THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 91.7%
| ||||||||
Shares
| Value
| |||||||
AUSTRALIA — 1.4% | ||||||||
Adbri Ltd | 406,040 | $ | 481,325 | |||||
National Australia Bank Ltd
|
| 79,885
|
|
| 1,486,757
|
| ||
|
|
| ||||||
| 1,968,082
|
| ||||||
|
|
| ||||||
BRAZIL — 4.2% | ||||||||
Ambev SA ADR | 1,149,800 | 3,253,934 | ||||||
Banco Bradesco SA ADR
|
| 711,799
|
|
| 2,619,421
|
| ||
|
|
| ||||||
| 5,873,355
|
| ||||||
|
|
| ||||||
CANADA — 4.2% | ||||||||
Alimentation Couche-Tard | 35,900 | 1,452,930 | ||||||
Bank of Nova Scotia | 30,626 | 1,464,378 | ||||||
North West | 5,200 | 121,064 | ||||||
Saputo Inc | 80,000 | 1,917,252 | ||||||
Stella-Jones
|
| 34,700
|
|
| 979,343
|
| ||
|
|
| ||||||
| 5,934,967
|
| ||||||
|
|
| ||||||
CHINA — 1.8% | ||||||||
Alibaba Group Holding * | 144,100 | 1,437,977 | ||||||
Tencent Holdings Ltd
|
| 31,100
|
|
| 1,050,410
|
| ||
|
|
| ||||||
| 2,488,387
|
| ||||||
|
|
| ||||||
FINLAND — 0.7% | ||||||||
Nokian Renkaat OYJ
|
| 102,392
|
|
| 985,275
|
| ||
|
|
| ||||||
FRANCE — 3.3% | ||||||||
Air Liquide SA | 17,633 | 2,014,619 | ||||||
TotalEnergies
|
| 55,487
|
|
| 2,602,094
|
| ||
|
|
| ||||||
| 4,616,713
|
| ||||||
|
|
| ||||||
GERMANY — 7.3% | ||||||||
BASF SE | 56,830 | 2,180,160 | ||||||
Bayerische Motoren Werke | 35,166 | 2,382,500 | ||||||
Fresenius Medical Care & KGaA | 59,830 | 1,684,908 | ||||||
Henkel & KGaA | 40,640 | 2,302,266 | ||||||
SAP SE
|
| 20,960
|
|
| 1,707,446
|
| ||
|
|
| ||||||
| 10,257,280
|
| ||||||
|
|
|
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS
| ||||||||
Shares
| Value
| |||||||
HONG KONG — 7.4% | ||||||||
AIA Group Ltd | 370,600 | $ | 3,085,483 | |||||
Hongkong Land Holdings Ltd | 285,400 | 1,254,054 | ||||||
Jardine Matheson Holdings Ltd | 68,000 | 3,437,942 | ||||||
Johnson Electric Holdings | 498,323 | 497,439 | ||||||
Xinyi Glass Holdings Ltd | 747,000 | 1,080,264 | ||||||
Yue Yuen Industrial Holdings
|
| 838,376
|
|
| 1,069,271
|
| ||
|
|
| ||||||
| 10,424,453
|
| ||||||
|
|
| ||||||
INDIA — 4.6% | ||||||||
Adani Ports & Special Economic Zone | 78,650 | 787,980 | ||||||
Housing Development Finance | 102,790 | 2,867,793 | ||||||
UPL | 114,160 | 936,454 | ||||||
Zee Entertainment Enterprises
|
| 612,360
|
|
| 1,928,104
|
| ||
|
|
| ||||||
| 6,520,331
|
| ||||||
|
|
| ||||||
IRELAND — 2.8% | ||||||||
CRH PLC | 78,668 | 2,528,298 | ||||||
Ryanair Holdings PLC ADR *
|
| 24,500
|
|
| 1,431,290
|
| ||
|
|
| ||||||
| 3,959,588
|
| ||||||
|
|
| ||||||
ISRAEL — 0.4% | ||||||||
Check Point Software Technologies Ltd *
|
| 4,500
|
|
| 504,090
|
| ||
|
|
| ||||||
ITALY — 1.1% | ||||||||
Brembo
|
| 191,208
|
|
| 1,576,694
|
| ||
|
|
| ||||||
JAPAN — 11.4% | ||||||||
Ain Holdings | 33,900 | 1,464,928 | ||||||
Denso Corp | 52,100 | 2,381,930 | ||||||
FANUC Corp | 4,200 | 589,679 | ||||||
Koito Manufacturing | 100,400 | 1,372,533 | ||||||
Komatsu Ltd | 43,800 | 797,441 | ||||||
Kubota Corp | 114,600 | 1,592,419 | ||||||
Nihon Kohden Corp | 91,700 | 1,948,037 | ||||||
Nitto Denko Corp | 44,300 | 2,398,409 | ||||||
Omron Corp | 10,439 | 478,237 | ||||||
Seria | 35,600 | 621,615 | ||||||
Toyota Motor Corp
|
| 184,500
|
|
| 2,411,249
|
| ||
|
|
| ||||||
| 16,056,477
|
| ||||||
|
|
|
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS
| ||||||||
Shares
| Value
| |||||||
NETHERLANDS — 1.9% | ||||||||
Koninklijke Vopak | 53,390 | $ | 971,020 | |||||
SBM Offshore
|
| 130,932
|
|
| 1,642,389
|
| ||
|
|
| ||||||
| 2,613,409
|
| ||||||
|
|
| ||||||
NORWAY — 0.5% | ||||||||
Bakkafrost P
|
| 16,204
|
|
| 644,403
|
| ||
|
|
| ||||||
PANAMA — 1.5% | ||||||||
Copa Holdings SA, Cl A *
|
| 31,900
|
|
| 2,137,619
|
| ||
|
|
| ||||||
SINGAPORE — 7.4% | ||||||||
SATS Ltd * | 306,200 | 640,391 | ||||||
Sembcorp Industries Ltd | 1,265,700 | 2,705,941 | ||||||
Singapore Telecommunications | 1,142,325 | 2,109,847 | ||||||
United Overseas Bank Ltd | 167,130 | 3,030,004 | ||||||
Venture Corp
|
| 173,200
|
|
| 1,969,914
|
| ||
|
|
| ||||||
| 10,456,097
|
| ||||||
|
|
| ||||||
SOUTH KOREA — 1.6% | ||||||||
Samsung Electronics GDR
|
| 2,552
|
|
| 2,320,160
|
| ||
|
|
| ||||||
SPAIN — 0.8% | ||||||||
Industria de Diseno Textil
|
| 57,094
|
|
| 1,177,750
|
| ||
|
|
| ||||||
SWEDEN — 0.7% | ||||||||
Assa Abloy, Cl B
|
| 56,796
|
|
| 1,064,148
|
| ||
|
|
| ||||||
SWITZERLAND — 7.2% | ||||||||
Cie Financiere Richemont, Cl A | 25,120 | 2,377,115 | ||||||
Holcim | 67,700 | 2,781,289 | ||||||
Novartis | 43,870 | 3,352,842 | ||||||
Swatch Group
|
| 7,340
|
|
| 1,652,657
|
| ||
|
|
| ||||||
| 10,163,903
|
| ||||||
|
|
| ||||||
UNITED KINGDOM — 18.7% | ||||||||
Anglo American PLC | 67,623 | 2,029,974 | ||||||
Berkeley Group Holdings | 62,656 | 2,288,642 | ||||||
HSBC Holdings PLC | 571,603 | 2,990,480 | ||||||
IMI PLC | 167,120 | 2,066,151 | ||||||
Renishaw | 19,175 | 743,520 | ||||||
RS GROUP PLC | 135,113 | 1,441,987 |
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS
| ||||||||
Shares
| Value
| |||||||
Shell | 111,855 | $ | 2,774,259 | |||||
Smith & Nephew | 119,308 | 1,376,833 | ||||||
Smiths Group PLC | 203,180 | 3,383,595 | ||||||
Spectris PLC | 44,920 | 1,357,077 | ||||||
Travis Perkins | 228,585 | 1,961,735 | ||||||
Victrex PLC | 105,865 | 1,953,906 | ||||||
Weir Group PLC
|
| 122,660
|
|
| 1,898,495
|
| ||
|
|
| ||||||
| 26,266,654
|
| ||||||
|
|
| ||||||
VIETNAM — 0.8% | ||||||||
Vietnam Dairy Products JSC
|
| 363,800
|
|
| 1,098,335
|
| ||
|
|
| ||||||
TOTAL COMMON STOCK |
| 129,108,170
|
| |||||
|
|
| ||||||
PREFERRED STOCK — 1.8%
| ||||||||
GERMANY — 1.8% | ||||||||
FUCHS PETROLUB (A) | 50,171 | 1,269,951 | ||||||
Jungheinrich AG (A)
|
| 62,790
|
|
| 1,266,876
|
| ||
|
|
| ||||||
| 2,536,827
|
| ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $3,530,284) |
| 2,536,827
|
| |||||
|
|
| ||||||
TOTAL INVESTMENTS — 93.5% | $
| 131,644,997
|
| |||||
|
|
| ||||||
|
|
|
Percentages are based on Net Assets of $140,793,774.
* | Non-income producing security. |
(A) | There is currently no rate available. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
Ltd. — Limited
PLC — Public Limited Company
THE ADVISORS’ INNER CIRCLE FUND II | SPRUCEGROVE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited) |
The following is a summary of the inputs used as of September 30, 2022 when valuing the Fund’s investments:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 129,108,170 | $ | — | $ | — | $ | 129,108,170 | ||||||||
Preferred Stock | 1,266,876 | 1,269,951 | — | 2,536,827 | ||||||||||||
|
| |||||||||||||||
Total Investments in Securities | 130,375,046 | 1,269,951 | — | 131,644,997 | ||||||||||||
|
|
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 and annual financial statements.
SIM-QH-001-0400