NPORT-EX 2 moerus_nport.htm MOERUS 8.31.23

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MOERUS WORLDWIDE VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
August 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 96.4%      
    ASSET MANAGEMENT - 8.6%      
25,982   Aker ASA       $ 1,603,429
1,498,262   Dundee Corporation(a)         1,385,812
20,397   EXOR N.V.(b)         1,808,886
12,274   Nuvama Wealth Management Ltd.(a) (b) (c)         360,558
             

5,158,685

    BANKING - 12.9%      
181,427   Bancolombia S.A.         1,291,153
88,348   Grupo Financiero Galicia S.A. - ADR         1,597,332
1,583,991   IDFC First Bank Ltd.(a)         1,789,062
467,377   Metro Bank Holdings plc(a)         614,557
153,629   Standard Chartered plc         1,384,862
41,715   UniCredit SpA         1,021,264
             

7,698,230

    CHEMICALS - 2.4%      
23,044   Nutrien Ltd.         1,459,146
             
 
    HOUSEHOLD PRODUCTS - 5.8%      
590,200   Natura & Company Holding S.A.(a)         1,816,770
20,392   Spectrum Brands Holdings, Inc.         1,696,003
             

3,512,773

    INSTITUTIONAL FINANCIAL SERVICES - 3.7%      
1,099,660   Edelweiss Financial Services Ltd.         724,460
42,484   Jefferies Financial Group, Inc.         1,516,254
             

2,240,714

    INSURANCE - 9.3%      
329,086   Conduit Holdings Ltd.         1,934,304
1,959,297   Turkiye Sigorta A/S         1,980,267
644,047   Westaim Corporation (The)(a)         1,658,453
             

5,573,024

    INTERNET MEDIA & SERVICES - 5.4%      
412,321   Despegar.com Corporation(a)         3,277,952
             
 
 
 

 

MOERUS WORLDWIDE VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 96.4% (Continued)      
    LEISURE FACILITIES & SERVICES - 2.3%      
142,844   Arcos Dorados Holdings, Inc., Class A       $ 1,409,870
             
 
    METALS & MINING - 10.9%      
33,991   Cameco Corporation         1,257,594
200,878   Major Drilling Group International, Inc.(a)         1,293,177
424,903   Osisko Mining, Inc.(a)         886,636
38,622   Teck Resources Ltd., Class B         1,595,862
33,986   Wheaton Precious Metals Corporation         1,481,110
             

6,514,379

           
    OIL & GAS PRODUCERS - 3.1%      
197,957   International Petroleum Corporation/Sweden(a)         1,855,897
             
 
    OIL & GAS SERVICES & EQUIPMENT - 9.4%      
257,793   Enerflex Ltd.         1,590,903
827,629   John Wood Group plc         1,675,367
36,602   Tidewater, Inc.(a)         2,380,228
             

5,646,498

    REAL ESTATE INVESTMENT TRUSTS – 5.5%      
6,252,911   Hammerson plc         1,902,622
        4,462,393   Cromwell Property Group                              1,402,359
            3,304,981
             
 
    REAL ESTATE OWNERS & DEVELOPERS - 4.3%      
1,124,301   Sino Land Company Ltd.         1,288,833
920,917   Straits Trading Company Ltd.         1,342,256
             

2,631,089

    RETAIL - CONSUMER STAPLES - 6.0%      
941,156   Almacenes Exito S.A. - BDR(a)         2,741,212
873,120   Cia Brasileira de Distribuicao(a)         872,961
             

3,614,173

    SPECIALTY FINANCE - 2.4%      
15,927   Bajaj Holdings & Investment Ltd.         1,433,279
             
 
 
 

 

MOERUS WORLDWIDE VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
August 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 96.4% (Continued)      
    TRANSPORTATION & LOGISTICS - 4.4%      
9,577   Copa Holdings S.A., Class A       $ 973,981
178,763,989   Latam Airlines Group S.A.(a)         1,687,441
             

2,661,422

               
    TOTAL COMMON STOCKS (Cost $48,952,761)    

  57,992,112

               
    SHORT-TERM INVESTMENTS — 4.3%      
    MONEY MARKET FUNDS - 4.3%      
2,589,213   Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, Institutional Class, 5.19% (Cost $2,589,213)(d)         2,589,213
             
 
    TOTAL INVESTMENTS - 100.7% (Cost $51,541,974)     $ 60,581,325
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%    

(422,085)

    NET ASSETS - 100.0%        

$ 60,159,240

           
               
 

 

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
BDR  - Brazilian Depositary Receipt
LTD  - Limited Company
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
S/A  - Société Anonyme
 

 

 

 

(a) Non-income producing security.
(b) Illiquid security. The total fair value of the security as of August 31,2023 was $360,558, representing 0.6% of net assets.
(c) Valued using unobservable inputs and fair valued by adviser.
(d)

Rate disclosed is the seven-day effective yield as of August 31, 2023.

 

   

 

 

 
 

 

 

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MOERUS WORLDWIDE VALUE FUND
AUGUST 31, 2023
               
Diversification of Assets
Top 10 Holdings by Asset Class or Industry         % of Net Assets
Banking         12.9%
Metals & Mining         10.9%
Oil & Gas Services & Equipment         9.4%
Insurance         9.3%
Asset Management         8.6%
Retail - Consumer Staples         6.0%
Household Products         5.8%
Real Estate Investment Trusts         5.5%
Internet Media & Services         5.4%
Transportation & Logistics         4.4%
Other         18.2%
Total         96.4%
Money Market Fund         4.3%
Liabilities in Excess of Other Assets         (0.7)%
Grand Total         100.0%
 

 

 

 

 
 

 

 

SCHEDULE OF INVESTMENTS  (Unaudited) (Continued)
MOERUS WORLDWIDE VALUE FUND
AUGUST 31, 2023
               
Diversification of Assets
Country         % of Net Assets
Canada         24.0%
United States         9.3%
United Kingdom         9.3%
Argentina         8.1%
India         7.2%
Colombia         6.7%
Italy         4.8%
Brazil         4.5%
Turkey         3.3%
Bermuda         3.2%
Chile         2.8%
Norway         2.7%
Uruguay         2.3%
Australia         2.3%
Singapore         2.2%
Hong Kong         2.1%
Panama         1.6%
Total         96.4%
Money Market Fund         4.3%
Liabilities in Excess of Other Assets         (0.7)%
Grand Total         100.0%