Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS
December 31, 2020 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2020 (Unaudited)
COMMON STOCKS – 100.1% | Shares | Fair Value | ||
APPLICATION SOFTWARE – 11.3% | ||||
Dassault Systemes SE (France) | 23,639 | $4,794,453 | ||
Microsoft Corp. (United States) | 30,800 | 6,850,536 | ||
Oracle Corp. (United States) | 60,980 | 3,944,796 | ||
SAP SE (Germany) | 35,583 | 4,608,668 | ||
$20,198,453 | ||||
IT SERVICES – 10.5% | ||||
Accenture PLC (United States) | 16,993 | $4,438,742 | ||
Adyen N.V. (Netherlands) (a),(b) | 2,800 | 6,505,917 | ||
Capgemini SE (France) | 40,442 | 6,290,850 | ||
Euronet Worldwide Inc. (United States) (a) | 10,500 | 1,521,660 | ||
$18,757,169 | ||||
INTERACTIVE MEDIA & SERVICES – 9.2% | ||||
Alphabet Inc. (United States) (a) | 3,674 | $6,436,407 | ||
NAVER Corp. (South Korea) | 13,342 | 3,596,593 | ||
Tencent Holdings Ltd. (China) | 89,592 | 6,446,485 | ||
$16,479,485 | ||||
ENTERTAINMENT – 7.2% | ||||
Activision Blizzard Inc. (United States) | 70,550 | $6,550,568 | ||
Ubisoft Entertainment S.A. (France) (a) | 64,648 | 6,230,037 | ||
$12,780,605 | ||||
COMMERCIAL SERVICES & SUPPLIES – 6.4% | ||||
Babcock International Group PLC (United Kingdom) (a) | 823,613 | $3,147,231 | ||
ISS A/S (Denmark) (a) | 359,013 | 6,175,609 | ||
S-1 Corp. (South Korea) | 26,736 | 2,093,451 | ||
$11,416,291 | ||||
HEALTH CARE SUPPLIES – 5.9% | ||||
Alcon Inc. (Switzerland) (a) | 91,989 | $6,107,715 | ||
Koninklijke Philips N.V. (Netherlands) (a) | 82,770 | 4,458,617 | ||
$10,566,332 | ||||
CHEMICALS – 5.3% | ||||
Hexpol AB (Sweden) | 484,978 | $5,192,499 | ||
Koninklijke DSM N.V. (Netherlands) | 24,591 | 4,228,943 | ||
$9,421,442 | ||||
TEXTILES, APPAREL & LUXURY GOODS – 4.5% | ||||
Cie Financiere Richemont S.A. (Switzerland) | 25,679 | $2,319,893 |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
December 31, 2020 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
EssilorLuxottica S.A. (France) | 36,957 | $5,759,172 | ||
$8,079,065 | ||||
MEDIA – 3.8% | ||||
S4 Capital PLC (United Kingdom) (a) | 377,554 | $2,581,525 | ||
Stroeer SE & Co. KGaA (Germany) | 41,806 | 4,131,440 | ||
$6,712,965 | ||||
TRADING COMPANIES & DISTRIBUTORS – 3.7% | ||||
Electrocomponents PLC (United Kingdom) | 549,848 | $6,537,898 | ||
BEVERAGES – 3.7% | ||||
Ambev S.A. (Brazil) (a) | 478,826 | $1,447,556 | ||
Britvic PLC (United Kingdom) | 257,671 | 2,862,229 | ||
Heineken Holding N.V. (Netherlands) | 23,412 | 2,203,728 | ||
$6,513,513 | ||||
BUILDING PRODUCTS – 3.2% | ||||
Cie de Saint-Gobain (France) (a) | 76,101 | $3,500,068 | ||
dormakaba Holding A.G. (Switzerland) | 3,853 | 2,187,790 | ||
$5,687,858 | ||||
PROFESSIONAL SERVICES – 3.2% | ||||
Pagegroup PLC (United Kingdom) (a) | 233,626 | $1,427,858 | ||
RELX PLC (United Kingdom) | 90,262 | 2,208,478 | ||
SGS S.A. (Switzerland) | 670 | 2,019,629 | ||
$5,655,965 | ||||
SEMICONDUCTOR MANUFACTURING – 2.9% | ||||
ASML Holding N.V. (Netherlands) | 5,858 | $2,836,310 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 21,796 | 2,376,636 | ||
$5,212,946 | ||||
HOUSEHOLD DURABLES – 2.7% | ||||
Sony Corp. (Japan) | 48,076 | $4,844,527 | ||
SPECIALTY RETAIL – 2.6% | ||||
GrandVision N.V. (Netherlands) (a),(b) | 74,709 | $2,327,340 | ||
O'Reilly Automotive Inc. (United States) (a) | 4,900 | 2,217,593 | ||
$4,544,933 | ||||
MULTILINE RETAIL – 2.5% | ||||
Dollar General Corp. (United States) | 21,309 | $4,481,283 |
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Phaeacian Global Value Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
December 31, 2020 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
HEALTH CARE PROVIDERS & SERVICES – 2.3% | ||||
Laboratory Corp. of America Holdings (United States) (a) | 20,100 | $4,091,355 | ||
INSURANCE – 1.5% | ||||
RenaissanceRe Holdings Ltd. (United States) | 16,565 | $2,746,808 | ||
FOOD PRODUCTS – 1.4% | ||||
Alicorp SAA (Peru) | 1,283,112 | $2,534,323 | ||
PERSONAL PRODUCTS – 1.2% | ||||
Unilever PLC (United Kingdom) | 36,472 | $2,187,360 | ||
AEROSPACE & DEFENSE – 1.0% | ||||
General Dynamics Corp. (United States) | 11,700 | $1,741,194 | ||
CONSTRUCTION MATERIALS – 1.0% | ||||
CRH PLC (Ireland) | 40,940 | $1,741,038 | ||
FOOD & STAPLES RETAILING – 0.9% | ||||
Empire Co. Ltd. (Canada) | 56,038 | $1,531,591 | ||
OTHER COMMON STOCKS — 2.2%(c) | $3,918,697 | |||
TOTAL COMMON STOCKS–100.1% (Cost $131,236,947) | $178,383,096 | |||
TOTAL INVESTMENTS–100.1% (Cost $131,236,947) | $178,383,096 | |||
Other Assets and Liabilities, net – (0.1)% | (153,123) | |||
NET ASSETS–100.0% | $178,229,973 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(c) | As permitted by U.S. Securities and Exchange Commission regulations, “Other” Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
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