UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06400

 

 

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

 

 

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

 

 

SEI Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2014

Date of reporting period: January 31, 2014

 

 

 

Item 1. Schedule of Investments

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JANUARY 31, 2014
   (Unaudited)

 

 

 

 

SCHEDULE OF INVESTMENTS

 

COMMON STOCK — 92.8%

               
    Shares         Value  

CONSUMER DISCRETIONARY — 11.3%

     

ANN INC*

    316,474        $ 10,234,769   

Black Diamond*

    458,800          4,886,220   

Bob Evans Farms

    264,100          13,271,025   

Children’s Place Retail Stores*

    244,600          12,883,082   

Crocs*

    669,800          10,281,430   

Finish Line, Cl A

    468,600          12,019,590   

Group 1 Automotive

    230,900          14,114,917   

Hillenbrand

    464,900          12,584,843   

Insight Enterprises*

    420,900          8,880,990   

Jos A Bank Clothiers*

    141,050          7,929,831   

Matthews International, Cl A

    239,400          10,179,288   

MDC Holdings

    352,700          10,894,903   

Men’s Wearhouse

    247,800          11,904,312   

Regis

    850,529          10,487,023   
     

 

 

 
        150,552,223   
     

 

 

 

CONSUMER STAPLES — 0.7%

     

Snyders-Lance

    362,300          9,677,033   
     

 

 

 

ENERGY — 5.0%

     

Bonanza Creek Energy*

    301,600          12,278,136   

C&J Energy Services*

    94,914          2,219,089   

Carrizo Oil & Gas*

    130,100          5,347,110   

EPL Oil & Gas*

    539,501          14,496,392   

Key Energy Services*

    1,814,400          13,226,976   

Natural Gas Services Group*

    152,947          4,420,168   

SAExploration Holdings*

    475,395          3,960,041   

Unit*

    227,700          11,378,169   
     

 

 

 
        67,326,081   
     

 

 

 

FINANCIAL SERVICES — 21.2%

     

Ameris Bancorp*

    847,304          17,344,313   

Bank of Kentucky Financial

    98,200          3,528,326   

Berkshire Hills Bancorp

    206,300          5,046,098   

Boston Private Financial Holdings

    837,000          10,286,730   

 

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JANUARY 31, 2014
   (Unaudited)

 

 

 

COMMON STOCK — continued                
    Shares         Value  

FINANCIAL SERVICES — (continued)

     

Brandywine Realty Trust†

    461,730        $ 6,579,652   

Bryn Mawr Bank

    388,274          10,821,196   

Campus Crest Communities†

    1,032,100          9,113,443   

CubeSmart†

    537,400          8,856,352   

CVB Financial

    228,848          3,414,412   

DuPont Fabros Technology†

    541,800          14,081,382   

Enterprise Financial Services

    587,780          10,944,464   

Excel Trust†

    833,100          9,505,671   

Financial Institutions

    169,000          3,528,720   

First Financial Holdings

    77,700          4,782,435   

First of Long Island

    151,900          6,010,683   

Flushing Financial

    510,600          10,487,724   

FNB

    1,062,500          12,580,000   

Fortegra Financial*

    392,800          2,894,936   

Hancock Holding

    222,300          7,691,580   

Hanmi Financial

    353,862          7,632,803   

Hanover Insurance Group

    131,900          7,324,407   

Heritage Financial

    636,847          10,845,505   

HFF, Cl A

    236,918          7,008,034   

Jack Henry & Associates

    137,266          7,656,698   

Kite Realty Group Trust†

    1,518,150          9,792,068   

Lexington Realty Trust†

    533,541          5,767,578   

Navigators Group*

    115,800          6,905,154   

Parkway Properties†

    207,900          3,688,146   

Pebblebrook Hotel Trust†

    368,900          11,114,957   

ProAssurance

    157,200          7,303,512   

Prosperity Bancshares

    224,900          14,069,744   

Selective Insurance Group

    165,700          3,897,264   

Susquehanna Bancshares

    486,804          5,272,087   

Trico Bancshares

    277,100          6,860,996   

United Financial Bancorp

    570,960          10,123,121   

Univest Corp of Pennsylvania

    6,287          118,070   
     

 

 

 
        282,878,261   
     

 

 

 

 

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JANUARY 31, 2014
   (Unaudited)

 

 

 

COMMON STOCK — continued                
    Shares         Value  

HEALTH CARE — 6.3%

     

Bio-Rad Laboratories, Cl A*

    103,700        $ 13,182,344   

Charles River Laboratories International*

    207,500          11,729,975   

CONMED

    314,600          13,197,470   

Hanger Orthopedic Group*

    479,417          16,209,089   

Hill-Rom Holdings

    284,800          10,329,696   

Owens & Minor

    135,600          4,697,184   

WellCare Health Plans*

    224,100          14,591,151   
     

 

 

 
        83,936,909   
     

 

 

 

INDUSTRIALS — 4.3%

     

Altra Holdings

    521,900          16,366,784   

McDermott International*

    1,134,300          9,460,062   

MYR Group*

    470,100          11,785,407   

SP Plus*

    533,902          13,486,364   

TAL International Group

    152,100          6,544,863   
     

 

 

 
        57,643,480   
     

 

 

 

INFORMATION TECHNOLOGY — 2.7%

     

Electro Scientific Industries

    1,060,550          11,496,362   

NETGEAR*

    383,100          12,224,721   

WEX*

    147,100          12,115,156   
     

 

 

 
        35,836,239   
     

 

 

 

MATERIALS — 0.4%

     

Innospec

    108,552          4,650,367   
     

 

 

 

MATERIALS & PROCESSING — 13.4%

     

ABM Industries

    432,400          11,527,784   

Aptargroup

    200,100          12,766,380   

Belden CDT

    239,600          15,504,516   

Brady, Cl A

    458,900          12,555,504   

Carpenter Technology

    275,400          16,003,494   

HB Fuller

    322,266          15,011,151   

Innophos Holdings

    352,800          16,465,176   

Koppers Holdings

    208,000          8,216,000   

Kraton Performance Polymers*

    407,604          10,194,176   

OM Group*

    394,400          12,754,896   

 

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JANUARY 31, 2014
   (Unaudited)

 

 

 

COMMON STOCK — continued                
    Shares         Value  

MATERIALS & PROCESSING — (continued)

     

OMNOVA Solutions*

    1,390,100        $ 12,566,504   

Rogers*

    206,300          12,522,410   

United Stationers

    363,703          15,068,215   

US Silica Holdings

    277,115          8,208,146   
     

 

 

 
        179,364,352   
     

 

 

 

PRODUCER DURABLES — 16.5%

     

Actuant, Cl A

    450,200          15,405,844   

Albany International, Cl A

    376,600          13,019,062   

Briggs & Stratton

    553,300          11,658,031   

CBIZ*

    1,205,300          10,365,580   

Celadon Group

    483,900          10,055,442   

Compass Diversified Holdings (B)

    698,329          12,535,006   

ESCO Technologies

    450,722          15,730,198   

Esterline Technologies*

    120,158          12,370,266   

Granite Construction

    357,193          11,890,955   

Heartland Express

    404,200          8,512,452   

II-VI*

    761,900          11,634,213   

Kaman

    171,800          6,658,968   

Littelfuse

    138,700          12,413,650   

Methode Electronics

    464,778          15,644,427   

Moog, Cl A*

    122,608          7,363,836   

Orbital Sciences*

    684,015          16,724,167   

Regal-Beloit

    183,400          13,588,106   

Triumph Group

    203,600          13,930,312   
     

 

 

 
        219,500,515   
     

 

 

 

TECHNOLOGY — 9.8%

     

ATMI*

    617,521          17,092,982   

Coherent*

    194,835          13,022,771   

Emulex*

    1,248,300          9,187,488   

FormFactor*

    895,000          5,763,800   

GSI Group*

    989,700          10,678,863   

Harmonic*

    1,308,395          8,583,071   

Integrated Device Technology*

    1,896,800          18,304,120   

 

THE ADVISORS’ INNER CIRCLE FUND    ICM SMALL COMPANY
   PORTFOLIO
   JANUARY 31, 2014
   (Unaudited)

 

 

 

COMMON STOCK — continued                
    Shares         Value  

TECHNOLOGY — (continued)

     

IXYS

    1,044,203        $ 13,250,936   

Jabil Circuit

    328,700          5,906,739   

ON Semiconductor*

    666,120          5,568,763   

Oplink Communications*

    643,632          10,896,690   

Plantronics

    283,400          12,166,362   
     

 

 

 
        130,422,585   
     

 

 

 

UTILITIES — 1.2%

     

IDACORP

    314,700          16,594,131   
     

 

 

 

TOTAL COMMON STOCK

     

(Cost $918,009,834)

        1,238,382,176   
     

 

 

 
     
CASH EQUIVALENT — 1.0%                

Dreyfus Treasury Prime Cash Management, 0.000%, (A)
(Cost $13,608,149)

    13,608,149          13,608,149   
     

 

 

 

TOTAL INVESTMENTS — 93.8%

     

(Cost $931,617,983)‡

      $ 1,251,990,325   
     

 

 

 

 

   Percentages are based on Net Assets of $1,334,301,317.
(A) The rate shown is the 7-day effective yield as of January 31, 2014.
(B) Security considered to be a Master Limited Partnership. The total value of such security as of January 31, 2014 was $12,535,006 or 0.9% of Net Assets.
* Non-income producing security.
† Real Estate Investment Trust
‡ At January 31, 2014, the tax basis cost of the Portfolio’s investments was $931,617,983, and the unrealized appreciation and depreciation were $353,982,696 and $(33,610,354), respectively.

Cl — Class

As of January 31, 2014, all of the Portfolio’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended January 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended January 31, 2014, there were no Level 3 securities.

For information on the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent semi-annual and annual financial statements.

ICM-QH-001-2000

 

Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

(a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)       The Advisors’ Inner Circle Fund
By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: March 31, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: March 31, 2014

 

By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson
      Treasurer, Controller & CFO

Date: March 31, 2014

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