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Harbor Diversified International All Cap Fund (HAIDX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 1/31/2023

NAV Price

$11.68

NAV Daily Change ($)

$0.04

NAV Daily Change (%)

0.34%

NAV YTD Return

8.45%

Fund Facts

Inception Date

11/2/2015

Net Expense Ratio

0.80%disclaimer

Gross Expense Ratio

0.92%

Total Net Assets (million)

as of 1/31/2023

$307.906

Ticker

HAIDX

Fund Number

2038

Share Class

Institutional

Top Ten Holdings

as of 12/31/2022

AIA Group Limited [1299]

2.1%

Novo Nordisk A/S Class B [NOVO.B]

1.6%

BP p.l.c. [BP]

1.6%

HDFC Bank Limited Sponsored ADR [HDB]

1.3%

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

1.2%

Fairfax Financial Holdings Limited [FFH]

1.1%

PT Bank Central Asia Tbk [BBCA]

1.1%

Roche Holding Ltd Dividend Right Cert. [ROG]

1.1%

Naspers Limited Class N [NPN]

1.0%

Equinor ASA [EQNR]

0.9%

% of Total Holdings:

13.0%

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

QUARTER-END
MONTH-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

Diversified International All Cap Fund

17.12%

-14.30%

-14.30%

0.74%

1.76%

4.03%

0.80%disclaimer

0.92%

MSCI All Country World Ex. US (ND) Index

14.29%

-16.00%

-16.00%

0.07%

0.88%

4.11%

--

--

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 All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. 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

12/16/2022

12/19/2022

12/19/2022

0.00000

0.15518

0.00000

--

0.00000

--

0.15518

0.03392

10.63

12/17/2021

12/20/2021

12/20/2021

0.00000

0.21604

0.72440

0.08690

0.00000

0.63750

0.94044

0.03145

12.26

12/16/2020

12/17/2020

12/17/2020

0.00000

0.11898

0.00000

0.00000

0.00000

0.00000

0.11898

0.01842

12.42

12/13/2019

12/16/2019

12/16/2019

0.00000

0.24115

0.00000

0.00000

0.00000

0.00000

0.24115

0.02298

11.58

12/14/2018

12/17/2018

12/17/2018

0.00000

0.12381

0.28725

0.02103

0.00000

0.26622

0.41106

0.01645

9.59

12/15/2017

12/18/2017

12/18/2017

0.00000

0.11544

0.28469

0.00137

0.00000

0.28332

0.40013

0.01321

11.44

12/16/2016

12/19/2016

12/19/2016

0.00000

0.12823

0.00000

0.00000

0.00000

0.00000

0.12823

0.01485

9.60

12/16/2015

12/17/2015

12/17/2015

0.00000

0.00543

0.00000

0.00000

0.00000

0.00000

0.00543

0.00000

9.69

Holdings

Portfolio Characteristics

as of 12/31/2022

Diversified International All Cap Fund

Number of Holdings

373

Wtd Avg Market Cap ($Mil)

49356.4

Price/Book Ratio

2.35

Adjusted Trailing P/E Ratio

16.3

% EPS Growth - Past 3 Yr

13.1

Return on Equity (%)

15.36

Forecasted P/E Ratio

16

Top Ten Holdings

as of 12/31/2022

Company Name [Ticker]

% of Net Assets

AIA Group Limited[1299]

2.1

Novo Nordisk A/S Class B[NOVO.B]

1.6

BP p.l.c.[BP]

1.6

HDFC Bank Limited Sponsored ADR[HDB]

1.3

Taiwan Semiconductor Manufacturing Co. Ltd.[2330]

1.2

Fairfax Financial Holdings Limited[FFH]

1.1

PT Bank Central Asia Tbk[BBCA]

1.1

Roche Holding Ltd Dividend Right Cert.[ROG]

1.1

Naspers Limited Class N[NPN]

1.0

Equinor ASA[EQNR]

0.9

% of Total Holdings:

13.0%

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 12/31/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

AIA Group Limited [1299]

Hong Kong

1,706

11.12

18,977

2.1

Novo Nordisk A/S Class B [NOVO.B]

Denmark

107

134.62

14,339

1.6

BP p.l.c. [BP]

United Kingdom

2,505

5.71

14,311

1.6

HDFC Bank Limited Sponsored ADR [HDB]

India

165

68.41

11,308

1.3

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

Taiwan

748

14.59

10,915

1.2

Fairfax Financial Holdings Limited [FFH]

Canada

17

591.96

10,114

1.1

PT Bank Central Asia Tbk [BBCA]

Indonesia

18,047

0.55

9,912

1.1

Roche Holding Ltd Dividend Right Cert. [ROG]

Switzerland

31

313.99

9,792

1.1

Naspers Limited Class N [NPN]

South Africa

52

165.99

8,705

1.0

Equinor ASA [EQNR]

Norway

231

35.71

8,251

0.9

Canadian Natural Resources Limited [CNQ]

Canada

145

55.49

8,050

0.9

Glencore plc [GLEN]

United Kingdom

1,150

6.64

7,642

0.9

Vestas Wind Systems A/S [VWS]

Denmark

259

29.00

7,513

0.8

Southern Copper Corporation [SCCO]

Peru

123

60.39

7,445

0.8

ASML Holding NV [ASML]

Netherlands

13

537.68

7,041

0.8

Nippon Telegraph and Telephone Corporation [9432]

Japan

245

28.51

6,985

0.8

Housing Development Finance Corporation Limited [500010]

India

215

31.88

6,852

0.8

Samsung Electronics Co. Ltd. [005930]

South Korea

155

43.73

6,797

0.8

Tata Consultancy Services Limited [532540]

India

170

39.37

6,706

0.7

B3 SA - Brasil Bolsa Balcao [B3SA3]

Brazil

2,625

2.50

6,567

0.7

Midea Group Co. Ltd. Class A

China

879

7.45

6,553

0.7

BNP Paribas S.A. Class A [BNP]

France

110

56.83

6,263

0.7

China Mengniu Dairy Co. Ltd. [2319]

China

1,371

4.54

6,218

0.7

Resona Holdings Inc. [8308]

Japan

1,134

5.48

6,214

0.7

Barclays PLC [BARC]

United Kingdom

3,239

1.91

6,176

0.7

Compass Group PLC [CPG]

United Kingdom

265

23.07

6,112

0.7

Constellation Software Inc. [CSU]

Canada

4

1,560.18

6,191

0.7

Loblaw Companies Limited [L]

Canada

70

88.36

6,153

0.7

Brookfield Corporation [BN]

Canada

194

31.43

6,081

0.7

Delta Electronics Inc. [2308]

Taiwan

643

9.32

5,997

0.7

Techtronic Industries Co. Ltd. [669]

Hong Kong

534

11.16

5,959

0.7

Bank of Ireland Group Plc [BIRG]

Ireland

611

9.50

5,807

0.6

Canadian Pacific Railway Limited [CP]

Canada

78

74.50

5,823

0.6

Flutter Entertainment Plc [FLTR]

Ireland

42

136.39

5,702

0.6

Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]

Mexico

796

7.18

5,712

0.6

Lloyds Banking Group plc [LLOY]

United Kingdom

10,091

0.55

5,512

0.6

HitachiLtd. [6501]

Japan

107

50.71

5,401

0.6

CNH Industrial NV [CNHI]

Italy

332

15.97

5,297

0.6

EssilorLuxottica SA [EL]

France

30

180.58

5,378

0.6

Infosys Limited Sponsored ADR [INFY]

India

295

18.01

5,321

0.6

Kirin Holdings Company Limited [2503]

Japan

352

15.24

5,371

0.6

Barrick Gold Corporation [ABX]

Canada

305

17.13

5,229

0.6

Sampo Oyj Class A [SAMPO]

Finland

101

52.10

5,238

0.6

Alimentation Couche-Tard Inc. [ATD]

Canada

117

43.91

5,137

0.6

BHP Group Ltd [BHP]

Australia

168

30.94

5,198

0.6

Bid Corporation Limited [BID]

South Africa

266

19.39

5,151

0.6

Zhongsheng Group Holdings Ltd. [881]

China

1,009

5.14

5,188

0.6

Advantech Co. Ltd. [2395]

Taiwan

469

10.77

5,051

0.6

Compagnie Financiere Richemont SA [CFR]

Switzerland

39

129.59

5,044

0.6

Dai-ichi Life HoldingsInc. [8750]

Japan

223

22.69

5,049

0.6

Shenzhou International Group Holdings Limited [2313]

China

437

11.25

4,914

0.5

Vipshop Holdings Ltd Sponsored ADR [VIPS]

China

355

13.64

4,838

0.5

AXA SA [CS]

France

174

27.81

4,830

0.5

3i Group plc [III]

United Kingdom

293

16.14

4,731

0.5

Chailease Holding Co. Ltd. [5871]

Taiwan

668

7.06

4,715

0.5

Coloplast A/S Class B [COLO.B]

Denmark

41

116.54

4,733

0.5

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

Mexico

322

14.32

4,608

0.5

Localiza Rent A Car SA [RENT3]

Brazil

461

10.08

4,646

0.5

Rio Tinto plc [RIO]

United Kingdom

67

69.74

4,640

0.5

UniCredit S.p.A. [UCG]

Italy

323

14.16

4,573

0.5

Unilever PLC [ULVR]

United Kingdom

92

50.31

4,630

0.5

Baidu Inc Sponsored ADR Class A [BIDU]

Hong Kong

40

114.38

4,524

0.5

Shinhan Financial Group Co. Ltd. [055550]

South Korea

164

27.84

4,563

0.5

African Rainbow Minerals Limited [ARI]

South Africa

262

16.93

4,430

0.5

HomeServe plc [HSV]

United Kingdom

310

14.40

4,463

0.5

ASSA ABLOY AB Class B [ASSA.B]

Sweden

201

21.47

4,305

0.5

Diageo plc [DGE]

United Kingdom

99

43.91

4,343

0.5

Intertek Group plc [ITRK]

United Kingdom

90

48.52

4,357

0.5

Legrand SA [LR]

France

53

79.85

4,219

0.5

Rightmove plc [RMV]

United Kingdom

697

6.15

4,289

0.5

Capitec Bank Holdings Limited [CPI]

South Africa

38

109.23

4,179

0.5

RELX PLC [REL]

United Kingdom

151

27.52

4,163

0.5

Ritchie Bros. Auctioneers Incorporated [RBA]

Canada

73

57.72

4,197

0.5

Tokio Marine Holdings Inc. [8766]

Japan

193

21.43

4,129

0.5

Copa Holdings S.A. Class A [CPA]

Panama

47

83.17

3,946

0.4

Entain PLC [ENT]

United Kingdom

251

15.90

3,985

0.4

Li Ning Company Limited [2331]

China

457

8.68

3,963

0.4

Weichai Power Co. Ltd. Class H [2338]

China

2,985

1.34

4,008

0.4

CaixaBank SA [CABK]

Spain

986

3.92

3,865

0.4

CSL Limited [CSL]

Australia

20

195.14

3,900

0.4

Sumitomo Mitsui Trust Holdings Inc. [8309]

Japan

113

34.77

3,912

0.4

ArcelorMittal SA [MT]

France

146

26.23

3,834

0.4

Heineken NV [HEIA]

Netherlands

40

93.79

3,762

0.4

PrairieSky Royalty Ltd [PSK]

Canada

237

16.02

3,799

0.4

Reckitt Benckiser Group plc [RKT]

United Kingdom

54

69.21

3,766

0.4

Franco-Nevada Corporation [FNV]

Canada

27

136.22

3,665

0.4

BOC Aviation Limited [2588]

China

436

8.35

3,640

0.4

Bunzl plc [BNZL]

United Kingdom

108

33.19

3,580

0.4

Daiwa House Industry Co. Ltd. [1925]

Japan

158

23.03

3,648

0.4

Edenred SA [EDEN]

France

66

54.30

3,582

0.4

Experian PLC [EXPN]

United Kingdom

106

33.84

3,576

0.4

Geberit AG [GEBN]

Switzerland

8

470.71

3,603

0.4

Dabur India Limited [500096]

India

524

6.79

3,556

0.4

DBS Group Holdings Ltd [D05]

Singapore

141

25.29

3,570

0.4

Marico Limited [531642]

India

570

6.16

3,514

0.4

Schneider Electric SE [SU]

France

25

139.51

3,540

0.4

SK hynix Inc. [000660]

South Korea

56

59.31

3,337

0.4

BAE Systems plc [BA]

United Kingdom

309

10.30

3,177

0.4

Holcim Ltd [HOLN]

Switzerland

61

51.75

3,178

0.4

ABB Ltd. [ABBN]

Switzerland

103

30.33

3,113

0.3

Bridgestone Corporation [5108]

Japan

87

35.55

3,107

0.3

Clicks Group Limited [CLS]

South Africa

194

15.87

3,081

0.3

First Quantum Minerals Ltd. [FM]

Canada

149

20.88

3,102

0.3

Havells India Limited [517354]

India

229

13.30

3,041

0.3

NEC Corp. [6701]

Japan

87

35.13

3,053

0.3

Spin Master Corp [TOY]

Canada

125

24.59

3,070

0.3

SSP Group Plc [SSPG]

United Kingdom

1,101

2.75

3,032

0.3

Brenntag Societas Europaea [BNR]

Germany

47

63.74

3,014

0.3

ConvaTec Group Plc [CTEC]

United Kingdom

1,065

2.80

2,981

0.3

Bank of Nova Scotia [BNS]

Canada

59

48.96

2,899

0.3

SNC-Lavalin Group Inc. [SNC]

Canada

163

17.61

2,872

0.3

Eurofins Scientific SE [ERF]

France

39

71.57

2,761

0.3

Koninklijke Ahold Delhaize N.V. [AD]

Netherlands

97

28.64

2,786

0.3

MediaTek Inc [2454]

Taiwan

140

20.33

2,847

0.3

QBE Insurance Group Limited [QBE]

Australia

311

9.11

2,832

0.3

Svenska Handelsbanken AB Class A [SHB.A]

Sweden

279

10.09

2,813

0.3

Australia & New Zealand Banking Group Ltd TEMP [ANZDA]

Australia

169

16.05

2,718

0.3

BASF SE [BAS]

Germany

55

49.51

2,702

0.3

Bayerische Motoren Werke AG [BMW]

Germany

31

88.99

2,740

0.3

Obayashi Corporation [1802]

Japan

346

7.56

2,618

0.3

Anglo American Platinum Limited [AMS]

South Africa

31

83.74

2,565

0.3

Finning International Inc. [FTT]

Canada

102

24.84

2,525

0.3

Santos Limited [STO]

Australia

526

4.84

2,547

0.3

Sany Heavy Industry Co., Ltd. Class A

China

1,107

2.28

2,528

0.3

Standard Chartered PLC [STAN]

United Kingdom

334

7.49

2,498

0.3

Sandvik AB [SAND]

Sweden

137

18.08

2,481

0.3

Hays plc [HAS]

United Kingdom

1,677

1.39

2,334

0.3

Inchcape plc [INCH]

United Kingdom

236

9.86

2,330

0.3

Macquarie Group Ltd. [MQG]

Australia

21

113.22

2,340

0.3

Mitsubishi Heavy Industries Ltd. [7011]

Japan

59

39.67

2,340

0.3

Jardine Matheson Holdings Limited [J36]

Hong Kong

45

50.90

2,301

0.3

United Overseas Bank Ltd. (Singapore) [U11]

Singapore

98

22.89

2,243

0.3

adidas AG [ADS]

Germany

16

136.03

2,208

0.2

Air Canada [AC]

Canada

153

14.31

2,183

0.2

Demant A/S [DEMANT]

Denmark

78

27.63

2,158

0.2

Fresenius Medical Care AG & Co. KGaA [FME]

Germany

66

32.63

2,158

0.2

Orsted [ORSTED]

Denmark

24

90.60

2,183

0.2

Taiheiyo Cement Corporation [5233]

Japan

139

15.59

2,169

0.2

Airbus SE [AIR]

France

18

118.49

2,108

0.2

Air Water Inc. [4088]

Japan

179

11.63

2,085

0.2

Anheuser-Busch InBev SA/NV [ABI]

Belgium

34

60.05

2,052

0.2

Carlsberg AS Class B [CARL.B]

Denmark

16

132.49

2,071

0.2

Mitsubishi Electric Corp. [6503]

Japan

212

9.95

2,107

0.2

Nomura Holdings Inc. [8604]

Japan

554

3.70

2,053

0.2

Royal KPN NV [KPN]

Netherlands

661

3.08

2,038

0.2

Serco Group plc [SRP]

United Kingdom

1,111

1.87

2,078

0.2

WPP Plc [WPP]

United Kingdom

211

9.87

2,078

0.2

Adecco Group AG [ADEN]

Switzerland

61

32.92

2,019

0.2

DS Smith Plc [SMDS]

United Kingdom

505

3.87

1,955

0.2

Inpex Corporation [1605]

Japan

192

10.58

2,032

0.2

Itochu Corporation [8001]

Japan

62

31.42

1,945

0.2

BCE Inc. [BCE]

Canada

43

43.91

1,879

0.2

HelloFresh SE [HFG]

Germany

86

21.91

1,876

0.2

ITV PLC [ITV]

United Kingdom

2,113

0.90

1,910

0.2

Oji Holdings Corp. [3861]

Japan

476

4.02

1,914

0.2

Pepkor Holdings Ltd. [PPH]

South Africa

1,582

1.18

1,860

0.2

Sega Sammy Holdings Inc. [6460]

Japan

123

15.14

1,854

0.2

Toyo Suisan Kaisha Ltd. [2875]

Japan

50

38.65

1,929

0.2

WH Smith PLC [SMWH]

United Kingdom

107

17.86

1,903

0.2

Alten SA [ATE]

France

14

124.65

1,767

0.2

Galaxy Entertainment Group Limited [27]

Hong Kong

267

6.61

1,765

0.2

Renesas Electronics Corporation [6723]

Japan

197

8.97

1,766

0.2

Rolls-Royce Holdings plc [RR]

United Kingdom

1,598

1.12

1,792

0.2

Stabilus SE [STM]

Germany

27

67.13

1,832

0.2

Sumitomo Metal Mining Co. Ltd. [5713]

Japan

52

35.40

1,851

0.2

Toyo Seikan Group Holdings Ltd. [5901]

Japan

150

12.29

1,843

0.2

Viscofan S.A. [VIS]

Spain

27

64.25

1,763

0.2

Wienerberger AG [WIE]

Austria

76

24.08

1,831

0.2

Admiral Group plc [ADM]

United Kingdom

67

25.71

1,715

0.2

DNB Bank ASA [DNB]

Norway

85

19.74

1,681

0.2

Fluidra S.A. [FDR]

Spain

109

15.50

1,695

0.2

Magna International Inc. [MG]

Canada

31

56.13

1,745

0.2

Seven & I Holdings Co. Ltd. [3382]

Japan

39

42.90

1,682

0.2

Sonova Holding AG [SOON]

Switzerland

7

237.03

1,722

0.2

Swire Pacific Limited Class A [19]

Hong Kong

196

8.80

1,721

0.2

TDK Corporation [6762]

Japan

54

32.85

1,761

0.2

Volkswagen AG Pref [VOW3]

Germany

14

124.25

1,682

0.2

Prudential plc [PRU]

United Kingdom

117

13.56

1,585

0.2

Rogers Communications Inc. Class B [RCI.B]

Canada

35

46.77

1,636

0.2

Sony Group Corporation [6758]

Japan

22

76.05

1,643

0.2

St. James's Place Plc [STJ]

United Kingdom

126

13.17

1,661

0.2

Woodside Energy Group Ltd [WDS]

Australia

66

24.03

1,584

0.2

Asahi Group HoldingsLtd. [2502]

Japan

50

31.22

1,552

0.2

Coca-Cola Europacific Partners plc [CCEP]

Netherlands

28

55.32

1,574

0.2

CTS Eventim AG & Co. KGaA [EVD]

Germany

24

63.61

1,511

0.2

DCC Plc [DCC]

United Kingdom

31

49.08

1,512

0.2

Deutsche Telekom AG [DTE]

Germany

77

19.89

1,535

0.2

Fuji Media Holdings Inc. [4676]

Japan

190

8.14

1,543

0.2

Gildan Activewear Inc. [GIL]

Canada

55

27.37

1,494

0.2

JAPAN POST HOLDINGS Co. Ltd. [6178]

Japan

182

8.41

1,528

0.2

JCDecaux SE [DEC]

France

80

18.91

1,510

0.2

Net One Systems Co. Ltd. [7518]

Japan

58

26.00

1,513

0.2

Teleperformance SA [TEP]

France

7

237.68

1,574

0.2

Thales SA [HO]

France

12

127.32

1,515

0.2

Auto Trader Group PLC [AUTO]

United Kingdom

238

6.20

1,474

0.2

Cleanaway Waste Management Ltd. [CWY]

Australia

794

1.78

1,415

0.2

Getlink SE [GET]

France

90

15.98

1,435

0.2

Logitech International S.A. [LOGN]

Switzerland

23

61.67

1,428

0.2

Porto Seguro S.A. [PSSA3]

Brazil

329

4.38

1,443

0.2

SCSK Corporation [9719]

Japan

94

15.17

1,429

0.2

Sumitomo Mitsui Financial Group Inc. [8316]

Japan

37

40.14

1,465

0.2

Brookfield Asset Management Ltd. Class A [BAM]

Canada

48

28.61

1,384

0.2

East Japan Railway Company [9020]

Japan

24

56.99

1,362

0.2

INFRONEER Holdings Inc. [5076]

Japan

184

7.59

1,397

0.2

KDDI Corporation [9433]

Japan

44

30.18

1,313

0.2

Newcrest Mining Limited [NCM]

Australia

97

14.00

1,356

0.2

NH Foods Limited [2282]

Japan

48

27.85

1,342

0.2

Oracle Corporation Japan [4716]

Japan

21

64.57

1,330

0.2

Qantas Airways Limited [QAN]

Australia

341

4.08

1,389

0.2

Tesco PLC [TSCO]

United Kingdom

501

2.70

1,350

0.2

Toyota Industries Corp. [6201]

Japan

25

54.87

1,361

0.2

Tsumura & Co. [4540]

Japan

62

21.96

1,366

0.2

Zalando SE [ZAL]

Germany

38

35.34

1,336

0.2

ZOZO Inc. [3092]

Japan

55

24.71

1,359

0.2

ABC-MART INC. [2670]

Japan

22

56.61

1,257

0.1

Amplifon S.p.A. [AMP]

Italy

42

29.69

1,236

0.1

Davide Campari-Milano N.V. [CPR]

Italy

123

10.12

1,249

0.1

GN Store Nord A/S [GN]

Denmark

57

22.93

1,307

0.1

IG Group Holdings plc [IGG]

United Kingdom

136

9.41

1,275

0.1

Koninklijke Philips N.V. [PHIA]

Netherlands

85

14.95

1,270

0.1

LIXIL Corporation [5938]

Japan

85

15.17

1,294

0.1

Medipal Holdings Corporation [7459]

Japan

93

13.19

1,222

0.1

Acerinox SA [ACX]

Spain

117

9.86

1,153

0.1

ALS Ltd. [ALQ]

Australia

136

8.29

1,130

0.1

Marui Group Co. Ltd. [8252]

Japan

70

16.53

1,149

0.1

Mitsubishi Logistics Corporation [9301]

Japan

50

22.96

1,153

0.1

Nissan Chemical Corporation [4021]

Japan

27

43.81

1,165

0.1

Nisshinbo Holdings Inc. [3105]

Japan

153

7.38

1,130

0.1

Penta-Ocean Construction Co. Ltd. [1893]

Japan

256

4.68

1,199

0.1

Telstra Group Limited [TLS]

Australia

439

2.71

1,187

0.1

TUI AG [TUI1]

United Kingdom

709

1.62

1,150

0.1

Bluescope Steel Limited [BSL]

Australia

91

11.42

1,042

0.1

Fukuoka Financial Group Inc. [8354]

Japan

50

22.77

1,130

0.1

Hannover Rueck SE [HNR1]

Germany

5

197.97

1,073

0.1

MatsukiyoCocokara & Co. [3088]

Japan

21

50.02

1,055

0.1

Rohm Co. Ltd. [6963]

Japan

15

72.23

1,083

0.1

X 5 RETAIL GROUP NV REGS GDR DEPOSITORY RECEIPT

Russia

141

7.50

1,057

0.1

Aristocrat Leisure Limited [ALL]

Australia

49

20.70

1,023

0.1

Brambles Limited [BXB]

Australia

119

8.19

975

0.1

Daifuku Co. Ltd. [6383]

Japan

21

46.84

960

0.1

Future plc [FUTR]

United Kingdom

68

15.24

1,036

0.1

Getinge AB Class B [GETI.B]

Sweden

46

20.76

955

0.1

Great Eastern Holdings Limited [G07]

Singapore

73

13.79

1,000

0.1

Kyocera Corporation [6971]

Japan

20

49.66

1,008

0.1

Nippon Television Holdings Inc. [9404]

Japan

128

7.90

1,013

0.1

Alfa Laval AB [ALFA]

Sweden

31

28.90

888

0.1

Fletcher Building Limited [FBU]

New Zealand

294

2.99

878

0.1

Gestamp Automocion S.A. [GEST]

Spain

236

3.86

910

0.1

Hiscox Ltd [HSX]

United Kingdom

71

13.11

929

0.1

Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]

Ireland

193

4.57

882

0.1

Kubota Corporation [6326]

Japan

68

13.77

941

0.1

L'Occitane International S.A. [973]

Hong Kong

276

3.12

862

0.1

Pets At Home Group Plc [PETS]

United Kingdom

253

3.41

863

0.1

Secom Co. Ltd. [9735]

Japan

16

57.17

898

0.1

Sekisui Chemical Co. Ltd. [4204]

Japan

62

13.98

861

0.1

TBS HOLDINGS INC. [9401]

Japan

79

11.61

921

0.1

USS Co. Ltd. [4732]

Japan

59

15.88

934

0.1

ANDRITZ AG [ANDR]

Austria

14

57.15

823

0.1

Beach Energy Limited [BPT]

Australia

759

1.08

821

0.1

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

China

161

4.83

777

0.1

Dowa Holdings Co. Ltd. [5714]

Japan

26

31.45

811

0.1

easyJet plc [EZJ]

United Kingdom

218

3.90

850

0.1

Evolution Mining Limited [EVN]

Australia

390

2.02

789

0.1

Hakuhodo Dy Holdings Incorporated [2433]

Japan

77

10.08

775

0.1

HSBC Holdings Plc [5]

Hong Kong

129

6.22

801

0.1

Informa Plc [INF]

United Kingdom

112

7.45

836

0.1

MEGMILK SNOW BRAND Co. Ltd. [2270]

Japan

57

13.65

771

0.1

Miura Co. Ltd. [6005]

Japan

34

23.04

783

0.1

NS Solutions Corp [2327]

Japan

34

24.25

825

0.1

NTT DATA Corporation [9613]

Japan

57

14.64

840

0.1

PERSOL HOLDINGS CO. LTD. [2181]

Japan

39

21.43

844

0.1

Samsonite International S.A. [1910]

Hong Kong

298

2.63

784

0.1

Ship Healthcare Holdings Inc. [3360]

Japan

39

20.37

784

0.1

Stella International Holdings Limited [1836]

Hong Kong

858

0.94

808

0.1

Sumitomo Bakelite Co. Ltd. [4203]

Japan

27

29.67

786

0.1

Taylor Wimpey plc [TW]

United Kingdom

692

1.22

846

0.1

Wartsila Oyj Abp [WRT1V]

Finland

95

8.40

794

0.1

Yakult Honsha Co. Ltd. [2267]

Japan

12

64.88

779

0.1

AVEVA Group plc [AVV]

United Kingdom

18

38.65

702

0.1

Carsales.Com Limited [CAR]

Australia

53

14.08

750

0.1

CK Hutchison Holdings Ltd [1]

Hong Kong

126

6.00

753

0.1

Devro plc [DVO]

United Kingdom

193

3.70

716

0.1

Jupiter Fund Management plc [JUP]

United Kingdom

445

1.60

710

0.1

Metcash Limited [MTS]

Australia

275

2.70

742

0.1

Osterreichische Post AG [POST]

Austria

24

31.38

742

0.1

OZ Minerals Limited [OZL]

Australia

38

18.92

724

0.1

Pernod Ricard SA [RI]

France

4

196.11

736

0.1

SENKO Group Holdings Co.Ltd. [9069]

Japan

105

7.31

768

0.1

Viaplay Group AB Class B [VPLAY.B]

Sweden

39

19.01

749

0.1

CRH Plc [CRG]

Ireland

15

39.50

608

0.1

InterContinental Hotels Group PLC [IHG]

United Kingdom

12

57.07

669

0.1

Kawasaki Kisen Kaisha Ltd. [9107]

Japan

31

21.12

657

0.1

OMRON Corporation [6645]

Japan

13

48.54

616

0.1

PageGroup PLC [PAGE]

United Kingdom

118

5.55

656

0.1

Randstad NV [RAND]

Netherlands

10

60.79

625

0.1

Reply S.p.A. [REY]

Italy

6

114.20

654

0.1

TechnoPro Holdings Inc. [6028]

Japan

23

26.72

601

0.1

Toyota Motor Corp. [7203]

Japan

47

13.74

651

0.1

AMP Limited [AMP]

Australia

600

0.89

535

0.1

ASMPT Limited [522]

Hong Kong

71

7.13

508

0.1

Befesa SA [BFSA]

Germany

11

48.09

538

0.1

British American Tobacco p.l.c. [BATS]

United Kingdom

14

39.47

537

0.1

Capita plc [CPI]

United Kingdom

1,997

0.29

583

0.1

Challenger Limited [CGF]

Australia

113

5.17

586

0.1

Ferrovial S.A. [FER]

Spain

21

26.12

543

0.1

GEA Group Aktiengesellschaft [G1A]

Germany

14

40.77

571

0.1

Helvetia Holding Ltd [HELN]

Switzerland

5

116.52

560

0.1

Intesa Sanpaolo S.p.A. [ISP]

Italy

253

2.22

560

0.1

IPH Ltd. [IPH]

Australia

97

5.92

572

0.1

NOMURA Co. Ltd. [9716]

Japan

74

7.28

542

0.1

NSK Ltd. [6471]

Japan

100

5.31

530

0.1

Provident Financial PLC [PFG]

United Kingdom

225

2.30

518

0.1

Rexel SA [RXL]

France

27

19.68

527

0.1

RWS Holdings plc [RWS]

United Kingdom

114

4.52

514

0.1

UBS Group AG [UBSG]

Switzerland

30

18.60

560

0.1

Close Brothers Group plc [CBG]

United Kingdom

36

12.59

452

0.1

Danske Bank A/S [DANSKE]

Denmark

21

19.70

409

0.1

Elis SA [ELIS]

France

33

14.75

489

0.1

Gerresheimer AG [GXI]

Germany

7

67.02

468

0.1

James Hardie Industries PLC Chess Units of Foreign Securities [JHX]

Australia

27

17.90

486

0.1

John Wood Group PLC [WG]

United Kingdom

272

1.63

442

0.1

Just Eat Takeaway.com N.V. [TKWY]

Netherlands

23

21.08

489

0.1

Modern Times Group MTG AB Class B [MTG.B]

Sweden

54

8.55

460

0.1

Playtech plc [PTEC]

United Kingdom

69

6.12

421

0.1

Rathbones Group PLC [RAT]

United Kingdom

19

24.48

467

0.1

Rotork plc [ROR]

United Kingdom

125

3.69

460

0.1

SAWAI GROUP HOLDINGS Co. Ltd. [4887]

Japan

15

31.26

456

0.1

Schibsted Asa Class A [SCHA]

Norway

23

18.83

435

0.1

Smith & Nephew plc [SN]

United Kingdom

33

13.35

442

0.1

Technip Energies NV [TE]

France

27

15.66

427

0.1

AEON Delight Co. Ltd. [9787]

Japan

16

22.96

358

0.0

Barratt Developments PLC [BDEV]

United Kingdom

84

4.77

400

0.0

Daiwa Securities Group Inc. [8601]

Japan

80

4.42

355

0.0

Iveco Group NV [IVG]

Italy

66

5.93

391

0.0

Johnson Electric Holdings Limited [179]

Hong Kong

272

1.26

342

0.0

Melrose Industries PLC [MRO]

United Kingdom

246

1.62

398

0.0

National Express Group PLC [NEX]

United Kingdom

209

1.56

326

0.0

Softcat Plc [SCT]

United Kingdom

27

14.24

382

0.0

Carnival plc [CCL]

United Kingdom

40

6.97

278

0.0

Daiei Kankyo Co. Ltd. [9336]

Japan

20

14.43

283

0.0

GWA Group Limited [GWA]

Australia

203

1.39

282

0.0

International Personal Finance plc [IPF]

United Kingdom

318

0.88

280

0.0

Mips AB [MIPS]

Sweden

7

41.26

308

0.0

Nintendo Co. Ltd. [7974]

Japan

6

41.93

243

0.0

Prudential plc [2378]

United Kingdom

19

14.06

267

0.0

Quadient SA [QDT]

France

18

14.70

271

0.0

Topcon Corp. [7732]

Japan

21

11.60

240

0.0

Esprit Holdings Limited [330]

Hong Kong

1,345

0.11

145

0.0

First Pacific Co. Ltd. [142]

Hong Kong

752

0.30

224

0.0

Imerys SA [NK]

France

6

38.78

219

0.0

Mediaset Espana Comunicacion SA [TL5]

Spain

43

3.54

151

0.0

Schibsted ASA Class B [SCHB]

Norway

10

18.18

188

0.0

Vicat-Ciments Vicat SA [VCT]

France

8

25.03

210

0.0

Accelleron Industries AG [ACLN]

Switzerland

5

20.69

106

0.0

Alleima AB [ALLEI]

Sweden

27

3.69

101

0.0

Petrofac Limited [PFC]

United Kingdom

110

0.85

93

0.0

Singapore Land Group Limited [U06]

Singapore

46

1.68

77

0.0

Cazoo Group Ltd Class A [CZOO]

United States

30

0.16

5

0.0

Localiza Rent A Car SA Rights 2022-31.01.23 For Subscription Receipts For Shs [RENT1]

Brazil

2

2.04

4

0.0

Non-Standard Finance Plc [NSF]

United Kingdom

389

0.01

2

0.0

Saipem S.p.A. [SPM]

Italy

20

1.20

24

0.0

Severstal PAO Sponsored GDR RegS [SVJTY]

Russia

320

0.00

0

0.0

Total

--

--

--

888,003

100.0

Cash and Other Assets Less Liabilities

--

--

--

--

0.0

Total Net Assets

--

--

--

--

100%

as of 12/31/2022

Economic Sector

Diversified International All Cap Fund %

MSCI All Country World Ex. US (ND) Index %

Consumer Discretionary

21.5

14.7

Financials

20.6

15.6

Materials

20.5

16.6

Energy

16.8

13.3

Industrials

15.8

17.3

Health Care

15.3

14.1

Communication Services

14.8

11.9

Real Estate

14.4

10.4

Utilities

13.2

13.0

Information Technology

12.9

13.5

Consumer Staples

9.4

9.8

[Unassigned]

0.0

43.1

as of 12/31/2022

Economic Sector

Diversified International All Cap Fund %

MSCI All Country World Ex. US (ND) Index %

Financials

23.2

21.0

Industrials

19.7

12.2

Consumer Discretionary

11.2

11.3

Information Technology

9.5

10.6

Consumer Staples

9.3

8.8

Materials

8.6

8.2

Health Care

6.6

9.7

Communication Services

4.8

5.9

Energy

4.7

6.0

Real Estate

0.6

2.3

Utilities

0.2

3.4

as of 12/31/2022

Country

Diversified International All Cap Fund %

MSCI All Country World Ex. US (ND) Index %

United Kingdom

16.2

9.8

Japan

15.0

14.0

Canada

9.9

7.7

France

5.2

7.6

China

4.7

8.5

Hong Kong

4.5

1.9

India

4.5

4.1

Australia

4.1

5.1

Denmark

3.8

1.9

Switzerland

3.4

6.5

Other

28.7

32.9

Investment Team

Marathon Asset Management Limited


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

Additional 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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