Harbor International Growth Fund (HAIGX)

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Overview

Performance

Holdings

Investment Team

Documents

800-422-1050

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Welcome

Detailed Fundamental Research. Baillie Gifford’s research-oriented approach is distinguished by comprehensive fundamental analysis carried out by seasoned regional and industry experts.

Long-Term View. Management’s long time horizon affords them to patience to invest in companies they believe have significant growth potential that appear early in their growth trajectory.

Investor-First Ethic. Baillie Gifford is an investor-led partnership, structured to align the entire investment team with client outcomes.

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Overview

Investment Team

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Current Price

As of 9/22/2023

$14.26

Price (NAV)

$0.05

NAV Daily Change ($)

0.35%

NAV Daily Change (%)

-0.21%

NAV YTD Return

Fund Facts

As of 8/31/2023

11/1/1993

Inception Date

0.85

Net Expense Ratio

0.91

Gross Expense Ratio

$260.978

Total Net Assets (million)

As of 8/31/2023

HAIGX

Ticker

2017

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 6/30/2023

Company Name [Ticker]

% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR[TSM]

4.0

ASML Holding NV[ASML]

2.7

Compagnie Financiere Richemont SA[CFR]

2.6

Atlas Copco AB Class A[ATCO.A]

2.4

Prosus N.V. Class N[PRX]

2.3

Housing Development Finance Corporation Limited[500010]

2.3

United Overseas Bank Limited[U11]

2.3

Shiseido CompanyLimited[4911]

2.1

LVMH Moet Hennessy Louis Vuitton SE[MC]

2.0

Mettler-Toledo International Inc.[MTD]

2.0

% of Total Holdings:

24.7%

“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

Total Returns

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

0.40%

6.58%

6.80%

-4.63%

1.71%

4.46%

3.57%

0.85% disclaimer

0.91%

MSCI All Country World Ex. US (ND) Index

3.82%

8.78%

11.89%

3.99%

3.33%

4.38%

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

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

0.00000

0.03571

14.31

12/17/2021

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

0.00000

0.13497

0.00000

0.13497

0.01526

22.18

12/13/2019

12/16/2019

0.00000

0.30536

0.00000

0.30536

0.01911

16.95

12/14/2018

12/17/2018

0.00000

0.09924

0.00000

0.09924

0.01848

12.93

12/15/2017

12/18/2017

0.00000

0.17793

0.00000

0.17793

0.01987

15.64

12/16/2016

12/19/2016

0.00000

0.16505

0.00000

0.16505

0.02236

12.13

12/16/2015

12/17/2015

0.00000

0.12538

0.00000

0.12538

0.01435

12.23

12/17/2014

12/18/2014

0.00000

0.18956

0.00000

0.18956

0.01800

12.33

12/16/2013

12/17/2013

0.00000

0.18605

0.00000

0.18605

0.02506

12.48

12/14/2012

12/17/2012

0.00000

0.70388

0.00000

0.70388

0.11764

11.38

12/15/2011

12/16/2011

0.00000

10.24

12/16/2010

12/17/2010

0.00000

0.22421

0.00000

0.22421

0.02239

12.12

12/17/2009

12/18/2009

0.00000

0.10485

0.00000

0.10485

0.01716

10.81

12/18/2008

12/19/2008

0.00000

0.09329

0.00000

0.09329

0.01464

7.88

12/18/2007

12/19/2007

0.00000

0.19266

0.00000

0.19266

0.02073

15.60

12/18/2006

12/19/2006

0.00000

0.03640

0.00000

0.03640

0.00568

13.29

12/19/2005

12/20/2005

0.00000

0.03432

0.00000

0.03432

0.00498

10.80

12/29/2004

12/30/2004

0.00000

0.07157

0.00000

0.07157

0.02024

9.19

12/29/2003

12/30/2003

0.00000

0.07865

0.00000

0.07865

0.02117

8.33

12/27/2002

12/30/2002

0.00000

0.03159

0.00000

0.03159

0.01605

6.58

12/26/2001

12/27/2001

12/28/2001

0.00000

0.00145

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

0.27256

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

0.10895

0.01979

12.49

6/23/1995

6/26/1995

6/30/1995

0.00000

0.01316

0.00000

0.01316

0.01886

11.50

12/23/1994

12/27/1994

12/30/1994

0.00000

0.06426

0.00000

0.06426

0.00021

10.01

12/23/1993

12/27/1993

12/31/1993

0.00000

0.00597

0.00000

0.00597

0.00000

11.15

Holdings

Portfolio Characteristics

As of 6/30/2023

Number of Holdings

78470.2

Wtd Avg Market Cap ($Mil)

4.9

Price/Book Ratio

25.7

Adjusted Trailing P/E Ratio

19.3

% EPS Growth - Past 3 Yr

17.07

Return on Equity (%)

25.8

Forecasted P/E Ratio

Top Ten Holdings

As of 6/30/2023

Company Name [Ticker]

% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR[TSM]

4.0

ASML Holding NV[ASML]

2.7

Compagnie Financiere Richemont SA[CFR]

2.6

Atlas Copco AB Class A[ATCO.A]

2.4

Prosus N.V. Class N[PRX]

2.3

Housing Development Finance Corporation Limited[500010]

2.3

United Overseas Bank Limited[U11]

2.3

Shiseido CompanyLimited[4911]

2.1

LVMH Moet Hennessy Louis Vuitton SE[MC]

2.0

Mettler-Toledo International Inc.[MTD]

2.0

% of Total Holdings:

24.7%

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

Full Holdings

As of 6/30/2023

Download: Calendar Quarter-End Holdings (csv)

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR [TSM]

147

100.92

14,881

4.0

ASML Holding NV [ASML]

723.33

10,093

2.7

Compagnie Financiere Richemont SA [CFR]

169.51

9,760

2.6

Atlas Copco AB Class A [ATCO.A]

616

14.39

8,862

2.4

Prosus N.V. Class N [PRX]

117

73.22

8,551

2.3

Housing Development Finance Corporation Limited [500010]

248

34.40

8,543

2.3

United Overseas Bank Limited [U11]

408

20.69

8,448

2.3

Shiseido CompanyLimited [4911]

175

44.92

7,840

2.1

LVMH Moet Hennessy Louis Vuitton SE [MC]

941.53

7,510

2.0

Mettler-Toledo International Inc. [MTD]

1,311.64

7,375

2.0

Shopify Inc. Class A [SHOP]

110

64.60

7,132

1.9

Auto Trader Group PLC [AUTO]

894

7.76

6,938

1.9

SMC Corporation [6273]

549.90

6,863

1.8

MercadoLibre Inc. [MELI]

1,184.60

6,859

1.8

Investor AB Class B [INVE.B]

341

19.97

6,804

1.8

Sartorius AG Pref [SRT3]

345.96

6,590

1.8

Jeronimo Martins SGPS S.A. [JMT]

234

27.54

6,451

1.7

AIA Group Limited [1299]

616

10.09

6,221

1.7

Adyen NV [ADYEN]

1,730.11

6,092

1.6

Raia Drogasil S.A. [RADL3]

965

6.14

5,920

1.6

Olympus Corp. [7733]

360

15.68

5,641

1.5

Xero Limited [XRO]

79.17

5,592

1.5

Techtronic Industries Co. Ltd. [669]

512

10.87

5,561

1.5

Rightmove plc [RMV]

832

6.65

5,537

1.5

Remy Cointreau SA [RCO]

160.32

5,403

1.4

Sysmex Corporation [6869]

67.82

5,252

1.4

Murata Manufacturing Co. Ltd. [6981]

56.98

5,223

1.4

Keyence Corporation [6861]

469.44

5,136

1.4

Anheuser-Busch InBev SA/NV [ABI]

56.55

5,107

1.4

Games Workshop Group PLC [GAW]

138.83

4,931

1.3

IMCD N.V. [IMCD]

143.68

4,657

1.2

Cochlear Limited [COH]

152.48

4,635

1.2

Alibaba Group Holding Limited [9988]

443

10.36

4,590

1.2

Reliance Industries Limited [500325]

148

31.09

4,600

1.2

Weir Group PLC [WEIR]

203

22.32

4,524

1.2

Ashtead Group plc [AHT]

69.21

4,483

1.2

Epiroc AB Class B [EPI.B]

276

16.14

4,450

1.2

Ping An Insurance (Group) Company of China Ltd. Class H [2318]

686

6.36

4,361

1.2

Unicharm Corporation [8113]

118

36.95

4,375

1.2

Shimano Inc. [7309]

165.77

4,257

1.1

EXOR N.V. [EXO]

89.11

4,207

1.1

Experian PLC [EXPN]

108

38.37

4,126

1.1

DSV A/S [DSV]

209.97

4,018

1.1

Spotify Technology SA [SPOT]

160.55

4,028

1.1

COSMOS Pharmaceutical Corporation [3349]

100.81

4,002

1.1

Zalando SE [ZAL]

136

28.76

3,897

1.0

United Spirits Limited [532432]

345

11.12

3,832

1.0

Nidec Corporation [6594]

54.28

3,815

1.0

DENSO CORPORATION [6902]

66.73

3,733

1.0

Lonza Group AG [LONN]

596.21

3,729

1.0

Nippon Paint Holdings Co. Ltd. [4612]

448

8.18

3,669

1.0

Burberry Group plc [BRBY]

134

26.95

3,606

1.0

Canadian Pacific Kansas City Limited [CP]

80.86

3,586

1.0

Kering SA [KER]

551.61

3,576

1.0

Meituan Class B [3690]

228

15.61

3,562

1.0

adidas AG [ADS]

193.96

3,438

0.9

Wal-Mart de Mexico SAB de CV [WALMEX]

862

3.95

3,404

0.9

Wise PLC Class A [WISE]

398

8.36

3,328

0.9

Nemetschek SE [NEM]

74.89

3,310

0.9

Recruit Holdings Co. Ltd. [6098]

104

31.57

3,274

0.9

Hargreaves Lansdown plc [HL]

304

10.37

3,152

0.8

Intertek Group plc [ITRK]

54.22

3,103

0.8

Baidu Inc. Class A [9888]

172

16.95

2,922

0.8

Topicus.com Inc. [TOI]

82.11

2,854

0.8

Li Ning Company Limited [2331]

474

5.38

2,549

0.7

Trainline Plc [TRN]

750

3.32

2,489

0.7

Coupang Inc. Class A [CPNG]

133

17.40

2,321

0.6

BeiGene Ltd [6160]

155

13.70

2,119

0.6

Z Holdings Corporation [4689]

839

2.40

2,012

0.5

AUTO1 Group SE [AG1]

189

9.27

1,756

0.5

NIBE Industrier AB Class B [NIBE.B]

185

9.48

1,754

0.5

MakeMyTrip Ltd. [MMYT]

26.98

1,662

0.4

Sugi Holdings Co. Ltd. [7649]

44.42

1,627

0.4

Pigeon Corporation [7956]

114

13.73

1,567

0.4

Kao Corp. [4452]

36.07

1,549

0.4

Ubisoft Entertainment SA [UBI]

28.24

1,431

0.4

Farfetch Ltd. Class A [FTCH]

215

6.04

1,297

0.4

Total

371,729

99.6

Cash and Other Assets Less Liabilities

0.4

Total Net Assets

100%

Sector Allocations

As of 6/30/2023

International Growth Fund (HIIGX)

MSCI All Country World Ex. US (ND) Index

Consumer Discretionary

HIIGX: 21.4%

Benchmark: 12.1%

Industrials

HIIGX: 17.6%

Benchmark: 13.1%

Information Technology

HIIGX: 15.0%

Benchmark: 11.7%

Financials

HIIGX: 13.6%

Benchmark: 20.6%

Consumer Staples

HIIGX: 13.6%

Benchmark: 8.6%

Health Care

HIIGX: 9.4%

Benchmark: 9.6%

Communication Services

HIIGX: 6.1%

Benchmark: 5.6%

Energy

HIIGX: 1.2%

Benchmark: 5.5%

Materials

HIIGX: 1.0%

Benchmark: 7.7%

Real Estate

HIIGX: 0.0%

Benchmark: 2.0%

Utilities

HIIGX: 0.0%

Benchmark: 3.2%

HIIGX: International Growth Fund

Benchmark: MSCI All Country World Ex. US (ND) Index

Sector Returns

As of 6/30/2023

Economic Sector

International Growth Fund %

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

Energy

9.6

3.4

Information Technology

8.2

6.2

Industrials

4.7

5.5

Financials

3.9

4.9

Consumer Staples

1.2

-0.5

Communication Services

0.1

-4.6

[Unassigned]

0.0

1.3

Real Estate

0.0

-2.5

Utilities

0.0

3.7

Consumer Discretionary

-3.9

1.6

Health Care

-8.8

1.5

Materials

-11.3

-2.7

Top 10 Countries

As of 6/30/2023

Country

International Growth Fund %

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

Japan

18.6

14.5

United Kingdom

12.3

9.5

Netherlands

9.0

3.0

China

6.8

7.6

Sweden

5.8

2.1

United States

5.8

Germany

5.1

5.6

India

5.0

4.1

France

4.8

8.0

Taiwan

4.0

4.3

Other

22.8

41.3

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.

Iain Campbell

Investment Manager

Sophie Earnshaw, CFA

Investment Manager

Joe Faraday, CFA

Client Service Director

Milena Mileva

Investment Manager

Stephen Paice

Investment Manager

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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