THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY MASTER FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS |
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COMMON STOCK — 94.2% |
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Shares | Value | |||||||
AUSTRALIA — 1.6% |
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Adbri Ltd | 966,590 | $ | 2,224,153 | |||||
National Australia Bank Ltd | 226,655 | 4,484,879 | ||||||
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6,709,032 | ||||||||
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BRAZIL — 2.9% |
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Ambev SA ADR | 2,665,300 | 7,356,228 | ||||||
Banco Bradesco SA ADR | 1,337,872 | 5,124,050 | ||||||
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12,480,278 | ||||||||
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CANADA — 3.4% |
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Alimentation Couche-Tard, Cl B | 103,100 | 3,943,818 | ||||||
Bank of Nova Scotia | 83,787 | 5,156,123 | ||||||
Saputo Inc | 131,000 | 3,330,710 | ||||||
Stella-Jones | 59,300 | 1,996,405 | ||||||
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14,427,056 | ||||||||
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CHINA — 0.3% |
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Alibaba Group Holding * | 77,800 | 1,437,180 | ||||||
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DENMARK — 0.5% |
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Bakkafrost P | 26,344 | 2,181,050 | ||||||
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FINLAND — 1.4% |
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Nokian Renkaat OYJ | 173,042 | 6,181,152 | ||||||
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FRANCE — 3.5% |
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Air Liquide SA | 45,480 | 7,297,422 | ||||||
TotalEnergies | 157,425 | 7,515,148 | ||||||
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14,812,570 | ||||||||
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GERMANY — 8.9% |
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BASF SE | 121,320 | 9,231,827 | ||||||
Bayerische Motoren Werke | 86,516 | 8,339,863 | ||||||
Fresenius Medical Care & KGaA | 109,670 | 7,713,361 | ||||||
Henkel & KGaA | 103,700 | 8,934,063 | ||||||
SAP SE | 27,480 | 3,721,279 | ||||||
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37,940,393 | ||||||||
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THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY MASTER FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS |
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COMMON STOCK — continued |
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Shares | Value | |||||||
HONG KONG — 6.6% |
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AIA Group Ltd | 790,200 | $ | 9,130,970 | |||||
Hongkong Land Holdings Ltd | 759,700 | 3,636,215 | ||||||
Jardine Matheson Holdings Ltd | 144,700 | 7,621,256 | ||||||
Johnson Electric Holdings | 917,823 | 1,954,627 | ||||||
Television Broadcasts Ltd | 779,800 | 614,997 | ||||||
Xinyi Glass Holdings Ltd | 484,000 | 1,445,467 | ||||||
Yue Yuen Industrial Holdings | 1,769,376 | 3,576,996 | ||||||
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27,980,528 | ||||||||
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IRELAND — 3.3% |
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CRH PLC | 194,926 | 9,088,294 | ||||||
Ryanair Holdings PLC ADR * | 43,700 | 4,809,622 | ||||||
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13,897,916 | ||||||||
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ISREAL — 0.3% |
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Check Point Software Technologies Ltd * | 10,000 | 1,130,400 | ||||||
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ITALY — 1.3% |
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Freni Brembo | 429,158 | 5,407,289 | ||||||
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JAPAN — 12.6% |
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Ain Holdings | 62,500 | 3,889,978 | ||||||
Denso Corp | 150,700 | 9,826,796 | ||||||
FANUC Corp | 12,000 | 2,614,162 | ||||||
Koito Manufacturing | 47,400 | 2,833,625 | ||||||
Komatsu Ltd | 116,600 | 2,791,162 | ||||||
Kubota Corp | 259,800 | 5,526,177 | ||||||
Nihon Kohden Corp | 137,500 | 4,669,326 | ||||||
Nitto Denko Corp | 108,900 | 7,721,129 | ||||||
Omron Corp | 42,339 | 4,180,161 | ||||||
Toyota Motor Corp | 523,500 | 9,269,359 | ||||||
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53,321,875 | ||||||||
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NETHERLANDS — 3.8% |
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Boskalis Westminster | 239,291 | 7,242,001 | ||||||
Koninklijke Vopak | 58,590 | 2,308,354 | ||||||
SBM Offshore | 371,472 | 6,623,757 | ||||||
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16,174,112 | ||||||||
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THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY MASTER FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS |
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COMMON STOCK — continued |
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Shares | Value | |||||||
NORWAY — 2.5% |
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TGS NOPEC Geophysical | 367,210 | $ | 3,893,882 | |||||
Yara International ASA | 134,140 | 6,662,351 | ||||||
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10,556,233 | ||||||||
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PANAMA — 1.5% |
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Copa Holdings SA, Cl A * | 77,400 | 6,298,812 | ||||||
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SINGAPORE — 5.3% |
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SATS Ltd | 709,700 | 2,159,308 | ||||||
Sembcorp Industries Ltd | 3,107,100 | 4,166,242 | ||||||
Singapore Telecommunications | 3,240,825 | 5,837,626 | ||||||
United Overseas Bank Ltd | 445,030 | 8,401,286 | ||||||
Venture Corp | 147,700 | 1,944,712 | ||||||
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22,509,174 | ||||||||
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SOUTH AFRICA — 1.0% |
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Tiger Brands Ltd | 328,020 | 4,072,768 | ||||||
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SOUTH KOREA — 2.1% |
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Samsung Electronics GDR | 5,742 | 8,955,645 | ||||||
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SWITZERLAND — 6.7% |
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Cie Financiere Richemont, Cl A | 87,160 | 9,038,387 | ||||||
Holcim | 150,030 | 7,238,996 | ||||||
Novartis | 81,490 | 6,667,376 | ||||||
Swatch Group | 20,810 | 5,448,591 | ||||||
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28,393,350 | ||||||||
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UNITED KINGDOM — 24.7% |
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Anglo American PLC | 222,753 | 7,849,772 | ||||||
Berkeley Group Holdings | 130,906 | 7,651,837 | ||||||
BHP Group PLC | 255,770 | 6,469,886 | ||||||
Carnival PLC * | 178,342 | 4,024,027 | ||||||
Diageo PLC | 74,360 | 3,601,066 | ||||||
Electrocomponents PLC | 232,713 | 3,368,777 | ||||||
HSBC Holdings PLC | 1,111,603 | 5,778,388 | ||||||
IMI PLC | 433,730 | 9,677,014 | ||||||
Johnson Matthey PLC | 171,090 | 6,166,666 | ||||||
Lloyds Banking Group PLC | 9,223,950 | 5,740,486 |
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY MASTER FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS |
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COMMON STOCK — continued |
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Shares | Value | |||||||
Royal Dutch Shell PLC, Cl B | 239,636 | $ | 5,284,606 | |||||
Smiths Group PLC | 491,690 | 9,520,625 | ||||||
Spectris PLC | 119,590 | 6,229,692 | ||||||
Travis Perkins | 390,005 | 8,060,823 | ||||||
Victrex PLC | 202,715 | 6,477,321 | ||||||
Weir Group PLC | 326,540 | 7,399,705 | ||||||
Wickes Group | 437,011 | 1,355,074 | ||||||
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104,655,765 | ||||||||
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TOTAL COMMON STOCK | 399,522,578 | |||||||
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PREFERRED STOCK — 1.8% |
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Shares | Value | |||||||
GERMANY — 1.8% |
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FUCHS PETROLUB (A) | 105,940 | 4,957,622 | ||||||
Jungheinrich AG (A) | 53,170 | 2,472,791 | ||||||
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7,430,413 | ||||||||
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TOTAL PREFERRED STOCK | 7,430,413 | |||||||
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TOTAL INVESTMENTS— 96.0% | $ | 406,952,991 | ||||||
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Percentages are based on Net Assets of $424,126,231.
* | Non-income producing security. |
(A) | There is currently no rate available. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
LTD — Limited
PLC — Public Limited Company
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY MASTER FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
As of September 30, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.
For the period ended September 30, 2021, there were no transfers in or out of Level 3.
For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual financial statements.
SIM-QH-001-0200
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL | |
EQUITY FUND | ||
SEPTEMBER 30, 2021 (Unaudited) |
SCHEDULE OF INVESTMENTS |
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Shares | Value | |||||||
TOTAL INVESTMENTS— 94.8% | ||||||||
MASTER FUND— 94.8% | ||||||||
Sprucegrove International Equity Master Fund | ||||||||
(Cost $1,052,739) | 12,610 | $ | 1,029,990 | |||||
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Percentages are based on Net Assets of $1,086,012.
As of September 30, 2021, all of the Fund’s investments in the Master Fund are valued at Net Asset Value.
For the period ended September 30, 2021, there were no transfers in or out of Level 3.
For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual financial statements.
SIM-QH-001-0200