THE ADVISORS’ INNER CIRCLE FUND II
SPRUCEGROVE
INTERNATIONAL EQUITY FUND
SEPTEMBER 30, 2024 (Unaudited)
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 95.8% | ||||||||
Shares | Value | |||||||
BRAZIL — 1.6% | ||||||||
Ambev SA ADR | 681,881 | $ | 1,663,790 | |||||
Odontoprev SA | 293,000 | 606,359 | ||||||
| 2,270,149 | ||||||||
CANADA — 3.9% | ||||||||
CAE Inc * | 71,900 | 1,351,302 | ||||||
North West Co Inc | 40,069 | 1,522,441 | ||||||
Saputo Inc | 43,404 | 937,831 | ||||||
Stella-Jones Inc | 6,485 | 426,221 | ||||||
Toronto-Dominion Bank | 21,400 | 1,353,764 | ||||||
| 5,591,559 | ||||||||
CHINA — 2.5% | ||||||||
Alibaba Group Holding Ltd | 115,765 | 1,639,414 | ||||||
Tencent Holdings Ltd | 34,446 | 1,971,637 | ||||||
| 3,611,051 | ||||||||
FINLAND — 0.9% | ||||||||
Nokian Renkaat Oyj | 129,077 | 1,276,336 | ||||||
FRANCE — 5.7% | ||||||||
Air Liquide SA | 11,905 | 2,302,083 | ||||||
Kering SA | 8,233 | 2,360,043 | ||||||
LVMH Moet Hennessy Louis Vuitton | 1,693 | 1,300,898 | ||||||
TotalEnergies SE | 35,629 | 2,326,172 | ||||||
| 8,289,196 | ||||||||
GERMANY — 8.3% | ||||||||
BASF SE | 35,642 | 1,891,649 | ||||||
Bayerische Motoren Werke AG | 17,607 | 1,555,905 | ||||||
Fresenius Medical Care AG | 52,121 | 2,221,492 | ||||||
FUCHS SE * | 19,847 | 746,461 | ||||||
Henkel AG & Co KGaA | 29,697 | 2,530,486 | ||||||
SAP SE | 13,528 | 3,086,006 | ||||||
| 12,031,999 | ||||||||
HONG KONG — 6.2% | ||||||||
AIA Group Ltd | 415,308 | 3,724,004 | ||||||
Hongkong Land Holdings Ltd | 64,800 | 237,816 | ||||||
Jardine Matheson Holdings Ltd | 53,707 | 2,097,795 | ||||||
Techtronic Industries Co Ltd | 83,516 | 1,269,809 | ||||||
Xinyi Glass Holdings Ltd | 1,388,114 | 1,654,836 | ||||||
| 8,984,260 | ||||||||
INDIA — 3.7% | ||||||||
Adani Ports & Special Economic Zone Ltd | 110,516 | 1,909,867 | ||||||
HDFC Bank Ltd | 112,143 | 2,317,837 | ||||||
UPL Ltd | 165,194 | 1,208,678 | ||||||
| 5,436,382 | ||||||||
THE ADVISORS’ INNER CIRCLE FUND II
SPRUCEGROVE
INTERNATIONAL EQUITY FUND
SEPTEMBER 30, 2024 (Unaudited)
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — continued | ||||||||
| Shares | Value | ||||||
IRELAND — 2.2% | ||||||||
Ryanair Holdings PLC ADR | 72,197 | $ | 3,261,883 | |||||
ITALY — 1.2% | ||||||||
Brembo NV | 153,838 | 1,688,231 | ||||||
JAPAN — 17.3% | ||||||||
Ain Holdings Inc | 33,161 | 1,259,766 | ||||||
Daikin Industries Ltd | 8,100 | 1,136,797 | ||||||
Denso Corp | 168,908 | 2,509,885 | ||||||
FANUC Corp | 14,961 | 438,245 | ||||||
Kubota Corp | 181,038 | 2,570,527 | ||||||
Makita Corp | 78,583 | 2,659,538 | ||||||
MISUMI Group Inc | 121,990 | 2,208,851 | ||||||
Nihon Kohden Corp | 168,470 | 2,505,143 | ||||||
Nitto Denko Corp | 176,430 | 2,946,051 | ||||||
Omron Corp | 72,018 | 3,296,294 | ||||||
Seria Co Ltd | 74,000 | 1,815,856 | ||||||
Toyota Motor Corp | 93,602 | 1,663,752 | ||||||
| 25,010,705 | ||||||||
NETHERLANDS — 2.2% | ||||||||
Koninklijke Vopak NV | 41,423 | 1,926,866 | ||||||
SBM Offshore NV | 70,661 | 1,292,531 | ||||||
| 3,219,397 | ||||||||
NORWAY — 1.0% | ||||||||
Bakkafrost P/F | 24,084 | 1,389,112 | ||||||
PANAMA — 1.5% | ||||||||
Copa Holdings SA, Cl A | 22,885 | 2,147,528 | ||||||
SINGAPORE — 4.7% | ||||||||
Sembcorp Industries Ltd | 392,600 | 1,696,571 | ||||||
United Overseas Bank Ltd | 118,130 | 2,964,308 | ||||||
Venture Corp Ltd | 202,160 | 2,213,983 | ||||||
| 6,874,862 | ||||||||
SOUTH KOREA — 1.4% | ||||||||
Samsung Electronics Co Ltd GDR | 1,774 | 2,073,806 | ||||||
SPAIN — 0.6% | ||||||||
Viscofan SA | 12,031 | 855,310 | ||||||
SWEDEN — 1.9% | ||||||||
Assa Abloy AB, Cl B | 83,222 | 2,804,553 | ||||||
SWITZERLAND — 8.7% | ||||||||
Cie Financiere Richemont SA, Cl A | 7,603 | 1,205,953 | ||||||
Novartis AG | 31,388 | 3,614,894 | ||||||
Roche Holding AG | 14,151 | 4,539,459 | ||||||
THE ADVISORS’ INNER CIRCLE FUND II
SPRUCEGROVE
INTERNATIONAL EQUITY FUND
SEPTEMBER 30, 2024 (Unaudited)
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — continued | ||||||||
| Shares | Value | ||||||
SWITZERLAND — continued | ||||||||
Sandoz Group AG | 76,990 | $ | 3,219,059 | |||||
| 12,579,365 | ||||||||
TAIWAN — 1.4% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 64,970 | 1,964,713 | ||||||
UNITED KINGDOM — 18.3% | ||||||||
Berkeley Group Holdings PLC | 42,369 | 2,682,486 | ||||||
Croda International PLC | 28,946 | 1,637,318 | ||||||
HSBC Holdings PLC | 346,140 | 3,139,435 | ||||||
IMI PLC | 121,535 | 2,953,930 | ||||||
Renishaw PLC | 27,855 | 1,399,251 | ||||||
RS GROUP PLC | 176,726 | 1,920,110 | ||||||
Shell PLC | 58,904 | 1,916,008 | ||||||
Smith & Nephew PLC | 242,008 | 3,759,058 | ||||||
Smiths Group PLC | 87,917 | 1,977,637 | ||||||
Travis Perkins PLC | 175,465 | 2,179,426 | ||||||
Victrex PLC | 43,195 | 563,171 | ||||||
Weir Group PLC | 83,530 | 2,426,843 | ||||||
| 26,554,673 | ||||||||
VIETNAM — 0.6% | ||||||||
Vietnam Dairy Products JSC | 315,537 | 900,433 | ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $119,372,343) | 138,815,503 | |||||||
PREFERRED STOCK — 2.7% | ||||||||
GERMANY — 2.7% | ||||||||
FUCHS SE (A) | 50,984 | 2,479,724 | ||||||
Jungheinrich AG (A) | 48,286 | 1,458,248 | ||||||
| 3,937,972 | ||||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $3,111,075) | 3,937,972 | |||||||
TOTAL INVESTMENTS— 98.5% | ||||||||
(Cost $122,483,418) | $ | 142,753,475 | ||||||
Percentages are based on Net Assets of $144,961,197.
* | Non-income producing security. |
(A) | There is currently no rate available. |
THE ADVISORS’ INNER CIRCLE FUND II
SPRUCEGROVE
INTERNATIONAL EQUITY FUND
SEPTEMBER 30, 2024 (Unaudited)
ADR — American Depositary Receipt |
Cl — Class |
GDR — Global Depositary Receipt |
JSC — Joint-Stock Company |
Ltd — Limited |
PLC — Public Limited Company |
SIM-QH-001-0800
