EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares | Fair Value | |
COMMON STOCK | ||
Basic Materials — 8.07% | ||
111,129 | Agnico Eagle Mines Ltd | $ 5,049,788 |
88,900 | Anglo American PLC | 2,440,635 |
26,300 | Arkema SA | 2,588,991 |
40,240 | BHP Group Ltd | 1,130,376 |
370,400 | BlueScope Steel Ltd | 4,586,851 |
63,000 | Boliden AB | 1,807,900 |
18,800 | Covestro AG(a)(b) | 1,010,969 |
44,703 | Croda International PLC | 2,669,655 |
47,700 | Evonik Industries AG | 870,057 |
130,400 | Fortescue Metals Group Ltd | 1,733,415 |
151,751 | Franco-Nevada Corp | 20,259,031 |
1,950 | Givaudan SA | 6,348,875 |
1,459,074 | Glencore PLC | 8,307,881 |
242,600 | ICL Group Ltd | 1,338,691 |
75,800 | Kaneka Corp | 1,965,137 |
36,700 | Kansai Paint Co Ltd | 524,638 |
710,000 | Kingboard Holdings Ltd | 1,590,280 |
347,200 | Mitsubishi Chemical Group Corp(c) | 2,187,384 |
162,500 | Mitsubishi Gas Chemical Co Inc | 2,184,164 |
120,900 | Mitsui Chemicals Inc(c) | 3,132,288 |
47,700 | Nippon Soda Co Ltd | 1,754,089 |
30,900 | Nitto Denko Corp | 2,026,281 |
92,913 | Novozymes A/S Class B(c) | 3,738,343 |
311,900 | Outokumpu OYJ | 1,305,737 |
93,010 | Rio Tinto Ltd | 6,708,618 |
55,287 | Symrise AG | 5,263,261 |
166,100 | Teijin Ltd | 1,614,000 |
158,900 | Tokuyama Corp | 2,495,750 |
136,273 | Wheaton Precious Metals Corp | 5,530,181 |
67,500 | Yara International ASA | 2,548,776 |
99,700 | Zeon Corp(c) | 1,041,280 |
105,753,322 | ||
Communications — 2.88% | ||
2,141,300 | Airtel Africa PLC(a) | 3,270,807 |
2,511,000 | BT Group PLC | 3,564,272 |
15,600 | Deutsche Telekom AG | 327,238 |
11,101 | Nice Ltd Sponsored ADR(b)(c) | 1,887,170 |
228,300 | Nine Entertainment Co Holdings Ltd(c) | 298,899 |
3,642,500 | Nippon Telegraph & Telephone Corp | 4,311,392 |
784,700 | Nokia OYJ | 2,950,532 |
332,700 | Orange SA | 3,816,159 |
224,800 | ProSiebenSat.1 Media SE | 1,518,436 |
262,200 | Telefonaktiebolaget LM Ericsson Class B(c) | 1,277,376 |
578,900 | Telefonica SA | 2,365,005 |
302,800 | Television Francaise 1 SA(c) | 2,316,396 |
69,200 | United Internet AG | 1,479,134 |
68,485 | Wolters Kluwer NV | 8,291,858 |
37,674,674 |
Shares | Fair Value | |
Consumer, Cyclical — 11.53% | ||
30,510 | adidas AG | $ 5,351,720 |
121,685 | Associated British Foods PLC | 3,055,734 |
308,300 | Barratt Developments PLC | 1,652,626 |
68,500 | Bayerische Motoren Werke AG | 6,957,352 |
67,300 | Bellway PLC | 1,868,106 |
214,000 | Betsson AB(b) | 3,134 |
214,000 | Betsson AB Class B | 2,351,833 |
26,060 | Cie Financiere Richemont SA | 3,173,672 |
90,400 | Cie Generale des Etablissements Michelin SCA | 2,766,870 |
360,400 | Citizen Watch Co Ltd(c) | 2,216,912 |
647,000 | Currys PLC | 380,709 |
52,100 | Daimler Truck Holding AG | 1,803,924 |
86,500 | Daiwa House Industry Co Ltd | 2,321,608 |
164,000 | Daiwabo Holdings Co Ltd | 3,144,329 |
242,500 | EDION Corp(c) | 2,398,651 |
1,112,900 | Harvey Norman Holdings Ltd(c) | 2,757,480 |
394,500 | Honda Motor Co Ltd | 4,438,005 |
440,100 | International Consolidated Airlines Group SA(b) | 684,532 |
198,100 | Isuzu Motors Ltd | 2,490,437 |
111,800 | ITOCHU Corp(c) | 4,037,538 |
152,400 | Jardine Cycle & Carriage Ltd | 3,553,083 |
100,400 | JB Hi-Fi Ltd(c) | 2,916,176 |
38,900 | Kaufman & Broad SA | 1,133,482 |
204,200 | Kindred Group PLC | 1,862,722 |
1,038,600 | Kingfisher PLC | 2,818,153 |
86,100 | Kohnan Shoji Co Ltd | 2,246,583 |
247,300 | K's Holdings Corp(c) | 2,269,314 |
3,920 | LVMH Moet Hennessy Louis Vuitton SE | 2,958,937 |
144,700 | Marubeni Corp | 2,255,619 |
93,100 | Mercedes-Benz Group AG | 6,479,460 |
79,200 | Mitsubishi Corp | 3,773,907 |
131,000 | Mitsui & Co Ltd | 4,751,363 |
199,600 | Okamura Corp | 3,013,978 |
38,000 | Pandora A/S | 3,921,270 |
90,300 | Pets at Home Group PLC | 366,770 |
603,400 | Pirelli & C SpA(a) | 2,894,120 |
196,800 | Qantas Airways Ltd(b) | 651,504 |
432,800 | Redrow PLC | 2,603,107 |
191,000 | Rexel SA | 4,279,541 |
64,861 | Ryanair Holdings PLC Sponsored ADR(b) | 6,305,138 |
166,012 | Stellantis NV | 3,184,898 |
187,600 | Subaru Corp | 3,647,785 |
65,400 | Sumitomo Corp | 1,305,249 |
143,100 | Sumitomo Forestry Co Ltd | 3,629,515 |
202,900 | Super Retail Group Ltd | 1,550,463 |
14,500 | Swatch Group AG | 3,713,771 |
112,500 | Tokmanni Group Corp | 1,562,098 |
153,500 | Toyota Boshoku Corp | 2,798,227 |
356,300 | Volvo AB Class B | 7,338,939 |
101,200 | Yamaha Motor Co Ltd | 2,660,243 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares | Fair Value | |
Consumer, Cyclical — (continued) | ||
143,200 | Yokohama Rubber Co Ltd | $ 2,980,081 |
627,500 | Yue Yuen Industrial Holdings Ltd | 718,263 |
50,204 | Zalando SE(a)(b) | 1,115,450 |
151,114,381 | ||
Consumer, Non-Cyclical — 20.86% | ||
53,300 | Adecco Group AG | 2,189,198 |
131,280 | Amadeus IT Group SA | 7,929,667 |
52,700 | Arcs Co Ltd | 960,063 |
226,194 | Bayer AG | 10,862,836 |
54,122 | Beiersdorf AG | 6,981,151 |
140,000 | British American Tobacco PLC | 4,394,991 |
89,122 | Bruker Corp | 5,552,301 |
134,200 | Carrefour SA | 2,304,900 |
214 | Chocoladefabriken Lindt & Spruengli AG | 2,378,085 |
357,000 | CK Hutchison Holdings Ltd | 1,895,345 |
152,200 | Coca-Cola HBC AG | 4,159,897 |
344,030 | Diageo PLC | 12,681,726 |
318,400 | Elders Ltd(c) | 1,177,696 |
46,051 | EssilorLuxottica SA | 8,010,369 |
263,097 | Experian PLC | 8,602,117 |
101,000 | Ezaki Glico Co Ltd | 2,772,435 |
42,800 | Fresenius SE & Co KGaA | 1,329,378 |
470,900 | GSK PLC | 8,519,278 |
2,341,698 | Haleon PLC | 9,705,181 |
206,700 | Imperial Brands PLC | 4,191,971 |
122,836 | Intertek Group PLC | 6,141,455 |
33,800 | Ipsen SA | 4,428,541 |
57,160 | Itoham Yonekyu Holdings Inc | 1,548,481 |
1,587,700 | J Sainsbury PLC | 4,887,462 |
205,600 | Koninklijke Ahold Delhaize NV | 6,196,721 |
15,500 | Kose Corp | 1,123,472 |
202,900 | Lion Corp | 2,001,123 |
16,450 | L'Oreal SA | 6,817,080 |
58,700 | Megmilk Snow Brand Co Ltd | 899,956 |
716,900 | Metcash Ltd | 1,735,586 |
140,600 | Mowi ASA | 2,485,145 |
117,576 | Nestle SA | 13,309,135 |
219,400 | Novartis AG | 22,407,024 |
271,919 | Ocado Group PLC(b)(c) | 1,976,446 |
148,900 | Ono Pharmaceutical Co Ltd(c) | 2,855,662 |
393,098 | Orkla ASA | 2,936,024 |
73,380 | Pernod Ricard SA | 12,217,035 |
31,900 | Prima Meat Packers Ltd | 523,288 |
227,900 | QinetiQ Group PLC | 882,093 |
38,900 | Randstad NV | 2,149,073 |
37,232 | Roche Holding AG | 10,164,378 |
402,500 | Rohto Pharmaceutical Co Ltd(c) | 10,913,318 |
100,500 | Sanofi | 10,791,215 |
124,000 | Scandinavian Tobacco Group A/S(a) | 1,888,822 |
225,300 | Securitas AB Class B | 1,781,475 |
Shares | Fair Value | |
Consumer, Non-Cyclical — (continued) | ||
90,289 | SGS SA | $ 7,577,562 |
89,600 | Shionogi & Co Ltd | 3,996,560 |
27,900 | Societe BIC SA | 1,839,483 |
1,981,700 | Sonae SGPS SA(b) | 1,924,664 |
5,300 | Suedzucker AG | 78,795 |
1,283,400 | Tesco PLC | 4,126,500 |
199,700 | Toyo Suisan Kaisha Ltd | 7,831,619 |
1,986,000 | United Laboratories International Holdings Ltd | 2,007,038 |
8,218,751 | WH Group Ltd(a) | 4,301,843 |
273,342,659 | ||
Energy — 6.96% | ||
2,224,300 | Beach Energy Ltd | 2,321,375 |
747,400 | BP PLC | 4,816,814 |
298,800 | Eni SpA | 4,799,866 |
269,356 | Galp Energia SGPS SA | 3,989,735 |
919,800 | New Hope Corp Ltd | 3,732,010 |
71,600 | OMV AG | 3,419,944 |
357,731 | Petroleo Brasileiro SA Sponsored ADR | 4,904,492 |
376,400 | Repsol SA | 6,191,410 |
435,000 | Shell PLC | 13,784,425 |
458,668 | TotalEnergies SE(c) | 30,157,130 |
561,655 | Woodside Energy Group Ltd | 13,059,095 |
91,176,296 | ||
Financial — 21.80% | ||
248,600 | 3i Group PLC | 6,254,445 |
220,600 | ABN AMRO Bank NV(a) | 3,117,642 |
457,600 | Aegon Ltd(b) | 2,205,501 |
2,789,495 | AIB Group PLC | 12,503,113 |
10,500 | Allianz SE | 2,498,751 |
134,826 | ANZ Group Holdings Ltd | 2,211,372 |
75,900 | ASR Nederland NV | 2,839,961 |
438,200 | Aviva PLC | 2,073,551 |
140,600 | AXA SA | 4,171,443 |
14,000 | Baloise Holding AG | 2,026,869 |
447,900 | Banco Bilbao Vizcaya Argentaria SA | 3,624,823 |
921,078 | Banco Santander SA | 3,507,529 |
235,700 | Bank Leumi Le-Israel BM | 1,952,975 |
1,200,955 | Bank of Ireland Group PLC | 11,740,076 |
1,582,000 | Barclays PLC | 3,048,828 |
41,400 | BAWAG Group AG(a) | 1,892,229 |
122,200 | BFF Bank SpA(a) | 1,218,983 |
101,800 | BNP Paribas SA | 6,473,083 |
2,565,373 | CaixaBank SA | 10,220,431 |
684,300 | Chiba Bank Ltd(c) | 4,971,502 |
236,100 | Credit Agricole SA | 2,902,805 |
174,680 | Danske Bank A/S | 4,053,623 |
85,700 | DBS Group Holdings Ltd | 2,104,762 |
97,300 | Deutsche Bank AG | 1,069,354 |
78,970 | Deutsche Boerse AG | 13,637,866 |
129,300 | DNB Bank ASA | 2,597,866 |
100,800 | Eurocommercial Properties NV REIT | 2,234,473 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares | Fair Value | |
Financial — (continued) | ||
79,067 | Euronext NV(a) | $ 5,499,836 |
96,600 | Fukuoka Financial Group Inc | 2,311,313 |
737,900 | Gunma Bank Ltd(c) | 3,437,942 |
308,100 | Hachijuni Bank Ltd(c) | 1,698,446 |
1,117,900 | Helia Group Ltd | 2,503,927 |
24,100 | Helvetia Holding AG | 3,366,495 |
254,632 | Hiscox Ltd | 3,110,218 |
219,900 | ING Groep NV | 2,898,297 |
486,800 | Japan Post Holdings Co Ltd | 3,894,469 |
130,681 | Julius Baer Group Ltd | 8,364,617 |
43,182 | Jyske Bank A/S(b) | 3,149,869 |
644,000 | Kerry Properties Ltd | 1,092,165 |
39,318 | LEG Immobilien SE(b) | 2,703,792 |
746,100 | Legal & General Group PLC | 2,012,335 |
6,241,500 | Lloyds Banking Group PLC | 3,353,793 |
878,080 | Mebuki Financial Group Inc | 2,427,455 |
243,300 | Mediobanca Banca di Credito Finanziario SpA | 3,207,692 |
586,760 | Mitsubishi HC Capital Inc | 3,909,627 |
547,200 | Mitsubishi UFJ Financial Group Inc | 4,637,058 |
203,073 | Mizuho Financial Group Inc | 3,447,765 |
5,526,740 | NatWest Group PLC | 15,802,943 |
473,800 | Nomura Holdings Inc | 1,897,299 |
321,700 | Nordea Bank Abp | 3,527,033 |
472,600 | North Pacific Bank Ltd | 1,140,415 |
238,400 | ORIX Corp(c) | 4,451,501 |
2,358,200 | Resona Holdings Inc(c) | 13,038,912 |
99,100 | Societe Generale SA | 2,397,984 |
676,600 | Stockland REIT | 1,693,375 |
98,500 | Sumitomo Mitsui Financial Group Inc | 4,838,916 |
214,200 | Swedbank AB Class A | 3,937,297 |
8,300 | Swiss Life Holding AG | 5,164,084 |
125,959 | Sydbank AS | 5,979,038 |
164,655 | TAG Immobilien AG(b) | 1,720,337 |
838,630 | UBS Group AG | 20,657,294 |
986,300 | UnipolSai Assicurazioni SpA | 2,376,445 |
177,400 | United Overseas Bank Ltd | 3,694,907 |
170,111 | Vonovia SE | 4,075,571 |
24,608 | Willis Towers Watson PLC | 5,142,088 |
285,716,406 | ||
Industrial — 18.17% | ||
111,500 | AGC Inc | 3,907,787 |
67,158 | Agilent Technologies Inc | 7,509,608 |
282,600 | Alps Alpine Co Ltd(c) | 2,449,921 |
277,900 | Amada Co Ltd(c) | 2,793,808 |
272,100 | BAE Systems PLC | 3,305,874 |
57,900 | Bekaert SA | 2,592,124 |
126,500 | Bouygues SA | 4,423,022 |
248,400 | bpost SA | 1,361,690 |
115,700 | Brother Industries Ltd(c) | 1,863,701 |
6,400 | Bucher Industries AG | 2,441,425 |
38,300 | Cargotec OYJ Class B | 1,601,136 |
144,500 | Cia de Distribucion Integral Logista Holdings SA | 3,692,676 |
69,600 | Cie de Saint-Gobain SA | 4,165,589 |
Shares | Fair Value | |
Industrial — (continued) | ||
158,156 | CRH PLC | $ 8,653,140 |
15,647 | D/S Norden A/S | 869,038 |
128,600 | Deutsche Post AG | 5,218,014 |
25,700 | Dfds A/S | 847,210 |
289,658 | Epiroc AB Class A | 5,499,812 |
335,131 | Firstgroup PLC | 615,780 |
295,400 | Fujikura Ltd | 2,373,745 |
148,843 | GEA Group AG | 5,485,517 |
9,125 | Geberit AG | 4,550,433 |
329,800 | Hazama Ando Corp(c) | 2,572,316 |
21,100 | Heidelberg Materials AG | 1,634,204 |
70,979 | Hirose Electric Co Ltd(c) | 8,210,339 |
109,700 | Holcim AG | 7,021,777 |
111,300 | Hosiden Corp | 1,426,562 |
521,942 | IMI PLC | 9,925,984 |
37,800 | Japan Aviation Electronics Industry Ltd(c) | 751,442 |
101,400 | Kamigumi Co Ltd | 2,088,231 |
100,400 | Kinden Corp | 1,460,182 |
67,301 | Knorr-Bremse AG | 4,266,700 |
108,000 | Komatsu Ltd | 2,912,883 |
91,000 | Kumagai Gumi Co Ltd | 2,144,761 |
192,105 | Legrand SA | 17,651,815 |
274,600 | Leonardo SpA | 3,955,302 |
257,900 | Metsa Board OYJ Class B(c) | 2,070,263 |
618,800 | Mitsubishi Electric Corp | 7,644,946 |
35,400 | Nichiha Corp | 695,996 |
266,700 | Rengo Co Ltd | 1,828,987 |
32,200 | Sankyu Inc(c) | 1,113,186 |
29,441 | Schindler Holding AG | 5,864,642 |
143,847 | Schneider Electric SE | 23,704,864 |
140,200 | Seino Holdings Co Ltd(c) | 1,964,662 |
339,900 | Shimadzu Corp | 9,015,949 |
92,300 | Signify NV(a) | 2,476,662 |
18,648 | Sika AG | 4,724,675 |
240,500 | SKF AB Class B | 3,992,672 |
17,600 | SMC Corp | 7,889,417 |
38,228 | Spirax-Sarco Engineering PLC | 4,424,113 |
121,400 | Sumitomo Heavy Industries Ltd | 3,074,230 |
255,034 | Svenska Cellulosa AB SCA Class B | 3,491,955 |
75,300 | Taisei Corp | 2,650,258 |
34,200 | Tsubakimoto Chain Co | 885,029 |
44,500 | Verallia SA(a) | 1,750,373 |
109,600 | Wienerberger AG | 2,774,014 |
200,900 | Yokogawa Electric Corp | 3,877,513 |
238,157,954 | ||
Technology — 8.80% | ||
60,261 | Analog Devices Inc | 10,551,099 |
15,039 | ANSYS Inc(b) | 4,474,855 |
6,545 | ASML Holding NV | 3,853,372 |
83,276 | Cadence Design Systems Inc(b) | 19,511,567 |
39,366 | Capgemini SE | 6,869,123 |
69,400 | Computacenter PLC | 2,135,286 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Shares | Fair Value | |
Technology — (continued) | ||
121,377 | Dassault Systemes SE | $ 4,508,236 |
32,500 | Disco Corp | 6,004,574 |
55,900 | DTS Corp | 1,192,545 |
197,000 | Indra Sistemas SA | 2,846,584 |
110,700 | Infineon Technologies AG | 3,666,467 |
233,671 | Nomura Research Institute Ltd | 6,073,511 |
2,174,000 | PAX Global Technology Ltd | 1,531,371 |
311,104 | Samsung Electronics Co Ltd | 15,727,591 |
84,618 | SAP SE | 10,953,126 |
83,500 | Seiko Epson Corp(c) | 1,311,332 |
20,500 | STMicroelectronics NV | 884,023 |
141,927 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 12,333,456 |
17,700 | Tokyo Seimitsu Co Ltd(c) | 884,951 |
115,313,069 | ||
Utilities — 0.98% | ||
1,366,800 | A2A SpA | 2,429,213 |
224,700 | AGL Energy Ltd | 1,543,513 |
441,300 | Drax Group PLC | 2,362,107 |
91,400 | Endesa SA | 1,860,123 |
304,500 | Engie SA | 4,669,864 |
12,864,820 | ||
TOTAL COMMON STOCK — 100.05% (Cost $1,278,219,744) | $1,311,113,581 | |
PREFERRED STOCK | ||
Consumer, Cyclical — 0.51% | ||
18,700 | Porsche Automobil Holding SE | 919,843 |
423,994 | Schaeffler AG | 2,435,966 |
28,400 | Volkswagen AG | 3,263,143 |
TOTAL PREFERRED STOCK — 0.51% (Cost $11,680,129) | $6,618,952 |
Principal Amount | Fair Value | |
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 7.70% | ||
$25,219,794 | Undivided interest of 22.29% in a repurchase agreement (principal amount/value $113,517,620 with a maturity value of $113,567,757) with RBC Capital Markets Corp, 5.30%, dated 9/30/23 to be repurchased at $25,219,794 on 10/2/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 7.00%, 10/5/23 - 9/1/53, with a value of $115,787,972.(d) | $ 25,219,794 |
25,219,794 | Undivided interest of 22.75% in a repurchase agreement (principal amount/value $111,153,217 with a maturity value of $111,202,310) with Bank of America Securities Inc, 5.30%, dated 9/30/23 to be repurchased at $25,219,794 on 10/2/23 collateralized by various U.S. Government Agency securities, 2.50% - 5.50%, 4/20/43 - 9/1/53, with a value of $113,376,281.(d) | 25,219,794 |
25,219,794 | Undivided interest of 23.14% in a repurchase agreement (principal amount/value $109,270,736 with a maturity value of $109,318,997) with Citigroup Global Markets Inc, 5.30%, dated 9/30/23 to be repurchased at $25,219,794 on 10/2/23 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 7.09%, 8/5/25 - 5/20/72, with a value of $111,456,151.(d) | 25,219,794 |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$25,219,794 | Undivided interest of 34.87% in a repurchase agreement (principal amount/value $72,477,196 with a maturity value of $72,509,207) with Bank of Montreal, 5.30%, dated 9/30/23 to be repurchased at $25,219,794 on 10/2/23 collateralized by Federal National Mortgage Association securities, 2.50% - 6.00%, 10/1/31 - 10/1/53, with a value of $73,926,740.(d) | $ 25,219,794 |
TOTAL SHORT TERM INVESTMENTS — 7.70% (Cost $100,879,176) | $100,879,176 | |
TOTAL INVESTMENTS — 108.26% (Cost $1,390,779,049) | $1,418,611,709 | |
OTHER ASSETS & LIABILITIES, NET — (8.26)% | $(108,183,108) | |
TOTAL NET ASSETS — 100.00% | $1,310,428,601 |
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of the security is on loan at September 29, 2023. |
(d) | Collateral received for securities on loan. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Schedule of Investments
As of September 29, 2023 (Unaudited)
Summary of Investments by Country as of September 29, 2023.
Country | Fair Value | Percentage of Fund Investments | |
Japan | $262,207,110 | 18.48% | |
France | 180,998,355 | 12.76 | |
United Kingdom | 161,940,578 | 11.41 | |
United States | 148,478,604 | 10.47 | |
Switzerland | 147,911,788 | 10.43 | |
Germany | 114,977,810 | 8.10 | |
Australia | 52,311,731 | 3.69 | |
Ireland | 47,803,585 | 3.37 | |
Netherlands | 44,948,291 | 3.17 | |
Spain | 42,238,248 | 2.98 | |
Sweden | 31,482,393 | 2.22 | |
Canada | 30,839,000 | 2.17 | |
Denmark | 24,447,214 | 1.72 | |
Italy | 20,881,620 | 1.47 | |
South Korea | 15,727,591 | 1.11 | |
Hong Kong | 13,136,306 | 0.93 | |
Finland | 13,016,798 | 0.92 | |
Taiwan | 12,333,456 | 0.87 | |
Norway | 10,567,812 | 0.74 | |
Singapore | 9,352,752 | 0.66 | |
Austria | 8,086,188 | 0.57 | |
Portugal | 5,914,398 | 0.42 | |
Israel | 5,178,836 | 0.36 | |
Brazil | 4,904,492 | 0.35 | |
Belgium | 3,953,813 | 0.28 | |
Bermuda | 3,110,218 | 0.22 | |
Malta | 1,862,722 | 0.13 | |
Total | $1,418,611,709 | 100.00% |
See Notes to Schedule of Investments.
September 29, 2023
EMPOWER FUNDS, INC.
EMPOWER INTERNATIONAL VALUE FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC (ECM or the Adviser), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors approved the Adviser as the Fund’s valuation designee to make all fair value determinations with respect to the Fund’s investments, subject to oversight by the Board of Directors.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter (OTC) market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
For private equity securities that are not traded on an exchange, an appropriate source, which may include the use of an internally developed or approved valuation model, a different external pricing vendor, or sourcing a price from a broker will be used. Valuation of these securities will be reviewed regularly by the Fair Value Pricing Committee.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
September 29, 2023
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data. |
Preferred Stock | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices. |
Short Term Investments | Maturity date, credit quality and interest rates. |
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 29, 2023, the inputs used to value the Fund’s investments are detailed in the following table. More information regarding the sector or geography classifications, as applicable, are included in the Schedule of Investments.
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments, at fair value: | |||||||
Common Stock | |||||||
Basic Materials | $30,839,000 | $74,914,322 | $— | $105,753,322 | |||
Communications | 1,887,170 | 35,787,504 | — | 37,674,674 | |||
Consumer, Cyclical | 6,305,138 | 144,806,109 | 3,134 | 151,114,381 | |||
Consumer, Non-cyclical | 5,552,301 | 267,790,358 | — | 273,342,659 | |||
Energy | 4,904,492 | 86,271,804 | — | 91,176,296 | |||
Financial | 5,142,088 | 280,574,318 | — | 285,716,406 | |||
Industrial | 8,871,298 | 229,286,656 | — | 238,157,954 | |||
Technology | 46,870,977 | 68,442,092 | — | 115,313,069 | |||
Utilities | 2,362,107 | 10,502,713 | — | 12,864,820 | |||
112,734,571 | 1,198,375,876 | 3,134 | 1,311,113,581 | ||||
Preferred Stock | — | 6,618,952 | — | 6,618,952 | |||
Short Term Investments | — | 100,879,176 | — | 100,879,176 | |||
Total Assets | $112,734,571 | $1,305,874,004 | $3,134 | $1,418,611,709 |
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
September 29, 2023