THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.9% | ||||||||
| Shares | Value | |||||||
AEROSPACE/DEFENSE EQUIPMENT — 6.8% | ||||||||
Airbus ADR | 242,000 | $ | 8,908,020 | |||||
L3Harris Technologies | 52,000 | 9,853,480 | ||||||
RTX | 67,000 | 5,891,310 | ||||||
|
|
| ||||||
| 24,652,810 | ||||||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.7% | ||||||||
United Parcel Service, Cl B | 53,000 | 9,917,890 | ||||||
|
|
| ||||||
BANKS — 3.2% | ||||||||
JPMorgan Chase | 73,000 | 11,531,080 | ||||||
|
|
| ||||||
BEVERAGES — 3.5% | ||||||||
Constellation Brands, Cl A | 46,000 | 12,548,800 | ||||||
|
|
| ||||||
CAPITAL MARKETS — 7.2% | ||||||||
CME Group, Cl A | 39,000 | 7,759,440 | ||||||
Goldman Sachs Group | 31,500 | 11,209,905 | ||||||
Intercontinental Exchange | 62,000 | 7,117,600 | ||||||
|
|
| ||||||
| 26,086,945 | ||||||||
|
|
| ||||||
CHEMICALS — 1.8% | ||||||||
Corteva | 118,000 | 6,658,740 | ||||||
|
|
| ||||||
CONSUMER FINANCE — 3.0% | ||||||||
American Express | 65,000 | 10,977,200 | ||||||
|
|
| ||||||
ELECTRICAL EQUIPMENT — 1.9% | ||||||||
Rockwell Automation | 21,000 | 7,062,090 | ||||||
|
|
| ||||||
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 3.2% | ||||||||
TE Connectivity | 80,000 | 11,479,200 | ||||||
|
|
| ||||||
FINANCIAL SERVICES — 3.2% | ||||||||
Mastercard, Cl A | 30,000 | 11,828,400 | ||||||
|
|
| ||||||
FOOD & STAPLES RETAILING — 2.7% | ||||||||
Sysco | 129,000 | 9,843,990 | ||||||
|
|
| ||||||
GROUND TRANSPORTATION — 6.0% | ||||||||
Uber Technologies * | 230,000 | 11,375,800 | ||||||
Union Pacific | 45,000 | 10,440,900 | ||||||
|
|
| ||||||
| 21,816,700 | ||||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SERVICES — 3.1% | ||||||||
Medtronic | 130,000 | 11,408,800 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 5.9% | ||||||||
Centene * | 155,000 | 10,553,950 | ||||||
Laboratory Corp of America Holdings | 51,000 | 10,910,430 | ||||||
|
|
| ||||||
| 21,464,380 | ||||||||
|
|
| ||||||
HOUSEHOLD PRODUCTS — 2.6% | ||||||||
Colgate-Palmolive | 125,000 | 9,532,500 | ||||||
|
|
| ||||||
INSURANCE — 2.7% | ||||||||
Chubb | 48,000 | 9,811,680 | ||||||
|
|
| ||||||
INTERACTIVE MEDIA & SERVICES — 3.0% | ||||||||
Alphabet, Cl A * | 82,000 | 10,883,040 | ||||||
|
|
| ||||||
INTERNET & DIRECT MARKETING RETAIL — 3.2% | ||||||||
Amazon.com * | 87,000 | 11,630,160 | ||||||
|
|
| ||||||
LIFE SCIENCES TOOLS & SERVICES — 2.1% | ||||||||
Waters * | 27,000 | 7,457,670 | ||||||
|
|
| ||||||
MULTI-UTILITIES — 2.8% | ||||||||
Sempra | 68,500 | 10,207,870 | ||||||
|
|
| ||||||
1
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
OIL, GAS & CONSUMABLE FUELS — 12.1% | ||||||||
Cenovus Energy | 640,000 | $ | 12,172,800 | |||||
Chevron | 69,000 | 11,292,540 | ||||||
ConocoPhillips | 72,000 | 8,475,840 | ||||||
Williams | 345,000 | 11,885,250 | ||||||
|
|
| ||||||
| 43,826,430 | ||||||||
|
|
| ||||||
PHARMACEUTICALS — 5.6% | ||||||||
Bristol-Myers Squibb | 162,000 | 10,074,780 | ||||||
Johnson & Johnson | 62,000 | 10,386,860 | ||||||
|
|
| ||||||
| 20,461,640 | ||||||||
|
|
| ||||||
SEMI-CONDUCTORS & INSTRUMENTS — 6.0% | ||||||||
Applied Materials | 60,000 | 9,095,400 | ||||||
Marvell Technology | 114,000 | 7,424,820 | ||||||
Texas Instruments | 30,000 | 5,400,000 | ||||||
|
|
| ||||||
| 21,920,220 | ||||||||
|
|
| ||||||
SPECIALTY RETAIL — 2.6% | ||||||||
TJX | 110,000 | 9,518,300 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | 352,526,535 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 2.9% | ||||||||
First American Treasury Obligation Fund 5.285% (A) | 10,610,528 | 10,610,528 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 99.8% | $ | 363,137,063 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $363,690,040. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2023. |
ADR — American Depository Receipt
Cl — Class
CMB-QH-007-3200
2
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.4% | ||||||||
| Shares | Value | |||||||
AUSTRALIA — 2.1% | ||||||||
Santos | 1,033,000 | $ | 5,523,174 | |||||
|
|
| ||||||
BELGIUM — 5.0% | ||||||||
KBC Group | 105,000 | 7,896,646 | ||||||
UCB | 61,000 | 5,400,462 | ||||||
|
|
| ||||||
| 13,297,108 | ||||||||
|
|
| ||||||
CANADA — 5.9% | ||||||||
Agnico Eagle Mines | 92,000 | 4,821,720 | ||||||
Canadian National Railway | 41,000 | 4,970,430 | ||||||
Suncor Energy | 193,000 | 6,038,970 | ||||||
|
|
| ||||||
| 15,831,120 | ||||||||
|
|
| ||||||
FRANCE — 10.1% | ||||||||
Air Liquide | 28,500 | 5,119,032 | ||||||
Airbus | 35,000 | 5,155,910 | ||||||
Capgemini | 30,500 | 5,528,230 | ||||||
LVMH Moet Hennessy Louis Vuitton | 5,200 | 4,848,950 | ||||||
Pernod Ricard | 29,000 | 6,396,262 | ||||||
|
|
| ||||||
| 27,048,384 | ||||||||
|
|
| ||||||
GERMANY — 12.8% | ||||||||
Bayer | 85,000 | 4,966,355 | ||||||
DHL Group | 126,000 | 6,472,479 | ||||||
Merck KGaA | 25,000 | 4,392,524 | ||||||
Puma | 83,000 | 5,606,949 | ||||||
RWE | 110,000 | 4,732,600 | ||||||
SAP | 58,000 | 7,933,150 | ||||||
|
|
| ||||||
| 34,104,057 | ||||||||
|
|
| ||||||
HONG KONG — 2.0% | ||||||||
AIA Group | 547,000 | 5,428,689 | ||||||
|
|
| ||||||
JAPAN — 13.6% | ||||||||
Chugai Pharmaceutical | 90,000 | 2,676,617 | ||||||
Hitachi | 109,000 | 7,123,902 | ||||||
Murata Manufacturing | 61,000 | 3,569,571 | ||||||
NIDEC CORP | 115,000 | 6,832,988 | ||||||
Sony Group | 55,000 | 5,147,612 | ||||||
Terumo | 171,000 | 5,590,419 | ||||||
Tokyo Electron Ltd. | 36,000 | 5,376,024 | ||||||
|
|
| ||||||
| 36,317,133 | ||||||||
|
|
| ||||||
NETHERLANDS — 2.9% | ||||||||
ING Groep | 538,000 | 7,855,569 | ||||||
|
|
| ||||||
SINGAPORE — 4.0% | ||||||||
DBS Group Holdings | 188,000 | 4,843,677 | ||||||
Singapore Telecommunications | 2,879,000 | 5,759,083 | ||||||
|
|
| ||||||
| 10,602,760 | ||||||||
|
|
| ||||||
SPAIN — 1.8% | ||||||||
Iberdrola | 380,000 | 4,744,255 | ||||||
|
|
| ||||||
SWITZERLAND — 9.7% | ||||||||
Nestle | 47,000 | 5,760,404 | ||||||
Novartis | 71,000 | 7,414,678 | ||||||
Roche Holding | 23,000 | 7,136,976 | ||||||
Zurich Insurance Group | 11,900 | 5,742,239 | ||||||
|
|
| ||||||
| 26,054,297 | ||||||||
|
|
| ||||||
TAIWAN — 2.0% | ||||||||
Taiwan Semiconductor Manufacturing ADR | 53,000 | 5,254,950 | ||||||
|
|
| ||||||
UNITED KINGDOM — 22.6% | ||||||||
BAE Systems | 288,000 | 3,442,502 | ||||||
Barclays | 3,008,000 | 5,981,952 | ||||||
Bunzl | 159,000 | 5,893,046 | ||||||
Compass Group | 188,000 | 4,890,543 | ||||||
1
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
UNITED KINGDOM — continued | ||||||||
Diageo | 126,000 | $ | 5,493,833 | |||||
Entain | 267,000 | 4,749,195 | ||||||
GSK | 289,000 | 5,135,322 | ||||||
Intertek Group | 102,000 | 5,709,937 | ||||||
London Stock Exchange Group | 60,000 | 6,515,830 | ||||||
Shell | 258,000 | 7,833,934 | ||||||
SSE | 213,000 | 4,607,378 | ||||||
|
|
| ||||||
| 60,253,472 | ||||||||
|
|
| ||||||
UNITED STATES — 1.9% | ||||||||
Liberty Media -Liberty Formula One, Cl C * | 71,000 | 5,154,600 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | 257,469,568 | |||||||
|
|
| ||||||
RIGHTS — 0.1% | ||||||||
Spain — 0.1% | ||||||||
Iberdrola* (A) | 398,000 | 134,038 | ||||||
|
|
| ||||||
TOTAL RIGHTS | 134,038 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 1.0% | ||||||||
First American Treasury Obligation Fund 5.285% (B) | 2,664,748 | 2,664,748 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 97.5% | $ | 260,268,354 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $266,978,405. |
| * | Non-income producing security. |
| (A) | Expiration date is unavailable. |
| (B) | The rate reported is the 7-day effective yield as of July 31, 2023. |
ADR — American Depositary Receipt
Cl — Class
CMB-QH-008-3200
2
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 96.5% | ||||||||
| Shares | Value | |||||||
AEROSPACE & DEFENSE — 3.8% | ||||||||
BWX Technologies | 30,000 | $ | 2,070,000 | |||||
Mercury Systems * | 42,200 | 1,602,756 | ||||||
|
|
| ||||||
| 3,672,756 | ||||||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.5% | ||||||||
Forward Air | 20,600 | 2,448,104 | ||||||
|
|
| ||||||
AUTO COMPONENTS — 2.6% | ||||||||
Gentex | 77,200 | 2,592,376 | ||||||
|
|
| ||||||
BANKS — 8.5% | ||||||||
Prosperity Bancshares | 29,300 | 1,855,276 | ||||||
Texas Capital Bancshares * | 37,100 | 2,368,835 | ||||||
United Bankshares | 55,700 | 1,862,608 | ||||||
United Community Banks | 75,100 | 2,183,157 | ||||||
|
|
| ||||||
| 8,269,876 | ||||||||
|
|
| ||||||
BIOTECHNOLOGY — 2.5% | ||||||||
Exelixis * | 122,500 | 2,414,475 | ||||||
|
|
| ||||||
BUILDING PRODUCTS — 2.3% | ||||||||
PGT Innovations * | 77,000 | 2,202,970 | ||||||
|
|
| ||||||
COMMERCIAL SERVICES & SUPPLIES — 1.7% | ||||||||
Healthcare Services Group * | 136,000 | 1,714,960 | ||||||
|
|
| ||||||
DIVERSIFIED CONSUMER SERVICES — 2.3% | ||||||||
Frontdoor * | 64,000 | 2,234,880 | ||||||
|
|
| ||||||
ELECTRIC UTILITIES — 2.3% | ||||||||
IDACORP | 22,100 | 2,272,322 | ||||||
|
|
| ||||||
ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.5% | ||||||||
Advanced Energy Industries | 19,550 | 2,447,269 | ||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SERVICES — 1.7% | ||||||||
NuVasive * | 39,600 | 1,631,916 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDER & SERVICES — 2.1% | ||||||||
AMN Healthcare Services * | 19,000 | 2,035,850 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 8.7% | ||||||||
Addus HomeCare * | 25,900 | 2,371,663 | ||||||
HealthEquity * | 32,400 | 2,201,256 | ||||||
Innovage Holding * | 261,000 | 1,879,200 | ||||||
US Physical Therapy | 18,100 | 2,104,487 | ||||||
|
|
| ||||||
| 8,556,606 | ||||||||
|
|
| ||||||
HEALTH CARE TECHNOLOGY — 2.0% | ||||||||
HealthStream | 88,000 | 1,978,240 | ||||||
|
|
| ||||||
HOTELS, RESTAURANTS & LEISURE — 2.2% | ||||||||
Monarch Casino & Resort | 30,600 | 2,121,192 | ||||||
|
|
| ||||||
HOUSEHOLD DURABLES — 2.5% | ||||||||
MDC Holdings | 47,000 | 2,410,160 | ||||||
|
|
| ||||||
INDUSTRIAL REITS — 2.2% | ||||||||
Innovative Industrial Properties, Cl A | 27,000 | 2,139,210 | ||||||
|
|
| ||||||
INSURANCE — 10.4% | ||||||||
Axis Capital Holdings | 38,100 | 2,100,072 | ||||||
First American Financial | 37,200 | 2,357,736 | ||||||
James River Group Holdings | 80,000 | 1,479,200 | ||||||
Reinsurance Group of America, Cl A | 13,800 | 1,936,830 | ||||||
RenaissanceRe Holdings | 12,480 | 2,330,765 | ||||||
|
|
| ||||||
| 10,204,603 | ||||||||
|
|
| ||||||
IT SERVICES — 1.0% | ||||||||
Perficient * | 14,579 | 929,994 | ||||||
|
|
| ||||||
1
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
LEISURE PRODUCTS — 1.7% | ||||||||
Johnson Outdoors, Cl A | 28,300 | $ | 1,673,096 | |||||
|
|
| ||||||
MACHINERY — 2.3% | ||||||||
Alamo Group | 11,500 | 2,228,240 | ||||||
|
|
| ||||||
MULTI-UTILITIES — 2.1% | ||||||||
Avista | 51,500 | 1,989,960 | ||||||
|
|
| ||||||
OIL, GAS & CONSUMABLE FUELS — 2.1% | ||||||||
Magnolia Oil & Gas, Cl A | 93,000 | 2,059,950 | ||||||
|
|
| ||||||
PROFESSIONAL SERVICES — 10.3% | ||||||||
Forrester Research * | 65,000 | 2,071,550 | ||||||
Insperity | 18,700 | 2,200,055 | ||||||
ManpowerGroup | 21,700 | 1,711,696 | ||||||
NV5 Global * | 20,100 | 2,201,955 | ||||||
WNS Holdings ADR * | 27,000 | 1,865,970 | ||||||
|
|
| ||||||
| 10,051,226 | ||||||||
|
|
| ||||||
REAL ESTATE INVESTMENT TRUSTS — 1.8% | ||||||||
NETSTREIT | 99,500 | 1,780,055 | ||||||
|
|
| ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.3% | ||||||||
Marcus & Millichap | 62,000 | 2,274,160 | ||||||
|
|
| ||||||
SEMI-CONDUCTORS & INSTRUMENTS — 6.7% | ||||||||
Diodes * | 23,900 | 2,258,311 | ||||||
Rambus * | 32,300 | 2,022,303 | ||||||
Universal Display | 15,300 | 2,231,964 | ||||||
|
|
| ||||||
| 6,512,578 | ||||||||
|
|
| ||||||
SOFTWARE — 3.4% | ||||||||
Cerence * | 55,000 | 1,529,550 | ||||||
Envestnet * | 29,100 | 1,803,618 | ||||||
|
|
| ||||||
| 3,333,168 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | 94,180,192 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 2.9% | ||||||||
First American Treasury Obligation Fund 5.285% (A) | 2,832,686 | 2,832,686 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 99.4% | $ | 97,012,878 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $97,555,365. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2023. |
ADR — American Depositary Receipt
Cl — Class
CMB-QH-009-3200
2
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 97.4% | ||||||||
| Shares | Value | |||||||
AEROSPACE & DEFENSE — 1.9% | ||||||||
Mercury Systems * | 91,210 | $ | 3,464,156 | |||||
|
|
| ||||||
AIR FREIGHT & LOGISTICS — 2.6% | ||||||||
Expeditors International of Washington | 37,690 | 4,797,937 | ||||||
|
|
| ||||||
AUTO COMPONENTS — 2.9% | ||||||||
Gentex | 158,140 | 5,310,341 | ||||||
|
|
| ||||||
BANKS — 2.6% | ||||||||
BOK Financial | 53,290 | 4,747,073 | ||||||
|
|
| ||||||
BIOTECHNOLOGY — 2.0% | ||||||||
Incyte * | 57,720 | 3,677,918 | ||||||
|
|
| ||||||
BUILDING PRODUCTS — 2.8% | ||||||||
Masco | 86,140 | 5,226,975 | ||||||
|
|
| ||||||
CAPITAL MARKETS — 2.6% | ||||||||
Cboe Global Markets | 34,690 | 4,845,499 | ||||||
|
|
| ||||||
CHEMICALS — 2.5% | ||||||||
FMC | 49,000 | 4,715,270 | ||||||
|
|
| ||||||
CONTAINERS & PACKAGING — 2.8% | ||||||||
Packaging Corp of America | 33,160 | 5,085,086 | ||||||
|
|
| ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8% | ||||||||
IPG Photonics * | 39,890 | 5,243,541 | ||||||
|
|
| ||||||
FINANCIAL SERVICES — 4.9% | ||||||||
Euronet Worldwide * | 49,600 | 4,358,352 | ||||||
WEX * | 25,330 | 4,796,236 | ||||||
|
|
| ||||||
| 9,154,588 | ||||||||
|
|
| ||||||
FOOD PRODUCT — 2.3% | ||||||||
Lamb Weston Holdings | 40,990 | 4,247,794 | ||||||
|
|
| ||||||
GAS UTILITIES — 2.7% | ||||||||
Atmos Energy | 41,740 | 5,080,175 | ||||||
|
|
| ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6% | ||||||||
Dentsply Sirona | 114,740 | 4,764,005 | ||||||
|
|
| ||||||
HEALTH CARE PROVIDERS & SERVICES — 8.0% | ||||||||
HealthEquity * | 83,840 | 5,696,090 | ||||||
Molina Healthcare * | 15,740 | 4,792,673 | ||||||
Quest Diagnostics | 31,850 | 4,306,438 | ||||||
|
|
| ||||||
| 14,795,201 | ||||||||
|
|
| ||||||
INSURANCE — 9.0% | ||||||||
American Financial Group | 33,250 | 4,043,532 | ||||||
Arch Capital Group * | 56,720 | 4,406,577 | ||||||
Fidelity National Financial | 105,360 | 4,126,951 | ||||||
Reinsurance Group of America, Cl A | 28,770 | 4,037,870 | ||||||
|
|
| ||||||
| 16,614,930 | ||||||||
|
|
| ||||||
IT SERVICES — 4.9% | ||||||||
Amdocs | 45,810 | 4,289,648 | ||||||
EPAM Systems * | 19,950 | 4,724,360 | ||||||
|
|
| ||||||
| 9,014,008 | ||||||||
|
|
| ||||||
LIFE SCIENCES TOOLS & SERVICES — 7.1% | ||||||||
Bruker | 60,180 | 4,135,570 | ||||||
Charles River Laboratories International * | 21,110 | 4,423,389 | ||||||
Waters * | 17,000 | 4,695,570 | ||||||
|
|
| ||||||
| 13,254,529 | ||||||||
|
|
| ||||||
MACHINERY — 4.9% | ||||||||
Lincoln Electric Holdings | 25,580 | 5,134,162 | ||||||
Toro | 38,150 | 3,877,947 | ||||||
|
|
| ||||||
| 9,012,109 | ||||||||
|
|
| ||||||
1
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
OIL, GAS & CONSUMABLE FUELS — 5.2% | ||||||||
Magnolia Oil & Gas, Cl A | 219,690 | $ | 4,866,134 | |||||
Targa Resources | 57,660 | 4,727,543 | ||||||
|
|
| ||||||
| 9,593,677 | ||||||||
|
|
| ||||||
PROFESSIONAL SERVICES — 5.8% | ||||||||
Booz Allen Hamilton Holding, Cl A | 46,270 | 5,602,372 | ||||||
Maximus | 61,140 | 5,121,086 | ||||||
|
|
| ||||||
| 10,723,458 | ||||||||
|
|
| ||||||
REAL ESTATE INVESTMENT TRUSTS — 5.0% | ||||||||
Americold Realty Trust | 158,580 | 5,141,163 | ||||||
NNN REIT | 95,810 | 4,089,171 | ||||||
|
|
| ||||||
| 9,230,334 | ||||||||
|
|
| ||||||
ROAD & RAIL — 2.8% | ||||||||
JB Hunt Transport Services | 25,800 | 5,261,652 | ||||||
|
|
| ||||||
SOFTWARE — 2.8% | ||||||||
Dolby Laboratories, Cl A | 58,120 | 5,150,013 | ||||||
|
|
| ||||||
SPECIALTY RETAIL — 1.9% | ||||||||
Burlington Stores * | 19,430 | 3,451,157 | ||||||
|
|
| ||||||
WATER UTILITIES — 2.0% | ||||||||
Essential Utilities | 86,410 | 3,654,279 | ||||||
|
|
| ||||||
TOTAL COMMON STOCK | 180,115,705 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 2.5% | ||||||||
First American Treasury Obligation Fund 5.285% (A) | 4,629,151 | 4,629,151 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 99.9% | $ | 184,744,856 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $184,903,965. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2023. |
Cl — Class
CMB-QH-011-2500
2
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL SMALL CAP FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 95.5% | ||||||||
| Shares | Value | |||||||
AUSTRALIA — 2.0% | ||||||||
Domino’s Pizza Enterprises | 2,200 | $ | 72,557 | |||||
|
|
| ||||||
AUSTRIA — 2.2% | ||||||||
BAWAG Group | 1,700 | 82,804 | ||||||
|
|
| ||||||
CANADA — 7.6% | ||||||||
CCL Industries | 2,100 | 100,680 | ||||||
Pason Systems | 9,100 | 90,817 | ||||||
Vermilion Energy | 6,400 | 89,207 | ||||||
|
|
| ||||||
| 280,704 | ||||||||
|
|
| ||||||
FAROE ISLANDS — 1.9% | ||||||||
Bakkafrost P | 1,200 | 70,034 | ||||||
|
|
| ||||||
FRANCE — 5.8% | ||||||||
Eurazeo | 1,200 | 73,227 | ||||||
Euroapi * | 6,200 | 72,328 | ||||||
Remy Cointreau | 400 | 68,675 | ||||||
|
|
| ||||||
| 214,230 | ||||||||
|
|
| ||||||
GERMANY — 12.6% | ||||||||
Hensoldt | 2,200 | 74,793 | ||||||
Puma | 1,300 | 87,820 | ||||||
Scout24 | 1,800 | 119,103 | ||||||
Stabilus | 1,500 | 85,514 | ||||||
TeamViewer * | 5,800 | 98,558 | ||||||
|
|
| ||||||
| 465,788 | ||||||||
|
|
| ||||||
GREECE — 2.1% | ||||||||
Motor Oil Hellas Corinth Refineries | 3,100 | 78,395 | ||||||
|
|
| ||||||
JAPAN — 20.2% | ||||||||
Daito Trust Construction | 1,000 | 107,475 | ||||||
Disco | 565 | 105,800 | ||||||
Jeol | 1,500 | 51,327 | ||||||
Kakaku.com | 4,800 | 71,630 | ||||||
Ryohin Keikaku | 6,100 | 79,088 | ||||||
Sanyo Denki | 2,100 | 106,280 | ||||||
Sundrug | 2,550 | 75,210 | ||||||
Taiyo Yuden | 2,700 | 80,356 | ||||||
UT Group * | 3,469 | 69,909 | ||||||
|
|
| ||||||
| 747,075 | ||||||||
|
|
| ||||||
LUXEMBOURG — 2.0% | ||||||||
B&M European Value Retail | 10,300 | 73,125 | ||||||
|
|
| ||||||
MEXICO — 2.1% | ||||||||
Coca-Cola Femsa ADR | 900 | 75,888 | ||||||
|
|
| ||||||
NETHERLANDS — 9.3% | ||||||||
Aalberts | 2,100 | 94,737 | ||||||
Euronext | 800 | 60,912 | ||||||
OCI | 3,300 | 93,902 | ||||||
QIAGEN * | 2,000 | 93,640 | ||||||
|
|
| ||||||
| 343,191 | ||||||||
|
|
| ||||||
SWEDEN — 4.6% | ||||||||
Cloetta | 42,300 | 75,708 | ||||||
Granges | 9,100 | 92,933 | ||||||
|
|
| ||||||
| 168,641 | ||||||||
|
|
| ||||||
SWITZERLAND — 1.9% | ||||||||
Bossard Holding | 300 | 70,008 | ||||||
|
|
| ||||||
UNITED KINGDOM — 21.2% | ||||||||
Britvic | 8,600 | 95,358 | ||||||
Centrica | 75,300 | 133,407 | ||||||
Coats Group | 87,300 | 78,426 | ||||||
1
THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL SMALL CAP FUND | |
| JULY 31, 2023 (UNAUDITED) | ||
| ||
COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
UNITED KINGDOM — continued | ||||||||
Diploma | 2,500 | $ | 103,887 | |||||
Greggs | 2,500 | 88,615 | ||||||
RS GROUP | 9,800 | 98,678 | ||||||
Tate & Lyle | 10,600 | 101,550 | ||||||
Virgin Money UK | 36,100 | 81,724 | ||||||
|
|
| ||||||
| 781,645 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | 3,524,085 | |||||||
|
|
| ||||||
SHORT-TERM INVESTMENT — 1.6% | ||||||||
First American Treasury Obligation Fund 5.285% (A) | 58,086 | 58,086 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS — 97.1% | $ | 3,582,171 | ||||||
|
|
| ||||||
Percentages are based on Net Assets of $3,688,071. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2023. |
ADR — American Depositary Receipt
CMB-QH-013-1800
2