PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 95.6 % | ||
Austria | 0.8 % | ||
ANDRITZ A.G. | 8,581 | $530,328 | |
Belgium | 1.1 % | ||
Cenergy Holdings S.A. | 76,939 | 788,468 | |
Brazil | 5.7 % | ||
Afya Ltd. - Class A(a) | 14,574 | 257,231 | |
C&A MODAS S.A.(a) | 338,000 | 564,734 | |
Cia Brasileira de Aluminio(a) | 510,500 | 635,602 | |
Dexco S.A. | 177,400 | 208,180 | |
Embraer S.A. - ADR(a) | 23,909 | 616,852 | |
Hapvida Participacoes e Investimentos S.A.(a)(b) | 565,600 | 387,515 | |
LWSA S.A.(a)(b) | 178,700 | 129,467 | |
Pagseguro Digital Ltd. - Class A(a) | 34,818 | 407,023 | |
Santos Brasil Participacoes S.A. | 318,500 | 777,719 | |
3,984,323 | |||
Canada | 2.3 % | ||
Capstone Copper Corp.(a) | 109,903 | 779,255 | |
Pan American Silver Corp. | 41,397 | 822,972 | |
1,602,227 | |||
Chile | 0.5 % | ||
Enel Chile S.A. | 6,266,702 | 353,607 | |
China | 5.5 % | ||
Airtac International Group | 17,300 | 525,096 | |
First Tractor Co. Ltd. - Class H | 618,000 | 585,015 | |
SooChow Securities Co. Ltd. - Class A | 385,499 | 311,237 | |
TAL Education Group - ADR(a) | 65,531 | 699,216 | |
Tongcheng Travel Holdings Ltd. | 296,400 | 587,842 | |
Xinyi Glass Holdings Ltd. | 263,000 | 288,017 | |
Yihai International Holding Ltd. | 263,000 | 439,774 | |
ZJLD Group, Inc.(b) | 383,000 | 395,495 | |
3,831,692 | |||
Cyprus | 0.5 % | ||
Theon International PLC(a) | 26,049 | 355,762 | |
France | 0.6 % | ||
Eramet S.A. | 4,179 | 423,139 | |
Greece | 0.7 % | ||
Athens International Airport S.A. | 27,611 | 232,935 | |
OPAP S.A. | 17,796 | 279,027 | |
511,962 | |||
Hong Kong | 1.4 % | ||
Pacific Basin Shipping Ltd. | 625,000 | 196,990 | |
Sinotruk Hong Kong Ltd. | 314,000 | 815,101 | |
1,012,091 |
1
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Hungary | 0.5 % | ||
Richter Gedeon Nyrt | 14,002 | $363,794 | |
India | 26.4 % | ||
Ashoka Buildcon Ltd.(a) | 309,529 | 831,352 | |
Aster DM Healthcare Ltd.(b) | 83,387 | 345,764 | |
Bikaji Foods International Ltd. | 25,379 | 217,489 | |
Brigade Enterprises Ltd. | 76,515 | 1,235,147 | |
Computer Age Management Services Ltd. | 14,850 | 642,370 | |
CreditAccess Grameen Ltd.(a) | 30,760 | 487,390 | |
Emami Ltd. | 44,703 | 368,944 | |
Exide Industries Ltd. | 185,694 | 1,256,393 | |
Genus Power Infrastructures Ltd. | 219,246 | 812,305 | |
IRB Infrastructure Developers Ltd. | 731,339 | 567,102 | |
Jyothy Labs Ltd. | 92,515 | 477,513 | |
KPIT Technologies Ltd. | 32,957 | 644,445 | |
Lemon Tree Hotels Ltd.(a)(b) | 235,563 | 406,291 | |
Mrs Bectors Food Specialities Ltd. | 51,745 | 851,531 | |
Narayana Hrudayalaya Ltd. | 50,032 | 722,149 | |
PB Fintech Ltd.(a) | 62,745 | 1,051,144 | |
Phoenix Mills (The) Ltd. | 42,614 | 1,830,473 | |
PNC Infratech Ltd. | 159,640 | 919,858 | |
Shriram Finance Ltd. | 27,860 | 970,395 | |
Sobha Ltd. | 21,792 | 509,960 | |
Thermax Ltd. | 19,757 | 1,267,326 | |
VA Tech Wabag Ltd.(a) | 47,933 | 733,616 | |
Varun Beverages Ltd. | 71,594 | 1,396,278 | |
18,545,235 | |||
Indonesia | 3.1 % | ||
Aspirasi Hidup Indonesia Tbk PT | 11,089,100 | 578,654 | |
Bank Syariah Indonesia Tbk PT | 2,595,100 | 414,383 | |
Indosat Tbk PT | 956,400 | 624,644 | |
Jasa Marga Persero Tbk PT | 806,000 | 245,032 | |
Vale Indonesia Tbk PT(a) | 1,156,515 | 297,853 | |
2,160,566 | |||
Macau | 0.8 % | ||
MGM China Holdings Ltd. | 354,800 | 551,529 | |
Malaysia | 2.6 % | ||
Dayang Enterprise Holdings Bhd. | 719,700 | 400,892 | |
Econpile Holdings Bhd.(a) | 3,520,400 | 339,115 | |
Gamuda Bhd. | 434,900 | 605,970 | |
Mah Sing Group Bhd. | 1,282,400 | 469,186 | |
1,815,163 | |||
Mexico | 3.0 % | ||
BBB Foods, Inc. - Class A(a) | 33,383 | 796,519 | |
Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR(a) | 84,056 | 534,596 |
2
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Corp. Inmobiliaria Vesta S.A.B. de C.V. | 107,400 | $321,290 | |
Grupo Traxion S.A.B. de C.V.(a)(b) | 294,055 | 437,667 | |
2,090,072 | |||
Philippines | 1.0 % | ||
Century Pacific Food, Inc. | 585,300 | 320,708 | |
GT Capital Holdings, Inc. | 33,840 | 357,717 | |
678,425 | |||
Russia | 0.0 % | ||
Ozon Holdings PLC - ADR(a)** | 7,516 | — | |
Saudi Arabia | 2.7 % | ||
AlKhorayef Water & Power Technologies Co.(a) | 7,019 | 363,107 | |
Saudi Ground Services Co.(a) | 37,742 | 534,429 | |
Savola Group (The)(a) | 43,900 | 545,793 | |
United Electronics Co. | 17,902 | 451,314 | |
1,894,643 | |||
Singapore | 0.7 % | ||
Yangzijiang Shipbuilding Holdings Ltd. | 287,200 | 519,853 | |
South Africa | 2.2 % | ||
Aspen Pharmacare Holdings Ltd. | 55,283 | 709,255 | |
Foschini Group (The) Ltd. | 65,249 | 457,986 | |
Nedbank Group Ltd. | 28,387 | 401,871 | |
1,569,112 | |||
South Korea | 6.2 % | ||
Classys, Inc. | 21,450 | 788,235 | |
Eo Technics Co. Ltd. | 4,629 | 620,124 | |
Eugene Technology Co. Ltd. | 19,158 | 684,091 | |
Hyundai Rotem Co. Ltd. | 11,078 | 327,557 | |
NH Investment & Securities Co. Ltd. | 72,813 | 668,834 | |
Soulbrain Co. Ltd. | 1,253 | 262,406 | |
TSE Co. Ltd.(a) | 11,142 | 481,138 | |
WONIK IPS Co. Ltd.(a) | 20,760 | 520,598 | |
4,352,983 | |||
Switzerland | 0.7 % | ||
Avolta A.G.(a) | 12,650 | 491,794 | |
Taiwan | 18.0 % | ||
Acer, Inc. | 215,000 | 309,701 | |
Alchip Technologies Ltd. | 3,993 | 300,657 | |
Arcadyan Technology Corp. | 142,000 | 706,527 | |
Asia Vital Components Co. Ltd. | 65,750 | 1,539,608 | |
ASPEED Technology, Inc. | 7,120 | 1,056,542 | |
E Ink Holdings, Inc. | 59,000 | 456,830 | |
Elan Microelectronics Corp. | 166,000 | 787,209 | |
Elite Material Co. Ltd. | 54,000 | 787,176 | |
Ennoconn Corp. | 76,000 | 783,276 | |
Fositek Corp. | 15,000 | 350,490 |
3
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Gold Circuit Electronics Ltd. | 87,000 | $552,931 | |
Ingentec Corp. | 57,000 | 406,315 | |
King Yuan Electronics Co. Ltd. | 278,000 | 1,015,697 | |
Kinik Co. | 96,000 | 968,747 | |
Sercomm Corp. | 34,000 | 123,393 | |
Sports Gear Co. Ltd. | 125,000 | 352,386 | |
Universal Microwave Technology, Inc. | 83,000 | 736,309 | |
Visual Photonics Epitaxy Co. Ltd. | 154,000 | 781,724 | |
Voltronic Power Technology Corp. | 10,550 | 624,628 | |
12,640,146 | |||
Thailand | 0.5 % | ||
Ichitan Group PCL - NVDR | 760,900 | 359,987 | |
Turkey | 4.0 % | ||
Haci Omer Sabanci Holding A.S. | 238,964 | 706,047 | |
MLP Saglik Hizmetleri A.S.(a)(b) | 81,348 | 871,806 | |
Sok Marketler Ticaret A.S. | 142,310 | 274,127 | |
TAB Gida Sanayi Ve Ticaret A.S.(a) | 87,552 | 561,636 | |
Turkiye Sise ve Cam Fabrikalari A.S. | 242,716 | 372,180 | |
2,785,796 | |||
United Arab Emirates | 1.6 % | ||
Burjeel Holdings PLC(a) | 1,064,934 | 764,738 | |
Emaar Development PJSC | 172,641 | 375,487 | |
1,140,225 | |||
United Kingdom | 1.0 % | ||
Anglogold Ashanti PLC | 10,956 | 276,171 | |
Hikma Pharmaceuticals PLC | 18,309 | 436,231 | |
712,402 | |||
United States | 1.5 % | ||
Gran Tierra Energy, Inc.(a) | 59,468 | 575,056 | |
Laureate Education, Inc. | 32,382 | 483,787 | |
1,058,843 | |||
TOTAL COMMON STOCKS (Cost $55,952,189) | 67,124,167 | ||
EQUITY-LINKED SECURITIES | 2.2 % | ||
Singapore | 2.2 % | ||
Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 10/25/27(a) | 369,519 | 783,915 | |
Shriram Transport Finance Co. Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 1/31/29(a) | 11,416 | 397,632 | |
VA Tech Wabag Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 7/30/26(a) | 25,485 | 390,049 | |
1,571,596 | |||
TOTAL EQUITY-LINKED SECURITIES (Cost $967,034) | 1,571,596 |
4
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
PREFERRED STOCKS | 1.3 % | ||
Brazil | 1.3 % | ||
Marcopolo S.A.(a) | 722,480 | $820,691 | |
Randon S.A. Implementos e Participacoes(a) | 30,000 | 58,604 | |
879,295 | |||
TOTAL PREFERRED STOCKS (Cost $836,317) | 879,295 | ||
RIGHTS | 0.0 % | ||
India | 0.0 % | ||
Sobha Ltd.(a) | 2,781 | 9,815 | |
TOTAL RIGHTS (Cost $—) | 9,815 |
SHORT-TERM INVESTMENTS | 2.1 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c) | 1,493,071 | 1,493,071 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,493,071) | 1,493,071 | ||
TOTAL INVESTMENTS (Cost $59,248,611) | 101.2 % | 71,077,944 | |
NET OTHER ASSETS (LIABILITIES) | (1.2 %) | (862,437 ) | |
NET ASSETS | 100.0 % | $70,215,507 |
(a)Non-income producing security. |
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $2,974,005 or 4% of net assets. |
(c)7-day current yield as of June 30, 2024 is disclosed. |
**Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
Abbreviations: |
ADR – American Depositary Receipt |
NVDR – Non-Voting Depositary Receipt |
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Discovery Fund were:
Sector Allocation | % of Net Assets |
Industrials | 23.8% |
Information Technology | 20.2 |
Consumer Discretionary | 11.3 |
Financials | 9.5 |
Consumer Staples | 9.2 |
Health Care | 7.6 |
Real Estate | 6.8 |
Materials | 5.9 |
Utilities | 2.5 |
Energy | 1.4 |
Communication Services | 0.9 |
Total | 99.1% |
5
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 94.5 % | ||
Brazil | 8.0 % | ||
Ambev S.A. - ADR(a) | 7,395,050 | $15,159,852 | |
Arcos Dorados Holdings, Inc. - Class A | 564,373 | 5,079,357 | |
B3 S.A. - Brasil Bolsa Balcao | 4,101,776 | 7,513,674 | |
Banco BTG Pactual S.A.(a) | 3,383,653 | 18,709,632 | |
Petroleo Brasileiro S.A. - ADR | 1,348,935 | 19,546,068 | |
Suzano S.A. - ADR(a) | 251,273 | 2,580,574 | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.(a) | 5,558,018 | 7,526,555 | |
76,115,712 | |||
Canada | 2.4 % | ||
Barrick Gold Corp. | 1,386,582 | 23,128,188 | |
China | 26.3 % | ||
China Oilfield Services Ltd. - Class H | 11,290,384 | 10,825,443 | |
China Resources Land Ltd. | 4,916,000 | 16,745,536 | |
ENN Energy Holdings Ltd. | 2,608,076 | 21,483,546 | |
H World Group Ltd. | 1,400,000 | 4,657,160 | |
Imeik Technology Development Co. Ltd. - Class A | 305,620 | 7,198,104 | |
Kunlun Energy Co. Ltd. | 4,072,000 | 4,213,183 | |
Meituan - Class B(a)(b) | 2,140,053 | 30,419,333 | |
Proya Cosmetics Co. Ltd. - Class A | 1,198,883 | 18,186,300 | |
Tencent Holdings Ltd. | 1,672,984 | 79,366,910 | |
Tongcheng Travel Holdings Ltd. | 2,741,624 | 5,437,385 | |
Trip.com Group Ltd.(a) | 620,680 | 29,374,216 | |
Tsingtao Brewery Co. Ltd. - Class H | 3,038,389 | 20,209,350 | |
Xinyi Solar Holdings Ltd. | 4,669,325 | 2,344,934 | |
250,461,400 | |||
Hong Kong | 1.9 % | ||
Hong Kong Exchanges & Clearing Ltd. | 574,463 | 18,384,627 | |
India | 11.3 % | ||
HDFC Bank Ltd. - ADR | 417,506 | 26,858,161 | |
ICICI Bank Ltd. - ADR | 364,506 | 10,501,418 | |
Larsen & Toubro Ltd. | 450,917 | 19,153,879 | |
Mahindra & Mahindra Ltd. | 851,435 | 29,227,697 | |
Reliance Industries Ltd. | 252,254 | 9,456,152 | |
UltraTech Cement Ltd. | 89,729 | 12,536,642 | |
107,733,949 | |||
Indonesia | 6.0 % | ||
Bank Mandiri Persero Tbk PT | 67,833,803 | 25,377,562 | |
Bank Rakyat Indonesia Persero Tbk PT | 72,531,954 | 20,337,708 | |
Mitra Adiperkasa Tbk PT | 121,568,409 | 10,942,689 | |
56,657,959 | |||
Jersey | 0.2 % | ||
Centamin PLC | 1,095,483 | 1,674,108 |
6
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Mexico | 7.6 % | ||
Becle S.A.B. de C.V. | 2,800,008 | $5,061,288 | |
Bolsa Mexicana de Valores S.A.B. de C.V. | 2,467,679 | 4,178,666 | |
Cemex S.A.B. de C.V. - ADR | 3,521,046 | 22,499,484 | |
Grupo Financiero Banorte S.A.B. de C.V., Series O | 2,959,049 | 23,057,777 | |
Megacable Holdings S.A.B. de C.V. - CPO | 714,469 | 1,795,643 | |
Wal-Mart de Mexico S.A.B. de C.V. | 4,632,846 | 15,766,110 | |
72,358,968 | |||
Russia | 0.0 % | ||
Gazprom PJSC - ADR(a)** | 306,786 | — | |
Globaltrans Investment PLC - REG - GDR(a)** | 757,185 | — | |
— | |||
South Africa | 2.5 % | ||
FirstRand Ltd. | 5,493,010 | 23,297,044 | |
South Korea | 7.4 % | ||
Samsung Electronics Co. Ltd. | 493,731 | 29,057,954 | |
Samsung Electronics Co. Ltd. - REG - GDR | 6,376 | 9,346,310 | |
SK Hynix, Inc. | 110,170 | 18,696,799 | |
SK Square Co. Ltd.(a) | 183,141 | 13,216,040 | |
70,317,103 | |||
Taiwan | 12.9 % | ||
President Chain Store Corp. | 352,927 | 2,974,566 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,683,816 | 79,515,094 | |
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 114,114 | 19,834,154 | |
Yuanta Financial Holding Co. Ltd. | 21,043,360 | 20,752,874 | |
123,076,688 | |||
United Arab Emirates | 5.8 % | ||
Abu Dhabi Commercial Bank PJSC | 3,102,852 | 6,759,741 | |
Aldar Properties PJSC | 12,138,818 | 20,690,094 | |
Emaar Properties PJSC | 11,118,204 | 24,843,172 | |
Fertiglobe PLC | 4,173,904 | 2,736,149 | |
55,029,156 | |||
United States | 2.2 % | ||
MercadoLibre, Inc.(a) | 12,467 | 20,488,268 | |
TOTAL COMMON STOCKS (Cost $842,874,335) | 898,723,170 | ||
PREFERRED STOCKS | 3.4 % | ||
Brazil | 3.4 % | ||
Azul S.A. - ADR(a) | 968,564 | 3,874,256 | |
Itau Unibanco Holding S.A. - ADR, 3.85%(c) | 4,810,378 | 28,092,608 | |
31,966,864 | |||
TOTAL PREFERRED STOCKS (Cost $38,040,704) | 31,966,864 |
7
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)SHORT-TERM INVESTMENTS | 2.0 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(d) | 19,369,777 | $19,369,777 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $19,369,777) | 19,369,777 | ||
TOTAL INVESTMENTS (Cost $900,284,816) | 99.9 % | 950,059,811 | |
NET OTHER ASSETS (LIABILITIES) | 0.1 % | 1,320,590 | |
NET ASSETS | 100.0 % | $951,380,401 |
(a)Non-income producing security. |
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $30,419,333 or 3% of net assets. |
(c)Current yield is disclosed. Dividends are calculated based on a percentage of issuer's net income. |
(d)7-day current yield as of June 30, 2024 is disclosed. |
**Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
Abbreviations: |
ADR – American Depositary Receipt |
CPO – Certificados de Partcipatión Ordinario |
GDR – Global Depositary Receipt |
REG – Registered |
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Opportunities Fund were:
Sector Allocation | % of Net Assets |
Financials | 24.6% |
Information Technology | 16.6 |
Consumer Discretionary | 14.4 |
Communication Services | 8.5 |
Consumer Staples | 8.1 |
Materials | 6.9 |
Real Estate | 6.6 |
Industrials | 4.6 |
Energy | 4.1 |
Utilities | 2.7 |
Health Care | 0.8 |
Total | 97.9% |
8
PERPETUAL AMERICAS FUNDS TRUST
JOHCM GLOBAL SELECT FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 98.6 % | ||
Australia | 1.8 % | ||
Fortescue Ltd. | 76,510 | $1,089,231 | |
Brazil | 4.4 % | ||
B3 S.A. - Brasil Bolsa Balcao | 596,899 | 1,093,405 | |
NU Holdings Ltd. - Class A(a) | 118,931 | 1,533,021 | |
2,626,426 | |||
Canada | 2.1 % | ||
Ivanhoe Mines Ltd. - Class A(a) | 96,115 | 1,240,035 | |
Denmark | 6.1 % | ||
Novo Nordisk A/S - Class B | 11,142 | 1,594,252 | |
Zealand Pharma A/S(a) | 16,007 | 2,046,096 | |
3,640,348 | |||
Indonesia | 2.1 % | ||
Bank Mandiri Persero Tbk PT | 3,319,330 | 1,241,807 | |
Ireland | 4.7 % | ||
CRH PLC | 18,428 | 1,381,732 | |
Linde PLC | 3,236 | 1,419,989 | |
2,801,721 | |||
Italy | 2.0 % | ||
Prysmian S.p.A. | 19,273 | 1,189,857 | |
Japan | 9.5 % | ||
Mitsubishi Electric Corp. | 66,428 | 1,064,517 | |
NEC Corp. | 19,907 | 1,641,463 | |
Recruit Holdings Co. Ltd. | 28,991 | 1,559,924 | |
Sony Group Corp. | 17,034 | 1,451,657 | |
5,717,561 | |||
South Korea | 3.0 % | ||
SK Hynix, Inc. | 10,569 | 1,793,650 | |
United Kingdom | 4.5 % | ||
Antofagasta PLC | 48,047 | 1,276,899 | |
Compass Group PLC | 52,184 | 1,421,666 | |
2,698,565 | |||
United States | 58.4 % | ||
Alphabet, Inc. - Class A | 11,305 | 2,059,206 | |
Amazon.com, Inc.(a) | 9,059 | 1,750,652 | |
AppLovin Corp. - Class A(a) | 14,706 | 1,223,833 | |
Ares Management Corp. - Class A | 10,226 | 1,362,921 | |
Broadcom, Inc. | 1,006 | 1,615,163 | |
Cadence Design Systems, Inc.(a) | 4,805 | 1,478,739 | |
Chart Industries, Inc.(a) | 8,890 | 1,283,183 | |
Eli Lilly & Co. | 1,866 | 1,689,439 | |
Intercontinental Exchange, Inc. | 10,254 | 1,403,670 | |
Intuit, Inc. | 2,132 | 1,401,172 | |
MercadoLibre, Inc.(a) | 810 | 1,331,154 |
9
PERPETUAL AMERICAS FUNDS TRUST
JOHCM GLOBAL SELECT FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Micron Technology, Inc. | 11,957 | $1,572,704 | |
Microsoft Corp. | 4,685 | 2,093,961 | |
NVIDIA Corp. | 20,050 | 2,476,977 | |
PTC, Inc.(a) | 7,664 | 1,392,319 | |
Regeneron Pharmaceuticals, Inc.(a) | 1,409 | 1,480,901 | |
Roper Technologies, Inc. | 2,536 | 1,429,442 | |
S&P Global, Inc. | 3,193 | 1,424,078 | |
Spotify Technology S.A.(a) | 4,460 | 1,399,503 | |
Synopsys, Inc.(a) | 2,415 | 1,437,070 | |
TPG, Inc. | 31,322 | 1,298,297 | |
Vertex Pharmaceuticals, Inc.(a) | 3,216 | 1,507,403 | |
Viking Therapeutics, Inc.(a) | 16,257 | 861,784 | |
34,973,571 | |||
TOTAL COMMON STOCKS (Cost $42,569,967) | 59,012,772 |
SHORT-TERM INVESTMENTS | 2.3 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b) | 1,360,942 | 1,360,942 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,360,942) | 1,360,942 | ||
TOTAL INVESTMENTS (Cost $43,930,909) | 100.9 % | 60,373,714 | |
NET OTHER ASSETS (LIABILITIES) | (0.9 %) | (524,299 ) | |
NET ASSETS | 100.0 % | $59,849,415 |
(a)Non-income producing security. |
(b)7-day current yield as of June 30, 2024 is disclosed. |
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Global Select Fund were:
Sector Allocation | % of Net Assets |
Information Technology | 32.6% |
Financials | 15.8 |
Health Care | 15.3 |
Materials | 10.7 |
Consumer Discretionary | 9.9 |
Industrials | 8.6 |
Communication Services | 5.7 |
Total | 98.6% |
10
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 97.3 % | ||
Australia | 2.5 % | ||
QBE Insurance Group Ltd. | 65,200 | $752,644 | |
Brazil | 1.7 % | ||
Ambev S.A. - ADR(a) | 257,130 | 527,116 | |
Canada | 7.7 % | ||
Alimentation Couche-Tard, Inc. | 10,291 | 577,494 | |
Cameco Corp. | 13,468 | 662,645 | |
Intact Financial Corp. | 6,569 | 1,094,841 | |
2,334,980 | |||
Finland | 1.4 % | ||
Kone OYJ - Class B | 8,696 | 431,160 | |
France | 16.1 % | ||
Pernod Ricard S.A. | 4,367 | 595,832 | |
Publicis Groupe S.A. | 8,348 | 886,716 | |
Sanofi S.A. | 10,507 | 1,013,327 | |
Schneider Electric S.E. | 1,908 | 457,435 | |
Thales S.A. | 6,516 | 1,042,353 | |
TotalEnergies S.E. | 13,174 | 882,049 | |
4,877,712 | |||
Germany | 11.5 % | ||
Deutsche Boerse A.G. | 6,195 | 1,266,237 | |
Deutsche Post A.G. | 12,407 | 503,810 | |
Infineon Technologies A.G. | 22,305 | 818,600 | |
Merck KGaA | 5,477 | 905,761 | |
3,494,408 | |||
Ireland | 2.9 % | ||
CRH PLC | 11,932 | 884,212 | |
Japan | 19.4 % | ||
Daifuku Co. Ltd. | 41,249 | 774,736 | |
Ebara Corp. | 46,465 | 741,118 | |
FUJIFILM Holdings Corp. | 42,717 | 1,002,000 | |
Komatsu Ltd. | 34,066 | 995,052 | |
Murata Manufacturing Co. Ltd. | 29,258 | 605,886 | |
Nitori Holdings Co. Ltd. | 5,269 | 557,813 | |
Pan Pacific International Holdings Corp. | 19,585 | 458,129 | |
SoftBank Corp. | 61,249 | 749,076 | |
5,883,810 | |||
Netherlands | 1.9 % | ||
Heineken Holding N.V. | 7,180 | 565,925 | |
Singapore | 2.4 % | ||
DBS Group Holdings Ltd. | 27,571 | 726,187 |
11
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Sweden | 4.1 % | ||
Sandvik AB | 30,772 | $618,342 | |
Svenska Handelsbanken AB - Class A | 66,468 | 635,178 | |
1,253,520 | |||
Switzerland | 4.9 % | ||
Cie Financiere Richemont S.A. - Class A - REG | 3,524 | 550,741 | |
Roche Holding A.G. (Genusschein) | 3,346 | 927,039 | |
1,477,780 | |||
United Kingdom | 17.7 % | ||
B&M European Value Retail S.A. | 131,287 | 723,258 | |
Beazley PLC | 76,036 | 679,119 | |
Compass Group PLC | 40,820 | 1,112,073 | |
Diageo PLC | 14,847 | 466,107 | |
National Grid PLC | 57,333 | 640,188 | |
Rio Tinto PLC | 6,802 | 446,336 | |
Shell PLC | 36,376 | 1,304,735 | |
5,371,816 | |||
United States | 3.1 % | ||
Philip Morris International, Inc. | 9,096 | 921,698 | |
TOTAL COMMON STOCKS (Cost $29,134,702) | 29,502,968 |
SHORT-TERM INVESTMENTS | 2.5 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b) | 749,132 | 749,132 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $749,132) | 749,132 | ||
TOTAL INVESTMENTS (Cost $29,883,834) | 99.8 % | 30,252,100 | |
NET OTHER ASSETS (LIABILITIES) | 0.2 % | 69,285 | |
NET ASSETS | 100.0 % | $30,321,385 |
(a)Non-income producing security. |
(b)7-day current yield as of June 30, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
REG – Registered |
12
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM International Opportunities Fund were:
Sector Allocation | % of Net Assets |
Industrials | 18.2% |
Financials | 17.0 |
Consumer Staples | 12.1 |
Consumer Discretionary | 11.2 |
Health Care | 9.5 |
Energy | 9.4 |
Information Technology | 8.0 |
Communication Services | 5.4 |
Materials | 4.4 |
Utilities | 2.1 |
Total | 97.3% |
13
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 97.7 % | ||
Australia | 2.2 % | ||
Fortescue Ltd. | 7,605,739 | $108,278,787 | |
Brazil | 1.6 % | ||
B3 S.A. - Brasil Bolsa Balcao | 42,234,201 | 77,365,024 | |
Canada | 4.6 % | ||
Ivanhoe Mines Ltd. - Class A(a) | 8,496,042 | 109,612,325 | |
Lundin Mining Corp. | 10,496,794 | 116,856,966 | |
226,469,291 | |||
Denmark | 6.5 % | ||
Novo Nordisk A/S - Class B | 1,091,012 | 156,107,310 | |
Zealand Pharma A/S(a) | 1,279,704 | 163,578,290 | |
319,685,600 | |||
France | 9.8 % | ||
Air Liquide S.A. | 660,408 | 113,978,119 | |
Danone S.A. | 1,808,546 | 110,773,059 | |
Publicis Groupe S.A. | 1,148,932 | 122,038,434 | |
Schneider Electric S.E. | 589,146 | 141,245,202 | |
488,034,814 | |||
Germany | 2.4 % | ||
Deutsche Boerse A.G. | 577,672 | 118,074,183 | |
Indonesia | 1.8 % | ||
Bank Rakyat Indonesia Persero Tbk PT | 311,555,783 | 87,359,161 | |
Ireland | 4.9 % | ||
CRH PLC | 1,660,074 | 123,018,496 | |
Linde PLC | 277,912 | 121,950,565 | |
244,969,061 | |||
Italy | 2.6 % | ||
Prysmian S.p.A. | 2,123,789 | 131,116,340 | |
Japan | 31.3 % | ||
Chugai Pharmaceutical Co. Ltd. | 2,887,186 | 102,807,918 | |
Disco Corp. | 368,405 | 140,325,337 | |
FUJIFILM Holdings Corp. | 6,351,984 | 148,996,584 | |
Hitachi Ltd. | 6,982,875 | 157,228,692 | |
Japan Exchange Group, Inc. | 5,331,543 | 125,042,625 | |
Komatsu Ltd. | 4,332,236 | 126,542,636 | |
Mitsubishi Electric Corp. | 5,759,243 | 92,292,556 | |
NEC Corp. | 1,919,291 | 158,258,162 | |
ORIX Corp. | 6,012,645 | 133,263,552 | |
Recruit Holdings Co. Ltd. | 2,837,523 | 152,679,089 | |
Sony Group Corp. | 1,173,559 | 100,012,077 | |
Tokyo Electron Ltd. | 520,624 | 113,964,811 | |
1,551,414,039 | |||
Jersey | 2.5 % | ||
Ferguson PLC | 646,612 | 124,011,736 |
14
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Netherlands | 2.2 % | ||
BE Semiconductor Industries N.V. | 657,884 | $109,900,387 | |
South Korea | 3.0 % | ||
SK Hynix, Inc. | 875,342 | 148,553,083 | |
Sweden | 2.6 % | ||
EQT AB | 4,464,789 | 130,895,897 | |
Switzerland | 4.9 % | ||
Alcon, Inc. | 1,447,581 | 128,678,243 | |
Partners Group Holding A.G. | 87,276 | 111,761,835 | |
240,440,078 | |||
United Kingdom | 8.6 % | ||
Ashtead Group PLC | 1,683,907 | 112,272,330 | |
B&M European Value Retail S.A. | 15,870,340 | 87,429,476 | |
Compass Group PLC | 4,176,210 | 113,773,896 | |
London Stock Exchange Group PLC | 961,087 | 113,964,153 | |
427,439,855 | |||
United States | 6.2 % | ||
MercadoLibre, Inc.(a) | 67,523 | 110,967,298 | |
Spotify Technology S.A.(a) | 316,669 | 99,367,566 | |
Tenaris S.A. | 6,336,077 | 97,463,684 | |
307,798,548 | |||
TOTAL COMMON STOCKS (Cost $3,898,080,987) | 4,841,805,884 |
SHORT-TERM INVESTMENTS | 1.9 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b) | 95,778,023 | 95,778,023 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $95,778,023) | 95,778,023 | ||
TOTAL INVESTMENTS (Cost $3,993,859,010) | 99.6 % | 4,937,583,907 | |
NET OTHER ASSETS (LIABILITIES) | 0.4 % | 18,210,430 | |
NET ASSETS | 100.0 % | $4,955,794,337 |
(a)Non-income producing security. |
(b)7-day current yield as of June 30, 2024 is disclosed. |
15
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM International Select Fund were:
Sector Allocation | % of Net Assets |
Industrials | 20.9% |
Financials | 18.2 |
Information Technology | 16.5 |
Materials | 14.0 |
Health Care | 11.2 |
Consumer Discretionary | 8.2 |
Communication Services | 4.5 |
Consumer Staples | 2.2 |
Energy | 2.0 |
Total | 97.7% |
16
PERPETUAL AMERICAS FUNDS TRUST
REGNAN GLOBAL EQUITY IMPACT SOLUTIONSSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
CLOSED-END FUNDS | 1.3 % | ||
Guernsey | 1.3 % | ||
Syncona Ltd.(a) | 25,353 | $34,792 | |
TOTAL CLOSED-END FUNDS (Cost $58,742) | 34,792 | ||
COMMON STOCKS | 93.6 % | ||
Brazil | 5.5 % | ||
Afya Ltd. - Class A(a) | 4,823 | 85,126 | |
YDUQS Participacoes S.A. | 34,011 | 63,336 | |
148,462 | |||
Canada | 4.8 % | ||
ATS Corp.(a) | 2,699 | 87,340 | |
Stantec, Inc. | 477 | 39,933 | |
127,273 | |||
Denmark | 7.5 % | ||
Novo Nordisk A/S - Class B | 1,025 | 146,662 | |
Orsted A/S(a)(b) | 1,009 | 53,600 | |
200,262 | |||
France | 2.7 % | ||
Hoffmann Green Cement Technologies S.A.S.(a) | 670 | 6,832 | |
Sartorius Stedim Biotech | 401 | 66,270 | |
73,102 | |||
Germany | 5.9 % | ||
AIXTRON S.E. | 4,124 | 80,913 | |
Carl Zeiss Meditec A.G. - Bearer | 456 | 32,059 | |
Duerr A.G. | 2,153 | 45,562 | |
158,534 | |||
Indonesia | 3.2 % | ||
Bank Rakyat Indonesia Persero Tbk PT | 303,611 | 85,131 | |
Italy | 2.6 % | ||
Stevanato Group S.p.A. | 3,817 | 70,004 | |
Japan | 3.9 % | ||
Horiba Ltd. | 1,291 | 104,716 | |
Netherlands | 4.1 % | ||
QIAGEN N.V.(a) | 2,676 | 110,567 | |
Norway | 1.0 % | ||
TOMRA Systems ASA | 2,169 | 25,856 | |
Spain | 3.4 % | ||
Befesa S.A.(b) | 2,741 | 90,689 | |
Sweden | 3.6 % | ||
Munters Group AB(b) | 5,042 | 94,960 | |
Switzerland | 7.8 % | ||
Kardex Holding A.G. - REG | 310 | 78,832 | |
Lonza Group A.G. - REG | 237 | 129,024 | |
207,856 |
17
PERPETUAL AMERICAS FUNDS TRUST
REGNAN GLOBAL EQUITY IMPACT SOLUTIONSSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
United Kingdom | 2.7 % | ||
Autolus Therapeutics PLC - ADR(a) | 20,281 | $70,578 | |
Ilika PLC(a) | 3,720 | 1,149 | |
71,727 | |||
United States | 34.9 % | ||
Advanced Drainage Systems, Inc. | 614 | 98,480 | |
Agilent Technologies, Inc. | 402 | 52,111 | |
ANSYS, Inc.(a) | 355 | 114,133 | |
Ecolab, Inc. | 607 | 144,466 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,862 | 114,315 | |
Itron, Inc.(a) | 667 | 66,006 | |
MSA Safety, Inc. | 391 | 73,387 | |
PTC, Inc.(a) | 761 | 138,251 | |
Xylem, Inc. | 991 | 134,409 | |
935,558 | |||
TOTAL COMMON STOCKS (Cost $2,145,152) | 2,504,697 |
SHORT-TERM INVESTMENTS | 2.8 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c) | 75,866 | 75,866 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $75,866) | 75,866 | ||
TOTAL INVESTMENTS (Cost $2,279,760) | 97.7 % | 2,615,355 | |
NET OTHER ASSETS (LIABILITIES) | 2.3 % | 62,504 | |
NET ASSETS | 100.0 % | $2,677,859 |
(a)Non-income producing security. |
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $239,249 or 9% of net assets. |
(c)7-day current yield as of June 30, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
REG – Registered |
At June 30, 2024 the industry sectors (excluding short-term investments) for the Regnan Global Equity Impact Solutions were:
Sector Allocation | % of Net Assets |
Industrials | 29.0% |
Health Care | 25.2 |
Information Technology | 18.8 |
Financials | 8.8 |
Materials | 5.6 |
Consumer Discretionary | 5.5 |
Utilities | 2.0 |
Total | 94.9% |
18
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
CORPORATE BONDS | 49.4 % | ||
Apparel & Textile Products | 3.9 % | ||
Tapestry, Inc. 7.70%, 11/27/30 | $100,000 | $104,490 | |
Asset Management | 9.2 % | ||
Ares Capital Corp. 3.88%, 01/15/26 | 75,000 | 72,415 | |
Charles Schwab (The) Corp. (Variable, U.S. SOFR + 2.21%) 5.64%, 05/19/29(a) | 75,000 | 75,983 | |
Compass Group Diversified Holdings LLC 5.00%, 01/15/32(b) | 50,000 | 45,246 | |
FS KKR Capital Corp. 6.88%, 08/15/29 | 50,000 | 49,581 | |
243,225 | |||
Automotive | 3.8 % | ||
General Motors Co. 5.40%, 10/15/29 | 100,000 | 99,488 | |
Cable & Satellite | 3.7 % | ||
Comcast Corp. 3.95%, 10/15/25 | 100,000 | 98,423 | |
Commercial Support Services | 1.9 % | ||
GEO Group (The), Inc. 8.63%, 04/15/29(b) | 50,000 | 51,210 | |
Electric Utilities | 5.4 % | ||
Duke Energy Carolinas LLC 4.85%, 01/15/34 | 100,000 | 96,771 | |
Southern (The) Co. 3.70%, 04/30/30 | 50,000 | 46,097 | |
142,868 | |||
Institutional Financial Services | 5.7 % | ||
Nasdaq, Inc. 5.65%, 06/28/25 | 100,000 | 100,032 | |
StoneX Group, Inc. 7.88%, 03/01/31(b) | 50,000 | 51,568 | |
151,600 | |||
Internet Media & Services | 2.5 % | ||
Expedia Group, Inc. 3.25%, 02/15/30 | 75,000 | 67,604 | |
Machinery | 3.9 % | ||
Ingersoll Rand, Inc. 5.70%, 08/14/33 | 100,000 | 102,231 | |
Oil & Gas Supply Chain | 1.9 % | ||
Sunoco L.P. 7.25%, 05/01/32(b) | 50,000 | 51,718 | |
Retail - Discretionary | 1.8 % | ||
Macy's Retail Holdings LLC 5.88%, 04/01/29(b) | 50,000 | 48,525 |
19
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
Software | 3.7 % | ||
Oracle Corp. 4.90%, 02/06/33 | $100,000 | $97,003 | |
Transportation Equipment | 2.0 % | ||
JB Poindexter & Co., Inc. 8.75%, 12/15/31(b) | 50,000 | 51,800 | |
TOTAL CORPORATE BONDS (Cost $1,311,158) | 1,310,185 | ||
FOREIGN ISSUER BONDS | 2.0 % | ||
Electric Utilities | 2.0 % | ||
TransAlta Corp. 7.75%, 11/15/29 | 50,000 | 52,176 | |
TOTAL FOREIGN ISSUER BONDS (Cost $52,169) | 52,176 | ||
MORTGAGE-BACKED SECURITIES | 7.4 % | ||
U.S. Government Agencies | 7.4 % | ||
Freddie Mac Pool #SD8276, 5.00%, 12/01/52 | 203,928 | 197,366 | |
TOTAL MORTGAGE-BACKED SECURITIES (Cost $198,775) | 197,366 | ||
U.S. GOVERNMENT OBLIGATIONS | 40.4 % | ||
U.S. Treasury Bonds, 4.75%, 11/15/43 | 35,000 | 35,465 | |
U.S. Treasury Bonds, 4.50%, 02/15/44 | 275,000 | 269,758 | |
U.S. Treasury Bonds, 4.13%, 08/15/53 | 80,000 | 74,497 | |
U.S. Treasury Notes, 4.50%, 11/15/25 | 110,000 | 109,334 | |
U.S. Treasury Notes, 4.00%, 02/29/28 | 150,000 | 147,715 | |
U.S. Treasury Notes, 4.00%, 07/31/30 | 100,000 | 98,094 | |
U.S. Treasury Notes, 4.63%, 05/31/31 | 50,000 | 50,812 | |
U.S. Treasury Notes, 4.38%, 05/15/34 | 285,000 | 285,089 | |
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $1,073,132) | 1,070,764 |
Percentage of Net Assets | Shares | Value | |
SHORT-TERM INVESTMENTS | 0.3 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c) | 8,363 | 8,363 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $8,363) | 8,363 | ||
TOTAL INVESTMENTS (Cost $2,643,597) | 99.5 % | 2,638,854 | |
NET OTHER ASSETS (LIABILITIES) | 0.5 % | 12,455 | |
NET ASSETS | 100.0 % | $2,651,309 |
20
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)(a)Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of June 30, 2024. |
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $300,067 or 11% of net assets. |
(c)7-day current yield as of June 30, 2024 is disclosed. |
At June 30, 2024 the TSW Core Plus Bond Fund's investments were concentrated as follows:
Fixed Income Credit Ratings | % of Net Assets |
AAA | 47.8% |
A | 10.2 |
BBB | 26.0 |
BBB- | 1.9 |
BB | 9.6 |
B | 3.7 |
Cash equivalents | 0.3 |
Total | 99.5% |
21
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 99.0 % | ||
Brazil | 5.6 % | ||
Arcos Dorados Holdings, Inc. - Class A | 9,000 | $81,000 | |
Banco BTG Pactual S.A.(a) | 20,600 | 113,906 | |
JBS S.A. | 17,000 | 98,136 | |
Localiza Rent a Car S.A.(a) | 4,012 | 30,143 | |
NU Holdings Ltd. - Class A(a) | 2,500 | 32,225 | |
Vale S.A. | 7,000 | 77,913 | |
433,323 | |||
Canada | 1.3 % | ||
Fairfax India Holdings Corp.(a)(b) | 6,700 | 96,145 | |
China | 14.8 % | ||
Alibaba Group Holding Ltd. | 22,000 | 198,283 | |
Centre Testing International Group Co. Ltd. - Class A | 80,000 | 110,014 | |
Kingdee International Software Group Co. Ltd.(a) | 70,000 | 65,457 | |
NetEase, Inc. | 11,000 | 210,055 | |
Tencent Holdings Ltd. | 8,200 | 389,011 | |
Topsports International Holdings Ltd.(b) | 110,000 | 58,410 | |
Zijin Mining Group Co. Ltd. - Class H | 50,000 | 105,350 | |
1,136,580 | |||
Czech Republic | 1.1 % | ||
Colt CZ Group S.E. | 2,800 | 81,074 | |
Greece | 3.2 % | ||
JUMBO S.A. | 3,000 | 86,037 | |
Motor Oil Hellas Corinth Refineries S.A. | 3,000 | 75,256 | |
OPAP S.A. | 5,200 | 81,532 | |
242,825 | |||
Guatemala | 1.4 % | ||
Millicom International Cellular S.A.(a) | 4,450 | 109,248 | |
Hong Kong | 6.2 % | ||
AIA Group Ltd. | 20,000 | 135,315 | |
Lenovo Group Ltd. | 120,000 | 168,407 | |
Shougang Fushan Resources Group Ltd. | 184,000 | 75,407 | |
Sinotruk Hong Kong Ltd. | 38,000 | 98,643 | |
477,772 | |||
Hungary | 2.0 % | ||
Richter Gedeon Nyrt | 6,000 | 155,889 | |
India | 13.1 % | ||
Aegis Logistics Ltd. | 16,000 | 167,101 | |
HDFC Bank Ltd. | 8,100 | 163,573 | |
HEG Ltd. | 3,000 | 77,774 | |
ICICI Bank Ltd. - ADR | 9,500 | 273,695 | |
Intellect Design Arena Ltd. | 7,000 | 89,588 | |
Reliance Industries Ltd. - GDR(b) | 3,100 | 230,955 | |
1,002,686 |
22
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Kazakhstan | 1.9 % | ||
Kaspi.KZ JSC - ADR | 1,100 | $141,911 | |
Malaysia | 1.0 % | ||
Hibiscus Petroleum Bhd. | 160,000 | 78,914 | |
Mexico | 3.7 % | ||
El Puerto de Liverpool S.A.B. de C.V. | 12,500 | 89,601 | |
Fibra Uno Administracion S.A. de C.V. | 64,000 | 78,640 | |
Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L | 18,000 | 116,097 | |
284,338 | |||
Poland | 1.5 % | ||
Dino Polska S.A.(a)(b) | 600 | 60,462 | |
Text S.A. | 3,000 | 56,958 | |
117,420 | |||
South Africa | 3.9 % | ||
DRDGOLD Ltd. - ADR | 10,000 | 86,100 | |
Naspers Ltd. - Class N | 1,100 | 216,032 | |
302,132 | |||
South Korea | 14.0 % | ||
Doosan Bobcat, Inc. | 2,000 | 74,045 | |
Hugel, Inc.(a) | 700 | 117,185 | |
KINX, Inc. | 1,300 | 78,260 | |
LG Chem Ltd. | 300 | 74,758 | |
Samsung Electronics Co. Ltd. | 8,800 | 517,914 | |
Shinhan Financial Group Co. Ltd. | 4,500 | 156,879 | |
Value Added Technology Co. Ltd. | 3,000 | 58,543 | |
1,077,584 | |||
Taiwan | 13.5 % | ||
E Ink Holdings, Inc. | 23,000 | 178,086 | |
Parade Technologies Ltd. | 4,500 | 115,677 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,000 | 740,691 | |
1,034,454 | |||
Thailand | 1.1 % | ||
CP ALL PCL - REG | 55,000 | 82,480 | |
Turkey | 3.6 % | ||
BIM Birlesik Magazalar A.S. | 8,000 | 133,619 | |
KOC Holding A.S. | 20,000 | 139,177 | |
272,796 | |||
United Arab Emirates | 0.5 % | ||
Emaar Properties PJSC | 16,000 | 35,751 | |
United Kingdom | 2.1 % | ||
Georgia Capital PLC(a) | 5,000 | 61,748 | |
Investec PLC | 14,000 | 101,204 | |
162,952 | |||
United States | 2.5 % | ||
MercadoLibre, Inc.(a) | 50 | 82,170 |
23
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Tecnoglass, Inc. | 1,000 | $50,180 | |
Yum China Holdings, Inc. | 2,000 | 61,680 | |
194,030 | |||
Vietnam | 1.0 % | ||
Vinhomes JSC(a)(b) | 49,400 | 72,910 | |
TOTAL COMMON STOCKS (Cost $7,049,470) | 7,593,214 | ||
RIGHTS | 0.0 % | ||
Brazil | 0.0 % | ||
Localiza Rent a Car S.A.(a) | 40 | 64 | |
TOTAL RIGHTS (Cost $—) | 64 |
SHORT-TERM INVESTMENTS | 1.2 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c) | 89,682 | 89,682 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $89,682) | 89,682 | ||
TOTAL INVESTMENTS (Cost $7,139,152) | 100.2 % | 7,682,960 | |
NET OTHER ASSETS (LIABILITIES) | (0.2 %) | (11,679 ) | |
NET ASSETS | 100.0 % | $7,671,281 |
(a)Non-income producing security. |
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $518,882 or 7% of net assets. |
(c)7-day current yield as of June 30, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
GDR – Global Depositary Receipt |
REG – Registered |
At June 30, 2024 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were:
Sector Allocation | % of Net Assets |
Information Technology | 25.1% |
Financials | 16.6 |
Consumer Discretionary | 12.5 |
Communication Services | 10.2 |
Industrials | 10.1 |
Energy | 7.2 |
Materials | 5.5 |
Consumer Staples | 5.0 |
Health Care | 4.3 |
Real Estate | 2.5 |
Total | 99.0% |
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PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
CORPORATE BONDS | 95.1 % | ||
Asset Management | 1.7 % | ||
FS KKR Capital Corp. 7.88%, 01/15/29 | $150,000 | $154,828 | |
Automotive | 2.4 % | ||
Clarios Global L.P./Clarios U.S. Finance Co. 6.25%, 05/15/26(a) | 224,000 | 223,777 | |
Cable & Satellite | 2.3 % | ||
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 05/01/32(a) | 100,000 | 80,542 | |
Sirius XM Radio, Inc. 4.00%, 07/15/28(a) | 150,000 | 135,503 | |
216,045 | |||
Commercial Support Services | 3.4 % | ||
CoreCivic, Inc. 8.25%, 04/15/29 | 150,000 | 155,046 | |
GEO Group (The), Inc. 8.63%, 04/15/29(a) | 150,000 | 153,631 | |
308,677 | |||
Construction Materials | 3.3 % | ||
Eco Material Technologies, Inc. 7.88%, 01/31/27(a) | 150,000 | 150,348 | |
Summit Materials LLC/Summit Materials Finance Corp. 6.50%, 03/15/27(a) | 150,000 | 150,256 | |
300,604 | |||
Consumer Services | 1.6 % | ||
Upbound Group, Inc. 6.38%, 02/15/29(a) | 150,000 | 143,894 | |
Electrical Equipment | 1.7 % | ||
WESCO Distribution, Inc. 7.25%, 06/15/28(a) | 150,000 | 152,691 | |
Engineering & Construction | 2.1 % | ||
Installed Building Products, Inc. 5.75%, 02/01/28(a) | 200,000 | 195,590 | |
Home Construction | 1.8 % | ||
Forestar Group, Inc. 5.00%, 03/01/28(a) | 175,000 | 167,778 | |
Household Products | 1.9 % | ||
Edgewell Personal Care Co. 5.50%, 06/01/28(a) | 183,000 | 178,552 | |
Institutional Financial Services | 3.6 % | ||
Coinbase Global, Inc. 3.63%, 10/01/31(a) | 125,000 | 100,224 | |
StoneX Group, Inc. 7.88%, 03/01/31(a) | 225,000 | 232,058 | |
332,282 |
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PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
Insurance | 2.7 % | ||
Markel Group, Inc. (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.66%) 6.00%, 06/01/25(b) | $250,000 | $248,267 | |
Leisure Facilities & Services | 13.2 % | ||
Carnival Corp. 5.75%, 03/01/27(a) | 150,000 | 148,189 | |
Cinemark U.S.A., Inc. 5.88%, 03/15/26(a) | 175,000 | 173,095 | |
Light & Wonder International, Inc. 7.50%, 09/01/31(a) | 150,000 | 154,983 | |
Live Nation Entertainment, Inc. 4.75%, 10/15/27(a) | 80,000 | 76,666 | |
Marriott Ownership Resorts, Inc. 4.75%, 01/15/28 | 150,000 | 141,564 | |
NCL Corp. Ltd. 5.88%, 03/15/26(a) | 100,000 | 98,862 | |
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.88%, 11/01/26(a) | 100,000 | 96,744 | |
Travel + Leisure Co. 6.60%, 10/01/25 | 175,000 | 176,080 | |
VOC Escrow Ltd. 5.00%, 02/15/28(a) | 150,000 | 145,408 | |
1,211,591 | |||
Leisure Products | 3.4 % | ||
Vista Outdoor, Inc. 4.50%, 03/15/29(a) | 312,000 | 313,044 | |
Machinery | 3.0 % | ||
Regal Rexnord Corp. 6.30%, 02/15/30 | 150,000 | 153,352 | |
Titan International, Inc. 7.00%, 04/30/28 | 125,000 | 120,210 | |
273,562 | |||
Oil & Gas Supply Chain | 6.4 % | ||
Genesis Energy L.P./Genesis Energy Finance Corp. 8.00%, 01/15/27 | 150,000 | 153,369 | |
Permian Resources Operating LLC 9.88%, 07/15/31(a) | 250,000 | 276,726 | |
Sunoco L.P./Sunoco Finance Corp. 7.00%, 09/15/28(a) | 150,000 | 153,751 | |
583,846 | |||
Publishing & Broadcasting | 1.7 % | ||
Nexstar Media, Inc. 4.75%, 11/01/28(a) | 175,000 | 155,593 |
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PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
Real Estate Investment Trusts | 3.3 % | ||
RHP Hotel Properties L.P./RHP Finance Corp. 7.25%, 07/15/28(a) | $150,000 | $155,112 | |
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC 10.50%, 02/15/28(a) | 150,000 | 146,892 | |
302,004 | |||
Retail - Consumer Staples | 3.8 % | ||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC 4.63%, 01/15/27(a) | 250,000 | 241,479 | |
Arko Corp. 5.13%, 11/15/29(a) | 125,000 | 108,816 | |
350,295 | |||
Retail - Discretionary | 9.6 % | ||
Academy Ltd. 6.00%, 11/15/27(a) | 100,000 | 98,456 | |
BlueLinx Holdings, Inc. 6.00%, 11/15/29(a) | 150,000 | 139,494 | |
Builders FirstSource, Inc. 5.00%, 03/01/30(a) | 150,000 | 141,895 | |
Dillard's, Inc. 7.75%, 07/15/26 | 175,000 | 180,725 | |
Macy's Retail Holdings LLC 5.88%, 04/01/29(a) | 100,000 | 97,049 | |
Patrick Industries, Inc. 4.75%, 05/01/29(a) | 150,000 | 138,190 | |
Sonic Automotive, Inc. 4.63%, 11/15/29(a) | 100,000 | 90,262 | |
886,071 | |||
Software | 1.7 % | ||
Concentrix Corp. 6.60%, 08/02/28 | 150,000 | 151,833 | |
Specialty Finance | 12.2 % | ||
Burford Capital Global Finance LLC 6.25%, 04/15/28(a) | 200,000 | 193,328 | |
Credit Acceptance Corp. 6.63%, 03/15/26 | 100,000 | 99,860 | |
Enova International, Inc. 8.50%, 09/15/25(a) | 150,000 | 150,112 | |
Fortress Transportation and Infrastructure Investors LLC 7.00%, 06/15/32(a) | 200,000 | 202,829 | |
ILFC E-Capital Trust I (Variable, 3M CME Term SOFR + 1.81%) 7.14%, 12/21/65(a)(b) | 150,000 | 122,216 | |
PRA Group, Inc. 5.00%, 10/01/29(a) | 200,000 | 171,274 |
27
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Principal Amount | Value | |
Rithm Capital Corp. 6.25%, 10/15/25(a) | $87,000 | $86,412 | |
World Acceptance Corp. 7.00%, 11/01/26(a) | 100,000 | 95,317 | |
1,121,348 | |||
Transportation & Logistics | 3.7 % | ||
American Airlines, Inc. 7.25%, 02/15/28(a) | 100,000 | 100,065 | |
GN Bondco LLC 9.50%, 10/15/31(a) | 200,000 | 186,416 | |
United Airlines Holdings, Inc. 4.88%, 01/15/25 | 50,000 | 49,638 | |
336,119 | |||
Transportation Equipment | 2.3 % | ||
JB Poindexter & Co., Inc. 8.75%, 12/15/31(a) | 200,000 | 207,198 | |
Wholesale - Consumer Staples | 0.7 % | ||
United Natural Foods, Inc. 6.75%, 10/15/28(a) | 75,000 | 67,707 | |
Wholesale - Discretionary | 1.6 % | ||
G-III Apparel Group Ltd. 7.88%, 08/15/25(a) | 150,000 | 150,477 | |
TOTAL CORPORATE BONDS (Cost $8,783,658) | 8,733,673 | ||
FOREIGN ISSUER BONDS | 2.7 % | ||
Chemicals | 1.6 % | ||
Methanex Corp. 5.25%, 12/15/29 | 150,000 | 144,724 | |
Electric Utilities | 1.1 % | ||
TransAlta Corp. 7.75%, 11/15/29 | 100,000 | 104,352 | |
TOTAL FOREIGN ISSUER BONDS (Cost $258,154) | 249,076 |
Percentage of Net Assets | Shares | Value | |
SHORT-TERM INVESTMENTS | 0.8 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c) | 72,971 | 72,971 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $72,971) | 72,971 | ||
TOTAL INVESTMENTS (Cost $9,114,783) | 98.6 % | 9,055,720 | |
NET OTHER ASSETS (LIABILITIES) | 1.4 % | 130,710 | |
NET ASSETS | 100.0 % | $9,186,430 |
(a)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $6,948,901 or 76% of net assets. |
(b)Floating rate security. The rate presented is the rate in effect at June 30, 2024, and the related index and spread are shown parenthetically for each security. |
(c)7-day current yield as of June 30, 2024 is disclosed. |
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PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)At June 30, 2024 the TSW High Yield Bond Fund’s investments were concentrated as follows:
Fixed Income Credit Ratings | % of Net Assets |
BBB | 3.0% |
BBB- | 1.7 |
BB | 63.4 |
B | 27.9 |
CCC | 1.8 |
Cash equivalents | 0.8 |
Total | 98.6% |
29
PERPETUAL AMERICAS FUNDS TRUST
TSW LARGE CAP VALUE FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 90.0 % | ||
Belgium | 3.3 % | ||
Anheuser-Busch InBev S.A./N.V. - ADR | 21,000 | $1,221,150 | |
Germany | 3.4 % | ||
Bayer A.G. - ADR | 180,000 | 1,267,200 | |
Ireland | 4.3 % | ||
Jazz Pharmaceuticals PLC(a) | 5,000 | 533,650 | |
Willis Towers Watson PLC | 4,000 | 1,048,560 | |
1,582,210 | |||
Japan | 3.2 % | ||
Nintendo Co. Ltd. - ADR | 89,000 | 1,183,700 | |
United States | 75.8 % | ||
Alphabet, Inc. - Class C | 2,740 | 502,571 | |
Applied Materials, Inc. | 2,000 | 471,980 | |
Arch Capital Group Ltd.(a) | 4,000 | 403,560 | |
Bank of America Corp. | 20,000 | 795,400 | |
Berkshire Hathaway, Inc. - Class B(a) | 3,500 | 1,423,800 | |
Bio-Rad Laboratories, Inc. - Class A(a) | 3,000 | 819,330 | |
Charles Schwab (The) Corp. | 5,100 | 375,819 | |
Cigna (The) Group | 2,709 | 895,514 | |
Cisco Systems, Inc. | 14,000 | 665,140 | |
Citigroup, Inc. | 10,000 | 634,600 | |
Corpay, Inc.(a) | 3,000 | 799,230 | |
Crown Castle, Inc. | 8,000 | 781,600 | |
CVS Health Corp. | 10,200 | 602,412 | |
Dell Technologies, Inc. - Class C | 3,000 | 413,730 | |
Dominion Energy, Inc. | 32,000 | 1,568,000 | |
Evergy, Inc. | 14,000 | 741,580 | |
FedEx Corp. | 2,000 | 599,680 | |
First Citizens BancShares, Inc. - Class A | 300 | 505,083 | |
Hess Corp. | 5,000 | 737,600 | |
Jacobs Solutions, Inc. | 3,000 | 419,130 | |
Kinder Morgan, Inc. | 68,600 | 1,363,082 | |
Kraft Heinz (The) Co. | 33,100 | 1,066,482 | |
Liberty Broadband Corp. - Class C(a) | 26,100 | 1,430,802 | |
Liberty Media Corp. - Liberty SiriusXM(a) | 22,225 | 492,506 | |
Lockheed Martin Corp. | 1,800 | 840,780 | |
Lowe's Cos., Inc. | 3,000 | 661,380 | |
McKesson Corp. | 2,100 | 1,226,484 | |
Merck & Co., Inc. | 4,000 | 495,200 | |
Occidental Petroleum Corp. | 13,000 | 819,390 | |
Pfizer, Inc. | 46,700 | 1,306,666 | |
Post Holdings, Inc.(a) | 3,500 | 364,560 | |
Progressive (The) Corp. | 5,600 | 1,163,176 | |
Regeneron Pharmaceuticals, Inc.(a) | 600 | 630,618 |
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PERPETUAL AMERICAS FUNDS TRUST
TSW LARGE CAP VALUE FUNDSCHEDULE OF INVESTMENTSJune 30, 2024 (Unaudited)Percentage of Net Assets | Shares | Value | |
Warner Bros Discovery, Inc.(a) | 94,000 | $699,360 | |
Williams Cos. (The), Inc. | 28,225 | 1,199,562 | |
27,915,807 | |||
TOTAL COMMON STOCKS (Cost $28,339,883) | 33,170,067 |
SHORT-TERM INVESTMENTS | 9.5 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b) | 3,499,980 | 3,499,980 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,499,980) | 3,499,980 | ||
TOTAL INVESTMENTS (Cost $31,839,863) | 99.5 % | 36,670,047 | |
NET OTHER ASSETS (LIABILITIES) | 0.5 % | 172,137 | |
NET ASSETS | 100.0 % | $36,842,184 |
(a)Non-income producing security. |
(b)7-day current yield as of June 30, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
At June 30, 2024 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:
Sector Allocation | % of Net Assets |
Health Care | 21.0% |
Financials | 19.5 |
Communication Services | 11.7 |
Energy | 11.2 |
Consumer Staples | 7.2 |
Utilities | 6.3 |
Industrials | 5.0 |
Information Technology | 4.2 |
Real Estate | 2.1 |
Consumer Discretionary | 1.8 |
Total | 90.0% |
31