Harbor International Growth Fund (HAIGX)
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Overview
Investment Team
As of 5/31/2023
“We care about the likely long-term growth of company earnings. It is this above all else that drives long term share price developments.”
Iain Campbell
Investment Manager, Baillie Gifford Overseas Limited
Performance
Fund Name
3 Mo.
YTD Return
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
International Growth Fund
1.40%
6.16%
0.93%
0.69%
1.59%
4.21%
3.59%
0.85%
0.91%
MSCI All Country World Ex. US (ND) Index
0.43%
4.77%
-1.41%
7.23%
2.22%
3.83%
--
--
--
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
--
0.00000
--
0.00000
--
0.00000
0.03571
14.31
12/17/2021
12/20/2021
12/20/2021
0.00000
0.11909
1.73329
0.06032
0.00000
1.67297
1.85238
0.02830
20.25
12/16/2020
12/17/2020
12/17/2020
0.00000
0.13497
0.00000
0.00000
0.00000
0.00000
0.13497
0.01526
22.18
12/13/2019
12/16/2019
12/16/2019
0.00000
0.30536
0.00000
0.00000
0.00000
0.00000
0.30536
0.01911
16.95
12/14/2018
12/17/2018
12/17/2018
0.00000
0.09924
0.00000
0.00000
0.00000
0.00000
0.09924
0.01848
12.93
12/15/2017
12/18/2017
12/18/2017
0.00000
0.17793
0.00000
0.00000
0.00000
0.00000
0.17793
0.01987
15.64
12/16/2016
12/19/2016
12/19/2016
0.00000
0.16505
0.00000
0.00000
0.00000
0.00000
0.16505
0.02236
12.13
12/16/2015
12/17/2015
12/17/2015
0.00000
0.12538
0.00000
0.00000
0.00000
0.00000
0.12538
0.01435
12.23
12/17/2014
12/18/2014
12/18/2014
0.00000
0.18956
0.00000
0.00000
0.00000
0.00000
0.18956
0.01800
12.33
12/16/2013
12/17/2013
12/17/2013
0.00000
0.18605
0.00000
0.00000
0.00000
0.00000
0.18605
0.02506
12.48
12/14/2012
12/17/2012
12/17/2012
0.00000
0.70388
0.00000
0.00000
0.00000
0.00000
0.70388
0.11764
11.38
12/15/2011
12/16/2011
12/16/2011
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
10.24
12/16/2010
12/17/2010
12/17/2010
0.00000
0.22421
0.00000
0.00000
0.00000
0.00000
0.22421
0.02239
12.12
12/17/2009
12/18/2009
12/18/2009
0.00000
0.10485
0.00000
0.00000
0.00000
0.00000
0.10485
0.01716
10.81
12/18/2008
12/19/2008
12/19/2008
0.00000
0.09329
0.00000
0.00000
0.00000
0.00000
0.09329
0.01464
7.88
12/18/2007
12/19/2007
12/19/2007
0.00000
0.19266
0.00000
0.00000
0.00000
0.00000
0.19266
0.02073
15.60
12/18/2006
12/19/2006
12/19/2006
0.00000
0.03640
0.00000
0.00000
0.00000
0.00000
0.03640
0.00568
13.29
12/19/2005
12/20/2005
12/20/2005
0.00000
0.03432
0.00000
0.00000
0.00000
0.00000
0.03432
0.00498
10.80
12/29/2004
12/30/2004
12/30/2004
0.00000
0.07157
0.00000
0.00000
0.00000
0.00000
0.07157
0.02024
9.19
12/29/2003
12/30/2003
12/30/2003
0.00000
0.07865
0.00000
0.00000
0.00000
0.00000
0.07865
0.02117
8.33
12/27/2002
12/30/2002
12/30/2002
0.00000
0.03159
0.00000
0.00000
0.00000
0.00000
0.03159
0.01605
6.58
12/26/2001
12/27/2001
12/28/2001
0.00000
0.00145
0.00000
0.00000
0.00000
0.00000
0.00145
0.01943
8.71
12/20/2000
12/21/2000
12/22/2000
0.00000
0.00434
1.82147
0.90543
0.00000
0.91604
1.82581
0.02804
13.69
12/21/1999
12/22/1999
12/23/1999
0.00000
0.13804
1.37768
0.10944
0.00000
1.26824
1.51572
0.04572
21.17
12/28/1998
12/29/1998
12/31/1998
0.00000
0.11034
0.27256
0.00000
0.00000
0.27256
0.38290
0.03004
19.63
12/24/1997
12/26/1997
12/31/1997
0.00000
0.12252
0.59231
0.00000
0.22839
0.36392
0.71483
0.02735
15.77
12/24/1996
12/26/1996
12/31/1996
0.00000
0.07968
0.36269
0.05239
0.00000
0.31030
0.44237
0.01746
15.95
12/22/1995
12/26/1995
12/29/1995
0.00000
0.10895
0.00000
0.00000
0.00000
0.00000
0.10895
0.01979
12.49
6/23/1995
6/26/1995
6/30/1995
0.00000
0.01316
0.00000
0.00000
0.00000
0.00000
0.01316
0.01886
11.50
12/23/1994
12/27/1994
12/30/1994
0.00000
0.06426
0.00000
0.00000
0.00000
0.00000
0.06426
0.00021
10.01
12/23/1993
12/27/1993
12/31/1993
0.00000
0.00597
0.00000
0.00000
0.00000
0.00000
0.00597
0.00000
11.15
Holdings
Full Holdings
As of 3/31/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR [TSM]
151
93.02
14,047
3.7
Compagnie Financiere Richemont SA [CFR]
66
159.71
10,549
2.8
ASML Holding NV [ASML]
14
679.25
9,730
2.6
United Overseas Bank Ltd. (Singapore) [U11]
423
22.38
9,471
2.5
Prosus N.V. Class N [PRX]
120
78.16
9,410
2.5
Housing Development Finance Corporation Limited [500010]
280
31.95
8,945
2.4
Mettler-Toledo International Inc. [MTD]
6
1,530.21
8,842
2.3
Shiseido CompanyLimited [4911]
180
46.44
8,347
2.2
Atlas Copco AB Class A [ATCO.A]
648
12.69
8,226
2.2
Sartorius AG Pref [SRT3]
19
420.46
8,010
2.1
MercadoLibre Inc. [MELI]
6
1,318.06
7,895
2.1
LVMH Moet Hennessy Louis Vuitton SE [MC]
8
917.40
7,317
1.9
Auto Trader Group PLC [AUTO]
894
7.62
6,811
1.8
Investor AB Class B [INVE.B]
341
19.87
6,771
1.8
SMC Corporation [6273]
13
524.68
6,758
1.8
AIA Group Limited [1299]
641
10.53
6,744
1.8
Remy Cointreau SA [RCO]
35
182.52
6,378
1.7
Olympus Corp. [7733]
360
17.42
6,268
1.7
Rightmove plc [RMV]
871
6.96
6,063
1.6
Alibaba Group Holding Limited [9988]
464
12.79
5,931
1.6
Adyen NV [ADYEN]
4
1,585.35
5,772
1.5
Murata Manufacturing Co. Ltd. [6981]
95
60.41
5,767
1.5
Cochlear Limited [COH]
36
158.52
5,724
1.5
Jeronimo Martins SGPS S.A. [JMT]
243
23.49
5,713
1.5
Zalando SE [ZAL]
136
41.87
5,674
1.5
IMCD N.V. [IMCD]
34
163.40
5,535
1.5
Techtronic Industries Co. Ltd. [669]
512
10.81
5,532
1.5
Keyence Corporation [6861]
11
484.26
5,298
1.4
Shopify Inc. Class A [SHOP]
110
47.94
5,292
1.4
Sysmex Corporation [6869]
77
64.94
5,029
1.3
Unicharm Corporation [8113]
118
40.88
4,840
1.3
Anheuser-Busch InBev SA/NV [ABI]
72
66.63
4,801
1.3
Epiroc AB Class B [EPI.B]
276
17.02
4,693
1.2
Raia Drogasil S.A. [RADL3]
973
4.82
4,693
1.2
Weir Group PLC [WEIR]
203
22.99
4,658
1.2
Games Workshop Group PLC [GAW]
37
119.19
4,461
1.2
Ping An Insurance (Group) Company of China Ltd. Class H [2318]
686
6.51
4,463
1.2
Shimano Inc. [7309]
26
171.61
4,407
1.2
Burberry Group plc [BRBY]
134
31.97
4,278
1.1
Kering SA [KER]
6
651.87
4,225
1.1
Xero Limited [XRO]
71
59.89
4,230
1.1
Meituan Class B [3690]
228
18.28
4,172
1.1
Lonza Group AG [LONN]
7
599.20
3,909
1.0
EXOR N.V. [EXO]
47
82.40
3,890
1.0
Nidec Corporation [6594]
73
51.43
3,769
1.0
Li Ning Company Limited [2331]
474
7.89
3,737
1.0
Experian PLC [EXPN]
108
32.89
3,536
0.9
Canadian Pacific Kansas City Limited [CP]
44
76.90
3,411
0.9
Spotify Technology SA [SPOT]
25
133.62
3,352
0.9
Suzuki Motor Corp. [7269]
93
36.10
3,352
0.9
Baidu Inc. Class A [9888]
172
18.94
3,267
0.9
Hargreaves Lansdown plc [HL]
321
9.88
3,173
0.8
adidas AG [ADS]
18
176.85
3,135
0.8
DENSO CORPORATION [6902]
56
55.92
3,128
0.8
Nemetschek SE [NEM]
44
68.75
3,039
0.8
Intertek Group plc [ITRK]
57
50.11
2,868
0.8
Recruit Holdings Co. Ltd. [6098]
104
27.43
2,844
0.8
Trip.com Group Ltd. [9961]
75
37.43
2,817
0.7
Ashtead Group plc [AHT]
45
61.30
2,787
0.7
Reliance Industries Limited [500325]
98
28.36
2,772
0.7
Wal-Mart de Mexico SAB de CV [WALMEX]
689
3.99
2,749
0.7
BeiGene Ltd [6160]
162
16.48
2,678
0.7
Wise PLC Class A [WISE]
398
6.72
2,678
0.7
United Spirits Limited [532432]
265
9.20
2,439
0.6
Z Holdings Corporation [4689]
839
2.80
2,351
0.6
Trainline Plc [TRN]
750
3.08
2,308
0.6
Topicus.com Inc. [TOI]
32
71.36
2,250
0.6
DSV A/S [DSV]
11
193.46
2,210
0.6
Coupang Inc. Class A [CPNG]
133
16.00
2,134
0.6
NIBE Industrier AB Class B [NIBE.B]
185
11.36
2,102
0.5
Pigeon Corporation [7956]
114
15.40
1,757
0.5
Kao Corp. [4452]
43
38.82
1,667
0.4
ICICI Lombard General Insurance Co. Ltd. [540716]
121
13.01
1,573
0.4
Sugi Holdings Co. Ltd. [7649]
37
42.75
1,566
0.4
Thai Beverage Public Co. Ltd. [Y92]
3,296
0.47
1,562
0.4
MakeMyTrip Ltd. [MMYT]
62
24.47
1,507
0.4
Asian Paints Ltd. [500820]
41
33.60
1,391
0.4
SoftBank Group Corp. [9984]
35
38.94
1,350
0.4
AUTO1 Group SE [AG1]
189
7.08
1,340
0.4
Ubisoft Entertainment SA [UBI]
51
26.57
1,347
0.4
Farfetch Ltd. Class A [FTCH]
215
4.91
1,054
0.3
COSMOS Pharmaceutical Corporation [3349]
1
89.56
45
0.0
Total
--
--
--
377,580
99.8
Cash and Other Assets Less Liabilities
--
--
--
--
0.2
Total Net Assets
--
--
--
--
100%
Sector Allocations
As of 3/31/2023
International Growth Fund (HIIGX)
MSCI All Country World Ex. US (ND) Index
Consumer Discretionary
HIIGX: 24.4%
Benchmark: 11.8%
Industrials
HIIGX: 16.5%
Benchmark: 12.7%
Financials
HIIGX: 14.0%
Benchmark: 20.1%
Information Technology
HIIGX: 13.9%
Benchmark: 11.2%
Consumer Staples
HIIGX: 12.2%
Benchmark: 8.9%
Health Care
HIIGX: 10.7%
Benchmark: 9.5%
Communication Services
HIIGX: 6.5%
Benchmark: 6.1%
Energy
HIIGX: 0.7%
Benchmark: 5.6%
Materials
HIIGX: 0.4%
Benchmark: 8.2%
Real Estate
HIIGX: 0.0%
Benchmark: 2.1%
Utilities
HIIGX: 0.0%
Benchmark: 3.2%
HIIGX: International Growth Fund
Benchmark: MSCI All Country World Ex. US (ND) Index
Sector Returns
As of 3/31/2023
Economic Sector
International Growth Fund %
MSCI All Country World Ex. US (ND) Index %
Information Technology
24.4
17.4
Communication Services
19.4
11.2
Consumer Discretionary
15.0
11.6
Industrials
7.1
9.9
Health Care
6.9
4.2
Consumer Staples
2.7
6.4
Financials
1.6
1.6
Utilities
0.0
3.3
Real Estate
0.0
-1.7
Energy
-7.9
-0.3
Materials
-10.0
5.9
Top 10 Countries
As of 3/31/2023
Country
International Growth Fund %
MSCI All Country World Ex. US (ND) Index %
18.0
14.0
11.5
9.6
9.0
3.0
8.2
8.3
6.1
--
5.7
2.2
5.6
5.6
5.1
8.1
4.9
3.6
4.0
1.8
21.9
43.8
Investment Team
Baillie Gifford Overseas Limited is one of the UK’s largest independent investment management firms and is wholly owned by the current partners, the people who invest for and look after their clients. Investment management is their core business and they advise for a global client base across specialist equity, fixed income and multi-asset portfolios.
Baillie Gifford puts their clients’ interests above all else. They are able do this because they are an independent partnership and therefore do not have the distraction of outside shareholders. This means the firm is able to focus all of their resources on providing excellent investment returns and outstanding service for clients.
Documents
Name
Date
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.
As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.
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.
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.
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