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Harbor Emerging Markets Equity Fund (HAEMX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 9/23/2022

NAV Price

$5.34

NAV Daily Change ($)

-$0.16

NAV Daily Change (%)

-2.91%

NAV YTD Return

-29.37%

Fund Facts

Inception Date

11/1/2013

Net Expense Ratio

0.96%disclaimer

Gross Expense Ratio

1.55%

Total Net Assets (million)

as of 8/31/2022

$11.029

Ticker

HAEMX

Fund Number

2036

Share Class

Institutional

Top Ten Holdings

as of 6/30/2022

AIA Group Limited [1299]

5.3%

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

4.9%

HDFC Bank Limited Sponsored ADR [HDB]

3.9%

Naspers Limited Class N [NPN]

3.8%

PT Bank Central Asia Tbk [BBCA]

3.8%

Tata Consultancy Services Limited [532540]

3.3%

Housing Development Finance Corporation Limited [500010]

3.1%

China Mengniu Dairy Co. Ltd. [2319]

3.0%

Samsung Electronics Co. Ltd. [005930]

3.0%

Advantech Co. Ltd. [2395]

2.8%

% of Total Holdings:

36.9%

left quote

“Too much competition, not too little growth, is what turns investments sour.”

right quote

Neil Ostrer. Founder and European Equity Portfolio Manager

Marathon Asset Management LLP

Performance

Total Returns

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Emerging Markets Equity Fund

-8.16%

-22.62%

-27.07%

3.33%

1.77%

2.03%

0.96%disclaimer

1.55%

MSCI Emerging Markets (ND) Index

-6.49%

-17.49%

-21.80%

2.74%

0.59%

1.96%

--

--

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 MSCI Emerging Markets (ND) Index is a market capitalization weighted index of equity securities in more than 20 emerging market economies. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Price History

CHART
TABLE

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/17/2021

12/20/2021

12/20/2021

0.00000

0.08498

3.22108

2.70179

0.00000

0.51929

3.30606

0.20528

--

12/16/2020

12/17/2020

12/17/2020

0.00000

0.09469

3.26897

1.40329

0.00000

1.86568

3.36366

0.17716

10.48

12/13/2019

12/16/2019

12/16/2019

0.00000

0.15819

0.00000

0.00000

0.00000

0.00000

0.15819

0.03021

11.44

12/14/2018

12/17/2018

12/17/2018

0.00000

0.08824

0.00000

0.00000

0.00000

0.00000

0.08824

0.03404

9.41

12/15/2017

12/18/2017

12/18/2017

0.00000

0.10473

0.00000

0.00000

0.00000

0.00000

0.10473

0.02025

10.66

12/16/2016

12/19/2016

12/19/2016

0.00000

0.09493

0.00000

0.00000

0.00000

0.00000

0.09493

0.02473

8.19

12/16/2015

12/17/2015

12/17/2015

0.00000

0.07556

0.00000

0.00000

0.00000

0.00000

0.07556

0.02364

7.39

12/17/2014

12/18/2014

12/18/2014

0.00000

0.04565

0.00000

0.00000

0.00000

0.00000

0.04565

0.01020

9.13

12/16/2013

12/17/2013

12/17/2013

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

9.76

Holdings

Portfolio Characteristics

as of 6/30/2022

Emerging Markets Equity Fund

Number of Holdings

58

Wtd Avg Market Cap ($Mil)

68966.9

Price/Book Ratio

3.2

Adjusted Trailing P/E Ratio

17.5

% EPS Growth - Past 3 Yr

18.5

Return on Equity (%)

20.56

Forecasted P/E Ratio

18.1

Proj. Earnings Growth Rate (%)

13.4

Top Ten Holdings

as of 6/30/2022

Company Name [Ticker]

% of Net Assets

AIA Group Limited[1299]

5.3

Taiwan Semiconductor Manufacturing Co. Ltd.[2330]

4.9

HDFC Bank Limited Sponsored ADR[HDB]

3.9

Naspers Limited Class N[NPN]

3.8

PT Bank Central Asia Tbk[BBCA]

3.8

Tata Consultancy Services Limited[532540]

3.3

Housing Development Finance Corporation Limited[500010]

3.1

China Mengniu Dairy Co. Ltd.[2319]

3.0

Samsung Electronics Co. Ltd.[005930]

3.0

Advantech Co. Ltd.[2395]

2.8

% of Total Holdings:

36.9%

This information should not be considered as a recommendation to purchase or sell a particular security. The holdings mentioned may change at any time and may not represent current or future investments.

as of 6/30/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

AIA Group Limited [1299]

Hong Kong

89

10.84

969

5.3

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

Taiwan

56

16.01

896

4.9

HDFC Bank Limited Sponsored ADR [HDB]

India

13

54.96

714

3.9

Naspers Limited Class N [NPN]

South Africa

5

144.53

699

3.8

PT Bank Central Asia Tbk [BBCA]

Indonesia

1,429

0.49

696

3.8

Tata Consultancy Services Limited [532540]

India

14

41.37

595

3.3

Housing Development Finance Corporation Limited [500010]

India

21

27.49

568

3.1

China Mengniu Dairy Co. Ltd. [2319]

China

109

4.99

544

3.0

Samsung Electronics Co. Ltd. [005930]

South Korea

12

43.90

542

3.0

Advantech Co. Ltd. [2395]

Taiwan

44

11.64

512

2.8

Li Ning Company Limited [2331]

China

52

9.26

482

2.6

Midea Group Co. Ltd. Class A

China

53

9.02

475

2.6

Zhongsheng Group Holdings Ltd. [881]

China

66

7.05

466

2.6

Southern Copper Corporation [SCCO]

Peru

9

49.81

465

2.5

Weichai Power Co. Ltd. Class H [2338]

China

292

1.59

464

2.5

Bid Corporation Limited [BID]

South Africa

23

18.73

430

2.4

Infosys Limited Sponsored ADR [INFY]

India

23

18.51

430

2.4

Techtronic Industries Co. Ltd. [669]

Hong Kong

37

10.43

381

2.1

Chailease Holding Co. Ltd. [5871]

Taiwan

53

7.01

372

2.0

Delta Electronics Inc. [2308]

Taiwan

50

7.45

372

2.0

Shenzhou International Group Holdings Limited [2313]

China

30

12.11

368

2.0

Capitec Bank Holdings Limited [CPI]

South Africa

3

120.99

353

1.9

Grupo Aeroportuario del Pacifico SAB de CV Class B [GAPB]

Mexico

25

13.88

351

1.9

ASML Holding NV [ASML]

Netherlands

1

476.57

334

1.8

Shinhan Financial Group Co. Ltd. [055550]

South Korea

12

28.54

332

1.8

B3 SA - Brasil Bolsa Balcao [B3SA3]

Brazil

153

2.10

320

1.8

SK hynix Inc. [000660]

South Korea

4

70.09

310

1.7

Clicks Group Limited [CLS]

South Africa

18

16.68

306

1.7

Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]

Mexico

55

5.56

305

1.7

BOC Aviation Limited [2588]

China

34

8.40

288

1.6

Vipshop Holdings Ltd Sponsored ADR [VIPS]

China

28

9.89

276

1.5

Marico Limited [531642]

India

45

6.05

271

1.5

First Quantum Minerals Ltd. [FM]

Canada

14

18.93

269

1.5

Porto Seguro S.A. [PSSA3]

Brazil

75

3.40

253

1.4

Havells India Limited [517354]

India

18

13.91

250

1.4

African Rainbow Minerals Limited [ARI]

South Africa

19

13.05

249

1.4

Sany Heavy Industry Co., Ltd. Class A

China

88

2.84

249

1.4

Dabur India Limited [500096]

India

39

6.28

242

1.3

Baidu Inc Sponsored ADR Class A [BIDU]

Hong Kong

2

148.73

237

1.3

Pepkor Holdings Ltd. [PPH]

South Africa

191

1.17

223

1.2

Anglo American Platinum Limited [AMS]

South Africa

2

86.98

209

1.2

Giant Manufacturing Co. Ltd. [9921]

Taiwan

24

8.07

191

1.0

MediaTek Inc [2454]

Taiwan

7

21.89

153

0.8

Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A

China

13

7.69

97

0.5

Delfi Limited [P34]

Singapore

93

0.54

50

0.3

Severstal PAO Sponsored GDR RegS [SVJTY]

Russia

21

0.00

0

0.0

UNTRADE.TIANHE CHEM

China

2,684

NaN

0

0.0

X 5 RETAIL GROUP NV REGS GDR DEPOSITORY RECEIPT

Russia

9

0.00

0

0.0

Total

--

--

--

17,556

96.2

Cash and Other Assets Less Liabilities

--

--

--

--

3.8

Total Net Assets

--

--

--

--

100%

as of 6/30/2022

Economic Sector

Emerging Markets Equity Fund %

MSCI Emerging Markets (ND) Index %

Financials

26.7

21.1

Information Technology

22.7

19.2

Consumer Discretionary

17.4

14.9

Industrials

10.9

5.7

Consumer Staples

10.1

6.1

Materials

7.0

8.4

Communication Services

1.3

10.5

Energy

0.0

5.0

Health Care

0.0

3.9

Real Estate

0.0

2.1

Utilities

0.0

2.9

as of 6/30/2022

Economic Sector

Emerging Markets Equity Fund %

MSCI Emerging Markets (ND) Index %

Consumer Discretionary

2.9

6.3

Utilities

0.0

-4.4

Energy

0.0

-5.9

[Unassigned]

0.0

-3.9

Health Care

0.0

-8.8

Real Estate

0.0

-6.1

Communication Services

-1.9

-10.4

Industrials

-10.5

-9.5

Consumer Staples

-11.7

-4.5

Financials

-13.1

-14.1

Information Technology

-21.5

-20.8

Materials

-35.9

-20.6

as of 6/30/2022

Country

Emerging Markets Equity Fund %

MSCI Emerging Markets (ND) Index %

China

20.3

35.2

India

16.8

12.7

Taiwan

13.7

14.5

South Africa

13.5

3.5

Hong Kong

8.7

--

South Korea

6.5

11.2

Indonesia

3.8

1.8

Mexico

3.6

2.1

Brazil

3.1

4.9

Peru

2.5

0.2

Other

7.5

13.9

Investment Team

Marathon Asset Management LLP


Marathon Asset Management LLP (Marathon-London) is an independent investment management firm with a 30+ year track record of managing regional, international and global equity strategies on behalf of institutional clients. Marathon-London’s distinctive investment philosophy, referred to as the capital cycle approach to investing, focuses on understanding the supply-side longer-term dynamics within a competitive ecosystem, management behavior in driving an attractive capital cycle dynamic, and how the evolution of supply-side forces impact the economics of the businesses within a particular industry. Marathon-London operates a multi-counselor model in which portfolio managers are generalists focused on specific regions (Europe, Japan, Asia ex-Japan and the Emerging Markets, and North America) and are independently accountable for their own buy/sell decisions. Each portfolio is then aggregated up for broader international and global equity mandates. There are no committee-based decision-making structures which, in turn, allows the portfolio managers the independence and flexibility to execute their skills as stock pickers and aligns their incentives with that of Marathon-London’s clients.


Documents

Fund Documents

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

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. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. Stocks of small and mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Marathon-London's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.

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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.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2022 Harbor Capital Advisors, Inc. All rights reserved.