Harbor Diversified International All Cap Fund (HAIDX)
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Welcome
Broad Exposure. The fund’s diversified all-cap approaches means it can serve as a stand-alone fund for gaining exposure to international stocks.
Fundamentally Driven. Marathon’s capital cycle approach is grounded in enduring investment principles. Fundamental research drives investment decisions, which aims to create a portfolio with meaningful active positions relative to the benchmark.
Distinctive Team Structure. Each PM at Marathon is an experienced regional specialist and manages his sleeve independently. This reduces key man risk, guards against group think, and allows diverse investment opinions to be expressed across the portfolio.
Related Funds to Consider
- Harbor International Fund
- Harbor International Core Fund
- Harbor International Growth Fund
- Harbor International Compounders ETF
Overview
Investment Team
As of 8/31/2023
“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
2.96%
9.84%
15.52%
9.82%
4.31%
5.04%
0.80%
0.92%
MSCI All Country World Ex. US (ND) Index
2.44%
9.47%
12.72%
7.22%
3.52%
5.07%
--
--
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 6/30/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
AIA Group Limited [1299]
1,779
10.09
17,959
1.8
Novo Nordisk A/S Class B [NOVO.B]
102
161.09
16,510
1.7
BP p.l.c. [BP]
2,430
5.83
14,160
1.4
HDFC Bank Limited Sponsored ADR [HDB]
204
69.70
14,206
1.4
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
755
18.49
13,963
1.4
Fairfax Financial Holdings Limited [FFH]
17
749.89
12,858
1.3
ASML Holding NV [ASML]
17
723.33
12,532
1.3
PT Bank Central Asia Tbk [BBCA]
19,820
0.61
12,096
1.2
Roche Holding Ltd Dividend Right Cert. [ROG]
38
305.71
11,647
1.2
Samsung Electronics Co. Ltd. [005930]
185
54.79
10,160
1.0
Flutter Entertainment Plc [FLTR]
48
201.02
9,732
1.0
Naspers Limited Class N [NPN]
53
179.92
9,519
1.0
B3 SA - Brasil Bolsa Balcao [B3SA3]
2,810
3.03
8,509
0.9
3i Group plc [III]
339
24.77
8,395
0.9
Canadian Natural Resources Limited [CNQ]
146
56.29
8,194
0.8
Constellation Software Inc. [CSU]
4
2,074.26
8,260
0.8
Nippon Telegraph and Telephone Corporation [9432]
6,968
1.18
8,219
0.8
Southern Copper Corporation [SCCO]
115
71.74
8,235
0.8
UniCredit S.p.A. [UCG]
356
23.20
8,256
0.8
Localiza Rent A Car SA [RENT3]
573
14.20
8,143
0.8
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
938
8.23
7,720
0.8
Advantech Co. Ltd. [2395]
634
11.95
7,573
0.8
Compagnie Financiere Richemont SA [CFR]
45
169.51
7,560
0.8
Compass Group PLC [CPG]
269
28.00
7,541
0.8
Vestas Wind Systems A/S [VWS]
271
26.59
7,205
0.7
Delta Electronics Inc. [2308]
649
11.06
7,182
0.7
Glencore plc [GLEN]
1,259
5.65
7,113
0.7
BNP Paribas S.A. Class A [BNP]
112
62.97
7,057
0.7
Barclays PLC [BARC]
3,549
1.95
6,920
0.7
Tata Consultancy Services Limited [532540]
172
40.25
6,918
0.7
Brookfield Corporation [BN]
194
33.70
6,546
0.7
Diageo plc [DGE]
153
42.96
6,577
0.7
Loblaw Companies Limited [L]
70
91.65
6,405
0.7
RELX PLC [REL]
193
33.32
6,443
0.7
Baidu Inc Sponsored ADR Class A [BIDU]
46
136.91
6,330
0.6
Canadian Pacific Kansas City Limited [CP]
78
80.86
6,343
0.6
Copa Holdings S.A. Class A [CPA]
57
110.58
6,285
0.6
Edenred SA [EDEN]
92
66.92
6,139
0.6
ABB Ltd. [ABBN]
153
39.32
6,008
0.6
Alimentation Couche-Tard Inc. [ATD]
117
51.34
6,027
0.6
HitachiLtd. [6501]
97
61.55
5,958
0.6
Bid Corporation Limited [BID]
268
21.88
5,865
0.6
Grupo Aeroportuario del Pacifico SAB de CV Class B [GAPB]
325
17.91
5,814
0.6
Kirin Holdings Co. Ltd. [2503]
403
14.54
5,855
0.6
Vipshop Holdings Ltd Sponsored ADR [VIPS]
358
16.50
5,905
0.6
BHP Group Ltd [BHP]
194
29.95
5,795
0.6
Techtronic Industries Co. Ltd. [669]
527
10.87
5,726
0.6
Coloplast A/S Class B [COLO.B]
45
125.01
5,614
0.6
Reckitt Benckiser Group plc [RKT]
76
75.16
5,689
0.6
Equinor ASA [EQNR]
188
29.13
5,464
0.5
Resona Holdings Inc. [8308]
1,148
4.78
5,482
0.5
Zhongsheng Group Holdings Ltd. [881]
1,431
3.82
5,469
0.5
Bank of Ireland Group Plc [BIRG]
566
9.53
5,395
0.5
BASF SE [BAS]
111
48.52
5,367
0.5
Lloyds Banking Group plc [LLOY]
9,543
0.55
5,289
0.5
Barrick Gold Corporation [ABX]
306
16.94
5,189
0.5
CaixaBank SA [CABK]
1,243
4.13
5,135
0.5
CNH Industrial NV [CNHI]
356
14.41
5,134
0.5
Heineken NV [HEIA]
50
102.75
5,174
0.5
ASSA ABLOY AB Class B [ASSA.B]
211
23.98
5,058
0.5
Intertek Group plc [ITRK]
92
54.22
4,995
0.5
Schneider Electric SE [SU]
28
181.61
4,999
0.5
Shinhan Financial Group Co. Ltd. [055550]
193
25.80
4,990
0.5
BAE Systems plc [BA]
404
11.79
4,759
0.5
EssilorLuxottica SA [EL]
25
188.31
4,727
0.5
Infosys Limited Sponsored ADR [INFY]
298
16.07
4,790
0.5
CSL Limited [CSL]
25
184.64
4,549
0.5
Entain PLC [ENT]
278
16.17
4,497
0.5
Arca Continental SAB de CV [AC]
428
10.26
4,395
0.4
Capitec Bank Holdings Limited [CPI]
53
82.99
4,388
0.4
Chailease Holding Co. Ltd. [5871]
674
6.55
4,413
0.4
RB Global Inc. [RBA]
73
60.08
4,384
0.4
Sampo Oyj Class A [SAMPO]
97
44.86
4,356
0.4
Tokio Marine Holdings Inc. [8766]
190
22.94
4,365
0.4
Weichai Power Co. Ltd. Class H [2338]
3,012
1.46
4,412
0.4
BOC Aviation Limited [2588]
528
8.08
4,265
0.4
Daiwa House Industry Co. Ltd. [1925]
162
26.24
4,258
0.4
Koninklijke Ahold Delhaize N.V. [AD]
124
34.10
4,221
0.4
Legrand SA [LR]
43
99.06
4,300
0.4
Rio Tinto plc [RIO]
67
63.38
4,259
0.4
SNC-Lavalin Group Inc. [SNC]
164
26.26
4,298
0.4
Sumitomo Mitsui Trust Holdings Inc. [8309]
121
35.38
4,280
0.4
First Quantum Minerals Ltd. [FM]
175
23.68
4,155
0.4
Fresenius Medical Care AG & Co. KGaA [FME]
87
47.75
4,175
0.4
Mitsubishi Heavy Industries Ltd. [7011]
90
46.43
4,188
0.4
PrairieSky Royalty Ltd [PSK]
238
17.50
4,166
0.4
Shenzhou International Group Holdings Limited [2313]
441
9.54
4,205
0.4
ArcelorMittal SA [MT]
151
27.20
4,102
0.4
Brenntag Societas Europaea [BNR]
52
77.90
4,050
0.4
African Rainbow Minerals Limited [ARI]
377
10.53
3,973
0.4
Bayerische Motoren Werke AG [BMW]
32
122.76
3,966
0.4
Dai-ichi Life HoldingsInc. [8750]
210
18.94
3,972
0.4
Holcim Ltd [HOLN]
59
67.29
3,959
0.4
SSP Group Plc [SSPG]
1,231
3.19
3,924
0.4
Bridgestone Corporation [5108]
94
40.77
3,844
0.4
Franco-Nevada Corporation [FNV]
27
142.69
3,853
0.4
Rightmove plc [RMV]
581
6.65
3,867
0.4
Experian PLC [EXPN]
97
38.37
3,726
0.4
Marico Limited [531642]
575
6.47
3,723
0.4
NEC Corp. [6701]
79
48.19
3,807
0.4
Royal KPN NV [KPN]
1,045
3.57
3,727
0.4
Dabur India Limited [500096]
529
6.98
3,692
0.4
Renesas Electronics Corporation [6723]
194
18.69
3,630
0.4
DBS Group Holdings Ltd [D05]
152
23.28
3,528
0.4
Havells India Limited [517354]
231
15.64
3,608
0.4
Davide Campari-Milano N.V. [CPR]
251
13.84
3,469
0.4
Standard Chartered PLC [STAN]
397
8.68
3,443
0.4
Bunzl plc [BNZL]
88
38.13
3,368
0.3
Geberit AG [GEBN]
6
523.22
3,376
0.3
Carlsberg AS Class B [CARL.B]
20
159.78
3,236
0.3
Mitsubishi Electric Corp. [6503]
234
14.02
3,282
0.3
Obayashi Corporation [1802]
377
8.61
3,244
0.3
QBE Insurance Group Limited [QBE]
317
10.43
3,304
0.3
Spin Master Corp [TOY]
125
26.49
3,319
0.3
DNB Bank ASA [DNB]
172
18.73
3,213
0.3
Finning International Inc. [FTT]
102
30.80
3,141
0.3
adidas AG [ADS]
16
193.96
3,029
0.3
Fluidra S.A. [FDR]
160
19.45
3,118
0.3
MediaTek Inc [2454]
141
22.09
3,115
0.3
Bank of Nova Scotia [BNS]
59
50.09
2,977
0.3
Inchcape plc [INCH]
301
9.88
2,972
0.3
Prudential plc [PRU]
212
14.09
2,988
0.3
Svenska Handelsbanken AB Class A [SHB.A]
360
8.36
3,009
0.3
Air Canada [AC]
153
18.89
2,892
0.3
ConvaTec Group Plc [CTEC]
1,105
2.61
2,882
0.3
Wienerberger AG [WIE]
94
30.59
2,878
0.3
Demant A/S [DEMANT]
66
42.27
2,776
0.3
Taiheiyo Cement Corporation [5233]
143
19.65
2,811
0.3
Air Water Inc. [4088]
194
13.79
2,670
0.3
Santos Limited [STO]
536
5.01
2,683
0.3
Sega Sammy Holdings Inc. [6460]
125
21.25
2,646
0.3
Airbus SE [AIR]
18
144.40
2,581
0.3
Itochu Corporation [8001]
65
39.35
2,542
0.3
Volkswagen AG Pref [VOW3]
19
134.13
2,575
0.3
Li Ning Company Limited [2331]
461
5.38
2,477
0.3
Macquarie Group Ltd. [MQG]
21
118.23
2,490
0.3
Sonova Holding AG [SOON]
9
266.25
2,436
0.3
ANZ Group Holdings Limited [ANZ]
153
15.78
2,411
0.2
Eurofins Scientific SE [ERF]
38
63.45
2,404
0.2
Toyo Suisan Kaisha Ltd. [2875]
53
44.99
2,362
0.2
DCC Plc [DCC]
41
55.91
2,265
0.2
Hannover Rueck SE [HNR1]
11
212.04
2,315
0.2
Inpex Corporation [1605]
208
11.06
2,297
0.2
Jardine Matheson Holdings Limited [J36]
46
50.65
2,330
0.2
Rolls-Royce Holdings plc [RR]
1,170
1.92
2,247
0.2
TDK Corporation [6762]
60
38.52
2,292
0.2
WPP Plc [WPP]
216
10.47
2,266
0.2
Coca-Cola Europacific Partners plc [CCEP]
33
64.43
2,141
0.2
Sandvik AB [SAND]
115
19.46
2,230
0.2
Serco Group plc [SRP]
1,092
1.98
2,161
0.2
Toyo Seikan Group Holdings Ltd. [5901]
152
14.65
2,219
0.2
ZOZO Inc. [3092]
105
20.56
2,156
0.2
Nomura Holdings Inc. [8604]
560
3.79
2,122
0.2
Woodside Energy Group Ltd [WDS]
90
22.92
2,061
0.2
Asahi Group HoldingsLtd. [2502]
50
38.57
1,940
0.2
BCE Inc. [BCE]
43
45.65
1,960
0.2
Fuji Media Holdings Inc. [4676]
192
10.43
1,997
0.2
Hiscox Ltd [HSX]
146
13.87
2,022
0.2
Sony Group Corporation [6758]
22
89.70
1,955
0.2
Alten SA [ATE]
12
157.43
1,867
0.2
Amplifon S.p.A. [AMP]
53
36.65
1,929
0.2
easyJet plc [EZJ]
312
6.14
1,916
0.2
Sumitomo Metal Mining Co. Ltd. [5713]
60
32.04
1,916
0.2
Admiral Group plc [ADM]
66
26.47
1,744
0.2
Auto Trader Group PLC [AUTO]
231
7.76
1,792
0.2
CRH public limited company [CRG]
32
55.10
1,738
0.2
Galaxy Entertainment Group Limited [27]
287
6.34
1,820
0.2
Gildan Activewear Inc. [GIL]
55
32.28
1,769
0.2
ITV PLC [ITV]
2,048
0.87
1,778
0.2
Magna International Inc. [MG]
31
56.52
1,764
0.2
Oji Holdings Corp. [3861]
485
3.72
1,805
0.2
Orsted [ORSTED]
19
94.48
1,816
0.2
PageGroup PLC [PAGE]
352
5.11
1,797
0.2
Randstad NV [RAND]
35
52.71
1,821
0.2
Toyota Industries Corp. [6201]
26
70.95
1,831
0.2
United Overseas Bank Limited [U11]
85
20.69
1,754
0.2
ANDRITZ AG [ANDR]
30
55.70
1,643
0.2
HelloFresh SE [HFG]
69
24.66
1,709
0.2
INFRONEER Holdings Inc. [5076]
181
9.37
1,695
0.2
SCSK Corporation [9719]
106
15.63
1,659
0.2
Swire Pacific Limited Class A [19]
221
7.66
1,690
0.2
Viscofan S.A. [VIS]
25
69.06
1,707
0.2
WH Smith PLC [SMWH]
87
19.68
1,705
0.2
Brookfield Asset Management Ltd. Class A [BAM]
49
32.68
1,587
0.2
Gerresheimer AG [GXI]
14
112.48
1,626
0.2
Hays plc [HAS]
1,223
1.30
1,589
0.2
InterContinental Hotels Group PLC [IHG]
24
69.09
1,632
0.2
Medipal Holdings Corporation [7459]
97
16.27
1,571
0.2
Rogers Communications Inc. Class B [RCI.B]
35
45.68
1,603
0.2
TBS HOLDINGS INC. [9401]
86
18.14
1,551
0.2
CK Hutchison Holdings Ltd [1]
241
6.11
1,468
0.2
Daifuku Co. Ltd. [6383]
73
20.36
1,488
0.2
East Japan Railway Company [9020]
27
55.26
1,498
0.2
JCDecaux SE [DEC]
73
19.92
1,449
0.2
Newcrest Mining Limited [NCM]
84
17.59
1,485
0.2
Nissan Chemical Corporation [4021]
34
42.68
1,468
0.2
Seven & I Holdings Co. Ltd. [3382]
34
42.93
1,451
0.2
TUI AG [TUI1]
216
7.10
1,532
0.2
Cleanaway Waste Management Ltd. [CWY]
808
1.72
1,394
0.1
Koninklijke Philips N.V. [PHIA]
63
21.61
1,366
0.1
Marui Group Co. Ltd. [8252]
83
17.35
1,435
0.1
NH Foods Limited [2282]
52
26.99
1,409
0.1
Oracle Corporation Japan [4716]
19
73.96
1,420
0.1
Penta-Ocean Construction Co. Ltd. [1893]
261
5.34
1,393
0.1
Pets At Home Group Plc [PETS]
292
4.79
1,396
0.1
Stabilus SE [STM]
23
60.06
1,371
0.1
Sumitomo Mitsui Financial Group Inc. [8316]
32
42.61
1,342
0.1
Aristocrat Leisure Limited [ALL]
50
25.73
1,296
0.1
Elis SA [ELIS]
67
19.42
1,304
0.1
GN Store Nord A/S [GN]
52
24.94
1,285
0.1
JAPAN POST HOLDINGS Co. Ltd. [6178]
185
7.17
1,327
0.1
Kyocera Corporation [6971]
24
53.90
1,283
0.1
Mitsubishi Logistics Corporation [9301]
52
24.55
1,277
0.1
Nisshinbo Holdings Inc. [3105]
156
8.23
1,286
0.1
Qantas Airways Limited [QAN]
314
4.13
1,294
0.1
Rexel SA [RXL]
53
24.67
1,298
0.1
St. James's Place Plc [STJ]
90
13.83
1,246
0.1
Technip Energies NV [TE]
54
23.03
1,255
0.1
Brambles Limited [BXB]
121
9.59
1,164
0.1
China Mengniu Dairy Co. Ltd. [2319]
324
3.76
1,220
0.1
GEA Group Aktiengesellschaft [G1A]
29
41.80
1,207
0.1
Nippon Television Holdings Inc. [9404]
130
9.47
1,229
0.1
Tsumura & Co. [4540]
64
18.42
1,184
0.1
ABC-MART INC. [2670]
21
54.01
1,140
0.1
Alfa Laval AB [ALFA]
31
36.38
1,126
0.1
Bluescope Steel Limited [BSL]
81
13.68
1,114
0.1
CTS Eventim AG & Co. KGaA [EVD]
17
63.11
1,075
0.1
Dowa Holdings Co. Ltd. [5714]
36
31.45
1,126
0.1
DS Smith Plc [SMDS]
329
3.46
1,136
0.1
Fukuoka Financial Group Inc. [8354]
52
20.57
1,072
0.1
Gestamp Automocion S.A. [GEST]
236
4.70
1,110
0.1
Getlink SE [GET]
64
17.00
1,086
0.1
Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]
208
5.09
1,058
0.1
Net One Systems Co. Ltd. [7518]
49
21.79
1,061
0.1
NS Solutions Corp [2327]
38
27.74
1,065
0.1
Smith & Nephew plc [SN]
68
16.12
1,099
0.1
Sumitomo Bakelite Co. Ltd. [4203]
27
41.28
1,111
0.1
USS Co. Ltd. [4732]
68
16.45
1,120
0.1
Wartsila Oyj Abp [WRT1V]
93
11.25
1,051
0.1
Zalando SE [ZAL]
39
28.76
1,128
0.1
Acerinox SA [ACX]
90
10.61
951
0.1
ALS Ltd. [ALQ]
139
7.43
1,031
0.1
Befesa SA [BFSA]
25
38.18
949
0.1
Fletcher Building Limited [FBU]
300
3.32
995
0.1
HSBC Holdings Plc [5]
131
7.78
1,021
0.1
Iveco Group NV [IVG]
107
9.00
962
0.1
Kubota Corporation [6326]
69
14.52
1,005
0.1
Logitech International S.A. [LOGN]
16
59.51
975
0.1
Osterreichische Post AG [POST]
29
35.68
1,028
0.1
Playtech plc [PTEC]
138
7.50
1,035
0.1
Rotork plc [ROR]
256
3.88
993
0.1
Secom Co. Ltd. [9735]
15
67.38
1,024
0.1
Teleperformance SA [TEP]
6
167.41
979
0.1
Barratt Developments PLC [BDEV]
173
5.26
912
0.1
Future plc [FUTR]
103
8.58
885
0.1
Great Eastern Holdings Limited [G07]
72
13.05
937
0.1
KDDI Corporation [9433]
30
30.79
924
0.1
Miura Co. Ltd. [6005]
36
25.88
937
0.1
Rathbones Group PLC [RAT]
38
23.65
903
0.1
Samsonite International S.A. [1910]
304
2.82
856
0.1
Sekisui Chemical Co. Ltd. [4204]
62
14.34
892
0.1
Taisei Corporation [1801]
25
34.74
877
0.1
ASMPT Limited [522]
83
9.84
820
0.1
Close Brothers Group plc [CBG]
75
11.21
836
0.1
Evolution Mining Limited [EVN]
361
2.14
773
0.1
Hakuhodo Dy Holdings Incorporated [2433]
78
10.46
813
0.1
IG Group Holdings plc [IGG]
96
8.61
824
0.1
Komatsu Ltd. [6301]
31
26.85
830
0.1
MatsukiyoCocokara & Co. [3088]
15
55.88
833
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
57
13.51
771
0.1
Mobico Group PLC [MCG]
637
1.24
788
0.1
SENKO Group Holdings Co.Ltd. [9069]
106
7.16
758
0.1
Ship Healthcare Holdings Inc. [3360]
47
16.47
781
0.1
Beach Energy Limited [BPT]
774
0.90
695
0.1
Carsales.Com Limited [CAR]
44
15.86
699
0.1
Daiei Kankyo Co. Ltd. [9336]
41
17.51
716
0.1
Getinge AB Class B [GETI.B]
39
17.49
677
0.1
L'Occitane International S.A. [973]
281
2.40
677
0.1
Melrose Industries PLC [MRO]
105
6.44
674
0.1
Metcash Limited [MTS]
280
2.50
701
0.1
NTT DATA GROUP CORPORATION [9613]
50
13.89
697
0.1
OMRON Corporation [6645]
12
60.66
716
0.1
PERSOL HOLDINGS CO. LTD. [2181]
40
17.91
713
0.1
Softcat Plc [SCT]
38
18.00
687
0.1
Tesco PLC [TSCO]
214
3.16
675
0.1
AMP Limited [AMP]
785
0.75
591
0.1
Jupiter Fund Management plc [JUP]
447
1.37
612
0.1
NSK Ltd. [6471]
101
6.35
640
0.1
Pilbara Minerals Limited [PLS]
187
3.26
609
0.1
Taylor Wimpey plc [TW]
490
1.31
640
0.1
Capita plc [CPI]
1,560
0.35
544
0.1
International Personal Finance plc [IPF]
320
1.43
458
0.1
IPH Ltd. [IPH]
98
5.21
513
0.1
James Hardie Industries PLC Chess Units of Foreign Securities [JHX]
20
26.46
535
0.1
John Wood Group PLC [WG]
268
1.72
462
0.1
Reply S.p.A. [REY]
4
113.57
468
0.1
TechnoPro Holdings Inc. [6028]
23
21.47
487
0.1
Topcon Corp. [7732]
33
14.58
487
0.1
Vanquis Banking Group PLC [VANQ]
207
2.42
501
0.1
Johnson Electric Holdings Limited [179]
309
1.28
395
0.0
Mips AB [MIPS]
9
49.46
438
0.0
Stella International Holdings Limited [1836]
437
0.94
412
0.0
Viaplay Group AB Class B [VPLAY.B]
64
5.72
369
0.0
Challenger Limited [CGF]
68
4.31
295
0.0
First Pacific Co. Ltd. [142]
894
0.35
309
0.0
Prudential plc [2378]
19
13.67
264
0.0
Quadient SA [QDT]
13
20.58
274
0.0
RWS Holdings plc [RWS]
110
2.99
330
0.0
SAWAI GROUP HOLDINGS Co. Ltd. [4887]
12
25.08
311
0.0
Schibsted Asa Class A [SCHA]
17
17.57
292
0.0
Dowlais Group PLC [DWL]
104
1.61
168
0.0
Lumine Group Inc [LMN]
12
13.73
164
0.0
Modern Times Group MTG AB Class B [MTG.B]
32
6.36
205
0.0
NOMURA Co. Ltd. [9716]
28
6.81
192
0.0
Yakult Honsha Co. Ltd. [2267]
3
63.00
157
0.0
AEON Delight Co. Ltd. [9787]
7
21.24
149
0.0
Esprit Holdings Limited [330]
1,385
0.08
106
0.0
GWA Group Limited [GWA]
112
1.16
130
0.0
Schibsted ASA Class B [SCHB]
8
16.60
126
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
320
0.00
0
0.0
Total
--
--
--
979,486
99.0
Cash and Other Assets Less Liabilities
--
--
--
--
1.0
Total Net Assets
--
--
--
--
100%
Sector Returns
As of 6/30/2023
Economic Sector
Diversified International All Cap Fund %
MSCI All Country World Ex. US (ND) Index %
Utilities
11.0
3.7
Real Estate
9.4
-2.5
Information Technology
7.6
6.2
Financials
5.6
4.9
Industrials
5.5
5.5
Health Care
2.7
1.5
Consumer Discretionary
1.1
1.6
Energy
0.5
3.4
Consumer Staples
0.2
-0.5
[Unassigned]
0.0
1.3
Materials
-2.6
-2.7
Communication Services
-4.6
-4.6
Sector Allocations
As of 6/30/2023
Diversified International All Cap Fund (HIIDX)
MSCI All Country World Ex. US (ND) Index
Financials
HIIDX: 22.3%
Benchmark: 20.6%
Industrials
HIIDX: 21.6%
Benchmark: 13.1%
Consumer Discretionary
HIIDX: 12.0%
Benchmark: 12.1%
Information Technology
HIIDX: 9.9%
Benchmark: 11.7%
Consumer Staples
HIIDX: 8.5%
Benchmark: 8.6%
Materials
HIIDX: 8.3%
Benchmark: 7.7%
Health Care
HIIDX: 6.9%
Benchmark: 9.6%
Communication Services
HIIDX: 4.4%
Benchmark: 5.6%
Energy
HIIDX: 4.2%
Benchmark: 5.5%
Real Estate
HIIDX: 0.6%
Benchmark: 2.0%
Utilities
HIIDX: 0.2%
Benchmark: 3.2%
HIIDX: Diversified International All Cap Fund
Benchmark: MSCI All Country World Ex. US (ND) Index
Top 10 Countries
As of 6/30/2023
Country
Diversified International All Cap Fund %
MSCI All Country World Ex. US (ND) Index %
16.0
9.5
15.1
14.5
10.3
7.6
4.6
8.0
4.2
1.6
3.9
2.0
3.9
7.6
3.8
4.8
3.7
4.1
3.6
4.3
30.9
36.0
Investment Team
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.