THE ADVISORS’ INNER CIRCLE FUND III | KBI GLOBAL INVESTORS
AQUARIUS FUND OCTOBER 31, 2024
(UNAUDITED) |
SCHEDULE OF INVESTMENTS |
COMMON STOCK — 96.6% |
| | | Shares | | | Value | |
Austria — 1.8% | | | | |
ANDRITZ | | | 17,823 | | | $ | 1,076,028 | |
| | | | | | | | | |
Brazil — 2.6% | | | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR | | | 53,416 | | | | 848,780 | |
Cia de Saneamento de Minas Gerais Copasa MG | | | 155,900 | | | | 620,267 | |
| | | | | | | | 1,469,047 | |
Canada — 2.9% | | | | |
Stantec | | | 21,220 | | | | 1,721,253 | |
| | | | | | | | | |
China — 2.0% | | | | |
Beijing Enterprises Water Group | | | 1,311,355 | | | | 390,440 | |
China Water Affairs Group | | | 595,730 | | | | 363,027 | |
Guangdong Investment | | | 627,125 | | | | 399,214 | |
| | | | | | | | 1,152,681 | |
France — 6.5% | | | | |
Veolia Environnement | | | 117,627 | | | | 3,734,618 | |
| | | | | | | | | |
Germany — 0.7% | | | | |
Norma Group | | | 30,377 | | | | 421,178 | |
| | | | | | | | | |
Italy — 1.4% | | | | |
Hera | | | 220,875 | | | | 844,968 | |
| | | | | | | | | |
Japan — 5.5% | | | | |
Kubota | | | 63,200 | | | | 807,512 | |
Kurita Water Industries | | | 52,110 | | | | 1,954,372 | |
TOTO | | | 17,600 | | | | 491,037 | |
| | | | | | | | 3,252,921 | |
Mexico — 0.4% | | | | |
Orbia Advance | | | 276,580 | | | | 253,365 | |
| | | | | | | | | |
Netherlands — 3.0% | | | | |
Aalberts | | | 27,193 | | | | 981,267 | |
Arcadis | | | 10,616 | | | | 735,091 | |
| | | | | | | | 1,716,358 | |
South Korea — 2.4% | | | | |
Coway | | | 30,599 | | | | 1,397,978 | |
| | | | | | | | | |
Switzerland — 2.0% | | | | |
Georg Fischer | | | 16,363 | | | | 1,187,296 | |
| | | | | | | | | |
THE ADVISORS’ INNER CIRCLE FUND III | KBI GLOBAL INVESTORS
AQUARIUS FUND OCTOBER 31, 2024
(UNAUDITED) |
COMMON STOCK — continued |
| | Shares | | | Value | |
United Kingdom — 15.8% | | | | |
Costain Group | | | 339,161 | | | $ | 457,014 | |
Halma | | | 52,068 | | | | 1,663,357 | |
Pennon Group | | | 192,859 | | | | 1,352,250 | |
Severn Trent | | | 45,250 | | | | 1,496,978 | |
United Utilities Group | | | 194,600 | | | | 2,568,237 | |
Weir Group | | | 63,590 | | | | 1,712,493 | |
| | | | | | | | 9,250,329 | |
United States — 49.6% | | | | |
A O Smith | | | 19,524 | | | | 1,466,252 | |
Advanced Drainage Systems | | | 4,851 | | | | 727,068 | |
AECOM | | | 16,512 | | | | 1,763,482 | |
American Water Works | | | 14,486 | | | | 2,000,661 | |
Core & Main, Cl A * | | | 34,146 | | | | 1,511,985 | |
Ecolab | | | 4,412 | | | | 1,084,161 | |
Essential Utilities | | | 66,563 | | | | 2,569,332 | |
Ferguson Enterprises | | | 4,532 | | | | 891,626 | |
Fortune Brands Innovations | | | 9,132 | | | | 760,970 | |
IDEX | | | 11,774 | | | | 2,527,171 | |
Itron * | | | 9,096 | | | | 1,016,569 | |
Lindsay | | | 5,665 | | | | 678,101 | |
Masco | | | 3,636 | | | | 290,553 | |
Pentair | | | 13,679 | | | | 1,355,862 | |
Roper Technologies | | | 3,287 | | | | 1,767,519 | |
SJW Group | | | 34,553 | | | | 1,923,220 | |
Tetra Tech | | | 13,999 | | | | 684,271 | |
Toro | | | 14,538 | | | | 1,170,018 | |
Valmont Industries | | | 2,952 | | | | 920,079 | |
Veralto * | | | 10,865 | | | | 1,110,328 | |
Xylem | | | 21,343 | | | | 2,599,151 | |
Zurn Elkay Water Solutions | | | 4,942 | | | | 178,406 | |
| | | | | | | | 28,996,785 | |
TOTAL COMMON STOCK | | | | | | | | |
(Cost $45,326,607) | | | | | | | 56,474,805 | |
TOTAL INVESTMENTS — 96.6% | | | | | | | | |
(Cost $45,326,607) | | | | | | $ | 56,474,805 | |
Percentages are based on Net Assets of $58,481,002.
* | Non-income producing security. |
ADR | American Depositary Receipt |
Cl | Class |
THE ADVISORS’ INNER CIRCLE FUND III | KBI GLOBAL INVESTORS
AQUARIUS FUND OCTOBER 31, 2024
(UNAUDITED) |
KBI-QH-001-1300
