Form NPORT-P Evermore Funds Trust For: Mar 31

May 18, 2022 3:35 PM EDT

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    NPORT-P
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          0001472754
          XXXXXXXX
        
      
      
      
      
        S000027063
        C000081465
        C000081463
      
      
      
    
  
  
    
      Evermore Funds Trust
      811-22335
      0001472754
      549300U1IVWWLCG66D89
      89 Summit Avenue
      3rd Floor
      Summit
      
      07901
      908-378-2882
      Evermore Global Value Fund
      S000027063
      549300U1IVWWLCG66D89
      2022-12-31
      2022-03-31
      N
    
    
      210820264.150000000000
      11110969.070000000000
      199709295.080000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
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      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      1105462.430000000000
      
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        2MX ORGANIC SA
        969500HQ6PWNILD1HE63
        2MX Organic SA
        N/A
        
          
          
        
        1000000.000000000000
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        132750.710000000000
        0.0664719736
        N/A
        DE
        CORP
        FR
        N
        
        3
        
          
            
              EN Paris
              N/A
            
            Call
            Purchased
            
              
                2MX Organic SA
                2MX Organic SA
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            EUR
            2025-11-16
            XXXX
            -521641.640000000000
          
        
        
          N
          N
          N
        
      
      
        Storskogen Group AB
        549300DL3K4HLJ41KD24
        Storskogen Group AB
        N/A
        
          
          
        
        1633000.000000000000
        NS
        
        3936274.910000000000
        1.9710023554
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Aker Horizons Holding AS
        549300GZ6EBLMTJZ3V26
        Aker Horizons Holding AS
        R0166C104
        
          
          
        
        1257000.000000000000
        NS
        
        3209180.820000000000
        1.6069261166
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          
        
      
      
        Montana Aerospace AG
        506700YRG9330Q97U450
        Montana Aerospace AG
        N/A
        
          
          
        
        218744.000000000000
        NS
        
        3847775.730000000000
        1.9266883539
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ESG Core Investments BV
        724500MV7E6E5J4MA536
        ESG Core Investments BV
        N/A
        
          
          
        
        520550.000000000000
        NS
        
        5557063.440000000000
        2.7825762630
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        ESG CORE INVESTMENTS BV
        724500MV7E6E5J4MA536
        ESG Core Investments BV
        N3R134122
        
          
          
        
        124678.000000000000
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        41377.730000000000
        0.0207189805
        N/A
        DE
        CORP
        NL
        N
        
        2
        
          
            
              EN Amsterdam
              N/A
            
            Call
            Purchased
            
              
                ESG Core Investments BV
                ESG Core Investments BV
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            EUR
            2027-12-31
            XXXX
            -24129.480000000000
          
        
        
          N
          N
          N
        
      
      
        Cadeler A/S
        9845008439EUED140282
        Cadeler A/S
        K1R4A3101
        
          
          
        
        1628349.000000000000
        NS
        
        6211273.110000000000
        3.1101572451
        Long
        EC
        CORP
        DK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Hemnet Group AB
        5493008VIU67J3HUAR07
        Hemnet Group AB
        N/A
        
          
          
        
        45000.000000000000
        NS
        
        676783.740000000000
        0.3388844469
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Byggfakta Group Nordic Holdco
        54930085PJ93T1R7II65
        Byggfakta Group Nordic Holdco AB
        N/A
        
          
          
        
        827000.000000000000
        NS
        
        4119310.800000000000
        2.0626535176
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Vivoryon Therapeutics NV
        3912004AMB0KGZXZYJ15
        Vivoryon Therapeutics NV
        N9355S105
        
          
          
        
        310661.000000000000
        NS
        
        4055584.420000000000
        2.0307439463
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          
        
      
      
        Universal Music Group NV
        724500GJBUL3D9TW9Y18
        Universal Music Group NV
        N90313102
        
          
          
        
        158988.000000000000
        NS
        
        4244067.830000000000
        2.1251228333
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        EXOR NV
        5493002ENHZ6NYET7405
        EXOR NV
        N3140A107
        
          
          
        
        68968.000000000000
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        5242954.680000000000
        2.6252932683
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        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Acacia Pharma Group PLC
        213800SLDKXWKT6E3381
        Acacia Pharma Group PLC
        G0067F109
        
          
          
        
        1255000.000000000000
        NS
        
        1105742.540000000000
        0.5536760518
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Italmobiliare SpA
        815600E546497667D288
        Italmobiliare SpA
        T62283188
        
          
          
        
        87100.000000000000
        NS
        
        2780553.630000000000
        1.3923005581
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Infrastrutture Wireless Italia
        81560066183FE361C071
        Infrastrutture Wireless Italiane SpA
        T6032P102
        
          
          
        
        195000.000000000000
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        2182889.910000000000
        1.0930337064
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CAD/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -100197.750000000000
        -0.0501718009
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -5400000.000000000000
            CAD
            4219244.420000000000
            USD
            2022-04-05
            -100197.750000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CAD/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        202.380000000000
        0.0001013373
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -4319239.790000000000
            USD
            5400000.000000000000
            CAD
            2022-04-05
            202.380000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CAD/USD FWD 20220505
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -729.080000000000
        -0.0003650706
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -5700000.000000000000
            CAD
            4558030.940000000000
            USD
            2022-05-05
            -729.080000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CHF/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -657.660000000000
        -0.0003293087
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -6000000.000000000000
            CHF
            6493506.480000000000
            USD
            2022-04-05
            -657.660000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CHF/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        32513.410000000000
        0.0162803689
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            -6461650.730000000000
            USD
            6000000.000000000000
            CHF
            2022-04-05
            32513.410000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CHF/USD FWD 20220505
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -34487.570000000000
        -0.0172688858
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -3600000.000000000000
            CHF
            3866353.060000000000
            USD
            2022-05-05
            -34487.570000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EUR/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -56090.940000000000
        -0.0280862941
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -46525080.000000000000
            USD
            42000000.000000000000
            EUR
            2022-04-05
            -56090.940000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EUR/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        657530.940000000000
        0.3292440343
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -42000000.000000000000
            EUR
            47126520.000000000000
            USD
            2022-04-05
            657530.940000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EUR/USD FWD 20220505
        N/A
        
          
        
        1.000000000000
        NC
        USD
        52649.450000000000
        0.0263630443
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -45000000.000000000000
            EUR
            49889250.000000000000
            USD
            2022-05-05
            52649.450000000000
          
        
        
          N
          N
          N
        
      
      
        LAMINGTON ROAD DAC
        635400P3XQM8ZRLUPK27
        Lamington Road DAC
        BP5174662
        
          
        
        15140944.000000000000
        PA
        USD
        15087950.700000000000
        7.5549566654
        Long
        DBT
        CORP
        IE
        N
        
        3
        
          2121-04-07
          Fixed
          14.000000000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        ZIM Integrated Shipping Servic
        21380089EIJRELKAIL21
        ZIM Integrated Shipping Services Ltd
        M9T951109
        
          
          
        
        126200.000000000000
        NS
        USD
        9176002.000000000000
        4.5946794797
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        NOK/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -223328.960000000000
        -0.1118270233
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            -144000000.000000000000
            NOK
            16132252.410000000000
            USD
            2022-04-05
            -223328.960000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        NOK/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -216047.770000000000
        -0.1081811289
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -16571629.140000000000
            USD
            144000000.000000000000
            NOK
            2022-04-05
            -216047.770000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        NOK/USD FWD 20220505
        N/A
        
          
        
        1.000000000000
        NC
        USD
        222538.380000000000
        0.1114311579
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -150000000.000000000000
            NOK
            17253774.260000000000
            USD
            2022-05-05
            222538.380000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SEK/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -300684.440000000000
        -0.1505610642
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            -36996525.570000000000
            USD
            345000000.000000000000
            SEK
            2022-04-05
            -300684.440000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SEK/USD FWD 20220405
        N/A
        
          
        
        1.000000000000
        NC
        USD
        -255878.730000000000
        -0.1281255987
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            
              U.S. BANCORP INVESTMENTS INC.
              H85Z6XZP8B10ES0M2G89
            
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -345000000.000000000000
            SEK
            36439962.400000000000
            USD
            2022-04-05
            -255878.730000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SEK/USD FWD 20220505
        N/A
        
          
        
        1.000000000000
        NC
        USD
        296432.610000000000
        0.1484320546
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              BNY MELLON CAPITAL MARKETS LLC
              VJW2DOOHGDT6PR0ZRO63
            
            -346000000.000000000000
            SEK
            37121277.090000000000
            USD
            2022-05-05
            296432.610000000000
          
        
        
          N
          N
          N
        
      
      
        Eneti Inc
        549300MHZ4YKRPGBH616
        Eneti Inc
        Y2294C107
        
          
          
        
        453208.000000000000
        NS
        USD
        2877870.800000000000
        1.4410299725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calumet Specialty Products Par
        529900QWK0FGLES9BA18
        Calumet Specialty Products Partners LP
        131476103
        
          
          
        
        1672349.000000000000
        NS
        USD
        22760669.890000000000
        11.3969006204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        Colfax Corp
        194014106
        
          
          
        
        76800.000000000000
        NS
        USD
        3055872.000000000000
        1.5301601254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onex Corp
        894500LB8PNE5C7CEN88
        Onex Corp
        68272K103
        
          
          
        
        29500.000000000000
        NS
        
        1976970.760000000000
        0.9899242593
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Treasury Obliga
        N/A
        First American Treasury Obligations Fund
        31846V328
        
          
          
        
        1306686.410000000000
        NS
        USD
        1306686.410000000000
        0.6542942378
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        9426870.950000000000
        NS
        USD
        9426870.950000000000
        4.7202965421
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Group Nine Acquisition Corp
        N/A
        Group Nine Acquisition Corp
        39947R104
        
          
          
        
        409100.000000000000
        NS
        USD
        4009180.000000000000
        2.0075079622
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GROUP NINE ACQUISITION -CL A
        N/A
        Group Nine Acquisition Corp
        39947R112
        
          
          
        
        278333.000000000000
        NS
        USD
        77933.240000000000
        0.0390233414
        N/A
        DE
        CORP
        US
        N
        
        3
        
          
            
              NASDAQ CM
              N/A
            
            Call
            Purchased
            
              
                Group Nine Acquisition Corp
                Group Nine Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2026-01-14
            XXXX
            -208761.700000000000
          
        
        
          N
          N
          N
        
      
      
        IAC/InterActiveCorp
        549300TO56L57RP6P031
        IAC/InterActiveCorp
        44891N208
        
          
          
        
        39051.000000000000
        NS
        USD
        3916034.280000000000
        1.9608673089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bollore SE
        969500LEKCHH6VV86P94
        Bollore SE
        F10659260
        
          
          
        
        1031827.000000000000
        NS
        
        5403124.220000000000
        2.7054946130
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        S&T AG
        5299002PSXXMVHB26433
        S&T AG
        A6627D100
        
          
          
        
        239413.000000000000
        NS
        
        4473717.220000000000
        2.2401146718
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          
        
      
      
        KKR & Co Inc
        549300JOHU21WRN2Z451
        KKR & Co Inc
        48251W104
        
          
          
        
        86155.000000000000
        NS
        USD
        5037482.850000000000
        2.5224078068
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vivendi SE
        969500FU4DRAEVJW7U54
        Vivendi SE
        F97982106
        
          
          
        
        211588.000000000000
        NS
        
        2764310.440000000000
        1.3841671410
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        LPKF Laser & Electronics AG
        529900BCQXUJL7J96G45
        LPKF Laser & Electronics AG
        D5075P109
        
          
          
        
        226003.000000000000
        NS
        
        3263616.580000000000
        1.6341836161
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          
        
      
      
        Magnachip Semiconductor Corp
        529900P54J1ATLRBUV29
        Magnachip Semiconductor Corp
        55933J203
        
          
          
        
        352157.000000000000
        NS
        USD
        5954974.870000000000
        2.9818215860
        Long
        EC
        CORP
        KR
        N
        
        1
        
          N
          N
          N
        
      
      
        VIA Optronics AG
        391200MQMJVYVM0L2S18
        VIA Optronics AG
        91823Y109
        
          
          
        
        291681.000000000000
        NS
        USD
        2333448.000000000000
        1.1684223306
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Modern Times Group MTG AB
        549300E8NDODRSX29339
        Modern Times Group MTG AB
        W56523116
        
          
          
        
        953441.000000000000
        NS
        
        13877955.260000000000
        6.9490782862
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Aimia Inc
        5299005QK3KSTUZ66Y90
        Aimia Inc
        00900Q103
        
          
          
        
        623652.000000000000
        NS
        
        2514263.150000000000
        1.2589615065
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Sapphire ASA
        2138007BY85FI48VX666
        Atlantic Sapphire ASA
        R07217103
        
          
          
        
        1982504.000000000000
        NS
        
        7952055.630000000000
        3.9818154818
        Long
        EC
        CORP
        US
        
        N
        
        2
        
          N
          N
          
        
      
      
        Tikehau Capital SCA
        969500BY8TEU16U3SJ94
        Tikehau Capital SCA
        F9T553127
        
          
          
        
        245727.000000000000
        NS
        
        6586819.410000000000
        3.2982037253
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        MPC Container Ships ASA
        213800MXS7CXYJ2Q1805
        MPC Container Ships ASA
        R4S03Q110
        
          
          
        
        2258000.000000000000
        NS
        
        7545474.850000000000
        3.7782291740
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Nordic Entertainment Group AB
        5493006E0IJD0DHJSR89
        Nordic Entertainment Group AB
        W5806J108
        
          
          
        
        179697.000000000000
        NS
        
        7255972.540000000000
        3.6332673134
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Social Chain AG /The
        529900ZARRZWUT1YO213
        Social Chain AG /The
        N/A
        
          
          
        
        52400.000000000000
        NS
        
        1054150.670000000000
        0.5278425672
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Lifco AB
        549300RTLL4VDQRCTW41
        Lifco AB
        W5321L166
        
          
          
        
        305885.000000000000
        NS
        
        7765073.790000000000
        3.8881884726
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2022-05-18
      Evermore Funds Trust
      /s/ Bart Tesoriero
      Bart Tesoriero
      Chief Financial Officer
    
  
  XXXX



Evermore Global Value Fund
     
           
SCHEDULE OF INVESTMENTS at March 31, 2022 (Unaudited)
     
           
Shares
     
Value
 
COMMON STOCKS - 89.6%
     
Aerospace & Defense - 1.9%
     
 
218,744
 
Montana Aerospace AG (Switzerland) (1)
 
$
3,847,776
 
               
Biotechnology - 2.0%
       
 
310,661
 
Vivoryon Therapeutics NV (Netherlands) (1)(2)
   
4,055,584
 
               
Capital Markets - 6.8%
       
 
245,727
 
Tikehau Capital SCA (France)
   
6,586,819
 
 
86,155
 
KKR & Co, Inc. - Class A (United States)
   
5,037,483
 
 
29,500
 
Onex Corp. (Canada)
   
1,976,971
 
           
13,601,273
 
Diversified Financial Services - 4.2%
       
 
520,550
 
ESG Core Investments BV (Netherlands) (1)
   
5,557,063
 
 
87,100
 
Italmobiliare SpA (Italy)
   
2,780,554
 
           
8,337,617
 
Electronic Equipment - 1.7%
       
 
226,003
 
LPKF Laser & Electronics AG (Germany) (2)
   
3,263,617
 
               
Entertainment - 7.0%
       
 
953,441
 
Modern Times Group MTG AB - B Shares (Sweden) (1)
   
13,877,955
 
               
Food Products - 4.0%
       
 
1,982,504
 
Atlantic Sapphire AS (Norway) (1)(2)
   
7,952,056
 
               
Independent Power and Renewable Electricity Producers - 1.6%
       
 
1,257,000
 
Aker Horizons AS (Norway) (1)(2)
   
3,209,181
 
               
Industrial Conglomerates - 12.7%
       
 
305,885
 
LIFCO AB (Sweden)
   
7,765,073
 
 
1,031,827
 
Bollore SA (France)
   
5,403,124
 
 
68,968
 
EXOR NV (Netherlands)
   
5,242,955
 
 
1,633,000
 
Storskogen Group AB - Class B (Sweden)
   
3,936,275
 
 
76,800
 
Colfax Corp. (United States) (1)
   
3,055,872
 
           
25,403,299
 
Interactive Media & Services - 0.5%
       
 
52,400
 
Social Chain AG (Germany) (1)
   
1,054,150
 
               
IT Services - 2.4%
           
 
827,000
 
Byggfakta Group Nordic Holdco AB (Sweden) (1)
   
4,119,311
 
 
45,000
 
Hemnet Group AB (Sweden)
   
676,784
 
           
4,796,095
 
Marine - 12.9%
           
 
126,200
 
Zim Integrated Shipping - Service Shares - ADR (Israel)
   
9,176,001
 
 
2,258,000
 
MPC Container Ships ASA (Norway)
   
7,545,475
 
 
1,628,349
 
Cadeler A/S (Denmark) (1)
   
6,211,273
 
 
453,208
 
Eneti, Inc. (Marshall Islands) ADR
   
2,877,871
 
           
25,810,620
 
Media - 12.4%
           
 
179,697
 
Nordic Entertainment Group AB - Class B (Sweden) (1)
   
7,255,973
 
 
158,988
 
Universal Music Group NV (Netherlands)
   
4,244,068
 
 
409,100
 
Group Nine Acquisition Corp. - Class A (United States) (1)
   
4,009,180
 
 
39,051
 
IAC InterActive Corp. (United States) (1)
   
3,916,034
 
 
211,588
 
Vivendi SA (France)
   
2,764,310
 
 
623,652
 
Aimia, Inc. (Canada) (1)
   
2,514,263
 
           
24,703,828
 
Oil, Gas & Consumable Fuels - 11.4%
       
 
1,672,349
 
Calumet Specialty Products Partners LP (United States) (1)
   
22,760,670
 
               
Pharmaceuticals - 0.6%
       
 
1,255,000
 
Acacia Pharma Group PLC (United Kingdom) (1)
   
1,105,743
 
               
Real Estate Management & Development - 1.1%
       
 
195,000
 
Infrastrutture Wireless Italiane SpA (Italy)
   
2,182,890
 
               
Semiconductors & Semiconductor Equipment - 3.0%
       
 
352,157
 
MagnaChip Semiconductor Corp. (South Korea) (1)
   
5,954,975
 
               
Technology Hardware, Storage & Peripherals - 3.4%
       
 
239,413
 
S&T AG (Austria) (2)
   
4,473,717
 
 
291,681
 
VIA Optronics AG - (Germany) ADR (1)
   
2,333,448
 
           
6,807,165
 
TOTAL COMMON STOCKS
       
(Cost $145,401,310)
   
178,724,494
 
               
Principal Amount
     
Value
 
CORPORATE OBLIGATION - 7.6%
       
Consumer Finance - 7.6%
       
 
15,140,944
 
Lamington Road DAC 9.750% Cash or 14.000% PIK, 4/7/2121 (United States) (3)(4)(6)(7)
   
15,087,951
 
TOTAL CORPORATE OBLIGATION
       
(Cost $14,570,940)
   
15,087,951
 
               
Shares
     
Value
 
WARRANTS - 0.1%
       
Diversified Financial Services - 0.1%
       
 
1,000,000
 
2MX Organic SA, Expiration: November, 2025, Exercise Price $11.50 (France) (1)(6)
   
132,751
 
 
124,678
 
ESG Core Investments BV, Expiration: December, 2027, Exercise Price $11.50 (Netherlands) (1)(6)
   
41,378
 
           
174,129
 
Media - 0.0% (8)
           
 
278,333
 
Group Nine Acquisition Corp. - Class A, Expiration: January, 2026, Exercise Price $11.50 (United States) (1)
   
77,933
 
               
TOTAL WARRANTS
       
(Cost $1,006,595)
       
252,062
 
               
Shares
           
SHORT-TERM INVESTMENT - 0.7%
       
Money Market - 0.7%
       
 
1,455,961
 
First American Treasury Obligations Fund - Class X, 0.22% (5)
   
1,455,961
 
TOTAL SHORT-TERM INVESTMENT
       
(Cost $1,455,961)
       
1,455,961
 
               
SECURITIES HELD AS COLLATERAL ON LOANED SECURITIES - 4.7%
       
Money Market - 4.7%
       
 
9,426,871
 
First American Government Obligations Fund, Class X, 0.19% (5)
   
9,426,871
 
TOTAL SECURITIES HELD AS COLLATERAL ON LOANED SECURITIES
       
(Cost $9,426,871)
       
9,426,871
 
               
TOTAL INVESTMENTS IN SECURITIES - 102.7%
       
(Cost $171,861,677)
   
204,947,339
 
Liabilities in Excess of Other Assets - (2.7)%
   
(5,417,114
)
TOTAL NET ASSETS - 100.0%
 
$
199,530,225
 

Percentages are stated as a percent of net assets.
             
 
(1)
 
Non-income producing security.
             
 
(2)
 
All or a portion of this security is on loan. At March 31, 2022 the total value of securities on loan was $8,839,273, which represents 4.4% of total net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.


   
 
(3)
 
These securities were fair valued in good faith by the Adviser's Valuation Committee. The aggregate value of these securities at March 31, 2022 were $15,087,951, which represents 7.6% of net assets.


   
 
(4)
 
Affiliated company as defined by the Investment Company Act of 1940. Please refer to "Investments in Affiliates" for further disclosures related to these affiliated securities.
 
(5)
 
Seven-day yield as of March 31, 2022.
             
 
(6)
 
The Advisor has deemed all or a portion of these securities as illiquid. These securities have a value of $15,262,080, which represents 7.6% of total net assets at March 31, 2022.



 
 
(7)
 
Value determined using significant unobservable inputs.
       
 
(8)
 
Less than 0.1%.
             

Glossary of Terms
             
ADR-
American Depositary Receipt
             
                   
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").  GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services").

Country
Long
         
United States^
34.6%
         
Sweden
14.8%
         
Netherlands
8.9%
         
Norway
8.7%
         
France
6.2%
         
Canada
6.2%
         
Denmark
4.6%
         
Germany
4.4%
         
Marshall Island
3.8%
         
South Korea
3.0%
         
Italy
2.5%
         
Switzerland
1.9%
         
Israel
1.4%
         
Austria
1.1%
         
United Kingdom
0.6%
         
Total
102.7%
         
Percentages are stated as a percent of net assets.
       
 
^
United States allocation includes Short-Term Investment-Money Market Fund of 0.7% and Securities Held as Collateral on Loaned Securities of 4.7%

SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS at March 31, 2022 (Unaudited)
As of March 31, 2022, the Fund had the following forward currency contracts outstanding:
                    
                                             
   
Currency to be Received
       
Currency to be Delivered
   
                                             
             
USD Value at
            
USD Value at
   
Net Unrealized
Settlement Date
 
Amount
 
Currency
 
March 31, 2022
   
Amount
 
Currency
 
March 31, 2022
   
Appreciation (Depreciation)
4/5/2022
   
47,126,520
 
USD
 
$
47,126,520
     
42,000,000
 
EUR
 
$
46,468,989
   
$
657,531
 
(a)
5/5/2022
   
37,121,277
 
USD
   
37,121,277
     
346,000,000
 
SEK
   
36,824,844
     
296,433
 
(a)
5/5/2022
   
17,253,774
 
USD
   
17,253,774
     
150,000,000
 
NOK
   
17,031,236
     
222,538
 
(a)
5/5/2022
   
49,889,250
 
USD
   
49,889,250
     
45,000,000
 
EUR
   
49,836,601
     
52,649
 
(a)
4/5/2022
   
6,000,000
 
CHF
   
6,494,164
     
6,461,651
 
USD
   
6,461,651
     
32,513
 
(a)
4/5/2022
   
5,400,000
 
CAD
   
4,319,442
     
4,319,240
 
USD
   
4,319,240
     
202
 
(a)
4/5/2022
   
6,493,507
 
USD
   
6,493,507
     
6,000,000
 
CHF
   
6,494,164
     
(657
)
(a)
5/5/2022
   
4,558,031
 
USD
   
4,558,031
     
5,700,000
 
CAD
   
4,558,760
     
(729
)
(a)
5/5/2022
   
3,866,353
 
USD
   
3,866,353
     
3,600,000
 
CHF
   
3,900,841
     
(34,488
)
(a)
4/5/2022
   
42,000,000
 
EUR
   
46,468,989
     
46,525,080
 
USD
   
46,525,080
     
(56,091
)
(a)
4/5/2022
   
4,219,244
 
USD
   
4,219,245
     
5,400,000
 
CAD
   
4,319,442
     
(100,197
)
(a)
4/5/2022
   
144,000,000
 
NOK
   
16,355,581
     
16,571,629
 
USD
   
16,571,629
     
(216,048
)
(a)
4/5/2022
   
16,132,252
 
USD
   
16,132,252
     
144,000,000
 
NOK
   
16,355,581
     
(223,329
)
(a)
4/5/2022
   
36,439,963
 
USD
   
36,439,963
     
345,000,000
 
SEK
   
36,695,841
     
(255,878
)
(a)
4/5/2022
   
345,000,000
 
SEK
   
36,695,841
     
36,996,525
 
USD
   
36,996,526
     
(300,685
)
(a)
               
$
333,434,189
              
$
333,360,425
   
$
73,764
   
CAD
 
Canadian Dollar
                                        
CHF
 
Swiss Franc
                                             
EUR
 
Euro
                                             
NOK
 
Norwegian Krone
                                        
SEK
 
Swedish Krona
                                        
USD
 
U.S. Dollars
                                        
(a)
 
Counterparty: forward foreign currency contracts outstanding with Bank of New York Mellon.

Evermore Global Value Fund
Summary of Fair Value Exposure at March 31, 2022
 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
 
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. The types of assets generally included in this category are domestic equities listed in active markets and foreign equities listed in active markets that have not been fair valued using FVIS.

• Level 2 —Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, credit risk, yield curves and similar data. The types of assets generally included in this category are bonds, financial instruments classified as derivatives and foreign equities fair valued using FVIS.

• Level 3— Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or required significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, default rates and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may also include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.
           
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
           
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the level inputs used to value the Fund's net assets as of March 31, 2022 (see Schedule of Investments for industry breakout):

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Common Stocks
                       
Communication Services
 
$
2,514,263
   
$
29,291,820
   
$
-
   
$
31,806,083
 
Consumer Discretionary
   
7,890,511
     
2,764,310
     
     
10,654,821
 
Consumer Staples
   
     
7,952,056
     
     
7,952,056
 
Energy
   
22,760,670
     
     
     
22,760,670
 
Financials
   
11,023,634
     
6,586,819
     
     
17,610,453
 
Health Care
   
     
5,161,327
     
     
5,161,327
 
Industrials
   
15,109,744
     
42,732,505
     
     
57,842,249
 
Information Technology
   
5,954,975
     
11,856,645
     
     
17,811,620
 
Media
   
3,916,034
     
     
     
3,916,034
 
Utilities
   
     
3,209,181
     
     
3,209,181
 
Total Common Stocks
   
69,169,831
     
109,554,663
     
-
     
178,724,494
 
Corporate Obligations
   
     
     
15,087,951
     
15,087,951
 
Warrants
   
     
252,062
     
     
252,062
 
Short-Term Investments
   
1,455,961
     
     
     
1,455,961
 
Securities Held as Collateral on Loaned Securities
   
9,426,871
     
     
     
9,426,871
 
Total Investments in Securities
   
149,222,494
     
219,361,388
     
15,087,951
     
204,947,339
 
Unrealized appreciation on Forward Foreign Currency *
   
-
     
1,261,866
     
     
1,261,866
 
Total Assets
 
$
149,222,494
   
$
220,623,254
   
$
15,087,951
   
$
384,933,699
 
Liabilities
                               
Unrealized depreciation on Forward Foreign Currency *
   
     
(1,188,102
)
   
     
(1,188,102
)
Total Liabilities
 
$
   
$
(1,188,102
)
 
$
   
$
(1,188,102
)

* Forward foreign currency contracts are reflected at the unrealized appreciation (depreciation), while options written are reflected at value.
       
                   
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
   

Description
 
Common Stocks
   
Corporate
Obligations
   
Warrants
 
Balance as of January 1, 2022
 
$
701,820
   
$
15,401,368
   
$
73,831
 
     Purchases
   
-
     
-
     
-
 
     Sales proceeds and paydowns
   
(956,369
)
   
-
     
(4,456
)
     Accreted discounts, net
   
-
     
-
     
-
 
     Corporate Actions
   
-
     
-
     
-
 
     Realized gain (loss)
   
(2,385,631
)
   
-
     
4,456
 
     Change in unrealized appreciation (depreciation)
   
2,640,180
     
(313,417
)
   
(73,831
)
     Transfers into/(out of) Level 3
   
-
     
-
     
-
 
Balance as of March 31, 2022
 
$
-
   
$
15,087,951
   
$
-
 
Change in unrealized appreciation (depreciation) during the
                       
period for Level 3 investments held at March 31, 2022.
 
$
-
   
$
(313,417
)
 
$
-
 

The Level 3 amounts disclosed in the table above consist of three securities that are fair valued in good faith, using significant unobservable inputs, by the Adviser's Valuation Committee. The table below indicates the quantitative information about Level 3 fair value measurements for the securities still held at March 31, 2022:
       
                   
Investment Type
Fair Value
Valuation Methodology
Unobservable Input Type
Inputs
Market Value Impact if Input Increases
 
Corporate Obligation
                                                       15,087,951
Discounted Cash Flow
Credit Spread
10.36% to 11.38%
Decrease
 
 
Discount Rate
0.74% to 0.97%
Decrease
 
Illiquidity Rate
2.00%
Decrease
 

Investments in Affiliates
 
   
The Fund owned 5% or more of the voting securities of the following companies during the period ended March 31, 2022. As a result, these companies are deemed to be affiliated companies. The below table represents market value:
 

                               
Issuer
 
Value Jan. 1, 2022
   
Purchases
   
Sales
   
Realized Gain (Loss)
   
Change in
Unrealized
Appreciation
(Depreciation)
 
Lamington Road DAC 9.750% Cash or 14.000% PIK, 4/7/2121 (United States)
   
15,401,368
     
-
     
-
     
-
     
(313,417
)
Lamington Road Grantor Trust (United States) (1)
   
701,820
     
-
     
(956,369
)
   
(2,385,631
)
   
2,640,180
 
Lamington Road Grantor Trust Warrant (United States) (1)
   
73,831
     
-
     
(4,456
)
   
4,456
     
(73,831
)
   
$
15,401,368
   
$
-
   
$
-
   
$
-
   
$
(313,417
)
                                         
Issuer
         
Dividend Income
   
Interest
Income
   
Value March 31, 2022
   
Share Balance
March 31, 2022
 
Lamington Road DAC 9.750% Cash or 14.000% PIK, 4/7/2121 (United States)
           
-
     
369,061
     
15,087,951
     
15,140,944
(2)
Lamington Road Grantor Trust (United States) (1)
           
-
     
-
     
-
     
-
 
Lamington Road Grantor Trust Warrant (United States) (1)
           
-
     
-
     
-
     
-
 
           
$
-
   
$
369,061
   
$
15,087,951
     
15,140,944
 
                                         
(1) Issuer was no longer an affiliate as of March 31, 2022.
                                       
(2) Principal Amount.
                                       



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