Chemicals | 79,781 | 69,626 | — | 149,407 | ||||||||||||
Commercial Services & Supplies | 65,316 | 28,135 | — | 93,451 | ||||||||||||
Electrical Equipment | 5,236 | 110,291 | — | 115,527 | ||||||||||||
Electronic Equipment, Instruments & Components | 96,132 | 132,037 | — | 228,169 | ||||||||||||
Food & Staples Retailing | — | 9,308 | — | 9,308 | ||||||||||||
Food Products | — | 35,866 | — | 35,866 | ||||||||||||
Leisure Products | — | 64,378 | — | 64,378 | ||||||||||||
Machinery | 65,632 | 37,229 | — | 102,861 | ||||||||||||
Semiconductors & Semiconductor Equipment | 81,216 | 26,443 | — | 107,659 | ||||||||||||
Software | 21,600 | 39,420 | — | 61,020 | ||||||||||||
Other* | 436,789 | — | — | 436,789 | ||||||||||||
Master Limited Partnerships | 21,506 | — | — | 21,506 | ||||||||||||
Total Investments | $ | 971,440 | $ | 706,280 | $ | — | $ | 1,677,720 |
* | See Schedules of Investments for presentation by industry type. |