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Harbor International Fund (HAINX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 1/31/2023

NAV Price

$42.57

NAV Daily Change ($)

$0.24

NAV Daily Change (%)

0.57%

NAV YTD Return

8.16%

Morningstar Silver

Morningstar Analyst Rating™

As of 11/22/2021

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

Fund Facts

Inception Date

12/29/1987

Net Expense Ratio

0.77%disclaimer

Gross Expense Ratio

0.88%

Total Net Assets (million)

as of 1/31/2023

$2,633.145

Ticker

HAINX

Fund Number

2011

Share Class

Institutional

Top Ten Holdings

as of 12/31/2022

BP p.l.c. [BP]

2.5%

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

2.5%

Roche Holding Ltd Dividend Right Cert. [ROG]

1.7%

Equinor ASA [EQNR]

1.4%

Glencore plc [GLEN]

1.3%

Vestas Wind Systems A/S [VWS]

1.3%

Nippon Telegraph and Telephone Corporation [9432]

1.2%

BNP Paribas S.A. Class A [BNP]

1.1%

Barclays PLC [BARC]

1.1%

Compass Group PLC [CPG]

1.1%

% of Total Holdings:

15.2%

Morningstar Silver

Morningstar Analyst Rating™

As of 11/22/2021

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

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

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Fund

22.11%

8.16%

-3.87%

5.43%

1.32%

3.63%

9.58%

0.77%disclaimer

0.88%

MSCI EAFE (ND) Index

20.37%

8.10%

-2.83%

4.25%

2.13%

4.95%

5.21%

--

--

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 EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. 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

1.30783

0.00000

--

0.00000

--

1.30783

0.00000

38.68

12/17/2021

12/20/2021

12/20/2021

0.00000

1.01357

0.00000

--

0.00000

--

1.01357

0.07776

45.46

12/16/2020

12/17/2020

12/17/2020

0.00000

0.46148

0.00000

0.00000

0.00000

0.00000

0.46148

0.07883

43.88

12/13/2019

12/16/2019

12/16/2019

0.00000

1.24858

0.00000

0.00000

0.00000

0.00000

1.24858

0.12363

40.14

12/14/2018

12/17/2018

12/17/2018

0.00000

0.82960

20.86815

0.00000

0.00000

20.86815

21.69775

0.22951

33.78

12/15/2017

12/18/2017

12/18/2017

0.00000

1.24034

2.99764

0.00000

0.00000

2.99764

4.23798

0.11794

67.12

12/16/2016

12/19/2016

12/19/2016

0.00000

1.16303

0.00000

0.00000

0.00000

0.00000

1.16303

0.09833

58.20

12/16/2015

12/17/2015

12/17/2015

0.00000

1.08101

1.77257

0.00000

0.00000

1.77257

2.85358

0.08429

58.99

12/17/2014

12/18/2014

12/18/2014

0.00000

1.41848

0.00000

0.00000

0.00000

0.00000

1.41848

0.07359

65.81

12/16/2013

12/17/2013

12/17/2013

0.00000

1.49528

0.00000

0.00000

0.00000

0.00000

1.49528

0.08165

67.62

12/14/2012

12/17/2012

12/17/2012

0.00000

1.25643

0.00000

0.00000

0.00000

0.00000

1.25643

0.14974

61.27

12/15/2011

12/16/2011

12/16/2011

0.00000

1.31560

0.00000

0.00000

0.00000

0.00000

1.31560

0.17522

50.66

12/16/2010

12/17/2010

12/17/2010

0.00000

0.87167

0.00000

0.00000

0.00000

0.00000

0.87167

0.13258

59.15

12/17/2009

12/18/2009

12/18/2009

0.00000

0.70484

0.00000

0.00000

0.00000

0.00000

0.70484

0.11336

53.48

12/18/2008

12/19/2008

12/19/2008

0.00000

0.77735

0.00000

0.00000

0.00000

0.00000

0.77735

0.19041

39.05

12/18/2007

12/19/2007

12/19/2007

0.00000

1.05527

3.02183

0.34462

0.00000

2.67721

4.07710

0.14071

69.04

12/18/2006

12/19/2006

12/19/2006

0.00000

1.46093

1.88471

0.00000

0.00000

1.88471

3.34564

0.10523

61.04

12/19/2005

12/20/2005

12/20/2005

0.00000

1.03063

1.22051

0.00000

0.00000

1.22051

2.25114

0.07827

48.73

12/29/2004

12/30/2004

12/30/2004

0.00000

0.55524

0.14616

0.00000

0.00000

0.14616

0.70140

0.09876

42.76

12/29/2003

12/30/2003

12/30/2003

0.00000

0.50578

0.55692

0.03901

0.00000

0.51791

1.06270

0.07268

36.54

12/27/2002

12/30/2002

12/30/2002

0.00000

0.33594

0.53886

0.04311

0.00000

0.49575

0.87480

0.06104

26.69

12/26/2001

12/27/2001

12/28/2001

0.00000

0.26688

0.88186

0.00000

0.00000

0.88186

1.14874

0.11084

29.33

12/20/2000

12/21/2000

12/22/2000

0.00000

0.70766

3.79229

0.03436

0.00000

3.75793

4.49995

0.13765

33.66

12/21/1999

12/22/1999

12/23/1999

0.00000

0.64848

2.86003

0.21616

0.00000

2.64387

3.50851

0.12059

40.44

12/28/1998

12/29/1998

12/31/1998

0.00000

0.57892

2.30081

0.39990

0.00000

1.90091

2.87973

0.09880

37.02

12/24/1997

12/26/1997

12/31/1997

0.00000

0.40207

0.89753

0.00620

0.57590

0.31543

1.29960

0.08812

35.10

12/24/1996

12/26/1996

12/31/1996

0.00000

0.41813

0.79650

0.16255

0.00000

0.63395

1.21463

0.08353

31.51

12/22/1995

12/26/1995

12/29/1995

0.00000

0.40631

0.12780

0.01756

0.00000

0.11024

0.53411

0.07427

27.68

12/23/1994

12/27/1994

12/30/1994

0.00000

0.24677

0.93678

0.19100

0.00000

0.74578

1.18355

0.06892

24.31

12/23/1993

12/27/1993

12/31/1993

0.00000

0.21245

0.00000

0.00000

0.00000

0.00000

0.21245

0.04211

24.34

12/24/1992

12/28/1992

12/31/1992

0.00000

0.21765

0.17891

0.07245

0.00000

0.10646

0.39656

0.03544

16.93

12/26/1991

12/27/1991

12/31/1991

0.00000

0.21119

0.00000

0.00000

0.00000

0.00000

0.21119

0.03169

17.00

12/24/1990

12/26/1990

12/31/1990

0.00000

0.33859

0.34342

0.00369

0.00000

0.33973

0.68201

0.00000

14.33

12/21/1989

12/22/1989

12/30/1989

0.00000

0.16964

0.72455

0.35871

0.00000

0.36584

0.89419

0.00000

16.37

12/23/1988

12/27/1988

12/30/1988

0.00000

0.10276

0.75981

0.62003

0.00000

0.13978

0.86257

0.00000

12.78

Holdings

Portfolio Characteristics

as of 12/31/2022

International Fund

Number of Holdings

368

Wtd Avg Market Cap ($Mil)

46044.6

Price/Book Ratio

1.89

Adjusted Trailing P/E Ratio

14.8

% EPS Growth - Past 3 Yr

9.6

Return on Equity (%)

13.23

Forecasted P/E Ratio

14

Top Ten Holdings

as of 12/31/2022

Company Name [Ticker]

% of Net Assets

BP p.l.c.[BP]

2.5

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

2.5

Roche Holding Ltd Dividend Right Cert.[ROG]

1.7

Equinor ASA[EQNR]

1.4

Glencore plc[GLEN]

1.3

Vestas Wind Systems A/S[VWS]

1.3

Nippon Telegraph and Telephone Corporation[9432]

1.2

BNP Paribas S.A. Class A[BNP]

1.1

Barclays PLC[BARC]

1.1

Compass Group PLC[CPG]

1.1

% of Total Holdings:

15.2%

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

BP p.l.c. [BP]

United Kingdom

14,378

5.71

82,135

2.5

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

Denmark

607

134.62

81,682

2.5

Roche Holding Ltd Dividend Right Cert. [ROG]

Switzerland

179

313.99

56,071

1.7

Equinor ASA [EQNR]

Norway

1,327

35.71

47,395

1.4

Glencore plc [GLEN]

United Kingdom

6,623

6.64

44,012

1.3

Vestas Wind Systems A/S [VWS]

Denmark

1,479

29.00

42,900

1.3

Nippon Telegraph and Telephone Corporation [9432]

Japan

1,362

28.51

38,830

1.2

BNP Paribas S.A. Class A [BNP]

France

633

56.83

35,947

1.1

Barclays PLC [BARC]

United Kingdom

18,591

1.91

35,449

1.1

Compass Group PLC [CPG]

United Kingdom

1,512

23.07

34,882

1.1

Resona Holdings Inc. [8308]

Japan

6,281

5.48

34,426

1.0

Flutter Entertainment Plc [FLTR]

Ireland

239

136.39

32,541

1.0

Bank of Ireland Group Plc [BIRG]

Ireland

3,406

9.50

32,352

1.0

Lloyds Banking Group plc [LLOY]

United Kingdom

58,102

0.55

31,738

1.0

EssilorLuxottica SA [EL]

France

169

180.58

30,598

0.9

CNH Industrial NV [CNHI]

Italy

1,894

15.97

30,253

0.9

HitachiLtd. [6501]

Japan

595

50.71

30,168

0.9

Kirin Holdings Company Limited [2503]

Japan

1,961

15.24

29,880

0.9

Sampo Oyj Class A [SAMPO]

Finland

574

52.10

29,930

0.9

Compagnie Financiere Richemont SA [CFR]

Switzerland

224

129.59

29,056

0.9

Dai-ichi Life HoldingsInc. [8750]

Japan

1,247

22.69

28,296

0.9

AXA SA [CS]

France

1,001

27.81

27,839

0.8

3i Group plc [III]

United Kingdom

1,665

16.14

26,865

0.8

AIA Group Limited [1299]

Hong Kong

2,434

11.12

27,071

0.8

Coloplast A/S Class B [COLO.B]

Denmark

232

116.54

27,014

0.8

Rio Tinto plc [RIO]

United Kingdom

385

69.74

26,882

0.8

UniCredit S.p.A. [UCG]

Italy

1,866

14.16

26,424

0.8

Unilever PLC [ULVR]

United Kingdom

525

50.31

26,427

0.8

HomeServe plc [HSV]

United Kingdom

1,757

14.40

25,300

0.8

ASSA ABLOY AB Class B [ASSA.B]

Sweden

1,145

21.47

24,584

0.8

Diageo plc [DGE]

United Kingdom

566

43.91

24,859

0.8

Intertek Group plc [ITRK]

United Kingdom

513

48.52

24,885

0.8

Rightmove plc [RMV]

United Kingdom

3,988

6.15

24,534

0.7

Legrand SA [LR]

France

303

79.85

24,202

0.7

RELX PLC [REL]

United Kingdom

867

27.52

23,857

0.7

Tokio Marine Holdings Inc. [8766]

Japan

1,077

21.43

23,086

0.7

CaixaBank SA [CABK]

Spain

5,764

3.92

22,589

0.7

Entain PLC [ENT]

United Kingdom

1,435

15.90

22,810

0.7

ArcelorMittal SA [MT]

France

838

26.23

21,974

0.7

Sumitomo Mitsui Trust Holdings Inc. [8309]

Japan

626

34.77

21,750

0.7

Heineken NV [HEIA]

Netherlands

229

93.79

21,475

0.7

Reckitt Benckiser Group plc [RKT]

United Kingdom

311

69.21

21,504

0.7

Geberit AG [GEBN]

Switzerland

44

470.71

20,610

0.6

Bunzl plc [BNZL]

United Kingdom

618

33.19

20,507

0.6

Daiwa House Industry Co. Ltd. [1925]

Japan

884

23.03

20,356

0.6

Experian PLC [EXPN]

United Kingdom

608

33.84

20,569

0.6

Edenred SA [EDEN]

France

371

54.30

20,169

0.6

Schneider Electric SE [SU]

France

145

139.51

20,233

0.6

BHP Group Ltd [BHP]

Australia

606

30.94

18,759

0.6

BAE Systems plc [BA]

United Kingdom

1,781

10.30

18,342

0.6

Holcim Ltd [HOLN]

Switzerland

353

51.75

18,289

0.5

ABB Ltd. [ABBN]

Switzerland

588

30.33

17,844

0.5

Brenntag Societas Europaea [BNR]

Germany

272

63.74

17,352

0.5

Bridgestone Corporation [5108]

Japan

492

35.55

17,474

0.5

NEC Corp. [6701]

Japan

486

35.13

17,065

0.5

SSP Group Plc [SSPG]

United Kingdom

6,276

2.75

17,288

0.5

ConvaTec Group Plc [CTEC]

United Kingdom

6,020

2.80

16,844

0.5

Svenska Handelsbanken AB Class A [SHB.A]

Sweden

1,598

10.09

16,122

0.5

ASML Holding NV [ASML]

Netherlands

29

537.68

15,757

0.5

Bayerische Motoren Werke AG [BMW]

Germany

176

88.99

15,691

0.5

Koninklijke Ahold Delhaize N.V. [AD]

Netherlands

557

28.64

15,948

0.5

BASF SE [BAS]

Germany

312

49.51

15,466

0.5

Eurofins Scientific SE [ERF]

France

217

71.57

15,553

0.5

Obayashi Corporation [1802]

Japan

1,938

7.56

14,660

0.4

Sandvik AB [SAND]

Sweden

789

18.08

14,259

0.4

Hays plc [HAS]

United Kingdom

9,694

1.39

13,492

0.4

Inchcape plc [INCH]

United Kingdom

1,357

9.86

13,387

0.4

CSL Limited [CSL]

Australia

66

195.14

12,850

0.4

Mitsubishi Heavy Industries Ltd. [7011]

Japan

327

39.67

12,956

0.4

adidas AG [ADS]

Germany

93

136.03

12,595

0.4

Fresenius Medical Care AG & Co. KGaA [FME]

Germany

380

32.63

12,400

0.4

Orsted [ORSTED]

Denmark

138

90.60

12,533

0.4

Airbus SE [AIR]

France

104

118.49

12,279

0.4

Demant A/S [DEMANT]

Denmark

446

27.63

12,321

0.4

Taiheiyo Cement Corporation [5233]

Japan

778

15.59

12,135

0.4

Anheuser-Busch InBev SA/NV [ABI]

Belgium

196

60.05

11,784

0.4

Serco Group plc [SRP]

United Kingdom

6,413

1.87

11,989

0.4

WPP Plc [WPP]

United Kingdom

1,218

9.87

12,017

0.4

Adecco Group AG [ADEN]

Switzerland

352

32.92

11,581

0.4

Air Water Inc. [4088]

Japan

1,001

11.63

11,648

0.4

Carlsberg AS Class B [CARL.B]

Denmark

88

132.49

11,688

0.4

DBS Group Holdings Ltd [D05]

Singapore

452

25.29

11,440

0.4

Mitsubishi Electric Corp. [6503]

Japan

1,173

9.95

11,677

0.4

Nomura Holdings Inc. [8604]

Japan

3,082

3.70

11,414

0.4

Royal KPN NV [KPN]

Netherlands

3,735

3.08

11,521

0.4

DS Smith Plc [SMDS]

United Kingdom

2,910

3.87

11,253

0.3

Inpex Corporation [1605]

Japan

1,067

10.58

11,284

0.3

WH Smith PLC [SMWH]

United Kingdom

620

17.86

11,063

0.3

Itochu Corporation [8001]

Japan

349

31.42

10,963

0.3

ITV PLC [ITV]

United Kingdom

12,115

0.90

10,953

0.3

HelloFresh SE [HFG]

Germany

489

21.91

10,710

0.3

Oji Holdings Corp. [3861]

Japan

2,645

4.02

10,644

0.3

Stabilus SE [STM]

Germany

157

67.13

10,561

0.3

Toyo Suisan Kaisha Ltd. [2875]

Japan

276

38.65

10,664

0.3

Alten SA [ATE]

France

82

124.65

10,207

0.3

Rolls-Royce Holdings plc [RR]

United Kingdom

9,073

1.12

10,172

0.3

Sega Sammy Holdings Inc. [6460]

Japan

681

15.14

10,309

0.3

Sonova Holding AG [SOON]

Switzerland

43

237.03

10,085

0.3

Sumitomo Metal Mining Co. Ltd. [5713]

Japan

292

35.40

10,351

0.3

Toyo Seikan Group Holdings Ltd. [5901]

Japan

830

12.29

10,198

0.3

Viscofan S.A. [VIS]

Spain

157

64.25

10,112

0.3

Wienerberger AG [WIE]

Austria

430

24.08

10,363

0.3

Renesas Electronics Corporation [6723]

Japan

1,091

8.97

9,789

0.3

TDK Corporation [6762]

Japan

299

32.85

9,817

0.3

Admiral Group plc [ADM]

United Kingdom

373

25.71

9,595

0.3

DNB Bank ASA [DNB]

Norway

490

19.74

9,668

0.3

Fluidra S.A. [FDR]

Spain

624

15.50

9,666

0.3

Seven & I Holdings Co. Ltd. [3382]

Japan

220

42.90

9,433

0.3

St. James's Place Plc [STJ]

United Kingdom

733

13.17

9,661

0.3

Volkswagen AG Pref [VOW3]

Germany

78

124.25

9,665

0.3

Coca-Cola Europacific Partners plc [CCEP]

Netherlands

165

55.32

9,117

0.3

QBE Insurance Group Limited [QBE]

Australia

1,012

9.11

9,216

0.3

Sony Group Corporation [6758]

Japan

122

76.05

9,271

0.3

Teleperformance SA [TEP]

France

39

237.68

9,185

0.3

CTS Eventim AG & Co. KGaA [EVD]

Germany

140

63.61

8,889

0.3

Deutsche Telekom AG [DTE]

Germany

449

19.89

8,937

0.3

Asahi Group HoldingsLtd. [2502]

Japan

278

31.22

8,669

0.3

Australia & New Zealand Banking Group Ltd TEMP [ANZDA]

Australia

543

16.05

8,713

0.3

DCC Plc [DCC]

United Kingdom

174

49.08

8,528

0.3

Fuji Media Holdings Inc. [4676]

Japan

1,054

8.14

8,582

0.3

JAPAN POST HOLDINGS Co. Ltd. [6178]

Japan

1,016

8.41

8,541

0.3

JCDecaux SE [DEC]

France

459

18.91

8,673

0.3

Standard Chartered PLC [STAN]

United Kingdom

1,150

7.49

8,613

0.3

Thales SA [HO]

France

67

127.32

8,569

0.3

Auto Trader Group PLC [AUTO]

United Kingdom

1,323

6.20

8,207

0.3

Getlink SE [GET]

France

522

15.98

8,350

0.3

Logitech International S.A. [LOGN]

Switzerland

134

61.67

8,281

0.3

Net One Systems Co. Ltd. [7518]

Japan

322

26.00

8,365

0.3

Santos Limited [STO]

Australia

1,688

4.84

8,174

0.3

Sumitomo Mitsui Financial Group Inc. [8316]

Japan

206

40.14

8,284

0.3

INFRONEER Holdings Inc. [5076]

Japan

1,024

7.59

7,772

0.2

SCSK Corporation [9719]

Japan

527

15.17

7,994

0.2

Tesco PLC [TSCO]

United Kingdom

2,892

2.70

7,798

0.2

East Japan Railway Company [9020]

Japan

134

56.99

7,631

0.2

GN Store Nord A/S [GN]

Denmark

325

22.93

7,443

0.2

IG Group Holdings plc [IGG]

United Kingdom

789

9.41

7,421

0.2

Macquarie Group Ltd. [MQG]

Australia

66

113.22

7,514

0.2

NH Foods Limited [2282]

Japan

267

27.85

7,428

0.2

Samsung Electronics Co. Ltd. [005930]

South Korea

176

43.73

7,715

0.2

Toyota Industries Corp. [6201]

Japan

140

54.87

7,671

0.2

Tsumura & Co. [4540]

Japan

344

21.96

7,562

0.2

ZOZO Inc. [3092]

Japan

310

24.71

7,652

0.2

Davide Campari-Milano N.V. [CPR]

Italy

702

10.12

7,107

0.2

HDFC Bank Limited Sponsored ADR [HDB]

India

106

68.41

7,224

0.2

Jardine Matheson Holdings Limited [J36]

Hong Kong

145

50.90

7,386

0.2

KDDI Corporation [9433]

Japan

244

30.18

7,352

0.2

Koninklijke Philips N.V. [PHIA]

Netherlands

493

14.95

7,371

0.2

LIXIL Corporation [5938]

Japan

472

15.17

7,164

0.2

Oracle Corporation Japan [4716]

Japan

114

64.57

7,348

0.2

Zalando SE [ZAL]

Germany

203

35.34

7,186

0.2

ABC-MART INC. [2670]

Japan

124

56.61

7,026

0.2

Amplifon S.p.A. [AMP]

Italy

238

29.69

7,079

0.2

Medipal Holdings Corporation [7459]

Japan

516

13.19

6,805

0.2

Prudential plc [PRU]

United Kingdom

507

13.56

6,873

0.2

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

Taiwan

480

14.59

7,004

0.2

United Overseas Bank Ltd. (Singapore) [U11]

Singapore

307

22.89

7,032

0.2

Acerinox SA [ACX]

Spain

677

9.86

6,675

0.2

Nissan Chemical Corporation [4021]

Japan

148

43.81

6,488

0.2

Penta-Ocean Construction Co. Ltd. [1893]

Japan

1,423

4.68

6,666

0.2

TUI AG [TUI1]

United Kingdom

4,057

1.62

6,581

0.2

Fukuoka Financial Group Inc. [8354]

Japan

275

22.77

6,272

0.2

Marui Group Co. Ltd. [8252]

Japan

388

16.53

6,418

0.2

Mitsubishi Logistics Corporation [9301]

Japan

279

22.96

6,396

0.2

Nisshinbo Holdings Inc. [3105]

Japan

852

7.38

6,288

0.2

PT Bank Central Asia Tbk [BBCA]

Indonesia

11,529

0.55

6,332

0.2

Future plc [FUTR]

United Kingdom

383

15.24

5,832

0.2

Hannover Rueck SE [HNR1]

Germany

31

197.97

6,080

0.2

MatsukiyoCocokara & Co. [3088]

Japan

118

50.02

5,917

0.2

Rohm Co. Ltd. [6963]

Japan

83

72.23

6,017

0.2

Techtronic Industries Co. Ltd. [669]

Hong Kong

522

11.16

5,820

0.2

Yum China Holdings Inc. [YUMC]

China

108

54.65

5,884

0.2

Baidu Inc Sponsored ADR Class A [BIDU]

Hong Kong

48

114.38

5,452

0.2

Galaxy Entertainment Group Limited [27]

Hong Kong

834

6.61

5,514

0.2

Getinge AB Class B [GETI.B]

Sweden

268

20.76

5,563

0.2

Kyocera Corporation [6971]

Japan

114

49.66

5,671

0.2

Naspers Limited Class N [NPN]

South Africa

34

165.99

5,587

0.2

Nippon Television Holdings Inc. [9404]

Japan

713

7.90

5,632

0.2

Woodside Energy Group Ltd [WDS]

Australia

235

24.03

5,653

0.2

Daifuku Co. Ltd. [6383]

Japan

116

46.84

5,410

0.2

Gestamp Automocion S.A. [GEST]

Spain

1,360

3.86

5,245

0.2

Hiscox Ltd [HSX]

United Kingdom

404

13.11

5,298

0.2

Kubota Corporation [6326]

Japan

380

13.77

5,229

0.2

Swire Pacific Limited Class A [19]

Hong Kong

602

8.80

5,294

0.2

TBS HOLDINGS INC. [9401]

Japan

441

11.61

5,123

0.2

USS Co. Ltd. [4732]

Japan

329

15.88

5,216

0.2

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

Ireland

1,090

4.57

4,979

0.2

PERSOL HOLDINGS CO. LTD. [2181]

Japan

225

21.43

4,825

0.2

Pets At Home Group Plc [PETS]

United Kingdom

1,459

3.41

4,978

0.2

Secom Co. Ltd. [9735]

Japan

88

57.17

5,025

0.2

Sekisui Chemical Co. Ltd. [4204]

Japan

345

13.98

4,817

0.2

Taylor Wimpey plc [TW]

United Kingdom

4,030

1.22

4,928

0.2

ANDRITZ AG [ANDR]

Austria

82

57.15

4,697

0.1

Cleanaway Waste Management Ltd. [CWY]

Australia

2,539

1.78

4,529

0.1

Dowa Holdings Co. Ltd. [5714]

Japan

143

31.45

4,495

0.1

easyJet plc [EZJ]

United Kingdom

1,221

3.90

4,766

0.1

Informa Plc [INF]

United Kingdom

640

7.45

4,769

0.1

NS Solutions Corp [2327]

Japan

189

24.25

4,579

0.1

NTT DATA Corporation [9613]

Japan

321

14.64

4,694

0.1

Southern Copper Corporation [SCCO]

Peru

79

60.39

4,771

0.1

Wartsila Oyj Abp [WRT1V]

Finland

534

8.40

4,482

0.1

B3 SA - Brasil Bolsa Balcao [B3SA3]

Brazil

1,693

2.50

4,236

0.1

Devro plc [DVO]

United Kingdom

1,136

3.70

4,211

0.1

Hakuhodo Dy Holdings Incorporated [2433]

Japan

425

10.08

4,287

0.1

Housing Development Finance Corporation Limited [500010]

India

138

31.88

4,403

0.1

MEGMILK SNOW BRAND Co. Ltd. [2270]

Japan

314

13.65

4,286

0.1

Midea Group Co. Ltd. Class A

China

567

7.45

4,221

0.1

Miura Co. Ltd. [6005]

Japan

191

23.04

4,394

0.1

Newcrest Mining Limited [NCM]

Australia

307

14.00

4,297

0.1

Osterreichische Post AG [POST]

Austria

133

31.38

4,178

0.1

Pernod Ricard SA [RI]

France

21

196.11

4,199

0.1

Qantas Airways Limited [QAN]

Australia

1,044

4.08

4,254

0.1

SENKO Group Holdings Co.Ltd. [9069]

Japan

586

7.31

4,289

0.1

Ship Healthcare Holdings Inc. [3360]

Japan

215

20.37

4,374

0.1

Sumitomo Bakelite Co. Ltd. [4203]

Japan

148

29.67

4,388

0.1

Tata Consultancy Services Limited [532540]

India

109

39.37

4,296

0.1

Viaplay Group AB Class B [VPLAY.B]

Sweden

223

19.01

4,238

0.1

Yakult Honsha Co. Ltd. [2267]

Japan

67

64.88

4,340

0.1

AVEVA Group plc [AVV]

United Kingdom

102

38.65

3,927

0.1

China Mengniu Dairy Co. Ltd. [2319]

China

876

4.54

3,973

0.1

Delta Electronics Inc. [2308]

Taiwan

411

9.32

3,831

0.1

Jupiter Fund Management plc [JUP]

United Kingdom

2,442

1.60

3,900

0.1

Reply S.p.A. [REY]

Italy

34

114.20

3,856

0.1

Compagnie Financiere Richemont SA Depositary Receipt Representing 1/10 of Cie Financiere Richemont [CFR]

Switzerland

275

13.11

3,608

0.1

CRH Plc [CRG]

Ireland

88

39.50

3,464

0.1

Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]

Mexico

514

7.18

3,692

0.1

Hana Financial Group Inc. [086790]

South Korea

112

33.25

3,723

0.1

InterContinental Hotels Group PLC [IHG]

United Kingdom

66

57.07

3,775

0.1

Kawasaki Kisen Kaisha Ltd. [9107]

Japan

173

21.12

3,663

0.1

PageGroup PLC [PAGE]

United Kingdom

674

5.55

3,742

0.1

Randstad NV [RAND]

Netherlands

59

60.79

3,564

0.1

Telstra Group Limited [TLS]

Australia

1,389

2.71

3,759

0.1

Thai Beverage Public Co. Ltd. [Y92]

Singapore

7,258

0.51

3,707

0.1

Toyota Motor Corp. [7203]

Japan

268

13.74

3,675

0.1

Advantech Co. Ltd. [2395]

Taiwan

301

10.77

3,242

0.1

Aristocrat Leisure Limited [ALL]

Australia

159

20.70

3,283

0.1

Axis Bank Limited [532215]

India

299

11.29

3,378

0.1

Bid Corporation Limited [BID]

South Africa

170

19.39

3,301

0.1

Capita plc [CPI]

United Kingdom

11,490

0.29

3,353

0.1

GEA Group Aktiengesellschaft [G1A]

Germany

80

40.77

3,255

0.1

Helvetia Holding Ltd [HELN]

Switzerland

27

116.52

3,192

0.1

Infosys Limited Sponsored ADR [INFY]

India

189

18.01

3,399

0.1

Intesa Sanpaolo S.p.A. [ISP]

Italy

1,441

2.22

3,197

0.1

OMRON Corporation [6645]

Japan

70

48.54

3,413

0.1

Shenzhou International Group Holdings Limited [2313]

China

281

11.25

3,165

0.1

TechnoPro Holdings Inc. [6028]

Japan

125

26.72

3,342

0.1

UBS Group AG [UBSG]

Switzerland

172

18.60

3,195

0.1

Zhongsheng Group Holdings Ltd. [881]

China

643

5.14

3,308

0.1

African Rainbow Minerals Limited [ARI]

South Africa

176

16.93

2,975

0.1

ALS Ltd. [ALQ]

Australia

375

8.29

3,107

0.1

Befesa SA [BFSA]

Germany

63

48.09

3,013

0.1

Bluescope Steel Limited [BSL]

Australia

264

11.42

3,014

0.1

Brambles Limited [BXB]

Australia

359

8.19

2,942

0.1

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

United Kingdom

78

39.47

3,061

0.1

Chailease Holding Co. Ltd. [5871]

Taiwan

427

7.06

3,012

0.1

Ferrovial S.A. [FER]

Spain

118

26.12

3,079

0.1

Fletcher Building Limited [FBU]

New Zealand

975

2.99

2,912

0.1

Great Eastern Holdings Limited [G07]

Singapore

213

13.79

2,944

0.1

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

Mexico

205

14.32

2,944

0.1

Localiza Rent A Car SA [RENT3]

Brazil

298

10.08

3,005

0.1

NOMURA Co. Ltd. [9716]

Japan

414

7.28

3,015

0.1

NSK Ltd. [6471]

Japan

557

5.31

2,958

0.1

Provident Financial PLC [PFG]

United Kingdom

1,316

2.30

3,028

0.1

Rexel SA [RXL]

France

151

19.68

2,971

0.1

RWS Holdings plc [RWS]

United Kingdom

653

4.52

2,950

0.1

Shinhan Financial Group Co. Ltd. [055550]

South Korea

105

27.84

2,915

0.1

SK hynix Inc. [000660]

South Korea

49

59.31

2,920

0.1

Vipshop Holdings Ltd Sponsored ADR [VIPS]

China

227

13.64

3,091

0.1

Beach Energy Limited [BPT]

Australia

2,406

1.08

2,602

0.1

Capitec Bank Holdings Limited [CPI]

South Africa

24

109.23

2,676

0.1

Close Brothers Group plc [CBG]

United Kingdom

205

12.59

2,577

0.1

Copa Holdings S.A. Class A [CPA]

Panama

30

83.17

2,529

0.1

Elis SA [ELIS]

France

184

14.75

2,715

0.1

Gerresheimer AG [GXI]

Germany

40

67.02

2,671

0.1

John Wood Group PLC [WG]

United Kingdom

1,538

1.63

2,501

0.1

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

Netherlands

132

21.08

2,782

0.1

Li Ning Company Limited [2331]

China

293

8.68

2,539

0.1

L'Occitane International S.A. [973]

Hong Kong

889

3.12

2,773

0.1

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

Sweden

305

8.55

2,612

0.1

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

China

378

6.62

2,498

0.1

Rathbones Group PLC [RAT]

United Kingdom

108

24.48

2,650

0.1

Rotork plc [ROR]

United Kingdom

712

3.69

2,625

0.1

SAWAI GROUP HOLDINGS Co. Ltd. [4887]

Japan

82

31.26

2,567

0.1

Schibsted Asa Class A [SCHA]

Norway

136

18.83

2,554

0.1

Smith & Nephew plc [SN]

United Kingdom

189

13.35

2,524

0.1

Tingyi (Cayman Islands) Holding Corp. [322]

China

1,552

1.77

2,740

0.1

Weichai Power Co. Ltd. Class H [2338]

China

1,913

1.34

2,569

0.1

Barratt Developments PLC [BDEV]

United Kingdom

478

4.77

2,281

0.1

BOC Aviation Limited [2588]

China

279

8.35

2,325

0.1

Carsales.Com Limited [CAR]

Australia

171

14.08

2,411

0.1

CK Hutchison Holdings Ltd [1]

Hong Kong

404

6.00

2,422

0.1

Dabur India Limited [500096]

India

335

6.79

2,276

0.1

Danske Bank A/S [DANSKE]

Denmark

119

19.70

2,345

0.1

Evolution Mining Limited [EVN]

Australia

1,162

2.02

2,348

0.1

HSBC Holdings Plc [5]

Hong Kong

388

6.22

2,411

0.1

Iveco Group NV [IVG]

Italy

379

5.93

2,248

0.1

Marico Limited [531642]

India

364

6.16

2,245

0.1

Melrose Industries PLC [MRO]

United Kingdom

1,394

1.62

2,255

0.1

Metcash Limited [MTS]

Australia

908

2.70

2,451

0.1

OZ Minerals Limited [OZL]

Australia

123

18.92

2,337

0.1

Playtech plc [PTEC]

United Kingdom

388

6.12

2,374

0.1

Samsonite International S.A. [1910]

Hong Kong

932

2.63

2,454

0.1

Softcat Plc [SCT]

United Kingdom

159

14.24

2,267

0.1

Technip Energies NV [TE]

France

154

15.66

2,404

0.1

AEON Delight Co. Ltd. [9787]

Japan

85

22.96

1,947

0.1

Alfa Laval AB [ALFA]

Sweden

66

28.90

1,910

0.1

Challenger Limited [CGF]

Australia

362

5.17

1,873

0.1

Clicks Group Limited [CLS]

South Africa

124

15.87

1,974

0.1

Daiwa Securities Group Inc. [8601]

Japan

449

4.42

1,983

0.1

First Quantum Minerals Ltd. [FM]

Canada

95

20.88

1,991

0.1

Havells India Limited [517354]

India

146

13.30

1,942

0.1

IPH Ltd. [IPH]

Australia

317

5.92

1,875

0.1

MediaTek Inc [2454]

Taiwan

90

20.33

1,830

0.1

National Express Group PLC [NEX]

United Kingdom

1,177

1.56

1,840

0.1

AMP Limited [AMP]

Australia

1,975

0.89

1,761

0.1

Anglo American Platinum Limited [AMS]

South Africa

20

83.74

1,639

0.1

ASMPT Limited [522]

Hong Kong

225

7.13

1,604

0.1

Carnival plc [CCL]

United Kingdom

230

6.97

1,604

0.1

Daiei Kankyo Co. Ltd. [9336]

Japan

111

14.43

1,600

0.1

HANKOOK TIRE & TECHNOLOGY Co. Ltd. [161390]

South Korea

61

24.63

1,513

0.1

International Personal Finance plc [IPF]

United Kingdom

1,777

0.88

1,562

0.1

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

Australia

91

17.90

1,635

0.1

Mips AB [MIPS]

Sweden

44

41.26

1,796

0.1

Quadient SA [QDT]

France

110

14.70

1,611

0.1

Sany Heavy Industry Co., Ltd. Class A

China

707

2.28

1,615

0.1

Trip.com Group Ltd. Sponsored ADR [TCOM]

China

47

34.40

1,601

0.1

Imerys SA [NK]

France

31

38.78

1,197

0.0

Kasikornbank Public Co. Ltd.(Alien Mkt) [KBANK.F]

Thailand

308

4.24

1,308

0.0

LG Corp [003550]

South Korea

22

61.76

1,337

0.0

Nintendo Co. Ltd. [7974]

Japan

32

41.93

1,350

0.0

Topcon Corp. [7732]

Japan

116

11.60

1,348

0.0

Vicat-Ciments Vicat SA [VCT]

France

48

25.03

1,197

0.0

GWA Group Limited [GWA]

Australia

682

1.39

948

0.0

Hyundai Motor Company [005380]

South Korea

9

119.41

1,034

0.0

Johnson Electric Holdings Limited [179]

Hong Kong

760

1.26

957

0.0

Pepkor Holdings Ltd. [PPH]

South Africa

860

1.18

1,011

0.0

Porto Seguro S.A. [PSSA3]

Brazil

212

4.38

931

0.0

Schibsted ASA Class B [SCHB]

Norway

58

18.18

1,063

0.0

Accelleron Industries AG [ACLN]

Switzerland

29

20.69

608

0.0

Alleima AB [ALLEI]

Sweden

158

3.69

582

0.0

AmorePacific Group Inc. [002790]

South Korea

21

27.60

586

0.0

First Pacific Co. Ltd. [142]

Hong Kong

2,128

0.30

635

0.0

Petrofac Limited [PFC]

United Kingdom

609

0.85

514

0.0

Prudential plc [2378]

United Kingdom

56

14.06

791

0.0

Stella International Holdings Limited [1836]

Hong Kong

860

0.94

810

0.0

X 5 RETAIL GROUP NV REGS GDR DEPOSITORY RECEIPT

Russia

95

7.50

713

0.0

Ajisen (China) Holdings Limited [538]

China

2,515

0.11

267

0.0

AMOREPACIFIC Group Cum Pfd Registered [00279K]

South Korea

9

22.14

195

0.0

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

China

102

4.83

491

0.0

Esprit Holdings Limited [330]

Hong Kong

4,080

0.11

439

0.0

Cazoo Group Ltd Class A [CZOO]

United States

152

0.16

24

0.0

CIE FINANCIERE RICHEMONT SA Warrant 2020-12.09.23 (Exp.20.09.23) on CFR DO 1/10 Ut CFR [CFRO]

Switzerland

748

0.07

53

0.0

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

Brazil

1

2.04

3

0.0

Non-Standard Finance Plc [NSF]

United Kingdom

2,291

0.01

14

0.0

Saipem S.p.A. [SPM]

Italy

118

1.20

142

0.0

Severstal PAO Sponsored GDR RegS [SVJTY]

Russia

217

0.00

0

0.0

Total

--

--

--

3,253,565

100.5

Cash and Other Assets Less Liabilities

--

--

--

--

-0.5

Total Net Assets

--

--

--

--

100%

as of 12/31/2022

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Financials

25.4

23.9

Consumer Discretionary

22.8

17.8

Materials

20.0

20.8

Industrials

18.2

19.0

Health Care

15.5

14.2

Energy

15.4

19.8

Communication Services

15.1

10.1

Real Estate

14.1

11.0

Utilities

13.2

19.4

Information Technology

13.1

14.9

Consumer Staples

10.0

10.6

as of 12/31/2022

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Industrials

22.0

15.1

Financials

20.5

18.7

Consumer Discretionary

10.9

11.2

Health Care

10.0

13.6

Consumer Staples

9.0

10.5

Materials

8.4

7.8

Communication Services

6.0

4.5

Information Technology

5.8

7.8

Energy

4.9

5.0

Real Estate

0.8

2.7

Utilities

0.4

3.5

as of 12/31/2022

Country

International Fund %

MSCI EAFE (ND) Index %

United Kingdom

25.1

15.3

Japan

22.8

22.0

France

8.2

11.9

Denmark

6.0

3.0

Switzerland

5.5

10.2

Germany

4.4

8.2

Australia

3.6

8.0

Netherlands

2.7

4.3

Italy

2.4

2.4

Ireland

2.2

0.7

Other

17.1

14.0

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.

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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.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to  https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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