# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048615
**Filing Date:** 2023-3
**Character Count:** 15952
**Document Hash:** 538605aa0ae487c5581dc3d42713cc5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048615.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048615

**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:** 23690107

**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**<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 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:** 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:** $41973067.15

**Total Liabilities:** $88953.23

**Net Assets:** $41884113.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223249 | -6.97%               | 2.23%                | 12.25%               |
| Class ID C000223248 | -6.92%               | 2.30%                | 12.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-417137.84              | $-2761998.84                               |
| Month 2  | $355861.03               | $700308.74                                 |
| Month 3  | $660499.24               | $4212950.64                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREX COMPANY, INC.                   | TREX COMPANY INC COMMON STOCK             | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               |  | US        |     34543 | NS      | $1462205.19   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.                | THOR INDUSTRIES INC COMMON STOCK          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |     25383 | NS      | $1916162.67   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                  | BRINK'S CO/THE COMMON STOCK               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |     33433 | NS      | $1795686.43   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                      | MURPHY USA INC COMMON STOCK               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |      9108 | NS      | $2546050.32   | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                     | IDEX CORP COMMON STOCK                    | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |      5229 | NS      | $1193937.57   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                  | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1702170 | PA      | $1702170.17   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CRANE HOLDINGS, CO.                  | CRANE HOLDINGS CO COMMON STOCK            | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |     22968 | NS      | $2307135.60   | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.             | BOOT BARN HOLDINGS INC COMMON STOCK       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |     14063 | NS      | $879218.76    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTROCK COMPANY                     | WESTROCK CO COMMON STOCK                  | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               |  | US        |     54779 | NS      | $1926029.64   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                         | POLARIS INC COMMON STOCK                  | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |     23492 | NS      | $2372692.00   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                   | TIMKEN CO COMMON STOCK                    | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               |  | US        |     35346 | NS      | $2497901.82   | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.               | DYCOM INDUSTRIES INC COMMON STOCK         | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |     27641 | NS      | $2587197.60   | 6.18%             |  |  |  | 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        |      7019 | NS      | $2312900.88   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVAR SOLUTIONS INC.                | UNIVAR SOLUTIONS INC COMMON STOCK         | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               |  | US        |     70122 | NS      | $2229879.60   | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                 | INGEVITY CORP COMMON STOCK                | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |     28006 | NS      | $1972742.64   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                  | CLEAN HARBORS INC COMMON STOCK            | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |      9298 | NS      | $1061087.76   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               |  | US        |     16708 | NS      | $2241044.04   | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                         | WATSCO INC COMMON STOCK                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               |  | US        |      8132 | NS      | $2028120.80   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.     | ARMSTRONG WORLD INDUSTRIES COMMON STOCK   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |     26863 | NS      | $1842533.17   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                     | AGCO CORP COMMON STOCK                    | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               |  | US        |     14521 | NS      | $2013917.49   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.             | DARLING INGREDIENTS INC COMMON STOCK      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |     48702 | NS      | $3048258.18   | 7.28%             |  |  |  | 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