# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048612
**Filing Date:** 2023-3
**Character Count:** 16425
**Document Hash:** f727b20ba9b991014af271ec34ddacfb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048612.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048612

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23690105

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### SouthernSun Small Cap Fund (Series ID: S000070198)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223246 | Class N Shares | SSSFX           |
| C000223247 | Class I Shares | SSSIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br>**SMALL CAP FUND**<br>**DECEMBER 31, 2022**<br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** |  |  |
| COMMON STOCK\*\* — 98.2% |  |  |
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products \* | 194397 | $15720885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Cl A \* | 204670 | 10908911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA | 61311 | 17138877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris | 155074 | 15662474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries | 159816 | 12064510 |
|  |  | 71495657 |
|  **CONSUMER STAPLES — 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer, Cl A \* | 47482 | 15646269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients \* | 400837 | 25088388 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients | 160564 | 17080798 |
|  |  | 57815455 |
|  **FINANCIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares | 177007 | 5345611 |
|  **HEALTH CARE — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy | 136309 | 11045118 |
|  **INDUSTRIALS — 41.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO | 114016 | 15812879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries | 171429 | 11758315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's | 275323 | 14787598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors \* | 53086 | 6058174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Holdings | 178670 | 17947402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries \* | 226520 | 21202272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group, Cl A | 777805 | 19795137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken | 297462 | 21021640 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br>**SMALL CAP FUND**<br>**DECEMBER 31, 2022**<br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| <br> COMMON STOCK\*\* — (continued) |  |  |
|  | **Shares** | **Value** |
|  **INDUSTRIALS — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions \* | 575960 | $18315528 |
|  |  | 146698945 |
|  **INFORMATION TECHNOLOGY — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden | 213259 | 15333322 |
|  **MATERIALS — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity \* | 249149 | 17550056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan | 187041 | 19912385 |
|  |  | 37462441 |
|  TOTAL COMMON STOCK<br>(Cost $300,113,540) |  | 345196549 |
|  TOTAL INVESTMENTS— 98.2%<br>(Cost $300,113,540) |  | $345196549 |

---

Percentages are based on Net Assets of $351,439,226.

\* Non-income producing security.

\*\* More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

*Cl — Class* 

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br>**U.S. EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** |  |  |
| COMMON STOCK\*\* — 95.6% |  |  |
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings \* | 14063 | $879219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA | 9108 | 2546050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris | 23492 | 2372692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries | 25383 | 1916163 |
|  |  | 7714124 |
|  **CONSUMER STAPLES — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer, Cl A \* | 7019 | 2312901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients \* | 48702 | 3048258 |
|  |  | 5361159 |
|  **INDUSTRIALS — 49.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO | 14521 | 2013917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries | 26863 | 1842533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's | 33433 | 1795686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors \* | 9298 | 1061088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Holdings | 22968 | 2307136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries \* | 27641 | 2587198 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 5229 | 1193938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken | 35346 | 2497902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex \* | 34543 | 1462205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions \* | 64505 | 2051259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco | 8132 | 2028121 |
|  |  | 20840983 |
|  **INFORMATION TECHNOLOGY — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions | 16708 | 2241044 |
|  **MATERIALS — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity \* | 28006 | 1972742 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **SOUTHERNSUN**<br>**U.S. EQUITY FUND**<br>**DECEMBER 31, 2022**<br>**(UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| <br> COMMON STOCK\*\* — (continued) |  |  |
|  | **Shares** | **Value** |
|  **MATERIALS — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock | 54779 | $1926030 |
|  |  | 3898772 |
|  TOTAL COMMON STOCK<br>(Cost $31,825,771) |  | 40056082 |
|  TOTAL INVESTMENTS— 95.6%<br>(Cost $31,825,771) |  | $40056082 |

---

*Percentages are based on Net Assets of $41,881,042.* 

*\** *Non-income producing security.* 

*\*\** *More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.* 

Cl — Class

*For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent financial statements.* 

SAM-QH-001-0400

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** SouthernSun Small Cap Fund

- **b. EDGAR series identifier (if any):** S000070198

- **c. LEI of Series:** 549300J3C6X3PT4RE218

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $351809204.14

**Total Liabilities:** $361014.86

**Net Assets:** $351448189.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223246 | -7.19%               | 3.69%                | 15.01%               |
| Class ID C000223247 | -7.22%               | 3.66%                | 15.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5634658.87              | $-33339856.65                              |
| Month 2  | $2371391.52              | $11795701.41                               |
| Month 3  | $1668890.99              | $41881135.35                               |

### Schedule of Portfolio Investments

| Name                             | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STEPAN COMPANY                   | STEPAN CO COMMON STOCK                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               |  | US        |    187041 | NS      | $19912384.86  | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.           | DYCOM INDUSTRIES INC COMMON STOCK       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |    226520 | NS      | $21202272.00  | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOSTON BEER COMPANY, INC.    | BOSTON BEER COMPANY INC-A COMMON STOCK  | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               |  | US        |     47482 | NS      | $15646268.64  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5976776 | PA      | $5976776.22   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVAR SOLUTIONS INC.            | UNIVAR SOLUTIONS INC COMMON STOCK       | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               |  | US        |    575960 | NS      | $18315528.00  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE HOLDINGS, CO.              | CRANE HOLDINGS CO COMMON STOCK          | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |    178670 | NS      | $17947401.50  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY              | BRINK'S CO/THE COMMON STOCK             | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |    275323 | NS      | $14787598.33  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION             | INGEVITY CORP COMMON STOCK              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |    249149 | NS      | $17550055.56  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP INGREDIENTS, INC.            | MGP INGREDIENTS INC COMMON STOCK        | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               |  | US        |    160564 | NS      | $17080798.32  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                      | BELDEN INC COMMON STOCK                 | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               |  | US        |    213259 | NS      | $15333322.10  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.     | U.S. PHYSICAL THERAPY INC COMMON STOCK  | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               |  | US        |    136309 | NS      | $11045118.27  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.         | ENERPAC TOOL GROUP COMMON STOCK         | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |    777805 | NS      | $19795137.25  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                     | POLARIS INC COMMON STOCK                | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |    155074 | NS      | $15662474.00  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                  | MURPHY USA INC COMMON STOCK             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |     62635 | NS      | $17508987.90  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY               | TIMKEN CO COMMON STOCK                  | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               |  | US        |    297462 | NS      | $21021639.54  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.            | THOR INDUSTRIES INC COMMON STOCK        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |    159816 | NS      | $12064509.84  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC. | ARMSTRONG WORLD INDUSTRIES COMMON STOCK | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |    171429 | NS      | $11758315.11  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DORMAN PRODUCTS, INC.            | DORMAN PRODUCTS INC COMMON STOCK        | CUSIP: 258278100<br>LEI: N/A                  | Long             | EC               |  | US        |    194397 | NS      | $15720885.39  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MALIBU BOATS, INC.               | MALIBU BOATS INC - A COMMON STOCK       | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               |  | US        |    204670 | NS      | $10908911.00  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.              | CLEAN HARBORS INC COMMON STOCK          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |     53086 | NS      | $6058174.32   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.         | DARLING INGREDIENTS INC COMMON STOCK    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |    400837 | NS      | $25088387.83  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares, Inc.        | LIVE OAK BANCSHARES INC COMMON STOCK    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               |  | US        |    177007 | NS      | $5345611.40   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                 | AGCO CORP COMMON STOCK                  | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               |  | US        |    114016 | NS      | $15812879.04  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO