Grandeur Peak Global Micro Cap Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.99% | ||||||||
Australia — 9.18% | ||||||||
Atturra, Ltd.(a) | 765,242 | $ | 407,595 | |||||
EQT Holdings Ltd.(a) | 14,824 | 267,892 | ||||||
Fiducian Group Ltd.(a) | 208,133 | 836,762 | ||||||
Imdex Ltd.(a) | 178,344 | 196,744 | ||||||
Kogan.com Ltd.(a) | 329,412 | 1,233,869 | ||||||
Megaport Ltd.(a) | 33,940 | 277,120 | ||||||
PeopleIN Ltd.(a) | 292,940 | 232,840 | ||||||
Silk Logistics Holdings Ltd.(a) | 294,436 | 353,439 | ||||||
Whispir Ltd.(a) | 909,737 | 325,226 | ||||||
4,131,487 | ||||||||
Belgium — 0.73% | ||||||||
X-Fab Silicon Foundries SE(a)(b)(c) | 34,079 | 327,460 | ||||||
Brazil — 0.62% | ||||||||
Locaweb Servicos de Internet SA(a) | 107,000 | 117,701 | ||||||
Vinci Partners Invest Ltd.(a) | 15,260 | 160,535 | ||||||
278,236 | ||||||||
Canada — 0.68% | ||||||||
BioSyent, Inc.(a)(b) | 48,100 | 304,141 | ||||||
China — 0.96% | ||||||||
Chaoju Eye Care Holdings Ltd.(a) | 380,000 | 178,653 | ||||||
TK Group Holdings Ltd.(a) | 1,462,600 | 252,328 | ||||||
430,981 | ||||||||
Finland — 0.39% | ||||||||
Revenio Group Oyj(a) | 6,394 | 175,516 | ||||||
France — 3.34% | ||||||||
Aubay SA(a) | 3,600 | 159,819 | ||||||
Esker SA(a) | 991 | 166,387 | ||||||
Neurones SA(a) | 8,295 | 406,116 | ||||||
Thermador Groupe(a) | 4,607 | 427,597 | ||||||
Wavestone(a) | 5,180 | 343,090 | ||||||
1,503,009 | ||||||||
Germany — 1.74% | ||||||||
Friedrich Vorwerrk Group SE(a) | 5,285 | 89,794 | ||||||
Mensch und Maschine Software SE(a) | 5,555 | 305,510 | ||||||
Nexus AG(a) | 6,251 | 389,469 | ||||||
784,773 | ||||||||
Greece — 1.87% | ||||||||
Kri-Kri Milk Industry SA(a) | 42,365 | 451,345 | ||||||
Sarantis SA(a) | 40,988 | 388,843 | ||||||
840,188 | ||||||||
Hong Kong — 0.79% | ||||||||
Plover Bay Technologies Ltd.(a)(c) | 1,383,600 | 354,182 | ||||||
India — 5.87% | ||||||||
Cera Sanitaryware Ltd.(a) | 3,942 | 391,444 | ||||||
Gulf Oil Lubricants India Ltd. | 98,696 | 946,748 | ||||||
Indigo Paints Ltd(a) | 24,458 | 424,961 | ||||||
Metropolis Healthcare Ltd.(a)(b)(c) | 11,642 | 228,799 | ||||||
SJS Enterprises Ltd.(a) | 46,977 | 340,039 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.99% (continued) | ||||||||
India — 5.87% (continued) | ||||||||
Vaibhav Global Ltd.(a) | 51,651 | $ | 308,178 | |||||
2,640,169 | ||||||||
Indonesia — 1.28% | ||||||||
Ace Hardware Indonesia Tbk P.T.(a) | 2,496,000 | 134,373 | ||||||
Arwana Citramulia Tbk PT(a) | 3,364,400 | 146,047 | ||||||
Selamat Sempurna Tbk PT(a) | 2,309,700 | 295,665 | ||||||
576,085 | ||||||||
Ireland — 0.61% | ||||||||
Uniphar PLC(a) | 90,411 | 274,506 | ||||||
Japan — 25.22% | ||||||||
Beenos, Inc.(a) | 97,100 | 984,490 | ||||||
Bengo4.com, Inc.(a) | 7,300 | 197,100 | ||||||
Carenet, Inc. NPV(a) | 24,500 | 134,099 | ||||||
Central Automotive Products Ltd.(a) | 12,400 | 409,300 | ||||||
Charm Care Corporation KK(a) | 70,600 | 569,762 | ||||||
Creema Ltd.(a) | 49,200 | 103,300 | ||||||
CrowdWorks, Inc.(a) | 29,000 | 255,210 | ||||||
Cyber Security Cloud, Inc.(a) | 21,800 | 364,054 | ||||||
eGuarantee, Inc.(a) | 26,000 | 338,897 | ||||||
eWeLL Co., Ltd.(a) | 15,000 | 185,383 | ||||||
F&M Co., Ltd.(a) | 16,300 | 212,494 | ||||||
FP Partner, Inc.(a) | 4,900 | 203,842 | ||||||
GENOVA, Inc.(a) | 19,100 | 218,207 | ||||||
Hennge KK(a) | 45,800 | 389,624 | ||||||
Insource Co Ltd(a) | 28,000 | 158,284 | ||||||
Integral Corporation(a) | 13,400 | 261,311 | ||||||
M&A Capital Partners Company Ltd.(a) | 31,000 | 477,464 | ||||||
MarkLines Co., Ltd. | 23,000 | 469,644 | ||||||
Open Door, Inc.(a) | 11,300 | 65,714 | ||||||
Oro Co., Ltd.(a) | 51,000 | 1,007,134 | ||||||
Plus Alpha Consulting(a) | 11,900 | 207,412 | ||||||
Prestige International, Inc.(a) | 50,000 | 205,321 | ||||||
Sun*, Inc.(a) | 112,400 | 735,573 | ||||||
Synchro Food Co., Ltd.(a) | 53,100 | 232,134 | ||||||
System Support, Inc.(a) | 44,200 | 588,918 | ||||||
Syuppin Company, Ltd.(a) | 70,800 | 499,087 | ||||||
ULS Group, Inc.(a) | 29,800 | 827,564 | ||||||
User Local, Inc.(a) | 9,000 | 124,057 | ||||||
WDB coco Co., Ltd.(a) | 5,000 | 155,724 | ||||||
Yakuodo Holdings Co., Ltd.(a) | 31,200 | 547,811 | ||||||
YMIRLINK, Inc.(a) | 26,600 | 225,612 | ||||||
11,354,526 | ||||||||
Luxembourg — 0.68% | ||||||||
Sword Group(a) | 7,482 | 305,786 | ||||||
Norway — 1.39% | ||||||||
Bouvet ASA(a) | 38,828 | 227,810 | ||||||
SmartCraft ASA(a) | 166,002 | 397,979 | ||||||
625,789 |
Grandeur Peak Global Micro Cap Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) | |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.99% (continued) | ||||||||
Oman — 0.58% | ||||||||
Tethys Oil AB(a) | 65,711 | $ | 258,922 | |||||
Philippines — 0.91% | ||||||||
AllHome Corporation 144A(a) | 3,701,098 | 74,827 | ||||||
Pryce Corporation(a) | 3,545,900 | 333,650 | ||||||
408,477 | ||||||||
Poland — 1.63% | ||||||||
Auto Partner SA | 77,576 | 497,393 | ||||||
Shoper Spolka Akcyjna(a) | 30,600 | 232,339 | ||||||
729,732 | ||||||||
Singapore — 1.38% | ||||||||
Riverstone Holdings Ltd. | 1,194,125 | 621,262 | ||||||
South Korea — 1.24% | ||||||||
Douzone Bizon Co., Ltd(a) | 6,780 | 242,712 | ||||||
Hyundai Ezwel Co., Ltd.(a) | 25,910 | 110,386 | ||||||
MegaStudyEdu Co., Ltd.(a) | 4,572 | 205,539 | ||||||
558,637 | ||||||||
Sweden — 6.82% | ||||||||
BoneSupport Holding AB(a) | 13,900 | 275,210 | ||||||
Knowit AB | 31,682 | 426,068 | ||||||
RVRC Holding AB(a) | 65,929 | 401,100 | ||||||
Sdiptech AB(a) | 14,961 | 371,332 | ||||||
Swedencare AB | 206,276 | 1,225,555 | ||||||
Teqnion AB(a) | 10,963 | 236,579 | ||||||
Vitec Software Group(a) | 2,401 | 133,372 | ||||||
3,069,216 | ||||||||
Taiwan — 3.81% | ||||||||
Acer E-Enabling Service Business, Inc.(a) | 19,000 | 174,206 | ||||||
FineTek Co. Ltd.(a) | 80,204 | 241,361 | ||||||
Gem Services, Inc.(a) | 107,000 | 225,220 | ||||||
M3 Technology, Inc.(a) | 53,000 | 299,718 | ||||||
Sporton International, Inc.(a) | 76,699 | 567,777 | ||||||
Wistron Information Technology and Services Corporation(a) | 47,477 | 207,351 | ||||||
1,715,633 | ||||||||
Thailand — 0.91% | ||||||||
Humanica PCL(a) | 1,280,000 | 410,151 | ||||||
United Kingdom — 12.34% | ||||||||
AB Dynamics PLC(a) | 19,430 | 437,075 | ||||||
Advanced Medical Solutions Group plc(a) | 88,727 | 235,572 | ||||||
CVS Group plc | 5,800 | 124,075 | ||||||
EKF Diagnostics Holdings PLC(a) | 400,873 | 153,426 | ||||||
Elixirr International PLC(a) | 93,105 | 628,314 | ||||||
Foresight Group Holdings Ltd.(a) | 65,739 | 379,070 | ||||||
Franchise Brands PLC(a) | 133,559 | 272,511 | ||||||
FRP Advisory Group PLC(a) | 325,991 | 522,751 | ||||||
Impax Asset Management Group plc(a) | 75,916 | 521,943 | ||||||
JTC plc(a)(b)(c) | 38,251 | 384,503 | ||||||
Marlowe PLC(a) | 47,353 | 225,042 | ||||||
Pensionbee Group PLC(a) | 256,812 | 315,847 | ||||||
SDI Group PLC(a) | 225,400 | 183,960 | ||||||
Victorian Plumbing Group PLC(a) | 201,264 | 225,705 | ||||||
Volution Group PLC(a) | 136,926 | 749,665 |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.99% (continued) | ||||||||
United Kingdom — 12.34% (continued) | ||||||||
XPS Pensions Group PLC(a)(c) | 73,829 | $ | 193,679 | |||||
5,553,138 | ||||||||
United States — 14.02% | ||||||||
Barrett Business Services, Inc. | 7,561 | 848,873 | ||||||
Bowman Consulting Group Ltd.(a) | 21,236 | 667,023 | ||||||
Esquire Financial Holdings, Inc.(a) | 5,687 | 283,554 | ||||||
Figs, Inc.(a) | 73,388 | 422,715 | ||||||
Frontage Holdings Corporation(a)(b)(c) | 856,200 | 176,087 | ||||||
Global Industrial Co.(a) | 15,340 | 652,410 | ||||||
Hackett Group, Inc. (The) | 33,010 | 763,191 | ||||||
Joint Corporation (The)(a) | 49,615 | 484,242 | ||||||
LeMaitre Vascular, Inc. | 3,305 | 191,822 | ||||||
MaxCyte, Inc.(a) | 30,726 | 156,395 | ||||||
Pennant Group, Inc. (The)(a) | 48,425 | 726,860 | ||||||
Perella Weinberg Partners LP | 35,540 | 417,595 | ||||||
Plumas Bancorp(a) | 6,666 | 235,176 | ||||||
Treace Medical Concepts, Inc.(a) | 21,204 | 285,830 | ||||||
6,311,773 | ||||||||
Total Common Stocks (Cost $40,708,361) | 44,543,775 | |||||||
Total Investments — 98.99% | ||||||||
(Cost $40,708,361) | 44,543,775 | |||||||
Other Assets in Excess of Liabilities — 1.01% | 452,366 | |||||||
NET ASSETS — 100.00% | $ | 44,996,141 | ||||||
(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 $1,420,990, representing 3.16% 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 $1,664,710, representing 3.70% of net assets. |
Sector Composition (January 31, 2024) | ||
Technology | 25.4% | |
Consumer Discretionary | 19.4% | |
Industrials | 18.2% | |
Health Care | 12.1% | |
Financials | 11.4% | |
Communications | 4.4% | |
Materials | 3.5% | |
Consumer Staples | 3.1% | |
Energy | 0.8% | |
Utilities | 0.7% | |
Other Assets in Excess of Liabilities | 1.0% | |
Total | 100% |
Grandeur Peak Global Micro Cap Fund | Portfolio of Investments |
January 31, 2024 (Unaudited) |
Industry Composition (January 31, 2024) | ||
It Services | 10.4% | |
Professional Services | 8.8% | |
Application Software | 7.9% | |
Online Marketplace | 5.2% | |
Internet Media & Services | 3.9% | |
Auto Parts | 3.5% | |
Health Care Services | 3.5% | |
Infrastructure Software | 3.2% | |
Specialty Chemicals | 3.1% | |
Private Equity | 2.8% | |
Other Spec Retail - Discr | 2.7% | |
Investment Management | 2.6% | |
Health Care Supplies | 2.5% | |
Health Care Facilities | 2.3% | |
Wealth Management | 2.0% | |
Industrial Wholesale & Rental | 2.0% | |
Other Commercial Support Services | 1.9% | |
Apparel, Footwear & Acc Design | 1.8% | |
Home Products Stores | 1.7% | |
Comml & Res Bldg Equipment & Sys | 1.7% | |
Specialty Online Retailers | 1.6% | |
Engineering Services | 1.5% | |
Specialty & Generic Pharma | 1.3% | |
Specialty Technology Hardware | 1.2% | |
Food & Drug Stores | 1.2% | |
Banks | 1.2% | |
Packaged Food | 1.0% | |
Other Industries (each less than 1%) | 16.5% | |
Other Assets in Excess of Liabilities | 1.0% | |
Total | 100% |