NPORT-EX 2 NPORT_IADC_54496298_0322.htm HTML

PORTFOLIO OF INVESTMENTS – as of March 31, 2022 (Unaudited)

Natixis U.S. Equity Opportunities Fund

 

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Description

   Value (†)  
             

Common Stocks – 96.2% of Net Assets

 

  

Aerospace & Defense – 1.8%

 

98,119    Boeing Co. (The)(a)    $ 18,789,788  
     

 

 

 
  

Air Freight & Logistics – 0.5%

 

49,722    Expeditors International of Washington, Inc.      5,129,322  
     

 

 

 
  

Automobiles – 2.4%

 

220,000    General Motors Co.(a)      9,622,800  
14,176    Tesla, Inc.(a)      15,276,058  
     

 

 

 
        24,898,858  
     

 

 

 
  

Banks – 3.1%

 

318,405    Citigroup, Inc.      17,002,827  
304,400    Wells Fargo & Co.      14,751,224  
     

 

 

 
        31,754,051  
     

 

 

 
  

Beverages – 4.9%

 

12,780    Boston Beer Co., Inc. (The), Class A(a)      4,964,646  
64,591    Constellation Brands, Inc., Class A      14,876,599  
390,500    Keurig Dr Pepper, Inc.      14,799,950  
192,473    Monster Beverage Corp.(a)      15,378,593  
     

 

 

 
        50,019,788  
     

 

 

 
  

Biotechnology – 5.0%

 

66,235    Alnylam Pharmaceuticals, Inc.(a)      10,815,513  
46,979    BioMarin Pharmaceutical, Inc.(a)      3,622,081  
75,745    CRISPR Therapeutics AG(a)      4,754,514  
45,389    Regeneron Pharmaceuticals, Inc.(a)      31,700,585  
     

 

 

 
        50,892,693  
     

 

 

 
  

Capital Markets – 6.9%

 

263,945    Charles Schwab Corp. (The)      22,253,203  
16,678    FactSet Research Systems, Inc.      7,240,754  
104,300    Intercontinental Exchange, Inc.      13,780,116  
13,933    MSCI, Inc.      7,006,627  
104,467    SEI Investments Co.      6,289,958  
163,700    State Street Corp.      14,261,544  
     

 

 

 
        70,832,202  
     

 

 

 
  

Consumer Finance – 6.0%

 

549,000    Ally Financial, Inc.      23,870,520  
88,500    American Express Co.      16,549,500  
155,885    Capital One Financial Corp.      20,466,142  
     

 

 

 
        60,886,162  
     

 

 

 
  

Entertainment – 3.5%

 

55,467    Netflix, Inc.(a)      20,777,384  
106,822    Walt Disney Co. (The)(a)      14,651,705  
     

 

 

 
        35,429,089  
     

 

 

 


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   Value (†)  
             

Common Stocks – continued

 

  

Health Care Equipment & Supplies – 0.5%

 

15,768    Intuitive Surgical, Inc.(a)    $ 4,756,890  
     

 

 

 
  

Health Care Providers & Services – 3.4%

 

68,700    HCA Healthcare, Inc.      17,217,594  
39,120    Humana, Inc.      17,023,850  
     

 

 

 
        34,241,444  
     

 

 

 
  

Health Care Technology – 1.7%

 

185,077    Doximity, Inc., Class A(a)      9,640,661  
36,241    Veeva Systems, Inc., Class A(a)      7,699,763  
     

 

 

 
        17,340,424  
     

 

 

 
  

Hotels, Restaurants & Leisure – 3.4%

 

7,245    Booking Holdings, Inc.(a)      17,014,520  
101,932    Starbucks Corp.      9,272,754  
109,266    Yum China Holdings, Inc.      4,538,910  
36,103    Yum! Brands, Inc.      4,279,289  
     

 

 

 
        35,105,473  
     

 

 

 
  

Industrial Conglomerates – 1.0%

 

109,793    General Electric Co.      10,046,059  
     

 

 

 
  

Insurance – 4.4%

 

306,155    American International Group, Inc.      19,217,350  
104,781    Reinsurance Group of America, Inc.      11,469,328  
59,100    Willis Towers Watson PLC      13,960,602  
     

 

 

 
        44,647,280  
     

 

 

 
  

Interactive Media & Services – 8.7%

 

15,247    Alphabet, Inc., Class A(a)      42,407,243  
4,581    Alphabet, Inc., Class C(a)      12,794,687  
149,066    Meta Platforms, Inc., Class A(a)      33,146,316  
     

 

 

 
        88,348,246  
     

 

 

 
  

Internet & Direct Marketing Retail – 3.8%

 

59,525    Alibaba Group Holding Ltd., Sponsored ADR(a)      6,476,320  
10,007    Amazon.com, Inc.(a)      32,622,320  
     

 

 

 
        39,098,640  
     

 

 

 
  

IT Services – 7.2%

 

53,593    Block, Inc.(a)      7,267,211  
165,200    Fiserv, Inc.(a)      16,751,280  
59,000    Gartner, Inc.(a)      17,550,140  
62,247    PayPal Holdings, Inc.(a)      7,198,866  
6,879    Shopify, Inc., Class A(a)      4,649,929  
88,168    Visa, Inc., Class A      19,553,017  
     

 

 

 
        72,970,443  
     

 

 

 
  

Life Sciences Tools & Services – 1.1%

 

31,433    Illumina, Inc.(a)      10,982,690  
     

 

 

 


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Common Stocks – continued

 

   Machinery – 1.1%

 

27,507    Deere & Co.    $ 11,428,058  
     

 

 

 
  

Media – 2.5%

 

24,385    Charter Communications, Inc., Class A(a)      13,302,505  
271,880    Comcast Corp., Class A      12,729,422  
     

 

 

 
        26,031,927  
     

 

 

 
  

Oil, Gas & Consumable Fuels – 7.5%

 

554,341    APA Corp.      22,910,913  
224,200    ConocoPhillips      22,420,000  
257,238    EOG Resources, Inc.      30,670,487  
     

 

 

 
        76,001,400  
     

 

 

 
  

Pharmaceuticals – 2.7%

 

132,999    Novartis AG, Sponsored ADR      11,670,662  
42,905    Novo Nordisk A/S, Sponsored ADR      4,764,600  
220,572    Roche Holding AG, Sponsored ADR      10,898,463  
     

 

 

 
        27,333,725  
     

 

 

 
  

Semiconductors & Semiconductor Equipment – 4.1%

 

115,839    NVIDIA Corp.      31,607,829  
64,374    QUALCOMM, Inc.      9,837,635  
     

 

 

 
        41,445,464  
     

 

 

 
  

Software – 6.8%

 

69,914    Autodesk, Inc.(a)      14,986,066  
44,122    Microsoft Corp.      13,603,254  
221,953    Oracle Corp.      18,362,172  
51,044    salesforce.com, inc.(a)      10,837,662  
47,283    Workday, Inc., Class A(a)      11,322,387  
     

 

 

 
        69,111,541  
     

 

 

 
  

Textiles, Apparel & Luxury Goods – 0.6%

 

377,901    Under Armour, Inc., Class A(a)      6,431,875  
     

 

 

 
  

Tobacco – 1.6%

 

305,600    Altria Group, Inc.      15,967,600  
     

 

 

 
  

Total Common Stocks

(Identified Cost $668,208,484)

     979,921,132  
     

 

 

 

Principal

Amount

           
             

Short-Term Investments – 3.9%

 

$      39,686,113   

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2022 at 0.000% to be repurchased at $39,686,113 on 4/01/2022 collateralized by $31,767,500 U.S. Treasury Note, 2.375% due 3/31/2029 valued at $31,653,328; $9,809,800 U.S. Treasury Bond, 2.000% due 8/15/2051 valued at $8,826,612 including accrued interest(b)

(Identified Cost $39,686,113)

     39,686,113  
     

 

 

 
  

Total Investments – 100.1%

(Identified Cost $707,894,597)

     1,019,607,245  
   Other assets less liabilities – (0.1)%      (622,920
     

 

 

 
   Net Assets – 100.0%    $ 1,018,984,325  
     

 

 

 


(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or sub-adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or sub-adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or sub-adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

 

(a)

Non-income producing security.

(b)

The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2022, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

 

ADR

An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.


Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 — quoted prices in active markets for identical assets or liabilities;

 

   

Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

 

   

Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.


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

Asset Valuation Inputs

 

Description

   Level 1      Level 2      Level 3      Total  

Common Stocks*

   $ 979,921,132      $ —        $ —        $ 979,921,132  

Short-Term Investments

     —          39,686,113        —          39,686,113  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 979,921,132      $ 39,686,113      $ —        $ 1,019,607,245  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.


Industry Summary at March 31, 2022 (Unaudited)

 

Interactive Media & Services

     8.7

Oil, Gas & Consumable Fuels

     7.5  

IT Services

     7.2  

Capital Markets

     6.9  

Software

     6.8  

Consumer Finance

     6.0  

Biotechnology

     5.0  

Beverages

     4.9  

Insurance

     4.4  

Semiconductors & Semiconductor Equipment

     4.1  

Internet & Direct Marketing Retail

     3.8  

Entertainment

     3.5  

Hotels, Restaurants & Leisure

     3.4  

Health Care Providers & Services

     3.4  

Banks

     3.1  

Pharmaceuticals

     2.7  

Media

     2.5  

Automobiles

     2.4  

Other Investments, less than 2% each

     9.9  

Short-Term Investments

     3.9  
  

 

 

 

Total Investments

     100.1  

Other assets less liabilities

     (0.1
  

 

 

 

Net Assets

     100.0