NPORT-EX 2 emerging.htm NPORT-EX

BOSTON PARTNERS EMERGING MARKETS FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 92.5%
            
Austria — 0.9%
            
Erste Group Bank AG
    
5,180
    
$
209,486
  
                 
Brazil — 5.7%
                
Banco do Brasil SA
    
12,100
      
133,364
  
Cia Siderurgica Nacional SA
    
36,700
      
122,953
  
Eletromidia SA (a)
    
57,276
      
178,157
  
Porto Seguro SA
    
17,200
      
97,601
  
Sendas Distribuidora S/A
    
19,200
      
50,321
  
Suzano SA
    
42,800
      
465,040
  
TIM SA, ADR
    
4,614
      
81,344
  
TIM SA
    
19,400
      
68,069
  
Vale SA - SP ADR, ADR
    
8,204
      
123,060
  
             
1,319,909
  
Cayman Islands — 2.0%
                
StoneCo Ltd. - Class A (a)
    
29,937
      
467,017
  
                 
China — 29.6%
                
3SBio, Inc.
    
48,500
      
45,046
  
Alibaba Group Holding Ltd., ADR (a)
    
6,768
      
506,787
  
Alibaba Group Holding Ltd. (a)
    
5,600
      
52,054
  
Anhui Conch Cement Co. Ltd. - Class H
    
39,000
      
90,942
  
Anhui Heli Co. Ltd. - Class A
    
15,600
      
35,551
  
Anker Innovations Technology Co. Ltd. - Class A
    
20,300
      
250,895
  
Asia - Potash International Investment Guangzhou Co. Ltd. - Class A (a)
    
75,100
      
285,816
  
Beijing New Building Materials PLC - Class A
    
51,100
      
167,423
  
Beijing Roborock Technology Co. Ltd. - Class A
    
9,078
      
380,344
  
BOE Technology Group Co. Ltd. - Class A
    
1,704,690
      
924,776
  
COSCO SHIPPING Holdings Co. Ltd. - Class H
    
263,500
      
242,765
  
Focus Media Information Technology Co. Ltd. - Class A
    
169,600
      
155,458
  
Hello Group, Inc., ADR
    
12,425
      
80,266
  
Henan Shuanghui Investment & Development Co. Ltd. - Class A
    
71,600
      
261,868
  
Huaxin Cement Co. Ltd. - Class A
    
72,900
      
136,138
  
JD.com, Inc. - Class A
    
305
      
4,157
  
JD.com, Inc., ADR
    
2,211
      
60,648
  
Kuaishou Technology (a)
    
36,100
      
266,177
  
Maxscend Microelectronics Co. Ltd. - Class A
    
9,800
      
190,382
  
Midea Group Co. Ltd. - Class A
    
90,800
      
658,592
  
Sany Heavy Industry Co. Ltd. - Class A
    
42,699
      
81,697
  
Shandong Pharmaceutical Glass Co. Ltd. - Class A
    
61,700
      
227,997
  
Trip.com Group Ltd., ADR (a)
    
1,365
      
48,021
  
Vipshop Holdings Ltd., ADR (a)
    
3,996
      
64,056
  
Wangsu Science & Technology Co. Ltd. - Class A
    
184,800
      
179,439
  
Wanhua Chemical Group Co. Ltd. - Class A
    
24,900
      
281,315
  
Weichai Power Co. Ltd. - Class A
    
462,400
      
966,698
  
Weichai Power Co. Ltd. - Class H
    
69,000
      
126,961
  
XCMG Construction Machinery Co. Ltd. - Class A
    
53,800
      
41,715
  
Xinfengming Group Co. Ltd. - Class A (a)
    
81,900
      
138,506
  
Zhuzhou Kibing Group Co. Ltd. - Class A
    
41,800
      
45,985
  
             
6,998,475
  
Cyprus — 0.0%
                
Fix Price Group PLC, GDR (a),(b)
    
5,934
      
0
  
                 
Hong Kong — 3.0%
                
Futu Holdings Ltd., ADR (a)
    
11,050
      
595,816
  
Orient Overseas International Ltd.
    
10,000
      
120,237
  
             
716,053
  
Hungary — 0.3%
                
Richter Gedeon Nyrt
    
1,253
      
31,581
  
Wizz Air Holdings PLC (a)
    
2,318
      
55,187
  
             
86,768
  
India — 6.9%
                
Bajaj Auto Ltd.
    
4,613
      
337,538
  
Bank of Baroda
    
59,198
      
140,131
  
Chambal Fertilisers and Chemicals Ltd.
    
31,877
      
121,702
  
Gravita India Ltd.
    
4,021
      
54,064
  
Mahindra & Mahindra Ltd.
    
19,107
      
377,956
  
Maruti Suzuki India Ltd.
    
2,742
      
349,110
  
PB Fintech Ltd. (a)
    
5,048
      
50,504
  
Power Grid Corp. of India Ltd.
    
60,440
      
151,587
  
Zydus Lifesciences Ltd.
    
9,620
      
73,595
  
             
1,656,187
  
Indonesia — 1.3%
                
Bank Central Asia Tbk PT
    
142,500
      
82,477
  
Bank Mandiri Persero Tbk PT
    
640,100
      
241,363
  
             
323,840
  
Ireland — 1.8%
                
PDD Holdings, Inc., ADR (a)
    
2,936
      
432,884
  
                 
Israel — 4.0%
                
Inmode Ltd. (a)
    
1,384
      
32,870
  
Mizrahi Tefahot Bank Ltd.
    
1,640
      
58,461
  
Monday.com Ltd. (a)
    
1,031
      
185,415
  
Teva Pharmaceutical Industries Ltd. - Sponsored ADR, ADR (a)
    
28,401
      
278,898
  
Wix.com Ltd. (a)
    
3,853
      
391,080
  
             
946,724
  
Japan — 0.8%
                
Suzuki Motor Corp.
    
4,800
      
196,150
  
                 
Jordan — 0.3%
                
Hikma Pharmaceuticals PLC
    
3,196
      
69,644
  
                 
Malaysia — 0.5%
                
Petronas Chemicals Group Bhd
    
75,800
      
117,609
  
                 
Mexico — 1.2%
                
Coca-Cola Femsa SAB de CV, ADR
    
748
      
63,318
  
Gruma SAB de CV - Class B
    
4,750
      
87,824
  
Grupo Comercial Chedraui SAB de CV
    
4,500
      
26,458
  
Grupo Financiero Banorte SAB de CV
    
9,100
      
84,679
  
             
262,279
  
Russia — 0.0%
                
HeadHunter Group PLC, ADR (a),(b)
    
3,106
      
0
  
Magnit PJSC (b)
    
2,995
      
0
  
Sberbank of Russia PJSC, ADR (a),(b)
    
9,522
      
0
  
             
0
  
Singapore — 3.7%
                
DBS Group Holdings Ltd.
    
14,856
      
352,900
  
Singapore Airlines Ltd.
    
25,000
      
118,550
  
United Overseas Bank Ltd.
    
20,000
      
408,185
  
             
879,635
  
South Africa — 1.1%
                
Aspen Pharmacare Holdings Ltd.
    
2,489
      
24,443
  
Bidvest Group Ltd.
    
7,993
      
99,967
  
Life Healthcare Group Holdings Ltd.
    
28,783
      
27,636
  
Sappi Ltd.
    
26,422
      
55,377
  
Thungela Resources Ltd.
    
3,370
      
25,722
  
Thungela Resources Ltd.
    
5,047
      
38,649
  
             
271,794
  
South Korea — 13.4%
                
Classys, Inc.
    
2,851
      
92,042
  
Daewoo Engineering & Construction Co. Ltd. (a)
    
23,221
      
83,435
  
Hana Financial Group, Inc.
    
4,054
      
130,444
  
Hankook Tire & Technology Co. Ltd.
    
2,708
      
94,783
  
Hanwha Systems Co. Ltd.
    
14,053
      
175,394
  
HK inno N Corp.
    
2,227
      
68,497
  
Hyundai Engineering & Construction Co. Ltd.
    
10,868
      
301,263
  
Hyundai Steel Co.
    
4,471
      
121,556
  
LIG Nex1 Co. Ltd.
    
1,428
      
107,857
  
Samsung Electronics Co. Ltd.
    
13,347
      
752,607
  
Samsung Electronics Co. Ltd., GDR 
    
81
      
112,673
  
SK Hynix, Inc.
    
10,333
      
1,072,168
  
             
3,112,719
  
Taiwan — 11.4%
                
Accton Technology Corp.
    
34,000
      
578,473
  
Evergreen Marine Corp. Taiwan Ltd.
    
135,000
      
484,246
  
Hiwin Technologies Corp.
    
26,000
      
190,063
  
ITEQ Corp.
    
69,000
      
195,805
  
Nanya Technology Corp.
    
80,000
      
191,720
  
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
    
7,533
      
733,036
  
Yang Ming Marine Transport Corp.
    
284,000
      
382,122
  
             
2,755,465
  
Thailand — 1.9%
                
Bangkok Bank PCL
    
48,800
      
209,611
  
Bumrungrad Hospital PCL (b)
    
18,900
      
119,812
  
Indorama Ventures PCL (b)
    
167,900
      
116,937
  
             
446,360
  
United Arab Emirates — 0.3%
                
Abu Dhabi Islamic Bank PJSC
    
24,635
      
68,420
  
                 
United States — 2.0%
                
Mosaic Co.
    
8,589
      
308,259
  
Samsonite International SA (a)
    
54,300
      
158,369
  
             
466,628
  
Uruguay — 0.4%
                
Arcos Dorados Holdings, Inc. - Class A
    
8,839
      
102,444
  
TOTAL COMMON STOCKS  (COST $20,181,248)
            
21,906,490
  
                 
PREFERRED STOCKS — 2.8%
                
Brazil — 1.1%
                
Gerdau SA - SP ADR 13.846%  
    
23,026
      
102,696
  
Usinas Siderurgicas de Minas Gerais S/A Usiminas 4.242%
    
101,600
      
162,245
  
             
264,941
  
South Korea — 1.7%
                
Samsung Electronics Co. Ltd. 2.496%  
    
9,195
      
412,500
  
TOTAL PREFERRED STOCKS  (COST $654,211)
            
677,441
  
                 
   
NUMBER OF
SHARES
          
SHORT-TERM INVESTMENTS — 5.2%
                
Tri-State Deposit, 5.45% (c)
    
242,737
      
242,737
  
U.S. Bank Money Market Deposit Account, 5.20% (c)
    
994,339
      
994,339
  
TOTAL SHORT-TERM INVESTMENTS (COST $1,237,076)
            
1,237,076
  
TOTAL INVESTMENTS (COST $22,072,535) — 100.5%
            
23,821,007
  
 LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
            
(121,805
)
TOTAL NET ASSETS — 100.0%
          
$
23,699,202
  
   
Percentages are stated as a percent of net assets.
  

ADR American Depositary Receipt
GDR Global Depositary Receipt
PLC Public Limited Company

(a)
Non-income producing security.
(b)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors.  As of November 30, 2023, these securities amounted to $236,749 or 1.0% of net assets.
(c)
The rate shown is as of November 30, 2023.

                         
Contracts For Difference held by the Fund at November 30, 2023, are as follows:
                        
                             
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
  
NOTIONAL
AMOUNT
  
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                            
Portugal
                            
Jeronimo Martins
  
Goldman Sachs
  
12/08/2025
  
3.90%
  
Termination
  
7,142
  
 $                176,470
  
 $                   22,267
Russia
                            
Detsky Mir PJSC
  
Goldman Sachs
  
09/18/2025
  
5.33
  
Monthly
  
117,900
  
                 91,962
  
                (89,999)
Taiwan
                            
Elan Microelectronics Corp.
  
Goldman Sachs
  
07/13/2026
  
5.33
  
Termination
  
30,000
  
               145,487
  
                  29,037
Total Long
                      
               413,919
  
                (38,695)
Net unrealized gain/(loss) on Contracts For Difference
                          
$                 (38,695)
                             


PORTFOLIO VALUATION - The Fund’s 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 sales 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 are valued based on the NAV of those investment companies (which may use fair value pricing as discussed 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. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’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.
 
FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure the 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 Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
BOSTON PARTNERS EMERGING MARKETS FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 
  
 
 
Common Stocks
 
$
21,906,490
 
 
$
6,215,758
 
 
$
15,453,983
 
 
$
236,749
 
Preferred Stocks
  
677,441
    
264,941
    
412,500
    
 –  
Total Equity Securities
 
22,583,931
    
6,480,699
 
 
15,866,483
 
 
236,749
 
Derivative Investments
 

 
 

 
 
 
 
 
 
 
Swap
 
51,304
 
 
51,304
 
 
 –
 
 
 –
 
Total Derivative Investments
 
51,304
 
 
51,304
 
 
 –
 
 
 –
 
 
 

 
 

 
 
 
 
 
 
 
Short-Term Investments
 
1,237,076
 
 
994,339
 
 
242,737
 
 
–
 
Total Short-Term Investments
 
1,237,076
 
 
994,339
 
 
242,737
 
 
–
 
Total  Assets*
 
23,872,311
 
 

7,526,342
 
 

16,109,220
 
 

236,749
 
   
                           
Derivative Investments
  
                           
Swap
  
(89,999)
    
(89,999)    
 –    
–
  
Total Derivative Investments
  
(89,999)
    
(89,999)    
 –    
–
  
Total Liabilities
   $
(89,999)
     $
(89,999)     $
 –     $
–
  

* Please refer to Portfolio of Investments for further details.

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 Levels 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 Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
 
For the period ended November 30, 2023, the Fund had no significant Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.