Form NPORT-P Advisors' Inner Circle For: Mar 31

  
    NPORT-P
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          0001593547
          XXXXXXXX
        
      
      
      
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      ADVISORS' INNER CIRCLE III
      811-22920
      0001593547
      549300TG800HOPJVWT31
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      ARGA International Value Fund
      S000071563
      54930038PKDSI2AYT567
      2022-12-31
      2022-03-31
      N
    
    
      3431925.74
      11065.88
      3420859.86
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      59158.45000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        BAIDU, INC.
        254900AL64IANZYI1E02
        
        056752108
        
          
        
        1146.00000000
        NS
        USD
        151615.80000000
        4.432096204022
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ams-OSRAM AG
        5299001JPPT2QFTV5D76
        
        A0699F101
        
          
        
        3660.00000000
        NS
        
        56060.57000000
        1.638785927933
        Long
        EC
        
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ATOS SE
        5493001EZOOA66PTBR68
        
        N/A
        
          
        
        114.00000000
        NS
        
        3099.89000000
        0.090617275388
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        UNICREDIT, SOCIETA PER AZIONI
        549300TRUWO2CD2G5692
        
        N/A
        
          
        
        8765.00000000
        NS
        
        94069.15000000
        2.749868566670
        Long
        EC
        
        IT
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Capri Holdings Limited
        549300LPG8W0H1OX3A26
        
        G1890L107
        
          
        
        1076.00000000
        NS
        USD
        55295.64000000
        1.616425175628
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SHELL PLC
        21380068P1DRHMJ8KU70
        
        N/A
        
          
        
        1313.00000000
        NS
        
        36073.16000000
        1.054505635317
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AerCap Holdings N.V.
        549300SZYINBBLJQU475
        
        N00985106
        
          
        
        142.00000000
        NS
        USD
        7139.76000000
        0.208712437579
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC HOLDINGS PLC
        MLU0ZO3ML4LN2LL2TL39
        
        N/A
        
          
        
        11586.00000000
        NS
        
        79425.14000000
        2.321788768043
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TAIHEIYO CEMENT CORPORATION
        N/A
        
        N/A
        
          
        
        1700.00000000
        NS
        
        28002.96000000
        0.818594188187
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Holcim AG
        529900EHPFPYHV6IQO98
        
        N/A
        
          
        
        1025.00000000
        NS
        
        49944.13000000
        1.459987606741
        Long
        EC
        
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING LIMITED
        5493001NTNQJDH60PM02
        
        01609W102
        
          
        
        969.00000000
        NS
        USD
        105427.20000000
        3.081891814182
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DIRECT LINE INSURANCE GROUP PLC
        213800FF2R23ALJQOP04
        
        N/A
        
          
        
        9528.00000000
        NS
        
        34446.61000000
        1.006957648361
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        China Shenhua Energy Company Limited
        529900N9JOX4C108MA40
        
        N/A
        
          
        
        4500.00000000
        NS
        
        14359.28000000
        0.419756452694
        Long
        EC
        
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        MELCO RESORTS & ENTERTAINMENT LIMITED
        529900NRV6LBR3T6B421
        
        585464100
        
          
        
        11101.00000000
        NS
        USD
        84811.64000000
        2.479249179181
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Petroleo Brasileiro S.A. (Petrobras)
        5493000J801JZRCMFE49
        
        71654V408
        
          
        
        3735.00000000
        NS
        USD
        55278.00000000
        1.615909515802
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NATWEST GROUP PLC
        2138005O9XJIJN4JPN90
        
        N/A
        
          
        
        23069.00000000
        NS
        
        65021.12000000
        1.900724457037
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        PT Bank Mandiri (Persero) Tbk
        549300RSKQN4Z5ZSGH94
        
        N/A
        
          
        
        68700.00000000
        NS
        
        38148.98000000
        1.115186870005
        Long
        EC
        
        ID
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SUBARU CORPORATION
        549300N244BVAEE6HH86
        
        N/A
        
          
        
        1000.00000000
        NS
        
        15841.75000000
        0.463092633090
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Electric Corporation
        549300TRXM9Y6561AX39
        
        N/A
        
          
        
        5300.00000000
        NS
        
        60952.89000000
        1.781800263516
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        VINCI SA
        213800WFQ334R8UXUG83
        
        N/A
        
          
        
        676.00000000
        NS
        
        69249.03000000
        2.024316482815
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SK hynix Inc.
        988400XAIK6XISWQV045
        
        N/A
        
          
        
        690.00000000
        NS
        
        66510.21000000
        1.944254156029
        Long
        EC
        
        KR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        
        N/A
        
          
        
        832.00000000
        NS
        
        100597.81000000
        2.940717074566
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SAFRAN SA
        969500UIC89GT3UL7L24
        
        N/A
        
          
        
        272.00000000
        NS
        
        32021.77000000
        0.936073715688
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LLOYDS BANKING GROUP PLC
        549300PPXHEU2JF0AM85
        
        N/A
        
          
        
        51449.00000000
        NS
        
        31562.41000000
        0.922645512874
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SANOFI SA
        549300E9PC51EN656011
        
        N/A
        
          
        
        519.00000000
        NS
        
        53083.89000000
        1.551770378573
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Holdings, Inc.
        549300B3CEAHYG7K8164
        
        N/A
        
          
        
        8000.00000000
        NS
        
        33450.16000000
        0.977829007002
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        POSCO Holdings Inc.
        988400E5HRVX81AYLM04
        
        N/A
        
          
        
        320.00000000
        NS
        
        76909.66000000
        2.248255209144
        Long
        EC
        
        KR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        
        N/A
        
          
        
        1.00000000
        NC
        USD
        13.53000000
        0.000395514594
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              BROWN BROTHERS HARRIMAN & CO.
              N/A
            
            1364.75000000
            EUR
            1523.29000000
            USD
            2022-04-01
            13.53000000
          
        
        
          N
          N
          N
        
      
      
        MTU Aero Engines AG
        529900807L67JY81RD65
        
        N/A
        
          
        
        167.00000000
        NS
        
        38759.62000000
        1.133037352778
        Long
        EC
        
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Credit Suisse Group AG
        549300506SI9CRFV9Z86
        
        N/A
        
          
        
        3493.00000000
        NS
        
        27645.98000000
        0.808158800167
        Long
        EC
        
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        WH GROUP LIMITED
        254900A4AYEDRWYSE928
        
        N/A
        
          
        
        10956.00000000
        NS
        
        6880.39000000
        0.201130425728
        Long
        EC
        
        HK
        
        Y
        
        2
        
          N
          N
          N
        
      
      
        ABRDN PLC
        0TMBS544NMO7GLCE7H90
        
        N/A
        
          
        
        3868.00000000
        NS
        
        10859.30000000
        0.317443579813
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Fresenius SE & Co. KGaA
        XDFJ0CYCOO1FXRFTQS51
        
        N/A
        
          
        
        1294.00000000
        NS
        
        47544.09000000
        1.389828637996
        Long
        EC
        
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        EASYJET PLC
        2138001S47XKWIB7TH90
        
        N/A
        
          
        
        6889.00000000
        NS
        
        50080.59000000
        1.463976662288
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ACCOR SA
        969500QZC2Q0TK11NV07
        
        N/A
        
          
        
        1574.00000000
        NS
        
        50484.18000000
        1.475774573238
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DAITO TRUST CONSTRUCTION CO.,LTD.
        353800QQ4DRI3KXS3038
        
        N/A
        
          
        
        400.00000000
        NS
        
        42463.41000000
        1.241308084453
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung Electronics Co., Ltd.
        9884007ER46L6N7EI764
        
        N/A
        
          
        
        1863.00000000
        NS
        
        106554.07000000
        3.114832947292
        Long
        EC
        
        KR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TAYLOR WIMPEY PLC
        21380089BTRXTD8S3R66
        
        N/A
        
          
        
        30789.00000000
        NS
        
        52495.55000000
        1.534571778687
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung Electronics Co., Ltd.
        9884007ER46L6N7EI764
        
        796050888
        
          
        
        19.00000000
        NS
        USD
        26884.24000000
        0.785891299271
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AXA SA
        F5WCUMTUM4RKZ1MAIE39
        
        N/A
        
          
        
        717.00000000
        NS
        
        20953.04000000
        0.612507990900
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SK Square Co Ltd
        N/A
        
        N/A
        
          
        
        66.00000000
        NS
        
        3062.13000000
        0.089513459344
        Long
        EC
        
        KR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TECHNIPFMC PLC
        549300D5I93QWCJTCK36
        
        G87110105
        
          
        
        5406.00000000
        NS
        USD
        41896.50000000
        1.224735935251
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        COMPASS GROUP PLC
        2138008M6MH9OZ6U2T68
        
        N/A
        
          
        
        4956.00000000
        NS
        
        106672.51000000
        3.118295234695
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Adecco Group AG
        NI14Y5UMU60O7JE9P611
        
        N/A
        
          
        
        2023.00000000
        NS
        
        91454.67000000
        2.673440998544
        Long
        EC
        
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        WHITBREAD PLC
        21380099VMZKRMN3EX36
        
        N/A
        
          
        
        850.00000000
        NS
        
        31680.32000000
        0.926092307096
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        BANCO DO BRASIL S.A.
        QE0Q0253K88YAGNPE356
        
        N/A
        
          
        
        10100.00000000
        NS
        
        73399.78000000
        2.145652935341
        Long
        EC
        
        BR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RENAISSANCERE HOLDINGS LTD.
        EK6GB9U3U58PDI411C94
        
        G7496G103
        
          
        
        623.00000000
        NS
        USD
        98751.73000000
        2.886751695230
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sands China Ltd.
        549300EVO6UZDGY05787
        
        N/A
        
          
        
        33200.00000000
        NS
        
        79210.85000000
        2.315524553525
        Long
        EC
        
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TRIP.COM GROUP LIMITED
        2549004RMYDSRQL4KW41
        
        89677Q107
        
          
        
        2307.00000000
        NS
        USD
        53337.84000000
        1.559193950727
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GLAXOSMITHKLINE PLC
        5493000HZTVUYLO1D793
        
        N/A
        
          
        
        2521.00000000
        NS
        
        54512.16000000
        1.593522161998
        Long
        EC
        
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ITOCHU Corporation
        J48DJYXDTLHM30UMYI18
        
        N/A
        
          
        
        2300.00000000
        NS
        
        77841.27000000
        2.275488420621
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SHINHAN FINANCIAL GROUP CO.,LTD
        988400EB8A6G49E5KO54
        
        824596100
        
          
        
        1097.00000000
        NS
        USD
        36672.71000000
        1.072031930591
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Daiwa Securities Group Inc.
        353800WRC7Y23PWFJG38
        
        N/A
        
          
        
        6100.00000000
        NS
        
        34443.17000000
        1.006857088849
        Long
        EC
        
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING LIMITED
        5493001NTNQJDH60PM02
        
        N/A
        
          
        
        1900.00000000
        NS
        
        25757.81000000
        0.752963028424
        Long
        EC
        
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SOCIETE GENERALE SA
        O2RNE8IBXP4R0TD8PU41
        
        N/A
        
          
        
        3914.00000000
        NS
        
        105004.00000000
        3.069520655546
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        POSCO Holdings Inc.
        988400E5HRVX81AYLM04
        
        693483109
        
          
        
        441.00000000
        NS
        USD
        26138.07000000
        0.764078947098
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nokia Oyj
        549300A0JPRWG1KI7U06
        
        N/A
        
          
        
        1844.00000000
        NS
        
        10141.79000000
        0.296469028696
        Long
        EC
        
        FI
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Galaxy Entertainment Group Limited
        549300ZSEBV3HR826S10
        
        N/A
        
          
        
        6000.00000000
        NS
        
        35495.72000000
        1.037625668769
        Long
        EC
        
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CK ASSET HOLDINGS LIMITED
        5299006GJZSGP78B8S35
        
        N/A
        
          
        
        5500.00000000
        NS
        
        37586.74000000
        1.098751236187
        Long
        EC
        
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ABN AMRO Bank N.V.
        BFXS5XCH7N0Y05NIXW11
        
        N/A
        
          
        
        3544.00000000
        NS
        
        45248.97000000
        1.322736734383
        Long
        EC
        
        NL
        
        Y
        
        2
        
          N
          N
          N
        
      
      
        TotalEnergies SE
        529900S21EQ1BO4ESM68
        
        N/A
        
          
        
        1726.00000000
        NS
        
        87193.75000000
        2.548884010700
        Long
        EC
        
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        
        N/A
        
          
        
        5663.00000000
        NS
        
        110598.46000000
        3.233060240006
        Long
        EC
        
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        QBE INSURANCE GROUP LIMITED
        549300D2FBW76FPUSG65
        
        N/A
        
          
        
        3856.00000000
        NS
        
        32814.02000000
        0.959233097610
        Long
        EC
        
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AEGON N.V.
        O4QK7KMMK83ITNTHUG69
        
        N/A
        
          
        
        12406.00000000
        NS
        
        65539.41000000
        1.915875326152
        Long
        EC
        
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2022-03-31
      THE ADVISORS' INNER CIRCLE III
      Andy Metzger
      Andy Metzger
      CFO
    
  
  XXXX

THE ADVISORS’ INNER CIRCLE FUND III		ARGA EMERGING MARKETS
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.7%
		Shares				Value
BRAZIL — 10.3%
Banco Bradesco			2,616,400			$	10,001,676
Banco do Brasil			2,152,100				15,639,966
Petroleo Brasileiro ADR			1,035,075				15,319,110
XP, Cl A *			130				3,916
							40,964,668
CHINA — 37.2%
COMMUNICATION SERVICES — 6.9%
Baidu ADR *			127,523				16,871,293
Hello Group ADR			745,212				4,307,325
Weibo ADR *			249,775				6,121,985
							27,300,603
CONSUMER DISCRETIONARY — 16.1%
Alibaba Group Holding *			503,300				6,823,107
Alibaba Group Holding ADR *			131,644				14,322,867
Dongfeng Motor Group, Cl H			10,084,000				7,534,164
Gree Electric Appliances of Zhuhai, Cl A			3,124,300				15,842,068
Ningbo Huaxiang Electronic, Cl A			2,899,733				7,381,321
Trip.com Group ADR *			519,252				12,005,106
Trip.com Group *			1,950				46,598
							63,955,231
FINANCIALS — 3.0%
PICC Property & Casualty, Cl H			11,522,000				11,713,722
HEALTH CARE — 1.3%
Sinopharm Group, Cl H			2,328,400				5,289,549
INDUSTRIALS — 3.9%
China Merchants Port Holdings			4,628,559				8,340,908
Shanghai Mechanical and Electrical Industry, Cl A			3,496,623				7,160,452
							15,501,360
INFORMATION TECHNOLOGY — 1.5%
Lenovo Group			5,536,000				5,981,466
REAL ESTATE — 1.9%
China Overseas Land & Investment			2,483,500				7,383,246
UTILITIES — 2.6%
China Resources Power Holdings			2,628,000				4,903,303
Kunlun Energy			5,880,000				5,101,278
							10,004,581
							147,129,758
CZECH REPUBLIC — 1.2%
Komercni Banka			121,142				4,680,149
HONG KONG — 3.4%
Melco Resorts & Entertainment ADR *			881,034				6,731,100
WH Group			10,743,306				6,746,813
							13,477,913
INDIA — 3.4%
REC			4,649,880				7,541,794

 

1

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THE ADVISORS’ INNER CIRCLE FUND III		ARGA EMERGING MARKETS
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

 

SCHEDULE OF INVESTMENTS
		Shares				Value
State Bank of India			506,758			$	3,282,303
State Bank of India GDR			38,968				2,504,623
							13,328,720
INDONESIA — 2.0%
Bank Mandiri Persero			14,174,000				7,870,795
MACAO — 4.5%
Galaxy Entertainment Group			1,426,000				8,436,149
Sands China *			3,856,400				9,200,865
							17,637,014
POLAND — 3.1%
Powszechny Zaklad Ubezpieczen			1,559,621				12,492,974
RUSSIA — 0.0%
Alrosa PJSC			506,080				–
SOUTH AFRICA — 4.2%
Absa Group			522,707				6,775,901
Naspers, Cl N			86,031				9,759,364
							16,535,265
SOUTH KOREA — 17.2%
DB Insurance			154,704				8,897,096
Fila Holdings			202,677				5,226,511
Hana Financial Group			153,266				6,137,289
KB Financial Group			127,625				6,406,046
POSCO			47,678				11,459,058
Samsung Electronics			195,386				11,175,080
SK Hynix			153,439				14,790,232
SK Square *			132				6,124
WONIK IPS			126,344				3,936,449
							68,033,885
TAIWAN — 3.9%
Catcher Technology			1,447,000				7,286,366
FLEXium Interconnect			1,036,000				3,653,365
Hon Hai Precision Industry			68,000				250,521
Zhen Ding Technology Holding			1,119,000				4,175,489
							15,365,741
THAILAND — 4.1%
Bangkok Bank			395,700				1,620,216
Bangkok Bank NVDR			503,100				2,059,972
CP ALL			2,709,900				5,289,968
Krung Thai Bank			17,869,700				7,381,517
							16,351,673
UNITED STATES — 2.2%
JBS			1,085,200				8,545,205
TOTAL COMMON STOCK
(Cost $402,794,139)							382,413,760
TOTAL INVESTMENTS— 96.7%
(Cost $402,794,139)						$	382,413,760

Percentages are based on Net Assets of $395,422,814.

*	Non-income producing security.

 

 

2

---

THE ADVISORS’ INNER CIRCLE FUND III		ARGA EMERGING MARKETS
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint-Stock Company

The following is a summary of the level of inputs used as of March 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities		Level 1				Level 2				Level 3				Total
Common Stock
Brazil		$	40,964,668			$	—			$	—			$	40,964,668
China			53,628,576				93,501,182				—				147,129,758
Czech Republic			—				4,680,149				—				4,680,149
Hong Kong			6,731,100				6,746,813				—				13,477,913
India			—				13,328,720				—				13,328,720
Indonesia			—				7,870,795				—				7,870,795
Macao			—				17,637,014				—				17,637,014
Poland			—				12,492,974				—				12,492,974
Russia			—				—				—				—
South Africa			—				16,535,265				—				16,535,265
South Korea			—				68,033,885				—				68,033,885
Taiwan			—				15,365,741				—				15,365,741
Thailand			—				16,351,673				—				16,351,673
United States			8,545,205				—				—				8,545,205
Total Common Stock			109,869,549				272,544,211				—				382,413,760
Total Investments in Securities		$	109,869,549			$	272,544,211			$	—			$	382,413,760

For information regarding the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent semi-annual and annual financial statements.

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

ARG-QH-001-0200

 

 

3

---

THE ADVISORS’ INNER CIRCLE FUND III		ARGA INTERNATIONAL
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
		Shares				Value
AUSTRALIA — 1.0%
QBE Insurance Group			3,856			$	32,814
AUSTRIA — 1.6%
ams			3,660				56,060
BERMUDA — 2.9%
RenaissanceRe Holdings			623				98,752
BRAZIL — 3.8%
Banco do Brasil			10,100				73,400
Petroleo Brasileiro ADR			3,735				55,278
							128,678
CHINA — 10.2%
Alibaba Group Holding *			1,900				25,758
Alibaba Group Holding ADR *			969				105,427
Baidu ADR *			1,146				151,616
China Shenhua Energy, Cl H			4,500				14,359
Trip.com Group ADR *			2,307				53,338
							350,498
FINLAND — 0.3%
Nokia			1,844				10,142
FRANCE — 15.2%
Accor			1,574				50,484
Airbus			832				100,598
Atos			71				1,930
AXA			717				20,953
Safran			272				32,022
Sanofi			519				53,084
Societe Generale			3,914				105,004
TotalEnergies			1,726				87,194
Vinci			676				69,249
							520,518
GERMANY — 2.5%
Fresenius & KGaA			1,294				47,544
MTU Aero Engines			167				38,760
							86,304
HONG KONG — 3.8%
CK Asset Holdings			5,500				37,587
Melco Resorts & Entertainment ADR *			11,101				84,812
WH Group			10,956				6,880
							129,279
INDONESIA — 1.1%
Bank Mandiri Persero			68,700				38,149
IRELAND — 0.2%
AerCap Holdings *			142				7,140
ITALY — 2.7%
UniCredit			8,765				94,069
JAPAN — 8.6%
Daito Trust Construction			400				42,463
Daiwa Securities Group			6,100				34,443
ITOCHU			2,300				77,842
Mitsubishi Electric			5,300				60,953

 

 

1

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THE ADVISORS’ INNER CIRCLE FUND III		ARGA INTERNATIONAL
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

 

SCHEDULE OF INVESTMENTS
		Shares				Value
Nomura Holdings			8,000			$	33,450
Subaru			1,000				15,842
Taiheiyo Cement			1,700				28,003
							292,996
MACAO — 3.4%
Galaxy Entertainment Group			6,000				35,495
Sands China *			33,200				79,211
							114,706
NETHERLANDS — 4.3%
ABN AMRO Bank			3,544				45,249
Aegon			12,406				65,539
Shell			1,313				36,073
							146,861
SOUTH KOREA — 10.0%
POSCO			320				76,910
POSCO ADR			441				26,138
Samsung Electronics			1,863				106,554
Samsung Electronics GDR			19				26,884
Shinhan Financial Group ADR			1,097				36,673
SK Hynix			690				66,510
SK Square *			66				3,062
							342,731
SWITZERLAND — 8.2%
Adecco Group			2,023				91,455
Credit Suisse Group			3,493				27,646
Holcim			1,025				49,944
UBS Group			5,663				110,598
							279,643
UNITED KINGDOM — 14.7%
Abrdn			3,868				10,859
Compass Group			4,956				106,673
Direct Line Insurance Group			9,528				34,447
easyJet			6,889				50,081
HSBC Holdings			11,586				79,425
Lloyds Banking Group			51,449				31,562
NatWest Group			23,069				65,021
Taylor Wimpey			30,789				52,496
TechnipFMC *			5,406				41,896
Whitbread *			850				31,680
							504,140
UNITED STATES — 3.2%
Capri Holdings *			1,076				55,296
GlaxoSmithKline			2,521				54,512
							109,808
TOTAL COMMON STOCK
(Cost $3,525,039)							3,343,288
TOTAL INVESTMENTS— 97.7%
(Cost $3,525,039)						$	3,343,288

Percentages are based on Net Assets of $3,420,905.

*	Non-income producing security.

 

 

2

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THE ADVISORS’ INNER CIRCLE FUND III		ARGA INTERNATIONAL
		VALUE FUND
		MARCH 31, 2022
		(UNAUDITED)

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following is a summary of the level of inputs used as of March 31, 2022, in valuing the Fund’s investments carried at value:

 

Investments in Securities		Level 1				Level 2				Level 3				Total
Common Stock
Australia		$	—			$	32,814			$	—			$	32,814
Austria			—				56,060				—				56,060
Bermuda			98,752				—				—				98,752
Brazil			128,678				—				—				128,678
China			310,381				40,117				—				350,498
Finland			—				10,142				—				10,142
France			—				520,518				—				520,518
Germany			—				86,304				—				86,304
Hong Kong			84,812				44,467				—				129,279
Indonesia			—				38,149				—				38,149
Ireland			7,140				—				—				7,140
Italy			—				94,069				—				94,069
Japan			—				292,996				—				292,996
Macao			—				114,706				—				114,706
Netherlands			—				146,861				—				146,861
South Korea			62,811				279,920				—				342,731
Switzerland			—				279,643				—				279,643
United Kingdom			41,896				462,244				—				504,140
United States			55,296				54,512				—				109,808
Total Common Stock			789,766				2,553,522				—				3,343,288
Total Investments in Securities		$	789,766			$	2,553,522			$	—			$	3,343,288

For information regarding the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent semi-annual and annual financial statements.

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

ARG-QH-001-0200

 

 

3

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