Fiera Capital Small/Mid-Cap Growth Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Common Stocks — 98.7% | ||||||||
Communications — 8.7% | ||||||||
Internet — 3.6% | ||||||||
Etsy, Inc.(1) | 14,197 | $ | 1,201,208 | |||||
GoDaddy, Inc., Class A(1) | 22,042 | 1,656,016 | ||||||
2,857,224 | ||||||||
Media — 2.5% | ||||||||
New York Times Co., Class A | 33,217 | 1,308,085 | ||||||
Nexstar Media Group, Inc. | 4,312 | 718,164 | ||||||
2,026,249 | ||||||||
Telecommunications — 2.6% | ||||||||
Arista Networks, Inc.(1) | 12,518 | 2,028,667 | ||||||
Total Communications | 6,912,140 | |||||||
Consumer, Cyclical — 15.4% | ||||||||
Apparel — 1.9% | ||||||||
Deckers Outdoor Corp.(1) | 2,891 | 1,525,465 | ||||||
Distribution/Wholesale — 0.8% | ||||||||
Avient Corp. | 16,623 | 679,881 | ||||||
Home Builders — 2.0% | ||||||||
PulteGroup, Inc. | 20,224 | 1,571,000 | ||||||
Home Furnishings — 1.5% | ||||||||
Dolby Laboratories, Inc., Class A | 14,767 | 1,235,703 | ||||||
Leisure Time — 1.9% | ||||||||
Royal Caribbean Cruises, Ltd.(1) | 14,345 | 1,488,150 | ||||||
Lodging — 2.2% | ||||||||
Hyatt Hotels Corp., Class A | 15,059 | 1,725,460 | ||||||
Retail — 3.6% | ||||||||
Lithia Motors, Inc., Class A | 4,997 | 1,519,638 | ||||||
Wingstop, Inc. | 6,676 | 1,336,268 | ||||||
2,855,906 | ||||||||
Textiles — 1.5% | ||||||||
Mohawk Industries, Inc.(1) | 11,566 | 1,193,149 | ||||||
Total Consumer, Cyclical | 12,274,714 | |||||||
Consumer, Non-cyclical — 28.7% | ||||||||
Biotechnology — 14.5% | ||||||||
Amicus Therapeutics, Inc.(1) | 130,471 | 1,638,716 | ||||||
Apellis Pharmaceuticals, Inc.(1) | 13,910 | 1,267,201 | ||||||
Argenx SE, ADR(1) | 4,282 | 1,668,824 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 11,487 | 995,693 | ||||||
Guardant Health, Inc.(1) | 23,592 | 844,594 | ||||||
Immunocore Holdings PLC, ADR(1) | 13,590 | 814,856 | ||||||
Karuna Therapeutics, Inc.(1) | 6,241 | 1,353,361 | ||||||
Mirati Therapeutics, Inc.(1) | 18,186 | 657,060 | ||||||
Sarepta Therapeutics, Inc.(1) | 7,400 | 847,448 | ||||||
SpringWorks Therapeutics, Inc.(1) | 21,513 | 564,071 | ||||||
Veracyte, Inc.(1) | 14,886 | 379,146 | ||||||
Xenon Pharmaceuticals, Inc.(1) | 14,520 | 559,020 | ||||||
11,589,990 |
Fiera Capital Small/Mid-Cap Growth Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Commercial Services — 4.1% | ||||||||
Insperity, Inc. | 10,455 | $ | 1,243,727 | |||||
Ritchie Bros Auctioneers, Inc. | 7,671 | 460,260 | ||||||
United Rentals, Inc. | 3,600 | 1,603,332 | ||||||
3,307,319 | ||||||||
Healthcare-Products — 5.7% | ||||||||
AtriCure, Inc.(1) | 17,231 | 850,522 | ||||||
Inari Medical, Inc.(1) | 9,010 | 523,841 | ||||||
iRhythm Technologies, Inc.(1) | 9,418 | 982,486 | ||||||
Shockwave Medical, Inc.(1) | 7,710 | 2,200,511 | ||||||
4,557,360 | ||||||||
Healthcare-Services — 3.2% | ||||||||
ICON PLC(1) | 3,150 | 788,130 | ||||||
Molina Healthcare, Inc.(1) | 5,738 | 1,728,515 | ||||||
2,516,645 | ||||||||
Pharmaceuticals — 1.2% | ||||||||
Neurocrine Biosciences, Inc.(1) | 10,112 | 953,562 | ||||||
Total Consumer, Non-Cyclical | 22,924,876 | |||||||
Energy — 2.5% | ||||||||
Oil & Gas — 1.2% | ||||||||
Devon Energy Corp. | 20,153 | 974,196 | ||||||
Oil & Gas Services — 1.3% | ||||||||
ChampionX Corp. | 33,775 | 1,048,376 | ||||||
Total Energy | 2,022,572 | |||||||
Financial — 3.2% | ||||||||
Diversified Financial Services — 1.5% | ||||||||
Raymond James Financial, Inc. | 11,565 | 1,200,100 | ||||||
Private Equity — 1.7% | ||||||||
Ares Management Corp., Class A | 13,807 | 1,330,304 | ||||||
Total Financial | 2,530,404 | |||||||
Industrial — 16.0% | ||||||||
Engineering & Construction — 6.0% | ||||||||
EMCOR Group, Inc. | 11,719 | 2,165,437 | ||||||
Jacobs Solutions, Inc. | 9,375 | 1,114,594 | ||||||
TopBuild Corp.(1) | 5,777 | 1,536,797 | ||||||
4,816,828 | ||||||||
Hand/Machine Tools — 1.5% | ||||||||
Regal Rexnord Corp. | 7,630 | 1,174,257 | ||||||
Machinery-Construction & Mining — 2.1% | ||||||||
BWX Technologies, Inc. | 23,676 | 1,694,491 | ||||||
Machinery-Diversified — 4.6% | ||||||||
Cognex Corp. | 21,430 | 1,200,509 | ||||||
Graco, Inc. | 12,411 | 1,071,690 | ||||||
Nordson Corp. | 5,681 | 1,409,910 | ||||||
3,682,109 | ||||||||
Miscellaneous Manufacturing — 1.8% | ||||||||
AO Smith Corp. | 19,710 | 1,434,494 | ||||||
Total Industrial | 12,802,179 |
Fiera Capital Small/Mid-Cap Growth Fund
Industry Allocation
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Technology — 24.2% | ||||||||
Semiconductors — 7.2% | ||||||||
Entegris, Inc. | 22,900 | $ | 2,537,778 | |||||
Lattice Semiconductor Corp.(1) | 21,488 | 2,064,352 | ||||||
Power Integrations, Inc. | 12,491 | 1,182,523 | ||||||
5,784,653 | ||||||||
Software — 17.0% | ||||||||
ACI Worldwide, Inc.(1) | 23,382 | 541,761 | ||||||
Gitlab, Inc., Class A(1) | 31,199 | 1,594,581 | ||||||
HubSpot, Inc.(1) | 4,573 | 2,433,247 | ||||||
Jack Henry & Associates, Inc. | 7,627 | 1,276,226 | ||||||
JFrog, Ltd.(1) | 39,738 | 1,100,743 | ||||||
MongoDB, Inc., Class A(1) | 6,177 | 2,538,685 | ||||||
Outset Medical, Inc.(1) | 14,217 | 310,926 | ||||||
Paycom Software, Inc. | 5,031 | 1,616,158 | ||||||
Tyler Technologies, Inc.(1) | 5,142 | 2,141,489 | ||||||
13,553,816 | ||||||||
Total Technology | 19,338,469 | |||||||
Total Common Stocks | ||||||||
(identified cost $55,099,443) | 78,805,354 | |||||||
Total Investments — 98.7% | ||||||||
(identified cost $55,099,443) | 78,805,354 | |||||||
Other Assets and Liabilities — 1.3% | 1,069,589 | |||||||
Total Net Assets — 100.0% | $ | 79,874,943 |
(1) | Non-income producing. |
ADR – American Depositary Receipt
PLC – Public Limited Company
Fiera Capital International Equity Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Common Stocks — 98.9% | ||||||||
Australia — 2.1% | ||||||||
Commonwealth Bank of Australia | 84,341 | $ | 5,646,223 | |||||
Canada — 3.2% | ||||||||
Canadian National Railway Co. | 70,457 | 8,530,229 | ||||||
Denmark — 6.4% | ||||||||
Novo Nordisk A/S, Class B | 103,867 | 16,778,659 | ||||||
France — 15.9% | ||||||||
Air Liquide SA | 44,119 | 7,912,279 | ||||||
EssilorLuxottica SA | 54,115 | 10,204,728 | ||||||
L'Oreal SA | 21,374 | 9,970,703 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 14,760 | 13,917,723 | ||||||
42,005,433 | ||||||||
Germany — 4.1% | ||||||||
Rational AG | 4,002 | 2,897,923 | ||||||
SAP SE | 58,051 | 7,930,391 | ||||||
10,828,314 | ||||||||
India — 2.4% | ||||||||
HDFC Bank, Ltd., ADR | 91,533 | 6,379,850 | ||||||
Japan — 7.7% | ||||||||
Keyence Corp. | 22,620 | 10,748,045 | ||||||
Shimano, Inc. | 31,521 | 5,276,847 | ||||||
Unicharm Corp. | 115,611 | 4,298,983 | ||||||
20,323,875 | ||||||||
Netherlands — 3.4% | ||||||||
ASML Holding NV | 12,276 | 8,904,349 | ||||||
Switzerland — 19.2% | ||||||||
Alcon, Inc. | 90,980 | 7,547,498 | ||||||
Cie Financiere Richemont SA | 56,457 | 9,589,705 | ||||||
Geberit AG | 10,766 | 5,641,971 | ||||||
Nestle SA | 127,768 | 15,368,559 | ||||||
Roche Holding AG | 18,689 | 5,708,612 | ||||||
Schindler Holding AG | 28,823 | 6,767,457 | ||||||
50,623,802 | ||||||||
Taiwan — 5.9% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 154,614 | 15,603,645 | ||||||
United Kingdom — 24.6% | ||||||||
Ashtead Group PLC | 71,329 | 4,945,317 | ||||||
Bunzl PLC | 145,392 | 5,540,628 | ||||||
Diageo PLC | 235,386 | 10,119,505 | ||||||
Howden Joinery Group PLC | 627,959 | 5,130,698 | ||||||
InterContinental Hotels Group PLC | 131,590 | 9,096,389 | ||||||
Intertek Group PLC | 93,290 | 5,057,067 | ||||||
London Stock Exchange Group PLC | 114,294 | 12,164,719 | ||||||
Rotork PLC | 603,352 | 2,337,778 | ||||||
Spirax-Sarco Engineering PLC | 40,124 | 5,288,521 | ||||||
Unilever PLC | 104,605 | 5,452,336 | ||||||
65,132,958 | ||||||||
United States — 4.0% | ||||||||
S&P Global, Inc. | 26,599 | 10,663,273 | ||||||
Total Common Stocks | ||||||||
(identified cost $194,374,359) | 261,420,610 | |||||||
Total Investments — 98.9% | ||||||||
(identified cost $194,374,359) | 261,420,610 |
Fiera Capital International Equity Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Other Assets and Liabilities — 1.1% | 2,818,473 | |||||||
Total Net Assets — 100.0% | $ | 264,239,083 |
ADR — American Depositary Receipt
PLC — Public Limited Company
Fiera Capital International Equity Fund
Industry Allocation
June 30, 2023 (Unaudited)
Industry | Value | % of Total Net Assets | ||||||
Common Stocks | ||||||||
Apparel | $ | 13,917,723 | 5.3 | % | ||||
Banks | 12,026,073 | 4.6 | ||||||
Beverages | 10,119,506 | 3.8 | ||||||
Building Materials | 5,641,971 | 2.1 | ||||||
Chemicals | 7,912,279 | 3.0 | ||||||
Commercial Services | 20,665,657 | 7.8 | ||||||
Cosmetics/Personal Care | 19,722,021 | 7.5 | ||||||
Distribution/Wholesale | 5,540,628 | 2.1 | ||||||
Diversified Financial Services | 12,164,720 | 4.6 | ||||||
Electronics | 2,337,778 | 0.9 | ||||||
Food | 15,368,559 | 5.8 | ||||||
Hand/Machine Tools | 6,767,458 | 2.6 | ||||||
Healthcare-Products | 17,752,226 | 6.7 | ||||||
Home Furnishings | 8,028,621 | 3.0 | ||||||
Leisure Time | 5,276,847 | 2.0 | ||||||
Lodging | 9,096,389 | 3.4 | ||||||
Machinery-Diversified | 16,036,565 | 6.1 | ||||||
Pharmaceuticals | 22,487,270 | 8.5 | ||||||
Retail | 9,589,705 | 3.6 | ||||||
Semiconductors | 24,507,994 | 9.3 | ||||||
Software | 7,930,391 | 3.0 | ||||||
Transportation | 8,530,229 | 3.2 | ||||||
Total Common Stocks | 261,420,610 | 98.9 | ||||||
Other Assets and Liabilities | 2,818,473 | 1.1 | ||||||
Total Net Assets | $ | 264,239,083 | 100.0 | % |
Fiera Capital Global Equity Fund
Portfolio Composition
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Common Stocks — 99.0% | ||||||||
Denmark — 2.0% | ||||||||
Novo Nordisk A/S, Class B | 3,225 | $ | 520,966 | |||||
France — 4.4% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,193 | 1,124,922 | ||||||
India — 2.2% | ||||||||
HDFC Bank, Ltd., ADR | 8,005 | 557,948 | ||||||
Japan — 3.0% | ||||||||
Keyence Corp. | 1,642 | 780,207 | ||||||
Switzerland — 7.7% | ||||||||
Cie Financiere Richemont SA | 3,848 | 653,616 | ||||||
Geberit AG | 935 | 489,991 | ||||||
Nestle SA | 7,056 | 848,730 | ||||||
1,992,337 | ||||||||
Taiwan — 4.9% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 12,381 | 1,249,491 | ||||||
United Kingdom — 8.0% | ||||||||
Diageo PLC | 17,719 | 761,760 | ||||||
InterContinental Hotels Group PLC | 8,891 | 614,606 | ||||||
Intertek Group PLC | 6,236 | 338,041 | ||||||
Spirax-Sarco Engineering PLC | 2,510 | 330,829 | ||||||
2,045,236 | ||||||||
United States — 66.8% | ||||||||
Alphabet, Inc., Class A (1) | 11,476 | 1,373,677 | ||||||
AutoZone, Inc. (1) | 470 | 1,171,879 | ||||||
Becton, Dickinson and Co. | 2,526 | 666,889 | ||||||
Carrier Global Corp. | 10,848 | 539,254 | ||||||
CME Group, Inc. | 3,679 | 681,682 | ||||||
Graco, Inc. | 6,992 | 603,759 | ||||||
Johnson & Johnson | 5,151 | 852,594 | ||||||
Mastercard, Inc., Class A | 3,150 | 1,238,895 | ||||||
Mettler-Toledo International, Inc. (1) | 406 | 532,526 | ||||||
Microsoft Corp. | 6,173 | 2,102,153 | ||||||
Moody's Corp. | 4,320 | 1,502,150 | ||||||
MSCI, Inc. | 1,339 | 628,379 | ||||||
NIKE, Inc., Class B | 4,481 | 494,568 | ||||||
Oracle Corp. | 7,447 | 886,863 | ||||||
Otis Worldwide Corp. | 7,947 | 707,363 | ||||||
PepsiCo, Inc. | 3,717 | 688,463 | ||||||
Sherwin-Williams Co. | 2,630 | 698,318 | ||||||
TJX Cos., Inc. | 9,848 | 835,012 | ||||||
UnitedHealth Group, Inc. | 1,958 | 941,093 | ||||||
17,145,517 | ||||||||
Total Common Stocks | ||||||||
(identified cost $16,143,823) | 25,416,624 | |||||||
Total Investments — 99.0% | ||||||||
(identified cost $16,143,823) | 25,416,624 | |||||||
Other Assets and Liabilities — 1.0% | 252,619 | |||||||
Total Net Assets — 100.0% | $ | 25,669,243 |
(1) | Non-income producing. |
ADR — American Depositary Receipt
PLC — Public Limited Company
Fiera Capital Global Equity Fund
Industry Allocation
June 30, 2023 (Unaudited)
Industry | Value | % of Total Net Assets | ||||||
Common Stocks | ||||||||
Apparel | $ | 1,619,490 | 6.3 | % | ||||
Banks | 557,948 | 2.2 | ||||||
Beverages | 1,450,222 | 5.6 | ||||||
Building Materials | 1,029,245 | 4.0 | ||||||
Chemicals | 698,318 | 2.7 | ||||||
Commercial Services | 1,840,192 | 7.2 | ||||||
Diversified Financial Services | 1,920,577 | 7.5 | ||||||
Electronics | 532,526 | 2.1 | ||||||
Food | 848,730 | 3.3 | ||||||
Healthcare-Services | 941,093 | 3.7 | ||||||
Internet | 1,373,677 | 5.3 | ||||||
Lodging | 614,606 | 2.4 | ||||||
Machinery-Diversified | 2,422,158 | 9.4 | ||||||
Pharmaceuticals | 2,040,449 | 7.9 | ||||||
Retail | 2,660,507 | 10.4 | ||||||
Semiconductors | 1,249,490 | 4.9 | ||||||
Software | 3,617,396 | 14.1 | ||||||
Total Common Stocks | 25,416,624 | 99.0 | ||||||
Other Assets and Liabilities | 252,619 | 1.0 | ||||||
Total Net Assets | $ | 25,669,243 | 100.0 | % |
Fiera Capital U.S. Equity Long-Term Quality Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Common Stocks — 99.4% | ||||||||
Basic Materials — 7.4% | ||||||||
Chemicals — 7.4% | ||||||||
Linde PLC | 10,888 | $ | 4,149,199 | |||||
Sherwin-Williams Co. | 11,362 | 3,016,838 | ||||||
Total Basic Materials | 7,166,037 | |||||||
Communications — 8.6% | ||||||||
Internet — 6.4% | ||||||||
Alphabet, Inc., Class A(1) | 51,474 | 6,161,438 | ||||||
Media — 2.2% | ||||||||
FactSet Research Systems, Inc. | 5,225 | 2,093,396 | ||||||
Total Communications | 8,254,834 | |||||||
Consumer, Cyclical — 15.7% | ||||||||
Apparel — 2.3% | ||||||||
NIKE, Inc., Class B | 20,461 | 2,258,280 | ||||||
Retail — 13.4% | ||||||||
AutoZone, Inc.(1) | 2,201 | 5,487,885 | ||||||
Lowe's Cos., Inc. | 17,607 | 3,973,900 | ||||||
TJX Cos., Inc. | 40,536 | 3,437,048 | ||||||
12,898,833 | ||||||||
Total Consumer, Cyclical | 15,157,113 | |||||||
Consumer, Non-cyclical — 17.8% | ||||||||
Beverages — 3.9% | ||||||||
PepsiCo, Inc. | 20,279 | 3,756,077 | ||||||
Cosmetics/Personal Care — 1.4% | ||||||||
Colgate-Palmolive Co. | 17,353 | 1,336,875 | ||||||
Healthcare-Services — 5.3% | ||||||||
UnitedHealth Group, Inc. | 10,702 | 5,143,809 | ||||||
Pharmaceuticals — 7.2% | ||||||||
Becton, Dickinson and Co. | 10,426 | 2,752,568 | ||||||
Johnson & Johnson | 25,161 | 4,164,649 | ||||||
6,917,217 | ||||||||
Total Consumer, Non-Cyclical | 17,153,978 | |||||||
Financial — 14.3% | ||||||||
Diversified Financial Services — 14.3% | ||||||||
CME Group, Inc. | 14,770 | 2,736,733 | ||||||
Mastercard, Inc., Class A | 12,651 | 4,975,638 | ||||||
Moody's Corp. | 17,552 | 6,103,182 | ||||||
Total Financial | 13,815,553 | |||||||
Industrial — 12.9% | ||||||||
Building Materials — 2.5% | ||||||||
Carrier Global Corp. | 49,434 | 2,457,364 | ||||||
Electronics — 2.3% | ||||||||
Mettler-Toledo International, Inc.(1) | 1,667 | 2,186,504 |
Fiera Capital U.S. Equity Long-Term Quality Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Description | Shares | Value | ||||||
Machinery-Diversified — 8.1% | ||||||||
Graco, Inc. | 33,652 | $ | 2,905,850 | |||||
Middleby Corp.(1) | 15,883 | 2,347,984 | ||||||
Otis Worldwide Corp. | 28,458 | 2,533,047 | ||||||
7,786,881 | ||||||||
Total Industrial | 12,430,749 | |||||||
Technology — 22.7% | ||||||||
Semiconductors — 3.3% | ||||||||
Analog Devices, Inc. | 16,278 | 3,171,117 | ||||||
Software — 19.4% | ||||||||
Adobe Systems, Inc.(1) | 5,214 | 2,549,594 | ||||||
Microsoft Corp. | 28,997 | 9,874,638 | ||||||
MSCI, Inc. | 5,879 | 2,758,956 | ||||||
Oracle Corp. | 29,998 | 3,572,462 | ||||||
18,755,650 | ||||||||
Total Technology | 21,926,767 | |||||||
Total Common Stocks | ||||||||
(identified cost $62,336,530) | 95,905,031 | |||||||
Total Investments — 99.4% | ||||||||
(identified cost $62,336,530) | 95,905,031 | |||||||
Other Assets and Liabilities — 0.6% | 551,801 | |||||||
Total Net Assets — 100.0% | $ | 96,456,832 |
(1) | Non-income producing. |
PLC – Public Limited Company