THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 81.0% | Shares | Value | ||||||
AUSTRALIA — 4.0% | ||||||||
Newcrest Mining, Ltd. | 4,396,279 | $ | 85,462,053 | |||||
|
| |||||||
BRAZIL — 1.2% | ||||||||
Centrais Eletricas Brasileiras SA | 3,274,011 | 24,905,931 | ||||||
|
| |||||||
BURKINA FASO — 0.3% | ||||||||
IAMGOLD * | 2,103,583 | 5,763,817 | ||||||
|
| |||||||
CANADA — 26.2% | ||||||||
Artemis Gold *† | 2,844,410 | 14,249,409 | ||||||
Bear Creek Mining Corp. * (A) | 3,438,692 | 4,244,618 | ||||||
Cameco Corp. | 4,183,043 | 74,458,165 | ||||||
Cenovus Energy, Inc. | 3,342,734 | 27,891,841 | ||||||
Centerra Gold, Inc. (A) | 8,285,900 | 66,613,961 | ||||||
Crescent Point Energy Corp. | 1,888,449 | 6,902,314 | ||||||
Denison Mines Corp. * | 5,131,308 | 5,552,473 | ||||||
Dundee Corp., Cl A * (A) | 2,419,423 | 3,316,138 | ||||||
Equinox Gold * | 2,294,025 | 15,960,353 | ||||||
Fission Uranium Corp. * (A) | 15,608,000 | 6,755,627 | ||||||
Gabriel Resources, Ltd. * (A) | 60,679,056 | 13,131,889 | ||||||
Gabriel Resources, Ltd. *(B) | 3,471,971 | 751,389 | ||||||
International Tower Hill Mines, Ltd. * (A) | 5,411,583 | 5,465,699 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 3,789,785 | 28,128,734 | ||||||
MEG Energy Corp. * | 4,604,102 | 29,375,322 | ||||||
New Gold, Inc. * | 3,589,222 | 5,886,324 | ||||||
NexGen Energy, Ltd. * (A) | 10,542,974 | 44,534,685 | ||||||
Northern Dynasty Minerals, Ltd. (CAD) * (A) | 2,873,848 | 1,243,891 | ||||||
Northern Dynasty Minerals, Ltd. (USD) * (A) | 11,239,386 | 4,859,910 | ||||||
Novagold Resources, Inc. * | 1,520,150 | 11,887,573 | ||||||
Pan American Silver Corp. | 648,875 | 18,219,054 | ||||||
Seabridge Gold, Inc. (CAD) * (A) | 1,531,284 | 27,726,600 | ||||||
Seabridge Gold, Inc. (USD) * (A) | 835,032 | 15,122,430 | ||||||
Sprott, Inc. (A) | 499,958 | 18,425,833 | ||||||
Turquoise Hill Resources, Ltd. * (A) | 4,661,916 | 77,853,997 | ||||||
Western Copper & Gold * | 1,335,363 | 2,568,829 |
1
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
CANADA — continued | ||||||||
Wheaton Precious Metals Corp. | 579,998 | $ | 26,766,908 | |||||
|
| |||||||
557,893,966 | ||||||||
|
| |||||||
CHINA — 1.7% | ||||||||
China Mobile, Ltd. | 3,218,500 | 19,817,559 | ||||||
China Shenhua Energy Co., Ltd., Cl H | 4,244,000 | 8,028,001 | ||||||
Guangshen Railway Co., Ltd., Cl H (A) | 42,448,679 | 7,319,539 | ||||||
Hi Sun Technology China * | 984,000 | 164,609 | ||||||
|
| |||||||
35,329,708 | ||||||||
|
| |||||||
FRANCE — 2.2% | ||||||||
Carrefour | 465,495 | 8,647,376 | ||||||
Electricite de France SA | 3,178,539 | 38,704,733 | ||||||
|
| |||||||
47,352,109 | ||||||||
|
| |||||||
GREECE — 0.2% | ||||||||
Tsakos Energy Navigation, Ltd. (A) | 428,350 | 3,405,383 | ||||||
|
| |||||||
HONG KONG — 0.3% | ||||||||
CK Hutchison Holdings | 470,500 | 3,438,925 | ||||||
Luks Group Vietnam Holdings Co., Ltd. (A) | 9,255,000 | 1,810,234 | ||||||
|
| |||||||
5,249,159 | ||||||||
|
| |||||||
JAPAN — 7.4% | ||||||||
Fukuda Corp. | 78,700 | 3,551,023 | ||||||
Icom | 69,500 | 1,515,373 | ||||||
Inpex Corp. | 2,573,500 | 18,180,233 | ||||||
Japan Petroleum Exploration Co., Ltd. | 329,800 | 5,462,346 | ||||||
Japan Steel Works, Ltd. | 264,363 | 6,448,525 | ||||||
Kamigumi Co., Ltd. | 468,950 | 9,840,234 | ||||||
Kato Sangyo | 85,100 | 2,579,258 | ||||||
KYORIN Holdings | 559,600 | 9,033,787 | ||||||
Mitsubishi Corp. | 1,334,500 | 37,247,518 | ||||||
Mitsui & Co., Ltd. | 1,296,500 | 29,539,235 | ||||||
Organo Corp. | 162,900 | 9,310,269 | ||||||
Suzuken Co., Ltd. | 536,700 | 15,410,464 | ||||||
Tachi-S Co., Ltd., Cl S | 152,100 | 2,017,278 | ||||||
Toho Holdings | 57,200 | 955,202 |
2
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
JAPAN — continued | ||||||||
West Japan Railway Co. | 124,800 | $ | 6,731,157 | |||||
|
| |||||||
157,821,902 | ||||||||
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| |||||||
KAZAKHSTAN — 1.9% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 287,838 | 4,294,543 | ||||||
NAC Kazatomprom JSC GDR (B) | 1,110,803 | 27,658,995 | ||||||
NAC Kazatomprom JSC GDR | 371,681 | 9,254,857 | ||||||
|
| |||||||
41,208,395 | ||||||||
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| |||||||
LEBANON — 0.0% | ||||||||
Solidere ADR *(C)(D) | 174,732 | 769,782 | ||||||
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| |||||||
MALAYSIA — 0.1% | ||||||||
Oriental Holdings | 1,951,600 | 2,349,319 | ||||||
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NORWAY — 0.7% | ||||||||
Stolt-Nielsen, Ltd. (E) | 1,056,853 | 14,426,721 | ||||||
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| |||||||
RUSSIA — 14.2% | ||||||||
Etalon Group GDR (A)(E) | 8,806,246 | 14,459,856 | ||||||
Federal Grid Unified Energy System PJSC | 17,511,927,373 | 48,127,798 | ||||||
Gazprom PJSC | 15,697,448 | 61,112,608 | ||||||
Gazprom PJSC ADR | 2,411,391 | 18,770,268 | ||||||
Lenta PLC GDR *(E) | 4,693,768 | 14,949,651 | ||||||
LSR Group PJSC, Cl A | 1,523,586 | 15,872,477 | ||||||
Moscow Exchange MICEX-RTS PJSC | 1,970,115 | 4,663,228 | ||||||
Polyus PJSC GDR | 428,247 | 41,240,186 | ||||||
RusHydro PJSC | 4,560,487,688 | 50,266,293 | ||||||
RusHydro PJSC ADR | 459,437 | 493,435 | ||||||
Sberbank of Russia PJSC | 5,733,595 | 24,011,040 | ||||||
VTB Bank PJSC | 13,971,270,000 | 9,302,242 | ||||||
|
| |||||||
303,269,082 | ||||||||
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| |||||||
SINGAPORE — 3.0% | ||||||||
First Resources, Ltd. | 20,695,300 | 20,772,433 | ||||||
Golden Agri-Resources, Ltd. (A) | 231,860,800 | 39,357,898 | ||||||
Yoma Strategic Holdings | 34,505,100 | 3,488,836 | ||||||
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| |||||||
63,619,167 | ||||||||
|
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3
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
SOUTH AFRICA — 1.2% | ||||||||
Gold Fields, Ltd. | 1,802,074 | $ | 17,630,529 | |||||
Harmony Gold Mining ADR | 1,266,419 | 5,192,318 | ||||||
Impala Platinum Holdings, Ltd. | 182,378 | 3,286,383 | ||||||
|
| |||||||
26,109,230 | ||||||||
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| |||||||
SOUTH KOREA — 7.6% | ||||||||
DL E&C * | 40,620 | 5,173,510 | ||||||
GS Holdings | 129,241 | 4,808,967 | ||||||
Hankook Tire Worldwide Co., Ltd. | 581,645 | 9,076,747 | ||||||
Korea Electric Power Corp. | 511,590 | 11,074,628 | ||||||
Korea Electric Power Corp. ADR | 230,374 | 2,481,128 | ||||||
Korean Reinsurance | 718,002 | 5,948,758 | ||||||
KT Corp. | 2,131,718 | 62,640,355 | ||||||
KT Corp. ADR | 742,473 | 10,684,187 | ||||||
LG Corp. | 75,451 | 6,179,078 | ||||||
LG Uplus | 3,245,257 | 41,050,632 | ||||||
LX Holdings * | 36,588 | 332,401 | ||||||
Pyeong Hwa Automotive | 297,194 | 2,816,270 | ||||||
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162,266,661 | ||||||||
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SRI LANKA — 0.3% | ||||||||
Hemas Holdings PLC (A) | 16,019,905 | 6,335,692 | ||||||
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THAILAND — 0.2% | ||||||||
Kasikornbank PLC | 1,338,500 | 4,194,584 | ||||||
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TURKEY — 0.7% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi REIT | 20,826,230 | 4,498,426 | ||||||
Turkiye Halk Bankasi AS | 19,576,264 | 10,664,022 | ||||||
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15,162,448 | ||||||||
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| |||||||
UKRAINE — 2.3% | ||||||||
Astarta Holding NV (A)(E) | 659,000 | 8,176,561 | ||||||
Kernel Holding SA (A) | 1,596,641 | 22,089,803 | ||||||
MHP SE (LSE Shares) GDR (A)(E) | 3,342,148 | 18,114,442 | ||||||
MHP SE (USD Shares) GDR (A)(B)(E) | 44,627 | 241,878 | ||||||
|
| |||||||
48,622,684 | ||||||||
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|
4
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
UNITED KINGDOM — 1.6% | ||||||||
Fresnillo PLC | 1,731,633 | $ | 19,693,949 | |||||
Yellow Cake PLC * (A)(B) | 3,856,532 | 15,063,322 | ||||||
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34,757,271 | ||||||||
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UNITED STATES — 3.7% | ||||||||
Range Resources Corp. * | 2,296,316 | 34,972,893 | ||||||
Royal Gold, Inc. | 79,772 | 9,693,893 | ||||||
Southwestern Energy Co. * | 7,015,968 | 33,045,209 | ||||||
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77,711,995 | ||||||||
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TOTAL COMMON STOCK | ||||||||
(Cost $1,380,724,914) | 1,724,167,059 | |||||||
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UNIT TRUST FUND — 1.3% | Shares | Value | ||||||
CANADA — 1.3% | ||||||||
Sprott Physical Uranium Trust | 3,059,105 | 28,320,505 | ||||||
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TOTAL UNIT TRUST FUND | ||||||||
(Cost $21,918,205) | 28,320,505 | |||||||
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PREFERRED STOCK — 1.1% | ||||||||
GERMANY — 0.2% | ||||||||
Draegerwerk & KGaA 0.900% | 36,160 | 3,324,357 | ||||||
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SOUTH KOREA — 0.9% | ||||||||
Hyundai Motor Co. 4.170% | 217,375 | 19,653,988 | ||||||
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TOTAL PREFERRED STOCK | ||||||||
(Cost $15,701,522) | 22,978,345 | |||||||
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RIGHTS — 0.1% | Number of Rights | |||||||
CANADA — 0.1% | ||||||||
Pan American Silver Corp., Expires 02/22/29#(C)(D)(E) | 2,532,384 | 2,101,879 | ||||||
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TOTAL RIGHTS | ||||||||
(Cost $–) | 2,101,879 | |||||||
|
|
5
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
CONVERTIBLE BONDS — 0.0% | Face Amount | Value | ||||||
INDIA — 0.0% | ||||||||
REI Agro, Ltd., CV to 1,007 Shares | $ | 723,000 | $ | — | ||||
|
| |||||||
TOTAL CONVERTIBLE BOND | ||||||||
(Cost $723,000) | — | |||||||
|
| |||||||
SHORT TERM INVESTMENT — 0.3% | Shares | |||||||
Dreyfus Treasury Securities Cash Management Fund, | 6,152,260 | 6,152,260 | ||||||
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TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $6,152,260) | 6,152,260 | |||||||
|
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PURCHASED OPTION — 0.2% | Value | |||||||
UNITED STATES — 0.2% *(H) | ||||||||
TOTAL PURCHASED OPTIONS | ||||||||
(Cost $10,763,172) | 4,100,670 | |||||||
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| |||||||
TOTAL INVESTMENTS— 84.0% | ||||||||
(Cost $1,435,983,073) | 1,787,640,718 | |||||||
|
| |||||||
Other Assets and Liabilities, Net — 16.0% | 341,430,033 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,129,070,751 | ||||||
|
|
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||||
PURCHASED OPTION — 0.2% |
| |||||||||||||||||||
Put Options | ||||||||||||||||||||
August 21 Puts on SPX* | 1,449 | $ | 636,873,174 | $ | 4,300.00 | 08/20/21 | $ | 4,100,670 | ||||||||||||
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| |||||||||||||||||
TOTAL PURCHASED | ||||||||||||||||||||
(Cost $10,763,172) | $ | 636,873,174 | $ | 4,100,670 | ||||||||||||||||
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|
* | Non-income producing security. |
† | Restricted Equity. |
# | Rate unavailable. |
(A) | Affiliated investment. |
(B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $43,715,584 and represents 2.1% of Net Assets. |
6
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
(C) | Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of July 31, 2021 was $2,871,661 and represented 0.1% of Net Assets. |
(D) | Level 3 security in accordance with fair value hierarchy. |
(E) | Securities considered illiquid. The total value of such securities as of July 31, 2021 was $72,470,988 and represented 3.4% of Net Assets. |
(F) | Security in default on interest payments. |
(G) | The rate reported is the 7-day effective yield as of July 31, 2021. |
(H) | Refer to table below for details on Options Contracts. |
ADR — American Depositary Receipt
CAD — Canadian Dollar
Cl — Class
CV — Convertible
GDR — Global Depositary Receipt
JSC — Joint Stock Company
LSE — London Stock Exchange
Ltd. — Limited
PJSC — Public Joint Stock Company
PLC — Public Limited Company
REIT — Real Estate Investment Trust
USD — United States Dollar
The list of inputs used to value the Fund’s investments as of July 31, 2021 is as follows:
Investments in | Level 1 | Level 2 | Level 3† | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 85,462,053 | $ | — | $ | — | $ | 85,462,053 | ||||||||
Brazil | 24,905,931 | — | — | 24,905,931 | ||||||||||||
Burkina Faso | 5,763,817 | — | — | 5,763,817 | ||||||||||||
Canada | 557,142,577 | 751,389 | — | 557,893,966 | ||||||||||||
China | 35,329,708 | — | — | 35,329,708 | ||||||||||||
France | 47,352,109 | — | — | 47,352,109 | ||||||||||||
Greece | 3,405,383 | — | — | 3,405,383 | ||||||||||||
Hong Kong | 5,249,159 | — | — | 5,249,159 | ||||||||||||
Japan | 157,821,902 | — | — | 157,821,902 | ||||||||||||
Kazakhstan | 41,208,395 | — | — | 41,208,395 | ||||||||||||
Lebanon | — | — | 769,782 | 769,782 | ||||||||||||
Malaysia | 2,349,319 | — | — | 2,349,319 | ||||||||||||
Norway | 14,426,721 | — | — | 14,426,721 | ||||||||||||
Russia | 303,269,082 | — | — | 303,269,082 | ||||||||||||
Singapore | 63,619,167 | — | — | 63,619,167 |
7
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
Investments in | Level 1 | Level 2 | Level 3† | Total | ||||||||||||
South Africa | $ | 26,109,230 | $ | — | $ | — | $ | 26,109,230 | ||||||||
South Korea | 162,266,661 | — | — | 162,266,661 | ||||||||||||
Sri Lanka | 6,335,692 | — | — | 6,335,692 | ||||||||||||
Thailand | 4,194,584 | — | — | 4,194,584 | ||||||||||||
Turkey | 15,162,448 | — | — | 15,162,448 | ||||||||||||
Ukraine | 48,622,684 | — | — | 48,622,684 | ||||||||||||
United Kingdom | 34,757,271 | — | — | 34,757,271 | ||||||||||||
United States | 77,711,995 | — | — | 77,711,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 1,722,465,888 | 751,389 | 769,782 | 1,723,987,059 | ||||||||||||
Unit Trust Fund | ||||||||||||||||
Canada | 28,320,505 | — | — | 28,320,505 | ||||||||||||
Preferred Stock | ||||||||||||||||
Germany | 3,324,357 | — | — | 3,324,357 | ||||||||||||
South Korea | 19,653,988 | — | — | 19,653,988 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | 22,978,345 | — | — | 22,978,345 | ||||||||||||
Rights | ||||||||||||||||
Canada | — | — | 2,101,879 | 2,101,879 | ||||||||||||
Convertible Bond | ||||||||||||||||
India | — | — | — | — | ||||||||||||
Short Term Investment | 6,152,260 | — | — | 6,152,260 | ||||||||||||
Purchased Option | ||||||||||||||||
United States | 4,100,670 | — | — | 4,100,670 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,784,017,668 | $ | 751,389 | $ | 2,871,661 | $ | 1,787,640,718 | ||||||||
|
|
|
|
|
|
|
|
†A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended July 31, 2021, there were transfers in or out of Level 3.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.
The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
8
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2021 (Unaudited) |
Value as of 10/31/2020 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2021 | Dividend/ Interest Income | ||||||||||||||||||||||
Astarta Holding NV | ||||||||||||||||||||||||||||
$ 3,019,537 | $ | 43,395 | $ | – | $ | – | $ | 5,113,629 | $ | 8,176,561 | $ | 401,056 | ||||||||||||||||
Bear Creek Mining Corp. | ||||||||||||||||||||||||||||
6,404,652 | 1,533,060 | – | – | (3,693,094 | ) | 4,244,618 | – | |||||||||||||||||||||
Centerra Gold, Inc. | ||||||||||||||||||||||||||||
24,918,922 | 45,097,944 | – | – | (3,402,905 | ) | 66,613,961 | 646,530 | |||||||||||||||||||||
Dundee Corp., Cl A | ||||||||||||||||||||||||||||
2,578,684 | – | – | – | 737,454 | 3,316,138 | – | ||||||||||||||||||||||
Etalon Group GDR | ||||||||||||||||||||||||||||
9,908,881 | 4,311,065 | 184,038 | (184,039 | ) | 239,911 | 14,459,856 | 998,674 | |||||||||||||||||||||
Fission Uranium Corp. | ||||||||||||||||||||||||||||
2,954,025 | 155,623 | – | – | 3,645,979 | 6,755,627 | – | ||||||||||||||||||||||
Gabriel Resources, Ltd. | ||||||||||||||||||||||||||||
1,141,284 | 12,524,193 | – | – | (533,588 | ) | 13,131,889 | – | |||||||||||||||||||||
Golden Agri-Resources, Ltd. | ||||||||||||||||||||||||||||
25,605,670 | 45,989 | (2,427,658 | ) | (2,513,216 | ) | 18,647,113 | 39,357,898 | 834,908 | ||||||||||||||||||||
Guangshen Railway Co., Ltd., Cl H | ||||||||||||||||||||||||||||
7,074,949 | – | – | – | 244,590 | 7,319,539 | – | ||||||||||||||||||||||
Hemas Holdings PLC | ||||||||||||||||||||||||||||
5,937,521 | – | – | – | 398,171 | 6,335,692 | 151,046 | ||||||||||||||||||||||
International Tower Hill Mines, Ltd. | ||||||||||||||||||||||||||||
4,603,874 | 2,703,053 | – | – | (1,841,228 | ) | 5,465,699 | – | |||||||||||||||||||||
Kernel Holding SA | ||||||||||||||||||||||||||||
12,606,122 | 4,174,616 | – | – | 5,309,065 | 22,089,803 | – | ||||||||||||||||||||||
Luks Group Vietnam Holdings Co., Ltd. | ||||||||||||||||||||||||||||
1,469,111 | – | – | – | 341,123 | 1,810,234 | 35,764 | ||||||||||||||||||||||
MHP SE (LSE Shares) GDR | ||||||||||||||||||||||||||||
13,787,263 | 4,979,780 | – | – | (652,601 | ) | 18,114,442 | 803,118 | |||||||||||||||||||||
MHP SE (USD Shares) GDR | ||||||||||||||||||||||||||||
245,786 | – | – | – | (3,908 | ) | 241,878 | 10,724 | |||||||||||||||||||||
NexGen Energy, Ltd. | ||||||||||||||||||||||||||||
17,324,708 | 7,264,491 | (5,703,475 | ) | 1,453,380 | 24,195,581 | 44,534,685 | – | |||||||||||||||||||||
Northern Dynasty Minerals, Ltd. (CAD) | ||||||||||||||||||||||||||||
2,566,899 | – | – | – | (1,323,008 | ) | 1,243,891 | – | |||||||||||||||||||||
Northern Dynasty Minerals, Ltd. (USD) | ||||||||||||||||||||||||||||
9,692,206 | 236,058 | – | – | (5,068,354 | ) | 4,859,910 | – | |||||||||||||||||||||
Seabridge Gold, Inc. (CAD) | ||||||||||||||||||||||||||||
29,515,404 | – | – | – | (1,788,804 | ) | 27,726,600 | – | |||||||||||||||||||||
Seabridge Gold, Inc. (USD) | ||||||||||||||||||||||||||||
2,646,844 | 12,239,592 | – | – | 235,994 | 15,122,430 | – | ||||||||||||||||||||||
Sprott Physical Uranium Trust | ||||||||||||||||||||||||||||
— | 21,918,205 | – | – | 6,402,300 | 28,320,505 | – | ||||||||||||||||||||||
Sprott, Inc. | ||||||||||||||||||||||||||||
10,628,814 | 6,860,919 | (4,086,663 | ) | 1,469,871 | 3,552,892 | 18,425,833 | 384,494 | |||||||||||||||||||||
Tsakos Energy Navigation, Ltd. | ||||||||||||||||||||||||||||
3,328,283 | – | – | (9 | ) | 77,109 | 3,405,383 | 96,379 |
9
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
Value as of 10/31/2020 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2021 | Dividend/ Interest Income | ||||||||||||||||||||||
Turquoise Hill Resources, Ltd. | ||||||||||||||||||||||||||||
$ 24,101,824 | $ | 32,589,062 | $ | (12,512,750 | ) | $ | (8,071,643 | ) | $ | 41,747,504 | $ | 77,853,997 | $ | – | ||||||||||||||
Yellow Cake PLC | ||||||||||||||||||||||||||||
7,376,866 | 3,085,807 | (71,403 | ) | 15,922 | 4,656,130 | 15,063,322 | – | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||
$ 229,438,129 | $ | 159,762,852 | $ | (24,617,911 | ) | $ | (7,829,734 | ) | $ | 97,237,055 | $ | 453,990,391 | $ | 4,362,693 | ||||||||||||||
|
|
Amounts designated as “—” are either $0 or have been rounded to $0.
KGI-QH-001-1600
10
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 73.8% | Shares | Value | ||||||
AUSTRALIA — 4.3% | ||||||||
Newcrest Mining, Ltd. | 1,051,250 | $ | 20,435,915 | |||||
|
| |||||||
BRAZIL — 0.5% | ||||||||
Centrais Eletricas Brasileiras SA | 317,360 | 2,414,209 | ||||||
|
| |||||||
CANADA — 20.3% | ||||||||
Cameco Corp. | 911,986 | 16,233,351 | ||||||
Cenovus Energy, Inc. | 1,001,613 | 8,357,480 | ||||||
Centerra Gold, Inc. (A) | 581,435 | 4,674,409 | ||||||
Crescent Point Energy Corp. | 740,283 | 2,705,747 | ||||||
Equinox Gold * | 511,031 | 3,555,426 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 1,167,690 | 8,666,888 | ||||||
MEG Energy Corp. * | 1,062,795 | 6,780,898 | ||||||
New Gold, Inc. * | 1,043,994 | 1,712,150 | ||||||
Novagold Resources, Inc. * | 975,058 | 7,624,953 | ||||||
Pan American Silver Corp. | 160,508 | 4,506,729 | ||||||
Tourmaline Oil Corp. | 44,953 | 1,227,236 | ||||||
Turquoise Hill Resources, Ltd. * (A) | 997,943 | 16,665,648 | ||||||
Wheaton Precious Metals Corp. | 310,641 | 14,336,082 | ||||||
|
| |||||||
97,046,997 | ||||||||
|
| |||||||
CHINA — 6.2% | ||||||||
China Mobile, Ltd. | 1,081,500 | 6,659,217 | ||||||
China Shenhua Energy Co., Ltd., Cl H | 1,205,000 | 2,279,392 | ||||||
China Telecom Corp, Ltd., Cl H | 41,840,000 | 17,013,492 | ||||||
Guangshen Railway Co., Ltd., Cl H (A) | 8,914,000 | 1,537,065 | ||||||
PAX Global Technology, Ltd. | 1,959,000 | 2,117,525 | ||||||
|
| |||||||
29,606,691 | ||||||||
|
| |||||||
FRANCE — 0.9% | ||||||||
Carrefour | 106,267 | 1,974,094 | ||||||
Electricite de France SA | 165,293 | 2,012,755 | ||||||
|
| |||||||
3,986,849 | ||||||||
|
| |||||||
HONG KONG — 0.7% | ||||||||
CK Hutchison Holdings | 14,500 | 105,982 | ||||||
K Wah International Holdings, Ltd. | 4,783,000 | 2,160,340 |
1
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
HONG KONG — continued | ||||||||
SJM Holdings, Ltd. | 1,046,000 | $ | 942,203 | |||||
|
| |||||||
3,208,525 | ||||||||
|
| |||||||
JAPAN — 5.2% | ||||||||
Inpex Corp. | 610,100 | 4,309,990 | ||||||
Kamigumi Co., Ltd. | 160,600 | 3,369,958 | ||||||
Mitsubishi Corp. | 113,000 | 3,153,967 | ||||||
Mitsui & Co., Ltd. | 150,300 | 3,424,410 | ||||||
Suzuken Co., Ltd. | 155,200 | 4,456,315 | ||||||
TS Tech | 221,300 | 3,267,909 | ||||||
West Japan Railway Co. | 52,700 | 2,842,404 | ||||||
|
| |||||||
24,824,953 | ||||||||
|
| |||||||
KAZAKHSTAN — 2.9% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 59,659 | 890,112 | ||||||
NAC Kazatomprom JSC GDR | 188,604 | 4,696,240 | ||||||
NAC Kazatomprom JSC GDR (B) | 335,296 | 8,348,870 | ||||||
|
| |||||||
13,935,222 | ||||||||
|
| |||||||
NETHERLANDS — 0.3% | ||||||||
AerCap Holdings * | 22,732 | 1,204,796 | ||||||
|
| |||||||
RUSSIA — 17.1% | ||||||||
Federal Grid Unified Energy System PJSC | 1,075,735,233 | 2,956,429 | ||||||
Gazprom Neft PJSC | 1,555,350 | 9,044,766 | ||||||
Gazprom PJSC | 4,963,460 | 19,323,522 | ||||||
Lenta PLC GDR *(C) | 1,020,940 | 3,251,694 | ||||||
LSR Group PJSC, Cl A | 310,416 | 3,233,865 | ||||||
Magnit PJSC | 28,521 | 2,087,689 | ||||||
Moscow Exchange MICEX-RTS PJSC | 1,020,899 | 2,416,450 | ||||||
PhosAgro PJSC | 33,416 | 2,102,898 | ||||||
Polyus PJSC GDR | 147,820 | 14,235,066 | ||||||
RusHydro PJSC | 607,242,397 | 6,693,105 | ||||||
Sberbank of Russia PJSC | 2,315,884 | 9,698,415 | ||||||
VEON ADR | 2,721,110 | 4,761,943 | ||||||
VTB Bank PJSC | 2,893,120,000 | 1,926,275 | ||||||
|
| |||||||
81,732,117 | ||||||||
|
|
2
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
SINGAPORE — 2.3% | ||||||||
Golden Agri-Resources, Ltd. (A) | 64,139,400 | $ | 10,887,532 | |||||
|
| |||||||
SOUTH AFRICA — 2.0% | ||||||||
Gold Fields, Ltd. | 371,796 | 3,637,453 | ||||||
Harmony Gold Mining ADR | 543,704 | 2,229,187 | ||||||
Impala Platinum Holdings, Ltd. | 207,728 | 3,743,180 | ||||||
|
| |||||||
9,609,820 | ||||||||
|
| |||||||
SOUTH KOREA — 7.9% | ||||||||
DL E&C * | 27,385 | 3,487,852 | ||||||
GS Holdings | 26,444 | 983,963 | ||||||
Hyundai Mobis, Co., Ltd. | 8,486 | 1,966,111 | ||||||
Korea Electric Power Corp. | 110,717 | 2,396,743 | ||||||
Korea Electric Power Corp. ADR | 321,870 | 3,466,540 | ||||||
KT Corp. | 184,879 | 5,432,654 | ||||||
KT Corp. ADR | 617,885 | 8,891,365 | ||||||
LG Corp. | 25,127 | 2,057,782 | ||||||
LG Uplus | 717,118 | 9,071,129 | ||||||
LX Holdings * | 9,426 | 85,635 | ||||||
|
| |||||||
37,839,774 | ||||||||
|
| |||||||
UKRAINE — 0.7% | ||||||||
MHP SA GDR (A)(C) | 609,384 | 3,302,861 | ||||||
|
| |||||||
UNITED KINGDOM — 1.2% | ||||||||
Fresnillo PLC | 503,169 | 5,722,567 | ||||||
|
| |||||||
UNITED STATES — 1.3% | ||||||||
Royal Gold, Inc. | 52,303 | 6,355,861 | ||||||
|
| |||||||
TOTAL COMMON STOCK | 352,114,689 | |||||||
|
| |||||||
| ||||||||
PREFERRED STOCK — 0.6% | ||||||||
SOUTH KOREA — 0.6% | ||||||||
Hyundai Motor Co. 4.170% | 33,050 | 2,988,220 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK | 2,988,220 | |||||||
|
|
3
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
SHORT TERM INVESTMENT — 1.3% | Shares | Value | ||||||
Dreyfus Treasury Securities Cash Management Fund, 1.240%(D) | 6,000,000 | 6,000,000 | ||||||
|
| |||||||
TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $6,000,000) | $ | 6,000,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS— 75.7% | ||||||||
(Cost $293,750,606) | 361,102,909 | |||||||
|
| |||||||
Other Assets and Liabilities, Net — 24.3% | 116,154,298 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 477,257,207 | ||||||
|
|
* | Non-income producing security. |
(A) | Affiliated investment. |
(B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $8,348,870 and represents 1.7% of Net Assets. |
(C) | Securities considered illiquid. The total value of such securities as of July 31, 2021 was $6,554,555 and represented 1.4% of Net Assets. |
(D) | The rate reported is the 7-day effective yield as of July 31, 2021. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company
Ltd. — Limited
PJSC — Public Joint Stock Company
PLC — Public Limited Company
As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
There were no transfers in or out of Level 3 for the period ended July 31, 2021.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.
4
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2021 (Unaudited) |
The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
Value as of 10/31/2020 | Purchases at Cost | Proceeds from Sale | Realized Loss | Change in (Depreciation) | Value as of 7/31/2021 | Dividend/ Interest Income | ||||||||||||||||||||||
Centerra Gold, Inc. | ||||||||||||||||||||||||||||
$ | — | $ | 5,078,235 | $ | – | $ | – | $ | (403,826 | ) | $ | 4,674,409 | $ | 19,945 | ||||||||||||||
Golden Agri-Resources, Ltd. | ||||||||||||||||||||||||||||
736,248 | 8,070,043 | – | – | 2,081,241 | 10,887,532 | 153,044 | ||||||||||||||||||||||
Guangshen Railway Co., Ltd., Cl H | ||||||||||||||||||||||||||||
— | 1,676,471 | – | – | (139,406 | ) | 1,537,065 | – | |||||||||||||||||||||
MHP SA GDR | ||||||||||||||||||||||||||||
3,270,264 | 82,687 | – | – | (50,090 | ) | 3,302,861 | 144,039 | |||||||||||||||||||||
Turquoise Hill Resources, Ltd. | ||||||||||||||||||||||||||||
6,092,848 | 7,107,789 | (3,602,421 | ) | (666,595 | ) | 7,734,027 | 16,665,648 | – | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||
$ 10,099,360 | $ | 22,015,225 | $ | (3,602,421 | ) | $ | (666,595 | ) | $ | 9,221,946 | $ | 37,067,515 | $ | 317,028 | ||||||||||||||
|
|
Amounts designated as “—” are either $0 or have been rounded to $0.
KGI-QH-002-1300
5