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Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.
Motley Fool Global Opportunities ETF
(Formerly MFAM Global Opportunities Fund)
Motley Fool Mid-Cap Growth ETF
(Formerly MFAM Mid-Cap Growth Fund)
Motley Fool 100 Index ETF
Motley Fool Small-Cap Growth ETF
(Formerly MFAM Small-Cap Growth ETF)
Motley Fool Capital Efficiency 100 Index ETF
Motley Fool Next Index ETF
Motley Fool Global Opportunities ETF (TMFG)
Motley Fool Mid-Cap Growth ETF (TMFM)
Motley Fool 100 Index ETF (TMFC)
Motley Fool Small-Cap Growth ETF (TMFS)
Motley Fool Capital Efficiency 100 Index ETF (TMFE)
Motley Fool Next Index ETF (TMFX)
President's Letter to Shareholders
Fund Expense Examples
Schedules of Investments
Notes to Financial Statements
Shareholder Tax Information
AUGUST 31, 2022 (Unaudited)
Kelsey Mowrey
Dear Fellow Shareholders,
First, I want to extend a heartfelt thank you for being members of our Foolish Family. We realize you have many investment options and appreciate the trust you place in us. We consider ourselves very fortunate to be on this journey with you.
And what a journey the last 12 months have been! Have you ever had the opportunity to ride Mr. Toad's Wild Ride in Disneyland or Walt Disney World? When I sat down to write this letter and reflect on the past year, that beloved theme park ride kept coming to mind.
Maybe you can recall the magical, whimsical, sometimes perilous, and often buggy ride through Toad Hall and the English countryside. Mr. Toad's Wild Ride was an original attraction when both Disneyland and Walt Disney World opened. While the Disney World iteration closed in 1998, the ride at Disneyland has had several reimaginations over the years, and still operates today.
As the Disney Universe keeps expanding, Mr. Toad's Wild Ride provides a happy sense of nostalgia for many visitors, a reminder of the original magic that made Disney so special. This year, we also got a bit nostalgic and made the decision to bring Foolishness back to our brand in a big way. We moved away from our acronym, MFAM, and reintroduced our proper name, Motley Fool Asset Management. In addition, we are once again proudly wearing and displaying our jester cap in our company logo.
But Mr. Toad has evolved since 1955 as well (the original ride had plywood cutout characters!) Technical updates in 1961 and 1983 have transformed Mr. Toad's Wild Ride into the beloved attraction we know today. At Motley Fool Asset Management, we had a transformation of our own last year. We converted two mutual funds to ETFs (a somewhat bumpy transition, to be honest!) and launched two new passive ETF products. With these ETF products we were able to improve efficiency, lower fees, increase transparency, and gain more access to our sister company, The Motley Fool, LLC's stock recommendations.
That brings me to perhaps the most obvious parallel between Mr. Toad and the stock market: The Wild Ride. The past year, particularly the last 8 months, has been a challenging time to be an investor to say the least. Domestic stock market indexes logged numerous record highs during the latter half of 2021, only to come tumbling down in 2022. The S&P 500 Index closed at an all-time high on January 3, 2022, and then dropped 19.96% by June 30, 2022. As of August 31, 2022, it is down 16.14% year to date. Similar scenarios played out in the Dow Jones Industrial Average as well as the Nasdaq Composite and the domestic bond markets have not been the usual safe havens we have come to expect. A wild ride, indeed!
Throughout their trip with Mr. Toad, travelers encounter several obstacles or dangers. Whether you are trying to avoid a stack of falling books, plunging into a stream, or a collision with a delivery truck, there's a lot that threatens to knock you off course. These last twelve months have had their share of obstacles too. Historically high inflation, continued supply chain issues and slowing domestic growth are just a few of the issues impeding our investment path.
Even though our time with Mr. Toad consists of many twists, turns, and startling moments, most park goers wouldn't consider jumping out of the buggy mid-ride. That's because they know if they wait long enough, the trek will end with a satisfying resolution. Investing shouldn't be much different. With patience and a long time horizon, we believe short term market fluctuations most likely will not prevent us from reaching our long-term goals.
With that in mind, I'd like to thank you for staying on this ride with us. As investors, we know it is always important to stay the course; however, when the ride gets wild it can be difficult to maintain that mindset. Please know that we will continue to navigate this track along with you and be good stewards for your investments. We are grateful for your business and look forward to more adventures with you in the coming year, whatever the road ahead may bring.
President's Letter to Shareholders (Concluded)
Motley Fool Asset Management's ETFs are distributed by Quasar Distributors, LLC.
The investment advisor for each fund is Motley Fool Asset Management, LLC ("MFAM"). MFAM is a wholly owned subsidiary of Motley Fool Investment Management, LLC, whose parent company, The Motley Fool Holdings, Inc., is a multimedia financial-services holding company. MFAM, an affiliate of The Motley Fool LLC ("TMF"), is a separate legal entity. No TMF analyst is involved in the investment decision-making or daily operations of MFAM. With respect to its actively-managed funds, MFAM does not attempt to track any TMF services and, as such, those funds may diverge completely from TMF's services.
The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it.
All investing involves risk. Principal loss is possible. Each of Motley Fool Asset Management ETFs invests in particular market capitalizations or qualifications distinct to that individual fund, including small cap stocks and mid cap stocks, thus each fund's performance will be especially sensitive to market conditions that particularly affect that fund's particular market. Some funds are non-diversified, which means its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on any of Motley Fool Asset Management's ETFs. For these and other reasons, there is no guarantee any of Motley Fool Asset Management ETFs will achieve its particular, stated objective.
Please consider the charges, risks, expenses, and investment objectives carefully before you invest. Please see the prospectuses for the Motley Fool Global Opportunities ETF, the Motley Fool Mid-Cap Growth ETF, the Motley Fool 100 Index ETF, the Motley Fool Small-Cap Growth ETF, the Motley Fool Next Index ETF and the Motley Fool Capital Efficiency 100 Index ETF containing this and other information. Read it carefully before you invest or send money.
Bryan Hinmon
Chief Investment Officer,
"It is imperative that we remain vigilant in questioning how we do things that lead to decisions about investing your capital. We are on a quest to do this better, every day."
— Me, back in 2016
Dear Fellow Shareholder,
You're probably thinking: I can't believe the ego of this guy, quoting himself to open this letter! Let me reassure you that my ego is kept well in check by my two year old. Most recently, he has admired the "stripes" across my forehead and around my eyes, mocked my "silly" attempt to build his train tracks, and laughed uncontrollably as my mini breakfast burritos "look like trash cans." Writing this reminds me those barbs still sting and my ego has no chance of inflating.
In preparing to write this letter I went back and read what I've written in the past. I've touched on several important topics over the years: the folly of economic and market forecasting, bias and decision making, and simplicity and focus, to name a few. But the idea that tends to come up again and again, as highlighted in the opening quote, is the need to be open to change on a never-ending quest for better.
I think the reason this is the most popular idea to explore is because of the nature of investing. Investing resembles a wicked problem.1 That is, the problem isn't fully understood, the context and constraints are always changing, and there is no obvious single answer that a rote process can solve for.
Given the messy nature of the endeavor, blindly applying thinking and methods that have worked in the past can be dangerous. Reflection, which addresses an honest capacity to accept underperformance and intelligently adapt, is critical for making sure we remain on the path to long term success. I believe that is the path we are on. We reflect on and consider improving our methods every year, but the state of affairs here in late 2022 make the exercise seem more poignant.
CAPACITY TO SUFFER
It is well known that investors feel losses more powerfully than gains. The urge to sell or to shift investing styles or methods, when things aren't going well, is rooted in pain relief. Even if an investor is wired to handle some pain, as their stocks head relentlessly lower, the emotional hits keep coming. Research shows that, under such stress, investor focus narrows to the immediate future and, according to Michael Mauboussin, "turn[s] off any thought about the long term. So even if an investor believes a stock or industry group is likely to fare well over a three to six year period, anxiety about the next three to six months prevails – and a great opportunity slips away."2
This narrowing of time frame has, in our view, come to life today via the broad selling of companies with the promise of strong cash flow generation in the future, but little current profitability. In investing shorthand, there has been a strong preference for value stocks over growth stocks. Value stocks, with their perceived tendency for tangible, bird-in-the-hand cash generation, have outperformed growth stocks by more than 35 percentage points over the past two years.3
This performance gap is breathtaking. Within the context of persistent inflation, rising global recession risk, changing monetary policy, and ongoing war during that two year period, a recalibration of the value of future cash flows seems warranted in our opinion. But the breadth and violence of the growth exodus suggests to us a degree of "stress" selling4 and raises the chance of some perfectly viable, high-value-creating (but not-yet-cash-flowing) businesses being tossed aside with the pretenders.
The idea of Wicked Problems was developed by Horst Rittel and Melvin Webber in the early 1970s. Their definition was focused on social policy issues, but over the subsequent 50 years, the idea of wicked problems has been more loosely defined and broadly applied. The fact that investing is wicked is one of the aspects that make it so challenging, but also so fun.
Mauboussin, Michael. Anatomy of a Market Crash. Forbes, October 25, 2007.
Value stocks, here, are represented by the Russell 1000 Value Index. Growth stocks, here, are represented by the Russell 1000 Growth Index. Return data from Standard & Poor's Capital IQ for the period 9/1/2020 to 8/31/2022.
We would recommend exploring the concept of "hyperbolic discounting" if you're curious.
Letter to Shareholders (Continued)
We can't in good faith, and simply won't, state that many high-flyers are pretenders while ours are clear-cut, long-term winners that the market is mistreating. We have inked plenty of mistakes in the past and time will show us to have made additional ones. Said differently, it is unclear whether the market is treating our chosen growthy businesses rationally or whether it is panicking to some degree. But what we can say with confidence is that we understand our own beliefs and expectations behind each investment (thanks to our research process) and accept such pricing swings in exchange for the reward potential we believe persists.
We are, and remain, patient owners of businesses. While we don't like poor performance, we appreciate that it is what sometimes creates mispricings and may open the door to long-term rewards.
You probably didn't ignore the statement above about our past and inevitable future mistakes. We understand that no flavor of investing works 100% of the time, and that no active manager can operate in a mistake free utopia. The recent past has been trying, and we are frustrated with our performance. It is critical we dispassionately assess the situation and learn the right lessons.
Most importantly, we wholeheartedly believe that our core investing principle and core investing belief remain on firm foundations. Let's lay these out plainly. The core principle that underpins our investing program is that, in the long run, we believe portfolio returns will converge on the business returns our companies achieve, as determined by realized earnings power (cash flows). The core belief that emerges from that principle, in our practice, is that independent research (centered on our unique definition of Quality) with a long-term mindset, expressed through focused portfolios, can potentially outperform and is how our team is best wired to achieve outperformance.
We've stress tested these ideas and have happily and completely re-underwritten them.
With our philosophy checked, we can move to execution. The largest class of mistake we made over the fiscal year, in my view, was in execution. Specifically, it was the improper weighting of base rates and the attendant link to position sizing. Let's take a moment to make that not sound like gobbledygook.
We study businesses deeply, in an attempt to assess each company's management, culture, and incentives; its economics, competitive advantages, and trajectory. Understanding a business in this fashion helps inform a view of the value it might be able to create for the world and how much of that value it might capture for itself, in a future that will undoubtedly be filled with competitors, changing preferences, and other uncertainties. It's a complicated exercise where experience, imagination, humility, and skepticism are all needed. In the end, we've crafted a researched story behind each investment, called an inside view.
A problem arises when, as our knowledge of a business grows, our confidence in a single (but highly uncertain!) future grows even more quickly. Because of a highly informed inside view of each specific investment, our calibration of the reference class (the base rate statistical average, or the outside view of what has actually shown to most likely happen in similar situations) may be crowded out.5
Investing decisions are best made with a balanced account of the inside and outside views. However, the nature of our endeavor, to strive to find truly special Quality companies that can and do defy base rates, means that we must invest counter to what action the outside view suggests, and do it regularly. We knowingly override it.
The error is not in investing counter to what the outside view might recommend, but in not adequately using a tool we have available to marry the two views: position sizing. Knowing the outside view, of both the reference class of the stock and the business, should help us better assess the odds our inside view is correct, which should help establish guardrails for the amount of capital we put at risk in a given stock or class of risk exposures.
This is an exercise we can, will, and must do better. The outside view is something that has already entered our conversations more and more – like a voice over our shoulder. Practical implementations we are exploring further are making the outside view explicit in a premortem6 or establishing the role of a decision observer.7 Refinement of our process is ongoing and we're energized when we uncover helpful possible solutions.
For a deeper dive into the Inside/Outside view problem, we highly recommend Thinking Fast and Slow by Daniel Khaneman and Think Twice by Michael Mauboussin.
Professor Gary Klein has been the leading thinker on premortems. We are grateful for his continued work on the subject.
The role of a "decision observer" was introduced to us in the book Noise, by Daniel Kahneman, Olivier Sibony, and Cass Sunstein. On page 240 they write, "We suggest that observers can be trained to spot, in real time, the diagnostic signs that one or several familiar biases are affecting someone else's decisions or recommendations."
MARKET PERFORMANCE AND COMMENTARY
Coming into calendar year 2022, the U.S. economy was strong and inflation was accelerating. Some level of inflation was expected as the result of shifting consumption patterns influenced by the flow-through of pandemic imbalances. The prevailing debate was whether this would fix itself (this was the U.S. Federal Reserve's (the "Fed") thinking) or be persistent. The purity of that debate was muddied as early 2022 brought about the Russian invasion of Ukraine and China's continued aggressive lockdown policy to manage the spread of COVID – both events mucking up global supply chains and exacerbating the supply-demand imbalance that has been feeding inflation.
Over the full year fiscal period of September 1, 2021 to August 31, 2022, monthly U.S. inflation rates were between 5.4% and 9.1%. This, unsurprisingly, contributed to the Fed's Open Market Committee decision to raise rates by 25 basis points, 50 basis points, 75 basis points, and another 75 basis points between March and July of this year. (Although outside the fiscal year ended August 31, 2022, we know the Fed raised another 75 basis points in September.) They were busy, and the aggressive pace of rate increases marked a clear new stance in monetary policy. This shift, alongside weakening European economic outlooks, had a negative impact on markets broadly as investors dealt with greater uncertainty, grappled with the likelihood of a global recession, and repriced risk.
The broad brush outcome was that, for the full year period of September 1, 2021 to August 31, 2022, there was almost no safe place to hide.
Cash lost value given the strongly rising inflation. Bonds had a historically poor period, falling more than 10% as interest rates moved higher. Gold, often seen as a safe-haven and beneficiary of inflation, lost more than 5%. Bellwether large capitalization stocks fell 12% with eight of 11 sectors declining. Small- and mid-capitalization stocks fell similarly to large caps. Simple style preferences offered no reprieve, with growth stocks continuing their recent trend of underperformance relative to value stocks (-17% vs -5%). Outside the U.S., global stocks fell 20%.8
ACTIVE ETF PERFORMANCE AND COMMENTARY
With that sour backdrop, the Motley Fool Global Opportunities ETF returned -27.61% during the fiscal year ended August 31, 2022, trailing its benchmark's return of -15.98% for the same period. Cumulatively since inception, the Motley Fool Global Opportunities ETF has returned 91.55% versus 70.94% returns for the benchmark over the same period.9
During the period, the ETF's investments' tilt towards growth companies, a lack of exposure to the Energy sector, and security selection within the Information Technology sector drove its underperformance. These headwinds were offset by strong security selection within the Industrials and Consumer Staples sectors. Our aim, as you know, is to construct focused portfolios of truly special Quality businesses (we have a "no strangers in the portfolio" mantra), so whether our performance is relatively good or bad, we can usually attribute the bulk of any relative performance versus the benchmark to stock selection. That was again the case this year.
Bonds are represented by the S&P U.S. Aggregate Bond Index. The index is designed to measure the performance of publicly issued U.S. dollar denominated investment-grade debt. Gold is represented by the COMEX price per troy ounce of gold. Large capitalization stocks are represented by the S&P 500 TR Index. The index measures the total return performance of 500 leading companies comprising nearly 80% of available U.S. market capitalization. Small capitalization stocks are represented by the S&P SmallCap 600 TR Index. The index measures the total return performance of 600 small-sized U.S. companies that meet certain liquidity and financial thresholds. Mid-capitalization stocks are represented by the S&P MidCap 400 TR Index. The index measures the total return performance of 400 mid-sized U.S. companies comprising about 5% of available U.S. market capitalization. Growth stocks are represented by the S&P 500 Growth TR Index. The index measures the performance of a subset of S&P 500 stocks based on three factors: sales growth, the ratio of earnings change to price, and momentum. Value stocks are represented by the S&P 500 Value TR Index. The index measures the performance of a subset of S&P 500 stocks based on three factors: the ratios of book value, earnings, and sales to price. Global stocks are represented by the S&P Global X-US BMI TR Index. The index measures stock market performance globally, including developed and emerging markets, but excluding the U.S.
Returns are for Net Asset Value, net of fees and expenses. Inception of the ETF was 6/17/2014, which represents the inception of the Advisor share class of the pre-conversion mutual fund. The benchmark of the Motley Fool Global Opportunities ETF is the FTSE Global All Cap Net Tax Index.
The top three contributors to returns10 were Gentera (+45%), Waste Connections (+8%), and Costco (+15%). Gentera has historically been a unique, group lender in several Latin American countries. Management has deftly handled pandemic and general macroeconomic challenges, achieving admiral loan and customer growth in Mexico and Peru while keeping costs in check. Shares soared as the company won back investor confidence, though we chose to sell our position towards the end of the period as the company's business model is changing via its entry into a more crowded lending arena. Waste Connections is a North American trash hauler with irreplaceable landfill assets and an admirable service record. Trash collection is a safe-haven type of business that often does well in uncertain times – demand for its services doesn't change much regardless of world events and proven pricing power above the rate of inflation are key business model features that investors are looking for. Costco, the membership retail behemoth, continues to use its scale to bring more products and services to its loyal customer base. The value proposition, in terms of savings and purchase confidence, has never been stronger, in our view, and the model continues to translate outside the core U.S. market.
The bottom three contributors to returns were Paypal Holdings(-68%), MercadoLibre (-54%), and Everbridge (-75%). Paypal remains an entrenched player in online payments, but it has seen its primary end market (ecommerce) slow as pandemic demand pull-forward is digested. A lack of internal innovation has also contributed to slowing new user growth, and several high profile leaders have left the company. Payments remains a hyper-competitive and dynamic industry, but Paypal's scale and newfound sense of urgency equip it well to thrive once again. MercadoLibre, the everything business in Latin America, continues to strengthen its network effects across commerce and payments. The only significant business blip we have seen is a spike in non-payments of installment loans at peer companies (many e-commerce transactions are paid by installment in Latin America). The more likely drivers of the stock's decline, in our view, are the simple market-wide declines in highly-valued tech companies that were clear pandemic beneficiaries. Everbridge's decline has been swift. In early December, during a widespread sell-off of many software businesses, the company announced the unexpected resignation of its CEO and preliminary 2022 guidance that was lower than expected. This was a powerfully poisonous cocktail and shares fell by nearly half in a single day. As the dust has settled, it appears that the former CEO was too aggressive pursuing growth via acquisitions and product launches, at the expense of product integration and a clear product map. Under new leadership, and with greater focus, we believe these issues are fixable.
The Motley Fool Mid-Cap Growth ETF returned -26.66% during the fiscal year ended August 31, 2022, edging its benchmark's return of -26.69% for the same period. Cumulatively since inception (8 years and counting!), the Motley Fool Mid-Cap Growth ETF has returned 79.75% versus 111.00% returns for its benchmark over the same period.11
The ETF's performance, relative to its benchmark, was impacted by a lack of exposure to the energy sector, which was strong and where we had no investment. Performance was also driven by our investments in the Consumer Discretionary and Financials sectors, where our stock selection was strong, and offset by stock selection in the Information Technology and Healthcare sectors.
The top three contributors to returns were Brown & Brown (+9%), Healthequity (+3%), and Broadridge Financial Solutions (+1%). Brown & Brown is an insurance broker that has been churning out great results – quarterly results have been consistently outstanding. Insurance, itself, is a cyclical market and Brown is benefiting from strong pricing that won't last forever. However, its ability to grow policy count, make smart acquisitions, and manage costs have helped its business perform well through up and down cycles. HealthEquity, the largest administrator of Health Savings Accounts, is a beneficiary of the rising interest rate and inflation environment. Account holders opt to invest their savings in funds or cash, and as rates rise, the interest earned on that cash rises too. As an administrator, HealthEquity earns more on better rates and higher balances. Inflation is also likely to drive healthcare costs higher, in general, and should continue to highlight the value of Health Savings Accounts and benefit HealthEquity with greater adoption and contributions. Broadridge had a business-as-usual year. Its business model benefits from facilitating investor communications required by law which provides steady demand it has been able to turn into stable cash flow. This stability and proven profit engine are highly prized by investors given all the uncertainties elsewhere, and shares of the company's stock have held up recently.
Contribution to return is a combination of average weighting in the portfolio and total return during the period.
Returns are for Net Asset Value, net of fees and expenses. Inception of the ETF was 6/17/2014, which represents the inception of the Advisor share class of the pre-conversion mutual fund. The benchmark of the Motley Fool Mid-Cap Growth ETF is the Russell Midcap Growth Total Return Index.
The bottom three contributors to returns were Axon Enterprise (-36%), Teladoc Health (-77%), and Everbridge (-75%). Axon Enterprise, the business, continues to hum along. Its safety, transparency, and efficiency-focused products are resonating with law enforcement far and wide. However, the company's CFO unexpectedly took another job and several members of its ethics board resigned in the wake of the company pushing forward its Taser-equipped drone initiative. The CFO departure is a clear loss for the company, but one which we believe will be overcome. The ethics board drama bears watching. Axon is a mission-driven company and its Founder/CEO's ambition is great – but we have admired the checks and balances of impartial counsel and dislike the apparent lack of teeth it has been given. Telemedicine provider Teladoc continues to struggle to achieve profitability even as the pandemic created a strong adoption and utilization tailwind for its business. In addition, in the second calendar quarter of 2022, management wrote down over $6 billion of goodwill from its 2020 merger with Livongo Health. In hindsight, the merger was an obviously atrocious capital allocation decision, and combined with continued uneven execution, we have lost faith in management and sold our position. We detailed Everbridge's poor performance above, in the Motley Fool Global Opportunities ETF section.
The Motley Fool Small-Cap Growth ETF returned -36.66% during the fiscal year ended August 31, 2022, exceeding its benchmark's decline of -25.26% for the same period. Cumulatively since inception, the Motley Fool Small-Cap Growth ETF has returned 38.08% versus 27.87% returns for the benchmark over the same period.12
The ETF's performance, relative to its benchmark, was impacted negatively by an underweight of exposure to the Energy sector. However, the primary driver of underperformance was stock selection in the Industrials, Financials, and Information Technology sectors. The market environment was highly punitive to companies delaying profits to pursue growth and market development. Our holdings were not spared, with roughly one-third of the portfolio's holdings declining in price by 50% or more.
The top three contributors to returns13 were Ping Identity Holding (+8%), Northern Oil and Gas (+15%), and PTC Therapeutics (+14%). Enterprise security software veteran Ping Identity had been working hard to transform its business to be a long-term winner in the critical enterprise security world. Private Equity firm Thoma Bravo apparently believed this too, and announced it would take Ping private at an enterprise value of $2.8 billion. The transaction had not yet closed at period end and Ping shares have continued to bop around the buyout price. We purchased shares of Northern Oil and Gas in May. Historically, we haven't found many businesses in the Energy sector that meet our Quality threshold, but Northern's unique business model and strong leadership fit the bill. The company buys up land leases and then lets other exploration and production companies drill on their land. As the land owner, Northern can choose to participate in the production cash flows or not. We believe the company's controlling family has valuable insights and experience to make that decision wisely, more often than not. As energy prices increase, the value of Northern's land rights and production options has increased. PTC Therapeutics is a biotechnology company that focuses on orphan diseases. More often than not, the performance of companies like PTC depends on whether there have been beneficial or adverse developments in the perceived medical and commercial progress of its drug pipeline. PTC had positive news on both fronts as its diversified portfolio of drugs and candidates continues to demonstrate value and efficacy.
The bottom three contributors to returns were Everbridge (-75%), Cardlytics (-85%), and Heska (-66%). We detailed Everbridge's poor performance above, in the Motley Fool Global Opportunities ETF section. Cardlytics provides app-native digital advertising solutions to financial institutions. The business experienced a tumultuous year, punctuated by executive turnover, slow-moving customers, and a potentially competitive acquisition by a key customer. The stock's decline reflects this, as well as the aggressive sell-off of profit promise stocks we outlined earlier. In our view, the new CEO brings the right experience for Cardlytics' future, development of its self-serve ad platform has gone well, and the likelihood of customer defection remains low. In short, we think the market is getting this one wrong. Heska provides diagnostic tools and tests to veterinarians. Investors had bid up shares reflecting what we believe to be the company's strong execution strengthening its domestic business and vision in becoming a market leader in several non-U.S. markets. Investors fear that a pandemic-related pet adoption boom may harm upcoming growth rates, which we view as a likely short-term blip in a longer-term attractive opportunity.
Returns are for Net Asset Value, net of fees and expenses. Inception of the ETF was 10/29/2018, which represents the inception of the Advisor share class of the pre-conversion mutual fund. The benchmark is the Russell 2000 Growth Total Return Index.
PASSIVE ETF PERFORMANCE AND COMMENTARY
The Motley Fool 100 Index ETF declined -19.18% during the fiscal year ended August 31, 2022. During the same period, the Motley Fool 100 Index, which the Motley Fool 100 Index ETF is designed to track, declined -18.79% and the S&P 500 Total Return Index declined -11.23%. Cumulatively since inception, the Motley Fool 100 Index ETF returned 73.03%. Over that period, the Motley Fool 100 Index returned 77.03% and the S&P 500 Index returned 50.38%.14
The ETF's net asset value return differed from that of its underlying index, the Motley Fool 100 Index, due primarily to the deduction of management fees and transaction costs. A small cash balance across the period and securities lending income helped reduce tracking error.
As a passive implementation of active stock selection, the ETF's performance in each period is reflective of the construction of its underlying index, the Motley Fool 100 Index, which is a market capitalization weighted portfolio of the 100 largest, liquid, high-conviction stock selections from The Motley Fool, LLC.15 The Motley Fool 100 Index has historically had, and continues through this measurement period to have, a top-heavy construction and concentration in a subset of sectors. As a result, the largest holdings and sector exposures have a significant impact on overall performance.
The top three contributors16 to the Motley Fool 100 Index ETF's performance were UnitedHealth Group (+26%), Apple (+5%) and Costco (+15%). These three companies had a combined average portfolio weight during the period of more than 16%. The bottom three contributors were Meta Platforms (-57%), Alphabet (-25%), and Amazon (-27%). These three companies had a combined average portfolio weight during the period of nearly 20%.
Over the period from September 1, 2021 to August 31, 2022, a drastic underweighting to the Energy sector and overweighting to the Communication Services sector drove underperformance versus the S&P 500 Index.
On December 30, 2021, we launched The Motley Fool Next Index ETF. Over the period from December 30, 2021 to August 31, 2022, the ETF declined -24.88%. During the same period, the Motley Fool Next Index, which the Motley Fool Next Index ETF is designed to track, declined -24.72% and the Russell Midcap Growth Total Return Index (the "benchmark") declined -25.42%.17
The ETF's net asset value return differed from that of its underlying index, the Motley Fool Next Index, due primarily to the deduction of management fees and transaction costs. A small cash balance across the period helped reduce tracking error.
As a passive implementation of active stock selection, the ETF's performance in each period is reflective of the construction of its underlying index, the Motley Fool Next Index, which is a market capitalization weighted index of the mid- and small-capitalization U.S. companies that have been recommended by The Motley Fool, LLC's analysts, or research publications.18
The top three contributors to the Motley Fool Next Index ETF's performance were McKesson (+31%), EPAM Systems (+44%) and Cloudflare (+43%). These three companies had a combined average portfolio weight during the period of a bit more than 3%. The bottom three contributors were The Trade Desk (-33%), Zebra Technologies (-50%), and Wayfair (-73%). These three companies had a combined average portfolio weight during the period of 3%.
Returns are for Net Asset Value, net of fees and expenses. The market price return for the Motley Fool 100 Index ETF for the year ended 8/31/2022 was -19.24%, and since inception, was 12.70%. Inception of the Motley Fool 100 Index ETF was 1/29/2018.
Motley Fool Asset Management LLC is a subsidiary of The Motley Fool. The Motley Fool is responsible for independently managing the Motley Fool 100 Index. To learn more about the index, see its website: https://www.fool100.com/
Returns are for Net Asset Value, net of fees and expenses. The market price return for the Motley Fool Next Index ETF for the period from 12/30/2021 to 8/31/2022 was -24.97%.
The Motley Fool Next Index was significantly underweight in the Energy sector and overweight in the Communication Services sector, relative to the benchmark. During the year ended August 31, 2022, the ETF reflected these relative positions, and performance suffered accordingly. Stock selection was strongest in the Healthcare sector to which the Motley Fool Next Index and ETF maintained a modest underweight to the benchmark.
On December 30, 2021, we launched The Motley Fool Capital Efficiency 100 Index ETF. Over the period from December 30, 2021 to August 31, 2022, the ETF declined -23.13%. During the same period, the Motley Fool Capital Efficiency 100 Index, which the Motley Fool Capital Efficiency 100 Index ETF is designed to track, declined -23.07% and the S&P 500 Total Return Index (the "benchmark") declined -16.36%.19
The ETF's net asset value return differed from that of its underlying index, the Motley Fool Capital Efficiency 100 Index, due primarily to the deduction of management fees and transaction costs. A small cash balance across the period helped reduce tracking error.
As a passive implementation of active stock selection, the ETF's performance in each period is reflective of the construction of its underlying index, the Motley Fool Capital Efficiency 100 Index, which tracks the performance of the highest scoring stocks of U.S. companies, measured by a company's capital efficiency, that have been recommended The Motley Fool's analysts and newsletters.20 Capital efficiency is a measure of how a business turns its investments into revenue and profit, and it provides insight into the company's return on invested capital.
The top three contributors21 to the Motley Fool Capital Efficiency Index ETF's performance were UnitedHealth Group (+4%), Texas Instruments (+8%) and Vertex Pharmaceuticals (+27%). These three companies had a combined average portfolio weight during the period of nearly 7%. The bottom three contributors were Meta Platforms (-53%), NVIDIA (-49%), and Alphabet (-25%). These three companies had a combined average portfolio weight during the period of just over 14%.
The Motley Fool Capital Efficiency 100 Index was significantly underweight in the Energy sector and overweight in the Communication Services and Information Technology sectors, relative to the benchmark during the period ended August 31, 2022. In fact, the Index and ETF had no Energy sector exposure and nearly 55% to Communication Services and IT, compared to 4% and 37%, respectively, for the benchmark.
MORE IMPORTANT THAN EVER
We know that in challenging, stressful times the timeframe of the typical market participant shrinks. We posit that there is a degree of pessimism-extrapolation present in equity markets today. This puts us squarely in a place where maintaining a long-term orientation is increasingly valuable to achieve long-term returns.
Thankfully, our investing philosophy guides us to do just that. Our focus remains on patiently owning a collection of special, Quality businesses that will create winning outcomes for their stakeholders over time. We hope this orientation still rings true to you.
We remain thankful for and humbled by your trust.
Chief Investment Officer, Motley Fool Asset Management LLC
Returns are for Net Asset Value, net of fees and expenses. The market price return for the Motley Fool Capital Efficiency 100 Index ETF for the period 12/30/2021 to 8/31/2022 was -23.09%.
Letter to Shareholders (Concluded)
Past performance does not guarantee future results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. Securities in a Fund may not match those in an index and performance of the Fund will be different. You cannot invest directly into an index.
The Letter to Shareholders seeks to describe some of the Adviser's current opinions and views of the financial markets. Although the Adviser believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed. The securities held by the Funds that are discussed in the Letter to Shareholders were held during the period covered by the annual report. They do not comprise the entire investment portfolio of the Funds, may be sold at any time, and may no longer be held by the Funds. The opinions of the Adviser with respect to those securities may change at any time.
Average Annual Total Returns for the periods ended AUGUST 31, 2022
Motley Fool Global Opportunities ETF*
FTSE Global All Cap Net Tax Index**
6.75%(1)
Fund Expense Ratio:(2) 0.85%
Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.
The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.
The Motley Fool Global Opportunities ETF operated as a series of The Motley Fool Funds Trust (the "Predecessor Fund") prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund's investment adviser. Without these waivers, returns would have been lower.
The FTSE Global All Cap Net Tax Index is a market-capitalization weighted index representing the performance of large, mid and small cap companies in Developed and Emerging markets. The index is comprised of approximately 9,500 securities from 49 countries and captures 98% of the world's investable market capitalization. Fair value prices and foreign exchange as of 4 pm ET are used in the calculation of this index, and returns are adjusted for withholding taxes applicable to dividends received by a U.S. Regulated Investment Company domiciled in the United States. The index is unmanaged and not available for direct investments. Its performance does not reflect deductions for fees, expenses or taxes.
Portfolio Characteristics (CONTINUED)
The investment objective of the Motley Fool Global Opportunities ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies located anywhere in the world. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of Motley Fool Asset Management, LLC (the "Adviser"), high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser's approach prizes a long-term mindset and a balance of qualitative and quantitative factors.
The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.
The allocations to various sectors, countries, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns.
The following tables show the top ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of August 31, 2022. Portfolio holdings are subject to change without notice.
Top Ten Holdings
% OF NET
Mastercard, Inc., Class A
Watsco, Inc.
Atlassian Corp., PLC, Class A
Alphabet, Inc., Class C
Cellnex Telecom SA
Axon Enterprise, Inc.
International Container Terminal Services, Inc.
Portfolio Characteristics (Concluded)
The Motley Fool Global Opportunities ETF uses the Global Industry Classification StandardSM ("GICS SM") as the basis for the classification of securities on the Schedule of Investments ("SOI").
Top ten Countries
United States*
As of the date of this report, the Fund had a holding of 2.1% in the U.S. Bank Money Market Deposit Account.
Motley Fool Mid-Cap Growth ETF*
Russell MidCap® Growth Total Return Index**
The Motley Fool Mid-Cap Growth ETF operated as a series of The Motley Fool Funds Trust (the "Predecessor Fund") prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund's investment adviser. Without these waivers, returns would have been lower.
The Russell Midcap® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.
The investment objective of the Motley Fool Mid-Cap Growth ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies organized in the United States. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of the Adviser, high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser's approach prizes a long-term mindset and a balance of qualitative and quantitative factors.
The allocations to various sectors, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns. The Adviser views its time as best spent focused on evaluating businesses and seeking to minimize company-specific risk in order to pursue its objective of long-term capital appreciation.
Although the Motley Fool Mid-Cap Growth ETF may invest in companies with any market capitalization, the Adviser expects that investments in the securities of companies having smaller- and mid-market capitalizations will be important components of the Fund's investment program. Investments in securities of these companies may involve greater risk than do investments in larger, more established companies. Small- and mid-cap stocks tend to be more volatile and less liquid than their large-cap counterparts.
The following tables show the top ten holdings, and sector allocations in which the Fund was invested in as of August 31, 2022.Portfolio holdings are subject to change without notice.
SBA Communications Corp.
Brown & Brown, Inc.
Paylocity Holding Corp.
ResMed, Inc.
Markel Corp.
Tyler Technologies, Inc.
The Motley Fool Mid-Cap Growth ETF uses the Global Industry Classification StandardSM ("GICS SM") as the basis for the classification of securities on the Schedule of Investments ("SOI").
Motley Fool 100 Index*
13.26%(1)
S&P 500* Total Return Index**
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.
The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.
The Motley Fool 100 Index ("Fool 100 Index") was developed by The Motley Fool, LLC ("The Motley Fool"), an affiliate of Motley Fool Asset Management, LLC ("Adviser"), in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool's analysts and newsletters or the highest-rated stocks in Fool IQ, the company's analyst opinion database. Every company included in the Fool 100 Index is incorporated and listed in the U.S. The Fool 100 Index is calculated and administered by Solactive AG (the "Index Calculation Agent"), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Fool 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.
The S&P 500® Total Return Index is the total return version of the S&P 500® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.
The following tables show the top ten holdings and sector allocations, in which the Motley Fool 100 Index ETF was invested in as of August 31, 2022. Portfolio holdings are subject to change without notice.
Berkshire Hathaway, Inc., Class B
UnitedHealth Group, Inc.
Meta Platforms, Inc., Class A
Visa, Inc., Class A
The Motley Fool 100 Index ETF uses the Global Industry Classification StandardSM ("GICSSM") as the basis for the classification of securities on the Schedule of Investments ("SOI"). We believe that this makes the SOI classifications more standard with the rest of the industry.
Russell 2000 Growth Total Return® Index*
The Russell 2000 Growth Total Return® Index measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations.
The following tables show the top ten holdings and sector allocations, in which the Motley Fool Small-Cap Growth ETF was invested in as of August 31, 2022. Portfolio holdings are subject to change without notice.
Alarm.com Holdings, Inc.
Ping Identity Holding Corp.
Globus Medical, Inc., Class A
Penumbra, Inc.
Heska Corp.
Gentex Corp.
RADA Electronic Industries Ltd.
The Motley Fool Small-Cap Growth ETF uses GICSSM as the basis for the classification of securities on the Schedule of Investments.
Inception†
Motley Fool Capital Efficiency 100 Index*
-23.07%(1)
S&P 500 Total Return Index**
Not annualized.
The Motley Fool Capital Efficiency 100 Index ("Capital Efficiency 100 Index") was developed by The Motley Fool, LLC ("The Motley Fool"), an affiliate of Motley Fool Asset Management, LLC ("Adviser"), in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company's capital efficiency, that have been recommended by The Motley Fool's analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business turns its investments into revenue and profit and it provides insight into the company's return on invested capital. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Capital Efficiency 100 Index is calculated and administered by Solactive AG (the "Index Calculation Agent"), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Capital Efficiency 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.
The following tables show the top ten holdings and sector allocations, in which the Motley Fool Capital Efficiency 100 Index ETF was invested in as of August 31, 2022. Portfolio holdings are subject to change without notice.
Home Depot, Inc., (The)
The Motley Fool Capital Efficiency 100 Index ETF uses GICSSM as the basis for the classification of securities on the Schedule of Investments.
Motley Fool Next Index*
The Motley Fool Next Index ("Next Index") was developed by The Motley Fool, LLC ("The Motley Fool"), an affiliate of Motley Fool Asset Management, LLC ("Adviser"), in 2021 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool's analysts and newsletters. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Next Index is calculated and administered by Solactive AG (the "Index Calculation Agent"), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Next Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.
The following tables show the top ten holdings and sector allocations, in which the Motley Fool Next Index ETF was invested in as of August 31, 2022. Portfolio holdings are subject to change without notice.
Arista Networks, Inc.
Warner Bros Discovery, Inc.
Trade Desk, Inc., (The), Class A
Cummins, Inc.
Corning, Inc.
Seagen, Inc.
Alnylam Pharmaceuticals, Inc.
EPAM Systems, Inc.
Sirius XM Holdings, Inc.
The Motley Fool Next Index ETF uses GICSSM as the basis for the classification of securities on the Schedule of Investments.
As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any), including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other ETFs.
These examples are based on an investment of $1,000 invested at the beginning of the six-month period from March 1, 2022 through August 31, 2022, and held for the entire period.
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Examples for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Do you know how many times a fund, or the market, has returned a smooth 5% over a long period of time? Never. But we have to pick some example. In reality, the market's returns are always far bumpier, with the market returning 20% one year, followed by a loss of 10% the next year, followed by a 3% gain,etc. These variations affect actual expenses as well. Happily, over almost all time periods of 20 years or longer, according to the research of University of Pennsylvania's Jeremy Siegel and others, the domestic market's returns have been at least 5% per year on average.
Fund Expense Examples (Concluded)
Account Value
march 1,
august 31,
Paid During
Period(1)
Actual Six-Month Total Investment Returns
for the Funds
Hypothetical (5% return before expenses)
Expenses are equal to the Fund's annualized expense ratio for the period March 1, 2022 through August 31, 2022, multiplied by the average account value over the period, multiplied by the number of days (184) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund's ending account value in the first section in the table is based on the actual since inception total investment return for the Fund.
Schedule of Investments
(Note 2)
Common Stocks — 97.7%
Aerospace & Defense — 3.6%
Axon Enterprise, Inc. (United States)(a)*
131,952 $ 15,396,159
Banks — 6.9%
Bank of Georgia Group PLC (Georgia)
HDFC Bank., Ltd., ADR (India)
185,356 11,315,984
Signature Bank/NY (United States)
SVB Financial Group (United States)(a)*
Capital Markets — 3.4%
Brookfield Asset Management, Inc., Class A (Canada)
Georgia Capital PLC (Georgia)*
Commercial Services & Supplies — 4.4%
Waste Connections, Inc. (Canada)
Diversified Telecommunication Services — 3.7%
Cellnex Telecom SA (Spain)*(d)
Entertainment — 2.1%
Universal Music Group NV (Netherlands)
Equity Real Estate Investment Trusts (REITs) — 7.3%
American Tower Corp. (United States)
39,624 10,066,477
Equinix, Inc. (United States)
SBA Communications Corp. (United States)
Food & Staples Retailing — 2.5%
Costco Wholesale Corp. (United States)
Health Care Equipment & Supplies — 4.1%
Medtronic PLC (Ireland)
ResMed, Inc. (United States)
Health Care Providers & Services — 0.0%
NMC Health PLC (United Arab Emirates)(b)*
485,482 —
The accompanying notes are an integral part of these financial statements.
Schedule of Investments (continued)
Common Stocks (continued)
Hotels, Restaurants & Leisure — 5.8%
Starbucks Corp. (United States)
Yum China Holdings, Inc. (China)(a)
Insurance — 2.4%
Aon PLC, Class A (United Kingdom)
Interactive Media & Services — 4.0%
Alphabet, Inc., Class C (United States)*
Internet & Direct Marketing Retail — 8.4%
Amazon.com, Inc. (United States)*
MercadoLibre, Inc., Class A (Uruguay)*
IT Services — 7.3%
Mastercard, Inc., Class A (United States)
PayPal Holdings, Inc. (United States)*
Life Sciences Tools & Services — 3.4%
ICON PLC (Ireland)*
Machinery — 0.5%
FANUC Corp. (Japan)
Media — 2.1%
Comcast Corp., Class A (United States)
System1 Group PLC (United Kingdom)*
Real Estate Management & Development — 1.3%
Jones Lang LaSalle, Inc. (United States)*
Road & Rail — 2.0%
Canadian National Railway Co. (Canada)
Semiconductors & Semiconductor Equipment — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)
Software — 9.2%
Atlassian Corp., PLC, Class A (Australia)*ADR
82,672 $ 20,474,547
Everbridge, Inc. (United States)(a)*
Paycom Software, Inc. (United States)*
Splunk, Inc. (United States)*
Trading Companies & Distributors — 6.8%
Fastenal Co. (United States)
Watsco, Inc. (United States)(a)
Transportation Infrastructure — 3.2%
International Container Terminal Services, Inc. (Philippines)
4,331,453 13,976,659
Wireless Telecommunication Services — 0.2%
Safaricom PLC (Kenya)
4,000,000 930,116
Total Common Stocks (Cost $256,755,317)
Investments Purchased with Proceeds from Securities Lending Collateral — 7.8%
Mount Vernon Liquid Assets Portfolio, LLC, 2.44%
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $33,805,832)
Schedule of Investments (CONCLUDED)
Short-Term Investments — 2.1%
U.S. Bank Money Market Deposit Account, 2.00% (United States)(c)
9,326,426 $ 9,326,426
Total Short-Term Investments (Cost $9,326,426)
Total Investments (Cost $299,887,575) — 107.6%
Liabilities in Excess of Other Assets — (7.6)%
(33,033,724 )
NET ASSETS — 100.0%
(Applicable to 17,518,873 shares outstanding)
Non-income producing security.
ADR — American Depositary Receipt
PLC — Public Limited Company
SP ADR — Sponsored ADR
All or a portion of the security is on loan. At August 31, 2022, the market value of securities on loan was $32,824,775.
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of August 31, 2022, these securities amounted to $0 or 0% of net assets.
The rate shown is as of August 31, 2022.
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of August 31, 2022, total market value of Rule 144A securities is $16,104,198 and represents 3.7% of net assets.
Axon Enterprise, Inc. (United States)*
79,848 $ 9,316,665
Air Freight & Logistics — 1.9%
GXO Logistics, Inc. (United States)*
Auto Components — 6.2%
Gentex Corp. (United States)
LCI Industries (United States)
Automobiles — 2.5%
Thor Industries, Inc. (United States)(a)
Biotechnology — 0.2%
Ultragenyx Pharmaceutical, Inc. (United States)*
Electronic Equipment, Instruments & Components — 2.3%
Cognex Corp. (United States)
Cooper Companies, Inc., (The) (United States)
Heska Corp. (United States)(a)*
HealthEquity, Inc. (United States)(a)*
Insurance — 10.4%
Brown & Brown, Inc. (United States)
Goosehead Insurance, Inc., Class A (United States)*
Markel Corp. (United States)*
Broadridge Financial Solutions, Inc. (United States)
XPO Logistics, Inc. (United States)(a)*
Software — 21.8%
Alarm.com Holdings, Inc. (United States)*
ANSYS, Inc. (United States)*
Avalara, Inc. (United States)*
Everbridge, Inc. (United States)*
Paylocity Holding Corp. (United States)*
Tyler Technologies, Inc. (United States)*
Specialty Retail — 1.9%
Tractor Supply Co. (United States)
Trading Companies & Distributors — 11.6%
Investments Purchased with Proceeds from Securities Lending Collateral — 15.0%
U.S. Bank Money Market Deposit Account, 2.00% (United States)(b)
13,654,888 $ 13,654,888
Total Short-Term Investments (Cost $13,654,888)
Liabilities in Excess of Other Assets — (15.3)%
(Applicable to 9,217,511 shares outstanding)
TransDigm Group, Inc. (United States)
1,262 $ 757,692
FedEx Corp. (United States)
Tesla, Inc. (United States)*
JPMorgan Chase & Co. (United States)
Beverages — 0.3%
Monster Beverage Corp. (United States)*
Amgen, Inc. (United States)
Biogen, Inc. (United States)*
Gilead Sciences, Inc. (United States)
Moderna, Inc. (United States)(a)*
Vertex Pharmaceuticals, Inc. (United States)*
Charles Schwab Corp., (The) (United States)
CME Group, Inc. (United States)
Intercontinental Exchange, Inc. (United States)
Moody's Corp. (United States)
S&P Global, Inc. (United States)(a)
Chemicals — 0.6%
Ecolab, Inc. (United States)
Sherwin-Williams Co., (The) (United States)
Cintas Corp. (United States)
Copart, Inc. (United States)*
Commercial Services & Supplies (continued)
Waste Management, Inc. (United States)
9,590 $ 1,620,998
Diversified Financial Services — 3.4%
Berkshire Hathaway, Inc., Class B (United States)*
Electric Utilities — 0.9%
NextEra Energy, Inc. (United States)(a)
Activision Blizzard, Inc. (United States)
Electronic Arts, Inc. (United States)
Netflix, Inc. (United States)*
ROBLOX Corp., Class A (United States)(a)*
Walt Disney Co., (The) (United States)
Crown Castle, Inc. (United States)
Digital Realty Trust, Inc. (United States)
Align Technology, Inc. (United States)*
Becton Dickinson and Co. (United States)
Dexcom, Inc. (United States)*
IDEXX Laboratories, Inc. (United States)*
Intuitive Surgical, Inc. (United States)*
CVS Health Corp. (United States)
HCA Healthcare, Inc. (United States)
McKesson Corp. (United States)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (United States)
Health Care Technology — 0.2%
Veeva Systems, Inc., Class A (United States)*
Airbnb, Inc., Class A (United States)*
Booking Holdings, Inc. (United States)*
939 1,761,386
Chipotle Mexican Grill, Inc. (United States)(a)*
Marriott International, Inc., Class A (United States)
Industrial Conglomerates — 0.4%
3M Co. (United States)(a)
Aflac, Inc. (United States)(a)
Interactive Media & Services — 10.6%
Match Group, Inc. (United States)*
Meta Platforms, Inc., Class A (United States)*
Twitter, Inc. (United States)*
eBay, Inc. (United States)(a)
Cognizant Technology Solutions Corp., Class A (United States)
Snowflake, Inc. Class A (United States)(a)*
IT Services (continued)
Block, Inc., Class A (United States)*
13,498 $ 930,147
Twilio, Inc., Class A (United States)(a)*
Visa, Inc., Class A (United States)(a)
Illumina, Inc. (United States)*
Oil, Gas & Consumable Fuels — 0.2%
Kinder Morgan, Inc. (United States)
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co. (United States)
Johnson & Johnson (United States)
Professional Services — 0.1%
CoStar Group, Inc. (United States)*
Old Dominion Freight Line, Inc. (United States)(a)
Uber Technologies, Inc. (United States)*
Union Pacific Corp. (United States)
Advanced Micro Devices, Inc. (United States)*
Broadcom, Inc. (United States)
Lam Research Corp. (United States)
NVIDIA Corp. (United States)
QUALCOMM, Inc. (United States)
Texas Instruments, Inc. (United States)
Adobe, Inc. (United States)*
Autodesk, Inc. (United States)*
Cadence Design Systems, Inc. (United States)*
Crowdstrike Holdings, Inc., Class A (United States)*
Datadog, Inc., Class A (United States)*
Software (continued)
Fortinet, Inc. (United States)*
Intuit, Inc. (United States)
Microsoft Corp. (United States)
Palo Alto Networks, Inc. (United States)*
Roper Technologies, Inc. (United States)
Salesforce, Inc. (United States)*
ServiceNow, Inc. (United States)*
Synopsys, Inc. (United States)*
VMware, Inc., Class A (United States)
Workday, Inc., Class A (United States)*
Zoom Video Communications, Inc., Class A (United States)*
Zscaler, Inc. (United States)*
Home Depot, Inc., (The) (United States)
Lowe's Cos, Inc. (United States)
Technology Hardware, Storage & Peripherals — 14.1%
Apple, Inc. (United States)
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B (United States)
T-Mobile US, Inc. (United States)(a)*
Rights — 0.0%
Altaba, Inc. - Escrow Shares (United States)*(b)
Total Rights (Cost $8,126)
387,749 $ 387,749
Total Short-Term Investments (Cost $387,749)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of August 31, 2022, these securities amounted to $32,547 or 0.0% of net assets.
RADA Electronic Industries Ltd. (Israel)*
Fox Factory Holding Corp. (United States)*
Live Oak Bancshares, Inc. (United States)
PTC Therapeutics, Inc. (United States)(a)*
Building Products — 1.2%
Trex Co., Inc. (United States)(a)*
nLight, Inc. (United States)*
STAG Industrial, Inc. (United States)
Health Care Equipment & Supplies — 13.9%
Globus Medical, Inc., Class A (United States)(a)*
Mesa Laboratories, Inc. (United States)(a)
Penumbra, Inc. (United States)(a)*
HealthEquity, Inc. (United States)*
Schrodinger, Inc. (United States)(a)*
Goosehead Insurance, Inc., Class A (United States)(a)*
Leisure Products — 1.5%
Clarus Corp. (United States)(a)
John Bean Technologies Corp. (United States)
Cardlytics, Inc. (United States)*
Northern Oil and Gas, Inc. (United States)
Howard Hughes Corp., (The) (United States)*
Newmark Group, Inc., Class A (United States)(a)
Landstar System, Inc. (United States)(a)
Ping Identity Holding Corp. (United States)*
Q2 Holdings, Inc. (United States)(a)*
Smartsheet, Inc., Class A (United States)*
Upland Software, Inc. (United States)*
Total Common Stocks (Cost $93,146,756)
AeroVironment, Inc. (United States)*
54 $ 4,787
Boston Beer Co., Inc., (The) (United States)*
Exelixis, Inc. (United States)*
Nasdaq, Inc. (United States)
PJT Partners, Inc., Class A (United States)
Balchem Corp. (United States)
RPM International, Inc. (United States)
Communications Equipment — 0.2%
Ubiquiti, Inc. (United States)
Construction & Engineering — 0.1%
MasTec, Inc. (United States)*
Consumer Finance — 0.0%
Upstart Holdings, Inc. (United States)*
Distributors — 0.2%
LKQ Corp. (United States)
865 $ 46,035
CDW Corp. (United States)
Corning, Inc. (United States)
National Instruments Corp. (United States)
Zebra Technologies Corp., Class A (United States)*
Take-Two Interactive Software, Inc. (United States)*
Casey's General Stores, Inc. (United States)
Food Products — 0.1%
Darling Ingredients, Inc. (United States)*
ABIOMED, Inc. (United States)*
Globus Medical, Inc., Class A (United States)*
Masimo Corp. (United States)*
Wingstop, Inc. (United States)
Household Durables — 0.2%
iRobot Corp. (United States)*
Meritage Homes Corp. (United States)*
NVR, Inc. (United States)*
3M Co. (United States)
Pinterest, Inc., Class A (United States)*
eBay, Inc. (United States)
Etsy, Inc. (United States)*
IT Services — 10.5%
EPAM Systems, Inc. (United States)*
GoDaddy, Inc., Class A (United States)*
Jack Henry & Associates, Inc. (United States)
TaskUS, Inc., Class A (United States)*
Visa, Inc., Class A (United States)
Cummins, Inc. (United States)
New York Times Co., (The), Class A (United States)
Sirius XM Holdings, Inc. (United States)
Upwork, Inc. (United States)*
Old Dominion Freight Line, Inc. (United States)
Semiconductors & Semiconductor Equipment — 12.4%
Cirrus Logic, Inc. (United States)*
Skyworks Solutions, Inc. (United States)
Universal Display Corp. (United States)
Adobe Systems, Inc. (United States)*
Appfolio, Inc. (United States)*
Fair Isaac Corp. (United States)*
UiPath, Inc., Class A (United States)*
721 $ 118,648
Zendesk, Inc. (United States)*
Camping World Holdings, Inc., Class A (United States)
RH (United States)*
Ulta Beauty, Inc. (United States)*
Williams-Sonoma, Inc. (United States)
Winmark Corp. (United States)
Technology Hardware, Storage & Peripherals — 5.7%
Pure Storage, Inc., Class A (United States)*
Under Armour, Inc., Class A (United States)*
Thrifts & Mortgage Finance — 0.0%
Walker & Dunlop, Inc. (United States)
Watsco, Inc. (United States)
U.S. Bank Money Market Deposit Account, 2.00% (United States)(a)
17,495 $ 17,495
Total Short-Term Investments (Cost $17,495)
Total Investments (Cost $22,653,764) — 99.9%
Other Assets in Excess of Liabilities — 0.1%
HEICO Corp. (United States)
Textron, Inc. (United States)
Virgin Galactic Holdings, Inc. (United States)*
Airlines — 0.5%
Alaska Air Group, Inc. (United States)*
Hawaiian Holdings, Inc. (United States)*
JetBlue Airways Corp. (United States)*
BorgWarner, Inc. (United States)
Western Alliance Bancorp (United States)
2seventy bio, Inc. (United States)*
Alnylam Pharmaceuticals, Inc. (United States)*
AnaptysBio, Inc. (United States)*
BioMarin Pharmaceutical, Inc. (United States)*
Bluebird Bio, Inc. (United States)*
Editas Medicine, Inc. (United States)*
Emergent BioSolutions, Inc. (United States)*
Exact Sciences Corp. (United States)*
Ionis Pharmaceuticals, Inc. (United States)*
Neurocrine Biosciences, Inc. (United States)*
Seagen, Inc. (United States)*
Trex Co., Inc. (United States)*
Affiliated Managers Group, Inc. (United States)
Cboe Global Markets, Inc. (United States)
FactSet Research Systems, Inc. (United States)
Interactive Brokers Group, Inc., Class A (United States)
Jefferies Financial Group, Inc. (United States)
MarketAxess Holdings, Inc. (United States)
Rollins, Inc. (United States)
Arista Networks, Inc. (United States)*
NV5 Global, Inc. (United States)*
Diversified Consumer Services — 0.2%
2U, Inc. (United States)*
Diversified Consumer Services (continued)
Chegg, Inc. (United States)*
2,535 $ 49,889
Bandwidth, Inc., Class A (United States)*
II-VI, Inc. (United States)*
IPG Photonics Corp. (United States)*
Littelfuse, Inc. (United States)


The weekend is almost here. With August being the last full month of summer we have to take advantage of all the outdoor festivities while they last.
If this work week was one for the books and you need a little chill time with your friends. Maybe take the family out to check out the fun happening around the Capital Region.
Here's my top 3 this weekend.
1) Washington Park Play House is putting on th second half of their plays series with " How to succeed in business without really trying"
2) Marlon Waynes will be at the Funny Bone this weekend. Enjoy some drinks and most importantly laughs.


Here I was all excited waiting for my gift this Christmas. Just then I receive this secret letter from Santa through Indiblogeshwari That Tuesday Thingy. With pleasure I accepted to be the Elves this year and bring to you with pleasure Suzy's blog Someday Somewhere.
She writes with a lot of passion and wear's her heart on her sleeves. As shey says she writes about life experiences, inspirations, quotes, spirituality, universe, poetry and everything and anything that she is guided to write about.
She writes beautifully and her writing is very though provoking, I read a lot of her posts but the one which really incited me was A Life Changing Moment. The post is complete justice to the Title and it reminded me of the book Five Secrets You Must Discover Before You Die by John Izzo. Like this you'll be incited and driven a lot by her writing.
She has so appropriately summed up the beginning of Someday Somewhere in her post Adversity is a catalyst.
The blog is very clear about what it says and has very exhaustive posts. Also it is very relative and thoughtful. I would love to see a perkier theme and if Suzy could use page breaker gives a reader a lot more to look at on the main page itself and may be de-clutter the right side a little if she wishes to.
Today I was finally here where I said Someday Somewhere I wanted to be!!!
Thanks Sulekha. That's so sweet.
Thanks Karan for reviewing my blog. Will take your suggestions on board and see what I can do. Wish you a Merry Christmas.
Thanks Karan. Glad you liked my blog.
I too am delighted to have found Suzy's blog. She writes with a quiet passion that leaves its imprint upon you. I am yet to read her poems... will do so soon.
You've done a wonderful job of reviewing this blog. Good job Elf! Merry Christmas!
Agree with you Karan. I love her poems.
you certainly should Pankti !!!
I have been reading her posts for quite some time. You are right, she writes with her heart! Nice review!
Ah, Karan, you lucky boy, you got Suzy's blog. She is such a wonderful writer. I have yet to read her poems too, I will surely get to them soon.
You kept the review short and sweet and yet managed to give us an insight into the blogger's world. A job well done, Secret Blogger Elf!
Karan, concise and neat review. I have read Suzy's blog off and on and feel motivated to read more. Good job doing this review.
Suzy is a marvelous writer and on a personal level...a great person.


This document is meant to provide further guidance and support to our students and staff. Responses to the below questions are informational only and do not constitute legal advice. Links to local and national immigration resources and MSU Denver services are incorporated in the appropriate responses.
1. As an undocumented student, how will a potential change to the DACA program affect my tuition status at MSU Denver?
It will not. Senate Bill 13-033 (ASSET) is Colorado state law. ASSET (Advancing Students for a Stronger Economic Tomorrow) allows U.S. Citizens, Permanent Residents, DACA (Deferred Action for Childhood Arrivals) and undocumented students to qualify for in-state tuition in the state of Colorado under certain conditions: http://www.ciccoloradoasset.org/. Students who are eligible for in-state tuition and Colorado Opportunity Fund (COF) can continue to enroll in this program. Please go to the .
2. Will undocumented students continue to have access to the same institutional student aid and private donor scholarships?
3. Will MSU Denver share students' immigration status with federal immigration officials?
MSU Denver, or the City of Denver, will not release or share student information with federal officials unless required to do so by court order. It violates federal law (FERPA) to share such information without the student's consent unless a court order is presented.
4. What should I do if I feel I have been the victim of discrimination or harassment?
If you have witnessed or experienced an act of violence, contact the Auraria Police Department at 303-556-5000 or 911. You can also file a non-emergency report here: https://msudenver.edu/safety/makeareport/.
5. What other support services are available on campus to students experiencing depression or post-election concerns or anxiety?
MSU Denver provides numerous support services for our students and staff, including counseling, advocacy and other supports. For more information, please see the attached Campus Resources.
6. As an undocumented student, why should I stay in school?
MSU Denver wants you here and will support you through degree completion. You are an important resource to our institution and to communities across the Denver metropolitan area. While none of us yet know what immigration, employment or other policies will emerge from the Trump administration, you need to know that a college degree holds value throughout the world. Finish your degree with us and allow us to serve as your advocate today and as you prepare for your future career.
7. What should I do if I want to understand my immigration rights?
8. Where can I learn more about my rights as an immigrant in the U.S.?


text:
Can my employer set a dress code?
, 12 June 2019
It was recently reported that Goldman Sachs no longer requires employees to wear a suit and tie. Meanwhile, Virgin Atlantic has abolished a rule requiring female cabin crew to wear make-up. While this suggests a trend of employers relaxing their dress code and appearance rules, how far can an employer legally go in telling an employee what they can and can't wear to work?
What the law says on employer dress codes
The starting position is that it is legal for employers to set whatever rules they want in terms of uniform, dress and appearance as long as these are not discriminatory based on gender, age or ability. There is no specific piece of legislation which deals with uniform expressly but, the law on discrimination will be highly relevant.
The Equality Act 2010 (the Act) outlaws less favourable treatment because of a protected characteristic (including gender, disability, age and religion or belief). This means that employers can have different rules for male and female employees, as long as these are comparable – they do not have to be identical. For example, it is legal to say men must be in a shirt and tie and women must wear smart business dress but, it is unlikely to be acceptable to say women must wear skirts but men can wear jeans.
The Act also prohibits indirect discrimination, for example where a uniform rule puts someone at a particular disadvantage because of a protected characteristic and this cannot be justified by good business reasons. For example, a dress code regulation which said staff could not wear jewellery, while applying to everyone might particularly disadvantage an employee of a certain religion who is required to wear symbolic jewellery.
While there may very well be good business reasons why organisations have a dress code to ensure their employees present a consistent corporate image and smart appearance to the outside world, what needs to be carefully considered is the way in which the employer is requiring this to be done.
Often this is where rules can be challenged on the basis of discrimination, particularly regarding gender. For example, why should the desire for staff to look smart and professional only be met if a female employee wears heeled shoes – it could equally be achieved by wearing (smart) flat shoes. The question always needs to be asked: can the stated objective be met in a different (and more reasonable) way?
When it comes to uniform regulations that are justified by health and safety considerations, such as an employee having to wear a hard hat or high viz jacket on site, there is likely to be less room for challenge. However, that is not to say that in certain circumstances they can't be, particularly where there does not appear to be an obvious rationale for the rule, employers cannot just hide behind the label "health and safety".
Can my employer change the dress code?
Generally, dress codes will be contained in staff handbooks which are non-contractual documents. This means that it is legal for employers to change the details without getting the agreement of staff first. However, it would still be good practice to consult with each employee or their representatives before introducing any updates. If uniform rules are a term of the employment contract then they cannot be changed unilaterally without the employees' agreement.
Creating a new workplace dress code policy
When formulating workwear guidance, employers need to think about the reasoning behind the rules and whether these can be achieved in different or less intrusive ways.
Ideally employers should consult with employees before imposing any new or updated dress code regulations. This would include explaining the business or other reasons for it.
Employers need to think about the legal impact of any dress code requirements on a disabled employee and whether any reasonable adjustments may be necessary. You must also consider how the policy may affect an employee who wishes to dress a certain way for religious reasons.
Communicate the policy to every employee and ensure it is enforced by managers consistently. Ensure the code is not enforced more strictly against women than it is against men to avoid gender discrimination issues. Consider whether training on the policy is necessary to achieve this.
Where can I find more information on work dress codes?
ACAS's guide to dress code and appearance at work provides comprehensive legal guidance on workplace employee uniform regulations, and how to avoid discrimination issues which may arise as a result of enforcing a dress code policy.
Updates: For employers: Contracts and incentives | Staff handbooks |
Tagged with: Contracts of employment | Disability discrimination | Discrimination | Sex discrimination | Staff handbook |

redpajama_set_name: RedPajamaCommonCrawl


Podium Head Office - Driven by a 3 month schedule to design and construct, we worked closely with the client to develop thoughtful and and simple solution that would meet both schedule and budget.
Yonge + Rich Condominiums - Yonge + Rich condominiums is a unique addition to the city's skyline and a distinct addition to the developer's portfolio - recognizing the need for a diverse range of suites and amenities in the current downtown housing market.
Reflections at Bloomington Central Station - Located between a pending airport expansion and a nature conservation area along the Mississippi River, this project enjoys uncompromised views of the adjacent river basin and surrounding landscape while using a high-tech approach to the building envelope to mitigate any chance of future noise issues from overhead air traffic.


text:
Space Coast Trip Ideas
There's space for your next adventure on Florida's Space Coast. With 72 miles of beach to play on, miles upon miles of trails to explore, and out-of-this-world attractions to experience, we can promise you'll never want to go home. Check out a few of our favorite trip ideas and suggestions to make the most of your next Space Coast getaway and launch into a vacation you'll never forget!
Featured Trip Ideas
Culinary Surprises on the Space Coast
Eating is more fun on vacation Florida's Space Coast is 72 miles of sun-soaked shoreline, America's launch pad, and a foodie's dream come true. Tucked in strip malls, unassuming avenues...
Explore the Outdoors on Florida's Space Coast
It's easy to distance yourself from crowds on the Space Coast, you've just got to know where to go. The Space Coast is unlike any other Florida destination. Where most...
Snooze'n'Cruise with your Family on the Space Coast
Launch into your cruise vacation when you stay on the Space Coast Cruising out of Port Canaveral on Florida's Space Coast is an exciting experience for the whole family. With...
Uncrowded Beaches of the Space Coast
Find your space in the sun You want to go to the beach, but you also want to avoid the crowds. On the Space Coast, that's an easy order. While...
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Airboat Rides/Boat Tours (1)
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Destination: Space Coast. Preparing for Travel Again.
Travel has changed and so has the Space Coast. Here's what to expect on your...
8 Great RV Campgrounds on Florida's Space Coast
Home is Where you Park It RVing is one of the most popular ways to...
The Space Coast Seashell Guide Part 1
Spot Seashells by the Sea Shore! Shelling on the Space Coast is an activity that...
Space Coast Staycations
A Staycation For Every Space Coaster! Staycations have never been cooler, what kinds of fun...
Find your space in the sun You want to go to the beach, but you...
3 Ways to Celebrate Your Birthday on the Space Coast
Prepare for Take Off in 3…2…1… Birthdays on the Space Coast are more memorable than...
Clean Beaches, Come Out and Play
While green guacamole-like algae blooms have caused states of emergencies in certain counties in south...
Vacation Planner for Florida's Space Coast
The official Space Coast Vacation Planner Guide is now available. There are two ways to get yours:
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Estrogenic activity of alkylphenols, bisphenol S, and their chlorinated derivatives using a GFP expression system.
Laboratory of Microbiology and Host Defenses, School of Food and Nutritional Sciences, University of Shizuoka, 52-1 Yada, Shizuoka 422-8526, Japan.
Alkylphenol ethoxylates, widely used non-ionic surfactants, are biodegraded into alkylphenols such as nonylphenol (NP) and t-octylphenol (OP), short-chain ethoxylates such as NP-monoethoxylate (NP1EO) and NP-diethoxylate (NP2EO), and alkylphenoxy carboxylic acids such as 4-t-octylphenoxyacetic acid (OP1EC). Bisphenol S (BPS) is more heat-stable and photo-resistant than bisphenol A (BPA), and therefore replaces BPA. These chemicals could be chlorinated during wastewater treatment. We synthesized these compounds and their chlorinated derivatives to estimate their estrogenic activities using a GFP expression system. The EC(50) ranking of NP-related compounds was NP>ClNP>diClNP>NP1EO>ClNP1EO>NP2EO. The estrogenic activity of OP1EC was 10 times less potent than parent OP. Furthermore, BPS showed comparable estrogenic activity with BPA. The EC(50) ranking of BPS-related compounds was BPA≥ BPS>triClBPS>diClBPS>ClBPS. Other tested BPS derivatives had no estrogenic activity. Chlorination of the tested chemicals did not enhance their estrogenic activity, in contrast to certain chlorinated BPAs. Thus, our results demonstrated that chlorinated derivatives of NP, OP, and BPS, even if artificially produced during wastewater processing, were less estrogenic than their parent chemicals, known as endocrine disruptors.


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Kaira Rouda Books In Order
Publication Order of Indigo Island Romance Books
Weekend with the Tycoon (2014) Hardcover Paperback Kindle
Her Forbidden Love / Lines in the Sand (2014) Hardcover Paperback Kindle
The Trouble with Christmas (2014) Hardcover Paperback Kindle
The Billionaire's Bid (2015) Hardcover Paperback Kindle
Publication Order of Laguna Beach Books
Laguna Nights (2015) Hardcover Paperback Kindle
Laguna Heights (2015) Hardcover Paperback Kindle
Laguna Lights (2015) Hardcover Paperback Kindle
Laguna Sights (2017) Hardcover Paperback Kindle
Laguna Dreams (2017) Hardcover Paperback Kindle
Here, Home, Hope (2011) Hardcover Paperback Kindle
All The Difference (2012) Hardcover Paperback Kindle
In the Mirror (2014) Hardcover Paperback Kindle
The Goodbye Year (2016) Hardcover Paperback Kindle
Best Day Ever (2017) Hardcover Paperback Kindle
The Favorite Daughter (2019) Hardcover Paperback Kindle
The Next Wife (2021) Hardcover Paperback Kindle
Somebody's Home (2022) Hardcover Paperback Kindle
Publication Order of Short Stories/Novellas
A Mother's Day (2011) Hardcover Paperback Kindle
A Carolina Christmas (2014) Hardcover Paperback Kindle
A Thousand Doors (2018) Hardcover Paperback Kindle
Kaira Rouda is a multiple award-winning and USA Today bestselling author of contemporary fiction. She is known for exploring the intricacies of what seem to be perfect lives but are not. Some of her novels including USA Today's "Best Day Ever," a domestic suspense were translated into several languages. Kaira was born to a stay at home mom and a marketing professor. Given her father's profession, she spent much of her childhood in college towns across the United States. She was born in Northwestern in Chicago before the family moved to USC in Los Angeles then to the University of Texas in Austin, to Harvard in Boston and finally to Ohio State University in Columbus, where they at last put down roots. Kaira loves to say that she obtained her MBA at the dinner table though she went to Vanderbilt University from where she graduated with a degree in English literature. Once she was done with college, she went back to Columbus where she went on to work in advertising and writing copy for anything from carpet cleaning to press releases for dog ice cream. She also wrote for blogs, newspapers and magazines.
Kaira met her husband Harley Rouda when she was covering an event sponsored by his law firm. She saw the man and thought he was kind of cute and decided to approach him. As soon as things got serious, she told him that she wanted to live in California since her parents were born and brought up in the state. However, they would spend twenty more years in Columbus as he was building his law business. During that time, she got three children Dylan a singer-songwriter, Shea and Trace who work in commercial real estate and Avery the screenwriter. Kaira was still working in marketing and as an author and even rose to the position of Steemer in a carpet cleaning company based in Ohio. At the tail end of the twentieth century, Kaira and her husband started a residential real estate company called "Real Living." The company was hugely successful as it was operating in 22 states by the time they sold it to Berkshire Hathaway. She also made time for some charity work as she founded an emergency walk-in shelter based in Ohio. Since 2018 when her husband was elected to Congress, the family divides their time between Washington D.C and Laguna Beach.
Kaira Rouda had always wanted to become an author from a very young age. When she was in the fifth grade she wrote "Scooter and Skipper" a funny novel which she then gave to the librarian who laminated it and put it on the shelves. Having been a copywriting and ad writer for years, she rebranded herself by writing a motivational and inspirational guidebook for women titled "Real You Incorporated: 8 Essentials for Women Entrepreneurs." Rouda then decided to become a fiction author and wrote her first chick lit "Here, Home, Hope" in 2011. Following the success of her debut, she followed it up with several single standing novels such as "All The Difference," "In the Mirror" and "The Goodbye Year." She then wrote the blockbuster "Best Day Ever" in 2017. It was a story about a conniving and arrogant advertising executive that appears to have it all. He has a beautiful wife, a beautiful home, and two sons. However, things are not as they seem as he is planning something sinister for the weekend getaway with his wife. The novel got the attention of Graydon who signed her to write their new line of edgy romantic novels. According to Meg Ruley her agent, the best thing about Kaira Rouda is that she expertly walks the very thin line between comedy, romance and suspense.
Kaira Rouda's first novel "Weekend with the Tycoon" is the story of Blake Putnam, a business tycoon that has no time for love but is looking for a date for a dreaded family wedding. He is an alpha to the core and he will not be drawn into any emotional stuff and hence he thinks all he needs to is find a controllable date. Samantha Jones works for Blake and when he asks for her help, she readily agrees to go with him to the wedding. However, what he does not know is that Samantha is attracted to him even though she had an embarrassing break up in the recent past. She had since then decided to keep men off her menu. She is determined to focus on business for the time being and ignore her feelings but then Blake gives her the opportunity of a lifetime. She is not in the hunt for a lover or romance but she may just take the chance for the biggest business pitch presented. None of them expected the weekend to go as it did but will they now risk letting fate take its course?
"Her Forbidden Love" by Kaira is the story of Dorsey Pittman who is starting a new job at Melrose Inn on Indigo Island. He is excited about a fresh start far from the tragedy and heartbreak she had suffered. For Pittman, nothing is as easy as signing the no love affairs with staff as she is not looking for romantic entanglements and would rather focus on his career. But there is a problem as soon as she starts work and it is in the form of Jack Means, the handsome tall and sexy lifeguard who makes her feel like catching fire every time he talks to her. Jack is a twenty-seven year old with a lot of secrets and is currently working for the Inn only to ensure that he advances at Top Corp, where he has been promised a management position. When Dorsey Pittman arrives on the island, he instantly forgets that he signed that no relationship clause. Jack had promised to spend at least one more summer at Melrose Inn if he was to have a realistic chance of that management position. Dorsey is adventurous, beautiful and he is finding her impossible to ignore though he could be fired if he got involved with her. He is convinced that he is the only woman that could heal his heart but his career is also important. Just what is he supposed to do?
Kaira Rouda's "The Trouble with Christmas" tells the story of Cole Stanton, a 35-year-old man who has had an uber-successful but high paced career that has left him feeling burned out and wanting to start over. He moves to Indigo Island where he purchases a restaurant and settles down for the idyllic island life. But come Christmas, things become really complicated and he seems to have over-committed the resources of his restaurant. He yearns for what he has left behind until he bumps into Lily, a gorgeous woman who seems like the solution to his business woes and maybe his life. Lily Edmonds is a heartbroken thirty-year-old woman that was dumped by her fiancée at the worst time of the year. She was and was lucky to be invited to Indigo Island by a friend that believed she needed the break. Lily wants nothing to do with romance until she bumps into Cole the owner of a restaurant on the island. He makes her feel something she thought she would ever feel again. He also offers her the chance to manage his business which would take his mind off the break-up. They are starting over but will the troubles of Christmas push them apart or will the joys of the season bring pull them together.
Book Series In Order » Authors » Kaira Rouda


RALEIGH -Next week, the N.C. Department of Transportation will close a section of High Rock Road in McLeansville for routine maintenance of the bridge over Buffalo Creek.On Monday, March 31, weather permitting, crews will close High Rock Road near Huffine Mill Road. This section of High Rock Road will remain closed for the duration of the work, which is expected to be completed by Friday, April 4. Local traffic will be able to access homes and businesses from either end of High Rock Road, but will not be able to pass beyond the closure points on either side of Buffalo Creek. During the closure, motorists will use Friedens Church Road, McIntyre Road and Huffine Mill Road to navigate around the work zone. A map of the detour route can be seen here.NCDOT reminds motorists to watch signs for construction information, stay alert and obey the posted speed limit.For real-time travel information at any time, call 511, visit www.ncdot.gov/travel or follow NCDOT on Twitter at www.ncdot.gov/travel/twitter. Another option is NCDOT Mobile, a phone-friendly version of the NCDOT website. To access it, type "m.ncdot.gov" into the browser of your smartphone. Then, bookmark it to save for future reference. NCDOT Mobile is compatible with the iPhone, Android and some newer Blackberry phones.