Form N-CSRS Advisors' Inner Circle For: Sep 30

December 8, 2021 11:54 AM EST

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSRS

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22920

 

 

The Advisors’ Inner Circle Fund III

(Exact name of registrant as specified in charter)

 

 

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: March 31, 2022

Date of reporting period: September 30, 2021

 

 

 


Item 1.

Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.


The Advisors’ Inner Circle Fund III

 

LOGO

GQG Partners Emerging Markets Equity Fund

GQG Partners Global Quality Equity Fund

GQG Partners US Select Quality Equity Fund

GQG Partners Global Quality Dividend Income Fund

GQG Partners International Quality Dividend Income Fund

GQG Partners US Quality Dividend Income Fund

 

  SEMI-ANNUAL REPORT    SEPTEMBER 30, 2021  

 

 

 

Investment Adviser:

GQG Partners LLC

 

 


THE ADVISORS’ INNER CIRCLE FUND III    GQG PARTNERS FUNDS
  

SEPTEMBER 30, 2021

 

 

 

TABLE OF CONTENTS         

GQG Partners Emerging Markets Equity Fund

  

Schedule of Investments

     1  

GQG Partners Global Quality Equity Fund

  

Schedule of Investments

     6  

GQG Partners US Select Quality Equity Fund

  

Schedule of Investments

     11  

GQG Partners Global Quality Dividend Income Fund

  

Schedule of Investments

     14  

GQG Partners International Quality Dividend Income Fund

  

Schedule of Investments

     18  

GQG Partners US Quality Dividend Income Fund

  

Schedule of Investments

     23  

Statements of Assets and Liabilities

     26  

Statements Of Operations

     30  

Statements of Changes in Net Assets

     36  

Financial Highlights

     42  

Notes to Financial Statements

     57  

Disclosure of Fund Expenses

     80  

Investment Advisory Agreement

     84  

 

 

 

The Funds file their complete schedules of investments with the US Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Form N-Q and Form N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-362-8333; and (ii) on the SEC’s website at http://www.sec.gov.


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

 

LOGO

   Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            
  COMMON STOCK — 92.6%            
           Shares                  Value      

BRAZIL — 6.0%

     

Petroleo Brasileiro ADR

     27,342,213       $   282,718,483  

Vale

     13,676,822        190,384,655  

Vale ADR, Cl B

     3,479,753        48,542,554  
     

 

 

 

        521,645,692  
     

 

 

 

CHINA — 14.3%

     

Alibaba Group Holding ADR *

     115,991        17,172,467  

ANTA Sports Products

     4,536,335        85,723,372  

Baoshan Iron & Steel, Cl A

     50,247,529        67,216,575  

Beijing Oriental Yuhong Waterproof Technology, Cl A

     6,475,451        44,294,866  

Centre Testing International Group, Cl A

     2,946,105        11,538,605  

China Merchants Bank, Cl H

     33,500,457        266,355,689  

Country Garden Services Holdings

     8,235,105        64,869,542  

JD.com ADR *

     534,573        38,617,554  

Kweichow Moutai, Cl A

     265,600        75,059,202  

Li Ning

     7,806,162        90,881,128  

LONGi Green Energy Technology, Cl A *

     3,206,137        40,632,263  

PetroChina, Cl H

     248,568,421        116,612,037  

Pharmaron Beijing, Cl A

     1,737,278        57,570,328  

Weichai Power, Cl H

     35,096,100        72,766,965  

Wuliangye Yibin, Cl A

     2,616,446        88,354,534  

 

The accompanying notes are an integral part of the financial statements.

 

1


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

CHINA (continued)

     

WuXi AppTec, Cl A

     4,731,894       $ 111,706,515  
     

 

 

 

        1,249,371,642  
     

 

 

 

HONG KONG — 3.3%

     

AIA Group

     4,877,710        56,363,228  

Hong Kong Exchanges & Clearing

     3,739,650        230,043,553  
     

 

 

 

        286,406,781  
     

 

 

 

INDIA — 22.9%

     

Bajaj Finance

     1,750,796        180,081,683  

Hindalco Industries

     7,046,270        46,234,021  

Housing Development Finance

     11,610,148        428,464,804  

ICICI Bank

     10,247,865        96,064,482  

Infosys

     5,244,556        117,857,898  

Infosys ADR

     19,647,039        437,146,618  

JSW Steel

     4,920,554        44,197,571  

Reliance Industries

     9,659,448        327,062,249  

State Bank of India

     21,889,344        132,617,744  

Tata Consultancy Services

     2,027,280        102,866,155  

Tata Steel

     4,858,848        84,237,641  
     

 

 

 

        1,996,830,866  
     

 

 

 

INDONESIA — 0.9%

     

Bank Central Asia

     32,003,507        78,090,849  
     

 

 

 

KAZAKHSTAN — 0.3%

     

Kaspi.KZ JSC GDR

     285,550        30,586,542  
     

 

 

 

MEXICO — 0.0%

     

Ternium ADR

     71,842        3,038,917  
     

 

 

 

NETHERLANDS — 4.1%

     

ASML Holding

     474,294        354,328,412  
     

 

 

 

RUSSIA — 16.4%

     

Gazprom PJSC

     48,470,131        240,370,196  

LUKOIL PJSC

     2,287,862        217,762,786  

MMC Norilsk Nickel PJSC

     122,544        36,603,707  

MMC Norilsk Nickel PJSC ADR

     3,689,124        110,378,590  

Polyus PJSC GDR

     1,279,686        105,138,746  

Rosneft Oil PJSC

     23,488,355        198,570,110  

Sberbank of Russia PJSC

     71,510,510        335,631,722  

Severstal PAO

     2,048,622        42,804,888  

 

The accompanying notes are an integral part of the financial statements.

 

2


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

RUSSIA (continued)

     

TCS Group Holding GDR

     1,580,432       $ 144,311,426  
     

 

 

 

        1,431,572,171  
     

 

 

 

SOUTH AFRICA — 0.4%

     

Capitec Bank Holdings

     264,726        32,029,081  
     

 

 

 

SOUTH KOREA — 5.0%

     

Samsung Electronics

     5,681,348        351,250,746  

SK Telecom

     319,128        86,854,837  
     

 

 

 

        438,105,583  
     

 

 

 

SPAIN — 2.1%

     

Banco Bilbao Vizcaya Argentaria

     27,809,251        183,008,262  
     

 

 

 

TAIWAN — 6.7%

     

Taiwan Semiconductor Manufacturing

     21,225,133        438,071,493  

Taiwan Semiconductor Manufacturing ADR

     1,332,943        148,823,086  
     

 

 

 

        586,894,579  
     

 

 

 

TURKEY — 1.2%

     

Eregli Demir ve Celik Fabrikalari

     30,359,504        56,756,930  

KOC Holding

     18,385,247        46,737,215  
     

 

 

 

        103,494,145  
     

 

 

 

UNITED STATES — 9.0%

     

Communication Services — 1.9%

     

Facebook, Cl A *

     497,085        168,705,678  
     

 

 

 

Information Technology — 7.1%

     

Lam Research

     356,189        202,724,969  

Monolithic Power Systems

     191,321        92,729,463  

NVIDIA

     1,589,201        329,218,879  
     

 

 

 

        624,673,311  
     

 

 

 

TOTAL UNITED STATES

        793,378,989  
     

 

 

 

Total Common Stock
(Cost $6,691,771,883)

        8,088,782,511  
     

 

 

 

                
  PREFERRED STOCK — 3.9%            

BRAZIL — 3.9%

     

Banco Bradesco*(A)

     31,192,238        119,069,638  

Itau Unibanco Holding(A)

     14,957,300        79,495,570  

 

The accompanying notes are an integral part of the financial statements.

 

3


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  PREFERRED STOCK — continued            
           Shares                  Value      

BRAZIL (continued)

     

Petroleo Brasileiro(A)

     22,413,316       $ 111,883,535  

Raizen*(A)

     24,823,931        32,391,519  
     

 

 

 

        342,840,262  
     

 

 

 

Total Preferred Stock
(Cost $383,925,108)

        342,840,262  
     

 

 

 

Total Investments — 96.5%
(Cost $7,075,696,991)

       $   8,431,622,773  
     

 

 

 

Percentages are based on Net Assets of $8,737,143,124.

 

*

Non-income producing security.

(A)

There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

 

The accompanying notes are an integral part of the financial statements.

 

4


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

The following is a summary of the level of inputs used as of September 30, 2021, in valuing the Fund’s investments carried at value:

 

Investments in Securities    Level 1      Level 2        Level 3        Total  

Common Stock

           

Brazil

    $     521,645,692      $      $       $     521,645,692  

China

     55,790,021        1,193,581,621               1,249,371,642  

Hong Kong

            286,406,781               286,406,781  

India

     437,146,618        1,559,684,248               1,996,830,866  

Indonesia

            78,090,849               78,090,849  

Kazakhstan

            30,586,542               30,586,542  

Mexico

     3,038,917                      3,038,917  

Netherlands

            354,328,412               354,328,412  

Russia

     215,517,336        1,216,054,835               1,431,572,171  

South Africa

            32,029,081               32,029,081  

South Korea

            438,105,583               438,105,583  

Spain

            183,008,262               183,008,262  

Taiwan

     148,823,086        438,071,493               586,894,579  

Turkey

            103,494,145               103,494,145  

United States

     793,378,989                      793,378,989  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     2,175,340,659        5,913,441,852               8,088,782,511  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock
Brazil

     310,448,743        32,391,519               342,840,262  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

    $ 2,485,789,402       $   5,945,833,371       $       $   8,431,622,773  
  

 

 

    

 

 

    

 

 

    

 

 

 

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

5


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

GLOBAL QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

LOGO

Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            
  COMMON STOCK — 92.9%            
           Shares                  Value      

AUSTRALIA — 2.2%

     

Glencore

     3,241,701       $     15,321,326  
     

 

 

 

BRAZIL — 2.6%

     

Petroleo Brasileiro ADR

     738,235        7,633,350  

Vale

     744,887        10,369,006  
     

 

 

 

        18,002,356  
     

 

 

 

CANADA — 1.0%

     

Royal Bank of Canada

     64,736        6,440,130  
     

 

 

 

CHINA — 0.9%

     

China Merchants Bank, Cl H

     806,272        6,410,514  
     

 

 

 

DENMARK — 2.8%

     

Novo Nordisk, Cl B

     175,561        16,951,396  

Novo Nordisk ADR

     23,129        2,220,615  
     

 

 

 

        19,172,011  
     

 

 

 

FRANCE — 1.9%

     

BNP Paribas

     206,104        13,165,283  
     

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

6


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

GLOBAL QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

GERMANY — 1.5%

     

Daimler

     119,396       $     10,560,711  
     

 

 

 

LUXEMBOURG — 1.9%

     

ArcelorMittal

     253,421        7,688,138  

ArcelorMittal ADR

     185,141        5,583,853  
     

 

 

 

        13,271,991  
     

 

 

 

NETHERLANDS — 2.1%

     

ASML Holding

     16,344        12,210,029  

ASML Holding ADR

     2,814        2,096,740  
     

 

 

 

        14,306,769  
     

 

 

 

RUSSIA — 3.8%

     

LUKOIL PJSC

     82,877        7,888,381  

Rosneft Oil PJSC

     856,303        7,239,169  

Sberbank of Russia PJSC

     2,379,292        11,167,112  
     

 

 

 

        26,294,662  
     

 

 

 

SPAIN — 3.0%

     

Banco Bilbao Vizcaya Argentaria

     1,817,804        11,962,680  

Banco Santander

     2,440,097        8,814,536  
     

 

 

 

        20,777,216  
     

 

 

 

TAIWAN — 1.9%

     

Taiwan Semiconductor Manufacturing ADR

     118,474        13,227,622  
     

 

 

 

UNITED KINGDOM — 5.2%

     

AstraZeneca

     50,709        6,114,883  

AstraZeneca ADR

     490,128        29,437,088  
     

 

 

 

        35,551,971  
     

 

 

 

UNITED STATES — 62.1%

     

Communication Services — 17.6%

     

Alphabet, Cl C *

     18,192        48,487,319  

Charter Communications, Cl A *

     41,169        29,952,918  

Facebook, Cl A *

     88,829        30,147,674  

Snap, Cl A *

     63,412        4,684,244  

 

The accompanying notes are an integral part of the financial statements.

 

7


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

GLOBAL QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

Communication Services (continued)

     

ZoomInfo Technologies, Cl A *

     121,409       $ 7,429,017  
     

 

 

 

            120,701,172  
     

 

 

 

Consumer Discretionary — 7.0%

     

Amazon.com *

     4,911        16,132,832  

Lennar, Cl A

     51,321        4,807,751  

Target

     118,383        27,082,479  
     

 

 

 

        48,023,062  
     

 

 

 

Consumer Staples — 1.9%

     

Philip Morris International

     136,209        12,911,251  
     

 

 

 

Energy — 6.0%

     

Devon Energy

     306,963        10,900,256  

Exxon Mobil

     283,621        16,682,587  

Occidental Petroleum

     456,391        13,500,046  
     

 

 

 

        41,082,889  
     

 

 

 

Financials — 7.7%

     

Bank of America

     323,444        13,730,198  

Blackstone, Cl A

     147,517        17,162,128  

JPMorgan Chase

     21,230        3,475,138  

Morgan Stanley

     191,403        18,625,426  
     

 

 

 

        52,992,890  
     

 

 

 

Health Care — 5.7%

     

Eli Lilly

     38,792        8,962,892  

UnitedHealth Group

     76,668        29,957,254  
     

 

 

 

        38,920,146  
     

 

 

 

Information Technology — 16.2%

     

Adobe *

     23,303        13,416,003  

Microsoft

     114,777        32,357,932  

NVIDIA

     147,388        30,532,898  

salesforce.com *

     55,117        14,948,833  

 

The accompanying notes are an integral part of the financial statements.

 

8


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

GLOBAL QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

Information Technology (continued)

     

Visa, Cl A

     89,496       $     19,935,234  
     

 

 

 

        111,190,900  
     

 

 

 

TOTAL UNITED STATES

        425,822,310  
     

 

 

 

Total Common Stock
(Cost $551,769,385)

        638,324,872  
     

 

 

 

                

  PREFERRED STOCK — 3.4%

     

BRAZIL — 2.0%

     

Itau Unibanco Holding(A)

     850,550        4,520,532  

Petroleo Brasileiro(A)

     1,810,176        9,036,097  
     

 

 

 

        13,556,629  
     

 

 

 

GERMANY — 1.4%

     

Volkswagen, 2.80%

     42,400        9,442,557  
     

 

 

 

Total Preferred Stock
(Cost $22,737,746)

        22,999,186  
     

 

 

 

Total Investments— 96.3%
(Cost $574,507,131)

       $     661,324,058  
     

 

 

 

Percentages are based on Net Assets of $686,877,508.

 

*

Non-income producing security.

(A)

There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

 

The accompanying notes are an integral part of the financial statements.

 

9


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

GLOBAL QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

The following is a summary of the level of inputs used as of September 30, 2021, in valuing the Fund’s investments carried at value:

 

Investments in Securities    Level 1      Level 2        Level 3        Total  

Common Stock

           

Australia

    $       $ 15,321,326       $       $ 15,321,326  

Brazil

     18,002,356                      18,002,356  

Canada

     6,440,130                      6,440,130  

China

            6,410,514               6,410,514  

Denmark

     2,220,615        16,951,396               19,172,011  

France

            13,165,283               13,165,283  

Germany

            10,560,711               10,560,711  

Luxembourg

     5,583,853        7,688,138               13,271,991  

Netherlands

     2,096,740        12,210,029               14,306,769  

Russia

            26,294,662               26,294,662  

Spain

            20,777,216               20,777,216  

Taiwan

     13,227,622                      13,227,622  

United Kingdom

     29,437,088        6,114,883               35,551,971  

United States

     425,822,310                      425,822,310  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     502,830,714        135,494,158               638,324,872  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

           

Brazil

     13,556,629                      13,556,629  

Germany

            9,442,557               9,442,557  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stock

     13,556,629        9,442,557               22,999,186  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

    $     516,387,343       $     144,936,715       $     —       $     661,324,058  
  

 

 

    

 

 

    

 

 

    

 

 

 

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

10


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

US SELECT QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

LOGO

Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            
  COMMON STOCK — 96.7%            
           Shares                  Value      

LUXEMBOURG — 3.5%

     

ArcelorMittal ADR

     828,298       $     24,981,468  
     

 

 

 

UNITED KINGDOM — 2.6%

     

AstraZeneca ADR

     301,558        18,111,574  
     

 

 

 

UNITED STATES — 90.6%

     

Communication Services — 21.3%

     

Alphabet, Cl C *

     23,335        62,195,009  

Charter Communications, Cl A *

     44,013        32,022,098  

Facebook, Cl A *

     107,095        36,346,972  

Snap, Cl A *

     97,689        7,216,286  

ZoomInfo Technologies, Cl A *

     203,113        12,428,485  
     

 

 

 

        150,208,850  
     

 

 

 

Consumer Discretionary — 8.8%

     

Amazon.com *

     7,852        25,794,134  

Lennar, Cl A

     70,535        6,607,719  

Target

     131,243        30,024,461  
     

 

 

 

        62,426,314  
     

 

 

 

Consumer Staples — 4.3%

     

Philip Morris International

     316,666        30,016,770  
     

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

11


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

US SELECT QUALITY EQUITY FUND

SEPTEMBER 30, 2021

(Unaudited)

 

COMMON STOCK — continued

     
           Shares                  Value      

Energy — 11.1%

     

Devon Energy

     664,942       $ 23,612,090  

Exxon Mobil

     529,015        31,116,662  

Occidental Petroleum

     788,510        23,324,126  
     

 

 

 

        78,052,878  
     

 

 

 

Financials — 12.6%

     

Bank of America

     513,546        21,800,028  

Blackstone, Cl A

     263,498        30,655,357  

JPMorgan Chase

     54,623        8,941,239  

Morgan Stanley

     284,687        27,702,892  
     

 

 

 

        89,099,516  
     

 

 

 

Health Care — 9.4%

     

Eli Lilly

     59,098        13,654,593  

Johnson & Johnson

     47,734        7,709,041  

Syneos Health, Cl A *

     149,203        13,052,278  

UnitedHealth Group

     82,390        32,193,069  
     

 

 

 

        66,608,981  
     

 

 

 

Information Technology — 23.1%

     

Adobe *

     32,793        18,879,586  

Microsoft

     174,690        49,248,605  

NVIDIA

     180,369        37,365,242  

salesforce.com *

     83,449        22,633,038  

Visa, Cl A

     156,471        34,853,915  
     

 

 

 

        162,980,386  
     

 

 

 

TOTAL UNITED STATES

        639,393,695  
     

 

 

 

Total Common Stock
(Cost $569,247,573)

        682,486,737  
     

 

 

 

Total Investments — 96.7%
(Cost $569,247,573)

       $   682,486,737  
     

 

 

 

Percentages are based on Net Assets of $705,911,623.

 

*

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

 

The accompanying notes are an integral part of the financial statements.

 

12


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

US SELECT QUALITY EQUITY 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. GAAP.

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.

 

13


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS GLOBAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

LOGO

Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            
  COMMON STOCK — 95.4%            
           Shares                  Value      

AUSTRALIA — 1.8%

     

Glencore

     57,888       $ 273,597  
     

 

 

 

BRAZIL — 8.7%

     

Banco Bradesco ADR *

     66,372        254,205  

Petroleo Brasileiro ADR

     69,786        721,587  

Vale ADR, Cl B

     27,062        377,515  
     

 

 

 

            1,353,307  
     

 

 

 

CANADA — 3.7%

     

Nutrien

     5,114        331,540  

Royal Bank of Canada

     2,445        243,236  
     

 

 

 

        574,776  
     

 

 

 

CHINA — 0.8%

     

China Merchants Bank, Cl H

     14,874        118,260  
     

 

 

 

DENMARK — 4.5%

     

Novo Nordisk ADR

     7,306        701,449  
     

 

 

 

FRANCE — 0.9%

     

Credit Agricole

     10,029        138,113  
     

 

 

 

GERMANY — 4.6%

     

Daimler

     3,275        289,677  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

     739        201,673  

 

The accompanying notes are an integral part of the financial statements.

 

14


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS GLOBAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued

     
           Shares                  Value      

GERMANY (continued)

     

Siemens

     1,404       $ 229,637  
     

 

 

 

        720,987  
     

 

 

 

INDIA — 2.8%

     

Infosys ADR

     19,411        431,895  
     

 

 

 

JAPAN — 1.5%

     

Tokio Marine Holdings

     4,282        228,835  
     

 

 

 

LUXEMBOURG — 2.2%

     

ArcelorMittal ADR

     11,330        341,713  
     

 

 

 

RUSSIA — 11.6%

     

Gazprom PJSC

     64,600        320,883  

LUKOIL PJSC ADR

     2,757        260,978  

MMC Norilsk Nickel PJSC

     885        265,068  

Polyus PJSC GDR

     1,138        93,498  

Rosneft Oil PJSC

     41,227        348,916  

Sberbank of Russia PJSC

     81,132        379,883  

Severstal PAO GDR

     6,460        134,889  
     

 

 

 

            1,804,115  
     

 

 

 

SINGAPORE — 0.8%

     

Ascendas Real Estate Investment Trust ‡

     53,775        118,529  
     

 

 

 

SPAIN — 2.4%

     

Banco Bilbao Vizcaya Argentaria

     56,958        374,832  
     

 

 

 

SWEDEN — 0.6%

     

Swedbank

     4,236        85,485  
     

 

 

 

SWITZERLAND — 1.6%

     

Roche Holding

     676        246,908  
     

 

 

 

TAIWAN — 2.7%

     

Taiwan Semiconductor Manufacturing ADR

     3,678        410,649  
     

 

 

 

UNITED KINGDOM — 4.7%

     

AstraZeneca ADR

     12,230        734,534  
     

 

 

 

UNITED STATES — 39.5%

     

Consumer Staples — 3.6%

     

Coca-Cola

     5,616        294,672  

 

The accompanying notes are an integral part of the financial statements.

 

15


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS GLOBAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued      
           Shares                  Value      

Consumer Staples (continued)

     

PepsiCo

     1,796       $ 270,136  
     

 

 

 

        564,808  
     

 

 

 

Energy — 10.3%

     

Chevron

     3,103        314,799  

Devon Energy

     17,663        627,213  

Exxon Mobil

     11,027        648,608  
     

 

 

 

        1,590,620  
     

 

 

 

Financials — 9.7%

     

AllianceBernstein Holding (A)

     9,446        468,333  

Bank of America

     12,478        529,691  

Morgan Stanley

     5,268        512,629  
     

 

 

 

        1,510,653  
     

 

 

 

Health Care — 9.6%

     

AbbVie

     2,863        308,832  

Bristol-Myers Squibb

     6,032        356,913  

Johnson & Johnson

     2,750        444,125  

UnitedHealth Group

     986        385,270  
     

 

 

 

        1,495,140  
     

 

 

 

Industrials — 1.9%

     

L3Harris Technologies

     1,364        300,407  
     

 

 

 

Information Technology — 4.4%

     

Broadcom

     167        80,983  

Microsoft

     2,156        607,820  
     

 

 

 

        688,803  
     

 

 

 

TOTAL UNITED STATES

        6,150,431  
     

 

 

 

Total Common Stock
(Cost $14,804,580)

        14,808,415  
     

 

 

 

Total Investments — 95.4%
(Cost $14,804,580)

       $     14,808,415  
     

 

 

 

Percentages are based on Net Assets of $15,527,298.

 

*

Non-income producing security.

Real Estate Investment Trust.

(A)

Security considered Master Limited Partnership. At September 30, 2021, these securities amounted to $468,333 or 3.0% of net assets.

 

The accompanying notes are an integral part of the financial statements.

 

16


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS GLOBAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of September 30, 2021, in valuing the Fund’s investments carried at value:

 

Investments in Securities            Level 1                      Level 2                  Level 3                  Total          

Common Stock

           

Australia

    $       $ 273,597       $       $ 273,597  

Brazil

     1,353,307                      1,353,307  

Canada

     574,776                      574,776  

China

            118,260               118,260  

Denmark

     701,449                      701,449  

France

            138,113               138,113  

Germany

            720,987               720,987  

India

     431,895                      431,895  

Japan

            228,835               228,835  

Luxembourg

     341,713                      341,713  

Russia

     489,365        1,314,750               1,804,115  

Singapore

            118,529               118,529  

Spain

            374,832               374,832  

Sweden

            85,485               85,485  

Switzerland

            246,908               246,908  

Taiwan

     410,649                      410,649  

United Kingdom

     734,534                      734,534  

United States

     6,150,431                      6,150,431  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     11,188,119        3,620,296               14,808,415  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

    $         11,188,119       $         3,620,296       $         —       $         14,808,415  
  

 

 

    

 

 

    

 

 

    

 

 

 

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

17


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS INTERNATIONAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

LOGO

Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            
  COMMON STOCK — 98.5%            
           Shares                  Value      

AUSTRALIA — 4.0%

     

Glencore

     132,161       $ 624,636  
     

 

 

 

BELGIUM — 2.3%

     

KBC Group

     3,969        356,542  
     

 

 

 

BRAZIL — 8.2%

     

Banco Bradesco ADR *

     50,153        192,086  

Petroleo Brasileiro ADR

     80,603        833,435  

Vale ADR, Cl B

     17,323        241,656  
     

 

 

 

            1,267,177  
     

 

 

 

CANADA — 5.0%

     

Nutrien

     4,060        263,210  

Royal Bank of Canada

     5,175        514,824  
     

 

 

 

        778,034  
     

 

 

 

CHINA — 2.2%

     

China Merchants Bank, Cl H

     28,837        229,278  

PetroChina, Cl H

     250,969        117,738  
     

 

 

 

        347,016  
     

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

18


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS INTERNATIONAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

DENMARK — 4.7%

     

Novo Nordisk, Cl B

     7,525       $ 726,581  
     

 

 

 

FRANCE — 5.5%

     

BNP Paribas

     6,894        440,367  

Credit Agricole

     14,463        199,175  

Vinci

     2,085        216,723  
     

 

 

 

        856,265  
     

 

 

 

GERMANY — 6.9%

     

Daimler

     6,578        581,832  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

     714        194,850  

Siemens

     1,784        291,789  
     

 

 

 

            1,068,471  
     

 

 

 

HONG KONG — 0.6%

     

Hong Kong Exchanges & Clearing

     1,586        97,562  
     

 

 

 

INDIA — 3.4%

     

Infosys ADR

     23,526        523,453  
     

 

 

 

JAPAN — 3.8%

     

Inpex

     20,286        158,260  

Sumitomo Mitsui Financial Group

     5,086        178,186  

Tokio Marine Holdings

     4,647        248,341  
     

 

 

 

        584,787  
     

 

 

 

LUXEMBOURG — 3.9%

     

ArcelorMittal

     19,761        599,498  
     

 

 

 

NETHERLANDS — 0.5%

     

Euronext

     658        74,514  
     

 

 

 

RUSSIA — 16.0%

     

Gazprom PJSC

     126,002        625,881  

LUKOIL PJSC ADR

     5,393        510,501  

MMC Norilsk Nickel PJSC

     702        210,258  

Novolipetsk Steel PJSC GDR

     4,865        144,554  

 

The accompanying notes are an integral part of the financial statements.

 

19


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS INTERNATIONAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

RUSSIA (continued)

     

Polyus PJSC GDR

     1,672       $ 137,371  

Rosneft Oil PJSC

     40,112        339,479  

Sberbank of Russia PJSC ADR

     19,030        356,813  

Severstal PAO

     7,318        152,805  
     

 

 

 

            2,477,662  
     

 

 

 

SINGAPORE — 0.5%

     

Ascendas Real Estate Investment Trust ‡

     36,087        79,542  
     

 

 

 

SOUTH KOREA — 1.8%

     

Samsung Electronics GDR

     177        276,936  
     

 

 

 

SPAIN — 3.1%

     

Banco Bilbao Vizcaya Argentaria ADR

     73,900        487,001  
     

 

 

 

SWEDEN — 3.7%

     

Swedbank

     4,278        86,333  

Swedish Match

     55,739        488,475  
     

 

 

 

        574,808  
     

 

 

 

SWITZERLAND — 4.1%

     

Novartis

     2,373        194,155  

Roche Holding

     1,203        439,394  
     

 

 

 

        633,549  
     

 

 

 

TAIWAN — 3.3%

     

Taiwan Semiconductor Manufacturing ADR

     4,574        510,687  
     

 

 

 

UNITED KINGDOM — 8.0%

     

AstraZeneca

     7,000        844,114  

British American Tobacco

     11,440        400,130  
     

 

 

 

        1,244,244  
     

 

 

 

UNITED STATES — 7.0%

     

Consumer Staples — 6.0%

     

Philip Morris International

     9,804        929,321  
     

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

20


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS INTERNATIONAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

Information Technology — 1.0%

     

Broadcom

     336       $ 162,937  
     

 

 

 

TOTAL UNITED STATES

        1,092,258  
     

 

 

 

Total Common Stock

     

(Cost $15,302,783)

        15,281,223  
     

 

 

 

                
  PREFERRED STOCK — 0.5%            

GERMANY — 0.5%

     

Volkswagen, 2.80%

     

(Cost $79,428)

     317        70,597  
     

 

 

 

Total Investments — 99.0%

     

(Cost $15,382,211)

       $     15,351,820  
     

 

 

 

Percentages are based on Net Assets of $15,511,820.

 

*

Non-income producing security.

Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

 

The accompanying notes are an integral part of the financial statements.

 

21


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS INTERNATIONAL

QUALITY DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

The following is a summary of the level of inputs used as of September 30, 2021, in valuing the Fund’s investments carried at value:

 

Investments in Securities    Level 1      Level 2      Level 3      Total  

Common Stock

           

Australia

    $       $ 624,636       $       $ 624,636  

Belgium

            356,542               356,542  

Brazil

     1,267,177                      1,267,177  

Canada

     778,034                      778,034  

China

            347,016               347,016  

Denmark

            726,581               726,581  

France

            856,265               856,265  

Germany

            1,068,471               1,068,471  

Hong Kong

            97,562               97,562  

India

     523,453                      523,453  

Japan

            584,787               584,787  

Luxembourg

            599,498               599,498  

Netherlands

            74,514               74,514  

Russia

     1,149,239        1,328,423               2,477,662  

Singapore

            79,542               79,542  

South Korea

     276,936                      276,936  

Spain

     487,001                      487,001  

Sweden

            574,808               574,808  

Switzerland

            633,549               633,549  

Taiwan

     510,687                      510,687  

United Kingdom

            1,244,244               1,244,244  

United States

     1,092,258                      1,092,258  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     6,084,785        9,196,438               15,281,223  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

           

Germany

            70,597               70,597  
  

 

 

 

Total Investments in Securities

    $       6,084,785       $       9,267,035       $         —       $       15,351,820  
  

 

 

    

 

 

    

 

 

    

 

 

 

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

22


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS US QUALITY

DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  SECTOR WEIGHTING

 

LOGO

Percentages are based on total investments.

 

  SCHEDULE OF INVESTMENTS            

  COMMON STOCK — 96.7%

 

           
           Shares                  Value      

CANADA — 3.7%

     

Nutrien

     3,976       $ 257,764  

Royal Bank of Canada

     3,212        319,530  
     

 

 

 

        577,294  
     

 

 

 

GERMANY — 2.8%

     

Daimler

     4,886        435,831  
     

 

 

 

LUXEMBOURG — 2.5%

     

ArcelorMittal ADR

     13,364        403,058  
     

 

 

 

UNITED KINGDOM — 2.2%

     

AstraZeneca ADR

     5,778        347,027  
     

 

 

 

UNITED STATES — 85.5%

     

Communication Services — 2.2%

     

Verizon Communications

     6,305        340,533  
     

 

 

 

Consumer Discretionary — 8.1%

     

Home Depot

     1,421        466,457  

McDonald’s

     1,282        309,103  

Target

     2,209        505,353  
     

 

 

 

            1,280,913  
     

 

 

 

Consumer Staples — 12.8%

     

Altria Group

     14,246        648,478  

 

The accompanying notes are an integral part of the financial statements.

 

23


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS US QUALITY

DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

Consumer Staples (continued)

     

Coca-Cola

     8,351       $ 438,177  

PepsiCo

     999        150,259  

Philip Morris International

     8,159        773,392  
     

 

 

 

        2,010,306  
     

 

 

 

Energy — 16.2%

     

Chevron

     6,454        654,758  

Devon Energy

     29,438        1,045,344  

Exxon Mobil

     14,394        846,655  
     

 

 

 

        2,546,757  
     

 

 

 

Financials — 20.2%

     

AllianceBernstein Holding (A)

     10,900        540,422  

Bank of America

     15,817        671,432  

Blackstone, Cl A

     6,290        731,779  

CME Group, Cl A

     1,409        272,472  

JPMorgan Chase

     1,868        305,773  

Morgan Stanley

     6,866        668,130  
     

 

 

 

        3,190,008  
     

 

 

 

Health Care — 11.7%

     

AbbVie

     2,703        291,573  

Bristol-Myers Squibb

     5,700        337,269  

Johnson & Johnson

     3,803        614,185  

Merck

     1,877        140,981  

UnitedHealth Group

     1,185        463,027  
     

 

 

 

        1,847,035  
     

 

 

 

Industrials — 3.5%

     

L3Harris Technologies

     1,421        312,961  

United Parcel Service, Cl B

     1,328        241,829  
     

 

 

 

        554,790  
     

 

 

 

Information Technology — 8.5%

     

Broadcom

     632        306,476  

Microsoft

     2,526        712,130  

Texas Instruments

     1,641        315,416  
     

 

 

 

            1,334,022  
     

 

 

 

Materials — 2.3%

     

Newmont

     6,670        362,181  
     

 

 

 

TOTAL UNITED STATES

        13,466,545  
     

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

24


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS US QUALITY

DIVIDEND INCOME FUND

SEPTEMBER 30, 2021

(Unaudited)

 

  COMMON STOCK — continued            
           Shares                  Value      

Total Common Stock

     

(Cost $15,097,358)

       $ 15,229,755  
     

 

 

 

Total Investments — 96.7%

     

(Cost $15,097,358)

       $     15,229,755  
     

 

 

 

Percentages are based on Net Assets of $15,746,957.

 

(A)

Security considered Master Limited Partnership. At September 30, 2021, these securities amounted to $540,422 or 3.4% of net assets.

ADR — American Depositary Receipt

Cl — Class

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 more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements

 

The accompanying notes are an integral part of the financial statements.

 

25


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

SEPTEMBER 30, 2021

(Unaudited)

 

  STATEMENTS OF ASSETS AND LIABILITIES               

 

     GQG Partners
Emerging Markets
Equity Fund
   GQG Partners
Global Quality
Equity Fund
   GQG Partners US
Select Quality
Equity Fund

Assets:

        

Investments, at Value (Cost $7,075,696,991, $574,507,131 and $569,247,573)

     $ 8,431,622,773        $ 661,324,058        $ 682,486,737  

Foreign Currency, at Value (Cost $21,520,209, $1,357,168 and $–)

     21,520,199        1,357,167         

Cash

     224,634,800        24,807,447        25,728,178  

Receivable for Investment Securities Sold

     106,320,557        8,236,684        11,182,547  

Dividend and Interest Receivable

     16,841,630        223,164        380,224  

Receivable for Capital Shares Sold

     16,614,871        909,762        2,705,754  

Unrealized Gain on Foreign Spot Currency Contracts

     34,276                

Reclaim Receivable

            244,738         

Other Prepaid Expenses

     83,413        55,882        20,123  
  

 

 

 

  

 

 

 

  

 

 

 

Total Assets

     8,817,672,519        697,158,902        722,503,563  
  

 

 

 

  

 

 

 

  

 

 

 

Liabilities:

        

Accrued Foreign Capital Gains Tax on Appreciated Securities

     61,711,015                

Payable for Capital Shares Redeemed

     7,054,969        303,801        8,204  

Payable to Investment Adviser

     6,650,184        377,756        250,665  

Payable for Investment Securities Purchased

     3,874,663        9,464,713        16,214,156  

Payable to Administrator

     239,465        18,823        19,410  

Chief Compliance Officer Fees Payable

     7,315        122        161  

Payable to Trustees

     2,056        267        198  

Unrealized Loss on Foreign Spot Currency Contracts

            7,384         

Shareholder Servicing Fees Payable, Investor Shares

            104         

Other Accrued Expenses and Other Payables

     989,728        108,424        99,146  
  

 

 

 

  

 

 

 

  

 

 

 

Total Liabilities

     80,529,395        10,281,394        16,591,940  
  

 

 

 

  

 

 

 

  

 

 

 

Net Assets

    $ 8,737,143,124       $ 686,877,508       $ 705,911,623  
  

 

 

 

  

 

 

 

  

 

 

 

Net Assets Consist of:

        

Paid-in Capital

    $ 7,333,289,497       $ 604,124,551       $ 588,897,841  

Total Distributable Earnings

     1,403,853,627        82,752,957        117,013,782  
  

 

 

 

  

 

 

 

  

 

 

 

Net Assets

    $   8,737,143,124       $     686,877,508       $     705,911,623  
  

 

 

 

  

 

 

 

  

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

26


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

SEPTEMBER 30, 2021

(Unaudited)

 

  STATEMENTS OF ASSETS AND LIABILITIES          

 

     GQG Partners
Emerging Markets
Equity Fund
   GQG Partners
Global Quality
Equity Fund
   GQG Partners US
Select Quality
Equity Fund

Investor Shares:

        

Net Assets

   $ 166,787,807      $ 2,162,676      $ 2,198,875  

Outstanding Shares of beneficial interest (unlimited authorization — no par value)

     9,553,059        150,324        137,539  

Net Asset Value, Offering and Redemption Price Per Share

     $17.46        $14.39        $15.99  
  

 

 

 

  

 

 

 

  

 

 

 

Institutional Shares:

        

Net Assets

   $ 8,499,636,880      $     636,107,488      $ 694,602,247  

Outstanding Shares of beneficial interest (unlimited authorization — no par value)

     484,412,784        44,106,577        43,349,790  

Net Asset Value, Offering and Redemption Price Per Share

     $17.55        $14.42        $16.02  
  

 

 

 

  

 

 

 

  

 

 

 

R6 Shares:

        

Net Assets

   $ 70,718,437      $ 48,607,344      $ 9,110,501  

Outstanding Shares of beneficial interest (unlimited authorization — no par value)

     4,030,471        3,371,594        568,387  

Net Asset Value, Offering and Redemption Price Per Share

     $17.55        $14.42        $16.03  
  

 

 

 

  

 

 

 

  

 

 

 

Amounts designated as “ —” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

27


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

SEPTEMBER 30, 2021

(Unaudited)

 

  STATEMENTS OF ASSETS AND LIABILITIES          

 

     GQG Partners
Global Quality
Dividend Income
Fund
   GQG Partners
International
Quality Dividend
Income Fund
  GQG Partners U.S.
Quality Dividend
Income Fund

Assets:

       

Investments, at Value (Cost $14,804,580, $15,382,211 and $15,097,358)

   $ 14,808,415      $ 15,351,820     $ 15,229,755  

Foreign Currency, at Value (Cost $–, $8,669 and $–)

            8,669        

Cash

     518,294        67,080       958,364  

Receivable for Investment Securities Sold

     424,841        571,994        

Dividend and Interest Receivable

     46,916        57,013       25,832  

Receivable from Investment Advisor

     13,489        13,132       15,010  

Deferred Offering Costs (Note 2)

     1,711        1,711       1,711  

Reclaim Receivable

     953        2,653        

Unrealized Gain on Foreign Spot Currency Contracts

     474               

Other Prepaid Expenses

     2,412        2,411       2,412  
  

 

 

 

  

 

 

 

 

 

 

 

Total Assets

     15,817,505        16,076,483       16,233,084  
  

 

 

 

  

 

 

 

 

 

 

 

Liabilities:

       

Payable for Investment Securities Purchased

     273,035        547,592       472,347  

Payable to Administrator

     5,342        5,342       5,342  

Payable to Trustees

     9        9       9  

Chief Compliance Officer Fees Payable

     6        6       6  

Unrealized Loss on Foreign Spot Currency Contracts

            372        

Other Accrued Expenses and Other Payables

     11,815        11,342       8,423  
  

 

 

 

  

 

 

 

 

 

 

 

Total Liabilities

     290,207        564,663       486,127  
  

 

 

 

  

 

 

 

 

 

 

 

Net Assets

   $       15,527,298      $ 15,511,820     $ 15,746,957  
  

 

 

 

  

 

 

 

 

 

 

 

Net Assets Consist of:

       

Paid-in Capital

   $ 15,501,222      $ 15,550,197     $ 15,550,197  

Total Distributable Earnings/(Loss)

     26,076        (38,377     196,760  
  

 

 

 

  

 

 

 

 

 

 

 

Net Assets

   $ 15,527,298      $ 15,511,820     $ 15,746,957  
  

 

 

 

  

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

28


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

SEPTEMBER 30, 2021

(Unaudited)

 

  STATEMENTS OF ASSETS AND LIABILITIES          

 

     GQG Partners
Global Quality
Dividend Income
Fund
   GQG Partners
International
Quality Dividend
Income Fund
   GQG Partners U.S.
Quality Dividend
Income Fund

Investor Shares:

        

Net Assets

   $ 990,037      $ 986,273      $ 1,011,168  

Outstanding Shares of beneficial interest (unlimited authorization — no par value)

     100,011        100,011        100,011  

Net Asset Value, Offering and Redemption Price Per Share

     $9.90        $9.86        $10.11  
  

 

 

 

  

 

 

 

  

 

 

 

Institutional Shares:

        

Net Assets

   $ 14,537,261      $ 14,525,547      $ 14,735,789  

Outstanding Shares of beneficial interest (unlimited authorization — no par value)

     1,468,292        1,473,200        1,457,723  

Net Asset Value, Offering and Redemption Price Per Share

     $9.90        $9.86        $10.11  
  

 

 

 

  

 

 

 

  

 

 

 

Amounts designated as “ —” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

29


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD OR YEAR ENDED

SEPTEMBER 30, 2021

AND JULY 31, 2021

 

 

  STATEMENTS OF OPERATIONS

 

     GQG Partners Emerging
Markets Equity Fund
    

Period Ended
September
30, 2021
(1)

(Unaudited)

 

Year

Ended

July 31, 2021

  

 

 

 

Investment Income:

    

Dividends

    $ 65,330,986      $ 145,979,972  

Interest

     2,624       19,811  

Less: Foreign Taxes Withheld

     (2,536,936     (16,471,808
  

 

 

 

 

 

 

 

Total Investment Income

     62,796,674       129,527,975  
  

 

 

 

 

 

 

 

Expenses:

    

Investment Advisory Fees

     13,388,759       61,777,382  

Administration Fees

     485,241       2,531,756  

Shareholder Serving Fees, Investor Shares

     52,738       260,007  

Trustees’ Fees

     6,419       32,239  

Chief Compliance Officer Fees

     3,381       9,943  

Custodian Fees

     361,990       1,597,867  

Registration and Filing Fees

     135,415       477,441  

Transfer Agent Fees

     74,812       420,665  

Legal Fees

     17,383       108,487  

Audit Fees

     6,251       25,361  

Printing Fees

           188,650  

Other Expenses

     64,937       102,317  
  

 

 

 

 

 

 

 

Total Expenses

     14,597,326       67,532,115  
  

 

 

 

 

 

 

 

Less:

    

Waiver of Investment Advisory Fees

     (508,262     (556,088

Advisory Waiver Recapture - Note 5

     544,647       633,046  

Fees Paid Indirectly

     (2,140     (18,193
  

 

 

 

 

 

 

 

Net Expenses

     14,631,571       67,590,880  
  

 

 

 

 

 

 

 

Net Investment Income

     48,165,103       61,937,095  
  

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

    

Investments

     (85,628,582     395,544,724  

Foreign Currency Transactions

     (1,833,181     (8,681,722
  

 

 

 

 

 

 

 

Net Realized Gain (Loss)

     (87,461,763     386,863,002  
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

    

Investments

     (31,334,135     406,364,273  

Accrued Foreign Capital Gains Tax on Appreciated Securities

     (25,383,989     (23,034,369

Foreign Currency Translation

     (872,321     507,983  
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation)

     (57,590,445     383,837,887  
  

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions

     (145,052,208     770,700,889  
  

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

    $     (96,887,105    $     832,637,984  
  

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

30


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD OR YEAR ENDED

SEPTEMBER 30, 2021

AND JULY 31, 2021

 

  STATEMENTS OF OPERATIONS

 

(1)

For the period August 1, 2021 to September 30, 2021. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).

  

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

31


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD OR YEAR ENDED

SEPTEMBER 30, 2021

AND JULY 31, 2021

 

  STATEMENTS OF OPERATIONS

 

     GQG Partners Global Quality
Equity Fund
     Period Ended
September
30, 2021
(1)
(Unaudited)
 

Year

Ended
July 31, 2021

  

 

 

 

Investment Income:

    

Dividends

    $ 3,686,085      $ 6,841,904  

Interest

     252       801  

Less: Foreign Taxes Withheld

     (67,395     (382,851
  

 

 

 

 

 

 

 

Total Investment Income

     3,618,942       6,459,854  
  

 

 

 

 

 

 

 

Expenses:

    

Investment Advisory Fees

     754,841       2,589,327  

Administration Fees

     37,878       145,707  

Shareholder Serving Fees, Investor Shares

     525       2,319  

Trustees’ Fees

     477       1,843  

Chief Compliance Officer Fees

     277       1,987  

Registration and Filing Fees

     31,990       119,730  

Transfer Agent Fees

     13,193       77,659  

Custodian Fees

     12,217       56,178  

Audit Fees

     6,175       25,061  

Legal Fees

     1,298       6,003  

Printing Fees

           10,746  

Other Expenses

     5,095       9,392  
  

 

 

 

 

 

 

 

Total Expenses

     863,966       3,045,952  
  

 

 

 

 

 

 

 

Less:

    

Waiver of Investment Advisory Fees

     (33,111     (57,565

Advisory Waiver Recapture - Note 5

     36,736        

Fees Paid Indirectly

     (41     (223
  

 

 

 

 

 

 

 

Net Expenses

     867,550       2,988,164  
  

 

 

 

 

 

 

 

Net Investment Income

     2,751,392       3,471,690  
  

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

    

Investments

     (5,653,826     (981,838

Foreign Currency Transactions

     (29,761     (328,813
  

 

 

 

 

 

 

 

Net Realized Loss

     (5,683,587     (1,310,651
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

    

Investments

     (8,515,460     67,418,398  

Foreign Currency Translation

     (7,317     1,745  
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation)

     (8,522,777     67,420,143  
  

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign

    

Currency Transactions

     (14,206,364     66,109,492  
  

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

    $     (11,454,972    $     69,581,182  
  

 

 

 

 

 

 

 

 

(1)

For the period August 1, 2021 to September 30, 2021. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).

 

The accompanying notes are an integral part of the financial statements.

 

32


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD OR YEAR ENDED

SEPTEMBER 30, 2021

AND JULY 31, 2021

 

  STATEMENTS OF OPERATIONS

Amounts designated as “ —” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

33


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD OR YEAR ENDED

SEPTEMBER 30, 2021

AND JULY 31, 2021

 

  STATEMENTS OF OPERATIONS

 

     GQG Partners US Select
Quality Equity Fund
    

Period Ended
September
30, 2021
(1)

(Unaudited)

 

Year

Ended

July 31, 2021

  

 

 

 

Investment Income:

    

Dividends

   $ 1,639,208     $ 6,115,812  

Interest

     248       1,121  

Less: Foreign Taxes Withheld

           (32,469
  

 

 

 

 

 

 

 

Total Investment Income

     1,639,456       6,084,464  
  

 

 

 

 

 

 

 

Expenses:

    

Investment Advisory Fees

     531,492       2,125,763  

Administration Fees

     38,522       170,900  

Trustees’ Fees

     496       2,003  

Shareholder Serving Fees, Investor Shares

     375       1,645  

Chief Compliance Officer Fees

     284       2,088  

Registration and Filing Fees

     17,214       91,498  

Transfer Agent Fees

     13,509       79,191  

Audit Fees

     6,175       25,061  

Custodian Fees

     1,593       8,858  

Legal Fees

     1,344       6,946  

Printing Fees

           8,135  

Other Expenses

     5,043       7,681  
  

 

 

 

 

 

 

 

Total Expenses

     616,047       2,529,769  
  

 

 

 

 

 

 

 

Less:

    

Waiver of Investment Advisory Fees

     (214,438     (211,769

Advisory Waiver Recapture - Note 5

     176,735        

Fees Paid Indirectly

     (8     (71
  

 

 

 

 

 

 

 

Net Expenses

     578,336       2,317,929  
  

 

 

 

 

 

 

 

Net Investment Income

     1,061,120       3,766,535  
  

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

    

Investments

     (6,499,846     6,466,282  
  

 

 

 

 

 

 

 

Net Realized Gain (Loss)

     (6,499,846     6,466,282  
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

    

Investments

     (14,210,766     101,748,985  
  

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation)

     (14,210,766     101,748,985  
  

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments

     (20,710,612     108,215,267  
  

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $     (19,649,492   $     111,981,802  
  

 

 

 

 

 

 

 

 

(1)

For the period August 1, 2021 to September 30, 2021. Effective September 23, 2021, the Fund changed its fiscal year end to March 31st (see Note 1 in the Notes to Financial Statements).

Amounts designated as “ —” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

34


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS FUNDS

FOR THE PERIOD ENDED

SEPTEMBER 30, 2021

(Unaudited)

 

  STATEMENTS OF OPERATIONS     

 

     GQG Partners
Global Quality
Dividend
Income
Fund(1)
  GQG Partners
International
Quality
Dividend
Income
Fund(1)
  GQG Partners
U.S. Quality
Dividend
Income
Fund(1)

Investment Income:

      

Dividends

   $ 149,949     $ 169,468     $ 90,124  

Interest

     10       7       8  

Less: Foreign Taxes Withheld

     (11,495     (14,170     (708
  

 

 

 

 

 

 

 

 

 

 

 

Total Investment Income

     138,464           155,305       89,424  
  

 

 

 

 

 

 

 

 

 

 

 

Expenses:

      

Investment Advisory Fees

     17,169       17,114       12,007  

Administration Fees

     16,383       16,383       16,383  

Trustees’ Fees

     9       9       9  

Chief Compliance Officer Fees

     6       6       6  

Offering Costs

     19,659       19,659       19,659  

Transfer Agent Fees

     10,717       10,717       10,717  

Audit Fees

     8,368       8,368       8,268  

Custodian Fees

     4,243       4,269       1,813  

Registration and Filing Fees

     500       500       500  

Legal Fees

     26       26       26  

Other Expenses

     929       929       557  
  

 

 

 

 

 

 

 

 

 

 

 

Total Expenses

     78,009       77,980       69,945  
  

 

 

 

 

 

 

 

 

 

 

 

Less:

      

Waiver of Investment Advisory Fees

     (17,169     (17,114     (12,007

Reimbursement from Adviser

     (41,030     (40,066     (44,865
  

 

 

 

 

 

 

 

 

 

 

 

Net Expenses

     19,810       20,800       13,073  
  

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

     118,654       134,505       76,351  
  

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on:

      

Investments

     (93,482     (135,818     (11,988

Foreign Currency Transactions

     (2,302     (6,309      
  

 

 

 

 

 

 

 

 

 

 

 

Net Realized Loss

     (95,784     (142,127     (11,988
  

 

 

 

 

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

      

Investments

     3,835       (30,391     132,397  

Foreign Currency Translation

     (629     (364      
  

 

 

 

 

 

 

 

 

 

 

 

Net Change in Unrealized Appreciation (Depreciation)

     3,206       (30,755     132,397  
  

 

 

 

 

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions

     (92,578     (172,882     120,409  
  

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $     26,076     $ (38,377   $     196,760  
  

 

 

 

 

 

 

 

 

 

 

 

(1) Commenced operations on June 30, 2021.

Amounts designated as “—” are $0 or have been rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

35


THE ADVISORS’ INNER CIRCLE FUND III   

GQG PARTNERS

EMERGING MARKETS EQUITY FUND

 

 

  STATEMENTS OF CHANGES IN NET ASSETS             
     Period Ended
September
30, 2021
(1)

(Unaudited)
  Year Ended
July 31, 2021
  Year Ended
July 31, 2020

Operations:

      

Net Investment Income

   $ 48,165,103     $ 61,937,095     $ 16,359,974  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

     (87,461,763     386,863,002       (161,941,351

Net Change in Unrealized Appreciation (Depreciation) on Investments, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translation

     (57,590,445     383,837,887       770,182,427  
  

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting From Operations

     (96,887,105     832,637,984       624,601,050