NPORT-EX 2 Kopernik_1.31.2022_SF.htm SCHEDULE F HTML
THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 89.4%        Shares                Value        

AUSTRALIA — 3.3%

      

Newcrest Mining, Ltd.

      4,764,642      $          73,526,310  
     

 

 

 

BRAZIL — 2.5%

      

Banco do Brasil

      412,900        2,547,335  

Centrais Eletricas Brasileiras SA

      8,099,811        53,753,666  
     

 

 

 

        56,301,001  
     

 

 

 

CANADA — 21.1%

      

Artemis Gold, Inc. *†

      2,908,083        14,870,424  

Bear Creek Mining Corp. * (A)

      3,625,815        3,280,248  

Cameco Corp.

      3,596,679        69,883,473  

Cenovus Energy, Inc.

      383,964        5,585,096  

Centerra Gold, Inc. (A)

      6,840,481        55,212,473  

Dundee Corp., Cl A * (A)(B)

      2,419,423        2,950,168  

Equinox Gold *

      5,554,352        31,854,011  

Fission Uranium Corp. * (A)

      23,309,500        14,119,746  

Gabriel Resources, Ltd. * (A)(B)

      60,679,056        9,547,112  

Gabriel Resources, Ltd. *† (A)(B)(C)

      3,471,971        546,272  

IAMGOLD *

      4,871,314        11,788,580  

International Tower Hill Mines, Ltd. * (A)(B)

      6,548,183        4,805,711  

Ivanhoe Mines, Ltd., Cl A *

      1,917,935        16,431,037  

MEG Energy Corp. *

      1,430,980        17,043,651  

NexGen Energy, Ltd. *

      5,408,397        22,252,225  

Northern Dynasty Minerals, Ltd. (CAD) *

      2,873,848        859,114  

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

      15,400,762        4,718,793  

Novagold Resources, Inc. *

      1,336,348        8,819,897  

Pan American Silver Corp.

      1,079,909        23,371,197  

Seabridge Gold, Inc. (CAD) *

      1,531,284        24,562,704  

Seabridge Gold, Inc. (USD) *

      1,233,038        19,790,260  

Sprott, Inc.

      400,380        14,060,467  

Turquoise Hill Resources, Ltd. * (A)

      3,902,987        68,302,272  

Western Copper & Gold Corp. *

      2,339,413        3,478,339  

Wheaton Precious Metals Corp.

      590,629        23,814,161  
     

 

 

 

        471,947,431  
     

 

 

 

 

1

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares                Value        

CHINA — 2.4%

      

CGN Power, Cl H (C)

      19,478,000      $            5,399,003  

China Communications Services, Cl H

      8,426,000        4,484,338  

China Mobile, Ltd.

      3,218,500        21,741,348  

China Shenhua Energy Co., Ltd., Cl H

      4,244,000        10,491,409  

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

      42,448,679        7,498,058  

Hi Sun Technology China, Ltd. *

      10,599,000        1,392,503  

PAX Global Technology, Ltd.

      1,090,000        794,642  

Shanghai Electric Group Co., Ltd., Cl H

      10,694,000        2,941,084  
     

 

 

 

        54,742,385  
     

 

 

 

FRANCE — 2.6%

      

Carrefour SA

      465,495        8,882,066  

Electricite de France SA

      5,133,387        49,364,830  
     

 

 

 

        58,246,896  
     

 

 

 

GREECE — 0.1%

      

Tsakos Energy Navigation, Ltd. (A)

      380,012        2,808,289  
     

 

 

 

HONG KONG — 2.7%

      

CK Hutchison Holdings, Ltd.

      4,444,000        31,583,534  

First Pacific

      21,188,000        8,171,904  

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

      9,255,000        1,543,084  

WH Group, Ltd.(C)

      28,122,000        18,810,289  
     

 

 

 

        60,108,811  
     

 

 

 

JAPAN — 10.1%

      

ASKA Pharmaceutical Holdings

      3,200        27,473  

Fukuda Corp.

      143,800        5,401,491  

Icom, Inc.

      148,300        3,036,220  

Inpex Corp.

      2,573,500        25,942,415  

Japan Petroleum Exploration Co., Ltd.

      473,400        11,325,021  

Kamigumi Co., Ltd.

      745,650        14,399,991  

Kato Sangyo Co., Ltd.

      259,900        7,452,323  

KYORIN Holdings, Inc.

      1,004,100        15,981,713  

Mitsubishi Corp.

      1,200,100        40,807,350  

Mitsui & Co., Ltd.

      1,296,500        32,566,343  

Organo Corp.

      162,900        11,928,038  

Suzuken Co., Ltd.

      1,200,200        35,709,346  

 

2

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares                Value        

JAPAN — continued

      

Tachi-S Co., Ltd., Cl S

      152,100      $            1,597,195  

Toho Holdings Co., Ltd.

      568,900        8,908,087  

West Japan Railway Co.

      258,600        10,888,213  
     

 

 

 

        225,971,219  
     

 

 

 

KAZAKHSTAN — 2.8%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      889,417        11,619,462  

NAC Kazatomprom JSC GDR (C)

      1,110,803        35,696,547  

NAC Kazatomprom JSC GDR

      476,546        15,314,189  
     

 

 

 

        62,630,198  
     

 

 

 

LEBANON — 0.0%

      

Solidere ADR *(B)(D)(E)

      174,732        804,379  
     

 

 

 

MALAYSIA — 0.2%

      

Oriental Holdings (B)

      3,509,400        4,521,701  
     

 

 

 

NORWAY — 0.9%

      

Stolt-Nielsen, Ltd. (B)

      1,056,853        19,208,259  
     

 

 

 

RUSSIA — 16.1%

      

Etalon Group GDR (A)(B)

      12,510,957        15,155,788  

Federal Grid Unified Energy System PJSC

      17,511,927,373        32,478,955  

Gazprom PJSC

      20,767,768        89,559,665  

Gazprom PJSC ADR

      1,291,032        11,197,481  

Lenta International PJSC GDR *(B)

      6,244,002        13,767,781  

LSR Group PJSC, Cl A

      1,635,362        13,953,899  

Moscow Exchange MICEX-RTS PJSC

      7,558,025        14,229,194  

Polyus PJSC GDR

      613,103        47,885,063  

RusHydro PJSC

      6,299,454,688        60,049,252  

RusHydro PJSC ADR

      459,437        418,088  

Sberbank of Russia PJSC

      11,060,525        38,240,250  

VTB Bank PJSC

      40,040,139,862        22,676,575  
     

 

 

 

        359,611,991  
     

 

 

 

SINGAPORE — 3.8%

      

First Resources, Ltd.

      22,220,700        27,241,417  

Golden Agri-Resources, Ltd. (A)

      277,943,100        50,678,146  

 

3

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares                Value        

SINGAPORE — continued

      

Yoma Strategic Holdings, Ltd. * (A)

      66,818,200      $            6,638,299  
     

 

 

 

        84,557,862  
     

 

 

 

SOUTH AFRICA — 2.5%

      

Gold Fields, Ltd.

      2,506,504        26,704,393  

Harmony Gold Mining ADR

      4,365,615        15,672,558  

Impala Platinum Holdings, Ltd.

      855,782        13,185,401  
     

 

 

 

        55,562,352  
     

 

 

 

SOUTH KOREA — 10.2%

      

DL E&C Co., Ltd. *

      58,297        5,698,961  

GS Holdings *

      129,241        4,143,297  

Hankook Tire Worldwide Co., Ltd. *

      1,218,834        13,302,980  

Hyundai Department Store *

      92,064        5,551,304  

Korea Electric Power Corp.

      1,747,526        30,105,048  

Korea Electric Power Corp. ADR

      232,125        2,012,524  

Korean Reinsurance *

      718,002        6,111,873  

KT Corp.

      2,675,346        69,998,830  

KT Corp. ADR

      1,538,593        19,940,165  

LG Corp.*

      328,603        20,264,995  

LG Uplus

      4,507,998        48,685,794  

LX Holdings *

      36,588        287,855  

PHA Co., Ltd. *

      297,194        2,280,294  
     

 

 

 

        228,383,920  
     

 

 

 

SRI LANKA — 0.2%

      

Hemas Holdings PLC (A)(B)

      16,019,905        5,529,571  
     

 

 

 

THAILAND — 0.3%

      

Kasikornbank PLC

      1,338,500        6,050,051  
     

 

 

 

TURKEY — 0.2%

      

Emlak Konut Gayrimenkul Yatirim Ortakligi REIT

      20,826,230        3,781,407  
     

 

 

 

UKRAINE — 2.4%

      

Astarta Holding NV (A)

      659,000        5,476,219  

Kernel Holding SA (A)

      2,055,177        26,363,222  

MHP SE (LSE Shares) GDR (B)

      3,342,148        21,842,764  

 

4

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares                Value        

UKRAINE — continued

      

MHP SE (USD Shares) GDR (A)(C)

      44,627      $               291,662  
     

 

 

 

        53,973,867  
     

 

 

 

UNITED KINGDOM — 0.7%

      

Yellow Cake PLC * (A)(C)

      3,856,532        16,667,512  
     

 

 

 

UNITED STATES — 4.3%

      

Range Resources Corp. *

      1,687,719        32,488,591  

Royal Gold, Inc.

      265,778        26,989,756  

Southwestern Energy Co. *

      8,378,836        36,866,878  
     

 

 

 

        96,345,225  
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $1,774,819,807)

         2,001,280,637  
     

 

 

 

    

      
PREFERRED STOCK — 1.8%          

GERMANY — 0.3%

     

Draegerwerk & KGaA 0.900%

      105,789        6,146,585  
     

 

 

 

SOUTH KOREA — 1.5%

     

Hyundai Motor Co. 4.170%

      423,148        34,204,793  
     

 

 

 

TOTAL PREFERRED STOCK

      

(Cost $38,708,721)

         40,351,378  
     

 

 

 

    

      
UNIT TRUST FUND — 1.5%          

CANADA — 1.5%

      

Sprott Physical Uranium Trust

      3,059,104        33,932,554  
     

 

 

 

TOTAL UNIT TRUST FUND

      

(Cost $21,918,197)

         33,932,554  
     

 

 

 

    

      
RIGHTS — 0.1%        Number of    
Rights		     

CANADA — 0.1%

      

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

      2,532,384        1,797,993  
     

 

 

 

TOTAL RIGHTS

      

(Cost $–)

         1,797,993  
     

 

 

 

 

5

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

CONVERTIBLE BOND — 0.0%        Face Amount                Value        

INDIA — 0.0%

     

REI Agro, Ltd. 5.500%, 13/11/14(D)(E)

    $ 723,000      $ —    
     

 

 

 

TOTAL CONVERTIBLE BOND

      

(Cost $723,000)

         —    
     

 

 

 

     
SHORT TERM INVESTMENT — 0.7%    Shares    Value

Dreyfus Treasury Securities Cash Management Fund, 0.010%(F)

      16,468,779        16,468,779  
     

 

 

 

TOTAL SHORT TERM INVESTMENT

      

(Cost $16,468,779)

         16,468,779  
     

 

 

 

TOTAL INVESTMENTS — 93.5%

      

(Cost $1,852,638,504)

         2,093,831,341  
     

 

 

 

Other Assets and Liabilities, Net — 6.5%

         145,154,589  
     

 

 

 

NET ASSETS — 100.0%

       $     2,238,985,930  
     

 

 

 

 

†

Restricted Equity.

 

*

Non-income producing security.

 

(A)

Affiliated investment.

 

(B)

Securities considered illiquid. The total value of such securities as of January 31, 2022 was $102,020,583 and represented 4.6% of Net Assets.

 

(C)

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 January 31, 2022 was $77,411,285 and represents 3.5% of Net Assets.

 

(D)

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 January 31, 2022 was $2,602,372 and represented 0.1% of Net Assets.

 

(E)

Level 3 security in accordance with fair value hierarchy.

 

(F)

The rate reported is the 7-day effective yield as of January 31, 2022.

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

 

6

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

USD — United States Dollar

The list of inputs used to value the Fund’s investments as of January 31, 2022 is as follows:

 

Investments in Securities

    Level 1    Level 2    Level 3†    Total

Common Stock

            

Australia

      $ —      $ 73,526,310        $ —        $ 73,526,310  

Brazil

      56,301,001        —        —        56,301,001  

Canada

              471,947,431        —        —        471,947,431  

China

      —        54,742,385        —        54,742,385  

France

      —        58,246,896        —        58,246,896  

Greece

      2,808,289        —        —        2,808,289  

Hong Kong

      1,543,084        58,565,727        —        60,108,811  

Japan

      —        225,971,219        —        225,971,219  

Kazakhstan

      —        62,630,198        —        62,630,198  

Lebanon

      —        —        804,379        804,379  

Malaysia

      —        4,521,701        —        4,521,701  

Norway

      —        19,208,259        —        19,208,259  

Russia

      418,088        359,193,903        —        359,611,991  

Singapore

      —        84,557,862        —        84,557,862  

South Africa

      15,672,558        39,889,794        —        55,562,352  

South Korea

      21,952,689                206,431,231        —        228,383,920  

Sri Lanka

      —        5,529,571        —        5,529,571  

Thailand

      —        6,050,051        —        6,050,051  

Turkey

      —        3,781,407        —        3,781,407  

Ukraine

      —        53,973,867        —        53,973,867  

United Kingdom

      —        16,667,512        —        16,667,512  

United States

      96,345,225        —        —        96,345,225  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Common Stock      666,988,365                   1,333,487,893                  804,379                 2,001,280,637  

Preferred Stock

            

Germany

      —        6,146,585        —        6,146,585  

South Korea

      —        34,204,793        —        34,204,793  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Preferred Stock      —        40,351,378        —        40,351,378  

Unit Trust Fund

            

Canada

      33,932,554        —        —        33,932,554  

Rights

            

Canada

        —                —        1,797,993        1,797,993  

 

7

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

Investments in Securities

    Level 1    Level 2    Level 3†    Total

Convertible Bond

            

India

      $ —        $ —        $ —        $ —  

Short Term Investment

            

United States

      —        16,468,779        —        16,468,779  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Investments in Securities

      $         700,920,919        $            1,390,308,050        $         2,602,372        $          2,093,831,341  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

† A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 in-vestments 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 January 31, 2022, there were no 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 Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2021 through January 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

    Value as of
    10/31/2021		            

Purchases at

Cost

     

Proceeds from

Sale

      Realized
Gain/(Loss)		      Change in
Unrealized
Appreciation/
(Depreciation)		      Value as of
1/31/2022		      Dividend/
Interest
Income
 

Astarta Holding NV

                              
    $      8,936,097          $ —        $ —        $ —        $         (3,459,878 )       $         5,476,219        $ —  
 

Bear Creek Mining Corp.

                              
  5,097,704            —          —          —          (1,817,456 )         3,280,248          —  
 

Centerra Gold, Inc.

                              
  62,130,860            —          (11,949,258 )         (3,324,941 )         8,355,812          55,212,473          460,310  
 

Dundee Corp., Cl A

                              
  2,893,298            —          —          —          56,870          2,950,168          —  
 

Etalon Group GDR

                              
  16,219,802            3,030,227          309,538          (309,538 )         (4,094,241 )         15,155,788              1,596,035  
 

Fission Uranium Corp.

                              
  13,115,966            5,022,269          —          —          (4,018,489 )         14,119,746          —  
 

Gabriel Resources, Ltd.

                              
  11,521,960            —          —          —          (1,974,848 )         9,547,112          —  
 

Gabriel Resources, Ltd.

                              
  659,271            —          —          —          (112,999 )         546,272          —  
 

Golden Agri-Resources, Ltd.

                              
  44,553,034            10,005,824          —          —          (3,880,712 )         50,678,146          1,002,905  
 

Guangshen Railway Co., Ltd., Cl H

                              
  7,474,415            —          —          —          23,643          7,498,058          —  
 

Hemas Holdings PLC

                              
  5,789,372            —          —          —          (259,801 )         5,529,571          —  
 

International Tower Hill Mines, Ltd.

                              
  4,245,588            808,852          —          —          (248,729 )         4,805,711          —  

 

8

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL        

ALL-CAP FUND

JANUARY 31, 2022

(Unaudited)

 

 

 

    Value as of
    10/31/2021		            

Purchases at

Cost

     

Proceeds from

Sale

      Realized
Gain/(Loss)		      Change in
Unrealized
Appreciation/
(Depreciation)		      Value as of
1/31/2022		      Dividend/
Interest
Income
                               
 

Kernel Holding SA

                              
    $      24,091,785          $ 6,129,849        $ —        $ —        $ (3,858,412 )       $ 26,363,222        $ —  
 

MHP SE (USD Shares) GDR

                              
  339,165            —          —          —          (47,503 )         291,662          11,616  
 

Northern Dynasty Minerals, Ltd. (USD)

                              
  4,844,175            1,641,951          —          —          (1,767,333 )         4,718,793          —  
 

Tsakos Energy Navigation, Ltd.

                              
  3,515,111            —          —          —          (706,822 )         2,808,289          —  
 

Turquoise Hill Resources, Ltd.

                              
  57,689,690            6,720,939          (20,038,425 )         (1,018,040 )         24,948,108          68,302,272          —  
 

Yellow Cake PLC

                              
  18,551,677            —          —          —          (1,884,165 )         16,667,512          —  
 

Yoma Strategic Holdings, Ltd.

                              
  6,185,000            623,841          —          —          (170,542 )         6,638,299          —  

 

 

  
 

Totals:

                              
    $      297,853,970          $   33,983,752        $   (31,678,145 )       $  (4,652,519 )       $         5,082,503        $     300,589,561        $     3,070,866  

 

 

         

 

 

 

     

 

 

 

     

 

 

 

     

 

 

 

     

 

 

 

     

 

 

 

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

KGI-QH-001-1700

 

9

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 77.3%        Shares                    Value            

AUSTRALIA — 3.9%

      

Newcrest Mining, Ltd.

      1,646,307      $ 25,405,241    
     

 

 

 

BRAZIL — 0.7%

      

Banco do Brasil

      111,200        686,034  

Centrais Eletricas Brasileiras SA

      570,060        3,783,152  
     

 

 

 

        4,469,186  
     

 

 

 

CANADA — 16.8%

      

Cameco Corp.

      940,283        18,269,699  

Cenovus Energy, Inc.

      561,492        8,167,397  

Centerra Gold, Inc. (A)

      652,057        5,263,034  

Equinox Gold *

      863,075        4,949,704  

Ivanhoe Mines, Ltd., Cl A *

      860,213        7,369,484  

MEG Energy Corp. *

      578,343        6,888,340  

New Gold, Inc. *

      656,123        1,016,991  

Novagold Resources, Inc. *

      1,628,980        10,751,268  

Pan American Silver Corp.

      270,564        5,855,497  

Turquoise Hill Resources, Ltd. * (A)

      1,298,464        22,723,120  

Wheaton Precious Metals Corp.

      481,747        19,424,039  
     

 

 

 

        110,678,573  
     

 

 

 

CHINA — 6.0%

      

CGN Power, Cl H (B)

      5,500,000        1,524,516  

China Communications Services, Cl H

      2,978,000        1,584,899  

China Mobile, Ltd.

      1,081,500        7,305,661  

China Shenhua Energy Co., Ltd., Cl H

      1,205,000        2,978,828  

China Telecom Corp, Ltd., Cl H

      41,840,000        15,855,310  

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

      10,844,000        1,915,465  

PAX Global Technology, Ltd.

      3,909,000        2,849,777  

Shanghai Electric Group Co., Ltd., Cl H

      5,104,000        1,403,712  

Shanghai Mechanical and Electrical Industry, Cl B

      3,327,609        4,311,035  
     

 

 

 

        39,729,203  
     

 

 

 

FRANCE — 1.0%

      

Carrefour SA

      161,911        3,089,409  

 

10

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

COMMON STOCK — continued        Shares                      Value            

FRANCE — continued

      

Electricite de France SA

      374,950      $ 3,605,678    
     

 

 

 

        6,695,087  
     

 

 

 

HONG KONG — 2.4%

      

CK Hutchison Holdings, Ltd.

      930,000        6,609,515  

K Wah International Holdings, Ltd.

      7,668,000        3,016,088  

SJM Holdings, Ltd. *

      2,736,000        1,773,115  

WH Group, Ltd.(B)

      6,861,500        4,589,532  
     

 

 

 

        15,988,250  
     

 

 

 

INDONESIA — 0.9%

      

Indofood Sukses Makmur

      13,545,800        5,983,237  
     

 

 

 

JAPAN — 6.2%

      

Inpex Corp.

      674,200        6,796,338  

Kamigumi Co., Ltd.

      247,400        4,777,788  

Mitsubishi Corp.

      135,400        4,604,046  

Mitsui & Co., Ltd.

      193,800        4,867,996  

Suzuken Co., Ltd.

      324,900        9,666,695  

TS Tech

      369,200        4,881,660  

West Japan Railway Co.

      115,400        4,858,854  
     

 

 

 

        40,453,377  
     

 

 

 

KAZAKHSTAN — 3.7%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      391,009        5,108,194  

NAC Kazatomprom JSC GDR

      252,960        8,129,073  

NAC Kazatomprom JSC GDR (B)

      335,296        10,775,006  
     

 

 

 

        24,012,273  
     

 

 

 

NETHERLANDS — 0.5%

      

AerCap Holdings *

      52,941        3,335,283  
     

 

 

 

RUSSIA — 18.9%

      

Federal Grid Unified Energy System PJSC

      2,043,325,233        3,789,707  

Gazprom Neft PJSC

      2,214,190        14,357,604  

Gazprom PJSC

      6,744,160        29,083,757  

Lenta International PJSC GDR *(C)

      1,226,563        2,704,523  

LSR Group PJSC, Cl A

      507,204        4,327,772  

Moscow Exchange MICEX-RTS PJSC

      3,702,479        6,970,510  

 

 

11

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

COMMON STOCK — continued        Shares                      Value            

RUSSIA — continued

      

Polyus PJSC GDR

      249,258      $ 19,467,749    

RusHydro PJSC

      968,648,397        9,233,595  

Sberbank of Russia PJSC

      5,346,784        18,485,773  

VEON ADR *

      7,787,137        11,135,606  

VTB Bank PJSC *

      8,485,226,497        4,805,574  
     

 

 

 

        124,362,170  
     

 

 

 

SINGAPORE — 1.8%

      

Golden Agri-Resources, Ltd. (A)

      66,131,300        12,057,906  
     

 

 

 

SOUTH AFRICA — 2.0%

      

Gold Fields, Ltd.

      411,997        4,389,432  

Harmony Gold Mining ADR

      1,301,574        4,672,651  

Impala Platinum Holdings, Ltd.

      269,289        4,149,051  
     

 

 

 

        13,211,134  
     

 

 

 

SOUTH KOREA — 8.6%

      

DL E&C Co., Ltd. *

      50,586        4,945,154  

GS Holdings

      47,327        1,517,242  

Hyundai Mobis, Co., Ltd.

      14,649        2,887,063  

Korea Electric Power Corp. *

      286,545        4,936,379  

Korea Electric Power Corp. ADR *

      316,577        2,744,722  

KT Corp. *

      347,245        9,085,458  

KT Corp. ADR *

      793,207        10,279,963  

LG Corp.

      127,851        7,884,590  

LG Uplus

      1,128,911        12,192,093  
     

 

 

 

        56,472,664  
     

 

 

 

UKRAINE — 0.6%

      

MHP SA GDR (A)(C)

      611,020        3,993,350  
     

 

 

 

UNITED KINGDOM — 1.8%

      

Fresnillo PLC

      705,562        5,956,660  

Yellow Cake PLC * (A)(B)

      1,384,806        5,984,981  
     

 

 

 

        11,941,641  
     

 

 

 

 

12

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

COMMON STOCK — continued        Shares                      Value            

UNITED STATES — 1.5%

      

Royal Gold, Inc.

      94,824      $ 9,629,377    
     

 

 

 

TOTAL COMMON STOCK

      

(Cost $457,525,499)

         508,417,952  
     

 

 

 

     

PREFERRED STOCK — 0.7%

      

SOUTH KOREA — 0.7%

     

Hyundai Motor Co. 4.170%

      57,314        4,632,927  
     

 

 

 

TOTAL PREFERRED STOCK

      

(Cost $4,382,043)

         4,632,927  
     

 

 

 

        

      

SHORT TERM INVESTMENT — 0.9%

      

Dreyfus Treasury Securities Cash Management Fund, 0.010%(D)

      6,000,337        6,000,337  

TOTAL SHORT TERM INVESTMENT

      

(Cost $6,000,337)

         6,000,337  
     

 

 

 

TOTAL INVESTMENTS — 78.9%

      

(Cost $467,907,879)

         519,051,216  
     

 

 

 

Other Assets and Liabilities, Net — 21.1%

         139,085,371  
     

 

 

 

NET ASSETS — 100.0%

       $ 658,136,587  
     

 

 

 

 

*

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 January 31, 2022 was $22,874,035 and represents 3.5% of Net Assets.

 

 

(C)

Securities considered illiquid. The total value of such securities as of January 31, 2022 was $6,697,873 and represented 1.0% of Net Assets.

 

 

(D)

The rate reported is the 7-day effective yield as of January 31, 2022.

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

 

 

13

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

The list of inputs used to value the Fund’s investments as of January 31, 2022 is as follows:

 

                                                                                                   

Investments in

Securities

        Level 1            Level 2            Level 3†            Total    

 

   

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Common Stock

            

Australia

      $ —        $ 25,405,241        $ —        $ 25,405,241  

Brazil

      4,469,186        —        —        4,469,186  

Canada

      110,678,573        —        —        110,678,573  

China

      —        39,729,203        —        39,729,203  

France

      —        6,695,087        —        6,695,087  

Hong Kong

      —        15,988,250        —        15,988,250  

Indonesia

      —        5,983,237        —        5,983,237  

Japan

      —        40,453,377        —        40,453,377  

Kazakhstan

      —        24,012,273        —        24,012,273  

Netherlands

      3,335,283        —        —        3,335,283  

Russia

      11,135,606        113,226,564        —        124,362,170  

Singapore

      —        12,057,906        —        12,057,906  

South Africa

      4,672,651        8,538,483        —        13,211,134  

South Korea

      13,024,685        43,447,979        —        56,472,664  

Ukraine

      —        3,993,350        —        3,993,350  

United Kingdom

      —        11,941,641        —        11,941,641  

United States

      9,629,377        —        —        9,629,377  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Common Stock

      156,945,361        351,472,591        —        508,417,952  

Preferred Stock South Korea

      —        4,632,927        —        4,632,927  

Short Term Investment United States

      —        6,000,337        —        6,000,337  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Investments in Securities

      $ 156,945,361        $ 362,105,855        $ —        $ 519,051,216  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

There were no transfers in or out of Level 3 for the period ended January 31, 2022.

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.

 

 

14

THE ADVISORS’ INNER CIRCLE FUND II   KOPERNIK                      
  INTERNATIONAL FUND
 

JANUARY 31, 2022        

(Unaudited)                     

 

 

 

The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2021 through January 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

       Change in               
       Unrealized            Dividend/  
Value as of      Purchases at      Proceeds from      Realized      Appreciation/     Value as of      Interest  
10/31/2021      Cost      Sale      Gain/(Loss)      (Depreciation)     1/31/2022      Income  

Centerra Gold, Inc.

 

        
  $      1,857,529      $ 2,862,036      $ —      $ —      $ 543,469     $ 5,263,034      $ 13,762  

Golden Agri-Resources, Ltd.

 

        
     12,995,769        —        —        —        (937,863 )      12,057,906        255,767  

Guangshen Railway Co., Ltd., Cl H

 

        
     1,909,425        —        —        —        6,040       1,915,465        —  

MHP SA GDR

 

        
     4,347,618        261,927        —        —        (616,195 )      3,993,350        148,906  

Turquoise Hill Resources, Ltd.

 

        
     12,805,189        5,726,388        (1,634,711)        (43,592)        5,869,846       22,723,120        —  

Yellow Cake PLC

 

        
       5,580,239        1,068,506        —        —        (663,764 )      5,984,981        —  

  Totals:

 

                 
  $      39,495,769      $         9,918,857      $       (1,634,711)      $         (43,592)      $                 4,201,533     $         51,937,856      $     418,435  

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

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

KGI-QH-002-1400

 

15