BOSTON PARTNERS INVESTMENT FUNDS
|
||||||||||||||
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
|
||||||||||||||
PORTFOLIO OF INVESTMENTS
|
||||||||||||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||||||||||||
NUMBER OF
|
||||||||||||||
SHARES
|
VALUE
|
|||||||||||||
LONG POSITIONS—99.7%
|
||||||||||||||
COMMON STOCKS—95.8%
|
||||||||||||||
Bermuda—1.4%
|
||||||||||||||
Axis Capital Holdings Ltd.
|
68,315
|
$
|
4,042,881
|
|||||||||||
Everest Re Group Ltd.Ɨ
|
14,999
|
4,068,629
|
||||||||||||
8,111,510
|
||||||||||||||
Brazil—0.6%
|
||||||||||||||
Azul SA - ADR*
|
97,963
|
3,648,142
|
||||||||||||
Canada—3.2%
|
||||||||||||||
Barrick Gold Corp.
|
444,588
|
7,423,746
|
||||||||||||
Fairfax Financial Holdings Ltd.
|
7,617
|
3,440,695
|
||||||||||||
Nutrien Ltd.Ɨ
|
50,052
|
2,373,466
|
||||||||||||
Yamana Gold, Inc.
|
1,324,372
|
4,741,252
|
||||||||||||
17,979,159
|
||||||||||||||
China—0.3%
|
||||||||||||||
NetEase, Inc. - ADR
|
4,965
|
1,565,564
|
||||||||||||
Denmark—1.5%
|
||||||||||||||
AP Moller - Maersk A/S, Class B
|
1,008
|
1,408,817
|
||||||||||||
FLSmidth & Co., A/S
|
63,003
|
2,314,261
|
||||||||||||
Novo Nordisk A/S, Class B
|
85,062
|
4,781,520
|
||||||||||||
8,504,598
|
||||||||||||||
Finland—0.8%
|
||||||||||||||
Sampo Oyj, Class A
|
114,797
|
4,641,917
|
||||||||||||
France—8.4%
|
||||||||||||||
BNP Paribas SA
|
103,919
|
5,825,853
|
||||||||||||
Capgemini SA
|
55,063
|
6,513,577
|
||||||||||||
Cie Generale des Etablissements Michelin SCA
|
28,105
|
3,370,402
|
||||||||||||
Danone SA
|
56,835
|
4,676,494
|
||||||||||||
Dassault Aviation SA
|
3,521
|
4,790,957
|
||||||||||||
Eiffage SA
|
79,895
|
8,720,740
|
||||||||||||
Kering SA
|
5,635
|
3,393,332
|
||||||||||||
Peugeot SA
|
133,079
|
3,211,280
|
||||||||||||
TOTAL SA
|
138,457
|
7,262,699
|
||||||||||||
47,765,334
|
||||||||||||||
Germany—2.1%
|
||||||||||||||
Brenntag AG
|
74,283
|
3,958,728
|
||||||||||||
HeidelbergCement AG
|
107,870
|
7,948,667
|
||||||||||||
11,907,395
|
||||||||||||||
Hong Kong—2.4%
|
||||||||||||||
CK Asset Holdings Ltd.
|
498,500
|
3,314,740
|
||||||||||||
Melco Resorts & Entertainment Ltd. - ADR
|
256,280
|
5,453,639
|
||||||||||||
WH Group Ltd.
|
4,823,500
|
4,953,183
|
||||||||||||
13,721,562
|
||||||||||||||
Hungary—1.0%
|
||||||||||||||
OTP Bank PLC
|
115,436
|
5,429,119
|
||||||||||||
Ireland—1.0%
|
||||||||||||||
CRH PLC
|
156,144
|
5,960,503
|
||||||||||||
Italy—0.9%
|
||||||||||||||
Leonardo SpA
|
429,441
|
5,014,020
|
||||||||||||
Japan—11.2%
|
||||||||||||||
Bandai Namco Holdings, Inc.
|
67,500
|
4,094,312
|
||||||||||||
Haseko Corp.
|
244,900
|
3,152,284
|
||||||||||||
Hitachi Ltd.
|
174,200
|
6,860,698
|
||||||||||||
Kamigumi Co. Ltd.
|
122,200
|
2,710,624
|
||||||||||||
Koito Manufacturing Co. Ltd.
|
52,000
|
2,682,253
|
||||||||||||
Mitsubishi Estate Co. Ltd.
|
199,000
|
3,649,774
|
||||||||||||
Nintendo Co., Ltd.
|
16,500
|
6,389,389
|
||||||||||||
Nippon Telegraph & Telephone Corp.
|
173,000
|
8,739,806
|
||||||||||||
Seven & i Holdings Co., Ltd.
|
131,900
|
4,922,024
|
||||||||||||
Shionogi & Co. Ltd.
|
80,000
|
4,709,169
|
||||||||||||
Sony Corp.
|
243,200
|
15,432,964
|
||||||||||||
63,343,297
|
||||||||||||||
Netherlands—1.9%
|
||||||||||||||
ING Groep NV
|
535,901
|
6,162,729
|
||||||||||||
NXP Semiconductors NV
|
38,213
|
4,416,658
|
||||||||||||
10,579,387
|
||||||||||||||
South Korea—2.1%
|
||||||||||||||
Hana Financial Group, Inc.
|
93,180
|
2,825,258
|
||||||||||||
KB Financial Group, Inc.
|
88,311
|
3,450,427
|
||||||||||||
KT Corp. - SP ADR
|
493,729
|
5,554,451
|
||||||||||||
11,830,136
|
||||||||||||||
Switzerland—0.6%
|
||||||||||||||
STMicroelectronics NV
|
142,751
|
3,489,586
|
||||||||||||
Taiwan—0.6%
|
||||||||||||||
ChipMOS Technologies, Inc.
|
2,913,000
|
3,269,624
|
||||||||||||
United Kingdom—5.8%
|
||||||||||||||
Avast PLC
|
529,610
|
3,064,803
|
||||||||||||
Aviva PLC
|
675,166
|
3,521,485
|
||||||||||||
GlaxoSmithKline PLC
|
194,888
|
4,427,743
|
||||||||||||
Imperial Brands PLC
|
172,384
|
3,792,790
|
||||||||||||
Next PLC
|
47,618
|
4,160,642
|
||||||||||||
Nomad Foods Ltd.*Ɨ
|
172,228
|
3,616,788
|
||||||||||||
Persimmon PLC
|
116,641
|
3,857,087
|
||||||||||||
Tesco PLC
|
865,106
|
2,565,627
|
||||||||||||
Tullow Oil PLC
|
2,183,999
|
3,697,444
|
||||||||||||
32,704,409
|
||||||||||||||
United States—50.0%
|
||||||||||||||
Activision Blizzard, Inc.
|
85,708
|
4,699,370
|
||||||||||||
Allstate Corp., (The)Ɨ#
|
3,703
|
412,329
|
||||||||||||
Alphabet, Inc., Class C*Ɨ
|
10,479
|
13,674,676
|
||||||||||||
American Express Co.Ɨ
|
71,381
|
8,574,286
|
||||||||||||
Berkshire Hathaway, Inc., Class B*Ɨ
|
88,161
|
19,421,868
|
||||||||||||
Biogen, Inc.*Ɨ#
|
8,994
|
2,696,491
|
||||||||||||
CDK Global, Inc.
|
61,917
|
3,315,655
|
||||||||||||
CF Industries Holdings, Inc.
|
61,302
|
2,832,765
|
||||||||||||
CH Robinson Worldwide, Inc.
|
30,135
|
2,315,875
|
||||||||||||
Chubb Ltd.Ɨ#
|
30,911
|
4,682,398
|
||||||||||||
Cigna Corp.Ɨ
|
37,133
|
7,423,629
|
||||||||||||
Cisco Systems, Inc.Ɨ#
|
102,940
|
4,664,211
|
||||||||||||
Citigroup, Inc.Ɨ
|
106,953
|
8,034,309
|
||||||||||||
Comcast Corp., Class AƗ#
|
190,844
|
8,425,763
|
||||||||||||
Corteva, Inc.Ɨ
|
223,198
|
5,807,612
|
||||||||||||
CVS Health Corp.Ɨ
|
65,410
|
4,923,411
|
||||||||||||
Diamondback Energy, Inc.
|
45,735
|
3,537,145
|
||||||||||||
Dover Corp.
|
30,065
|
3,351,646
|
||||||||||||
DuPont de Nemours, Inc.Ɨ
|
76,791
|
4,976,825
|
||||||||||||
Eaton Corp. PLCƗ
|
35,111
|
3,247,768
|
||||||||||||
Fox Corp., Class A
|
153,011
|
5,471,673
|
||||||||||||
Goldman Sachs Group Inc., (The)
|
9,921
|
2,196,013
|
||||||||||||
Johnson & Johnson#
|
40,329
|
5,544,834
|
||||||||||||
Kansas City Southern#
|
36,403
|
5,548,545
|
||||||||||||
Laboratory Corp. of America Holdings*Ɨ#
|
34,566
|
5,955,376
|
||||||||||||
Lear Corp.Ɨ
|
17,210
|
2,070,535
|
||||||||||||
Lennar Corp.
|
84,700
|
5,052,355
|
||||||||||||
Marathon Petroleum Corp.
|
175,551
|
10,645,413
|
||||||||||||
Masco Corp.Ɨ#
|
127,480
|
5,934,194
|
||||||||||||
McKesson Corp.Ɨ
|
17,521
|
2,534,237
|
||||||||||||
Medtronic PLC#
|
72,917
|
8,122,225
|
||||||||||||
Microsoft Corp.Ɨ
|
101,742
|
15,401,704
|
||||||||||||
Molson Coors Brewing Co., Class BƗ
|
42,300
|
2,135,304
|
||||||||||||
Mosaic Co. (The)Ɨ
|
135,999
|
2,590,781
|
||||||||||||
Newmont Goldcorp Corp.
|
75,313
|
2,892,019
|
||||||||||||
Nexstar Media Group, Inc., Class A
|
27,184
|
2,927,989
|
||||||||||||
Oracle Corp.Ɨ#
|
176,572
|
9,912,752
|
||||||||||||
Owens Corning
|
87,609
|
5,875,060
|
||||||||||||
Parsley Energy, Inc., Class AƗ
|
266,759
|
3,996,050
|
||||||||||||
Pfizer, Inc.Ɨ
|
139,703
|
5,381,360
|
||||||||||||
ProPetro Holding Corp.*
|
244,633
|
2,108,736
|
||||||||||||
PulteGroup, Inc.#
|
90,766
|
3,598,872
|
||||||||||||
Science Applications International Corp.
|
34,471
|
2,942,100
|
||||||||||||
SYNNEX Corp.
|
36,492
|
4,481,583
|
||||||||||||
TE Connectivity Ltd.Ɨ
|
41,486
|
3,846,167
|
||||||||||||
Tyson Foods, Inc.
|
63,625
|
5,719,251
|
||||||||||||
United Parcel Service, Inc., Class BƗ#
|
48,537
|
5,811,335
|
||||||||||||
United Technologies Corp.Ɨ#
|
6,936
|
1,028,886
|
||||||||||||
Verizon Communications, Inc.Ɨ#
|
133,504
|
8,042,281
|
||||||||||||
Vistra Energy Corp.Ɨ
|
330,494
|
8,768,006
|
||||||||||||
Wells Fargo & Co.Ɨ#
|
175,738
|
9,570,692
|
||||||||||||
283,124,360
|
||||||||||||||
TOTAL COMMON STOCKS
|
||||||||||||||
(Cost $468,989,933)
|
542,589,622
|
|||||||||||||
PREFERRED STOCKS—0.5%
|
||||||||||||||
Brazil—0.5%
|
||||||||||||||
Petroleo Brasileiro SA, 4.186%
|
386,900
|
2,661,154
|
||||||||||||
TOTAL PREFERRED STOCKS
|
||||||||||||||
(Cost $2,573,589)
|
2,661,154
|
|||||||||||||
SHORT-TERM INVESTMENTS—3.4%
|
||||||||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)
|
19,404,359
|
19,404,359
|
||||||||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||||||||
(Cost $19,404,359)
|
19,404,359
|
|||||||||||||
TOTAL INVESTMENTS—99.7%
|
||||||||||||||
(Cost $490,967,881)
|
564,655,135
|
|||||||||||||
SECURITIES SOLD SHORT—(47.5%)
|
||||||||||||||
COMMON STOCKS—(47.2%)
|
||||||||||||||
Australia—(2.1%)
|
||||||||||||||
Alumina Ltd.
|
(1,270,658
|
)
|
(1,985,540
|
)
|
||||||||||
Flight Centre Travel Group Ltd.
|
(60,926
|
)
|
(1,818,199
|
)
|
||||||||||
Fortescue Metals Group Ltd.
|
(345,575
|
)
|
(2,275,723
|
)
|
||||||||||
WiseTech Global Ltd.
|
(160,049
|
)
|
(2,954,977
|
)
|
||||||||||
Woodside Petroleum Ltd.
|
(121,984
|
)
|
(2,846,476
|
)
|
||||||||||
(11,880,915
|
)
|
|||||||||||||
Belgium—(0.7%)
|
||||||||||||||
Proximus SADP
|
(59,239
|
)
|
(1,786,935
|
)
|
||||||||||
Umicore SA
|
(44,848
|
)
|
(1,925,638
|
)
|
||||||||||
(3,712,573
|
)
|
|||||||||||||
Bermuda—(0.2%)
|
||||||||||||||
Hiscox Ltd.
|
(78,675
|
)
|
(1,386,404
|
)
|
||||||||||
Canada—(1.0%)
|
||||||||||||||
Shopify, Inc., Class A*
|
(6,465
|
)
|
(2,177,089
|
)
|
||||||||||
TC Energy Corp.
|
(72,961
|
)
|
(3,691,168
|
)
|
||||||||||
(5,868,257
|
)
|
|||||||||||||
China—(1.2%)
|
||||||||||||||
ANTA Sports Products Ltd.
|
(135,000
|
)
|
(1,269,562
|
)
|
||||||||||
BYD Co. Ltd., Class H
|
(735,000
|
)
|
(3,477,566
|
)
|
||||||||||
Pinduoduo, Inc. - ADR*
|
(48,590
|
)
|
(1,746,811
|
)
|
||||||||||
(6,493,939
|
)
|
|||||||||||||
Denmark—(0.5%)
|
||||||||||||||
Tryg A/S
|
(94,232
|
)
|
(2,709,633
|
)
|
||||||||||
France—(0.5%)
|
||||||||||||||
Hermes International
|
(1,978
|
)
|
(1,482,085
|
)
|
||||||||||
Remy Cointreau SA
|
(8,817
|
)
|
(1,135,853
|
)
|
||||||||||
(2,617,938
|
)
|
|||||||||||||
Germany—(1.2%)
|
||||||||||||||
Adidas AG
|
(10,064
|
)
|
(3,135,263
|
)
|
||||||||||
MTU Aero Engines AG
|
(7,338
|
)
|
(1,986,489
|
)
|
||||||||||
Wirecard AG
|
(13,645
|
)
|
(1,801,072
|
)
|
||||||||||
(6,922,824
|
)
|
|||||||||||||
Hong Kong—(1.4%)
|
||||||||||||||
HK Electric Investments & HK Electric Investments Ltd.
|
(2,214,000
|
)
|
(2,169,257
|
)
|
||||||||||
Hong Kong & China Gas Co. Ltd.
|
(1,131,720
|
)
|
(2,155,690
|
)
|
||||||||||
MTR Corp. Ltd.
|
(472,500
|
)
|
(2,651,365
|
)
|
||||||||||
Xinyi Glass Holdings Ltd.
|
(772,000
|
)
|
(907,163
|
)
|
||||||||||
(7,883,475
|
)
|
|||||||||||||
Ireland—(0.4%)
|
||||||||||||||
Ryanair Holdings PLC*
|
(130,374
|
)
|
(1,992,101
|
)
|
||||||||||
Italy—(0.8%)
|
||||||||||||||
Brembo SpA
|
(184,115
|
)
|
(2,277,382
|
)
|
||||||||||
Ferrari NV
|
(11,750
|
)
|
(1,983,113
|
)
|
||||||||||
(4,260,495
|
)
|
|||||||||||||
Japan—(5.1%)
|
||||||||||||||
Aeon Co., Ltd.
|
(86,800
|
)
|
(1,773,181
|
)
|
||||||||||
Canon, Inc.
|
(135,600
|
)
|
(3,756,336
|
)
|
||||||||||
Kose Corp.
|
(15,500
|
)
|
(2,471,252
|
)
|
||||||||||
McDonald's Holdings Co. Japan Ltd.
|
(23,200
|
)
|
(1,147,391
|
)
|
||||||||||
Mercari, Inc.*
|
(116,900
|
)
|
(2,580,570
|
)
|
||||||||||
Mitsubishi Chemical Holdings Corp.
|
(340,800
|
)
|
(2,529,153
|
)
|
||||||||||
Mitsui Chemicals, Inc.
|
(90,200
|
)
|
(2,163,012
|
)
|
||||||||||
Nidec Corp.
|
(13,700
|
)
|
(2,027,760
|
)
|
||||||||||
Nissan Motor Co. Ltd.
|
(232,300
|
)
|
(1,434,456
|
)
|
||||||||||
Seiko Epson Corp.
|
(164,700
|
)
|
(2,509,454
|
)
|
||||||||||
Sharp Corp.
|
(54,900
|
)
|
(829,855
|
)
|
||||||||||
Sony Financial Holdings, Inc.
|
(79,300
|
)
|
(1,841,448
|
)
|
||||||||||
Yamaha Corp.
|
(26,400
|
)
|
(1,455,826
|
)
|
||||||||||
Yaskawa Electric Corp.
|
(65,800
|
)
|
(2,420,587
|
)
|
||||||||||
(28,940,281
|
)
|
|||||||||||||
Luxembourg—(0.5%)
|
||||||||||||||
Eurofins Scientific SE
|
(4,979
|
)
|
(2,614,374
|
)
|
||||||||||
Netherlands—(0.3%)
|
||||||||||||||
Takeaway.com NV*
|
(21,618
|
)
|
(1,943,235
|
)
|
||||||||||
Norway—(0.4%)
|
||||||||||||||
Tomra Systems ASA
|
(77,155
|
)
|
(2,297,190
|
)
|
||||||||||
Sweden—(0.9%)
|
||||||||||||||
Autoliv, Inc.
|
(32,753
|
)
|
(2,676,575
|
)
|
||||||||||
BillerudKorsnas AB
|
(211,453
|
)
|
(2,407,906
|
)
|
||||||||||
(5,084,481
|
)
|
|||||||||||||
Switzerland—(0.6%)
|
||||||||||||||
Credit Suisse Group AG*
|
(91,584
|
)
|
(1,198,887
|
)
|
||||||||||
VAT Group AG*
|
(16,101
|
)
|
(2,328,339
|
)
|
||||||||||
(3,527,226
|
)
|
|||||||||||||
United Kingdom—(3.6%)
|
||||||||||||||
ASOS PLC*
|
(19,296
|
)
|
(799,624
|
)
|
||||||||||
Croda International PLC
|
(60,572
|
)
|
(3,899,564
|
)
|
||||||||||
GW Pharmaceuticals PLC - ADR*
|
(13,473
|
)
|
(1,375,728
|
)
|
||||||||||
NMC Health PLC
|
(34,264
|
)
|
(1,111,320
|
)
|
||||||||||
Pennon Group PLC
|
(202,075
|
)
|
(2,383,441
|
)
|
||||||||||
Renishaw PLC
|
(71,213
|
)
|
(3,642,989
|
)
|
||||||||||
Severn Trent PLC
|
(104,717
|
)
|
(3,037,689
|
)
|
||||||||||
Standard Chartered PLC
|
(343,011
|
)
|
(3,086,060
|
)
|
||||||||||
Weir Group PLC, (The)
|
(64,997
|
)
|
(1,171,181
|
)
|
||||||||||
(20,507,596
|
)
|
|||||||||||||
United States—(25.8%)
|
||||||||||||||
8x8, Inc.*
|
(65,148
|
)
|
(1,336,837
|
)
|
||||||||||
AAON, Inc.
|
(56,030
|
)
|
(2,766,201
|
)
|
||||||||||
ABIOMED, Inc.*
|
(9,177
|
)
|
(1,800,344
|
)
|
||||||||||
Align Technology, Inc.*
|
(10,388
|
)
|
(2,881,008
|
)
|
||||||||||
Allogene Therapeutics, Inc.*
|
(52,217
|
)
|
(1,471,475
|
)
|
||||||||||
AO Smith Corp.
|
(39,815
|
)
|
(1,927,046
|
)
|
||||||||||
Appian Corp.*
|
(39,982
|
)
|
(1,722,425
|
)
|
||||||||||
Axon Enterprise, Inc.*
|
(36,232
|
)
|
(2,673,922
|
)
|
||||||||||
Ball Corp.
|
(25,405
|
)
|
(1,678,254
|
)
|
||||||||||
Blackbaud, Inc.
|
(17,949
|
)
|
(1,487,613
|
)
|
||||||||||
Blackline, Inc.*
|
(30,396
|
)
|
(1,635,913
|
)
|
||||||||||
Brunswick Corp.
|
(71,858
|
)
|
(4,223,095
|
)
|
||||||||||
Carvana Co.*
|
(39,279
|
)
|
(3,744,074
|
)
|
||||||||||
Casey's General Stores, Inc.
|
(10,215
|
)
|
(1,775,060
|
)
|
||||||||||
Choice Hotels International, Inc.
|
(24,902
|
)
|
(2,421,719
|
)
|
||||||||||
Cogent Communications Holdings, Inc.
|
(41,842
|
)
|
(2,622,657
|
)
|
||||||||||
Cognex Corp.
|
(39,134
|
)
|
(1,963,744
|
)
|
||||||||||
Community Bank System, Inc.
|
(63,624
|
)
|
(4,316,888
|
)
|
||||||||||
Compass Minerals International, Inc.
|
(46,166
|
)
|
(2,551,595
|
)
|
||||||||||
Cree, Inc.*
|
(32,502
|
)
|
(1,436,913
|
)
|
||||||||||
Cubic Corp.
|
(27,767
|
)
|
(1,653,525
|
)
|
||||||||||
Ecolab, Inc.
|
(10,536
|
)
|
(1,966,755
|
)
|
||||||||||
First Financial Bankshares, Inc.
|
(61,556
|
)
|
(2,127,991
|
)
|
||||||||||
Freshpet, Inc.*
|
(20,763
|
)
|
(1,115,804
|
)
|
||||||||||
Glaukos Corp.*
|
(28,123
|
)
|
(1,803,528
|
)
|
||||||||||
Greif, Inc.
|
(59,995
|
)
|
(2,588,784
|
)
|
||||||||||
Guidewire Software, Inc.*
|
(21,118
|
)
|
(2,572,806
|
)
|
||||||||||
Hamilton Lane, Inc., Class A
|
(30,720
|
)
|
(1,781,760
|
)
|
||||||||||
Healthcare Services Group, Inc.
|
(47,045
|
)
|
(1,183,182
|
)
|
||||||||||
Hormel Foods Corp.
|
(80,617
|
)
|
(3,589,875
|
)
|
||||||||||
Iron Mountain, Inc.
|
(72,717
|
)
|
(2,335,670
|
)
|
||||||||||
John Bean Technologies Corp.
|
(28,163
|
)
|
(3,085,257
|
)
|
||||||||||
KKR & Co., Inc., Class A
|
(101,471
|
)
|
(2,992,380
|
)
|
||||||||||
Leggett & Platt, Inc.
|
(41,914
|
)
|
(2,192,940
|
)
|
||||||||||
M&T Bank Corp.
|
(13,699
|
)
|
(2,256,773
|
)
|
||||||||||
Manhattan Associates, Inc.*
|
(24,309
|
)
|
(2,030,045
|
)
|
||||||||||
Martin Marietta Materials, Inc.
|
(8,430
|
)
|
(2,262,612
|
)
|
||||||||||
Matador Resources Co.*
|
(204,268
|
)
|
(2,876,093
|
)
|
||||||||||
Middleby Corp., (The)*
|
(14,085
|
)
|
(1,630,480
|
)
|
||||||||||
MongoDB, Inc.*
|
(12,982
|
)
|
(1,930,423
|
)
|
||||||||||
Monro, Inc.
|
(13,467
|
)
|
(988,478
|
)
|
||||||||||
National Instruments Corp.
|
(26,738
|
)
|
(1,126,205
|
)
|
||||||||||
Netflix, Inc.*
|
(11,455
|
)
|
(3,604,430
|
)
|
||||||||||
Nevro Corp.*
|
(15,458
|
)
|
(1,727,895
|
)
|
||||||||||
Occidental Petroleum Corp.
|
(53,294
|
)
|
(2,055,550
|
)
|
||||||||||
Power Integrations, Inc.
|
(18,053
|
)
|
(1,651,669
|
)
|
||||||||||
Prosperity Bancshares, Inc.
|
(27,383
|
)
|
(1,923,656
|
)
|
||||||||||
Public Storage
|
(7,578
|
)
|
(1,596,533
|
)
|
||||||||||
RLI Corp.
|
(52,161
|
)
|
(4,765,951
|
)
|
||||||||||
Roku, Inc.*
|
(12,240
|
)
|
(1,962,929
|
)
|
||||||||||
Select Medical Holdings Corp.*
|
(103,048
|
)
|
(2,278,391
|
)
|
||||||||||
SiteOne Landscape Supply, Inc.*
|
(24,042
|
)
|
(2,133,968
|
)
|
||||||||||
Snap, Inc., Class A*
|
(87,959
|
)
|
(1,341,375
|
)
|
||||||||||
Tabula Rasa HealthCare, Inc.*
|
(36,050
|
)
|
(1,608,190
|
)
|
||||||||||
Tesla, Inc.*
|
(15,382
|
)
|
(5,075,137
|
)
|
||||||||||
TransDigm Group, Inc.
|
(2,250
|
)
|
(1,275,975
|
)
|
||||||||||
Trex Co., Inc.*
|
(13,622
|
)
|
(1,172,309
|
)
|
||||||||||
Trinity Industries, Inc.
|
(68,734
|
)
|
(1,446,163
|
)
|
||||||||||
Triumph Group, Inc.
|
(63,332
|
)
|
(1,754,930
|
)
|
||||||||||
Trustmark Corp.
|
(74,332
|
)
|
(2,554,047
|
)
|
||||||||||
Universal Display Corp.
|
(7,266
|
)
|
(1,411,202
|
)
|
||||||||||
Vail Resorts, Inc.
|
(8,930
|
)
|
(2,167,043
|
)
|
||||||||||
Wayfair, Inc. Class A*
|
(10,530
|
)
|
(894,208
|
)
|
||||||||||
Westamerica Bancorporation
|
(54,262
|
)
|
(3,527,030
|
)
|
||||||||||
Williams Cos., Inc. (The)
|
(74,650
|
)
|
(1,696,048
|
)
|
||||||||||
WisdomTree Investments, Inc.
|
(299,958
|
)
|
(1,457,796
|
)
|
||||||||||
Zillow Group, Inc., Class A*
|
(69,513
|
)
|
(2,715,178
|
)
|
||||||||||
(146,325,752
|
)
|
|||||||||||||
TOTAL COMMON STOCKS
|
||||||||||||||
(Proceeds $(245,334,299))
|
(266,968,689
|
)
|
||||||||||||
PREFERRED STOCKS—(0.3%)
|
||||||||||||||
Brazil—(0.3%)
|
||||||||||||||
Gerdau SA - SP ADR, 1.723%
|
(502,708
|
)
|
(1,995,751
|
)
|
||||||||||
TOTAL PREFERRED STOCKS
|
||||||||||||||
(Proceeds $(1,965,933))
|
(1,995,751
|
)
|
||||||||||||
TOTAL SECURITIES SOLD SHORT—(47.5%)
|
||||||||||||||
(Proceeds $(247,300,232))
|
(268,964,440
|
)
|
||||||||||||
NUMBER OF
|
NOTIONAL
|
|||||||||||||
CONTRACTS
|
AMOUNT
|
|||||||||||||
OPTIONS WRITTEN ƗƗ —(1.6%)
|
||||||||||||||
Call Options Written—(1.6%)
|
||||||||||||||
Allstate Corp., (The)
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
97.50
|
(21
|
)
|
(233,835
|
)
|
(30,345
|
)
|
||||||||
Biogen, Inc.
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
240.00
|
(89
|
)
|
(2,668,309
|
)
|
(553,135
|
)
|
||||||||
Chubb Ltd.
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
140.00
|
(264
|
)
|
(3,999,072
|
)
|
(311,520
|
)
|
||||||||
Cisco Systems, Inc.
|
||||||||||||||
Expiration:
|
||||||||||||||
04/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
45.00
|
(1,029
|
)
|
(4,662,399
|
)
|
(265,482
|
)
|
||||||||
Comcast Corp.
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
40.00
|
(1,908
|
)
|
(8,423,820
|
)
|
(829,980
|
)
|
||||||||
Johnson & Johnson
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
130.00
|
(402
|
)
|
(5,527,098
|
)
|
(360,192
|
)
|
||||||||
Kansas City Southern
|
||||||||||||||
Expiration:
|
||||||||||||||
03/20/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
130.00
|
(364
|
)
|
(5,548,088
|
)
|
(877,240
|
)
|
||||||||
Laboratory Corp. of America Holdings
|
||||||||||||||
Expiration:
|
||||||||||||||
02/21/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
160.00
|
(345
|
)
|
(5,944,005
|
)
|
(558,900
|
)
|
||||||||
Masco Corp.
|
||||||||||||||
Expiration:
|
||||||||||||||
04/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
44.00
|
(1,279
|
)
|
(5,953,745
|
)
|
(562,760
|
)
|
||||||||
Medtronic PLC
|
||||||||||||||
Expiration:
|
||||||||||||||
06/19/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
105.00
|
(690
|
)
|
(7,685,910
|
)
|
(708,975
|
)
|
||||||||
Oracle Corp.
|
||||||||||||||
Expiration:
|
||||||||||||||
06/19/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
55.00
|
(1,760
|
)
|
(9,880,640
|
)
|
(809,600
|
)
|
||||||||
PulteGroup, Inc.
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
30.00
|
(864
|
)
|
(3,425,760
|
)
|
(855,360
|
)
|
||||||||
United Parcel Service, Inc., Class B
|
||||||||||||||
Expiration:
|
||||||||||||||
04/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
110.00
|
(485
|
)
|
(5,806,905
|
)
|
(617,162
|
)
|
||||||||
United Technologies Corp.
|
||||||||||||||
Expiration:
|
||||||||||||||
01/17/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
120.00
|
(56
|
)
|
(830,704
|
)
|
(160,440
|
)
|
||||||||
Verizon Communications, Inc.
|
||||||||||||||
Expiration:
|
||||||||||||||
06/19/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
60.00
|
(1,333
|
)
|
(8,029,992
|
)
|
(386,570
|
)
|
||||||||
Wells Fargo & Co.
|
||||||||||||||
Expiration:
|
||||||||||||||
06/19/2020,
|
||||||||||||||
Exercise Price:
|
||||||||||||||
47.50
|
(1,653
|
)
|
(9,002,238
|
)
|
(1,318,268
|
)
|
||||||||
TOTAL CALL OPTIONS WRITTEN
|
||||||||||||||
(Premiums received $(6,467,652))
|
(9,205,929
|
)
|
||||||||||||
TOTAL OPTIONS WRITTEN
|
||||||||||||||
(Premiums received $(6,467,652))
|
(9,205,929
|
)
|
||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES—49.4%
|
279,647,863
|
|||||||||||||
NET ASSETS—100.0%
|
$
|
566,132,629
|
(a)
|
7 day yield as of November 30, 2019
|
|||||
ADR
|
American Depositary Receipt
|
|||||
PLC
|
Public Limited Company
|
|||||
SP ADR
|
Sponsored American Depositary Receipt
|
|||||
*
|
Non-income producing.
|
|||||
Ɨ
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
|
|||||
#
|
Security segregated as collateral for options written.
|
|||||
ƗƗ
|
Primary risk exposure is equity contracts.
|
|||||
Industry classifications may be different than those used for compliance monitoring purposes.
|
Contracts For Difference held by the Fund at November 30, 2019, are as follows:
|
||||||||||||||||
REFERENCE
COMPANY
|
COUNTERPARTY
|
EXPIRATION DATE
|
FINANCING
RATE
|
PAYMENT FREQUENCY
|
NUMBER OF CONTRACTS LONG/(SHORT)
|
NOTIONAL
AMOUNT
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
|
|||||||||
Short
|
||||||||||||||||
Brazil
|
||||||||||||||||
Banco Inter SA-PR
|
Morgan Stanley
|
9/15/2020
|
1.55%
|
Monthly
|
(439,800)
|
$ |
(1,558,211)
|
$ |
(26,688)
|
|||||||
India
|
||||||||||||||||
Axis Bank
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(19,191)
|
(982,579)
|
20,845
|
|||||||||
Indonesia
|
||||||||||||||||
Unilever Indonesia TBK PT
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(646,800)
|
(1,915,623)
|
48,281
|
|||||||||
South Korea
|
||||||||||||||||
Celltrion Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(8,458)
|
(1,247,900)
|
81,527
|
|||||||||
LG Chem. Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.55
|
Monthly
|
(6,733)
|
(1,751,381)
|
80,105
|
|||||||||
Oil Corp.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(14,071)
|
(1,065,584)
|
92,926
|
|||||||||
Samsung BioLogics Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(3,675)
|
(1,227,075)
|
29,016
|
|||||||||
(5,291,940)
|
283,574
|
|||||||||||||||
Switzerland
|
||||||||||||||||
Stadler Rail AG
|
Morgan Stanley
|
9/15/2020
|
-0.71
|
Monthly
|
(41,329)
|
(2,022,320)
|
(556)
|
|||||||||
Taiwan
|
||||||||||||||||
AU Optronics Corp.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(4,416,000)
|
(1,273,823)
|
(123,805)
|
|||||||||
Eclat Textile Co., Ltd.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(157,000)
|
(2,037,298)
|
27,979
|
|||||||||
Hiwin Technologies Corp.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(372,170)
|
(3,176,213)
|
(24,723)
|
|||||||||
(6,487,334)
|
(120,549)
|
|||||||||||||||
United Kingdom
|
||||||||||||||||
Hargreaves Lansdown PLC
|
Goldman Sachs
|
9/15/2020
|
0.71
|
Monthly
|
(102,560)
|
(2,457,607)
|
(47,665)
|
|||||||||
Spectris PLC
|
Goldman Sachs
|
9/15/2020
|
0.71
|
Monthly
|
(60,096)
|
(2,176,274)
|
(68,462)
|
|||||||||
Whitbread PLC
|
Goldman Sachs
|
12/31/2020
|
0.71
|
Monthly
|
(49,360)
|
(2,931,783)
|
(120,922)
|
|||||||||
(7,565,664)
|
(237,049)
|
|||||||||||||||
Total Short
|
(25,823,671)
|
(32,142)
|
||||||||||||||
Net unrealized gain/(loss) on Contracts For Difference
|
$ |
(32,142)
|
BOSTON PARTNERS INVESTMENT FUNDS
|
||||
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
|
||||
NOTES TO PORTFOLIO OF INVESTMENTS
|
||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||
PORTFOLIO VALUATION — The Boston Partners Global Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of
regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities
exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing
prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an
independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the
primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the investment
companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the
absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the
closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices
supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental
valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other
event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the
parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in
non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that
significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value
prices based on third-party vendor modeling tools (international fair value pricing).
|
||||
FAIR VALUE MEASUREMENTS — The
inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
|
||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
|
||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.).
|
||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments).
|
||||
The inputs or methodologies 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, as of November 30, 2019, in valuing the Fund's investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Common Stock
|
||||||||||||||||
Bermuda
|
$
|
8,111,510
|
$
|
8,111,510
|
$
|
-
|
$
|
-
|
||||||||
Brazil
|
3,648,142
|
3,648,142
|
-
|
-
|
||||||||||||
Canada
|
17,979,159
|
17,979,159
|
-
|
-
|
||||||||||||
China
|
1,565,564
|
1,565,564
|
-
|
-
|
||||||||||||
Denmark
|
8,504,598
|
8,504,598
|
-
|
-
|
||||||||||||
Finland
|
4,641,917
|
4,641,917
|
-
|
-
|
||||||||||||
France
|
47,765,334
|
-
|
47,765,334
|
-
|
||||||||||||
Germany
|
11,907,395
|
-
|
11,907,395
|
-
|
||||||||||||
Hong Kong
|
13,721,562
|
5,453,639
|
8,267,923
|
-
|
||||||||||||
Hungary
|
5,429,119
|
-
|
5,429,119
|
-
|
||||||||||||
Ireland
|
5,960,503
|
-
|
5,960,503
|
-
|
||||||||||||
Italy
|
5,014,020
|
-
|
5,014,020
|
-
|
||||||||||||
Japan
|
63,343,297
|
-
|
63,343,297
|
-
|
||||||||||||
Netherlands
|
10,579,387
|
4,416,658
|
6,162,729
|
-
|
||||||||||||
South Korea
|
11,830,136
|
5,554,451
|
6,275,685
|
-
|
||||||||||||
Switzerland
|
3,489,586
|
-
|
3,489,586
|
-
|
||||||||||||
Taiwan
|
3,269,624
|
-
|
3,269,624
|
-
|
||||||||||||
United Kingdom
|
32,704,409
|
3,616,788
|
29,087,621
|
-
|
||||||||||||
United States
|
283,124,360
|
283,124,360
|
-
|
-
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
|
2,661,154
|
2,661,154
|
-
|
-
|
||||||||||||
Short-Term Investments
|
19,404,359
|
19,404,359
|
-
|
-
|
||||||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
380,679
|
20,845
|
359,834
|
-
|
||||||||||||
Total Assets
|
$
|
565,035,814
|
$
|
368,703,144
|
$
|
196,332,670
|
$
|
-
|
||||||||
Securities Sold Short
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
Australia
|
$
|
(11,880,915
|
)
|
$
|
-
|
$
|
(11,880,915
|
)
|
$
|
-
|
||||||
Belgium
|
(3,712,573
|
)
|
-
|
(3,712,573
|
)
|
-
|
||||||||||
Bermuda
|
(1,386,404
|
)
|
-
|
(1,386,404
|
)
|
-
|
||||||||||
Canada
|
(5,868,257
|
)
|
(5,868,257
|
)
|
-
|
-
|
||||||||||
China
|
(6,493,939
|
)
|
(1,746,811
|
)
|
(4,747,128
|
)
|
-
|
|||||||||
Denmark
|
(2,709,633
|
)
|
(2,709,633
|
)
|
-
|
-
|
||||||||||
France
|
(2,617,938
|
)
|
-
|
(2,617,938
|
)
|
-
|
||||||||||
Germany
|
(6,922,824
|
)
|
(4,936,335
|
)
|
(1,986,489
|
)
|
-
|
|||||||||
Hong Kong
|
(7,883,475
|
)
|
(2,169,257
|
)
|
(5,714,218
|
)
|
-
|
|||||||||
Ireland
|
(1,992,101
|
)
|
-
|
(1,992,101
|
)
|
-
|
||||||||||
Italy
|
(4,260,495
|
)
|
-
|
(4,260,495
|
)
|
-
|
||||||||||
Japan
|
(28,940,281
|
)
|
-
|
(28,940,281
|
)
|
-
|
||||||||||
Luxembourg
|
(2,614,374
|
)
|
-
|
(2,614,374
|
)
|
-
|
||||||||||
Netherlands
|
(1,943,235
|
)
|
-
|
(1,943,235
|
)
|
-
|
||||||||||
Norway
|
(2,297,190
|
)
|
-
|
(2,297,190
|
)
|
-
|
||||||||||
Sweden
|
(5,084,481
|
)
|
(5,084,481
|
)
|
-
|
-
|
||||||||||
Switzerland
|
(3,527,226
|
)
|
-
|
(3,527,226
|
)
|
-
|
||||||||||
United Kingdom
|
(20,507,596
|
)
|
(6,796,858
|
)
|
(13,710,738
|
)
|
-
|
|||||||||
United States
|
(146,325,752
|
)
|
(146,325,752
|
)
|
-
|
-
|
||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
|
(1,995,751
|
)
|
(1,995,751
|
)
|
-
|
-
|
||||||||||
Options Written
|
||||||||||||||||
Equity Contracts
|
(9,205,929
|
)
|
(3,507,184
|
)
|
(5,698,745
|
)
|
-
|
|||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
(412,821
|
)
|
(27,244
|
)
|
(385,577
|
)
|
-
|
|||||||||
Total Liabilities
|
$
|
(278,583,190
|
)
|
$
|
(181,167,563
|
)
|
$
|
(97,415,627
|
)
|
$
|
-
|
|||||
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are
|
||||
considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the
quoted price;
|
||||
the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in
the
|
||||
market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for
changes in
|
||||
listings or delistings on national exchanges.
|
||||
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the
fair
|
||||
value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ
significantly
|
||||
from the values that would have been used had a ready market existed for such investments and may differ materially from the values
the
|
||||
Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise
|
||||
less liquid than publicly traded securities.
|
||||
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires
|
||||
the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes
attributable to
|
||||
total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers
in and
|
||||
out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the
|
||||
Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets.
|
||||
The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during
|
||||
the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
|
||||
During the current fiscal year, the Fund had no significant level 3 investments or transfers.
|
||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the
|
||||
Securities and Exchange Commission.
|