Advisers Investment Trust
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(Exact name of registrant as specified in charter)
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325 John H. McConnell Blvd, Suite 150, Columbus, OH 43215
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(Address of principal executive offices) (Zip code)
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Beacon
Hill Fund Services, Inc., 325 John McConnell Blvd., Suite 150, Columbus, OH 43215
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(Name and address of agent for service)
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Date of fiscal year end: | September 30th | ||
Date of reporting period: | June 30, 2015 |
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ADVISERS INVESTMENT TRUST |
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 96.1 | % | ||||||||
Beverages | 3.8 | % | ||||||||
Anheuser-Busch InBev | 309,246 | $ | 37,062,012 | |||||||
Computers & Peripherals | 3.7 | % | ||||||||
Apple Inc. | 284,283 | 35,656,195 | ||||||||
Diversified Consumer Services | 7.8 | % | ||||||||
Moody’s Corp. | 276,089 | 29,806,568 | ||||||||
MSCI Inc. | 738,529 | 45,456,460 | ||||||||
75,263,028 | ||||||||||
Food Products | 10.3 | % | ||||||||
Mondelez International Inc. - Class A | 1,699,676 | 69,924,671 | ||||||||
Nestle SA - REG | 399,957 | 28,875,445 | ||||||||
98,800,116 | ||||||||||
Health Care Equipment & Supplies | 4.1 | % | ||||||||
Dentsply International Inc. | 400,597 | 20,650,776 | ||||||||
Zimmer Biomet Holdings Inc. | 174,540 | 19,065,004 | ||||||||
39,715,780 | ||||||||||
Household Products | 6.9 | % | ||||||||
Kimberly Clark Corp. | 255,376 | 27,062,195 | ||||||||
Procter & Gamble | 499,400 | 39,073,056 | ||||||||
66,135,251 | ||||||||||
Internet Software & Services | 3.5 | % | ||||||||
eBay Inc.(a) | 556,901 | 33,547,716 | ||||||||
IT Services | 8.1 | % | ||||||||
Accenture PLC - Class A | 802,754 | 77,690,532 | ||||||||
Media | 5.7 | % | ||||||||
McGraw Hill Financial Inc. | 182,796 | 18,361,858 | ||||||||
Time Warner Inc. | 413,488 | 36,142,986 | ||||||||
54,504,844 | ||||||||||
See notes to Schedule of Investments.
1 |
ADVISERS INVESTMENT TRUST |
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Pharmaceuticals | 24.7 | % | ||||||||
Abbott Laboratories | 754,666 | $ | 37,039,007 | |||||||
GlaxoSmithKline PLC | 1,981,950 | 41,184,487 | ||||||||
Johnson & Johnson | 625,809 | 60,991,345 | ||||||||
Merck & Co. Inc. | 606,763 | 34,543,018 | ||||||||
Novartis AG - REG | 450,176 | 44,369,986 | ||||||||
Zoetis Inc. | 400,339 | 19,304,347 | ||||||||
237,432,190 | ||||||||||
Software | 10.5 | % | ||||||||
Microsoft Corp. | 1,469,092 | 64,860,412 | ||||||||
Oracle Corp. | 907,948 | 36,590,304 | ||||||||
101,450,716 | ||||||||||
Tobacco | 7.0 | % | ||||||||
Philip Morris International | 839,205 | 67,279,065 | ||||||||
TOTAL COMMON STOCKS (Cost $765,051,153) | 924,537,445 | |||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $765,051,153) | 96.1 | % | 924,537,445 | |||||||
NET OTHER ASSETS (LIABILITIES) | 3.9 | % | 37,829,165 | |||||||
NET ASSETS | 100.0 | % | $ | 962,366,610 |
(a) Non-income producing security. |
At June 30, 2015, the Fund’s investments were concentrated in the following countries: |
Percentage of Net Assets |
|||
United States(1) | 84.2 | % | |
Switzerland | 7.6 | ||
United Kingdom | 4.3 | ||
TOTAL | 96.1 | % |
(1) | The Fund invests in the Belgian line of Anheuser-Busch InBev (ABI). However, consistent with the terms set out in the prospectus, the Fund defines ABI as a US Equity as its principal place of business is in the US. |
See notes to Schedule of Investments.
2 |
ADVISERS INVESTMENT TRUST |
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated March 1, 2011 (the “Trust Agreement”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services-Investment Companies”. The Trust commenced operations on December 20, 2011. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Independent Franchise Partners US Equity Fund (the “IFP US Equity Fund” or “Fund”) is a series of the Trust. These financial statements and notes only relate to the IFP US Equity Fund.
The Fund is a non-diversified fund, meaning it may invest in a smaller number of companies than a diversified fund, and seeks to achieve an attractive long-term rate of return.
Under the Fund’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.
Significant accounting policies related to Investments are as follows:
INVESTMENT VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
• Level 1 —quoted prices in active markets for identical assets
• Level 2 —other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —significant observable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of the Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as a Level 1 in the fair value hierarchy.
3 |
ADVISERS INVESTMENT TRUST |
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
When the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), the Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party pricing service to fair value its’ international equity securities.
In the fair value situations as noted above, while the Trust’s valuation policy is intended to result in a calculation of the Fund’s net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three fair value levels defined above:
Portfolio | Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | |||||||||
IFP US Equity Fund | |||||||||||||
Common Stocks(1) | $ | 924,537,445 | $ | — | $ | — | $ | 924,537,445 | |||||
Total Investments | $ | 924,537,445 | $ | — | $ | — | $ | 924,537,445 |
(1) | See investment industries in the Schedule of Investments |
As of June 30, 2015, there were no Level 2 or Level 3 securities held by the Fund. The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the period ended June 30, 2015.
4 |
ADVISERS INVESTMENT TRUST |
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
CURRENCY TRANSACTIONS
The Fund may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.
FEDERAL INCOME TAX INFORMATION
As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Tax Cost | Tax Unrealized Appreciation |
Tax Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) | ||||||||
IFP US Equity Fund | $ | 769,180,208 | $ | 170,311,531 | $ | (14,954,294) | $ | 155,357,237 |
5 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 95.2 | % | ||||||||
Consumer Discretionary | 7.2 | % | ||||||||
Galaxy Entertainment Group Ltd. | 2,313,082 | $ | 9,220,638 | |||||||
Genting Malaysia Bhd. | 2,005,200 | 2,232,134 | ||||||||
Grupo Televisa S.A.B. - ADR | 364,300 | 14,142,126 | ||||||||
Matahari Department Store Tbk PT | 3,640,100 | 4,518,557 | ||||||||
Naspers Ltd. - Class N | 174,167 | 27,128,593 | ||||||||
Sands China Ltd. | 5,076,143 | 17,091,721 | ||||||||
Vipshop Holdings Ltd. - ADR(a) | 271,870 | 6,049,107 | ||||||||
Westlife Development Ltd.(a) | 205,786 | 969,469 | ||||||||
81,352,345 | ||||||||||
Consumer Staples | 32.8 | % | ||||||||
Ambev S.A. - ADR | 7,226,145 | 44,079,484 | ||||||||
Amorepacific Corp. | 21,285 | 7,976,270 | ||||||||
British American Tobacco Malaysia Bhd. | 220,532 | 3,623,902 | ||||||||
British American Tobacco PLC | 1,082,612 | 58,394,842 | ||||||||
British American Tobacco PLC (London Exchange) | 258,100 | 13,849,178 | ||||||||
China Resources Enterprise Ltd. | 1,043,532 | 3,365,559 | ||||||||
Colgate-Palmolive India Ltd. | 206,782 | 6,623,486 | ||||||||
CP ALL PCL - REG | 10,291,800 | 14,092,930 | ||||||||
Fomento Economico Mexicano S.A.B. de C.V. - ADR | 316,512 | 28,198,054 | ||||||||
Hindustan Unilever Ltd. | 1,482,763 | 21,344,988 | ||||||||
ITC Ltd. | 8,393,397 | 41,538,616 | ||||||||
LG Household & Health Care Ltd. | 13,410 | 9,305,070 | ||||||||
Nestle India Ltd. | 46,113 | 4,599,859 | ||||||||
Orion Corp. | 6,269 | 5,889,921 | ||||||||
President Chain Store Corp. | 1,229,660 | 8,648,211 | ||||||||
SABMiller PLC | 676,257 | 35,088,544 | ||||||||
Souza Cruz S.A. | 1,821,552 | 14,312,989 | ||||||||
Thai Beverage PCL | 18,971,900 | 10,775,887 | ||||||||
Tsingtao Brewery Co. Ltd. - Class H | 739,511 | 4,488,650 | ||||||||
Unilever Indonesia Tbk PT | 3,604,276 | 10,678,335 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. | 8,575,238 | 20,857,729 | ||||||||
367,732,504 | ||||||||||
Energy | 0.9 | % | ||||||||
Ultrapar Participacoes S.A. | 470,344 | 9,939,082 | ||||||||
Financials | 23.2 | % | ||||||||
Bangkok Bank PCL - REG | 1,842,810 | 9,739,059 | ||||||||
Bank Central Asia Tbk PT | 18,488,743 | 18,721,022 |
See notes to financial statements.
1 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
BB Seguridade Participacoes S.A. | 906,974 | $ | 9,947,513 | |||||||
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros | 2,050,654 | 7,730,104 | ||||||||
CETIP S.A. - Mercados Organizados | 372,760 | 4,085,961 | ||||||||
DBS Group Holdings Ltd. | 877,451 | 13,479,201 | ||||||||
Habib Bank Ltd. | 3,046,988 | 6,421,802 | ||||||||
HDFC Bank Ltd. | 281,682 | 4,720,430 | ||||||||
HDFC Bank Ltd. - ADR | 761,317 | 46,082,518 | ||||||||
Housing Development Finance Corp. Ltd. | 2,735,802 | 55,697,715 | ||||||||
Itausa - Investimentos Itau S.A. | 7 | 19 | ||||||||
Kasikornbank PCL - REG | 1,886,700 | 10,557,543 | ||||||||
Kotak Mahindra Bank Ltd. | 462,029 | 10,054,645 | ||||||||
Link REIT (The) | 2,250,828 | 13,182,859 | ||||||||
Malayan Banking Bhd. | 5,327,623 | 12,906,036 | ||||||||
Public Bank Bhd. | 1,829,200 | 9,075,702 | ||||||||
Remgro Ltd. | 874,403 | 18,395,093 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 36,438 | 9,603,991 | ||||||||
260,401,213 | ||||||||||
Health Care. | 4.1 | % | ||||||||
Bangkok Dusit Medical Services PCL - REG | 5,257,000 | 3,066,213 | ||||||||
Cipla Ltd. | 1,397,976 | 13,509,963 | ||||||||
Sun Pharmaceutical Industries Ltd. | 2,137,100 | 29,351,565 | ||||||||
45,927,741 | ||||||||||
Information Technology | 17.5 | % | ||||||||
Alibaba Group Holding Ltd. - ADR(a) | 241,469 | 19,865,655 | ||||||||
Autohome, Inc. - ADR(a) | 59,738 | 3,019,158 | ||||||||
Baidu, Inc. - ADR(a) | 164,549 | 32,758,415 | ||||||||
Bitauto Holdings Ltd. - ADR(a) | 65,892 | 3,363,786 | ||||||||
Cielo S.A. | 2,029,215 | 28,599,981 | ||||||||
HCL Technologies Ltd. | 1,077,238 | 15,558,883 | ||||||||
Infosys Ltd. | 139,294 | 2,153,173 | ||||||||
Infosys Ltd. - ADR | 379,462 | 6,014,473 | ||||||||
NetEase, Inc. - ADR | 75,457 | 10,931,078 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,486,130 | 11,320,918 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 930,608 | 21,134,108 | ||||||||
Tata Consultancy Services Ltd. | 382,754 | 15,332,700 | ||||||||
Tencent Holdings Ltd. | 1,117,225 | 22,296,793 | ||||||||
Yandex N.V. - Class A(a) | 246,529 | 3,752,171 | ||||||||
196,101,292 | ||||||||||
See notes to financial statements.
2 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Materials | 2.0 | % | ||||||||
Industrias Penoles S.A.B. de C.V. | 536,714 | $ | 8,740,064 | |||||||
Randgold Resources Ltd. | 101,702 | 6,847,399 | ||||||||
Randgold Resources Ltd. - ADR | 103,050 | 6,899,197 | ||||||||
22,486,660 | ||||||||||
Telecommunication Services | 5.0 | % | ||||||||
Advanced Info Service PCL - REG | 1,652,100 | 11,739,397 | ||||||||
Bharti Airtel Ltd. | 1,625,596 | 10,722,858 | ||||||||
MTN Group Ltd. | 734,742 | 13,814,913 | ||||||||
Telekomunikasi Indonesia Persero Tbk PT | 91,920,666 | 20,200,829 | ||||||||
56,477,997 | ||||||||||
Utilities | 2.5 | % | ||||||||
Power Assets Holdings Ltd. | 3,023,678 | 27,578,231 | ||||||||
TOTAL COMMON STOCKS (Cost $1,054,704,157) | 1,067,997,065 | |||||||||
PREFERRED STOCKS | 1.0 | % | ||||||||
Financials | 1.0 | % | ||||||||
Itausa - Investimentos Itau S.A. | 3,893,854 | 11,158,932 | ||||||||
TOTAL PREFERRED STOCKS (Cost $12,886,885) | 11,158,932 | |||||||||
SHORT-TERM INVESTMENTS | 4.1 | % | ||||||||
Northern Institutional | ||||||||||
U.S. Government Select Portfolio, 0.01% | 46,103,974 | 46,103,974 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,103,974) | 46,103,974 | |||||||||
TOTAL
INVESTMENTS (Cost $1,113,695,016) |
100.3 | % | 1,125,259,971 | |||||||
NET OTHER ASSETS (LIABILITIES) | (0.3 | )% | (3,749,297 | ) | ||||||
NET ASSETS | 100.0 | % | $ | 1,121,510,674 | ||||||
(a) | Non-income producing security. |
See notes to financial statements.
3 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015, the Vontobel Global Emerging Markets Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:
CONCENTRATION BY COUNTRY | % OF NET ASSETS | |||
India | 25.3 | % | ||
Brazil | 11.6 | |||
United Kingdom | 9.6 | |||
China | 9.2 | |||
Mexico | 6.4 | |||
Thailand | 5.3 | |||
South Africa | 5.3 | |||
Indonesia | 4.8 | |||
Hong Kong | 4.8 | |||
Taiwan | 3.7 | |||
South Korea | 2.9 | |||
Malaysia | 2.5 | |||
All other countries less than 2% | 4.8 | |||
Total | 96.2 | % |
See notes to financial statements.
4 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 94.4 | % | ||||||||
Consumer Discretionary | 7.8 | % | ||||||||
Las Vegas Sands Corp. | 4,456 | $ | 234,252 | |||||||
Naspers Ltd. - Class N | 1,150 | 179,126 | ||||||||
Priceline Group (The), Inc.(a) | 335 | 385,709 | ||||||||
Starbucks Corp. | 2,235 | 119,830 | ||||||||
TJX (The) Cos., Inc. | 3,600 | 238,212 | ||||||||
1,157,129 | ||||||||||
Consumer Staples | 28.5 | % | ||||||||
Alimentation Couche-Tard, Inc. - Class B | 3,980 | 170,257 | ||||||||
Altria Group, Inc. | 11,290 | 552,194 | ||||||||
British American Tobacco PLC | 13,231 | 709,952 | ||||||||
Coca-Cola (The) Co. | 3,141 | 123,221 | ||||||||
Diageo PLC | 4,950 | 143,187 | ||||||||
Hershey (The) Co. | 1,771 | 157,318 | ||||||||
ITC Ltd. | 53,885 | 266,675 | ||||||||
Nestle S.A. - REG | 6,139 | 443,214 | ||||||||
Philip Morris International, Inc. | 6,514 | 522,227 | ||||||||
Reckitt Benckiser Group PLC | 4,885 | 421,235 | ||||||||
Reynolds American, Inc. | 2,391 | 178,512 | ||||||||
SABMiller PLC | 2,737 | 142,089 | ||||||||
Unilever N.V. - CVA | 9,134 | 380,387 | ||||||||
4,210,468 | ||||||||||
Energy | 1.5 | % | ||||||||
Enbridge, Inc. | 4,882 | 228,309 | ||||||||
Financials | 20.1 | % | ||||||||
American Tower Corp. | 2,898 | 270,354 | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 2,210 | 300,803 | ||||||||
Charles Schwab (The) Corp. | 4,600 | 150,190 | ||||||||
CME Group, Inc. | 1,462 | 136,054 | ||||||||
HDFC Bank Ltd. - ADR | 8,520 | 515,716 | ||||||||
Housing Development Finance Corp. Ltd. | 28,780 | 585,927 | ||||||||
JPMorgan Chase & Co. | 3,881 | 262,977 | ||||||||
UBS Group A.G. | 7,970 | 169,041 | ||||||||
Wells Fargo & Co. | 10,409 | 585,402 | ||||||||
2,976,464 | ||||||||||
Health Care. | 15.5 | % | ||||||||
Abbott Laboratories | 4,845 | 237,793 |
See notes to financial statements.
5 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Biogen, Inc.(a) | 525 | $ | 212,068 | |||||||
Bristol-Myers Squibb Co. | 5,215 | 347,006 | ||||||||
Celgene Corp.(a) | 2,995 | 346,626 | ||||||||
Medtronic PLC | 1,840 | 136,344 | ||||||||
Novo Nordisk A/S - Class B | 4,530 | 246,812 | ||||||||
Regeneron Pharmaceuticals, Inc.(a) | 165 | 84,171 | ||||||||
Roche Holding A.G. (Genusschein) | 1,878 | 526,270 | ||||||||
Zoetis, Inc. | 3,155 | 152,134 | ||||||||
2,289,224 | ||||||||||
Information Technology | 19.5 | % | ||||||||
Alibaba Group Holding Ltd. - ADR(a) | 1,713 | 140,928 | ||||||||
Apple, Inc. | 3,878 | 486,398 | ||||||||
Baidu, Inc. - ADR(a) | 1,045 | 208,039 | ||||||||
Cielo S.A. | 11,657 | 164,295 | ||||||||
Cognizant Technology Solutions Corp. - Class A(a) | 3,824 | 233,608 | ||||||||
Facebook, Inc. - Class A(a) | 925 | 79,333 | ||||||||
Google, Inc. - Class C(a) | 263 | 136,894 | ||||||||
MasterCard, Inc. - Class A | 8,275 | 773,547 | ||||||||
Tencent Holdings Ltd. | 8,085 | 161,355 | ||||||||
Visa, Inc. - Class A | 7,365 | 494,560 | ||||||||
2,878,957 | ||||||||||
Materials | 1.5 | % | ||||||||
Martin Marietta Materials, Inc. | 1,557 | 220,331 | ||||||||
TOTAL COMMON STOCKS (Cost $13,560,849) | 13,960,882 | |||||||||
SHORT-TERM INVESTMENTS | 5.5 | % | ||||||||
Northern Institutional | ||||||||||
U.S. Government Select Portfolio, 0.01% | 821,391 | 821,391 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $821,391) | 821,391 | |||||||||
TOTAL
INVESTMENTS (Cost $14,382,240) |
99.9 | % | 14,782,273 | |||||||
NET OTHER ASSETS (LIABILITIES) | 0.1 | % | 8,760 | |||||||
NET ASSETS | 100.0 | % | $ | 14,791,033 |
(a) | Non-income producing security. |
See notes to financial statements.
6 |
ADVISERS INVESTMENT TRUST |
VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015, the Vontobel Global Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:
CONCENTRATION BY COUNTRY | % OF NET ASSETS | |||
United States | 54.2 | % | ||
United Kingdom | 12.1 | |||
India | 9.3 | |||
Switzerland | 7.7 | |||
China | 3.5 | |||
Canada | 2.7 | |||
All other countries less than 2% | 4.9 | |||
Total | 94.4 | % |
See notes to financial statements.
7 |
ADVISERS INVESTMENT TRUST |
VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 98.8 | % | ||||||||
Consumer Discretionary | 11.2 | % | ||||||||
Cie Financiere Richemont S.A. - REG | 4,128 | $ | 335,777 | |||||||
Domino’s Pizza Group PLC | 21,478 | 262,217 | ||||||||
Hermes International | 741 | 276,414 | ||||||||
Naspers Ltd. - Class N | 2,418 | 376,632 | ||||||||
Paddy Power PLC | 2,699 | 231,300 | ||||||||
Persimmon PLC(a) | 10,468 | 324,845 | ||||||||
Priceline Group (The), Inc.(a) | 410 | 472,062 | ||||||||
Sands China Ltd. | 64,242 | 216,307 | ||||||||
2,495,554 | ||||||||||
Consumer Staples | 37.4 | % | ||||||||
Alimentation Couche Tard, Inc. - Class B | 7,615 | 325,756 | ||||||||
Amorepacific Corp. | 263 | 98,556 | ||||||||
British American Tobacco PLC | 24,959 | 1,339,255 | ||||||||
Chocoladefabriken Lindt & Sprungli A.G. (Participation | ||||||||||
Certificate) | 66 | 349,007 | ||||||||
Diageo PLC | 12,408 | 358,923 | ||||||||
Imperial Tobacco Group PLC | 8,854 | 426,676 | ||||||||
ITC Ltd. | 97,900 | 484,503 | ||||||||
L’Oreal S.A. | 1,786 | 318,579 | ||||||||
Nestle S.A. - REG | 12,537 | 905,126 | ||||||||
Pernod Ricard S.A. | 1,767 | 204,086 | ||||||||
Philip Morris International, Inc. | 11,093 | 889,326 | ||||||||
Reckitt Benckiser Group PLC | 10,228 | 881,962 | ||||||||
SABMiller PLC | 12,342 | 640,724 | ||||||||
Unicharm Corp. | 6,200 | 147,395 | ||||||||
Unilever N.V. - CVA | 23,573 | 981,703 | ||||||||
8,351,577 | ||||||||||
Energy | 2.1 | % | ||||||||
Enbridge, Inc. | 10,127 | 473,593 | ||||||||
Financials | 17.6 | % | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 24,408 | 239,241 | ||||||||
Bank of Nova Scotia (The) | 6,840 | 353,062 | ||||||||
Daito Trust Construction Co. Ltd. | 2,375 | 246,068 | ||||||||
HDFC Bank Ltd. - ADR | 15,840 | 958,795 | ||||||||
Housing Development Finance Corp. Ltd. | 59,300 | 1,207,278 | ||||||||
Link REIT (The) | 28,612 | 167,578 | ||||||||
See notes to financial statements.
8 |
ADVISERS INVESTMENT TRUST |
VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Lloyds Banking Group PLC | 219,961 | $ | 294,601 | |||||||
UBS Group A.G. - REG | 21,259 | 450,897 | ||||||||
3,917,520 | ||||||||||
Health Care. | 18.0 | % | ||||||||
Bayer A.G. - REG | 2,067 | 289,317 | ||||||||
Coloplast A/S - Class B | 1,994 | 130,839 | ||||||||
CSL Ltd. | 6,734 | 449,265 | ||||||||
Essilor International S.A. | 3,353 | 399,976 | ||||||||
Fresenius Medical Care A.G. & Co. KGaA | 2,757 | 227,572 | ||||||||
Grifols S.A. | 7,962 | 320,706 | ||||||||
Novo Nordisk A/S - Class B | 14,345 | 781,570 | ||||||||
Ramsay Health Care Ltd. | 8,631 | 409,344 | ||||||||
Roche Holding A.G. | 3,572 | 1,000,978 | ||||||||
4,009,567 | ||||||||||
Industrials | 3.7 | % | ||||||||
Bureau Veritas S.A. | 16,922 | 389,761 | ||||||||
DKSH Holding A.G.(a) | 2,194 | 158,634 | ||||||||
SGS S.A. - REG | 148 | 270,055 | ||||||||
818,450 | ||||||||||
Information Technology | 6.1 | % | ||||||||
Alibaba Group Holding Ltd. - ADR(a) | 3,779 | 310,898 | ||||||||
Baidu, Inc. - ADR(a) | 2,123 | 422,647 | ||||||||
Cielo S.A. | 19,504 | 274,892 | ||||||||
Tencent Holdings Ltd. | 17,250 | 344,263 | ||||||||
1,352,700 | ||||||||||
Materials | 2.1 | % | ||||||||
Air Liquide S.A. | 2,436 | 308,105 | ||||||||
Silver Wheaton Corp. | 9,697 | 168,086 | ||||||||
476,191 | ||||||||||
Utilities | 0.6 | % | ||||||||
Cheung Kong Infrastructure Holdings Ltd. | 18,398 | 142,883 | ||||||||
TOTAL COMMON STOCKS (Cost $21,691,053) | 22,038,035 | |||||||||
SHORT-TERM INVESTMENTS | 1.3 | % | ||||||||
Northern Institutional | ||||||||||
U.S. Government Select Portfolio | 275,798 | 275,798 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $275,798) | 275,798 | |||||||||
See notes to financial statements.
9 |
ADVISERS INVESTMENT TRUST |
VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
TOTAL
INVESTMENTS (Cost $21,966,851) |
100.1 | % | $ | 22,313,833 | ||||||
NET OTHER ASSETS (LIABILITIES) | (0.1 | )% | (16,267 | ) | ||||||
NET ASSETS | 100.0 | % | $ | 22,297,566 |
(a) | Non-income producing security. |
At June 30, 2015, the Vontobel International Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:
CONCENTRATION BY COUNTRY | % OF NET ASSETS | |||
United Kingdom | 24.7 | % | ||
Switzerland | 15.6 | |||
India | 11.9 | |||
France | 8.5 | |||
United States | 6.1 | |||
Canada | 5.9 | |||
China | 4.8 | |||
Denmark | 4.1 | |||
Australia | 3.9 | |||
Spain | 2.5 | |||
Germany | 2.3 | |||
All other countries less than 2% | 8.5 | |||
Total | 98.8 | % |
See notes to financial statements.
10 |
ADVISERS INVESTMENT TRUST |
VONTOBEL FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust registered March 1, 2011 (the “Trust Agreement”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies”. The Trust commenced operations on December 20, 2011. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Vontobel Global Emerging Markets Equity Institutional Fund (formally known as the AIT Global Emerging Markets Opportunity Fund), Vontobel Global Equity Institutional Fund, and Vontobel International Equity Institutional Fund, (referred to individually as a “Fund” and collectively as the “Funds” or the “Vontobel Funds”) are each a series of the Trust and commenced operations on May 22, 2013, January 2, 2015, and January 2, 2015, respectively. The Funds are authorized to issue multiple classes of shares, however, only the Class I shares are currently being offered and have commenced operations. These schedules of investments and notes only relate to the Vontobel Funds.
The Funds are each diversified funds and have an investment objective of providing capital appreciation.
Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
Significant accounting policies related to Investments are as follows:
INVESTMENT VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
• Level 1 —quoted prices in active markets for identical assets
• Level 2 —other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as a Level 1 in the fair value hierarchy.
11 |
ADVISERS INVESTMENT TRUST |
VONTOBEL FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
When the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), the Funds’ Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party pricing service to fair value their international equity securities.
In the fair value situations as noted above, while the Trust’s valuation policy is intended to result in a calculation of each Fund’s net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
12 |
ADVISERS INVESTMENT TRUST |
VONTOBEL FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The following is a summary of the valuation inputs used as of June 30, 2015 in valuing each Fund’s investments based upon the three fair value levels defined above:
Porfolio | Level
1 - Quoted Prices |
Level
2 - Other Significant Observable Inputs |
Level
3 - Significant Unobservable Inputs |
Total | ||||||||||
Global Emerging Markets Equity | ||||||||||||||
Institutional Fund | ||||||||||||||
Common Stocks | ||||||||||||||
Consumer Discretionary | $ | 81,352,345 | $ | — | $ | — | $ | 81,352,345 | ||||||
Consumer Staples | 353,639,574 | 14,092,930 | — | 367,732,504 | ||||||||||
Energy | 9,939,082 | — | — | 9,939,082 | ||||||||||
Financials | 260,401,213 | — | — | 260,401,213 | ||||||||||
Health Care | 42,861,528 | 3,066,213 | — | 45,927,741 | ||||||||||
Information Technology | 196,101,292 | — | — | 196,101,292 | ||||||||||
Materials | 22,486,660 | — | — | 22,486,660 | ||||||||||
Telecommunications Services | 56,477,997 | — | — | 56,477,997 | ||||||||||
Utilities | 27,578,231 | — | — | 27,578,231 | ||||||||||
Preferred Stock(1) | 11,158,932 | — | — | 11,158,932 | ||||||||||
Short-Term Investments(1) | 46,103,974 | — | — | 46,103,974 | ||||||||||
Total Investments | $ | 1,108,100,828 | $ | 17,159,143 | $ | — | $ | 1,125,259,971 | ||||||
Global Equity Institutional Fund | ||||||||||||||
Common Stocks | ||||||||||||||
Consumer Discretionary | $ | 1,157,129 | $ | — | $ | — | $ | 1,157,129 | ||||||
Consumer Staples | 4,210,468 | — | — | 4,210,468 | ||||||||||
Energy | 228,309 | — | — | 228,309 | ||||||||||
Financials | 2,976,464 | — | — | 2,976,464 | ||||||||||
Health Care | 2,289,224 | — | — | 2,289,224 | ||||||||||
Information Technology | 2,878,957 | — | — | 2,878,957 | ||||||||||
Materials | 220,331 | — | — | 220,331 | ||||||||||
Short-Term Investments(1) | 821,391 | — | — | 821,391 | ||||||||||
Total Investments | $ | 14,782,273 | $ | — | $ | — | $ | 14,782,273 |
13 |
ADVISERS INVESTMENT TRUST |
VONTOBEL FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Porfolio | Level
1 - Quoted Prices |
Level
2 - Other Significant Observable Inputs |
Level
3 - Significant Unobservable Inputs |
Total | ||||||||||
International Equity Institutional Fund | ||||||||||||||
Common Stocks | ||||||||||||||
Consumer Discretionary | $ | 2,495,554 | $ | — | $ | — | $ | 2,495,554 | ||||||
Consumer Staples | 8,351,577 | — | — | 8,351,577 | ||||||||||
Energy | 473,593 | — | — | 473,593 | ||||||||||
Financials | 3,917,520 | — | — | 3,917,520 | ||||||||||
Health Care | 4,009,567 | — | — | 4,009,567 | ||||||||||
Industrials | 818,450 | — | — | 818,450 | ||||||||||
Information Technology | 1,352,700 | — | — | 1,352,700 | ||||||||||
Materials | 476,191 | — | — | 476,191 | ||||||||||
Utilities | 142,883 | — | — | 142,883 | ||||||||||
Short-Term Investments(1) | 275,798 | — | — | 275,798 | ||||||||||
Total Investments | $ | 22,313,833 | $ | — | $ | — | $ | 22,313,833 |
(1) | See investment industries in the Schedule of Investments |
As of June 30, 2015, there were no Level 3 securities held by the Funds. The Funds disclose all transfers between levels based on valuations at the end of each reporting period. At June 30, 2015, the Funds had transfers as follows:
Transfers from Level 2 to Level 1 | |||||
Portfolio | Value | Reason | |||
Global Emerging Markets Equity | |||||
Institutional Fund | |||||
Common Stocks Financials | $ | 10,557,543 | Last trade price was applied in current period |
EQUITY-LINKED SECURITIES
The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local trading accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.
CURRENCY TRANSACTIONS
The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Funds’ securities and the price of the Funds’ shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.
14 |
ADVISERS INVESTMENT TRUST |
VONTOBEL FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
FEDERAL INCOME TAX INFORMATION
As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Tax Cost | Tax
Unrealized Appreciation |
Tax
Unrealized (Depreciation) |
Net
Unrealized Appreciation (Depreciation) |
||||||||||
Global Emerging Markets Equity Institutional Fund | $ | 1,124,991,215 | $ | 81,016,772 | $ | (80,748,016 | ) | $ | 268,756 | ||||
Global Equity Institutional Fund | 14,386,943 | 559,841 | (164,511 | ) | 395,330 | ||||||||
International Equity Institutional Fund | 21,969,223 | 770,991 | (426,381 | ) | 344,610 |
15 |
ADVISERS
INVESTMENT TRUST JOHCM ASIA EX-JAPAN EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
COMMON STOCKS | 65.1 | % | ||||||||||
China | 18.6 | % | ||||||||||
AAC Technologies Holdings, Inc. | 649,414 | $ | 3,661,459 | |||||||||
Agricultural Bank of China Ltd. - Class H | 4,643,000 | 2,494,814 | ||||||||||
Angang Steel Co. Ltd. - Class H | 2,584,590 | 1,778,466 | ||||||||||
Anhui Conch Cement Co. Ltd. - Class H | 519,319 | 1,812,100 | ||||||||||
BYD Electronic International Co. Ltd.(a) | 1,616,000 | 2,187,881 | ||||||||||
China Life Insurance Co. Ltd. - Class H | 604,000 | 2,607,057 | ||||||||||
Ping An Insurance Group Co. of China Ltd. - Class H | 249,157 | 3,342,409 | ||||||||||
Sinotruk Hong Kong Ltd. | 2,986,048 | 1,802,728 | ||||||||||
SOHO China Ltd. | 2,116,218 | 1,378,383 | ||||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,792,900 | 1,883,737 | ||||||||||
22,949,034 | ||||||||||||
Hong Kong | 13.9 | % | ||||||||||
Cheung Kong Property Holdings Ltd.(a) | 211,116 | 1,751,232 | ||||||||||
China Mobile Ltd. | 487,500 | 6,234,712 | ||||||||||
China Traditional Chinese Medicine Co. Ltd.(a) | 1,722,000 | 1,415,303 | ||||||||||
CK Hutchison Holdings Ltd. | 168,616 | 2,472,548 | ||||||||||
Johnson Electric Holdings Ltd. | 683,525 | 2,190,099 | ||||||||||
L’Occitane International S.A. | 1,099,564 | 3,133,540 | ||||||||||
17,197,434 | ||||||||||||
India | 2.2 | % | ||||||||||
Infosys Ltd. - ADR | 174,326 | 2,763,067 | ||||||||||
Indonesia | 3.7 | % | ||||||||||
AKR Corporindo Tbk PT | 5,305,964 | 2,337,838 | ||||||||||
Indofood CBP Sukses Makmur Tbk PT | 2,330,826 | 2,181,138 | ||||||||||
4,518,976 | ||||||||||||
Philippines | 5.0 | % | ||||||||||
Alliance Global Group, Inc. | 4,096,537 | 1,970,157 | ||||||||||
East West Banking Corp.(a) | 449,016 | 193,574 | ||||||||||
Emperador, Inc. | 10,180,370 | 1,941,158 | ||||||||||
Universal Robina Corp. | 496,168 | 2,134,510 | ||||||||||
6,239,399 | ||||||||||||
Singapore | 1.1 | % | ||||||||||
ARA Asset Management Ltd. | 1,058,929 | 1,371,750 | ||||||||||
South Korea | 4.7 | % | ||||||||||
BGF retail Co. Ltd. | 6,858 | 983,695 |
See notes to financial statements.
1 |
ADVISERS INVESTMENT
TRUST JOHCM ASIA EX-JAPAN EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
KT&G Corp. | 18,970 | $ | 1,607,781 | |||||||||
POSCO | 6,825 | 1,353,892 | ||||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 6,996 | 1,832,188 | ||||||||||
5,777,556 | ||||||||||||
Taiwan | 15.9 | % | ||||||||||
Airtac International Group | 312,909 | 1,952,788 | ||||||||||
Delta Electronics, Inc. | 549,441 | 2,813,062 | ||||||||||
Giant Manufacturing Co. Ltd. | 388,402 | 3,289,277 | ||||||||||
King Slide Works Co. Ltd. | 200,848 | 2,681,906 | ||||||||||
Makalot Industrial Co. Ltd. | 254,000 | 2,183,663 | ||||||||||
MediaTek, Inc. | 154,704 | 2,125,127 | ||||||||||
PChome Online, Inc. | 282,000 | 4,655,178 | ||||||||||
19,701,001 | ||||||||||||
TOTAL COMMON STOCKS (Cost $81,784,607) | 80,518,217 | |||||||||||
EQUITY-LINKED SECURITIES | 28.5 | % | ||||||||||
India | 28.5 | % | ||||||||||
Amara Raja Batteries Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 3/14/18(b) | 319,117 | 4,411,575 | ||||||||||
Asian Paints Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/31/18 | 367,405 | 4,347,031 | ||||||||||
Bajaj Auto Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/22/20 | 85,998 | 3,432,380 | ||||||||||
Dr. Reddy’s Laboratories Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20 | 30,956 | 1,721,880 | ||||||||||
Dr. Reddy’s Laboratories Ltd., Issued by Standard Chartered Bank, Maturity Date 1/3/18 | 21,045 | 1,170,596 | ||||||||||
Emami Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 5/21/20 | 188,021 | 3,413,611 | ||||||||||
Glenmark Pharmaceuticals Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/28/17 | 322,416 | 5,022,911 | ||||||||||
Indiabulls Housing Finance Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 1/30/20 | 340,584 | 3,320,698 | ||||||||||
Ramco Systems Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20(a) | 155,750 | 1,936,242 | ||||||||||
Ramco Systems Ltd., Issued by Deustche Bank A.G. London, Maturity Date 5/15/25(a) | 75,000 | 932,380 |
See notes to financial statements.
2 |
ADVISERS INVESTMENT
TRUST JOHCM ASIA EX-JAPAN EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
Tata Motors Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 4/29/20 | 531,331 | $ | 2,170,521 | |||||||||
Zee Entertainment Enterprises Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 1/30/17(b) | 600,887 | 3,465,753 | ||||||||||
35,345,578 | ||||||||||||
TOTAL EQUITY-LINKED SECURITIES (Cost $32,049,160) | 35,345,578 | |||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $113,833,767) | 93.6 | % | 115,863,795 | |||||||||
NET OTHER ASSETS (LIABILITIES) | 6.4 | % | 7,873,846 | |||||||||
NET ASSETS | 100.0 | % | $ | 123,737,641 |
(a) | Non-income producing security. |
(b) | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
At June 30, 2015 the industry sectors for the JOHCM Asia Ex-Japan Equity Fund were:
Sector Allocation | % of Net Assets | |
Consumer Discretionary | 14.3 | % |
Consumer Staples | 9.9 | |
Financials | 14.8 | |
Health Care | 7.6 | |
Industrials | 17.5 | |
Information Technology | 17.0 | |
Materials | 7.5 | |
Telecommunication Services | 5.0 | |
Total | 93.6 | % |
See notes to financial statements.
3 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
COMMON STOCKS | 86.8 | % | ||||||||||
Brazil | 3.1 | % | ||||||||||
BRF S.A. | 60,323 | $ | 1,274,328 | |||||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. | 70,927 | 1,092,729 | ||||||||||
2,367,057 | ||||||||||||
China | 18.9 | % | ||||||||||
Baidu, Inc. - ADR(a) | 3,637 | 724,054 | ||||||||||
Biostime International Holdings Ltd. | 258,085 | 755,057 | ||||||||||
China Construction Bank Corp. - Class H | 2,820,249 | 2,561,968 | ||||||||||
China Life Insurance Co. Ltd. - Class H | 426,712 | 1,841,825 | ||||||||||
China Petroleum & Chemical Corp. - ADR | 749 | 64,197 | ||||||||||
China Petroleum & Chemical Corp. - Class H | 1,523,067 | 1,309,506 | ||||||||||
CNOOC Ltd. | 195,000 | 276,600 | ||||||||||
CNOOC Ltd. - ADR | 9,082 | 1,288,918 | ||||||||||
Huaneng Power International, Inc. - Class H | 1,275,309 | 1,685,185 | ||||||||||
Industrial & Commercial Bank of China Ltd. - Class H | 2,802,990 | 2,216,990 | ||||||||||
Lenovo Group Ltd. | 470,892 | 647,262 | ||||||||||
Tencent Holdings Ltd. | 31,367 | 624,536 | ||||||||||
Xinyi Solar Holdings Ltd. | 776,318 | 319,573 | ||||||||||
14,315,671 | ||||||||||||
Greece | 0.1 | % | ||||||||||
Piraeus Bank S.A.(a) | 440,057 | 98,119 | ||||||||||
Hong Kong | 10.4 | % | ||||||||||
China Mobile Ltd. | 212,500 | 2,717,695 | ||||||||||
China Mobile Ltd. - ADR | 20,092 | 1,287,697 | ||||||||||
China Overseas Land & Investment Ltd. | 542,837 | 1,913,496 | ||||||||||
Haier Electronics Group Co. Ltd. | 423,927 | 1,136,397 | ||||||||||
Johnson Electric Holdings Ltd. | 260,808 | 835,661 | ||||||||||
7,890,946 | ||||||||||||
India | 7.4 | % | ||||||||||
HDFC Bank Ltd. - ADR | 39,811 | 2,409,760 | ||||||||||
ICICI Bank Ltd. - ADR | 148,527 | 1,547,651 | ||||||||||
Tata Motors Ltd. - ADR | 47,028 | 1,621,055 | ||||||||||
5,578,466 | ||||||||||||
Jersey | 1.4 | % | ||||||||||
Randgold Resources Ltd. | 16,152 | 1,083,701 |
See notes to financial statements.
4 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
Russia | 4.1 | % | ||||||||||
M Video OJSC | 197,928 | $ | 674,980 | |||||||||
MMC Norilsk Nickel PJSC - ADR | 91,335 | 1,541,652 | ||||||||||
Yandex N.V. - Class A(a) | 55,571 | 845,791 | ||||||||||
3,062,423 | ||||||||||||
South Africa | 6.5 | % | ||||||||||
Naspers Ltd. - Class N | 31,766 | 4,911,750 | ||||||||||
South Korea | 15.2 | % | ||||||||||
Hyundai Motor Co. | 3,359 | 408,883 | ||||||||||
LG Household & Health Care Ltd. | 2,019 | 1,388,820 | ||||||||||
NAVER Corp. | 1,471 | 835,496 | ||||||||||
Samsung Electronics Co. Ltd. | 4,875 | 5,537,919 | ||||||||||
SK Hynix, Inc. | 65,091 | 2,473,976 | ||||||||||
Youngone Corp. | 16,895 | 837,094 | ||||||||||
11,482,188 | ||||||||||||
Taiwan | 17.9 | % | ||||||||||
Cathay Financial Holding Co. Ltd. | 1,326,261 | 2,314,000 | ||||||||||
Cleanaway Co. Ltd. | 89,000 | 525,958 | ||||||||||
Fubon Financial Holding Co. Ltd. | 550,060 | 1,097,950 | ||||||||||
Largan Precision Co. Ltd. | 14,626 | 1,674,658 | ||||||||||
MediaTek, Inc. | 125,670 | 1,726,295 | ||||||||||
Novatek Microelectronics Corp. | 222,755 | 1,074,164 | ||||||||||
Phison Electronics Corp. | 112,006 | 969,702 | ||||||||||
Shin Kong Financial Holding Co. Ltd. | 3,597,724 | 1,090,991 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 355,000 | 1,599,583 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 38,274 | 869,202 | ||||||||||
Yungtay Engineering Co. Ltd. | 326,439 | 627,352 | ||||||||||
13,569,855 | ||||||||||||
Thailand | 1.8 | % | ||||||||||
PTT Global Chemical PCL - REG | 640,946 | 1,314,133 | ||||||||||
TOTAL COMMON STOCKS (Cost $64,518,731) | 65,674,309 | |||||||||||
EQUITY-LINKED SECURITIES | 6.6 | % | ||||||||||
India | 6.6 | % | ||||||||||
Axis Bank Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/17/17(a) | 183,591 | 1,607,248 |
See notes to financial statements.
5 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
ITC Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/22/18 | 303,165 | $ | 1,498,396 | |||||||||
Reliance Industries Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/29/18 | 73,618 | 1,154,748 | ||||||||||
Tata Consultancy Services Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 1/30/17(b) | 19,265 | 770,139 | ||||||||||
5,030,531 | ||||||||||||
TOTAL EQUITY-LINKED SECURITIES (Cost $5,079,118) | 5,030,531 | |||||||||||
PREFERRED STOCKS | 1.6 | % | ||||||||||
South Korea | 1.6 | % | ||||||||||
Hyundai Motor Co. - REG - GDR | 887 | 40,513 | ||||||||||
Hyundai Motor Co. Ltd. | 12,705 | 1,166,943 | ||||||||||
1,207,456 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $1,627,558) | 1,207,456 | |||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $71,225,407) | 95.0 | % | 71,912,296 | |||||||||
NET OTHER ASSETS (LIABILITIES) | 5.0 | % | 3,781,468 | |||||||||
NET ASSETS | 100.0 | % | $ | 75,693,764 |
(a) | Non-income producing security. |
(b) | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
See notes to financial statements.
6 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
At June 30, 2015 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:
Sector Allocation | % of Net Assets | |
Consumer Discretionary | 14.3 | % |
Consumer Staples | 6.5 | |
Energy | 5.4 | |
Financials | 24.7 | |
Industrials | 4.1 | |
Information Technology | 27.3 | |
Materials | 5.2 | |
Telecommunication Services | 5.3 | |
Utilities | 2.2 | |
Total | 95.0 | % |
See notes to financial statements.
7 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
COMMON STOCKS | 84.3 | % | ||||||||||
Argentina | 0.8 | % | ||||||||||
Cresud SACIF y A - ADR(a) | 3,723 | $ | 48,473 | |||||||||
Brazil | 2.6 | % | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo - ADR(a) | 6,682 | 34,613 | ||||||||||
International Meal Co. Alimentacao S.A.(a) | 11,900 | 36,323 | ||||||||||
Lojas Renner S.A. | 1,900 | 69,055 | ||||||||||
SLC Agricola S.A. | 4,600 | 25,596 | ||||||||||
165,587 | ||||||||||||
Canada | 1.2 | % | ||||||||||
Bankers Petroleum Ltd.(a) | 17,185 | 42,653 | ||||||||||
Canacol Energy Ltd.(a) | 16,514 | 36,624 | ||||||||||
79,277 | ||||||||||||
Chile | 1.5 | % | ||||||||||
Cencosud S.A. | 19,159 | 46,099 | ||||||||||
Vina Concha y Toro S.A. | 28,013 | 48,820 | ||||||||||
94,919 | ||||||||||||
China | 11.9 | % | ||||||||||
Bank of Chongqing Co. Ltd. - Class H | 82,000 | 77,783 | ||||||||||
BYD Electronic International Co. Ltd.(a) | 54,000 | 73,110 | ||||||||||
China Machinery Engineering Corp. - Class H | 19,000 | 20,279 | ||||||||||
Fufeng Group Ltd. | 110,000 | 81,602 | ||||||||||
Geely Automobile Holdings Ltd. | 65,000 | 34,651 | ||||||||||
Haichang Holdings Ltd.(a)(b) | 186,000 | 40,751 | ||||||||||
Kingdee International Software Group Co. Ltd. | 106,000 | 62,715 | ||||||||||
Maanshan Iron & Steel Co. Ltd. - Class H(a) | 176,000 | 60,399 | ||||||||||
Nanjing Sinolife United Co. Ltd. - Class H | 98,000 | 47,427 | ||||||||||
Sinosoft Technology Group Ltd. | 56,000 | 40,755 | ||||||||||
Sunac China Holdings Ltd. | 71,000 | 76,823 | ||||||||||
Sunny Optical Technology Group Co. Ltd. | 29,000 | 63,783 | ||||||||||
Xinyi Solar Holdings Ltd. | 178,000 | 73,274 | ||||||||||
753,352 | ||||||||||||
Greece | 0.3 | % | ||||||||||
Hellenic Telecommunications Organization S.A. | 2,845 | 20,807 | ||||||||||
Hong Kong | 10.0 | % | ||||||||||
China Everbright Ltd. | 32,000 | 110,696 | ||||||||||
China Traditional Chinese Medicine Co. Ltd.(a) | 92,000 | 75,614 |
See notes to financial statements.
8 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
EVA Precision Industrial Holdings Ltd. | 232,000 | $ | 68,093 | |||||||||
Guotai Junan International Holdings Ltd. | 186,000 | 119,756 | ||||||||||
Shenzhen International Holdings Ltd. | 36,000 | 62,345 | ||||||||||
Sun Hung Kai & Co. Ltd. | 73,000 | 65,520 | ||||||||||
Wasion Group Holdings Ltd. | 84,000 | 130,394 | ||||||||||
632,418 | ||||||||||||
Hungary | 0.7 | % | ||||||||||
Magyar Telekom Telecommunications PLC(a) | 32,488 | 45,275 | ||||||||||
India | 1.0 | % | ||||||||||
WNS Holdings Ltd. - ADR(a) | 2,465 | 65,939 | ||||||||||
Indonesia | 1.4 | % | ||||||||||
Matahari Department Store Tbk PT | 36,600 | 45,284 | ||||||||||
Panin Financial Tbk PT(a) | 1,888,400 | 40,449 | ||||||||||
85,733 | ||||||||||||
Malaysia | 2.8 | % | ||||||||||
Berjaya Auto Bhd. | 98,280 | 70,331 | ||||||||||
Karex Bhd. | 100,200 | 81,549 | ||||||||||
Top Glove Corp. Bhd. | 14,600 | 25,734 | ||||||||||
177,614 | ||||||||||||
Mexico | 3.0 | % | ||||||||||
Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR(a) | 3,248 | 38,781 | ||||||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(a) | 12,055 | 59,341 | ||||||||||
Grupo Herdez S.A.B. de C.V. | 6,940 | 17,768 | ||||||||||
Megacable Holdings S.A.B. de C.V. - Series CPO | 16,924 | 71,045 | ||||||||||
186,935 | ||||||||||||
Philippines | 1.6 | % | ||||||||||
Robinsons Land Corp. | 92,400 | 59,986 | ||||||||||
Security Bank Corp. | 11,470 | 41,246 | ||||||||||
101,232 | ||||||||||||
Poland | 2.8 | % | ||||||||||
Alior Bank S.A.(a) | 1,938 | 46,030 | ||||||||||
AmRest Holdings S.E.(a) | 1,238 | 48,088 | ||||||||||
CCC S.A. | 1,140 | 52,725 | ||||||||||
Eurocash S.A. | 3,195 | 31,721 | ||||||||||
178,564 |
See notes to financial statements.
9 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||||
Romania | 1.3 | % | ||||||||||
BRD-Groupe Societe Generale(a) | 29,879 | $ | 80,324 | |||||||||
South Africa | 2.0 | % | ||||||||||
DataTec Ltd. | 17,146 | 90,785 | ||||||||||
Northam Platinum Ltd.(a) | 11,603 | 38,270 | ||||||||||
129,055 | ||||||||||||
South Korea | 16.1 | % | ||||||||||
Hanmi Pharm Co. Ltd.(a) | 303 | 126,960 | ||||||||||
Hyundai Development Co.-Engineering & Construction | 1,528 | 90,372 | ||||||||||
HyVision System, Inc. | 2,752 | 26,309 | ||||||||||
Iljin Display Co. Ltd. | 4,511 | 34,961 | ||||||||||
i-SENS, Inc.(a) | 1,164 | 63,460 | ||||||||||
KC Green Holdings Co. Ltd. | 2,721 | 24,599 | ||||||||||
Korea Aerospace Industries Ltd. | 1,748 | 124,449 | ||||||||||
Korea Investment Holdings Co. Ltd. | 885 | 50,031 | ||||||||||
Korea Petro Chemical Ind. Co. Ltd. | 177 | 30,575 | ||||||||||
MDS Technology Co. Ltd. | 2,725 | 59,120 | ||||||||||
OCI Materials Co. Ltd. | 1,411 | 163,007 | ||||||||||
S&T Motiv Co. Ltd. | 1,071 | 63,927 | ||||||||||
Samsung Techwin Co. Ltd.(a) | 1,840 | 48,248 | ||||||||||
SFA Engineering Corp. | 698 | 30,758 | ||||||||||
Simm Tech Co. Ltd.(a) | 3,709 | 31,121 | ||||||||||
Woongjin Thinkbig Co. Ltd.(a) | 5,811 | 49,155 | ||||||||||
1,017,052 | ||||||||||||
Switzerland | 1.5 | % | ||||||||||
Luxoft Holding, Inc.(a) | 1,642 | 92,855 | ||||||||||
Taiwan | 13.8 | % | ||||||||||
China Life Insurance Co. Ltd. | 77,000 | 78,990 | ||||||||||
Chipbond Technology Corp. | 37,000 | 80,265 | ||||||||||
LuxNet Corp. | 18,000 | 52,038 | ||||||||||
Macauto Industrial Co. Ltd. | 9,000 | 34,088 | ||||||||||
Makalot Industrial Co. Ltd. | 10,000 | 85,971 | ||||||||||
PChome Online, Inc. | 4,000 | 66,031 | ||||||||||
Silergy Corp. | 8,000 | 81,682 | ||||||||||
Silicon Motion Technology Corp. - ADR | 3,783 | 130,930 | ||||||||||
Tung Thih Electronic Co. Ltd. | 26,000 | 147,437 |
See notes to financial statements.
10 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
XAC Automation Corp. | 31,000 | $ | 112,864 | |||||||
870,296 | ||||||||||
Thailand | 2.0 | % | ||||||||
Beauty Community PCL - REG | 566,800 | 67,797 | ||||||||
Srisawad Power 1979 PCL - REG | 51,204 | 60,640 | ||||||||
128,437 | ||||||||||
Turkey | 2.4 | % | ||||||||
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A.S. | 6,502 | 13,337 | ||||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. - Class D | 48,523 | 28,224 | ||||||||
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. | 37,326 | 61,547 | ||||||||
TAV Havalimanlari Holding A.S. | 5,688 | 48,176 | ||||||||
151,284 | ||||||||||
United Arab Emirates | 1.7 | % | ||||||||
Al Noor Hospitals Group PLC | 2,446 | 36,279 | ||||||||
NMC Health PLC | 5,605 | 70,010 | ||||||||
106,289 | ||||||||||
United Kingdom | 1.4 | % | ||||||||
Genel Energy PLC(a) | 4,984 | 39,664 | ||||||||
International Personal Finance PLC | 6,424 | 46,049 | ||||||||
85,713 | ||||||||||
United States | 0.5 | % | ||||||||
QIWI PLC - ADR | 1,205 | 33,800 | ||||||||
TOTAL COMMON STOCKS (Cost $4,638,727) | 5,331,230 | |||||||||
EQUITY-LINKED SECURITIES | 13.5 | % | ||||||||
China | 2.4 | % | ||||||||
Henan Pinggao Electric Co. Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 2/18/25 | 9,829 | 35,791 | ||||||||
Shanghai Jahwa United Co. Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 3/20/20 | 8,068 | 56,343 | ||||||||
Sinotrans Air Transportation Development Co. Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 1/21/20 | 11,948 | 56,037 | ||||||||
148,171 | ||||||||||
India | 5.1 | % | ||||||||
Dish TV India Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 5/4/17(a) | 28,534 | 47,614 |
See notes to financial statements.
11 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Fortis Healthcare Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/7/20(a) | 33,516 | $ | 94,132 | |||||||
Glenmark Pharmaceuticals Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 11/25/19 | 1,141 | 17,776 | ||||||||
LIC Housing Finance Ltd., Issued by Standard Chartered Bank, Maturity Date 3/8/18 | 6,873 | 48,561 | ||||||||
Prestige Estates Projects Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 11/6/20 | 9,342 | 36,236 | ||||||||
Voltas Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20 | 5,826 | 28,754 | ||||||||
Yes Bank Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 11/25/19 | 3,938 | 52,040 | ||||||||
325,113 | ||||||||||
Ireland | 6.0 | % | ||||||||
Aisino Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19 | 5,754 | 60,155 | ||||||||
Beiqi Foton Motor Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19 | 29,701 | 42,208 | ||||||||
Fuyao Glass Industry Group Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 11/25/15 | 27,971 | 64,370 | ||||||||
Glenmark Pharmaceuticals Ltd., Issued by Standard Chartered Bank, Maturity Date 7/13/19 | 4,961 | 77,287 | ||||||||
Huangshan Tourism Development Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19 | 19,807 | 70,766 | ||||||||
SKS Microfinance Ltd., Issued by Standard Chartered Bank, Maturity Date 12/19/19(a) | 8,717 | 63,743 | ||||||||
378,529 | ||||||||||
TOTAL EQUITY-LINKED SECURITIES (Cost $700,743) | 851,813 | |||||||||
PREFERRED STOCKS | 1.0 | % | ||||||||
Brazil | 1.0 | % | ||||||||
Suzano Papel e Celulose S.A. - Class A | 12,424 | 66,094 | ||||||||
TOTAL PREFERRED STOCKS (Cost $52,613) | 66,094 |
See notes to financial statements.
12 |
ADVISERS INVESTMENT TRUST |
JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
TOTAL INVESTMENTS (Cost $5,392,083) |
98.8 | % | $ | 6,249,137 | ||||||
NET OTHER ASSETS (LIABILITIES) | 1.2 | % | 75,379 | |||||||
NET ASSETS | 100.0 | % | $ | 6,324,516 |
(a) | Non-income producing security. | |
(b) | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. At June 30, 2015 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were: |
At June 30, 2015 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were:
Sector Allocation | % of Net Assets | |||
Consumer Discretionary | 19.0 | % | ||
Consumer Staples | 5.6 | |||
Energy | 1.9 | |||
Financials | 19.0 | |||
Health Care | 9.3 | |||
Industrials | 11.2 | |||
Information Technology | 23.8 | |||
Materials | 7.4 | |||
Telecommunication Services | 1.0 | |||
Utilities | 0.6 | |||
Total | 98.8 | % |
See notes to financial statements.
13 |
ADVISERS INVESTMENT TRUST |
JOHCM GLOBAL EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 92.4 | % | ||||||||
Australia | 2.9 | % | ||||||||
Newcrest Mining Ltd.(a) | 709,040 | $ | 7,167,841 | |||||||
China | 5.4 | % | ||||||||
Great Wall Motor Co. Ltd. - Class H | 1,291,862 | 6,333,025 | ||||||||
Tencent Holdings Ltd. | 362,835 | 7,224,262 | ||||||||
13,557,287 | ||||||||||
Hong Kong | 3.0 | % | ||||||||
China Mobile Ltd. | 587,496 | 7,513,577 | ||||||||
India | 1.1 | % | ||||||||
Tata Motors Ltd. - ADR | 76,975 | 2,653,328 | ||||||||
Ireland | 9.3 | % | ||||||||
Endo International PLC(a) | 100,211 | 7,981,806 | ||||||||
Jazz Pharmaceuticals PLC(a) | 43,195 | 7,605,344 | ||||||||
Shire PLC | 95,129 | 7,646,771 | ||||||||
23,233,921 | ||||||||||
Japan | 12.3 | % | ||||||||
FANUC Corp. | 39,788 | 8,122,557 | ||||||||
Japan Exchange Group, Inc. | 254,765 | 8,263,528 | ||||||||
Omron Corp. | 171,108 | 7,431,748 | ||||||||
Sony Corp.(a) | 245,976 | 6,980,131 | ||||||||
30,797,964 | ||||||||||
Netherlands | 3.0 | % | ||||||||
NXP Semiconductors N.V.(a) | 76,139 | 7,476,850 | ||||||||
Singapore | 2.9 | % | ||||||||
Avago Technologies Ltd. | 55,381 | 7,361,796 | ||||||||
South Korea | 1.2 | % | ||||||||
SK Hynix, Inc. | 81,162 | 3,084,802 | ||||||||
Switzerland | 3.0 | % | ||||||||
Actelion Ltd. - REG(a) | 52,040 | 7,631,330 | ||||||||
Taiwan | 1.4 | % | ||||||||
Inotera Memories, Inc.(a) | 4,418,269 | 3,471,294 |
See notes to financial statements.
14 |
ADVISERS INVESTMENT TRUST |
JOHCM GLOBAL EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
United Kingdom | 5.7 | % | ||||||||
Fiat Chrysler Automobiles N.V.(a) | 481,691 | $ | 6,998,970 | |||||||
Reckitt Benckiser Group PLC | 86,052 | 7,430,388 | ||||||||
14,429,358 | ||||||||||
United States | 41.2 | % | ||||||||
Allergan PLC(a) | 25,858 | 7,846,869 | ||||||||
Biogen, Inc.(a) | 19,870 | 8,026,288 | ||||||||
Celgene Corp.(a) | 69,460 | 8,038,953 | ||||||||
Energizer Holdings, Inc. | 55,419 | 7,290,369 | ||||||||
Facebook, Inc. - Class A(a) | 97,978 | 8,403,083 | ||||||||
Gilead Sciences, Inc. | 69,884 | 8,182,019 | ||||||||
Google, Inc. - Class C(a) | 14,271 | 7,428,198 | ||||||||
Mallinckrodt PLC(a) | 65,514 | 7,712,308 | ||||||||
Qorvo, Inc.(a) | 95,149 | 7,637,610 | ||||||||
Twenty-First Century Fox, Inc. - Class A | 237,657 | 7,734,547 | ||||||||
Valeant Pharmaceuticals International, Inc.(a) | 35,494 | 7,884,992 | ||||||||
Valero Energy Corp. | 140,353 | 8,786,098 | ||||||||
Walgreens Boots Alliance, Inc. | 97,991 | 8,274,360 | ||||||||
103,245,694 | ||||||||||
TOTAL COMMON STOCKS (Cost $215,907,991) | 231,625,042 | |||||||||
MASTER LIMITED PARTNERSHIPS | 3.1 | % | ||||||||
United States | 3.1 | % | ||||||||
Blackstone Group (The) L.P. | 192,877 | 7,882,883 | ||||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $6,602,845) | 7,882,883 | |||||||||
TOTAL INVESTMENTS (Cost $222,510,836) |
95.5 | % | 239,507,925 | |||||||
NET OTHER ASSETS (LIABILITIES) | 4.5 | % | 11,302,583 | |||||||
NET ASSETS | 100.0 | % | $ | 250,810,508 |
(a) Non-income producing security. |
See notes to financial statements.
15 |
ADVISERS INVESTMENT TRUST |
JOHCM GLOBAL EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015 the industry sectors for the JOHCM Global Equity Fund were: |
||||
Sector Allocation | % of Net Assets | |||
Consumer Discretionary | 12.3 | % | ||
Consumer Staples | 9.2 | |||
Energy | 3.5 | |||
Financials | 6.4 | |||
Health Care | 31.3 | |||
Industrials | 3.2 | |||
Information Technology | 23.7 | |||
Materials | 2.9 | |||
Telecommunication Services | 3.0 | |||
Total | 95.5 | % |
See notes to financial statements.
16 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SELECT FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 94.5 | % | ||||||||
Australia | 3.2 | % | ||||||||
Newcrest Mining Ltd.(a) | 10,002,817 | $ | 101,120,678 | |||||||
Canada | 3.1 | % | ||||||||
Valeant Pharmaceuticals International, Inc.(a) | 438,244 | 97,217,186 | ||||||||
China | 5.7 | % | ||||||||
Great Wall Motor Co. Ltd. - Class H | 16,886,578 | 82,782,149 | ||||||||
Tencent Holdings Ltd. | 4,823,993 | 96,048,589 | ||||||||
178,830,738 | ||||||||||
France | 3.1 | % | ||||||||
L’Oreal S.A. | 548,386 | 97,767,448 | ||||||||
Germany | 9.5 | % | ||||||||
GEA Group A.G. | 2,239,731 | 99,876,858 | ||||||||
Henkel A.G. & Co. KGaA | 1,056,013 | 100,922,514 | ||||||||
Symrise A.G. | 1,608,848 | 99,819,706 | ||||||||
300,619,078 | ||||||||||
Hong Kong | 2.9 | % | ||||||||
China Mobile Ltd. | 7,226,208 | 92,417,083 | ||||||||
Ireland | 9.5 | % | ||||||||
Endo International PLC(a) | 1,247,035 | 99,326,338 | ||||||||
Jazz Pharmaceuticals PLC(a) | 571,855 | 100,686,510 | ||||||||
Shire PLC | 1,222,740 | 98,287,721 | ||||||||
298,300,569 | ||||||||||
Italy | 3.2 | % | ||||||||
EXOR S.p.A. | 2,080,999 | 99,255,351 | ||||||||
Japan | 23.8 | % | ||||||||
CyberAgent, Inc. | 1,149,906 | 54,448,204 | ||||||||
Daiwa Securities Group, Inc. | 13,245,508 | 98,939,521 | ||||||||
FANUC Corp. | 495,136 | 101,079,981 | ||||||||
Japan Exchange Group, Inc. | 3,124,465 | 101,344,781 | ||||||||
Omron Corp. | 2,296,420 | 99,740,599 | ||||||||
Sony Corp.(a) | 3,266,922 | 92,706,379 | ||||||||
Sysmex Corp. | 1,697,764 | 101,060,445 | ||||||||
Yaskawa Electric Corp. | 7,851,079 | 100,308,203 | ||||||||
749,628,113 |
See notes to financial statements.
17 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SELECT FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Netherlands | 3.1 | % | ||||||||
NXP Semiconductors N.V.(a) | 996,809 | $ | 97,886,644 | |||||||
Singapore | 3.1 | % | ||||||||
Avago Technologies Ltd. | 732,934 | 97,428,916 | ||||||||
South Korea | 1.2 | % | ||||||||
SK Hynix, Inc. | 982,334 | 37,336,511 | ||||||||
Switzerland | 9.5 | % | ||||||||
Actelion Ltd. - REG(a) | 686,734 | 100,705,107 | ||||||||
Novartis A.G. - REG | 1,012,571 | 100,014,508 | ||||||||
Roche Holding A.G. (Genusschein) | 356,000 | 99,948,238 | ||||||||
300,667,853 | ||||||||||
Taiwan | 1.0 | % | ||||||||
Inotera Memories, Inc.(a) | 42,123,647 | 33,095,219 | ||||||||
United Kingdom | 9.4 | % | ||||||||
3i Group PLC | 12,130,969 | 98,357,882 | ||||||||
ITV PLC | 23,797,611 | 98,330,144 | ||||||||
Reckitt Benckiser Group PLC | 1,144,912 | 98,860,456 | ||||||||
295,548,482 | ||||||||||
United States | 3.2 | % | ||||||||
Mallinckrodt PLC(a) | 850,788 | 100,154,763 | ||||||||
TOTAL COMMON STOCKS (Cost $2,767,580,656) | 2,977,274,632 | |||||||||
TOTAL INVESTMENTS (Cost $2,767,580,656) |
94.5 | % | 2,977,274,632 | |||||||
NET OTHER ASSETS (LIABILITIES) | 5.5 | % | 173,076,478 | |||||||
NET ASSETS | 100.0 | % | $ | 3,150,351,110 |
(a) Non-income producing security.
See notes to financial statements.
18 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SELECT FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015 the industry sectors for the JOHCM International Select Fund
were: |
||||
Sector Allocation | % of Net Assets | |||
Consumer Discretionary | 10.4 | % | ||
Consumer Staples | 9.5 | |||
Financials | 12.6 | |||
Health Care | 28.5 | |||
Industrials | 6.4 | |||
Information Technology | 17.8 | |||
Materials | 6.4 | |||
Telecommunication Services | 2.9 | |||
Total | 94.5 | % |
See notes to financial statements.
19 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 95.3 | % | ||||||||
Australia | 2.0 | % | ||||||||
Bradken Ltd. | 801,813 | $ | 886,217 | |||||||
SAI Global Ltd. | 527,379 | 1,694,332 | ||||||||
2,580,549 | ||||||||||
Austria | 1.4 | % | ||||||||
Semperit A.G. Holding | 42,110 | 1,735,185 | ||||||||
Brazil | 1.3 | % | ||||||||
Fleury S.A. | 275,243 | 1,620,951 | ||||||||
Canada | 4.6 | % | ||||||||
Heroux-Devtek, Inc.(a) | 256,919 | 2,279,153 | ||||||||
Laurentian Bank of Canada | 40,583 | 1,564,184 | ||||||||
Stella-Jones, Inc. | 59,445 | 1,976,106 | ||||||||
5,819,443 | ||||||||||
China | 2.7 | % | ||||||||
Dalian Refrigeration Co. Ltd. - Class B | 1,470,786 | 1,891,333 | ||||||||
Dongyue Group Ltd. | 4,272,000 | 1,538,081 | ||||||||
3,429,414 | ||||||||||
Finland. | 1.4 | % | ||||||||
Vaisala OYJ - Class A | 68,052 | 1,780,805 | ||||||||
France | 7.4 | % | ||||||||
Coface S.A. | 148,700 | 1,728,354 | ||||||||
Rubis S.C.A. | 27,204 | 1,862,424 | ||||||||
Saft Groupe S.A. | 42,134 | 1,643,665 | ||||||||
Stallergenes S.A. | 25,785 | 1,574,122 | ||||||||
Touax S.A. | 46,488 | 769,642 | ||||||||
Virbac S.A. | 8,888 | 1,901,808 | ||||||||
9,480,015 | ||||||||||
Germany | 5.1 | % | ||||||||
Carl Zeiss Meditec A.G. - Bearer | 55,270 | 1,412,273 | ||||||||
Drillisch A.G. | 34,983 | 1,558,899 | ||||||||
Gerresheimer A.G. | 32,062 | 1,998,005 | ||||||||
KWS Saat S.E. | 4,736 | 1,575,407 | ||||||||
6,544,584 |
See notes to financial statements.
20 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Hong Kong | 10.0 | % | ||||||||
Mandarin Oriental International Ltd. | 1,242,850 | $ | 1,945,433 | |||||||
Pico Far East Holdings Ltd. | 6,378,000 | 2,041,947 | ||||||||
SmarTone Telecommunications Holdings Ltd. | 704,500 | 1,227,866 | ||||||||
Vinda International Holdings Ltd. | 1,085,000 | 2,272,666 | ||||||||
Vitasoy International Holdings Ltd. | 1,173,000 | 1,998,501 | ||||||||
Wasion Group Holdings Ltd. | 1,317,000 | 2,044,391 | ||||||||
Yip’s Chemical Holdings Ltd. | 2,177,000 | 1,185,333 | ||||||||
12,716,137 | ||||||||||
Indonesia | 1.7 | % | ||||||||
Bank Bukopin Tbk PT | 29,720,109 | 1,470,528 | ||||||||
Wijaya Karya Persero Tbk PT | 4,038,100 | 757,255 | ||||||||
2,227,783 | ||||||||||
Ireland | 2.7 | % | ||||||||
FBD Holdings PLC | 173,777 | 1,754,594 | ||||||||
Grafton Group PLC | 144,003 | 1,754,708 | ||||||||
3,509,302 | ||||||||||
Italy | 4.0 | % | ||||||||
Banca IFIS S.p.A. | 83,804 | 1,819,394 | ||||||||
Cembre S.p.A. | 118,279 | 1,818,397 | ||||||||
MARR S.p.A. | 83,925 | 1,486,162 | ||||||||
5,123,953 | ||||||||||
Japan | 15.1 | % | ||||||||
Ariake Japan Co. Ltd. | 59,700 | 2,440,989 | ||||||||
CKD Corp. | 160,100 | 1,833,215 | ||||||||
Daiseki Co. Ltd. | 110,700 | 2,138,706 | ||||||||
GMO internet, Inc. | 139,200 | 1,866,119 | ||||||||
Kintetsu World Express, Inc. | 39,800 | 1,786,499 | ||||||||
Lintec Corp. | 64,100 | 1,463,943 | ||||||||
Mani, Inc. | 25,700 | 1,705,395 | ||||||||
Optex Co. Ltd. | 88,600 | 1,826,740 | ||||||||
Seria Co. Ltd. | 56,000 | 2,126,035 | ||||||||
Transcosmos, Inc. | 78,200 | 2,079,773 | ||||||||
19,267,414 | ||||||||||
Malaysia | 1.2 | % | ||||||||
Coastal Contracts Bhd. | 2,154,900 | 1,564,956 |
See notes to financial statements.
21 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Netherlands | 2.4 | % | ||||||||
Corbion N.V. | 82,020 | $ | 1,625,983 | |||||||
KAS Bank N.V. - CVA | 121,245 | 1,468,037 | ||||||||
3,094,020 | ||||||||||
Norway | 1.4 | % | ||||||||
Borregaard ASA | 249,558 | 1,766,254 | ||||||||
Singapore | 2.0 | % | ||||||||
Super Group Ltd. | 1,701,100 | 1,400,867 | ||||||||
Tat Hong Holdings Ltd. | 2,931,300 | 1,105,916 | ||||||||
2,506,783 | ||||||||||
South Korea | 5.9 | % | ||||||||
Bioland Ltd. | 77,889 | 2,790,854 | ||||||||
Choong Ang Vaccine Laboratory | 119,396 | 1,663,918 | ||||||||
Han Kuk Carbon Co. Ltd. | 219,604 | 1,371,756 | ||||||||
Lotte Food Co. Ltd. | 2,065 | 1,671,156 | ||||||||
7,497,684 | ||||||||||
Spain | 1.1 | % | ||||||||
Construcciones y Auxiliar de Ferrocarriles S.A. | 4,933 | 1,467,410 | ||||||||
Sweden | 6.2 | % | ||||||||
Avanza Bank Holding AB | 38,062 | 1,381,572 | ||||||||
BioGaia AB - Class B | 59,500 | 1,765,229 | ||||||||
Industrial & Financial Systems - Class B | 49,461 | 1,598,322 | ||||||||
Kabe Husvagnar AB - Class B | 113,019 | 1,373,170 | ||||||||
Mekonomen AB | 72,781 | 1,776,876 | ||||||||
7,895,169 | ||||||||||
Switzerland | 2.6 | % | ||||||||
LEM Holding S.A. - REG | 2,007 | 1,542,101 | ||||||||
Valiant Holding A.G. - REG | 18,356 | 1,787,266 | ||||||||
3,329,367 | ||||||||||
Taiwan | 3.5 | % | ||||||||
Nak Sealing Technologies Corp. | 478,000 | 1,437,667 | ||||||||
Sinmag Equipment Corp. | 309,660 | 1,712,521 | ||||||||
Youngtek Electronics Corp. | 718,305 | 1,340,027 | ||||||||
4,490,215 |
See notes to financial statements.
22 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Thailand | 0.8 | % | ||||||||
Khon Kaen Sugar Industry PCL - REG | 7,717,200 | $ | 1,023,613 | |||||||
United Kingdom. | 8.8 | % | ||||||||
A.G. Barr PLC | 191,114 | 1,846,438 | ||||||||
BBA Aviation PLC | 307,851 | 1,458,034 | ||||||||
Dart Group PLC | 324,200 | 2,013,161 | ||||||||
Gooch & Housego PLC | 145,557 | 2,070,052 | ||||||||
PayPoint PLC | 130,231 | 2,026,899 | ||||||||
Porvair PLC | 360,000 | 1,754,304 | ||||||||
11,168,888 | ||||||||||
TOTAL COMMON STOCKS (Cost $119,791,472) | 121,639,894 | |||||||||
PREFERRED STOCKS | 2.8 | % | ||||||||
Brazil | 1.2 | % | ||||||||
Alpargatas S.A. | 590,060 | 1,567,623 | ||||||||
Germany | 1.6 | % | ||||||||
Draegerwerk A.G. & Co. KGaA | 18,738 | 2,006,938 | ||||||||
TOTAL PREFERRED STOCKS (Cost $4,101,534) | 3,574,561 | |||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $123,893,006) | 98.1 | % | 125,214,455 | |||||||
NET OTHER ASSETS (LIABILITIES) | 1.9 | % | 2,434,699 | |||||||
NET ASSETS | 100.0 | % | $ | 127,649,154 | ||||||
(a) Non-income producing security. |
See notes to financial statements.
23 |
ADVISERS INVESTMENT TRUST |
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015 the industry sectors for the JOHCM
International Small Cap Equity Fund were: | |||
Sector Allocation | % of Net Assets | ||
Consumer Discretionary | 8.5 | % | |
Consumer Staples | 15.8 | ||
Financials | 10.2 | ||
Health Care | 12.3 | ||
Industrials | 27.8 | ||
Information Technology | 12.6 | ||
Materials | 7.3 | ||
Telecommunication Services | 2.2 | ||
Utilities | 1.4 | ||
Total | 98.1 | % |
See notes to financial statements.
24 |
ADVISERS INVESTMENT TRUST |
JOHCM US SMALL
MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
COMMON STOCKS | 99.6 | % | ||||||||
Ireland | 1.7 | % | ||||||||
Jazz Pharmaceuticals PLC(a) | 547 | $ | 96,311 | |||||||
United States | 97.9 | % | ||||||||
Allison Transmission Holdings, Inc. | 2,861 | 83,713 | ||||||||
AMC Networks, Inc. - Class A(a) | 1,117 | 91,426 | ||||||||
Artisan Partners Asset Management, Inc. - Class A | 3,190 | 148,207 | ||||||||
Bank of the Ozarks, Inc.(a) | 2,847 | 130,250 | ||||||||
Barracuda Networks, Inc. | 2,963 | 117,394 | ||||||||
BioMarin Pharmaceutical, Inc.(a) | 656 | 89,728 | ||||||||
BorgWarner, Inc. | 1,175 | 66,787 | ||||||||
Bottomline Technologies de, Inc.(a) | 4,663 | 129,678 | ||||||||
C&J Energy Services Ltd. | 3,872 | 51,110 | ||||||||
Cogent Communications Holdings, Inc. | 6,247 | 211,398 | ||||||||
CONMED Corp. | 1,507 | 87,813 | ||||||||
CoStar Group, Inc.(a) | 436 | 87,749 | ||||||||
Envision Healthcare Holdings, Inc.(a) | 2,239 | 88,396 | ||||||||
First American Financial Corp. | 4,254 | 158,291 | ||||||||
First Republic Bank | 3,404 | 214,554 | ||||||||
FirstMerit Corp. | 6,779 | 141,207 | ||||||||
FMC Corp. | 1,583 | 83,187 | ||||||||
Fortinet, Inc. | 1,500 | 61,995 | ||||||||
Guidewire Software, Inc. | 1,804 | 95,486 | ||||||||
HD Supply Holdings, Inc.(a) | 4,848 | 170,553 | ||||||||
Helmerich & Payne, Inc. | 1,748 | 123,094 | ||||||||
Henry Schein, Inc.(a) | 598 | 84,988 | ||||||||
Hill-Rom Holdings, Inc. | 1,487 | 80,789 | ||||||||
Huntsman Corp. | 3,736 | 82,453 | ||||||||
Imperva, Inc. | 961 | 65,060 | ||||||||
Jacobs Engineering Group, Inc. | 1,848 | 75,066 | ||||||||
Jarden Corp. | 2,364 | 122,337 | ||||||||
Jones Lang LaSalle, Inc. | 660 | 112,860 | ||||||||
Lennar Corp. - Class A | 2,008 | 102,488 | ||||||||
Marketo, Inc. | 3,884 | 108,985 | ||||||||
Martin Marietta Materials, Inc. | 978 | 138,397 | ||||||||
Masco Corp. | 5,436 | 144,978 | ||||||||
Mattel, Inc. | 2,986 | 76,710 | ||||||||
Molina Healthcare, Inc. | 1,590 | 111,777 | ||||||||
Newfield Exploration Co.(a) | 1,415 | 51,110 |
See notes to financial statements.
25 |
ADVISERS INVESTMENT TRUST |
JOHCM US SMALL MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Shares | Value | ||||||||
Old Dominion Freight Line, Inc.(a) | 1,531 | $ | 105,034 | |||||||
Orbital ATK, Inc. | 1,015 | 74,460 | ||||||||
Pacira Pharmaceuticals, Inc.(a) | 723 | 51,131 | ||||||||
Pinnacle Foods, Inc. | 3,887 | 177,014 | ||||||||
Ralph Lauren Corp. | 727 | 96,226 | ||||||||
Raymond James Financial, Inc. | 1,502 | 89,489 | ||||||||
Regal Entertainment Group - Class A | 2,794 | 58,423 | ||||||||
Ruckus Wireless, Inc. | 6,257 | 64,697 | ||||||||
Sabre Corp. | 4,297 | 102,269 | ||||||||
Signet Jewelers Ltd. | 703 | 90,153 | ||||||||
Tenet Healthcare Corp.(a) | 1,087 | 62,916 | ||||||||
Tiffany & Co. | 1,642 | 150,736 | ||||||||
WEX, Inc.(a) | 956 | 108,955 | ||||||||
WhiteWave Foods (The) Co.(a) | 3,633 | 177,581 | ||||||||
Woodward, Inc. | 1,553 | 85,399 | ||||||||
Wright Medical Group, Inc. | 4,017 | 105,486 | ||||||||
XPO Logistics, Inc. | 1,855 | 83,809 | ||||||||
5,473,792 | ||||||||||
TOTAL COMMON STOCKS (Cost $5,197,471) | 5,570,103 | |||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $5,197,471) | 99.6 | % | 5,570,103 | |||||||
NET OTHER ASSETS (LIABILITIES) | 0.4 | % | 22,361 | |||||||
NET ASSETS | 100.0 | % | $ | 5,592,464 |
(a) Non-income producing security.
See notes to financial statements.
26 |
ADVISERS INVESTMENT TRUST |
JOHCM US SMALL MID CAP EQUITY FUND SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015 the industry sectors for the JOHCM US Small Mid Cap Equity Fund were: |
||||
Sector Allocation | % of Net Assets | |||
Consumer Discretionary | 15.3 | % | ||
Consumer Staples | 6.3 | |||
Energy | 4.0 | |||
Financials | 17.8 | |||
Health Care | 15.4 | |||
Industrials | 14.7 | |||
Information Technology | 16.9 | |||
Materials | 5.4 | |||
Telecommunication Services | 3.8 | |||
Total | 99.6 | % |
See notes to financial statements.
27 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated March 1, 2011 (the “Trust Agreement”). As an investment company (as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services - Investment Companies”. The Trust commenced operations on December 20, 2011. The JOHCM Asia Ex-Japan Equity Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM Global Equity Fund, JOHCM International Select Fund, JOHCM International Small Cap Equity Fund, and JOHCM US Small Mid Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds” or the “JOHCM Funds”) are each a diversified fund and series of the Trust. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. These financial statements and notes only relate to the JOHCM Funds.
Each JOHCM Fund, except for JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM International Select Fund and JOHCM US Small Mid Cap Equity Fund, is authorized to issue three classes of shares: Class I Shares, Class II Shares, and Institutional Shares. The JOHCM International Select Fund is authorized to issue Class I Shares and Class II Shares. The JOHCM Emerging Markets Small Mid Cap Equity Fund and JOHCM US Small Mid Cap Equity Fund are authorized to issue four classes of shares: Class I Shares, Class II Shares, Class III Shares, and Institutional Shares. Each class is distinguished by the class-specific shareholder servicing fees incurred. As of June 30, 2015, the following classes were in operation:
Fund | Commencement Date | Investment Objective | ||
JOHCM Asia Ex-Japan Equity Fund | Class I Shares: June 26, 2014 | to seek long-term capital appreciation | ||
(“Asia Ex-Japan Fund”) | Class II Shares: June 26, 2014 | |||
Institutional Shares: March 28, 2014 | ||||
JOHCM Emerging Markets Opportunities | Class I Shares: November 21, 2012 | to seek long-term capital appreciation | ||
Fund | Class II Shares: December18, 2013 | |||
(“Emerging Markets Fund”) | Institutional Shares: November 21, 2012 | |||
JOHCM Emerging Markets Small Mid | Class I Shares: December 17, 2014 | to seek long-term capital appreciation | ||
Cap Equity Fund | Institutional Shares: December 17, 2014 | |||
(“Emerging Markets Small Mid Cap | ||||
Fund”) | ||||
JOHCM Global Equity Fund | Class I Shares: March 22, 2013 | to seek long-term capital appreciation | ||
(“Global Equity Fund”) | Institutional Shares: March 22, 2013 | |||
JOHCM International Select Fund | Class I Shares: July 29, 2009 | to seek long-term capital appreciation | ||
(“International Select Fund”) | Class II Shares: March 31, 2010 | |||
JOHCM International Small Cap Equity | Class I Shares: January 2, 2014 | to seek long-term capital appreciation | ||
Fund | Class II Shares: November 18, 2013 | |||
(“International Small Cap Fund”) | Institutional Shares: October 1, 2013 | |||
JOHCM US Small Mid Cap Equity Fund | Class I: October 31, 2014 | to seek long-term capital appreciation | ||
(“US Small Mid Cap Fund”) | Institutional Shares: October 31, 2014 |
Prior to November 18, 2013, the Emerging Markets Fund, Global Equity Fund, and International Select Fund, operated as the JOHCM Emerging Markets Opportunities Fund, JOHCM Global Equity Fund, and JOHCM International Select Fund (the “Predecessor Funds” or “Scotia Funds”), each a separate series of Scotia Institutional Funds. The predecessor JOHCM International Select Fund was authorized to issue two classes of shares: Class I Shares and Class II Shares. The predecessor JOHCM Emerging Markets Opportunities Fund and JOHCM Global Equity Fund were authorized to issue three classes of shares: Institutional Shares, Class I Shares and Class II Shares. Each class was distinguished by the class specific shareholder servicing fees incurred. On November 18, 2013, the Scotia Funds were reorganized into their respective JOHCM Fund, pursuant to a Plan of Reorganization approved by the Predecessor Funds’ Board of Trustees on August 1, 2013 (the “Reorganization”). At the time of Reorganization, each Scotia Fund transferred all of its assets to the corresponding JOHCM Fund in exchange for shares of the corresponding JOHCM Fund and the JOHCM Fund’s assumption of all the liabilities of the Scotia Fund. Upon closing of the Reorganization, holders of each Predecessor Fund’s Institutional Shares, Class I Shares and Class II Shares received shares of the corresponding JOHCM Fund. The Reorganization was tax-free.
28 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Prior to the Reorganization, the Emerging Markets Fund, Global Equity Fund, and International Select Fund had no net assets or operations in the Trust. The cost basis of the investments transferred from each Predecessor Fund was carried forward to the corresponding JOHCM Fund for accounting and tax purposes.
Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties of the Funds. In addition, in the normal course of business, the Funds enter into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
A. Significant accounting policies related to Investments are as follows:
INVESTMENT VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
• Level 1 — quoted prices in active markets for identical assets
• Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 — significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as a Level 1 in the fair value hierarchy.
Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
When the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), the Funds’ Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net asset value are calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party pricing service to fair value their international equity securities.
29 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
In the fair value situations as noted above, while the Trust’s valuation policy is intended to result in a calculation of each Fund’s net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
The following is a summary of the valuation inputs used as of June 30, 2015 in valuing each Fund’s investments based upon the three fair value levels defined above:
Level 2 - | |||||||||||||
Other | Level 3 - | ||||||||||||
Significant | Significant | ||||||||||||
Level 1 - | Observable | Unobservable | |||||||||||
Fund | Quoted Prices | Inputs | Inputs | Total | |||||||||
JOHCM Asia Ex-Japan Fund | |||||||||||||
Common Stocks: | |||||||||||||
Hong Kong | $ | 1,751,232 | $ | 15,446,202 | $ | — | $ | 17,197,434 | |||||
India | 2,763,067 | — | — | 2,763,067 | |||||||||
All Other Common Stocks(1) | — | 60,557,716 | — | 60,557,716 | |||||||||
Equity-Linked Securities (1) | — | 35,345,578 | — | 35,345,578 | |||||||||
Total Investments | $ | 4,514,299 | $ | 111,349,496 | $ | — | $ | 115,863,795 | |||||
Emerging Markets Fund | |||||||||||||
Common Stocks: | |||||||||||||
Brazil | $ | 2,367,057 | $ | — | $ | — | $ | 2,367,057 | |||||
China | 2,077,169 | 12,238,502 | — | 14,315,671 | |||||||||
Greece | — | — | 98,119 | 98,119 | |||||||||
Hong Kong | 1,287,697 | 6,603,249 | — | 7,890,946 | |||||||||
India | 5,578,466 | — | — | 5,578,466 | |||||||||
Russia | 845,791 | 2,216,632 | — | 3,062,423 | |||||||||
Taiwan | 869,202 | 12,700,653 | — | 13,569,855 | |||||||||
All Other Common Stocks(1) | — | 18,791,772 | — | 18,791,772 | |||||||||
Equity-Linked Securities (1) | — | 5,030,531 | — | 5,030,531 | |||||||||
Preferred Stocks(1) | — | 1,207,456 | — | 1,207,456 | |||||||||
Total Investments | $ | 13,025,382 | $ | 58,788,795 | $ | 98,119 | $ | 71,912,296 |
(1) See investment countries in the Schedule of Investments.
30 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Fund | Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | |||||||||
Emerging Markets Small Mid Cap Fund | |||||||||||||
Common Stocks: | |||||||||||||
Argentina | $ | 48,473 | $ | — | $ | — | $ | 48,473 | |||||
Brazil | 165,587 | — | — | 165,587 | |||||||||
Canada | 79,277 | — | — | 79,277 | |||||||||
Chile | 94,919 | — | — | 94,919 | |||||||||
Greece | — | — | 20,807 | 20,807 | |||||||||
India | 65,939 | — | — | 65,939 | |||||||||
Mexico | 186,935 | — | — | 186,935 | |||||||||
South Korea | — | 1,017,052 | — | 1,017,052 | |||||||||
Switzerlands | 92,855 | — | — | 92,855 | |||||||||
Taiwan | 130,930 | 739,366 | — | 870,296 | |||||||||
United States | 33,800 | — | — | 33,800 | |||||||||
All Other Common Stocks(1) | — | 2,655,290 | — | 2,655,290 | |||||||||
Equity-Linked Securities (1) | — | 851,813 | — | 851,813 | |||||||||
Preferred Stocks(1) | 66,094 | — | — | 66,094 | |||||||||
Total Investments | $ | 964,809 | $ | 5,263,521 | $ | 20,807 | $ | 6,249,137 | |||||
Global Equity Fund | |||||||||||||
Common Stocks: | |||||||||||||
China | $ | — | $ | 13,557,287 | $ | — | $ | 13,557,287 | |||||
India | 2,653,328 | — | — | 2,653,328 | |||||||||
Ireland | 15,587,150 | 7,646,771 | — | 23,233,921 | |||||||||
Netherlands | 7,476,850 | — | — | 7,476,850 | |||||||||
Singapore | 7,361,796 | — | — | 7,361,796 | |||||||||
United Kingdom | 6,998,970 | 7,430,388 | — | 14,429,358 | |||||||||
United States | 103,245,694 | — | — | 103,245,694 | |||||||||
All Other Common Stocks(1) | — | 59,666,808 | — | 59,666,808 | |||||||||
Master Limited Partnerships (1) | 7,882,883 | — | — | 7,882,883 | |||||||||
Total Investments | $ | 151,206,671 | $ | 88,301,254 | $ | — | $ | 239,507,925 | |||||
International Select Fund | |||||||||||||
Common Stocks: | |||||||||||||
Canada | $ | 97,217,186 | $ | — | $ | — | $ | 97,217,186 | |||||
China | — | 178,830,738 | — | 178,830,738 | |||||||||
Ireland | 200,012,848 | 98,287,721 | — | 298,300,569 | |||||||||
Netherlands | 97,886,644 | — | — | 97,886,644 | |||||||||
Singapore | 97,428,916 | — | — | 97,428,916 | |||||||||
United States | 100,154,763 | — | — | 100,154,763 | |||||||||
All Other Common Stocks(1) | — | 2,107,455,816 | — | 2,107,455,816 | |||||||||
Total Investments | $ | 592,700,357 | $ | 2,384,574,275 | $ | — | $ | 2,977,274,632 |
(1) See investment countries in the Schedule of Investments.
31 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Fund | Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | |||||||||
International Small Cap Fund | |||||||||||||
Common Stocks: | |||||||||||||
Brazil | $ | 1,620,951 | $ | — | $ | — | $ | 1,620,951 | |||||
Canada | 5,819,443 | — | — | 5,819,443 | |||||||||
All Other Common Stocks(1) | — | 114,199,500 | — | 114,199,500 | |||||||||
Preferred Stocks: | |||||||||||||
Brazil | 1,567,623 | — | — | 1,567,623 | |||||||||
All Other Preferred Stocks(1) | — | 2,006,938 | — | 2,006,938 | |||||||||
Total Investments | $ | 9,008,017 | $ | 116,206,438 | $ | — | $ | 125,214,455 | |||||
US Small Mid Cap Fund | |||||||||||||
Common Stocks (1) | $ | 5,570,103 | $ | — | $ | — | $ | 5,570,103 | |||||
Total Investments | $ | 5,570,103 | $ | — | $ | — | $ | 5,570,103 |
(1) See investment countries in the Schedule of Investments.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Emerging Markets Fund Common Stock Greece |
Emerging Markets Small Mid Cap Fund Common Stock Greece |
||||||
Balance as of 9/30/2014 | $ | — | $ | — | |||
Purchases | — | 62,658 | |||||
Sales | — | (28,539 | ) | ||||
Realized Gain/(Loss) | — | (6,515 | ) | ||||
Unrealized Appreciation/(Depreciation) | — | (6,797 | ) | ||||
Transfer into Level 3 | 98,119 | — | |||||
Transfer out of Level 3 | — | — | |||||
Balance as of 06/30/2015 | $ | 98,119 | $ | 20,807 | |||
Net Appreciation/(Depreciation) From Investments Still Held at 06/30/2015 |
$ | (494,539 | ) | $ | (6,797 | ) |
32 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The Transfers into Level 3, noted above, were due to securities being fair valued by the Funds’ Fair Value Committee. The following is information on the valuation techniques and inputs used by the Funds’ Fair Value Committee to value Level 3 securities as of June 30, 2015:
Fund | Fair Value | Valuation Technique | Unobservable Inputs |
Emerging Markets Fund | |||
Common Stocks: | |||
Greece | $98,119 | Discount to last traded price | Discount Percentage (a) |
Emerging Markets Small Mid | |||
Cap Fund | |||
Common Stocks: | |||
Greece | $20,807 | Discount to last traded price | Discount Percentage (b) |
a- Represents a 50% discount to the last traded price.
b- Represents a 20% discount to the last traded price.
The unobservable inputs noted above were considered due to the unscheduled closure of the Athens Stock Exchange and imposition of capital controls in Greece announced in late June 2015. The discount rates were determined in good faith based on the issuer type, exposure to the related events announced, and reference to observable inputs for other Greek companies with securities trading in the United States. Significant changes in these inputs may significantly impact the fair value measurement. The impact would be based on the relationship between the input and the fair value measurement. An increase in the discount percentage would reduce the value of the related security, whereas a decrease in the discount percentage would increase the value of the security.
The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the nine months ended June 30, 2015 for the Asia Ex-Japan Fund, Emerging Markets Small Mid Cap Fund, Global Equity Fund, International Select Fund, International Small Cap Fund and US Small Mid Cap Fund. The Emerging Markets Fund had transfers between Levels 1 and 2 as follows:
Fund | Transfers from Level 1 to Level 2 |
Reason | |||||
Emerging Markets Fund | |||||||
Common Stocks | |||||||
Thailand | $ | 1,314,133 | Foreign equity securities were valued using a similar security. |
EQUITY-LINKED SECURITIES
The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.
33 |
ADVISERS INVESTMENT TRUST |
JOHCM FUNDS |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
At June 30, 2015, the Funds held equity-linked securities issued by counterparties as follows:
Fund | Counterparty | Fair Value | % of Net Assets |
|||||||
Asia Ex-Japan Fund | CLSA Global Markets Products Pte Ltd. | $ | 10,411,200 | 8.4 | % | |||||
Asia Ex-Japan Fund | Deustche Bank A.G. London | 19,416,751 | 15.7 | % | ||||||
Asia Ex-Japan Fund | Merrill Lynch Intl. & Co | 4,347,031 | 3.5 | % | ||||||
Asia Ex-Japan Fund | Standard Chartered Bank | 1,170,596 | 0.9 | % | ||||||
Emerging Markets Fund | Deutsche Bank A.G. London | 2,377,387 | 3.1 | % | ||||||
Emerging Markets Fund | Merrill Lynch Intl. & Co. | 2,653,144 | 3.5 | % | ||||||
Emerging Markets Small Mid Cap Fund | CLSA Global Markets Products Pte Ltd. | 210,950 | 3.3 | % | ||||||
Emerging Markets Small Mid Cap Fund | Deustche Bank A.G. London | 213,773 | 3.4 | % | ||||||
Emerging Markets Small Mid Cap Fund | Standard Chartered Bank | 427,090 | 6.8 | % |
CURRENCY TRANSACTIONS
The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Funds’ securities and the price of the Funds’ shares. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as security markets.
FEDERAL INCOME TAX INFORMATION
As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Fund | Tax Cost | Tax Unrealized Appreciation |
Tax Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||
Asia-Ex Japan Fund | $ | 113,833,767 | $ | 7,964,431 | $ | (5,934,403 | ) | $ | 2,030,028 | ||||
Emerging Markets Fund | 72,251,528 | 6,209,265 | (6,548,497 | ) | (339,232 | ) | |||||||
Emerging Markets Small Mid Cap Fund | 5,402,305 | 999,702 | (152,870 | ) | 846,832 | ||||||||
Global Equity Fund | 222,350,534 | 25,122,458 | (7,965,067 | ) | 17,157,391 | ||||||||
International Select Fund | 2,775,782,174 | 285,864,825 | (84,372,367 | ) | 201,492,458 | ||||||||
International Small Cap Fund | 124,028,169 | 12,259,233 | (11,072,947 | ) | 1,186,286 | ||||||||
US Small Mid Cap Fund | 5,198,203 | 500,659 | (128,759 | ) | 371,900 |
34 |
ADVISERS INVESTMENT TRUST |
RIVER CANYON TOTAL RETURN BOND FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Principal Amount/Shares | Value | ||||||||
MORTGAGE-BACKED SECURITIES | 87.5 | % | ||||||||
PRIVATE | 64.1 | % | ||||||||
Home Equity | 55.9 | % | ||||||||
ACE Home Equity Loan Trust Series 2006-GP1 | ||||||||||
0.45%, 2/25/31 | $ | 2,023,587 | $ | 1,960,190 | ||||||
Bella Vista Mortgage Trust Series 2004-1 | ||||||||||
0.89%, 11/20/34 | 961,388 | 855,095 | ||||||||
Carrington Mortgage Loan Trust Series 2006-NC2 | ||||||||||
0.34%, 6/25/36 | 1,300,000 | 1,076,118 | ||||||||
Carrington Mortgage Loan Trust Series 2006-NC5 | ||||||||||
0.30%, 1/25/37 | 1,126,105 | 844,973 | ||||||||
Chase Funding Trust Series 2003-3 | ||||||||||
0.73%, 4/25/33 | 454,209 | 414,906 | ||||||||
CHL Mortgage Pass-Through Trust Series 2004-HYB8 | ||||||||||
2.37%, 1/20/35 | 1,098,872 | 1,055,794 | ||||||||
CWHEQ Home Equity Loan Trust Series 2006-S2 | ||||||||||
5.84%, 7/25/27 | 1,333,409 | 1,452,783 | ||||||||
Home Equity Mortgage Loan Asset-Backed Trust Series | ||||||||||
INDS-2006-2B | ||||||||||
0.53%, 10/25/36 | 2,973,675 | 1,881,747 | ||||||||
Home Equity Mortgage Trust Series 2005-3 | ||||||||||
1.27%, 11/25/35 | 1,850,749 | 1,758,949 | ||||||||
Lehman XS Trust Series 2007-4N | ||||||||||
0.32%, 3/25/47 | 1,283,158 | 1,244,649 | ||||||||
See notes to financial statements.
1 |
ADVISERS INVESTMENT TRUST |
RIVER CANYON TOTAL RETURN BOND FUND |
SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Percentage of Net Assets |
Principal Amount/Shares | Value | ||||||||
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2007-1 | ||||||||||
5.82%, 3/25/47 | $ | 1,419,145 | $ | 1,434,546 | ||||||
13,979,750 | ||||||||||
Other | 8.2 | % | ||||||||
Invitation Homes Trust Series 2014-SFR3(a) | ||||||||||
5.19%, 12/17/31 | 2,000,000 | 2,040,056 | ||||||||
U.S. GOVERNMENT AGENCIES | 23.4 | % | ||||||||
Fannie Mae REMICS | ||||||||||
5.96%, 2/25/41 | 12,275,167 | 1,651,783 | ||||||||
Freddie Mac REMICS | ||||||||||
3.00%, 7/15/44 | 2,569,616 | 2,475,930 | ||||||||
Freddie Mac Strips | ||||||||||
5.76%, 3/15/44 | 7,263,753 | 1,724,655 | ||||||||
5,852,368 | ||||||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $21,898,620) | 21,872,174 | |||||||||
SHORT-TERM INVESTMENTS | 12.6 | % | ||||||||
Northern Institutional | ||||||||||
Treasury Portfolio, 0.01% | 3,144,772 | 3,144,772 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,144,772) | 3,144,772 | |||||||||
TOTAL INVESTMENTS (Cost $25,043,392) |
100.1 | % | 25,016,946 | |||||||
NET OTHER ASSETS (LIABILITIES) | (0.1 | )% | (19,201 | ) | ||||||
NET ASSETS | 100.0 | % | $ | 24,997,745 |
(a) | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
See notes to financial statements.
2 |
ADVISERS INVESTMENT TRUST |
RIVER CANYON TOTAL RETURN BOND FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated March 1, 2011 (the “Trust Agreement”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services-Investment Companies”. The Trust commenced operations on December 20, 2011. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The AIT River Canyon Total Return Bond Fund (the “River Canyon Total Return Bond Fund” or the “Fund”) is a series of the Trust, and the Institutional Shares class commenced operations on December 30, 2014. Prior to April 6, 2015 shares of the Fund were not registered under the Securities Act of 1933, as amended (the “1933 Act”). Investments in the Fund were made only by individuals or entities that are “accredited investors” within the meaning of Regulation D under the 1933 Act, and shares were issued solely in private placement transactions that did not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Effective April 6, 2015 the Fund became publicly available for investment.
The investment objective of the River Canyon Total Return Bond Fund is to seek to maximize total return.
Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties of the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.
Significant accounting policies related to Investments are as follows:
INVESTMENT VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
• Level 1 —quoted prices in active markets for identical assets
• Level 2 —other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 —significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
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ADVISERS INVESTMENT TRUST |
RIVER CANYON TOTAL RETURN BOND FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 pm EST, each business day on which the share price of the Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as a Level 1 in the fair value hierarchy.
Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
When the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), the Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated.
In the fair value situations as noted above, while the Trust’s valuation policy is intended to result in a calculation of the Fund’s net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three fair value levels defined above:
Portfolio | Level 1- Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||
River Canyon Total Return Bond Fund | ||||||||||||||
Mortgage-Backed Securities (1) | $ | — | $ | 21,872,174 | $ | — | $ | 21,872,174 | ||||||
Short-Term Investments | 3,144,772 | — | — | 3,144,772 | ||||||||||
Total Investments | $ | 3,144,772 | $ | 21,872,174 | $ | — | $ | 25,016,946 |
(1) | See additional classifications in the Schedule of Investments. |
As of June 30, 2015, there were no Level 3 securities held by the Fund. The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the period ended June 30, 2015.
4 |
ADVISERS INVESTMENT TRUST |
RIVER CANYON TOTAL RETURN BOND FUND |
NOTES TO SCHEDULE OF INVESTMENTS |
June 30, 2015 (Unaudited) |
FEDERAL INCOME TAX INFORMATION
As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Tax Cost | Tax Unrealized Appreciation |
Tax Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
||||||||||
River Canyon Total Return Bond Fund | $ | 25,043,392 | $ | 183,332 | $ | (209,778 | ) | $ | (26,446 | ) |
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Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that the disclosure controls and procedures are adequately designed and are operating effectively to reasonably ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are attached hereto.
(Registrant)
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Advisers Investment Trust
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By (Signature and Title)
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/s/ Troy A. Sheets
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Troy A. Sheets, Treasurer and Principal Financial Officer
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Date:
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August 26, 2015
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By (Signature and Title)
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/s/ Dina Tantra
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Dina A. Tantra, President and
Principal Executive Officer
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||||
Date:
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August 26, 2015
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By (Signature and Title)
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/s/ Troy A. Sheets
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Troy A. Sheets, Treasurer and Principal Financial Officer
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Date:
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August 26, 2015
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