Grandeur Peak Global Opportunities Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.96% | ||||||||
Argentina — 1.06% | ||||||||
Globant SA(a) | 27,349 | $ | 6,449,168 | |||||
Australia — 0.12% | ||||||||
Fiducian Group Ltd.(a) | 182,850 | 735,116 | ||||||
Belgium — 2.99% | ||||||||
Melexis NV | 102,099 | 8,746,537 | ||||||
Warehouses De Pauw CVA(a) | 105,504 | 3,086,169 | ||||||
X-Fab Silicon Foundries SE(a)(b)(c) | 666,184 | 6,401,262 | ||||||
18,233,968 | ||||||||
Brazil — 1.23% | ||||||||
Hypera SA(a) | 397,700 | 2,550,193 | ||||||
Patria Investments Ltd.(a) | 238,699 | 3,406,235 | ||||||
Vinci Partners Invest Ltd.(a) | 149,641 | 1,574,223 | ||||||
7,530,651 | ||||||||
Canada — 1.26% | ||||||||
Aritzia, Inc.(a) | 137,700 | 3,350,616 | ||||||
Foran Mining Corp(a) | 501,000 | 1,524,303 | ||||||
Richelieu Hardware Ltd.(a) | 87,665 | 2,831,564 | ||||||
7,706,483 | ||||||||
China — 3.06% | ||||||||
Hangzhou Robam Appliances Co., Ltd.(a) | 1,104,626 | 3,367,237 | ||||||
Man Wah Holdings Ltd.(a) | 5,885,100 | 3,668,513 | ||||||
Shanghai Hanbell Precise Machinery Co., Ltd.(a) | 1,184,800 | 2,932,540 | ||||||
Silergy Corporation(a) | 553,008 | 6,804,751 | ||||||
Suofeiya Home Collection Co., Ltd., CLASS A(a) | 871,633 | 1,895,167 | ||||||
18,668,208 | ||||||||
Colombia — 0.50% | ||||||||
Parex Resources, Inc. | 183,302 | 3,035,307 | ||||||
France — 7.07% | ||||||||
Alten SA(a) | 47,460 | 7,336,897 | ||||||
Antin Infrastructure Partners(a) | 122,243 | 2,247,352 | ||||||
BioMerieux(a) | 26,547 | 2,856,671 | ||||||
Esker SA(a) | 13,155 | 2,208,693 | ||||||
Neurones SA(a) | 95,301 | 4,665,853 | ||||||
Thermador Groupe(a) | 64,104 | 5,949,793 | ||||||
Virbac SA(a) | 39,449 | 14,234,022 | ||||||
Wavestone(a) | 55,799 | 3,695,773 | ||||||
43,195,054 | ||||||||
Germany — 4.14% | ||||||||
Dermapharm Holding SE(a) | 143,087 | 6,085,150 | ||||||
Elmos Semiconductor AG | 42,981 | 3,001,390 | ||||||
Friedrich Vorwerrk Group SE(a) | 60,903 | 1,034,767 | ||||||
Nagarro SE(a) | 29,219 | 2,855,265 | ||||||
Nexus AG(a) | 73,057 | 4,551,816 | ||||||
QIAGEN N.V.(a) | 103,937 | 4,537,890 | ||||||
Stabilus SE(a) | 46,307 | 3,244,279 | ||||||
25,310,557 | ||||||||
Hong Kong — 0.46% | ||||||||
Techtronic Industries Co., Ltd. | 262,100 | 2,783,799 | ||||||
Shares | Fair Value | |||||||
COMMON STOCKS — 98.96% (continued) | ||||||||
India — 1.66% | ||||||||
Cera Sanitaryware Ltd.(a) | 25,560 | $ | 2,538,130 | |||||
Gulf Oil Lubricants India Ltd. | 186,873 | 1,792,592 | ||||||
IndiaMart InterMesh Ltd.(a) | 89,038 | 2,701,903 | ||||||
Indigo Paints Ltd(a) | 179,351 | 3,116,244 | ||||||
10,148,869 | ||||||||
Indonesia — 1.35% | ||||||||
Arwana Citramulia Tbk PT(a) | 46,609,800 | 2,023,302 | ||||||
Selamat Sempurna Tbk PT(a) | 33,500,600 | 4,288,417 | ||||||
Ultrajaya Milk Industry & Trading Co.(a) | 18,240,200 | 1,965,041 | ||||||
8,276,760 | ||||||||
Ireland — 0.59% | ||||||||
Keywords Studios plc(a) | 171,282 | 3,581,866 | ||||||
Italy — 2.49% | ||||||||
Interpump Group SpA(a) | 101,151 | 4,999,102 | ||||||
Recordati Industria Chimica e Farmaceutica SpA(a) | 97,385 | 5,374,086 | ||||||
Sesa SpA(a) | 35,682 | 4,840,706 | ||||||
15,213,894 | ||||||||
Japan — 12.48% | ||||||||
BayCurrent Consulting, Inc. | 327,500 | 7,614,515 | ||||||
Carenet, Inc. NPV(a) | 334,100 | 1,828,665 | ||||||
Charm Care Corporation KK(a) | 191,500 | 1,545,460 | ||||||
Comture Corporation(a) | 162,900 | 2,014,497 | ||||||
Create SD Holdings Co., Ltd.(a) | 148,000 | 3,220,874 | ||||||
CrowdWorks, Inc.(a) | 246,200 | 2,166,641 | ||||||
F&M Co., Ltd.(a) | 117,000 | 1,525,263 | ||||||
FP Partner, Inc.(a) | 75,700 | 3,149,151 | ||||||
Funai Soken Holdings, Inc.(a) | 110,800 | 1,929,323 | ||||||
Hennge KK(a) | 305,700 | 2,600,614 | ||||||
Insource Co Ltd(a) | 514,600 | 2,909,038 | ||||||
Integral Corporation(a) | 247,600 | 4,828,399 | ||||||
Kitz Corporation | 344,900 | 2,820,048 | ||||||
M&A Capital Partners Company Ltd.(a) | 221,000 | 3,403,858 | ||||||
MarkLines Co., Ltd. | 247,400 | 5,051,739 | ||||||
MonotaRO Co., Ltd.(a) | 216,500 | 2,039,169 | ||||||
Prestige International, Inc.(a) | 815,800 | 3,350,011 | ||||||
Seria Co., Ltd.(a) | 175,000 | 3,207,108 | ||||||
Strike Co., Ltd. | 134,200 | 4,330,109 | ||||||
Sun*, Inc.(a) | 356,500 | 2,333,023 | ||||||
Synchro Food Co., Ltd.(a) | 482,000 | 2,107,129 | ||||||
Trancom Co., Ltd.(a) | 56,070 | 2,657,352 | ||||||
ULS Group, Inc.(a) | 55,300 | 1,535,715 | ||||||
User Local, Inc.(a) | 113,700 | 1,567,249 | ||||||
Visional, Inc.(a) | 63,800 | 3,993,279 | ||||||
Yakuodo Holdings Co., Ltd.(a) | 147,200 | 2,584,546 | ||||||
76,312,775 | ||||||||
Korea (Republic Of) — 0.32% | ||||||||
SOLUM Co Ltd(a) | 96,566 | 1,981,886 | ||||||
Grandeur Peak Global Opportunities Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) | |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.96% (continued) | ||||||||
Luxembourg — 0.91% | ||||||||
Eurofins Scientific S.E. | 63,623 | $ | 3,830,452 | |||||
Sword Group(a) | 41,691 | 1,703,891 | ||||||
5,534,343 | ||||||||
Mexico — 2.01% | ||||||||
Grupo Financiero Banorte SAB de CV(a) | 349,100 | 3,550,297 | ||||||
Regional SAB de CV(a) | 656,927 | 6,080,755 | ||||||
Vesta Real Estate Corporation - ADR | 69,644 | 2,640,900 | ||||||
12,271,952 | ||||||||
Netherlands — 0.48% | ||||||||
Redcare Pharmacy NV(a) | 21,105 | 2,937,165 | ||||||
Norway — 1.07% | ||||||||
Bouvet ASA(a) | 230,309 | 1,351,257 | ||||||
Nordic Semiconductor ASA(a) | 169,734 | 1,704,538 | ||||||
SmartCraft ASA(a) | 1,457,082 | 3,493,264 | ||||||
6,549,059 | ||||||||
Philippines — 1.31% | ||||||||
Century Pacific Food, Inc.(a) | 3,004,500 | 1,760,908 | ||||||
Concepcion Industrial Corporation(a) | 1,020,252 | 227,889 | ||||||
Puregold Price Club, Inc.(a) | 8,009,700 | 3,960,684 | ||||||
Wilcon Depot, Inc.(a) | 5,330,600 | 2,076,488 | ||||||
8,025,969 | ||||||||
Poland — 1.83% | ||||||||
Dino Polska SA(a)(b)(c) | 80,595 | 8,699,187 | ||||||
Inter Cars SA(a) | 17,951 | 2,452,469 | ||||||
11,151,656 | ||||||||
Singapore — 0.75% | ||||||||
Riverstone Holdings Ltd. | 8,760,800 | 4,557,944 | ||||||
South Africa — 0.25% | ||||||||
Italtile Ltd.(a) | 2,394,999 | 1,535,157 | ||||||
South Korea — 1.16% | ||||||||
Eo Technics Co., Ltd.(a) | 25,905 | 3,314,199 | ||||||
LEENO Industrial, Inc.(a) | 25,220 | 3,752,552 | ||||||
7,066,751 | ||||||||
Sweden — 4.07% | ||||||||
AddTech AB(a) | 105,430 | 2,175,100 | ||||||
Beijer Alma AB(a) | 217,790 | 3,837,633 | ||||||
Hexpol AB | 298,677 | 3,418,994 | ||||||
Knowit AB | 187,743 | 2,524,821 | ||||||
Lyko Group AB(a)(c) | 13,986 | 143,810 | ||||||
RVRC Holding AB(a) | 405,970 | 2,469,847 | ||||||
Sdiptech AB(a) | 268,662 | 6,668,196 | ||||||
Swedencare AB | 611,771 | 3,634,733 | ||||||
24,873,134 | ||||||||
Taiwan — 1.87% | ||||||||
Fuzetec Technology Co., Ltd.(a) | 278,482 | 400,646 | ||||||
M3 Technology, Inc.(a) | 712,000 | 4,026,398 | ||||||
Sporton International, Inc.(a) | 949,151 | 7,026,243 | ||||||
11,453,287 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.96% (continued) | ||||||||
United Kingdom — 17.67% | ||||||||
B&M European Value Retail SA | 3,223,378 | $ | 21,125,367 | |||||
CVS Group plc | 728,858 | 15,591,929 | ||||||
Diploma plc(a) | 88,432 | 3,645,362 | ||||||
Elixirr International PLC(a) | 108,470 | 732,004 | ||||||
Endava plc, ADR - ADR(a) | 216,290 | 15,306,843 | ||||||
Foresight Group Holdings Ltd.(a) | 656,670 | 3,786,544 | ||||||
FRP Advisory Group PLC(a) | 1,002,640 | 1,607,810 | ||||||
GlobalData PLC(a) | 1,295,891 | 3,301,026 | ||||||
Halma PLC | 107,976 | 2,988,713 | ||||||
Impax Asset Management Group plc(a) | 609,471 | 4,190,281 | ||||||
Intertek Group PLC(a) | 53,873 | 3,057,903 | ||||||
JTC plc(a)(b)(c) | 602,443 | 6,055,827 | ||||||
Marlowe PLC(a) | 748,142 | 3,555,493 | ||||||
On The Beach Group PLC(a)(b)(c) | 1,126,330 | 2,124,895 | ||||||
Petershill Partners PLC(a) | 1,147,692 | 2,557,152 | ||||||
Pets at Home Group PLC(a) | 979,096 | 3,476,785 | ||||||
Softcat PLC(a) | 282,801 | 5,162,074 | ||||||
Victorian Plumbing Group PLC(a) | 1,039,569 | 1,165,811 | ||||||
Volution Group PLC(a) | 1,557,641 | 8,528,035 | ||||||
107,959,854 | ||||||||
United States — 22.96% | ||||||||
4imprint Group PLC(a) | 45,139 | 3,095,398 | ||||||
AtriCure, Inc.(a) | 92,225 | 3,141,184 | ||||||
Bank of NT Butterfield & Son Ltd. (The)(a) | 113,455 | 3,441,090 | ||||||
BizLink Holding, Inc.(a) | 489,078 | 3,598,750 | ||||||
Charles River Laboratories International, Inc.(a) | 21,483 | 4,646,344 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 30,683 | 8,974,778 | ||||||
DigitalOcean Holdings, Inc.(a) | 70,999 | 2,394,086 | ||||||
Elastic NV(a) | 20,635 | 2,415,533 | ||||||
Envista Holdings Corporation(a) | 145,729 | 3,424,631 | ||||||
Evercore, Inc., Class A | 25,374 | 4,357,477 | ||||||
Five Below, Inc.(a) | 29,825 | 5,352,394 | ||||||
Frontage Holdings Corporation(a)(b)(c) | 9,659,883 | 1,986,657 | ||||||
Global Industrial Co. | 100,291 | 4,265,376 | ||||||
GQG Partners, Inc.(a) | 2,094,198 | 2,565,495 | ||||||
Hackett Group, Inc. (The) | 98,183 | 2,269,991 | ||||||
Insperity, Inc. | 24,549 | 2,815,525 | ||||||
Insulet Corporation(a) | 10,248 | 1,956,036 | ||||||
JFrog Ltd.(a) | 67,577 | 2,198,280 | ||||||
Littelfuse, Inc. | 73,007 | 17,660,394 | ||||||
Medpace Holdings, Inc.(a) | 9,180 | 2,676,704 | ||||||
Neogen Corporation(a) | 131,834 | 2,043,427 | ||||||
NV5 Global, Inc.(a) | 52,311 | 5,486,901 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 72,175 | 5,191,548 | ||||||
P10, Inc.(a) | 530,771 | 4,883,093 | ||||||
PagerDuty, Inc.(a) | 106,997 | 2,533,689 | ||||||
Paycom Software, Inc. | 23,213 | 4,416,041 | ||||||
PJT Partners, Inc., Class A | 68,266 | 6,565,141 | ||||||
Qualys, Inc.(a) | 49,694 | 9,400,615 | ||||||
Shoals Technologies Group, Inc., Class A(a) | 329,454 | 4,338,909 | ||||||
Silicon Laboratories, Inc.(a) | 16,034 | 1,977,954 | ||||||
SiTime Corporation(a) | 18,514 | 1,973,037 | ||||||
Texas Roadhouse, Inc. | 35,200 | 4,425,344 |
Grandeur Peak Global Opportunities Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) | |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.96% (continued) | ||||||||
United States — 22.96% (continued) | ||||||||
TriMas Corporation | 154,259 | $ | 3,807,112 | |||||
142,919,834 | ||||||||
Vietnam — 1.84% | ||||||||
Asia Commercial Bank JSC(a) | 3,107,100 | 3,272,199 | ||||||
Vietnam Technological & Commercial Joint Stock Bank(a) | 5,657,804 | 7,986,522 | ||||||
11,258,721 | ||||||||
Total Common Stocks (Cost $497,528,758) | 604,618,287 | |||||||
Total Investments — 98.96% | ||||||||
(Cost $497,528,758) | 604,618,287 | |||||||
Other Assets in Excess of Liabilities — 1.04% | 6,314,358 | |||||||
NET ASSETS — 100.00% | $ | 610,932,645 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024, these securities had a total aggregate market value of $25,267,828, representing 4.14% of net assets. |
(c) | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of January 31, 2024, the aggregate market value of these securities was $25,411,638, representing 4.16% of net assets. |
Sector Composition (January 31, 2024) | ||
Technology | 27.8% | |
Industrials | 18.6% | |
Financials | 13.3% | |
Health Care | 12.9% | |
Consumer Discretionary | 10.0% | |
Consumer Staples | 9.8% | |
Communications | 2.6% | |
Materials | 1.7% | |
Energy | 1.4% | |
Real Estate | 0.9% | |
Other Assets in Excess of Liabilities | 1.0% | |
Total | 100% |
Industry Composition (January 31, 2024) | ||
IT Services | 9.8% | |
Mass Merchants | 5.7% | |
Specialty & Generic Pharma | 4.6% | |
Application Software | 4.6% | |
Health Care Services | 4.1% | |
Banks | 4.0% | |
Semiconductor Devices | 3.5% | |
Food & Drug Stores | 3.5% | |
Infrastructure Software | 3.3% | |
Electrical Components | 3.0% | |
Private Equity | 2.9% | |
Professional Services | 2.7% | |
Institutional Brokerage | 2.5% | |
Other Commercial Support Services | 2.3% | |
Engineering Services | 2.1% | |
Home Products Stores | 1.9% | |
Flow Control Equipment | 1.8% | |
Electronics Components | 1.7% | |
Investment Management | 1.7% | |
Comml & Res Bldg Equipment & Sys | 1.4% | |
Specialty Technology Hardware | 1.4% | |
Wealth Management | 1.3% | |
Life Science & Diagnostics | 1.2% | |
Internet Media & Services | 1.2% | |
Other Spec Retail - Discr | 1.2% | |
Rubber & Plastic | 1.2% | |
Health Care Supplies | 1.1% | |
Medical Devices | 1.1% | |
Industrial Wholesale & Rental | 1.1% | |
Semiconductor Manufacturing | 1.1% | |
Other Machinery & Equipment | 1.0% | |
Other Industries (each less than 1%) | 19.0% | |
Other Assets in Excess of Liabilities | 1.0% | |
Total | 100% |