| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 89.4% | Shares | Value | ||||||
AUSTRALIA — 3.3% | ||||||||
Newcrest Mining, Ltd. | 4,764,642 | $ | 73,526,310 | |||||
|
|
| ||||||
BRAZIL — 2.5% | ||||||||
Banco do Brasil | 412,900 | 2,547,335 | ||||||
Centrais Eletricas Brasileiras SA | 8,099,811 | 53,753,666 | ||||||
|
|
| ||||||
| 56,301,001 | ||||||||
|
|
| ||||||
CANADA — 21.1% | ||||||||
Artemis Gold, Inc. *† | 2,908,083 | 14,870,424 | ||||||
Bear Creek Mining Corp. * (A) | 3,625,815 | 3,280,248 | ||||||
Cameco Corp. | 3,596,679 | 69,883,473 | ||||||
Cenovus Energy, Inc. | 383,964 | 5,585,096 | ||||||
Centerra Gold, Inc. (A) | 6,840,481 | 55,212,473 | ||||||
Dundee Corp., Cl A * (A)(B) | 2,419,423 | 2,950,168 | ||||||
Equinox Gold * | 5,554,352 | 31,854,011 | ||||||
Fission Uranium Corp. * (A) | 23,309,500 | 14,119,746 | ||||||
Gabriel Resources, Ltd. * (A)(B) | 60,679,056 | 9,547,112 | ||||||
Gabriel Resources, Ltd. *† (A)(B)(C) | 3,471,971 | 546,272 | ||||||
IAMGOLD * | 4,871,314 | 11,788,580 | ||||||
International Tower Hill Mines, Ltd. * (A)(B) | 6,548,183 | 4,805,711 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 1,917,935 | 16,431,037 | ||||||
MEG Energy Corp. * | 1,430,980 | 17,043,651 | ||||||
NexGen Energy, Ltd. * | 5,408,397 | 22,252,225 | ||||||
Northern Dynasty Minerals, Ltd. (CAD) * | 2,873,848 | 859,114 | ||||||
Northern Dynasty Minerals, Ltd. (USD) * (A) | 15,400,762 | 4,718,793 | ||||||
Novagold Resources, Inc. * | 1,336,348 | 8,819,897 | ||||||
Pan American Silver Corp. | 1,079,909 | 23,371,197 | ||||||
Seabridge Gold, Inc. (CAD) * | 1,531,284 | 24,562,704 | ||||||
Seabridge Gold, Inc. (USD) * | 1,233,038 | 19,790,260 | ||||||
Sprott, Inc. | 400,380 | 14,060,467 | ||||||
Turquoise Hill Resources, Ltd. * (A) | 3,902,987 | 68,302,272 | ||||||
Western Copper & Gold Corp. * | 2,339,413 | 3,478,339 | ||||||
Wheaton Precious Metals Corp. | 590,629 | 23,814,161 | ||||||
|
|
| ||||||
| 471,947,431 | ||||||||
|
|
| ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
CHINA — 2.4% | ||||||||
CGN Power, Cl H (C) | 19,478,000 | $ | 5,399,003 | |||||
China Communications Services, Cl H | 8,426,000 | 4,484,338 | ||||||
China Mobile, Ltd. | 3,218,500 | 21,741,348 | ||||||
China Shenhua Energy Co., Ltd., Cl H | 4,244,000 | 10,491,409 | ||||||
Guangshen Railway Co., Ltd., Cl H (A) | 42,448,679 | 7,498,058 | ||||||
Hi Sun Technology China, Ltd. * | 10,599,000 | 1,392,503 | ||||||
PAX Global Technology, Ltd. | 1,090,000 | 794,642 | ||||||
Shanghai Electric Group Co., Ltd., Cl H | 10,694,000 | 2,941,084 | ||||||
|
|
| ||||||
| 54,742,385 | ||||||||
|
|
| ||||||
FRANCE — 2.6% | ||||||||
Carrefour SA | 465,495 | 8,882,066 | ||||||
Electricite de France SA | 5,133,387 | 49,364,830 | ||||||
|
|
| ||||||
| 58,246,896 | ||||||||
|
|
| ||||||
GREECE — 0.1% | ||||||||
Tsakos Energy Navigation, Ltd. (A) | 380,012 | 2,808,289 | ||||||
|
|
| ||||||
HONG KONG — 2.7% | ||||||||
CK Hutchison Holdings, Ltd. | 4,444,000 | 31,583,534 | ||||||
First Pacific | 21,188,000 | 8,171,904 | ||||||
Luks Group Vietnam Holdings Co., Ltd. (B) | 9,255,000 | 1,543,084 | ||||||
WH Group, Ltd.(C) | 28,122,000 | 18,810,289 | ||||||
|
|
| ||||||
| 60,108,811 | ||||||||
|
|
| ||||||
JAPAN — 10.1% | ||||||||
ASKA Pharmaceutical Holdings | 3,200 | 27,473 | ||||||
Fukuda Corp. | 143,800 | 5,401,491 | ||||||
Icom, Inc. | 148,300 | 3,036,220 | ||||||
Inpex Corp. | 2,573,500 | 25,942,415 | ||||||
Japan Petroleum Exploration Co., Ltd. | 473,400 | 11,325,021 | ||||||
Kamigumi Co., Ltd. | 745,650 | 14,399,991 | ||||||
Kato Sangyo Co., Ltd. | 259,900 | 7,452,323 | ||||||
KYORIN Holdings, Inc. | 1,004,100 | 15,981,713 | ||||||
Mitsubishi Corp. | 1,200,100 | 40,807,350 | ||||||
Mitsui & Co., Ltd. | 1,296,500 | 32,566,343 | ||||||
Organo Corp. | 162,900 | 11,928,038 | ||||||
Suzuken Co., Ltd. | 1,200,200 | 35,709,346 | ||||||
2
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
JAPAN — continued | ||||||||
Tachi-S Co., Ltd., Cl S | 152,100 | $ | 1,597,195 | |||||
Toho Holdings Co., Ltd. | 568,900 | 8,908,087 | ||||||
West Japan Railway Co. | 258,600 | 10,888,213 | ||||||
|
|
| ||||||
| 225,971,219 | ||||||||
|
|
| ||||||
KAZAKHSTAN — 2.8% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 889,417 | 11,619,462 | ||||||
NAC Kazatomprom JSC GDR (C) | 1,110,803 | 35,696,547 | ||||||
NAC Kazatomprom JSC GDR | 476,546 | 15,314,189 | ||||||
|
|
| ||||||
| 62,630,198 | ||||||||
|
|
| ||||||
LEBANON — 0.0% | ||||||||
Solidere ADR *(B)(D)(E) | 174,732 | 804,379 | ||||||
|
|
| ||||||
MALAYSIA — 0.2% | ||||||||
Oriental Holdings (B) | 3,509,400 | 4,521,701 | ||||||
|
|
| ||||||
NORWAY — 0.9% | ||||||||
Stolt-Nielsen, Ltd. (B) | 1,056,853 | 19,208,259 | ||||||
|
|
| ||||||
RUSSIA — 16.1% | ||||||||
Etalon Group GDR (A)(B) | 12,510,957 | 15,155,788 | ||||||
Federal Grid Unified Energy System PJSC | 17,511,927,373 | 32,478,955 | ||||||
Gazprom PJSC | 20,767,768 | 89,559,665 | ||||||
Gazprom PJSC ADR | 1,291,032 | 11,197,481 | ||||||
Lenta International PJSC GDR *(B) | 6,244,002 | 13,767,781 | ||||||
LSR Group PJSC, Cl A | 1,635,362 | 13,953,899 | ||||||
Moscow Exchange MICEX-RTS PJSC | 7,558,025 | 14,229,194 | ||||||
Polyus PJSC GDR | 613,103 | 47,885,063 | ||||||
RusHydro PJSC | 6,299,454,688 | 60,049,252 | ||||||
RusHydro PJSC ADR | 459,437 | 418,088 | ||||||
Sberbank of Russia PJSC | 11,060,525 | 38,240,250 | ||||||
VTB Bank PJSC | 40,040,139,862 | 22,676,575 | ||||||
|
|
| ||||||
| 359,611,991 | ||||||||
|
|
| ||||||
SINGAPORE — 3.8% | ||||||||
First Resources, Ltd. | 22,220,700 | 27,241,417 | ||||||
Golden Agri-Resources, Ltd. (A) | 277,943,100 | 50,678,146 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
SINGAPORE — continued | ||||||||
Yoma Strategic Holdings, Ltd. * (A) | 66,818,200 | $ | 6,638,299 | |||||
|
|
| ||||||
| 84,557,862 | ||||||||
|
|
| ||||||
SOUTH AFRICA — 2.5% | ||||||||
Gold Fields, Ltd. | 2,506,504 | 26,704,393 | ||||||
Harmony Gold Mining ADR | 4,365,615 | 15,672,558 | ||||||
Impala Platinum Holdings, Ltd. | 855,782 | 13,185,401 | ||||||
|
|
| ||||||
| 55,562,352 | ||||||||
|
|
| ||||||
SOUTH KOREA — 10.2% | ||||||||
DL E&C Co., Ltd. * | 58,297 | 5,698,961 | ||||||
GS Holdings * | 129,241 | 4,143,297 | ||||||
Hankook Tire Worldwide Co., Ltd. * | 1,218,834 | 13,302,980 | ||||||
Hyundai Department Store * | 92,064 | 5,551,304 | ||||||
Korea Electric Power Corp. | 1,747,526 | 30,105,048 | ||||||
Korea Electric Power Corp. ADR | 232,125 | 2,012,524 | ||||||
Korean Reinsurance * | 718,002 | 6,111,873 | ||||||
KT Corp. | 2,675,346 | 69,998,830 | ||||||
KT Corp. ADR | 1,538,593 | 19,940,165 | ||||||
LG Corp.* | 328,603 | 20,264,995 | ||||||
LG Uplus | 4,507,998 | 48,685,794 | ||||||
LX Holdings * | 36,588 | 287,855 | ||||||
PHA Co., Ltd. * | 297,194 | 2,280,294 | ||||||
|
|
| ||||||
| 228,383,920 | ||||||||
|
|
| ||||||
SRI LANKA — 0.2% | ||||||||
Hemas Holdings PLC (A)(B) | 16,019,905 | 5,529,571 | ||||||
|
|
| ||||||
THAILAND — 0.3% | ||||||||
Kasikornbank PLC | 1,338,500 | 6,050,051 | ||||||
|
|
| ||||||
TURKEY — 0.2% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi REIT | 20,826,230 | 3,781,407 | ||||||
|
|
| ||||||
UKRAINE — 2.4% | ||||||||
Astarta Holding NV (A) | 659,000 | 5,476,219 | ||||||
Kernel Holding SA (A) | 2,055,177 | 26,363,222 | ||||||
MHP SE (LSE Shares) GDR (B) | 3,342,148 | 21,842,764 | ||||||
4
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
UKRAINE — continued | ||||||||
MHP SE (USD Shares) GDR (A)(C) | 44,627 | $ | 291,662 | |||||
|
|
| ||||||
| 53,973,867 | ||||||||
|
|
| ||||||
UNITED KINGDOM — 0.7% | ||||||||
Yellow Cake PLC * (A)(C) | 3,856,532 | 16,667,512 | ||||||
|
|
| ||||||
UNITED STATES — 4.3% | ||||||||
Range Resources Corp. * | 1,687,719 | 32,488,591 | ||||||
Royal Gold, Inc. | 265,778 | 26,989,756 | ||||||
Southwestern Energy Co. * | 8,378,836 | 36,866,878 | ||||||
|
|
| ||||||
| 96,345,225 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $1,774,819,807) | 2,001,280,637 | |||||||
|
|
| ||||||
| ||||||||
| PREFERRED STOCK — 1.8% | ||||||||
GERMANY — 0.3% | ||||||||
Draegerwerk & KGaA 0.900% | 105,789 | 6,146,585 | ||||||
|
|
| ||||||
SOUTH KOREA — 1.5% | ||||||||
Hyundai Motor Co. 4.170% | 423,148 | 34,204,793 | ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $38,708,721) | 40,351,378 | |||||||
|
|
| ||||||
| ||||||||
| UNIT TRUST FUND — 1.5% | ||||||||
CANADA — 1.5% | ||||||||
Sprott Physical Uranium Trust | 3,059,104 | 33,932,554 | ||||||
|
|
| ||||||
TOTAL UNIT TRUST FUND | ||||||||
(Cost $21,918,197) | 33,932,554 | |||||||
|
|
| ||||||
| ||||||||
| RIGHTS — 0.1% | Number of Rights | |||||||
CANADA — 0.1% | ||||||||
Pan American Silver Corp., Expires 02/22/29 (B)(D)(E) | 2,532,384 | 1,797,993 | ||||||
|
|
| ||||||
TOTAL RIGHTS | ||||||||
(Cost $–) | 1,797,993 | |||||||
|
|
| ||||||
5
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| CONVERTIBLE BOND — 0.0% | Face Amount | Value | ||||||
INDIA — 0.0% | ||||||||
REI Agro, Ltd. 5.500%, 13/11/14(D)(E) | $ | 723,000 | $ | — | ||||
|
|
| ||||||
TOTAL CONVERTIBLE BOND | ||||||||
(Cost $723,000) | — | |||||||
|
|
| ||||||
| SHORT TERM INVESTMENT — 0.7% | Shares | Value | ||||||
Dreyfus Treasury Securities Cash Management Fund, 0.010%(F) | 16,468,779 | 16,468,779 | ||||||
|
|
| ||||||
TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $16,468,779) | 16,468,779 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS — 93.5% | ||||||||
(Cost $1,852,638,504) | 2,093,831,341 | |||||||
|
|
| ||||||
Other Assets and Liabilities, Net — 6.5% | 145,154,589 | |||||||
|
|
| ||||||
NET ASSETS — 100.0% | $ | 2,238,985,930 | ||||||
|
|
| ||||||
| † | Restricted Equity. |
| * | Non-income producing security. |
| (A) | Affiliated investment. |
| (B) | Securities considered illiquid. The total value of such securities as of January 31, 2022 was $102,020,583 and represented 4.6% of Net Assets. |
| (C) | 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 January 31, 2022 was $77,411,285 and represents 3.5% of Net Assets. |
| (D) | 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 January 31, 2022 was $2,602,372 and represented 0.1% of Net Assets. |
| (E) | Level 3 security in accordance with fair value hierarchy. |
| (F) | The rate reported is the 7-day effective yield as of January 31, 2022. |
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
6
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
USD — United States Dollar
The list of inputs used to value the Fund’s investments as of January 31, 2022 is as follows:
Investments in Securities | Level 1 | Level 2 | Level 3† | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | — | $ | 73,526,310 | $ | — | $ | 73,526,310 | ||||||||
Brazil | 56,301,001 | — | — | 56,301,001 | ||||||||||||
Canada | 471,947,431 | — | — | 471,947,431 | ||||||||||||
China | — | 54,742,385 | — | 54,742,385 | ||||||||||||
France | — | 58,246,896 | — | 58,246,896 | ||||||||||||
Greece | 2,808,289 | — | — | 2,808,289 | ||||||||||||
Hong Kong | 1,543,084 | 58,565,727 | — | 60,108,811 | ||||||||||||
Japan | — | 225,971,219 | — | 225,971,219 | ||||||||||||
Kazakhstan | — | 62,630,198 | — | 62,630,198 | ||||||||||||
Lebanon | — | — | 804,379 | 804,379 | ||||||||||||
Malaysia | — | 4,521,701 | — | 4,521,701 | ||||||||||||
Norway | — | 19,208,259 | — | 19,208,259 | ||||||||||||
Russia | 418,088 | 359,193,903 | — | 359,611,991 | ||||||||||||
Singapore | — | 84,557,862 | — | 84,557,862 | ||||||||||||
South Africa | 15,672,558 | 39,889,794 | — | 55,562,352 | ||||||||||||
South Korea | 21,952,689 | 206,431,231 | — | 228,383,920 | ||||||||||||
Sri Lanka | — | 5,529,571 | — | 5,529,571 | ||||||||||||
Thailand | — | 6,050,051 | — | 6,050,051 | ||||||||||||
Turkey | — | 3,781,407 | — | 3,781,407 | ||||||||||||
Ukraine | — | 53,973,867 | — | 53,973,867 | ||||||||||||
United Kingdom | — | 16,667,512 | — | 16,667,512 | ||||||||||||
United States | 96,345,225 | — | — | 96,345,225 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Common Stock | 666,988,365 | 1,333,487,893 | 804,379 | 2,001,280,637 | ||||||||||||
Preferred Stock | ||||||||||||||||
Germany | — | 6,146,585 | — | 6,146,585 | ||||||||||||
South Korea | — | 34,204,793 | — | 34,204,793 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Preferred Stock | — | 40,351,378 | — | 40,351,378 | ||||||||||||
Unit Trust Fund | ||||||||||||||||
Canada | 33,932,554 | — | — | 33,932,554 | ||||||||||||
Rights | ||||||||||||||||
Canada | — | — | 1,797,993 | 1,797,993 | ||||||||||||
7
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
Investments in Securities | Level 1 | Level 2 | Level 3† | Total | ||||||||||||
Convertible Bond | ||||||||||||||||
India | $ | — | $ | — | $ | — | $ | — | ||||||||
Short Term Investment | ||||||||||||||||
United States | — | 16,468,779 | — | 16,468,779 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | $ | 700,920,919 | $ | 1,390,308,050 | $ | 2,602,372 | $ | 2,093,831,341 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
† A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 in-vestments 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 January 31, 2022, there were no 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 Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2021 through January 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
| Value as of 10/31/2021 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 1/31/2022 | Dividend/ Interest Income | ||||||||||||||||||||||
Astarta Holding NV | ||||||||||||||||||||||||||||
| $ 8,936,097 | $ | — | $ | — | $ | — | $ | (3,459,878 | ) | $ | 5,476,219 | $ | — | |||||||||||||||
Bear Creek Mining Corp. | ||||||||||||||||||||||||||||
| 5,097,704 | — | — | — | (1,817,456 | ) | 3,280,248 | — | |||||||||||||||||||||
Centerra Gold, Inc. | ||||||||||||||||||||||||||||
| 62,130,860 | — | (11,949,258 | ) | (3,324,941 | ) | 8,355,812 | 55,212,473 | 460,310 | ||||||||||||||||||||
Dundee Corp., Cl A | ||||||||||||||||||||||||||||
| 2,893,298 | — | — | — | 56,870 | 2,950,168 | — | ||||||||||||||||||||||
Etalon Group GDR | ||||||||||||||||||||||||||||
| 16,219,802 | 3,030,227 | 309,538 | (309,538 | ) | (4,094,241 | ) | 15,155,788 | 1,596,035 | ||||||||||||||||||||
Fission Uranium Corp. | ||||||||||||||||||||||||||||
| 13,115,966 | 5,022,269 | — | — | (4,018,489 | ) | 14,119,746 | — | |||||||||||||||||||||
Gabriel Resources, Ltd. | ||||||||||||||||||||||||||||
| 11,521,960 | — | — | — | (1,974,848 | ) | 9,547,112 | — | |||||||||||||||||||||
Gabriel Resources, Ltd. | ||||||||||||||||||||||||||||
| 659,271 | — | — | — | (112,999 | ) | 546,272 | — | |||||||||||||||||||||
Golden Agri-Resources, Ltd. | ||||||||||||||||||||||||||||
| 44,553,034 | 10,005,824 | — | — | (3,880,712 | ) | 50,678,146 | 1,002,905 | |||||||||||||||||||||
Guangshen Railway Co., Ltd., Cl H | ||||||||||||||||||||||||||||
| 7,474,415 | — | — | — | 23,643 | 7,498,058 | — | ||||||||||||||||||||||
Hemas Holdings PLC | ||||||||||||||||||||||||||||
| 5,789,372 | — | — | — | (259,801 | ) | 5,529,571 | — | |||||||||||||||||||||
International Tower Hill Mines, Ltd. | ||||||||||||||||||||||||||||
| 4,245,588 | 808,852 | — | — | (248,729 | ) | 4,805,711 | — | |||||||||||||||||||||
8
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JANUARY 31, 2022 (Unaudited) |
| Value as of 10/31/2021 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 1/31/2022 | Dividend/ Interest Income | ||||||||||||||||||||||
Kernel Holding SA | ||||||||||||||||||||||||||||
| $ 24,091,785 | $ | 6,129,849 | $ | — | $ | — | $ | (3,858,412 | ) | $ | 26,363,222 | $ | — | |||||||||||||||
MHP SE (USD Shares) GDR | ||||||||||||||||||||||||||||
| 339,165 | — | — | — | (47,503 | ) | 291,662 | 11,616 | |||||||||||||||||||||
Northern Dynasty Minerals, Ltd. (USD) | ||||||||||||||||||||||||||||
| 4,844,175 | 1,641,951 | — | — | (1,767,333 | ) | 4,718,793 | — | |||||||||||||||||||||
Tsakos Energy Navigation, Ltd. | ||||||||||||||||||||||||||||
| 3,515,111 | — | — | — | (706,822 | ) | 2,808,289 | — | |||||||||||||||||||||
Turquoise Hill Resources, Ltd. | ||||||||||||||||||||||||||||
| 57,689,690 | 6,720,939 | (20,038,425 | ) | (1,018,040 | ) | 24,948,108 | 68,302,272 | — | ||||||||||||||||||||
Yellow Cake PLC | ||||||||||||||||||||||||||||
| 18,551,677 | — | — | — | (1,884,165 | ) | 16,667,512 | — | |||||||||||||||||||||
Yoma Strategic Holdings, Ltd. | ||||||||||||||||||||||||||||
| 6,185,000 | 623,841 | — | — | (170,542 | ) | 6,638,299 | — | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||
| $ 297,853,970 | $ | 33,983,752 | $ | (31,678,145 | ) | $ | (4,652,519 | ) | $ | 5,082,503 | $ | 300,589,561 | $ | 3,070,866 | ||||||||||||||
|
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|
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|
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|
|
| |||||||||
Amounts designated as “—” are either $ 0 or have been rounded to $0.
KGI-QH-001-1700
9
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 77.3% | Shares | Value | ||||||
AUSTRALIA — 3.9% | ||||||||
Newcrest Mining, Ltd. | 1,646,307 | $ | 25,405,241 | |||||
|
|
| ||||||
BRAZIL — 0.7% | ||||||||
Banco do Brasil | 111,200 | 686,034 | ||||||
Centrais Eletricas Brasileiras SA | 570,060 | 3,783,152 | ||||||
|
|
| ||||||
| 4,469,186 | ||||||||
|
|
| ||||||
CANADA — 16.8% | ||||||||
Cameco Corp. | 940,283 | 18,269,699 | ||||||
Cenovus Energy, Inc. | 561,492 | 8,167,397 | ||||||
Centerra Gold, Inc. (A) | 652,057 | 5,263,034 | ||||||
Equinox Gold * | 863,075 | 4,949,704 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 860,213 | 7,369,484 | ||||||
MEG Energy Corp. * | 578,343 | 6,888,340 | ||||||
New Gold, Inc. * | 656,123 | 1,016,991 | ||||||
Novagold Resources, Inc. * | 1,628,980 | 10,751,268 | ||||||
Pan American Silver Corp. | 270,564 | 5,855,497 | ||||||
Turquoise Hill Resources, Ltd. * (A) | 1,298,464 | 22,723,120 | ||||||
Wheaton Precious Metals Corp. | 481,747 | 19,424,039 | ||||||
|
|
| ||||||
| 110,678,573 | ||||||||
|
|
| ||||||
CHINA — 6.0% | ||||||||
CGN Power, Cl H (B) | 5,500,000 | 1,524,516 | ||||||
China Communications Services, Cl H | 2,978,000 | 1,584,899 | ||||||
China Mobile, Ltd. | 1,081,500 | 7,305,661 | ||||||
China Shenhua Energy Co., Ltd., Cl H | 1,205,000 | 2,978,828 | ||||||
China Telecom Corp, Ltd., Cl H | 41,840,000 | 15,855,310 | ||||||
Guangshen Railway Co., Ltd., Cl H * (A) | 10,844,000 | 1,915,465 | ||||||
PAX Global Technology, Ltd. | 3,909,000 | 2,849,777 | ||||||
Shanghai Electric Group Co., Ltd., Cl H | 5,104,000 | 1,403,712 | ||||||
Shanghai Mechanical and Electrical Industry, Cl B | 3,327,609 | 4,311,035 | ||||||
|
|
| ||||||
| 39,729,203 | ||||||||
|
|
| ||||||
FRANCE — 1.0% | ||||||||
Carrefour SA | 161,911 | 3,089,409 | ||||||
10
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
| COMMON STOCK — continued | Shares | Value | ||||||
FRANCE — continued | ||||||||
Electricite de France SA | 374,950 | $ | 3,605,678 | |||||
|
|
| ||||||
| 6,695,087 | ||||||||
|
|
| ||||||
HONG KONG — 2.4% | ||||||||
CK Hutchison Holdings, Ltd. | 930,000 | 6,609,515 | ||||||
K Wah International Holdings, Ltd. | 7,668,000 | 3,016,088 | ||||||
SJM Holdings, Ltd. * | 2,736,000 | 1,773,115 | ||||||
WH Group, Ltd.(B) | 6,861,500 | 4,589,532 | ||||||
|
|
| ||||||
| 15,988,250 | ||||||||
|
|
| ||||||
INDONESIA — 0.9% | ||||||||
Indofood Sukses Makmur | 13,545,800 | 5,983,237 | ||||||
|
|
| ||||||
JAPAN — 6.2% | ||||||||
Inpex Corp. | 674,200 | 6,796,338 | ||||||
Kamigumi Co., Ltd. | 247,400 | 4,777,788 | ||||||
Mitsubishi Corp. | 135,400 | 4,604,046 | ||||||
Mitsui & Co., Ltd. | 193,800 | 4,867,996 | ||||||
Suzuken Co., Ltd. | 324,900 | 9,666,695 | ||||||
TS Tech | 369,200 | 4,881,660 | ||||||
West Japan Railway Co. | 115,400 | 4,858,854 | ||||||
|
|
| ||||||
| 40,453,377 | ||||||||
|
|
| ||||||
KAZAKHSTAN — 3.7% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 391,009 | 5,108,194 | ||||||
NAC Kazatomprom JSC GDR | 252,960 | 8,129,073 | ||||||
NAC Kazatomprom JSC GDR (B) | 335,296 | 10,775,006 | ||||||
|
|
| ||||||
| 24,012,273 | ||||||||
|
|
| ||||||
NETHERLANDS — 0.5% | ||||||||
AerCap Holdings * | 52,941 | 3,335,283 | ||||||
|
|
| ||||||
RUSSIA — 18.9% | ||||||||
Federal Grid Unified Energy System PJSC | 2,043,325,233 | 3,789,707 | ||||||
Gazprom Neft PJSC | 2,214,190 | 14,357,604 | ||||||
Gazprom PJSC | 6,744,160 | 29,083,757 | ||||||
Lenta International PJSC GDR *(C) | 1,226,563 | 2,704,523 | ||||||
LSR Group PJSC, Cl A | 507,204 | 4,327,772 | ||||||
Moscow Exchange MICEX-RTS PJSC | 3,702,479 | 6,970,510 | ||||||
11
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
| COMMON STOCK — continued | Shares | Value | ||||||
RUSSIA — continued | ||||||||
Polyus PJSC GDR | 249,258 | $ | 19,467,749 | |||||
RusHydro PJSC | 968,648,397 | 9,233,595 | ||||||
Sberbank of Russia PJSC | 5,346,784 | 18,485,773 | ||||||
VEON ADR * | 7,787,137 | 11,135,606 | ||||||
VTB Bank PJSC * | 8,485,226,497 | 4,805,574 | ||||||
|
|
| ||||||
| 124,362,170 | ||||||||
|
|
| ||||||
SINGAPORE — 1.8% | ||||||||
Golden Agri-Resources, Ltd. (A) | 66,131,300 | 12,057,906 | ||||||
|
|
| ||||||
SOUTH AFRICA — 2.0% | ||||||||
Gold Fields, Ltd. | 411,997 | 4,389,432 | ||||||
Harmony Gold Mining ADR | 1,301,574 | 4,672,651 | ||||||
Impala Platinum Holdings, Ltd. | 269,289 | 4,149,051 | ||||||
|
|
| ||||||
| 13,211,134 | ||||||||
|
|
| ||||||
SOUTH KOREA — 8.6% | ||||||||
DL E&C Co., Ltd. * | 50,586 | 4,945,154 | ||||||
GS Holdings | 47,327 | 1,517,242 | ||||||
Hyundai Mobis, Co., Ltd. | 14,649 | 2,887,063 | ||||||
Korea Electric Power Corp. * | 286,545 | 4,936,379 | ||||||
Korea Electric Power Corp. ADR * | 316,577 | 2,744,722 | ||||||
KT Corp. * | 347,245 | 9,085,458 | ||||||
KT Corp. ADR * | 793,207 | 10,279,963 | ||||||
LG Corp. | 127,851 | 7,884,590 | ||||||
LG Uplus | 1,128,911 | 12,192,093 | ||||||
|
|
| ||||||
| 56,472,664 | ||||||||
|
|
| ||||||
UKRAINE — 0.6% | ||||||||
MHP SA GDR (A)(C) | 611,020 | 3,993,350 | ||||||
|
|
| ||||||
UNITED KINGDOM — 1.8% | ||||||||
Fresnillo PLC | 705,562 | 5,956,660 | ||||||
Yellow Cake PLC * (A)(B) | 1,384,806 | 5,984,981 | ||||||
|
|
| ||||||
| 11,941,641 | ||||||||
|
|
| ||||||
12
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
| COMMON STOCK — continued | Shares | Value | ||||||
UNITED STATES — 1.5% | ||||||||
Royal Gold, Inc. | 94,824 | $ | 9,629,377 | |||||
|
|
| ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $457,525,499) | 508,417,952 | |||||||
|
|
| ||||||
PREFERRED STOCK — 0.7% | ||||||||
SOUTH KOREA — 0.7% | ||||||||
Hyundai Motor Co. 4.170% | 57,314 | 4,632,927 | ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $4,382,043) | 4,632,927 | |||||||
|
|
| ||||||
| ||||||||
SHORT TERM INVESTMENT — 0.9% | ||||||||
Dreyfus Treasury Securities Cash Management Fund, 0.010%(D) | 6,000,337 | 6,000,337 | ||||||
TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $6,000,337) | 6,000,337 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS — 78.9% | ||||||||
(Cost $467,907,879) | 519,051,216 | |||||||
|
|
| ||||||
Other Assets and Liabilities, Net — 21.1% | 139,085,371 | |||||||
|
|
| ||||||
NET ASSETS — 100.0% | $ | 658,136,587 | ||||||
|
|
| ||||||
| * | 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 January 31, 2022 was $22,874,035 and represents 3.5% of Net Assets. |
| (C) | Securities considered illiquid. The total value of such securities as of January 31, 2022 was $6,697,873 and represented 1.0% of Net Assets. |
| (D) | The rate reported is the 7-day effective yield as of January 31, 2022. |
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
13
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
The list of inputs used to value the Fund’s investments as of January 31, 2022 is as follows:
Investments in Securities | Level 1 | Level 2 | Level 3† | Total | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Common Stock | ||||||||||||||||
Australia | $ | — | $ | 25,405,241 | $ | — | $ | 25,405,241 | ||||||||
Brazil | 4,469,186 | — | — | 4,469,186 | ||||||||||||
Canada | 110,678,573 | — | — | 110,678,573 | ||||||||||||
China | — | 39,729,203 | — | 39,729,203 | ||||||||||||
France | — | 6,695,087 | — | 6,695,087 | ||||||||||||
Hong Kong | — | 15,988,250 | — | 15,988,250 | ||||||||||||
Indonesia | — | 5,983,237 | — | 5,983,237 | ||||||||||||
Japan | — | 40,453,377 | — | 40,453,377 | ||||||||||||
Kazakhstan | — | 24,012,273 | — | 24,012,273 | ||||||||||||
Netherlands | 3,335,283 | — | — | 3,335,283 | ||||||||||||
Russia | 11,135,606 | 113,226,564 | — | 124,362,170 | ||||||||||||
Singapore | — | 12,057,906 | — | 12,057,906 | ||||||||||||
South Africa | 4,672,651 | 8,538,483 | — | 13,211,134 | ||||||||||||
South Korea | 13,024,685 | 43,447,979 | — | 56,472,664 | ||||||||||||
Ukraine | — | 3,993,350 | — | 3,993,350 | ||||||||||||
United Kingdom | — | 11,941,641 | — | 11,941,641 | ||||||||||||
United States | 9,629,377 | — | — | 9,629,377 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Common Stock | 156,945,361 | 351,472,591 | — | 508,417,952 | ||||||||||||
Preferred Stock South Korea | — | 4,632,927 | — | 4,632,927 | ||||||||||||
Short Term Investment United States | — | 6,000,337 | — | 6,000,337 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | $ | 156,945,361 | $ | 362,105,855 | $ | — | $ | 519,051,216 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
There were no transfers in or out of Level 3 for the period ended January 31, 2022.
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.
14
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK | |
| INTERNATIONAL FUND | ||
JANUARY 31, 2022 (Unaudited)
| ||
| ||
The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2021 through January 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
| Change in | ||||||||||||||||||||||||||||
| Unrealized | Dividend/ | |||||||||||||||||||||||||||
| Value as of | Purchases at | Proceeds from | Realized | Appreciation/ | Value as of | Interest | ||||||||||||||||||||||
| 10/31/2021 | Cost | Sale | Gain/(Loss) | (Depreciation) | 1/31/2022 | Income | ||||||||||||||||||||||
Centerra Gold, Inc. |
| |||||||||||||||||||||||||||
| $ | 1,857,529 | $ | 2,862,036 | $ | — | $ | — | $ | 543,469 | $ | 5,263,034 | $ | 13,762 | |||||||||||||||
Golden Agri-Resources, Ltd. |
| |||||||||||||||||||||||||||
| 12,995,769 | — | — | — | (937,863 | ) | 12,057,906 | 255,767 | |||||||||||||||||||||
Guangshen Railway Co., Ltd., Cl H |
| |||||||||||||||||||||||||||
| 1,909,425 | — | — | — | 6,040 | 1,915,465 | — | ||||||||||||||||||||||
MHP SA GDR |
| |||||||||||||||||||||||||||
| 4,347,618 | 261,927 | — | — | (616,195 | ) | 3,993,350 | 148,906 | |||||||||||||||||||||
Turquoise Hill Resources, Ltd. |
| |||||||||||||||||||||||||||
| 12,805,189 | 5,726,388 | (1,634,711) | (43,592) | 5,869,846 | 22,723,120 | — | ||||||||||||||||||||||
Yellow Cake PLC |
| |||||||||||||||||||||||||||
| 5,580,239 | 1,068,506 | — | — | (663,764 | ) | 5,984,981 | — | |||||||||||||||||||||
Totals: |
| |||||||||||||||||||||||||||
| $ | 39,495,769 | $ | 9,918,857 | $ | (1,634,711) | $ | (43,592) | $ | 4,201,533 | $ | 51,937,856 | $ | 418,435 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
KGI-QH-002-1400
15