0001752724-21-213242.txt : 20210929 0001752724-21-213242.hdr.sgml : 20210929 20210928184625 ACCESSION NUMBER: 0001752724-21-213242 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210929 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Advisors' Inner Circle Fund II CENTRAL INDEX KEY: 0000890540 IRS NUMBER: 233040006 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07102 FILM NUMBER: 211288807 BUSINESS ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 6106761000 MAIL ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 FORMER COMPANY: FORMER CONFORMED NAME: Advisors Inner Circle Fund II DATE OF NAME CHANGE: 20041029 FORMER COMPANY: FORMER CONFORMED NAME: ARBOR FUND DATE OF NAME CHANGE: 19920929 0000890540 S000042718 KOPERNIK GLOBAL ALL-CAP FUND C000132088 CLASS A SHARES KGGAX C000132089 CLASS I SHARES KGGIX NPORT-P 1 primary_doc.xml NPORT-P false 0000890540 XXXXXXXX S000042718 C000132088 C000132089 ADVISORS' INNER CIRCLE FUND II 811-07102 0000890540 549300OEHDTB2ALCAX69 ONE FREEDOM VALLEY DRIVE OAKS 19456 8774463863 Kopernik Global All-Cap Fund S000042718 549300WVQV7BIZZ6VA82 2021-10-31 2021-07-31 N 2129393042.78 2203757.97 2127189284.81 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 10882441.10000000 N ASTARTA Holding N.V. 724500R38HLH2G58KQ51 ASTARTA HOLDING NV COMMON STOCK N/A 659000.00000000 NS 8176560.67000000 0.384383314093 Long EC PL N 1 N N N LX Holdings Corp N/A LX HOLDINGS CORP COMMON STOCK N/A 36588.00000000 NS 332401.30000000 0.015626315080 Long EC KR N 1 N N N LENTA PLC 213800OMCE8QATH73N15 LENTA PLC DEPOSITARY RECEIPT 52634T200 4693768.00000000 NS USD 14949651.08000000 0.702788942514 Long EC GB N 1 N N N GRUPPA LSR PAO 25340067LEEMJ79K8X43 LSR GROUP PJSC COMMON STOCK N/A 1523586.00000000 NS 15872477.58000000 0.746171377100 Long EC RU N 1 N N N TURQUOISE HILL RESOURCES LTD. 549300R80B2163QFEC16 TURQUOISE HILL RESOURCES LTD COMMON STOCK 900435207 4661916.00000000 NS USD 77853997.20000000 3.659946848921 Long EC US N 1 N N N Fission Uranium Corp 529900CBYH3A7AK6P676 FISSION URANIUM CORP COMMON STOCK 33812R109 15608000.00000000 NS 6755626.80000000 0.317584657286 Long EC CA N 1 N N N N/A N/A MAGIC LEAP INC CVT GABRIEL RESOURCES LTD RESTRICTED 4 MO (9/28/2021) N/A 3471971.00000000 NS 751388.40000000 0.035323062473 Long EP CA N 2 N N N MHP SE 213800D7DXFXGA292757 MHP SE DEPOSITARY RECEIPT 55302T204 3342148.00000000 NS USD 18114442.16000000 0.851567008603 Long EC GB N 1 N N N Joint Stock Company Halyk Savings Bank of Kazakhstan 213800NYDTVQM4SDUD67 HALYK SAVINGS BANK-GDR REG S DEPOSITARY RECEIPT 46627J302 287838.00000000 NS USD 4294542.96000000 0.201888143695 Long EC GB N 1 N N N DENISON MINES CORP. 529900JWGSW17LJK6586 DENISON MINES CORP COMMON STOCK 248356107 5131308.00000000 NS 5552473.39000000 0.261023945055 Long EC CA N 1 N N N Pan American Silver Corp. 549300MKTF5851TYIB83 PAN AMER SILVER-CVR CONTINGENT VALUE RIGHTS 697900132 2532384.00000000 NS 2101878.72000000 0.098810140451 Long EC CA N 1 N N N KERNEL HOLDING S.A. 5493003GR6L4DZOS2U12 KERNEL HOLDING SA COMMON STOCK N/A 1596641.00000000 NS 22089802.80000000 1.038450266637 Long EC PL N 1 N N N ROYAL GOLD, INC. 5493001NGRU6SFL04184 ROYAL GOLD INC COMMON STOCK 780287108 79772.00000000 NS USD 9693893.44000000 0.455713720881 Long EC US N 1 N N N KOREA ELECTRIC POWER CORPORATION 988400QG33WS7JEIV602 KOREA ELEC POWER CORP-SP ADR DEPOSITARY RECEIPT 500631106 230374.00000000 NS USD 2481127.98000000 0.116638796449 Long EC US N 1 N N N KATO SANGYO CO., LTD. N/A KATO SANGYO CO LTD COMMON STOCK N/A 85100.00000000 NS 2579258.01000000 0.121251927527 Long EC JP N 1 N N N IVANHOE MINES LTD 5299006XZISURYIA4G32 IVANHOE MINES LTD-CL A COMMON STOCK 46579R104 3789785.00000000 NS 28128734.45000000 1.322342804698 Long EC CA N 1 N N N Cenovus Energy Inc. N/A CENOVUS ENERGY INC COMMON STOCK 15135U109 3342734.00000000 NS 27891841.09000000 1.311206355220 Long EC CA N 1 N N N Impala Platinum Holdings Limited 254900BZFIFB4PD2Z778 IMPALA PLATINUM HOLDINGS LTD COMMON STOCK N/A 182378.00000000 NS 3286382.79000000 0.154494139918 Long EC ZA N 1 N N N Northern Dynasty Minerals Ltd. N/A NORTHERN DYNASTY MINERALS COMMON STOCK 66510M204 2873848.00000000 NS 1243890.61000000 0.058475783931 Long EC CA N 1 N N N Centerra Gold Inc. 549300K0HXTMP5JJ0E62 CENTERRA GOLD INC COMMON STOCK 152006102 8285900.00000000 NS 66613960.40000000 3.131548324151 Long EC CA N 1 N N N HARMONY GOLD MINING COMPANY LIMITED 378900986D05F0C29811 HARMONY GOLD MNG-SPON ADR DEPOSITARY RECEIPT 413216300 1266419.00000000 NS USD 5192317.90000000 0.244092894651 Long EC US N 1 N N N Gold Fields Limited 5299003KXIBJQYCBBD72 GOLD FIELDS LTD COMMON STOCK N/A 1802074.00000000 NS 17630528.94000000 0.828818058923 Long EC ZA N 1 N N N Gabriel Resources Ltd. 529900SJTRA2V9AI4361 GABRIEL RESOURCES LTD COMMON STOCK 361970106 60679056.00000000 NS 13131889.32000000 0.617335251440 Long EC CA N 1 N N N Centrais Eletricas Brasileiras S.A. 254900I8KYDELP4B4Z08 CENTRAIS ELETRICAS BRASILIER COMMON STOCK N/A 3274011.00000000 NS 24905931.13000000 1.170837560524 Long EC BR N 1 N N N CARREFOUR SA 549300B8P6MUJ1YWTS08 CARREFOUR SA COMMON STOCK N/A 465495.00000000 NS 8647376.24000000 0.406516538126 Long EC FR N 1 N N N HYUNDAI MOTOR COMPANY 9884004RQX8PRBXQ8S60 Hyundai Motor Co PREFERRED STOCK N/A 217375.00000000 NS 19653988.26000000 0.923941672720 Long EP KR N 1 N N N West Japan Railway Company 353800QGUXHZ7EBCR121 WEST JAPAN RAILWAY CO COMMON STOCK N/A 124800.00000000 NS 6731157.19000000 0.316434331352 Long EC JP N 1 N N N KYORIN Holdings, Inc. N/A KYORIN HOLDINGS INC COMMON STOCK N/A 552900.00000000 NS 8925626.91000000 0.419597210917 Long EC JP N 1 N N N FIRST RESOURCES LIMITED 5493007RRD817HUP4O49 FIRST RESOURCES LTD COMMON STOCK N/A 20644800.00000000 NS 20721744.71000000 0.974137320922 Long EC SG N 1 N N N MITSUI & CO., LTD. 2NRSB4GOU9DD6CNW5R48 MITSUI & CO LTD COMMON STOCK N/A 1296500.00000000 NS 29539234.77000000 1.388650976240 Long EC JP N 1 N N N HEMAS HOLDINGS PLC 254900TV1ZINS66XKY23 HEMAS HOLDINGS PLC COMMON STOCK N/A 16019905.00000000 NS 6335691.75000000 0.297843346393 Long EC LK N 1 N N N Pan American Silver Corp. 549300MKTF5851TYIB83 PAN AMERICAN SILVER CORP COMMON STOCK 697900108 648875.00000000 NS 18219053.58000000 0.856484832360 Long EC CA N 1 N N N FRESNILLO PLC 549300JXWH1UV5J0XV81 FRESNILLO PLC COMMON STOCK N/A 1731633.00000000 NS 19693949.58000000 0.925820269998 Long EC GB N 1 N N N KT CORPORATION 9884005ACF8449EANY26 KT CORP COMMON STOCK N/A 2131718.00000000 NS 62640355.05000000 2.944747582986 Long EC KR N 1 N N N CRESCENT POINT ENERGY CORP. 549300FTKUHZK8OC7N74 CRESCENT POINT ENERGY CORP COMMON STOCK 22576C101 1888449.00000000 NS 6902314.40000000 0.324480498716 Long EC CA N 1 N N N FEDERAL HYDRO-GENERATING COMPANY RUSHYDRO PAO 2534005TJN9DX4YWVT97 RUSHYDRO PJSC-ADR DEPOSITARY RECEIPT 782183404 459437.00000000 NS USD 493435.34000000 0.023196588264 Long EC GB N 1 N N N YOMA STRATEGIC HOLDINGS LTD. 529900WRBT4SP5D5ZN49 YOMA STRATEGIC HLDGS LTD COMMON STOCK N/A 34222500.00000000 NS 3460262.37000000 0.162668286960 Long EC SG N 1 N N N IAMGOLD CORPORATION 254900E7II30XAB9LA72 IAMGOLD CORP COMMON STOCK 450913108 2103583.00000000 NS USD 5763817.42000000 0.270959310539 Long EC US N 1 N N N GOLDEN AGRI-RESOURCES LTD 529900GAK9LTNC3IFY40 GOLDEN AGRI-RESOURCES LTD COMMON STOCK N/A 231860800.00000000 NS 39357898.08000000 1.850230177495 Long EC SG N 1 N N N REI AGRO LTD N/A REI AGRO LTD 5.50% 11/13/2014 74948PAA2 723000.00000000 PA USD 0.00000000 0.000000 Long DBT CORP IN N 2 2014-11-13 Fixed 5.50000000 Y N N N N N SUZUKEN CO.,LTD. N/A SUZUKEN CO LTD COMMON STOCK N/A 536700.00000000 NS 15410464.43000000 0.724451958273 Long EC JP N 1 N N N China Shenhua Energy Company Limited 529900N9JOX4C108MA40 CHINA SHENHUA ENERGY CO-H COMMON STOCK N/A 4244000.00000000 NS 8028001.00000000 0.377399465920 Long EC HK N 1 N N N INPEX CORPORATION 353800VHYYADPR6MXQ47 INPEX CORP COMMON STOCK N/A 2573500.00000000 NS 18180233.35000000 0.854659878169 Long EC JP N 1 N N N MHP SE 213800D7DXFXGA292757 MHP SE - GDR 144A DEPOSITARY RECEIPT 55302T105 44627.00000000 NS USD 241878.34000000 0.011370795336 Long EC US Y 1 N N N ELECTRICITE DE FRANCE SA 549300X3UK4GG3FNMO06 EDF COMMON STOCK N/A 3178539.00000000 NS 38704732.96000000 1.819524629819 Long EC FR N 1 N N N Wheaton Precious Metals Corp. 549300XSFG5ZCGVYD886 WHEATON PRECIOUS METALS CORP COMMON STOCK 962879102 579998.00000000 NS USD 26766907.70000000 1.258322796712 Long EC US N 1 N N N FSK YEES PAO 253400FZQ7Z49QZNSG30 FEDERAL GRID CO UNIFIED ENER COMMON STOCK N/A 17511927373.00000000 NS 48127798.21000000 2.262506611596 Long EC RU N 1 N N N GAZPROM PAO 213800FD9J2IHTA7YX78 GAZPROM PJSC COMMON STOCK N/A 15697448.00000000 NS 61112607.60000000 2.872927578020 Long EC RU N 1 N N N Yellow Cake PLC 213800CVMYUGOA9EZY95 YELLOW CAKE PLC COMMON STOCK N/A 3856532.00000000 NS 15063321.73000000 0.708132644215 Long EC GB Y 1 N N N Joint stock company National atomic company Kazatomprom 5493008JG5TXJP2JSY44 NAC KAZATOMPROM JSC-GDR DEPOSITARY RECEIPT 63253R201 371681.00000000 NS USD 9254856.90000000 0.435074441474 Long EC GB N 1 N N N TOHO HOLDINGS CO.,LTD. 353800Z8BQ3ZHELA4J90 TOHO HOLDINGS CO LTD COMMON STOCK N/A 49200.00000000 NS 821607.04000000 0.038624068194 Long EC JP N 1 N N N INTERNATIONAL TOWER HILL MINES LTD. 529900QWPB33AJTGMU33 INTL TOWER HILL MINES LTD COMMON STOCK 46050R102 5411149.00000000 NS USD 5465260.49000000 0.256924032526 Long EC US N 1 N N N ORIENTAL HOLDINGS BHD 549300WBMDZXMUQT2I82 ORIENTAL HOLDINGS BERHAD COMMON STOCK N/A 1948700.00000000 NS 2345828.44000000 0.110278312172 Long EC MY N 1 N N N Japan Petroleum Exploration Co., Ltd. 549300WXUNBZ356DMN17 JAPAN PETROLEUM EXPLORATION COMMON STOCK N/A 329800.00000000 NS 5462345.38000000 0.256786992065 Long EC JP N 1 N N N SEABRIDGE GOLD INC. N/A SEABRIDGE GOLD INC COMMON STOCK 811916105 835032.00000000 NS USD 15122429.52000000 0.710911324534 Long EC US N 1 N N N GS Holdings Corp. N/A GS HOLDINGS COMMON STOCK N/A 129241.00000000 NS 4808967.44000000 0.226071439638 Long EC KR N 1 N N N Joint stock company National atomic company Kazatomprom 5493008JG5TXJP2JSY44 NAC KAZATOMPROM JSC-144A DEPOSITARY RECEIPT 63253R102 1110803.00000000 NS USD 27658994.70000000 1.300260155384 Long EC GB Y 1 N N N STOLT-NIELSEN LIMITED 213800VZX4LWJSGRLR94 STOLT-NIELSEN LTD COMMON STOCK N/A 1056853.00000000 NS 14426720.82000000 0.678205786528 Long EC NO N 1 N N N DL E&C CO., LTD. N/A DL E&C CO LTD COMMON STOCK N/A 40620.00000000 NS 5173510.11000000 0.243208733089 Long EC KR N 1 N N N EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI 789000IA5R88NAGSC462 EMLAK KONUT GAYRIMENKUL YATI REIT N/A 20826230.00000000 NS 4498426.13000000 0.211472771234 Long EC TR N 1 N N N ETALON GROUP PLC 213800U2O9SKHOYSDY32 ETALON GROUP-GDR REG S DEPOSITARY RECEIPT 29760G103 8806246.00000000 NS USD 14459855.93000000 0.679763481005 Long EC GB N 1 N N N Lebanese Company for Development and Reconstruction of Beirut Central District S N/A SOLIDERE-UNSPON ADR DEPOSITARY RECEIPT 522386507 174732.00000000 NS USD 769781.83000000 0.036187744809 Long EC US N 1 N N N NEW GOLD INC. 5493005G0GNCHP0H6L96 NEW GOLD INC COMMON STOCK 644535106 3589222.00000000 NS USD 5886324.08000000 0.276718396526 Long EC US N 1 N N N PHA Co., Ltd. N/A PHA Co Ltd COMMON STOCK N/A 297194.00000000 NS 2816270.03000000 0.132393955258 Long EC KR N 1 N N N KOREA ELECTRIC POWER CORPORATION 988400QG33WS7JEIV602 KOREA ELECTRIC POWER CORP COMMON STOCK N/A 511590.00000000 NS 11074628.12000000 0.520622598049 Long EC KR N 1 N N N Guangshen Railway Company Limited 529900YIR2NSEPF1UU41 GUANGSHEN RAILWAY CO LTD-H COMMON STOCK N/A 42448679.00000000 NS 7319538.27000000 0.344094355978 Long EC HK N 1 N N N Northern Dynasty Minerals Ltd. N/A NORTHERN DYNASTY MINERALS COMMON STOCK 66510M204 11239386.00000000 NS USD 4859910.51000000 0.228466293277 Long EC US N 1 N N N Sprott Physical Uranium Trust N/A SPROTT PHYSICAL URANIUM TRUS MUTUAL FUND 85210A104 3059105.00000000 NS 28320505.57000000 1.331358040031 Long EC CA N 1 N N N TACHI-S CO.,LTD. N/A TACHI-S CO LTD COMMON STOCK N/A 152100.00000000 NS 2017278.16000000 0.094833035047 Long EC JP N 1 N N N Draegerwerk AG & Co. KGaA 5493005UFVHY0PPNKD75 Draegerwerk AG & Co KGaA PREFERRED STOCK N/A 36160.00000000 NS 3324357.35000000 0.156279338831 Long EP DE N 1 N N N N/A N/A SPX US 08/20/21 P4300 LONG N/A 1449.00000000 NC USD 4100670.00000000 0.192774100042 N/A DE US N 1 SPX US 08/20/21 P4300 N/A Put Purchased Put Option 4300 Aug 2021 on S&P 500 Index N/A N/A 144900.00000000 300.00000000 USD 2021-08-23 XXXX -6662502.00000000 N N N MOSKOVSKAYA BIRZHA MMVB-RTS PAO 253400M5M1222KPNWE87 MOSCOW EXCHANGE MICEX-RTS PJ COMMON STOCK N/A 1970115.00000000 NS 4663228.37000000 0.219220188974 Long EC RU N 1 N N N Kasikornbank Public Company Limited 5493004COSQ54937AW41 KASIKORNBANK PCL-FOREIGN COMMON STOCK N/A 1338500.00000000 NS 4194584.32000000 0.197189048946 Long EC TH N 1 N N N TURKIYE HALK BANKASI ANONIM SIRKETI 78900012HXPJ1YQGTH03 TURKIYE HALK BANKASI COMMON STOCK N/A 19576264.00000000 NS 10664022.28000000 0.501319856965 Long EC TR N 1 N N N FUKUDA CORPORATION N/A FUKUDA CORP COMMON STOCK N/A 78700.00000000 NS 3551023.20000000 0.166934989065 Long EC JP N 1 N N N Dreyfus Treasury Securities Cash Management; Participant Shares N/A DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY 261941405 6152259.66000000 PA USD 6152259.66000000 0.289220132121 Long STIV US N 2 N N N POLYUS PAO 549300FUXVT7TF6ZKV71 POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT 73181M117 428247.00000000 NS USD 41240186.10000000 1.938717273281 Long EC GB N 1 N N N BANK VTB PAO 253400V1H6ART1UQ0N98 VTB BANK PJSC COMMON STOCK N/A 13971270000.00000000 NS 9302241.80000000 0.437302024151 Long EC RU N 1 N N N Kamigumi Co.,Ltd. N/A KAMIGUMI CO LTD COMMON STOCK N/A 468950.00000000 NS 9840234.26000000 0.462593260048 Long EC JP N 1 N N N Mitsubishi Corporation KVIPTY4PULAPGC1VVD26 MITSUBISHI CORP COMMON STOCK N/A 1334500.00000000 NS 37247518.34000000 1.751020400769 Long EC JP N 1 N N N NEXGEN ENERGY LTD. 529900N0IXNXB3IP7F06 NEXGEN ENERGY LTD COMMON STOCK 65340P106 10542974.00000000 NS 44534684.98000000 2.093592953763 Long EC CA N 1 N N N CORPORATION CAMECO N4BHALMXL3GMZKCUON55 CAMECO CORP COMMON STOCK 13321L108 4183043.00000000 NS USD 74458165.40000000 3.500307468249 Long EC US N 1 N N N SEABRIDGE GOLD INC. N/A SEABRIDGE GOLD INC COMMON STOCK 811916105 1531284.00000000 NS 27726599.52000000 1.303438284406 Long EC CA N 1 N N N THE JAPAN STEEL WORKS,LTD. 529900AWFTILIHHO0936 JAPAN STEEL WORKS LTD COMMON STOCK N/A 264363.00000000 NS 6448524.57000000 0.303147661378 Long EC JP N 1 N N N GAZPROM PAO 213800FD9J2IHTA7YX78 GAZPROM PJSC-SPON ADR DEPOSITARY RECEIPT 368287207 2411391.00000000 NS USD 18770267.54000000 0.882397616142 Long EC GB N 1 N N N Artemis Gold Inc N/A ARTEMIS GOLD INC COMMON STOCK 04302L100 2844410.00000000 NS 14249408.87000000 0.669870282431 Long EC CA N 1 N N N LUKS GROUP (VIETNAM HOLDINGS) COMPANY LIMITED 5299004B24AHX4THUB34 LUKS GROUP VIETNAM HOLDINGS COMMON STOCK N/A 9255000.00000000 NS 1810234.01000000 0.085099808603 Long EC HK N 1 N N N NEWCREST MINING LIMITED 5299006MN50OZJUJI655 NEWCREST MINING LTD COMMON STOCK N/A 4396279.00000000 NS 85462053.24000000 4.017604538076 Long EC AU N 1 N N N ICOM INCORPORATED N/A ICOM INC COMMON STOCK N/A 68000.00000000 NS 1482667.15000000 0.069700762437 Long EC JP N 1 N N N Bear Creek Mining Corp 549300C9IY653M7KMK88 BEAR CREEK MINING CORP COMMON STOCK 07380N104 3438692.00000000 NS 4244618.21000000 0.199541161678 Long EC CA N 1 N N N CK HUTCHISON HOLDINGS LIMITED 254900Z8HM1VEPOQ2G79 CK HUTCHISON HOLDINGS LTD COMMON STOCK N/A 470500.00000000 NS 3438924.74000000 0.161665196630 Long EC HK N 1 N N N TSAKOS ENERGY NAVIGATION LIMITED 549300IFUTS62LRRCU54 TSAKOS ENERGY NAVIGATION LTD COMMON STOCK G9108L173 428350.00000000 NS USD 3405382.50000000 0.160088362813 Long EC US N 1 N N N HI SUN TECHNOLOGY (CHINA) LIMITED N/A HI SUN TECHNOLOGY CHINA LTD COMMON STOCK N/A 978000.00000000 NS 163605.13000000 0.007691141130 Long EC HK N 1 N N N ORGANO CORPORATION N/A ORGANO CORP COMMON STOCK N/A 162900.00000000 NS 9310268.45000000 0.437679360106 Long EC JP N 1 N N N DUNDEE CORPORATION 549300LX18ZNW1LEMU13 DUNDEE CORP -CL A COMMON STOCK 264901109 2419423.00000000 NS 3316137.65000000 0.155892927520 Long EC CA N 1 N N N N/A N/A BROWN BROTHERS HARRIMAN SWEEP INTEREST N/A 345276437.23000000 PA USD 345276437.23000000 16.23158031565 Long STIV US N 2 N N N RANGE RESOURCES CORPORATION H3Y3WLYCX0BTO1TRW162 RANGE RESOURCES CORP COMMON STOCK 75281A109 2296316.00000000 NS USD 34972892.68000000 1.644089359124 Long EC US N 1 N N N SBERBANK ROSSII PAO 549300WE6TAF5EEWQS81 SBERBANK OF RUSSIA PJSC COMMON STOCK N/A 5733595.00000000 NS 24011039.69000000 1.128768364031 Long EC RU N 1 N N N Korean Reinsurance Company 988400GFST66YNV5UF89 KOREAN REINSURANCE CO COMMON STOCK N/A 718002.00000000 NS 5948758.15000000 0.279653446568 Long EC KR N 1 N N N NOVAGOLD RESOURCES INC. 529900587LVZTJ2BHS60 NOVAGOLD RESOURCES INC COMMON STOCK 66987E206 1520150.00000000 NS USD 11887573.00000000 0.558839454715 Long EC US N 1 N N N Western Copper and Gold Corp 529900DF4NXAM6X99014 WESTERN COPPER AND GOLD CORP COMMON STOCK 95805V108 1335363.00000000 NS 2568829.11000000 0.120761660861 Long EC CA N 1 N N N SOUTHWESTERN ENERGY COMPANY EFWMP121W54QV9MGOP87 SOUTHWESTERN ENERGY CO COMMON STOCK 845467109 7015968.00000000 NS USD 33045209.28000000 1.553468208775 Long EC US N 1 N N N FEDERAL HYDRO-GENERATING COMPANY RUSHYDRO PAO 2534005TJN9DX4YWVT97 RUSHYDRO PJSC COMMON STOCK N/A 4560487688.00000000 NS 50266293.07000000 2.363038091106 Long EC RU N 1 N N N LG Uplus Corp N/A LG UPLUS CORP COMMON STOCK N/A 3245257.00000000 NS 41050631.91000000 1.929806256694 Long EC KR N 1 N N N Equinox Gold Corp. 5493005IN4V1SNP9PN75 EQUINOX GOLD CORP COMMON STOCK 29446Y502 2294025.00000000 NS 15960353.48000000 0.750302457518 Long EC CA N 1 N N N HANKOOK & COMPANY CO., LTD. N/A HANKOOK & CO COMMON STOCK N/A 581645.00000000 NS 9076746.58000000 0.426701405691 Long EC KR N 1 N N N MEG Energy Corp. 5493002WXPTG5ZC1T326 MEG ENERGY CORP COMMON STOCK 552704108 4604102.00000000 NS 29375322.15000000 1.380945379885 Long EC CA N 1 N N N KT CORPORATION 9884005ACF8449EANY26 KT CORP-SP ADR DEPOSITARY RECEIPT 48268K101 742473.00000000 NS USD 10684186.47000000 0.502267783421 Long EC US N 1 N N N LG Corp. N/A LG CORP COMMON STOCK N/A 75451.00000000 NS 6179077.77000000 0.290480861958 Long EC KR N 1 N N N SPROTT INC. 254900QHJAD5TP2JNM15 SPROTT INC COMMON STOCK 852066208 499958.00000000 NS 18425832.67000000 0.866205598231 Long EC CA N 1 N N N 2021-07-31 THE ADVISORS' INNER CIRCLE FUND II Eric Olsen Eric Olsen CFO XXXX NPORT-EX 2 Kopernik_ScheduleF.htm SCHEDULE F FOR VALIDATION PURPOSES ONLY - [190738.TX]
THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 81.0%        Shares              Value      

AUSTRALIA — 4.0%

      

Newcrest Mining, Ltd.

      4,396,279      $ 85,462,053  
     

 

 

  

BRAZIL — 1.2%

      

Centrais Eletricas Brasileiras SA

      3,274,011                24,905,931  
     

 

 

  

BURKINA FASO — 0.3%

      

IAMGOLD *

      2,103,583        5,763,817  
     

 

 

  

CANADA — 26.2%

      

Artemis Gold *†

      2,844,410        14,249,409  

Bear Creek Mining Corp. * (A)

      3,438,692        4,244,618  

Cameco Corp.

      4,183,043        74,458,165  

Cenovus Energy, Inc.

      3,342,734        27,891,841  

Centerra Gold, Inc. (A)

      8,285,900        66,613,961  

Crescent Point Energy Corp.

      1,888,449        6,902,314  

Denison Mines Corp. *

      5,131,308        5,552,473  

Dundee Corp., Cl A * (A)

      2,419,423        3,316,138  

Equinox Gold *

      2,294,025        15,960,353  

Fission Uranium Corp. * (A)

      15,608,000        6,755,627  

Gabriel Resources, Ltd. * (A)

      60,679,056        13,131,889  

Gabriel Resources, Ltd. *(B)

      3,471,971        751,389  

International Tower Hill Mines, Ltd. * (A)

      5,411,583        5,465,699  

Ivanhoe Mines, Ltd., Cl A *

      3,789,785        28,128,734  

MEG Energy Corp. *

      4,604,102        29,375,322  

New Gold, Inc. *

      3,589,222        5,886,324  

NexGen Energy, Ltd. * (A)

      10,542,974        44,534,685  

Northern Dynasty Minerals, Ltd. (CAD) * (A)

      2,873,848        1,243,891  

Northern Dynasty Minerals, Ltd. (USD) * (A)

      11,239,386        4,859,910  

Novagold Resources, Inc. *

      1,520,150        11,887,573  

Pan American Silver Corp.

      648,875        18,219,054  

Seabridge Gold, Inc. (CAD) * (A)

      1,531,284        27,726,600  

Seabridge Gold, Inc. (USD) * (A)

      835,032        15,122,430  

Sprott, Inc. (A)

      499,958        18,425,833  

Turquoise Hill Resources, Ltd. * (A)

      4,661,916        77,853,997  

Western Copper & Gold *

      1,335,363        2,568,829  

 

1

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

CANADA — continued

      

Wheaton Precious Metals Corp.

      579,998      $ 26,766,908  
     

 

 

  
                557,893,966  
     

 

 

  

CHINA — 1.7%

      

China Mobile, Ltd.

      3,218,500        19,817,559  

China Shenhua Energy Co., Ltd., Cl H

      4,244,000        8,028,001  

Guangshen Railway Co., Ltd., Cl H (A)

      42,448,679        7,319,539  

Hi Sun Technology China *

      984,000        164,609  
     

 

 

  
        35,329,708  
     

 

 

  

FRANCE — 2.2%

      

Carrefour

      465,495        8,647,376  

Electricite de France SA

      3,178,539        38,704,733  
     

 

 

  
        47,352,109  
     

 

 

  

GREECE — 0.2%

      

Tsakos Energy Navigation, Ltd. (A)

      428,350        3,405,383  
     

 

 

  

HONG KONG — 0.3%

      

CK Hutchison Holdings

      470,500        3,438,925  

Luks Group Vietnam Holdings Co., Ltd. (A)

      9,255,000        1,810,234  
     

 

 

  
        5,249,159  
     

 

 

  

JAPAN — 7.4%

      

Fukuda Corp.

      78,700        3,551,023  

Icom

      69,500        1,515,373  

Inpex Corp.

      2,573,500        18,180,233  

Japan Petroleum Exploration Co., Ltd.

      329,800        5,462,346  

Japan Steel Works, Ltd.

      264,363        6,448,525  

Kamigumi Co., Ltd.

      468,950        9,840,234  

Kato Sangyo

      85,100        2,579,258  

KYORIN Holdings

      559,600        9,033,787  

Mitsubishi Corp.

      1,334,500        37,247,518  

Mitsui & Co., Ltd.

      1,296,500        29,539,235  

Organo Corp.

      162,900        9,310,269  

Suzuken Co., Ltd.

      536,700        15,410,464  

Tachi-S Co., Ltd., Cl S

      152,100        2,017,278  

Toho Holdings

      57,200        955,202  

 

2

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

JAPAN — continued

      

West Japan Railway Co.

      124,800      $ 6,731,157  
     

 

 

  
        157,821,902  
     

 

 

  

KAZAKHSTAN — 1.9%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      287,838        4,294,543  

NAC Kazatomprom JSC GDR (B)

      1,110,803        27,658,995  

NAC Kazatomprom JSC GDR

      371,681        9,254,857  
     

 

 

  
        41,208,395  
     

 

 

  

LEBANON — 0.0%

      

Solidere ADR *(C)(D)

      174,732        769,782  
     

 

 

  

MALAYSIA — 0.1%

      

Oriental Holdings

      1,951,600        2,349,319  
     

 

 

  

NORWAY — 0.7%

      

Stolt-Nielsen, Ltd. (E)

      1,056,853        14,426,721  
     

 

 

  

RUSSIA — 14.2%

      

Etalon Group GDR (A)(E)

      8,806,246        14,459,856  

Federal Grid Unified Energy System PJSC

      17,511,927,373        48,127,798  

Gazprom PJSC

      15,697,448        61,112,608  

Gazprom PJSC ADR

      2,411,391        18,770,268  

Lenta PLC GDR *(E)

      4,693,768        14,949,651  

LSR Group PJSC, Cl A

      1,523,586        15,872,477  

Moscow Exchange MICEX-RTS PJSC

      1,970,115        4,663,228  

Polyus PJSC GDR

      428,247        41,240,186  

RusHydro PJSC

      4,560,487,688        50,266,293  

RusHydro PJSC ADR

      459,437        493,435  

Sberbank of Russia PJSC

      5,733,595        24,011,040  

VTB Bank PJSC

      13,971,270,000        9,302,242  
     

 

 

  
                303,269,082  
     

 

 

  

SINGAPORE — 3.0%

      

First Resources, Ltd.

      20,695,300        20,772,433  

Golden Agri-Resources, Ltd. (A)

      231,860,800        39,357,898  

Yoma Strategic Holdings

      34,505,100        3,488,836  
     

 

 

  
        63,619,167  
     

 

 

  

 

3

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

SOUTH AFRICA — 1.2%

      

Gold Fields, Ltd.

      1,802,074      $ 17,630,529  

Harmony Gold Mining ADR

      1,266,419        5,192,318  

Impala Platinum Holdings, Ltd.

      182,378        3,286,383  
     

 

 

  
        26,109,230  
     

 

 

  

SOUTH KOREA — 7.6%

      

DL E&C *

      40,620        5,173,510  

GS Holdings

      129,241        4,808,967  

Hankook Tire Worldwide Co., Ltd.

      581,645        9,076,747  

Korea Electric Power Corp.

      511,590        11,074,628  

Korea Electric Power Corp. ADR

      230,374        2,481,128  

Korean Reinsurance

      718,002        5,948,758  

KT Corp.

      2,131,718        62,640,355  

KT Corp. ADR

      742,473        10,684,187  

LG Corp.

      75,451        6,179,078  

LG Uplus

      3,245,257        41,050,632  

LX Holdings *

      36,588        332,401  

Pyeong Hwa Automotive

      297,194        2,816,270  
     

 

 

  
                162,266,661  
     

 

 

  

SRI LANKA — 0.3%

      

Hemas Holdings PLC (A)

      16,019,905        6,335,692  
     

 

 

  

THAILAND — 0.2%

      

Kasikornbank PLC

      1,338,500        4,194,584  
     

 

 

  

TURKEY — 0.7%

      

Emlak Konut Gayrimenkul Yatirim Ortakligi REIT

      20,826,230        4,498,426  

Turkiye Halk Bankasi AS

      19,576,264        10,664,022  
     

 

 

  
        15,162,448  
     

 

 

  

UKRAINE — 2.3%

      

Astarta Holding NV (A)(E)

      659,000        8,176,561  

Kernel Holding SA (A)

      1,596,641        22,089,803  

MHP SE (LSE Shares) GDR (A)(E)

      3,342,148        18,114,442  

MHP SE (USD Shares) GDR (A)(B)(E)

      44,627        241,878  
     

 

 

  
        48,622,684  
     

 

 

  

 

4

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

UNITED KINGDOM — 1.6%

      

Fresnillo PLC

      1,731,633      $ 19,693,949  

Yellow Cake PLC * (A)(B)

      3,856,532        15,063,322  
     

 

 

  
        34,757,271  
     

 

 

  

UNITED STATES — 3.7%

      

Range Resources Corp. *

      2,296,316        34,972,893  

Royal Gold, Inc.

      79,772        9,693,893  

Southwestern Energy Co. *

      7,015,968        33,045,209  
     

 

 

  
        77,711,995  
     

 

 

  

TOTAL COMMON STOCK

      

(Cost $1,380,724,914)

                 1,724,167,059  
     

 

 

  

    

      
UNIT TRUST FUND — 1.3%        Shares              Value      

CANADA — 1.3%

      

Sprott Physical Uranium Trust

      3,059,105        28,320,505  
     

 

 

  

TOTAL UNIT TRUST FUND

      

(Cost $21,918,205)

         28,320,505  
     

 

 

  

    

      
PREFERRED STOCK — 1.1%              

GERMANY — 0.2%

     

Draegerwerk & KGaA 0.900%

      36,160        3,324,357  
     

 

 

  

SOUTH KOREA — 0.9%

     

Hyundai Motor Co. 4.170%

      217,375        19,653,988  
     

 

 

  

TOTAL PREFERRED STOCK

      

(Cost $15,701,522)

         22,978,345  
     

 

 

  
     
RIGHTS — 0.1%        Number of    
Rights		         

CANADA — 0.1%

      

Pan American Silver Corp., Expires 02/22/29#(C)(D)(E)

      2,532,384        2,101,879  
     

 

 

  

TOTAL RIGHTS

      

(Cost $–)

         2,101,879  
     

 

 

  

 

5

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

CONVERTIBLE BONDS — 0.0%            Face Amount              Value      

INDIA — 0.0%

     

REI Agro, Ltd., CV to 1,007 Shares
5.500%, 11/13/14 (B)(C)(D)(E)(F)

    $ 723,000      $ —  
     

 

 

  

TOTAL CONVERTIBLE BOND

      

(Cost $723,000)

         —  
     

 

 

  
     
SHORT TERM INVESTMENT — 0.3%        Shares             

Dreyfus Treasury Securities Cash Management Fund,
1.240%(G)

      6,152,260        6,152,260  
     

 

 

  

TOTAL SHORT TERM INVESTMENT

      

(Cost $6,152,260)

         6,152,260  
     

 

 

  
     
PURCHASED OPTION — 0.2%           Value  

UNITED STATES — 0.2% *(H)

      

TOTAL PURCHASED OPTIONS

      

(Cost $10,763,172)

         4,100,670  
     

 

 

  

TOTAL INVESTMENTS— 84.0%

      

(Cost $1,435,983,073)

                 1,787,640,718  
     

 

 

  

Other Assets and Liabilities, Net — 16.0%

         341,430,033  
     

 

 

  

NET ASSETS — 100.0%

       $  2,129,070,751  
     

 

 

  

 

Description                                                                          

      Number of
Contracts		        Notional
Amount		        Exercise
Price		        Expiration
Date		        Value  

PURCHASED OPTION — 0.2%

 

                    

Put Options

                         

August 21 Puts on SPX*

        1,449        $ 636,873,174        $ 4,300.00          08/20/21        $  4,100,670  
         

 

 

                 

 

 

  

TOTAL PURCHASED
OPTION

                         

(Cost $10,763,172)

           $   636,873,174                  $     4,100,670  
         

 

 

                 

 

 

  

 

*

Non-income producing security.

†

Restricted Equity.

#

Rate unavailable.

(A)

Affiliated investment.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $43,715,584 and represents 2.1% of Net Assets.

 

6

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

(C)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of July 31, 2021 was $2,871,661 and represented 0.1% of Net Assets.

(D)

Level 3 security in accordance with fair value hierarchy.

(E)

Securities considered illiquid. The total value of such securities as of July 31, 2021 was $72,470,988 and represented 3.4% of Net Assets.

(F)

Security in default on interest payments.

(G)

The rate reported is the 7-day effective yield as of July 31, 2021.

(H)

Refer to table below for details on Options Contracts.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

CV — Convertible

GDR — Global Depositary Receipt

JSC — Joint Stock Company

LSE — London Stock Exchange

Ltd. — Limited

PJSC — Public Joint Stock Company

PLC — Public Limited Company

REIT — Real Estate Investment Trust

USD — United States Dollar

The list of inputs used to value the Fund’s investments as of July 31, 2021 is as follows:

 

Investments in
Securities

    Level 1      Level 2      Level 3†      Total  

Common Stock

            

Australia

    $ 85,462,053      $ —      $ —      $ 85,462,053  

Brazil

      24,905,931        —        —        24,905,931  

Burkina Faso

      5,763,817        —        —        5,763,817  

Canada

          557,142,577            751,389        —            557,893,966  

China

      35,329,708        —        —        35,329,708  

France

      47,352,109        —        —        47,352,109  

Greece

      3,405,383        —        —        3,405,383  

Hong Kong

      5,249,159        —        —        5,249,159  

Japan

      157,821,902        —        —        157,821,902  

Kazakhstan

      41,208,395        —        —        41,208,395  

Lebanon

      —        —            769,782        769,782  

Malaysia

      2,349,319        —        —        2,349,319  

Norway

      14,426,721        —        —        14,426,721  

Russia

      303,269,082        —        —        303,269,082  

Singapore

      63,619,167        —        —        63,619,167  

 

7

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

Investments in
Securities

    Level 1      Level 2      Level 3†      Total  

South Africa

    $ 26,109,230      $ —      $ —      $ 26,109,230  

South Korea

      162,266,661        —        —        162,266,661  

Sri Lanka

      6,335,692        —        —        6,335,692  

Thailand

      4,194,584        —        —        4,194,584  

Turkey

      15,162,448        —        —        15,162,448  

Ukraine

      48,622,684        —        —        48,622,684  

United Kingdom

      34,757,271        —        —        34,757,271  

United States

      77,711,995        —        —        77,711,995  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stock

      1,722,465,888        751,389        769,782        1,723,987,059  

Unit Trust Fund

            

Canada

      28,320,505        —        —        28,320,505  

Preferred Stock

            

Germany

      3,324,357        —        —        3,324,357  

South Korea

      19,653,988        —        —        19,653,988  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Preferred Stock

      22,978,345        —        —        22,978,345  

Rights

            

Canada

      —        —        2,101,879        2,101,879  

Convertible Bond

            

India

      —        —        —        —  

Short Term Investment

      6,152,260        —        —        6,152,260  

Purchased Option

            

United States

      4,100,670        —        —        4,100,670  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $    1,784,017,668      $     751,389      $     2,871,661      $ 1,787,640,718  
  

 

 

     

 

 

     

 

 

     

 

 

  

†A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended July 31, 2021, there were transfers in or out of Level 3.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

8

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

    Value as of
    10/31/2020		             Purchases at
Cost		       

Proceeds from

Sale

        Realized
Gain/(Loss)		        Change in
Unrealized
Appreciation/
(Depreciation)		        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Astarta Holding NV

                              
    $      3,019,537          $ 43,395        $ –        $ –        $ 5,113,629        $ 8,176,561        $ 401,056  
 

Bear Creek Mining Corp.

                              
  6,404,652            1,533,060          –          –          (3,693,094 )         4,244,618          –  
 

Centerra Gold, Inc.

                              
  24,918,922                45,097,944          –          –          (3,402,905 )         66,613,961          646,530  
 

Dundee Corp., Cl A

                              
  2,578,684            –          –          –          737,454          3,316,138          –  
 

Etalon Group GDR

                              
  9,908,881            4,311,065          184,038          (184,039 )         239,911          14,459,856          998,674  
 

Fission Uranium Corp.

                              
  2,954,025            155,623          –          –          3,645,979          6,755,627          –  
 

Gabriel Resources, Ltd.

                              
  1,141,284            12,524,193          –          –          (533,588 )         13,131,889          –  
 

Golden Agri-Resources, Ltd.

                              
  25,605,670            45,989          (2,427,658 )         (2,513,216 )         18,647,113          39,357,898          834,908  
 

Guangshen Railway Co., Ltd., Cl H

                              
  7,074,949            –          –          –          244,590          7,319,539          –  
 

Hemas Holdings PLC

                              
  5,937,521            –          –          –          398,171          6,335,692          151,046  
 

International Tower Hill Mines, Ltd.

                              
  4,603,874            2,703,053          –          –          (1,841,228 )         5,465,699          –  
 

Kernel Holding SA

                              
  12,606,122            4,174,616          –          –          5,309,065          22,089,803          –  
 

Luks Group Vietnam Holdings Co., Ltd.

                              
  1,469,111            –          –          –          341,123          1,810,234          35,764  
 

MHP SE (LSE Shares) GDR

                              
  13,787,263            4,979,780          –          –          (652,601 )         18,114,442          803,118  
 

MHP SE (USD Shares) GDR

                              
  245,786            –          –          –          (3,908 )         241,878          10,724  
 

NexGen Energy, Ltd.

                              
  17,324,708            7,264,491          (5,703,475 )         1,453,380          24,195,581          44,534,685          –  
 

Northern Dynasty Minerals, Ltd. (CAD)

                              
  2,566,899            –          –          –          (1,323,008 )         1,243,891          –  
 

Northern Dynasty Minerals, Ltd. (USD)

                              
  9,692,206            236,058          –          –          (5,068,354 )         4,859,910          –  
 

Seabridge Gold, Inc. (CAD)

                              
  29,515,404            –          –          –          (1,788,804 )         27,726,600          –  
 

Seabridge Gold, Inc. (USD)

                              
  2,646,844            12,239,592          –          –          235,994          15,122,430          –  
 

Sprott Physical Uranium Trust

                              
  —            21,918,205          –          –          6,402,300          28,320,505          –  
 

Sprott, Inc.

                              
  10,628,814            6,860,919          (4,086,663 )         1,469,871          3,552,892          18,425,833          384,494  
 

Tsakos Energy Navigation, Ltd.

                              
          3,328,283            –          –          (9 )         77,109          3,405,383          96,379  

 

9

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

    Value as of
    10/31/2020		             Purchases at
Cost		       

Proceeds from

Sale

       

Realized

Gain/(Loss)

        Change in
Unrealized
Appreciation/
(Depreciation)		        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Turquoise Hill Resources, Ltd.

                              
    $      24,101,824          $ 32,589,062        $ (12,512,750 )       $ (8,071,643 )       $ 41,747,504        $ 77,853,997        $ –  
 

Yellow Cake PLC

                              
  7,376,866            3,085,807          (71,403 )         15,922          4,656,130          15,063,322          –  

 

 

  
 

  Totals:

                              
  $  229,438,129          $  159,762,852        $  (24,617,911 )       $  (7,829,734 )       $  97,237,055        $  453,990,391        $  4,362,693  

 

 

  

Amounts designated as “—” are either $0 or have been rounded to $0.

KGI-QH-001-1600

 

10

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 73.8%        Shares          Value  

AUSTRALIA — 4.3%

      

Newcrest Mining, Ltd.

      1,051,250      $         20,435,915  
     

 

 

  

BRAZIL — 0.5%

      

Centrais Eletricas Brasileiras SA

      317,360        2,414,209  
     

 

 

  

CANADA — 20.3%

      

Cameco Corp.

      911,986        16,233,351  

Cenovus Energy, Inc.

      1,001,613        8,357,480  

Centerra Gold, Inc. (A)

      581,435        4,674,409  

Crescent Point Energy Corp.

      740,283        2,705,747  

Equinox Gold *

      511,031        3,555,426  

Ivanhoe Mines, Ltd., Cl A *

      1,167,690        8,666,888  

MEG Energy Corp. *

      1,062,795        6,780,898  

New Gold, Inc. *

      1,043,994        1,712,150  

Novagold Resources, Inc. *

      975,058        7,624,953  

Pan American Silver Corp.

      160,508        4,506,729  

Tourmaline Oil Corp.

      44,953        1,227,236  

Turquoise Hill Resources, Ltd. * (A)

      997,943        16,665,648  

Wheaton Precious Metals Corp.

      310,641        14,336,082  
     

 

 

  
        97,046,997  
     

 

 

  

CHINA — 6.2%

      

China Mobile, Ltd.

      1,081,500        6,659,217  

China Shenhua Energy Co., Ltd., Cl H

      1,205,000        2,279,392  

China Telecom Corp, Ltd., Cl H

      41,840,000        17,013,492  

Guangshen Railway Co., Ltd., Cl H (A)

      8,914,000        1,537,065  

PAX Global Technology, Ltd.

      1,959,000        2,117,525  
     

 

 

  
        29,606,691  
     

 

 

  

FRANCE — 0.9%

      

Carrefour

      106,267        1,974,094  

Electricite de France SA

      165,293        2,012,755  
     

 

 

  
        3,986,849  
     

 

 

  

HONG KONG — 0.7%

      

CK Hutchison Holdings

      14,500        105,982  

K Wah International Holdings, Ltd.

      4,783,000        2,160,340  

 

1

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares          Value  

HONG KONG — continued

      

SJM Holdings, Ltd.

      1,046,000      $ 942,203  
     

 

 

  
        3,208,525  
     

 

 

  

JAPAN — 5.2%

      

Inpex Corp.

      610,100        4,309,990  

Kamigumi Co., Ltd.

      160,600        3,369,958  

Mitsubishi Corp.

      113,000        3,153,967  

Mitsui & Co., Ltd.

      150,300        3,424,410  

Suzuken Co., Ltd.

      155,200        4,456,315  

TS Tech

      221,300        3,267,909  

West Japan Railway Co.

      52,700        2,842,404  
     

 

 

  
        24,824,953  
     

 

 

  

KAZAKHSTAN — 2.9%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      59,659        890,112  

NAC Kazatomprom JSC GDR

      188,604        4,696,240  

NAC Kazatomprom JSC GDR (B)

      335,296        8,348,870  
     

 

 

  
        13,935,222  
     

 

 

  

NETHERLANDS — 0.3%

      

AerCap Holdings *

      22,732        1,204,796  
     

 

 

  

RUSSIA — 17.1%

      

Federal Grid Unified Energy System PJSC

      1,075,735,233        2,956,429  

Gazprom Neft PJSC

      1,555,350        9,044,766  

Gazprom PJSC

      4,963,460                19,323,522  

Lenta PLC GDR *(C)

      1,020,940        3,251,694  

LSR Group PJSC, Cl A

      310,416        3,233,865  

Magnit PJSC

      28,521        2,087,689  

Moscow Exchange MICEX-RTS PJSC

      1,020,899        2,416,450  

PhosAgro PJSC

      33,416        2,102,898  

Polyus PJSC GDR

      147,820        14,235,066  

RusHydro PJSC

      607,242,397        6,693,105  

Sberbank of Russia PJSC

      2,315,884        9,698,415  

VEON ADR

      2,721,110        4,761,943  

VTB Bank PJSC

      2,893,120,000        1,926,275  
     

 

 

  
        81,732,117  
     

 

 

  

 

2

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares          Value  

SINGAPORE — 2.3%

      

Golden Agri-Resources, Ltd. (A)

      64,139,400      $ 10,887,532  
     

 

 

  

SOUTH AFRICA — 2.0%

      

Gold Fields, Ltd.

      371,796        3,637,453  

Harmony Gold Mining ADR

      543,704        2,229,187  

Impala Platinum Holdings, Ltd.

      207,728        3,743,180  
     

 

 

  
                9,609,820  
     

 

 

  

SOUTH KOREA — 7.9%

      

DL E&C *

      27,385        3,487,852  

GS Holdings

      26,444        983,963  

Hyundai Mobis, Co., Ltd.

      8,486        1,966,111  

Korea Electric Power Corp.

      110,717        2,396,743  

Korea Electric Power Corp. ADR

      321,870        3,466,540  

KT Corp.

      184,879        5,432,654  

KT Corp. ADR

      617,885        8,891,365  

LG Corp.

      25,127        2,057,782  

LG Uplus

      717,118        9,071,129  

LX Holdings *

      9,426        85,635  
     

 

 

  
        37,839,774  
     

 

 

  

UKRAINE — 0.7%

      

MHP SA GDR (A)(C)

      609,384        3,302,861  
     

 

 

  

UNITED KINGDOM — 1.2%

      

Fresnillo PLC

      503,169        5,722,567  
     

 

 

  

UNITED STATES — 1.3%

      

Royal Gold, Inc.

      52,303        6,355,861  
     

 

 

  

TOTAL COMMON STOCK
(Cost $285,472,551)

         352,114,689  
     

 

 

  

    

      

PREFERRED STOCK — 0.6%

      

SOUTH KOREA — 0.6%

     

Hyundai Motor Co. 4.170%

      33,050        2,988,220  
     

 

 

  

TOTAL PREFERRED STOCK
(Cost $2,278,055)

         2,988,220  
     

 

 

  

 

3

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

SHORT TERM INVESTMENT — 1.3%        Shares          Value  

Dreyfus Treasury Securities Cash Management Fund, 1.240%(D)

      6,000,000        6,000,000  
     

 

 

  

TOTAL SHORT TERM INVESTMENT

      

(Cost $6,000,000)

       $ 6,000,000  
     

 

 

  

TOTAL INVESTMENTS— 75.7%

      

(Cost $293,750,606)

         361,102,909  
     

 

 

  

Other Assets and Liabilities, Net — 24.3%

         116,154,298  
     

 

 

  

NET ASSETS — 100.0%

       $         477,257,207  
     

 

 

  

 

*

Non-income producing security.

(A)

Affiliated investment.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $8,348,870 and represents 1.7% of Net Assets.

(C)

Securities considered illiquid. The total value of such securities as of July 31, 2021 was $6,554,555 and represented 1.4% of Net Assets.

(D)

The rate reported is the 7-day effective yield as of July 31, 2021.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

Ltd. — Limited

PJSC — Public Joint Stock Company

PLC — Public Limited Company

As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

There were no transfers in or out of Level 3 for the period ended July 31, 2021.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.

 

4

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

    Value as of

    10/31/2020

             Purchases at
Cost		        Proceeds from
Sale		        Realized Loss       

Change in
Unrealized
Appreciation/

(Depreciation)

        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Centerra Gold, Inc.

                              
  $               —          $ 5,078,235        $ –        $ –        $ (403,826 )       $ 4,674,409        $ 19,945  
 

Golden Agri-Resources, Ltd.

                              
  736,248            8,070,043          –          –          2,081,241          10,887,532          153,044  
 

Guangshen Railway Co., Ltd., Cl H

                              
  —            1,676,471          –          –          (139,406 )         1,537,065          –  
 

MHP SA GDR

                              
  3,270,264            82,687          –          –          (50,090 )         3,302,861          144,039  
 

Turquoise Hill Resources, Ltd.

                              
  6,092,848            7,107,789          (3,602,421 )         (666,595 )         7,734,027          16,665,648          –  

 

 

  
 

Totals:

                              
  $    10,099,360          $     22,015,225        $     (3,602,421 )       $     (666,595 )       $     9,221,946        $     37,067,515        $     317,028  

 

 

  

Amounts designated as “—” are either $0 or have been rounded to $0.

KGI-QH-002-1300

 

5