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Harbor Capital has partnered with Irrational Capital to develop a data-driven strategy built on the Human Capital Factor.
What is the Human Capital Factor? It’s a systematic measure of corporate culture that seeks to deeply understand the importance and value created between human capital and potential equity performance. In other words, the Human Capital Factor is based on the premise that happy and motivated employees can generate better outcomes for companies and investors.
HAPI offers exposure to larger capitalization companies with strong Human Capital Factor scores while constraining sectors to enhance overall diversification.
Dan Ariely
Behavioral Economist, Co-Founder, Irrational Capital
Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance.
The above figures represent Irrational Capital’s full data set. A subset of this data is used in constructing HAPI. Source: Irrational Capital. As of 9/30/2022.
The Human Capital Factor measures intrinsic and extrinsic motivation that establishes the relationship between employee well-being and business fundamentals which, in turn, could impact equity performance.
The Human Capital Factor offers a socially conscious, systematic measure of business fundamentals.
The Human Capital Factor is grounded in proprietary data that seeks to prove "doing the right thing" can pay.
"Of all the investments companies make, creating a strong corporate culture is one of the best ways to create value. This is why employee behavior and motivation can be such an important element of stock market performance."
Dan Ariely
Behavioral Economist, Co-Founder, Irrational Capital
12/21/2022
12/22/2022
12/27/2022
0.06304
0.00056
--
0.06360
MICROSOFT CORP COMMON STOCK USD.00000625 [MSFT]
Equity
594918104
43,578
280.51
12,224,064.78
5.3
APPLE INC COMMON STOCK USD.00001 [AAPL]
Equity
037833100
75,223
160.77
12,093,601.71
5.2
ALPHABET INC CL A COMMON STOCK USD.001 [GOOGL]
Equity
02079K305
75,090
101.39
7,613,375.10
3.3
MASTERCARD INC A COMMON STOCK USD.0001 [MA]
Equity
57636Q104
20,663
359.53
7,428,968.39
3.2
JOHNSON + JOHNSON COMMON STOCK USD1.0 [JNJ]
Equity
478160104
45,835
153.31
7,026,963.85
3.1
ALPHABET INC CL C COMMON STOCK USD.001 [GOOG]
Equity
02079K107
67,988
101.90
6,927,977.20
3.0
NVIDIA CORP COMMON STOCK USD.001 [NVDA]
Equity
67066G104
25,325
269.84
6,833,698.00
3.0
BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033 [BRK.B]
Equity
084670702
20,437
305.30
6,239,416.10
2.7
PROCTER + GAMBLE CO/THE COMMON STOCK [PG]
Equity
742718109
38,320
146.81
5,625,759.20
2.4
CHEVRON CORP COMMON STOCK USD.75 [CVX]
Equity
166764100
34,888
160.86
5,612,083.68
2.4
ELI LILLY + CO COMMON STOCK [LLY]
Equity
532457108
14,704
335.87
4,938,632.48
2.1
META PLATFORMS INC CLASS A COMMON STOCK USD.000006 [META]
Equity
30303M102
23,486
205.35
4,822,850.10
2.1
MERCK + CO. INC. COMMON STOCK USD.5 [MRK]
Equity
58933Y105
42,791
104.92
4,489,631.72
1.9
PFIZER INC COMMON STOCK USD.05 [PFE]
Equity
717081103
97,660
40.25
3,930,815.00
1.7
BOOKING HOLDINGS INC COMMON STOCK USD.008 [BKNG]
Equity
09857L108
1,301
2,571.77
3,345,872.77
1.5
UNITED PARCEL SERVICE CL B COMMON STOCK USD.01 [UPS]
Equity
911312106
17,466
191.47
3,344,215.02
1.5
HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0 [HON]
Equity
438516106
16,860
189.07
3,187,720.20
1.4
BANK OF AMERICA CORP COMMON STOCK USD.01 [BAC]
Equity
060505104
109,799
28.67
3,147,937.33
1.4
LOCKHEED MARTIN CORP COMMON STOCK USD1.0 [LMT]
Equity
539830109
6,149
474.19
2,915,794.31
1.3
DEERE + CO COMMON STOCK USD1.0 [DE]
Equity
244199105
6,849
399.54
2,736,449.46
1.2
CONOCOPHILLIPS COMMON STOCK USD.01 [COP]
Equity
20825C104
24,615
99.75
2,455,346.25
1.1
PHILIP MORRIS INTERNATIONAL COMMON STOCK [PM]
Equity
718172109
25,017
94.72
2,369,610.24
1.0
NIKE INC CL B COMMON STOCK [NKE]
Equity
654106103
19,581
120.49
2,359,314.69
1.0
AMGEN INC COMMON STOCK USD.0001 [AMGN]
Equity
031162100
9,635
241.03
2,322,324.05
1.0
BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 [BSX]
Equity
101137107
47,228
49.08
2,317,950.24
1.0
SALESFORCE INC COMMON STOCK USD.001 [CRM]
Equity
79466L302
11,787
196.64
2,317,795.68
1.0
ADOBE INC COMMON STOCK USD.0001 [ADBE]
Equity
00724F101
5,584
379.16
2,117,229.44
0.9
PROLOGIS INC REIT USD.01 [PLD]
Equity
74340W103
17,474
119.88
2,094,783.12
0.9
S+P GLOBAL INC COMMON STOCK USD1.0 [SPGI]
Equity
78409V104
5,369
338.13
1,815,419.97
0.8
NETFLIX INC COMMON STOCK USD.001 [NFLX]
Equity
64110L106
5,297
332.03
1,758,762.91
0.8
MORGAN STANLEY COMMON STOCK USD.01 [MS]
Equity
617446448
20,162
86.24
1,738,770.88
0.8
SCHLUMBERGER LTD COMMON STOCK USD.01 [SLB]
Equity
806857108
34,909
48.70
1,700,068.30
0.7
ADVANCED MICRO DEVICES COMMON STOCK USD.01 [AMD]
Equity
007903107
17,560
96.09
1,687,340.40
0.7
GOLDMAN SACHS GROUP INC COMMON STOCK USD.01 [GS]
Equity
38141G104
5,246
320.72
1,682,497.12
0.7
INTEL CORP COMMON STOCK USD.001 [INTC]
Equity
458140100
49,718
31.52
1,567,111.36
0.7
INTUITIVE SURGICAL INC COMMON STOCK USD.001 [ISRG]
Equity
46120E602
6,168
250.76
1,546,687.68
0.7
MARRIOTT INTERNATIONAL CL A COMMON STOCK USD.01 [MAR]
Equity
571903202
9,324
162.13
1,511,700.12
0.7
VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01 [VRTX]
Equity
92532F100
4,810
314.24
1,511,494.40
0.7
BLACKROCK INC COMMON STOCK USD.01 [BLK]
Equity
09247X101
2,288
657.22
1,503,719.36
0.7
SOUTHERN CO/THE COMMON STOCK USD5.0 [SO]
Equity
842587107
21,640
69.34
1,500,517.60
0.7
MONDELEZ INTERNATIONAL INC A COMMON STOCK [MDLZ]
Equity
609207105
21,404
69.985
1,497,958.94
0.7
NORTHROP GRUMMAN CORP COMMON STOCK USD1.0 [NOC]
Equity
666807102
3,235
461.57
1,493,178.95
0.6
REGENERON PHARMACEUTICALS COMMON STOCK USD.001 [REGN]
Equity
75886F107
1,805
819.35
1,478,926.75
0.6
INTUIT INC COMMON STOCK USD.01 [INTU]
Equity
461202103
3,374
433.29
1,461,920.46
0.6
INTL BUSINESS MACHINES CORP COMMON STOCK USD.2 [IBM]
Equity
459200101
10,994
129.71
1,426,031.74
0.6
LULULEMON ATHLETICA INC COMMON STOCK USD.005 [LULU]
Equity
550021109
3,918
361.04
1,414,554.72
0.6
AMERICAN EXPRESS CO COMMON STOCK USD.2 [AXP]
Equity
025816109
8,391
163.59
1,372,683.69
0.6
PROGRESSIVE CORP COMMON STOCK USD1.0 [PGR]
Equity
743315103
8,815
144.48
1,273,591.20
0.6
SCHWAB (CHARLES) CORP COMMON STOCK USD.01 [SCHW]
Equity
808513105
22,887
55.21
1,263,591.27
0.5
EQUINIX INC REIT USD.001 [EQIX]
Equity
29444U700
1,734
694.51
1,204,280.34
0.5
AIRBNB INC CLASS A COMMON STOCK USD.0001 [ABNB]
Equity
009066101
9,986
118.80
1,186,336.80
0.5
ALTRIA GROUP INC COMMON STOCK USD.333 [MO]
Equity
02209S103
26,645
44.52
1,186,235.40
0.5
SERVICENOW INC COMMON STOCK USD.001 [NOW]
Equity
81762P102
2,446
438.44
1,072,424.24
0.5
CORTEVA INC COMMON STOCK USD.01 [CTVA]
Equity
22052L104
17,353
59.94
1,040,138.82
0.5
NEWMONT CORP COMMON STOCK USD1.6 [NEM]
Equity
651639106
21,003
48.34
1,015,285.02
0.4
COLGATE PALMOLIVE CO COMMON STOCK USD1.0 [CL]
Equity
194162103
13,381
74.47
996,483.07
0.4
AMERICAN ELECTRIC POWER COMMON STOCK USD6.5 [AEP]
Equity
025537101
10,724
90.10
966,232.40
0.4
NUCOR CORP COMMON STOCK USD.4 [NUE]
Equity
670346105
6,035
149.41
901,689.35
0.4
DOW INC COMMON STOCK USD.01 [DOW]
Equity
260557103
16,564
53.60
887,830.40
0.4
PUBLIC STORAGE REIT USD.1 [PSA]
Equity
74460D109
2,890
290.24
838,793.60
0.4
PIONEER NATURAL RESOURCES CO COMMON STOCK USD.01 [PXD]
Equity
723787107
4,127
202.28
834,809.56
0.4
GENERAL MILLS INC COMMON STOCK USD.1 [GIS]
Equity
370334104
9,683
85.03
823,345.49
0.4
EBAY INC COMMON STOCK USD.001 [EBAY]
Equity
278642103
18,632
43.63
812,914.16
0.4
EXELON CORP COMMON STOCK [EXC]
Equity
30161N101
19,696
41.15
810,490.40
0.4
FORD MOTOR CO COMMON STOCK USD.01 [F]
Equity
345370860
65,534
12.05
789,684.70
0.3
CUMMINS INC COMMON STOCK USD2.5 [CMI]
Equity
231021106
3,345
232.71
778,414.95
0.3
DUPONT DE NEMOURS INC COMMON STOCK USD.01 [DD]
Equity
26614N102
10,332
70.83
731,815.56
0.3
CONSOLIDATED EDISON INC COMMON STOCK USD.1 [ED]
Equity
209115104
7,496
95.11
712,944.56
0.3
KIMBERLY CLARK CORP COMMON STOCK USD1.25 [KMB]
Equity
494368103
5,379
132.48
712,609.92
0.3
HESS CORP COMMON STOCK USD1.0 [HES]
Equity
42809H107
5,138
133.00
683,354.00
0.3
AGILENT TECHNOLOGIES INC COMMON STOCK USD.01 [A]
Equity
00846U101
5,097
133.85
682,233.45
0.3
SYNOPSYS INC COMMON STOCK USD.01 [SNPS]
Equity
871607107
1,753
375.04
657,445.12
0.3
TRAVELERS COS INC/THE COMMON STOCK NPV [TRV]
Equity
89417E109
3,835
169.86
651,413.10
0.3
PALO ALTO NETWORKS INC COMMON STOCK USD.0001 [PANW]
Equity
697435105
3,257
192.19
625,962.83
0.3
CADENCE DESIGN SYS INC COMMON STOCK USD.01 [CDNS]
Equity
127387108
3,028
206.00
623,768.00
0.3
IQVIA HOLDINGS INC COMMON STOCK USD.01 [IQV]
Equity
46266C105
3,164
192.91
610,367.24
0.3
ILLUMINA INC COMMON STOCK USD.01 [ILMN]
Equity
452327109
2,694
222.03
598,148.82
0.3
RESMED INC COMMON STOCK USD.004 [RMD]
Equity
761152107
2,644
213.52
564,546.88
0.2
QUANTA SERVICES INC COMMON STOCK USD.00001 [PWR]
Equity
74762E102
3,344
165.46
553,298.24
0.2
KKR + CO INC COMMON STOCK USD.01 [KKR]
Equity
48251W104
10,805
51.13
552,459.65
0.2
EDISON INTERNATIONAL COMMON STOCK [EIX]
Equity
281020107
7,860
69.063
542,831.25
0.2
SBA COMMUNICATIONS CORP REIT USD.01 [SBAC]
Equity
78410G104
2,067
254.17
525,369.39
0.2
CONSTELLATION BRANDS INC A COMMON STOCK USD.01 [STZ]
Equity
21036P108
2,341
223.68
523,634.88
0.2
P G + E CORP COMMON STOCK [PCG]
Equity
69331C108
32,721
15.84
518,300.64
0.2
DELTA AIR LINES INC COMMON STOCK USD.0001 [DAL]
Equity
247361702
15,416
33.32
513,661.12
0.2
DIGITAL REALTY TRUST INC REIT USD.01 [DLR]
Equity
253868103
5,472
92.40
505,612.80
0.2
AUTODESK INC COMMON STOCK USD.01 [ADSK]
Equity
052769106
2,502
199.16
498,298.32
0.2
MSCI INC COMMON STOCK USD.01 [MSCI]
Equity
55354G100
904
550.93
498,040.72
0.2
ONEOK INC COMMON STOCK USD.01 [OKE]
Equity
682680103
7,731
62.01
479,399.31
0.2
EXPEDIA GROUP INC COMMON STOCK USD.001 [EXPE]
Equity
30212P303
5,015
95.03
476,575.45
0.2
GE HEALTHCARE TECHNOLOGY COMMON STOCK [GEHC]
Equity
36266G107
5,952
79.24
471,636.48
0.2
ELECTRONIC ARTS INC COMMON STOCK USD.01 [EA]
Equity
285512109
3,874
119.19
461,742.06
0.2
WORKDAY INC CLASS A COMMON STOCK USD.001 [WDAY]
Equity
98138H101
2,325
198.25
460,931.25
0.2
SOUTHWEST AIRLINES CO COMMON STOCK USD1.0 [LUV]
Equity
844741108
14,319
31.44
450,189.36
0.2
FORTINET INC COMMON STOCK USD.001 [FTNT]
Equity
34959E109
6,927
64.81
448,938.87
0.2
ETSY INC COMMON STOCK USD.001 [ETSY]
Equity
29786A106
4,163
107.67
448,230.21
0.2
DTE ENERGY COMPANY COMMON STOCK [DTE]
Equity
233331107
3,965
107.94
427,982.10
0.2
MARVELL TECHNOLOGY INC COMMON STOCK USD.002 [MRVL]
Equity
573874104
9,759
42.70
416,709.30
0.2
PPL CORP COMMON STOCK USD.01 [PPL]
Equity
69351T106
15,046
27.53
414,216.38
0.2
ARISTA NETWORKS INC COMMON STOCK USD.0001 [ANET]
Equity
040413106
2,544
162.50
413,400.00
0.2
ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 [ALNY]
Equity
02043Q107
2,098
195.91
411,019.18
0.2
OMNICOM GROUP COMMON STOCK USD.15 [OMC]
Equity
681919106
4,540
90.48
410,779.20
0.2
SNOWFLAKE INC CLASS A COMMON STOCK [SNOW]
Equity
833445109
2,965
137.46
407,568.90
0.2
ARCH CAPITAL GROUP LTD COMMON STOCK USD.01 [ACGL]
Equity
G0450A105
5,304
67.80
359,611.20
0.2
VMWARE INC CLASS A W/I COMMON STOCK USD.01 [VMW]
Equity
928563402
2,891
122.98
355,535.18
0.2
JACOBS SOLUTIONS INC COMMON STOCK [J]
Equity
46982L108
3,054
115.71
353,378.34
0.2
HARTFORD FINANCIAL SVCS GRP COMMON STOCK USD.01 [HIG]
Equity
416515104
5,039
69.58
350,613.62
0.2
UNITED AIRLINES HOLDINGS INC COMMON STOCK USD.01 [UAL]
Equity
910047109
7,733
43.47
336,153.51
0.1
HP INC COMMON STOCK USD.01 [HPQ]
Equity
40434L105
11,817
28.31
334,539.27
0.1
ANSYS INC COMMON STOCK USD.01 [ANSS]
Equity
03662Q105
1,032
320.07
330,312.24
0.1
AES CORP COMMON STOCK USD.01 [AES]
Equity
00130H105
13,699
23.46
321,378.54
0.1
ATMOS ENERGY CORP COMMON STOCK [ATO]
Equity
049560105
2,858
111.53
318,752.74
0.1
BIOMARIN PHARMACEUTICAL INC COMMON STOCK USD.001 [BMRN]
Equity
09061G101
3,358
94.20
316,323.60
0.1
BROWN FORMAN CORP CLASS B COMMON STOCK USD.15 [BF.B]
Equity
115637209
4,893
63.69
311,635.17
0.1
ALIGN TECHNOLOGY INC COMMON STOCK USD.0001 [ALGN]
Equity
016255101
1,008
306.21
308,659.68
0.1
VEEVA SYSTEMS INC CLASS A COMMON STOCK USD.00001 [VEEV]
Equity
922475108
1,687
178.66
301,399.42
0.1
CROWDSTRIKE HOLDINGS INC A COMMON STOCK [CRWD]
Equity
22788C105
2,310
129.60
299,376.00
0.1
NASDAQ INC COMMON STOCK USD.01 [NDAQ]
Equity
631103108
5,459
54.09
295,277.31
0.1
PRINCIPAL FINANCIAL GROUP COMMON STOCK USD.01 [PFG]
Equity
74251V102
3,923
73.34
287,712.82
0.1
TRADE DESK INC/THE CLASS A COMMON STOCK USD.000001 [TTD]
Equity
88339J105
4,235
59.84
253,422.40
0.1
ATLASSIAN CORP CL A COMMON STOCK USD.00001 [TEAM]
Equity
049468101
1,540
158.89
244,690.60
0.1
INCYTE CORP COMMON STOCK USD.001 [INCY]
Equity
45337C102
3,401
71.14
241,947.14
0.1
CINCINNATI FINANCIAL CORP COMMON STOCK USD2.0 [CINF]
Equity
172062101
2,179
110.73
241,280.67
0.1
HEWLETT PACKARD ENTERPRISE COMMON STOCK USD.01 [HPE]
Equity
42824C109
15,331
15.52
237,937.12
0.1
ESSEX PROPERTY TRUST INC REIT USD.0001 [ESS]
Equity
297178105
1,142
202.00
230,684.00
0.1
SYNCHRONY FINANCIAL COMMON STOCK USD.001 [SYF]
Equity
87165B103
7,615
28.65
218,169.75
0.1
CAMDEN PROPERTY TRUST REIT USD.01 [CPT]
Equity
133131102
2,009
101.64
204,194.76
0.1
EQT CORP COMMON STOCK [EQT]
Equity
26884L109
6,357
31.45
199,927.65
0.1
PINTEREST INC CLASS A COMMON STOCK USD.00001 [PINS]
Equity
72352L106
7,408
26.50
196,312.00
0.1
TERADYNE INC COMMON STOCK USD.125 [TER]
Equity
880770102
1,804
107.39
193,731.56
0.1
ARES MANAGEMENT CORP A COMMON STOCK [ARES]
Equity
03990B101
2,369
81.40
192,836.60
0.1
FACTSET RESEARCH SYSTEMS INC COMMON STOCK USD.01 [FDS]
Equity
303075105
452
407.63
184,248.76
0.1
TRANSUNION COMMON STOCK USD.01 [TRU]
Equity
89400J107
3,014
60.42
182,105.88
0.1
ZOOM VIDEO COMMUNICATIONS A COMMON STOCK USD.001 [ZM]
Equity
98980L101
2,551
70.60
180,100.60
0.1
EPAM SYSTEMS INC COMMON STOCK USD.001 [EPAM]
Equity
29414B104
624
285.76
178,314.24
0.1
SPOTIFY TECHNOLOGY SA COMMON STOCK EUR.000625 [SPOT]
Equity
L8681T102
1,279
129.87
166,103.73
0.1
MATCH GROUP INC COMMON STOCK USD.001 [MTCH]
Equity
57667L107
4,142
39.17
162,242.14
0.1
MONGODB INC COMMON STOCK USD.001 [MDB]
Equity
60937P106
744
217.40
161,745.60
0.1
TRIMBLE INC COMMON STOCK USD.001 [TRMB]
Equity
896239100
3,141
51.44
161,573.04
0.1
ROBLOX CORP CLASS A COMMON STOCK USD.0001 [RBLX]
Equity
771049103
3,466
43.01
149,072.66
0.1
SNAP INC A COMMON STOCK USD.00001 [SNAP]
Equity
83304A106
13,241
10.78
142,737.98
0.1
PALANTIR TECHNOLOGIES INC A COMMON STOCK USD.001 [PLTR]
Equity
69608A108
16,361
8.22
134,487.42
0.1
VF CORP COMMON STOCK [VFC]
Equity
918204108
6,103
21.75
132,740.25
0.1
TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.01 [TW]
Equity
892672106
1,651
78.09
128,926.59
0.1
TWILIO INC A COMMON STOCK USD.001 [TWLO]
Equity
90138F102
1,974
62.92
124,204.08
0.1
FRANKLIN RESOURCES INC COMMON STOCK USD.1 [BEN]
Equity
354613101
4,400
26.23
115,412.00
0.1
ZSCALER INC COMMON STOCK USD.001 [ZS]
Equity
98980G102
918
110.70
101,622.60
0.0
ZOOMINFO TECHNOLOGIES INC COMMON STOCK [ZI]
Equity
98980F104
3,597
24.14
86,831.58
0.0
UNITY SOFTWARE INC COMMON STOCK USD.000005 [U]
Equity
91332U101
2,146
29.23
62,727.58
0.0
BROWN FORMAN CORP CLASS A COMMON STOCK USD.15 [BF.A]
Equity
115637100
780
64.76
50,512.80
0.0
FIRST REPUBLIC BANK/CA COMMON STOCK USD.01 [FRC]
Equity
33616C100
2,986
14.26
42,580.36
0.0
Total
--
--
--
--
--
211,362
92.0
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
8.0
Total Net Assets
--
--
--
--
--
--
100%
Sorry, there is no data available for this fund
The Fund employs an indexing investment approach designed to track the performance of the CIBC Human Capital Index (“The Index”). The Fund invests at least 80% of its total assets in securities that are included in the Index.
The Index consists of a modified market capitalization-weighted portfolio of equity securities of approximately 150 U.S. companies identified by Irrational Capital LLC (“Irrational Capital”) as those it believes to possess strong corporate culture based on its proprietary scoring methodology. The Index was developed by the Canadian Imperial Bank of Commerce (CIBC, the “Index Provider”).
Harbor Capital serves as the investment adviser.
Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Harbor ETFs are new and have limited operating history to judge.
There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking error may occur because of pricing differences, timing and costs incurred by the fund or during times of heightened market volatility. The Fund relies on the Index provider's methodology in assessing whether a company may be considered a corporate culture leader. There is no guarantee that the construction methodology will accurately assess a company to include or exclude it from the index which could have an adverse effect on the Fund's returns. The Fund's assets may be concentrated in a particular sector or industries to the extent the Index is concentrated and is subject to the risk that economic, political, or other market conditions that have a negative effect on that sector or industry will negatively impact the value of the Fund.
Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.
Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.
Irrational Capital LLC is a third-party index provider to the Fund. The Fund is managed by Harbor Capital Advisors, Inc.
Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.
Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.
30-Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.
Alpha refers to excess returns earned on an investment.
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