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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.
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
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 HAPY. Source: Irrational Capital. As of 6/30/2022.
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 index underlying HAPY takes a socially conscious approach that aims to access the potential alpha opportunity of strong corporate culture.
The Human Capital Factor is grounded in proprietary data that seeks to prove "doing the right thing" can pay.
Dan Ariely shares the important role that advisors play during times of market volatility.
"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
0.02561
--
--
0.02561
TRADE DESK INC/THE CLASS A COMMON STOCK USD.000001 [TTD]
Equity
88339J105
2,898
59.84
173,416.32
1.7
ROBLOX CORP CLASS A COMMON STOCK USD.0001 [RBLX]
Equity
771049103
4,030
43.01
173,330.30
1.7
SAMSARA INC CL A COMMON STOCK USD.0001 [IOT]
Equity
79589L106
9,089
18.71
170,055.19
1.7
NVIDIA CORP COMMON STOCK USD.001 [NVDA]
Equity
67066G104
627
269.84
169,189.68
1.7
SALESFORCE INC COMMON STOCK USD.001 [CRM]
Equity
79466L302
845
196.64
166,160.80
1.6
AGILON HEALTH INC COMMON STOCK USD.01 [AGL]
Equity
00857U107
6,195
26.79
165,964.05
1.6
META PLATFORMS INC CLASS A COMMON STOCK USD.000006 [META]
Equity
30303M102
802
205.35
164,690.70
1.6
SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001 [SRPT]
Equity
803607100
1,194
136.56
163,052.64
1.6
ROKU INC COMMON STOCK USD.0001 [ROKU]
Equity
77543R102
2,539
63.91
162,267.49
1.6
LULULEMON ATHLETICA INC COMMON STOCK USD.005 [LULU]
Equity
550021109
449
361.04
162,106.96
1.6
INTEL CORP COMMON STOCK USD.001 [INTC]
Equity
458140100
5,016
31.52
158,104.32
1.5
GE HEALTHCARE TECHNOLOGY COMMON STOCK [GEHC]
Equity
36266G107
1,979
79.24
156,815.96
1.5
PROCTER + GAMBLE CO/THE COMMON STOCK [PG]
Equity
742718109
1,030
146.81
151,214.30
1.5
TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.01 [TW]
Equity
892672106
1,933
78.09
150,947.97
1.5
VMWARE INC CLASS A W/I COMMON STOCK USD.01 [VMW]
Equity
928563402
1,225
122.98
150,650.50
1.5
CONSOLIDATED EDISON INC COMMON STOCK USD.1 [ED]
Equity
209115104
1,576
95.11
149,893.36
1.5
INTUITIVE SURGICAL INC COMMON STOCK USD.001 [ISRG]
Equity
46120E602
597
250.76
149,703.72
1.5
BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 [BSX]
Equity
101137107
3,038
49.08
149,105.04
1.5
CADENCE DESIGN SYS INC COMMON STOCK USD.01 [CDNS]
Equity
127387108
722
206.00
148,732.00
1.5
GUIDEWIRE SOFTWARE INC COMMON STOCK USD.0001 [GWRE]
Equity
40171V100
1,911
77.58
148,255.38
1.4
MICROSOFT CORP COMMON STOCK USD.00000625 [MSFT]
Equity
594918104
528
280.51
148,109.28
1.4
SPOTIFY TECHNOLOGY SA COMMON STOCK EUR.000625 [SPOT]
Equity
L8681T102
1,138
129.87
147,792.06
1.4
INTUIT INC COMMON STOCK USD.01 [INTU]
Equity
461202103
341
433.29
147,751.89
1.4
RLI CORP COMMON STOCK USD1.0 [RLI]
Equity
749607107
1,101
133.94
147,467.94
1.4
TWILIO INC A COMMON STOCK USD.001 [TWLO]
Equity
90138F102
2,322
62.92
146,100.24
1.4
COLGATE PALMOLIVE CO COMMON STOCK USD1.0 [CL]
Equity
194162103
1,959
74.47
145,886.73
1.4
ADOBE INC COMMON STOCK USD.0001 [ADBE]
Equity
00724F101
380
379.16
144,080.80
1.4
TERADYNE INC COMMON STOCK USD.125 [TER]
Equity
880770102
1,330
107.39
142,828.70
1.4
AIRBNB INC CLASS A COMMON STOCK USD.0001 [ABNB]
Equity
009066101
1,192
118.80
141,609.60
1.4
GLOBANT SA COMMON STOCK USD1.2 [GLOB]
Equity
L44385109
894
157.85
141,117.90
1.4
MSCI INC COMMON STOCK USD.01 [MSCI]
Equity
55354G100
256
550.93
141,038.08
1.4
MASTERCARD INC A COMMON STOCK USD.0001 [MA]
Equity
57636Q104
389
359.53
139,857.17
1.4
PPL CORP COMMON STOCK USD.01 [PPL]
Equity
69351T106
5,031
27.53
138,503.43
1.4
DOXIMITY INC CLASS A COMMON STOCK USD.001 [DOCS]
Equity
26622P107
4,309
31.75
136,810.75
1.3
SERVICENOW INC COMMON STOCK USD.001 [NOW]
Equity
81762P102
312
438.44
136,793.28
1.3
MONGODB INC COMMON STOCK USD.001 [MDB]
Equity
60937P106
629
217.40
136,744.60
1.3
FACTSET RESEARCH SYSTEMS INC COMMON STOCK USD.01 [FDS]
Equity
303075105
334
407.63
136,148.42
1.3
JOHNSON + JOHNSON COMMON STOCK USD1.0 [JNJ]
Equity
478160104
885
153.31
135,679.35
1.3
PROLOGIS INC REIT USD.01 [PLD]
Equity
74340W103
1,125
119.88
134,865.00
1.3
INTELLIA THERAPEUTICS INC COMMON STOCK USD.0001 [NTLA]
Equity
45826J105
3,555
37.56
133,525.80
1.3
S+P GLOBAL INC COMMON STOCK USD1.0 [SPGI]
Equity
78409V104
394
338.13
133,223.22
1.3
NETFLIX INC COMMON STOCK USD.001 [NFLX]
Equity
64110L106
400
332.03
132,812.00
1.3
ZOOMINFO TECHNOLOGIES INC COMMON STOCK [ZI]
Equity
98980F104
5,350
24.14
129,149.00
1.3
SENTINELONE INC CLASS A COMMON STOCK USD.0001 [S]
Equity
81730H109
8,624
14.89
128,411.36
1.3
AES CORP COMMON STOCK USD.01 [AES]
Equity
00130H105
5,466
23.46
128,232.36
1.3
ASGN INC COMMON STOCK USD.01 [ASGN]
Equity
00191U102
1,574
81.21
127,824.54
1.2
SBA COMMUNICATIONS CORP REIT USD.01 [SBAC]
Equity
78410G104
502
254.17
127,593.34
1.2
TRANSUNION COMMON STOCK USD.01 [TRU]
Equity
89400J107
2,111
60.42
127,546.62
1.2
SILICON LABORATORIES INC COMMON STOCK USD.0001 [SLAB]
Equity
826919102
746
170.84
127,446.64
1.2
DROPBOX INC CLASS A COMMON STOCK USD.00001 [DBX]
Equity
26210C104
5,983
21.17
126,660.11
1.2
SPIRIT REALTY CAPITAL INC REIT USD.05 [SRC]
Equity
84860W300
3,308
38.287
126,653.396
1.2
FIRST AMERICAN FINANCIAL COMMON STOCK USD.00001 [FAF]
Equity
31847R102
2,349
53.91
126,634.59
1.2
TPG INC COMMON STOCK [TPG]
Equity
872657101
4,392
28.83
126,621.36
1.2
CONOCOPHILLIPS COMMON STOCK USD.01 [COP]
Equity
20825C104
1,266
99.75
126,283.50
1.2
ATLASSIAN CORP CL A COMMON STOCK USD.00001 [TEAM]
Equity
049468101
792
158.89
125,840.88
1.2
AGILENT TECHNOLOGIES INC COMMON STOCK USD.01 [A]
Equity
00846U101
940
133.85
125,819.00
1.2
KKR + CO INC COMMON STOCK USD.01 [KKR]
Equity
48251W104
2,458
51.13
125,677.54
1.2
CREDIT ACCEPTANCE CORP COMMON STOCK USD.01 [CACC]
Equity
225310101
295
425.07
125,395.65
1.2
ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 [ALNY]
Equity
02043Q107
640
195.91
125,382.40
1.2
STEEL DYNAMICS INC COMMON STOCK USD.005 [STLD]
Equity
858119100
1,138
110.035
125,219.83
1.2
PIONEER NATURAL RESOURCES CO COMMON STOCK USD.01 [PXD]
Equity
723787107
614
202.28
124,199.92
1.2
ZIFF DAVIS INC COMMON STOCK USD.01 [ZD]
Equity
48123V102
1,631
75.84
123,695.04
1.2
DELTA AIR LINES INC COMMON STOCK USD.0001 [DAL]
Equity
247361702
3,668
33.32
122,217.76
1.2
COMMERCIAL METALS CO COMMON STOCK USD.01 [CMC]
Equity
201723103
2,534
47.53
120,441.02
1.2
MONDAY.COM LTD COMMON STOCK [MNDY]
Equity
M7S64H106
876
136.64
119,696.64
1.2
ZSCALER INC COMMON STOCK USD.001 [ZS]
Equity
98980G102
1,055
110.70
116,788.50
1.1
MORNINGSTAR INC COMMON STOCK [MORN]
Equity
617700109
607
191.68
116,349.76
1.1
ETSY INC COMMON STOCK USD.001 [ETSY]
Equity
29786A106
1,078
107.67
116,068.26
1.1
EPAM SYSTEMS INC COMMON STOCK USD.001 [EPAM]
Equity
29414B104
398
285.76
113,732.48
1.1
SYNCHRONY FINANCIAL COMMON STOCK USD.001 [SYF]
Equity
87165B103
3,955
28.65
113,310.75
1.1
GITLAB INC CL A COMMON STOCK USD.0000025 [GTLB]
Equity
37637K108
3,064
33.58
102,889.12
1.0
PINNACLE FINANCIAL PARTNERS COMMON STOCK USD1.0 [PNFP]
Equity
72346Q104
1,802
55.82
100,587.64
1.0
THOUGHTWORKS HOLDING INC COMMON STOCK USD.001 [TWKS]
Equity
88546E105
13,830
6.96
96,256.80
0.9
ALPHABET INC CL C COMMON STOCK USD.001 [GOOG]
Equity
02079K107
758
101.90
77,240.20
0.8
ALPHABET INC CL A COMMON STOCK USD.001 [GOOGL]
Equity
02079K305
760
101.39
77,056.40
0.8
FIRST REPUBLIC BANK/CA COMMON STOCK USD.01 [FRC]
Equity
33616C100
1,063
14.26
15,158.38
0.1
Total
--
--
--
--
--
10,210
99.2
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
0.8
Total Net Assets
--
--
--
--
--
--
100%
Corporate Culture Leaders ETF (HAPY)
Human Capital Factor Unconstrained Index
Information Technology
HAPY: 32.8%
Benchmark: 32.8%
Financials
HAPY: 17.3%
Benchmark: 17.3%
Health Care
HAPY: 13.5%
Benchmark: 13.5%
Communication Services
HAPY: 12.4%
Benchmark: 12.4%
Industrials
HAPY: 4.1%
Benchmark: 4.1%
Consumer Discretionary
HAPY: 4.1%
Benchmark: 4.1%
Utilities
HAPY: 4.0%
Benchmark: 4.0%
Real Estate
HAPY: 4.0%
Benchmark: 4.0%
Consumer Staples
HAPY: 2.8%
Benchmark: 2.8%
Materials
HAPY: 2.7%
Benchmark: 2.7%
Energy
HAPY: 2.5%
Benchmark: 2.5%
HAPY: Corporate Culture Leaders ETF
Benchmark: Human Capital Factor Unconstrained Index
The Fund employs an indexing investment approach designed to track the performance of the Human Capital Factor Unconstrained Index (“The Index”). The Fund invests at least 80% of its total assets in securities that are included in the 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 (“Irrational Capital” or the “Index Provider”). Large cap companies are defined by the Fund as those with market capitalizations over $1 billion at the time of Index reconstitution. The Index is equally weighted and composed of approximately 70 to 100 companies with top “Human Capital Factor” scores at the time of Index reconstitution.
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.
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.
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.
The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice.
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.
Irrational Capital LLC is a third-party index provider to the Fund. The Fund is managed by Harbor Capital Advisors, Inc.
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