Access the link between strong corporate culture and potential equity value.

Investment Team

Research Suggests That Doing the Right Thing Pays.

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.

The index underlying HAPY takes a socially conscious approach that seeks to access the potential alpha opportunity of strong corporate culture.



Dan Ariely

Behavioral Economist, Co-Founder, Irrational Capital

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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.

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The above figures represent Irrational Capital’s full data set. A subset of this data is used in constructing HAPY. Source: Irrational Capital. As of 6/30/2022.

Differentiated Research that Seeks to Uncover Alpha
  • Irrational Capital looks to identify companies with strong employer/employee relationships.
  • The Human Capital Factor seeks to deeply understand company culture and intrinsic employee motivation as a potential driver of stock performance.
  • Focused on capturing and investing in the lift that strong corporate culture can have on a company's stock price.
Invests in Human Capital.

The Human Capital Factor measures intrinsic and extrinsic motivation that  establishes the relationship between employee well-being and business fundamentals which, in turn, can impact equity performance.

Outcome Oriented. Socially Conscious.

The index underlying HAPY takes a socially conscious approach that aims to access the potential alpha opportunity of strong corporate culture.

Backed by Data.

The Human Capital Factor is grounded in proprietary data that seeks to prove "doing the right thing" can pay. 

Help Clients Be Their Better Selves

Dan Ariely shares the important role that advisors play during times of market volatility.

Important Information

The Harbor Corporate Culture Leaders ETF (HAPY) seeks to track the Human Capital Factor Unconstrained Index. The Index is designed to deliver exposure to equity securities of large cap U.S. companies that demonstrate high employee engagement, based on scores produced by Irrational Capital LLC. 

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. 

Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. The ETF is new and has limited operating history to judge. 

Alpha refers to excess returns earned on an investment. 

Irrational Capital LLC is a third-party index provider to the Fund. The Fund is managed by Harbor Capital Advisors, Inc.

Foreside Fund Services, LLC is the Distributor of the Harbor Corporate Culture Leaders ETF.


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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.

Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

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