# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211103
**Filing Date:** 2025-8
**Character Count:** 18230
**Document Hash:** 15d06cbe7cb047cf1c60e6fc00c0d35c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211103.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211103

**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:** 251270093

**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** 

**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 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:** 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:** $251463098.14

**Total Liabilities:** $297192.08

**Net Assets:** $251165906.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223246 | 3.02%                | 8.72%                | -2.14%               |
| Class ID C000223247 | 2.99%                | 8.74%                | -2.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3853848.72             | $11348585.91                               |
| Month 2  | $5992445.97              | $13583949.77                               |
| Month 3  | $2796061.27              | $-7818360.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANCED ENERGY INDUSTRIES, INC. | ADVANCED ENERGY INDUSTRIES COMMON STOCK | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               |  | US        |     87458 | NS      | $11588185.00  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                 | AGCO CORP COMMON STOCK                  | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               |  | US        |    125350 | NS      | $12931106.00  | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC. | ARMSTRONG WORLD INDUSTRIES COMMON STOCK | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |     60630 | NS      | $9848737.20   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                      | BELDEN INC COMMON STOCK                 | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               |  | US        |    110854 | NS      | $12836893.20  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.         | BOOT BARN HOLDINGS INC COMMON STOCK     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |     90901 | NS      | $13816952.00  | 5.50%             |  |  |  | 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        |     31517 | NS      | $6013758.77   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY              | BRINK'S CO/THE COMMON STOCK             | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |    172479 | NS      | $15400649.91  | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  10666365 | PA      | $10666364.80  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                   | CRANE NXT CO COMMON STOCK               | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               |  | US        |     92714 | NS      | $4997284.60   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.         | DARLING INGREDIENTS INC COMMON STOCK    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |    456149 | NS      | $17306293.06  | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DORMAN PRODUCTS, INC.            | DORMAN PRODUCTS INC COMMON STOCK        | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               |  | US        |    101372 | NS      | $12435303.24  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.           | DYCOM INDUSTRIES INC COMMON STOCK       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |     26660 | NS      | $6515437.40   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.         | ENERPAC TOOL GROUP COMMON STOCK         | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |    219041 | NS      | $8884302.96   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.           | EXTREME NETWORKS INC COMMON STOCK       | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               |  | US        |    498649 | NS      | $8950749.55   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION             | INGEVITY CORP COMMON STOCK              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |    181041 | NS      | $7801056.69   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares, Inc.        | LIVE OAK BANCSHARES INC COMMON STOCK    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               |  | US        |    399745 | NS      | $11912401.00  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION    | LOUISIANA-PACIFIC CORP COMMON STOCK     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               |  | US        |    152500 | NS      | $13113475.00  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY     | MODINE MANUFACTURING CO COMMON STOCK    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |     94460 | NS      | $9304310.00   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated          | MSA SAFETY INC COMMON STOCK             | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               |  | US        |     49276 | NS      | $8255208.28   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                  | MURPHY USA INC COMMON STOCK             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               |  | US        |     25559 | NS      | $10397401.20  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPAN COMPANY                   | STEPAN CO COMMON STOCK                  | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               |  | US        |    180773 | NS      | $9866590.34   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.            | THOR INDUSTRIES INC COMMON STOCK        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               |  | US        |     53698 | NS      | $4768919.38   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY               | TIMKEN CO COMMON STOCK                  | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               |  | US        |    132028 | NS      | $9578631.40   | 3.81%             |  |  |  | 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        |    178806 | NS      | $13982629.20  | 5.57%             |  |  |  | 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