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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.
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.
The Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Unconstrained Index.
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Historical Premium Discount to NAV
"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."
Behavioral Economist, Co-Founder, Irrational Capital
Corporate Culture Leaders ETF
Fund Market Price
Human Capital Factor Unconstrained Index
Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.
The Human Capital Factor Unconstrained 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. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
TRADE DESK INC/THE CLASS A COMMON STOCK USD.000001[TTD]
ROBLOX CORP CLASS A COMMON STOCK USD.0001[RBLX]
SAMSARA INC CL A COMMON STOCK USD.0001[IOT]
NVIDIA CORP COMMON STOCK USD.001[NVDA]
SALESFORCE INC COMMON STOCK USD.001[CRM]
AGILON HEALTH INC COMMON STOCK USD.01[AGL]
META PLATFORMS INC CLASS A COMMON STOCK USD.000006[META]
SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001[SRPT]
ROKU INC COMMON STOCK USD.0001[ROKU]
LULULEMON ATHLETICA INC COMMON STOCK USD.005[LULU]
% of Total Holdings:
This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector and/or countries mentioned may change at any time and may not represent current or future investments.
TRADE DESK INC/THE CLASS A COMMON STOCK USD.000001 [TTD]
ROBLOX CORP CLASS A COMMON STOCK USD.0001 [RBLX]
SAMSARA INC CL A COMMON STOCK USD.0001 [IOT]
NVIDIA CORP COMMON STOCK USD.001 [NVDA]
SALESFORCE INC COMMON STOCK USD.001 [CRM]
AGILON HEALTH INC COMMON STOCK USD.01 [AGL]
META PLATFORMS INC CLASS A COMMON STOCK USD.000006 [META]
SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001 [SRPT]
ROKU INC COMMON STOCK USD.0001 [ROKU]
LULULEMON ATHLETICA INC COMMON STOCK USD.005 [LULU]
INTEL CORP COMMON STOCK USD.001 [INTC]
GE HEALTHCARE TECHNOLOGY COMMON STOCK [GEHC]
PROCTER + GAMBLE CO/THE COMMON STOCK [PG]
TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.01 [TW]
VMWARE INC CLASS A W/I COMMON STOCK USD.01 [VMW]
CONSOLIDATED EDISON INC COMMON STOCK USD.1 [ED]
INTUITIVE SURGICAL INC COMMON STOCK USD.001 [ISRG]
BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 [BSX]
CADENCE DESIGN SYS INC COMMON STOCK USD.01 [CDNS]
GUIDEWIRE SOFTWARE INC COMMON STOCK USD.0001 [GWRE]
MICROSOFT CORP COMMON STOCK USD.00000625 [MSFT]
SPOTIFY TECHNOLOGY SA COMMON STOCK EUR.000625 [SPOT]
INTUIT INC COMMON STOCK USD.01 [INTU]
RLI CORP COMMON STOCK USD1.0 [RLI]
TWILIO INC A COMMON STOCK USD.001 [TWLO]
COLGATE PALMOLIVE CO COMMON STOCK USD1.0 [CL]
ADOBE INC COMMON STOCK USD.0001 [ADBE]
TERADYNE INC COMMON STOCK USD.125 [TER]
AIRBNB INC CLASS A COMMON STOCK USD.0001 [ABNB]
GLOBANT SA COMMON STOCK USD1.2 [GLOB]
MSCI INC COMMON STOCK USD.01 [MSCI]
MASTERCARD INC A COMMON STOCK USD.0001 [MA]
PPL CORP COMMON STOCK USD.01 [PPL]
DOXIMITY INC CLASS A COMMON STOCK USD.001 [DOCS]
SERVICENOW INC COMMON STOCK USD.001 [NOW]
MONGODB INC COMMON STOCK USD.001 [MDB]
FACTSET RESEARCH SYSTEMS INC COMMON STOCK USD.01 [FDS]
JOHNSON + JOHNSON COMMON STOCK USD1.0 [JNJ]
PROLOGIS INC REIT USD.01 [PLD]
INTELLIA THERAPEUTICS INC COMMON STOCK USD.0001 [NTLA]
S+P GLOBAL INC COMMON STOCK USD1.0 [SPGI]
NETFLIX INC COMMON STOCK USD.001 [NFLX]
ZOOMINFO TECHNOLOGIES INC COMMON STOCK [ZI]
SENTINELONE INC CLASS A COMMON STOCK USD.0001 [S]
AES CORP COMMON STOCK USD.01 [AES]
ASGN INC COMMON STOCK USD.01 [ASGN]
SBA COMMUNICATIONS CORP REIT USD.01 [SBAC]
TRANSUNION COMMON STOCK USD.01 [TRU]
SILICON LABORATORIES INC COMMON STOCK USD.0001 [SLAB]
DROPBOX INC CLASS A COMMON STOCK USD.00001 [DBX]
SPIRIT REALTY CAPITAL INC REIT USD.05 [SRC]
FIRST AMERICAN FINANCIAL COMMON STOCK USD.00001 [FAF]
TPG INC COMMON STOCK [TPG]
CONOCOPHILLIPS COMMON STOCK USD.01 [COP]
ATLASSIAN CORP CL A COMMON STOCK USD.00001 [TEAM]
AGILENT TECHNOLOGIES INC COMMON STOCK USD.01 [A]
KKR + CO INC COMMON STOCK USD.01 [KKR]
CREDIT ACCEPTANCE CORP COMMON STOCK USD.01 [CACC]
ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01 [ALNY]
STEEL DYNAMICS INC COMMON STOCK USD.005 [STLD]
PIONEER NATURAL RESOURCES CO COMMON STOCK USD.01 [PXD]
ZIFF DAVIS INC COMMON STOCK USD.01 [ZD]
DELTA AIR LINES INC COMMON STOCK USD.0001 [DAL]
COMMERCIAL METALS CO COMMON STOCK USD.01 [CMC]
MONDAY.COM LTD COMMON STOCK [MNDY]
ZSCALER INC COMMON STOCK USD.001 [ZS]
MORNINGSTAR INC COMMON STOCK [MORN]
ETSY INC COMMON STOCK USD.001 [ETSY]
EPAM SYSTEMS INC COMMON STOCK USD.001 [EPAM]
SYNCHRONY FINANCIAL COMMON STOCK USD.001 [SYF]
GITLAB INC CL A COMMON STOCK USD.0000025 [GTLB]
PINNACLE FINANCIAL PARTNERS COMMON STOCK USD1.0 [PNFP]
THOUGHTWORKS HOLDING INC COMMON STOCK USD.001 [TWKS]
ALPHABET INC CL C COMMON STOCK USD.001 [GOOG]
ALPHABET INC CL A COMMON STOCK USD.001 [GOOGL]
FIRST REPUBLIC BANK/CA COMMON STOCK USD.01 [FRC]
Cash and Other Assets Less Liabilities
Total Net Assets
Corporate Culture Leaders ETF (HAPY)
Human Capital Factor Unconstrained Index
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.