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Harbor Diversified International All Cap Fund (HAIDX)
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% |
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% |
“Too much competition, not too little growth, is what turns investments sour.”
Neil Ostrer. Founder and European Equity Portfolio Manager
Marathon Asset Management LLP
Performance
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%
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.
Distribution History
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
Full Holdings
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%
Sector Returns
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
Sector Allocations
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
Top 10 Countries
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.
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
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.
2443554