# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211136
**Filing Date:** 2025-8
**Character Count:** 18690
**Document Hash:** 996642c44d3c92b3bb645089ce28c4bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211136.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211136

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251270132

**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 U.S. Equity Fund (Series ID: S000070199)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223248 | Class N Shares | SSEFX           |
| C000223249 | Class I Shares | SSEIX           |

## Nport-Ex

**The Advisors' Inner Circle Fund III**

**SOUTHERNSUN** 

**SMALL CAP FUND** 

**JUNE 30, 2025** 

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| COMMON STOCK\*\* — 96.3% | COMMON STOCK\*\* — 96.3% | COMMON STOCK\*\* — 96.3% |
|  | **Shares** | **Value**  |
| **CONSUMER DISCRETIONARY — 20.2%** | **CONSUMER DISCRETIONARY — 20.2%** | **CONSUMER DISCRETIONARY — 20.2%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 90901 | $13816952 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 101372 | 12435303 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 94460 | 9304310 |
| &nbsp;&nbsp;&nbsp;Murphy USA  | 25559 | 10397401 |
| &nbsp;&nbsp;&nbsp;Thor Industries  | 53698 | 4768920 |
|  |  | 50722886 |
| **CONSUMER STAPLES — 9.3%** | **CONSUMER STAPLES — 9.3%** | **CONSUMER STAPLES — 9.3%** |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 31517 | 6013759 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 456149 | 17306293 |
|  |  | 23320052 |
| **FINANCIALS — 4.7%** | **FINANCIALS — 4.7%** | **FINANCIALS — 4.7%** |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares  | 399745 | 11912401 |
| **HEALTH CARE — 5.6%** | **HEALTH CARE — 5.6%** | **HEALTH CARE — 5.6%** |
| &nbsp;&nbsp;&nbsp;US Physical Therapy  | 178806 | 13982629 |
| **INDUSTRIALS — 28.4%** | **INDUSTRIALS — 28.4%** | **INDUSTRIALS — 28.4%** |
| &nbsp;&nbsp;&nbsp;AGCO  | 125350 | 12931106 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries  | 60630 | 9848737 |
| &nbsp;&nbsp;&nbsp;Brink's  | 172479 | 15400650 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 26660 | 6515438 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A  | 219041 | 8884303 |
| &nbsp;&nbsp;&nbsp;MSA Safety  | 49276 | 8255208 |
| &nbsp;&nbsp;&nbsp;Timken  | 132028 | 9578631 |
|  |  | 71414073 |
| **INFORMATION TECHNOLOGY — 15.8%** | **INFORMATION TECHNOLOGY — 15.8%** | **INFORMATION TECHNOLOGY — 15.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries  | 87458 | 11588185 |
| &nbsp;&nbsp;&nbsp;Belden  | 110854 | 12836893 |
| &nbsp;&nbsp;&nbsp;Crane NXT  | 117494 | 6332927 |

---

**The Advisors' Inner Circle Fund III**

**SOUTHERNSUN** 

**SMALL CAP FUND** 

**JUNE 30, 2025** 

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* — (continued) | COMMON STOCK\*\* — (continued) | COMMON STOCK\*\* — (continued) |
|  | **Shares** | **Value**  |
| **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 498649 | $8950749 |
|  |  | 39708754 |
| **MATERIALS — 12.3%** | **MATERIALS — 12.3%** | **MATERIALS — 12.3%** |
| &nbsp;&nbsp;&nbsp;Ingevity \* | 181041 | 7801057 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific  | 152500 | 13113475 |
| &nbsp;&nbsp;&nbsp;Stepan  | 180773 | 9866590 |
|  |  | 30781122 |
| TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $217,245,455)  | &nbsp;&nbsp;&nbsp;(Cost $217,245,455)  | 241841917 |
| TOTAL INVESTMENTS— 96.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $217,245,455)  | &nbsp;&nbsp;&nbsp;(Cost $217,245,455)  | $241841917 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $251,170,143. |
| \* | Non-income producing security. |
| \*\* | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |

---

*Cl — Class* <br>*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** 

**U.S. EQUITY FUND** 

**JUNE 30, 2025** 

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| COMMON STOCK\*\* — 98.0% | COMMON STOCK\*\* — 98.0% | COMMON STOCK\*\* — 98.0% |
|  | **Shares** | **Value**  |
| **CONSUMER DISCRETIONARY — 18.1%** | **CONSUMER DISCRETIONARY — 18.1%** | **CONSUMER DISCRETIONARY — 18.1%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings \* | 16256 | $2470912 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 19357 | 1470358 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 17806 | 1753891 |
| &nbsp;&nbsp;&nbsp;Murphy USA  | 4878 | 1984370 |
| &nbsp;&nbsp;&nbsp;Thor Industries  | 10551 | 937034 |
|  |  | 8616565 |
| **CONSUMER STAPLES — 9.1%** | **CONSUMER STAPLES — 9.1%** | **CONSUMER STAPLES — 9.1%** |
| &nbsp;&nbsp;&nbsp;Boston Beer, Cl A \* | 6129 | 1169474 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 82553 | 3132061 |
|  |  | 4301535 |
| **HEALTH CARE — 5.6%** | **HEALTH CARE — 5.6%** | **HEALTH CARE — 5.6%** |
| &nbsp;&nbsp;&nbsp;US Physical Therapy  | 34003 | 2659035 |
| **INDUSTRIALS — 50.3%** | **INDUSTRIALS — 50.3%** | **INDUSTRIALS — 50.3%** |
| &nbsp;&nbsp;&nbsp;AGCO  | 20976 | 2163884 |
| &nbsp;&nbsp;&nbsp;API Group \* | 55918 | 2854614 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries  | 11395 | 1851004 |
| &nbsp;&nbsp;&nbsp;Brink's  | 27271 | 2435028 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions  | 13331 | 3239833 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 4042 | 987825 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 17076 | 2445454 |
| &nbsp;&nbsp;&nbsp;MSA Safety  | 8070 | 1351967 |
| &nbsp;&nbsp;&nbsp;Timken  | 23106 | 1676340 |
| &nbsp;&nbsp;&nbsp;Trex \* | 17301 | 940828 |
| &nbsp;&nbsp;&nbsp;Valmont Industries  | 6721 | 2194877 |
| &nbsp;&nbsp;&nbsp;Watsco  | 4007 | 1769571 |
|  |  | 23911225 |
| **INFORMATION TECHNOLOGY — 6.9%** | **INFORMATION TECHNOLOGY — 6.9%** | **INFORMATION TECHNOLOGY — 6.9%** |
| &nbsp;&nbsp;&nbsp;Belden  | 19992 | 2315074 |

---

**The Advisors' Inner Circle Fund III**

**SOUTHERNSUN** 

**U.S. EQUITY FUND** 

**JUNE 30, 2025** 

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* — (continued) | COMMON STOCK\*\* — (continued) | COMMON STOCK\*\* — (continued) |
|  | **Shares** | **Value**  |
| **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** |
| &nbsp;&nbsp;&nbsp;Crane NXT  | 17450 | $940555 |
|  |  | 3255629 |
| **MATERIALS — 8.0%** | **MATERIALS — 8.0%** | **MATERIALS — 8.0%** |
| &nbsp;&nbsp;&nbsp;Ingevity \* | 34961 | 1506469 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific  | 26643 | 2291032 |
|  |  | 3797501 |
| TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,138,087)  | &nbsp;&nbsp;&nbsp;(Cost $39,138,087)  | 46541490 |
| TOTAL INVESTMENTS— 98.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,138,087)  | &nbsp;&nbsp;&nbsp;(Cost $39,138,087)  | $46541490 |

---

---

| | |
|:---|:---|
|  | *Percentages are based on Net Assets of $47,513,255.* |
| *\** | *Non-income producing security.* |
| *\*\** | *More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.* |

---

*Cl — Class* <br>*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-001-0900

## 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 U.S. Equity Fund

- **b. EDGAR series identifier (if any):** S000070199

- **c. LEI of Series:** 54930085KT1KEQP3UQ57

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $47581792.19

**Total Liabilities:** $68537.17

**Net Assets:** $47513255.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223248 | 4.22%                | 6.95%                | -1.37%               |
| Class ID C000223249 | 4.14%                | 6.94%                | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $459862.98               | $1476665.81                                |
| Month 2  | $725597.86               | $2304529.28                                |
| Month 3  | $494067.17               | $-1089142.56                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGCO CORPORATION                     | AGCO CORP COMMON STOCK                    | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               |  | US        |     20976 | NS      | $2163884.16   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORPORATION                | API GROUP CORP COMMON STOCK               | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               |  | US        |     55918 | NS      | $2854613.90   | 6.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.     | ARMSTRONG WORLD INDUSTRIES COMMON STOCK   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |     11395 | NS      | $1851003.80   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                          | BELDEN INC COMMON STOCK                   | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               |  | US        |     19992 | NS      | $2315073.60   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.             | BOOT BARN HOLDINGS INC COMMON STOCK       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |     16256 | NS      | $2470912.00   | 5.20%             |  |  |  | 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        |      6129 | NS      | $1169474.49   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                  | BRINK'S CO/THE COMMON STOCK               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |     27271 | NS      | $2435027.59   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               |  | US        |     13331 | NS      | $3239832.93   | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                  | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    997278 | PA      | $997278.04    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                       | CRANE NXT CO COMMON STOCK                 | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |     17450 | NS      | $940555.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.             | DARLING INGREDIENTS INC COMMON STOCK      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |     82553 | NS      | $3132060.82   | 6.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.               | DYCOM INDUSTRIES INC COMMON STOCK         | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |      4042 | NS      | $987824.38    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOOR & DECOR HOLDINGS, INC.         | FLOOR & DECOR HOLDINGS INC-A COMMON STOCK | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               |  | US        |     19357 | NS      | $1470357.72   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAC HOLDINGS INC.                | GENERAC HOLDINGS INC COMMON STOCK         | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               |  | US        |     17076 | NS      | $2445453.96   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                 | INGEVITY CORP COMMON STOCK                | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |     34961 | NS      | $1506469.49   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION        | LOUISIANA-PACIFIC CORP COMMON STOCK       | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               |  | US        |     26643 | NS      | $2291031.57   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY         | MODINE MANUFACTURING CO COMMON STOCK      | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |     17806 | NS      | $1753891.00   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated              | MSA SAFETY INC COMMON STOCK               | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               |  | US        |      8070 | NS      | $1351967.10   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                      | MURPHY USA INC COMMON STOCK               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |      4878 | NS      | $1984370.40   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.                | THOR INDUSTRIES INC COMMON STOCK          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |     10551 | NS      | $937034.31    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                   | TIMKEN CO COMMON STOCK                    | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               |  | US        |     23106 | NS      | $1676340.30   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY, INC.                   | TREX COMPANY INC COMMON STOCK             | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               |  | US        |     17301 | NS      | $940828.38    | 1.98%             |  |  |  | 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        |     34003 | NS      | $2659034.60   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.             | VALMONT INDUSTRIES COMMON STOCK           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               |  | US        |      6721 | NS      | $2194876.97   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                         | WATSCO INC COMMON STOCK                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               |  | US        |      4007 | NS      | $1769571.34   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer