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Nuance Concentrated Value Long-Short Fund
           
Schedule of Investments
           
July 31, 2021 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS - 83.8%
           
Consumer Staples - 19.9%
           
Beiersdorf AG - ADR (a)
   
504,658
   
$
12,010,860
 
Cal-Maine Foods, Inc. (a)
   
111,255
     
3,881,687
 
Diageo PLC - ADR (a)
   
7,616
     
1,509,567
 
Henkel AG & Co. KGaA - ADR (a)
   
30,442
     
695,904
 
Kimberly-Clark Corp. (a)
   
28,527
     
3,871,685
 
Sanderson Farms, Inc. (a)
   
34,453
     
6,437,199
 
             
28,406,902
 
Financials - 17.0%
               
Chubb Ltd. - ADR (a)
   
25,407
     
4,287,177
 
Everest Re Group, Ltd. - ADR (a)
   
17,602
     
4,450,314
 
MetLife, Inc. (a)
   
24,545
     
1,416,246
 
Northern Trust Corp. (a)
   
50,709
     
5,722,511
 
Travelers Companies, Inc. (a)
   
55,584
     
8,277,569
 
             
24,153,817
 
Healthcare+ - 25.7%
               
Baxter International, Inc. (a)
   
91,999
     
7,116,123
 
Becton, Dickinson & Co. (a)
   
14,422
     
3,688,426
 
Dentsply Sirona, Inc. (a)
   
45,323
     
2,993,131
 
ICU Medical, Inc. (a)*
   
32,314
     
6,569,113
 
Johnson & Johnson (a)
   
16,423
     
2,828,040
 
Smith & Nephew - ADR (a)
   
222,916
     
9,123,952
 
Zimmer Biomet Holdings, Inc. (a)
   
26,335
     
4,303,666
 
             
36,622,451
 
Industrials - 4.0%
               
3M Co. (a)
   
10,569
     
2,092,028
 
Northrop Grumman Corp. (a)
   
9,788
     
3,553,240
 
             
5,645,268
 
Real Estate - 5.0%
               
Equity Commonwealth (a)
   
270,850
     
7,120,646
 
                 
Utilities - 12.2%
               
Essential Utilities, Inc. (a)
   
22,480
     
1,104,218
 
Pennon Group PLC - ADR (a)
   
43,347
     
1,560,046
 
SJW Group (a)
   
72,735
     
5,013,624
 
United Utilities Group PLC - ADR (a)
   
319,858
     
9,702,892
 
             
17,380,780
 
Total Common Stocks
               
(Cost $106,789,070)
           
119,329,864
 
                 
SHORT-TERM INVESTMENT - 13.1%
               
First American Government Obligations Fund, , Class X, 0.03% (a)^
               
(Cost $18,625,917)
   
18,625,917
     
18,625,917
 
Total Investments - 96.9%
               
(Cost $125,414,987)
           
137,955,781
 
Other Assets and Liabilities, Net - 3.1%
           
4,361,089
 
Total Net Assets - 100.0%
         
$
142,316,870
 

(a) 
All or a portion of this security is designated as collateral for securities sold short.  As of January 31, 2021, the value of the collateral was $137,955,781.

The Fund is significantly invested in this sector and therefore is subject to additional risks. Companies in this sector are subject to litigation, intellectual property issues, competition, government regulation, product approval or rejection, and product obsolescence.

Non-income producing security.
     

The rate shown is the annualized seven day effective yield as of July 31, 2021.
   
ADR - 
American Depositary Receipt
     

Summary of Fair Value Exposure
     
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds , credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

As of July 31, 2021, the Fund's investments in securities were classified as follows:
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
119,329,864
   
$
   
$
   
$
119,329,864
 
Short-Term Investment
   
18,625,917
     
-
     
     
18,625,917
 
Total Investments
 
$
137,955,781
   
$
   
$
   
$
137,955,781
 
 
                               
Securities Sold Short
                               
Common Stocks
 
$
140,419,115
   
$
   
$
   
$
140,419,115
 
Total Securities Sold Short
 
$
140,419,115
   
$
   
$
   
$
140,419,115
 


 
Nuance Concentrated Value Long-Short Fund
           
Schedule of Securities Sold Short
           
July 31, 2021 (Unaudited)
           
               
      
Shares
   
Value
 
COMMON STOCKS - 98.7%
           
Communication Services - 2.0%
           
Charter Communications, Inc. - Class A *
   
3,740
   
$
2,782,747
 
                   
Consumer Discretionary - 21.6%
               
AutoZone, Inc. *
   
713
     
1,157,605
 
Cintas Corp.
   
6,865
     
2,706,046
 
D.R. Horton, Inc.
   
51,108
     
4,877,236
 
Home Depot, Inc.
   
16,915
     
5,551,334
 
Lennar Corp. - Class A
   
53,545
     
5,630,257
 
Lowe's Companies, Inc.
   
5,558
     
1,070,971
 
McDonald's Corp.
   
9,104
     
2,209,632
 
O'Reilly Automotive, Inc. *
   
4,423
     
2,670,784
 
Ross Stores, Inc.
   
20,505
     
2,515,759
 
Yum Brands, Inc.
   
18,034
     
2,369,487
 
             
30,759,111
 
Consumer Staples - 4.0%
               
Costco Wholesale Corp.
   
6,697
     
2,877,835
 
Dollar General Corp.
   
12,381
     
2,880,316
 
             
5,758,151
 
Energy - 3.5%
               
Canadian Natural Resources Ltd.
   
67,428
     
2,226,473
 
Chevron Corp.
   
9,021
     
918,428
 
Enbridge, Inc.
   
24,771
     
974,739
 
Valero Energy Corp.
   
13,255
     
887,687
 
             
5,007,327
 
Financials - 7.1%
               
Allstate Corp.
   
8,013
     
1,042,091
 
Bank of America Corp.
   
62,755
     
2,407,282
 
Fifth Third Bancorp
   
25,819
     
936,971
 
JPMorgan Chase & Co.
   
15,141
     
2,298,101
 
Marsh & McLennan Companies, Inc.
   
17,633
     
2,595,930
 
PNC Financial Services Group, Inc.
   
4,874
     
889,066
 
             
10,169,441
 
Healthcare - 3.9%
               
HCA Healthcare, Inc.
   
22,078
     
5,479,759
 
                   
Industrials - 34.5%
               
Carrier Global Corp.
   
24,988
     
1,380,587
 
Caterpillar, Inc.
   
12,129
     
2,507,671
 
CSX Corp.
   
78,453
     
2,535,601
 
Cummins, Inc.
   
20,223
     
4,693,758
 
Deere & Co.
   
15,323
     
5,540,644
 
Eaton Corporation PLC
   
16,281
     
2,573,212
 
Emerson Electric Co.
   
26,708
     
2,694,570
 
Ferguson PLC
   
7,616
     
1,066,621
 
Illinois Tool Works, Inc.
   
23,609
     
5,351,452
 
Norfolk Southern Corp.
   
9,445
     
2,435,204
 
Parker-Hannifin Corp.
   
7,845
     
2,447,875
 
Republic Services, Inc.
   
11,003
     
1,302,315
 
Stanley Black & Decker, Inc.
   
12,074
     
2,379,182
 
Trane Technologies
   
28,382
     
5,778,859
 
Union Pacific Corp.
   
24,414
     
5,340,807
 
Waste Management, Inc.
   
7,593
     
1,125,738
 
             
49,154,096
 
Information Technology - 4.0%
               
Automatic Data Processing, Inc.
   
13,111
     
2,748,459
 
Paychex, Inc.
   
25,418
     
2,893,077
 
             
5,641,536
 
Materials - 11.5%
               
Air Products and Chemicals, Inc.
   
8,189
     
2,383,245
 
Avery Dennison Corp.
   
10,680
     
2,250,062
 
Ball Corp.
   
13,148
     
1,063,410
 
PPG Industries, Inc.
   
29,880
     
4,885,978
 
Sherwin-Williams Co.
   
19,819
     
5,767,923
 
             
16,350,618
 
Real Estate - 6.6%
               
Prologis, Inc.
   
44,662
     
5,718,523
 
Public Storage
   
8,150
     
2,546,712
 
Weyerhaeuser Co.
   
31,162
     
1,051,094
 
             
9,316,329
 
Total Securities Sold Short
               
(Proceeds $122,879,248)
         
$
140,419,115
 


Non-income producing security
               
ADR- 
American Depositary Receipt
               
                   

 

How to invest

Nuance has been managing portfolios for individuals and institutions using the same classic value investment philosophy since first registering as an investment advisor in 2008. If you would like to receive material describing our services, including our historical performance records, please contact us.

Nuance Investments, LLC
4900 Main Street, Suite 220
Kansas City, MO 64112
Telephone: (816) 743-7080
Fax: (913) 387-2729

How to invest

Nuance Investments, LLC • 4900 Main Street, Suite 220, Kansas City, MO 64112​

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