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Harbor International Fund (HAINX)

Overview
Performance
Holdings
Documents
Investment Team

Overview

Current Price

as of 12/6/2021

NAV Price

$46.90

NAV Daily Change ($)

$0.49

NAV Daily Change (%)

1.06%

NAV YTD Return

6.45%

Morningstar Silver

Morningstar Analyst Rating™

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

0.89%

Total Net Assets (million)

as of 11/30/2021

$3,103.303

Ticker

HAINX

Fund Number

2011

Share Class

Institutional

Top Ten Holdings

as of 9/30/2021

BP p.l.c. [BP]

1.7%

Roche Holding Ltd [ROG]

1.7%

Hitachi,Ltd. [6501]

1.7%

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

1.5%

Vestas Wind Systems A/S [VWS]

1.5%

Barclays PLC [BARC]

1.2%

HelloFresh SE [HFG]

1.2%

Flutter Entertainment Plc [FLTR]

1.1%

Toyota Motor Corp. [7203]

1.1%

BNP Paribas SA Class A [BNP]

1.0%

% of Total Holdings:

13.7%

Morningstar Silver

Morningstar Analyst Rating™

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

YTD Return

3 Mo.

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Fund

4.70%

-6.34%

11.36%

10.90%

7.69%

5.98%

10.01%

0.77%disclaimer

0.89%

MSCI EAFE (ND) Index

5.84%

-5.14%

10.77%

9.83%

9.19%

7.39%

5.48%

--

--

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 harborfunds.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

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

12/16/2020

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 9/30/2021

International Fund

MSCI EAFE (ND) Index

Number of Holdings

413

845

Wtd Avg Market Cap ($Mil)

47185.6

78445.9

Price/Book Ratio

2.4

2.68

Adjusted Trailing P/E Ratio

21.9

21.9

% EPS Growth - Past 3 Yr

2.3

1.9

Return on Equity (%)

9.11

10.33

Forecasted P/E Ratio

18.4

19.7

Proj. Earnings Growth Rate (%)

19.2

17.7

Top Ten Holdings

as of 9/30/2021

Company Name [Ticker]

% of Net Assets

BP p.l.c.[BP]

1.7

Roche Holding Ltd[ROG]

1.7

Hitachi,Ltd.[6501]

1.7

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

1.5

Vestas Wind Systems A/S[VWS]

1.5

Barclays PLC[BARC]

1.2

HelloFresh SE[HFG]

1.2

Flutter Entertainment Plc[FLTR]

1.1

Toyota Motor Corp.[7203]

1.1

BNP Paribas SA Class A[BNP]

1.0

% of Total Holdings:

13.7%

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 9/30/2021

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

BP p.l.c. [BP]

United Kingdom

17,145

4.59

78,667

1.7

Roche Holding Ltd [ROG]

Switzerland

213

366.56

78,185

1.7

Hitachi,Ltd. [6501]

Japan

1,284

59.51

76,395

1.7

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

Denmark

724

96.85

70,134

1.5

Vestas Wind Systems A/S [VWS]

Denmark

1,656

40.13

66,455

1.5

Barclays PLC [BARC]

United Kingdom

21,814

2.56

55,766

1.2

HelloFresh SE [HFG]

Germany

582

92.67

53,935

1.2

Flutter Entertainment Plc [FLTR]

United Kingdom

262

197.94

51,939

1.1

Toyota Motor Corp. [7203]

Japan

2,721

17.93

48,774

1.1

BNP Paribas SA Class A [BNP]

France

737

64.25

47,354

1.0

Entain PLC [ENT]

United Kingdom

1,631

28.72

46,832

1.0

Rightmove plc [RMV]

United Kingdom

4,751

9.21

43,778

1.0

Coloplast A/S Class B [COLO.B]

Denmark

276

156.87

43,286

0.9

Intertek Group plc [ITRK]

United Kingdom

612

67.11

41,103

0.9

Lloyds Banking Group plc [LLOY]

United Kingdom

65,298

0.63

41,002

0.9

Equinor ASA [EQNR]

Norway

1,583

25.51

40,366

0.9

ASSA ABLOY AB Class B [ASSA.B]

Sweden

1,365

29.23

39,901

0.9

Legrand SA [LR]

France

362

107.50

38,878

0.9

CNH Industrial NV [CNHI]

Italy

2,254

17.04

38,401

0.8

Geberit AG [GEBN]

Switzerland

52

738.60

38,569

0.8

EssilorLuxottica SA [EL]

France

199

191.81

38,144

0.8

Compass Group PLC [CPG]

United Kingdom

1,805

20.55

37,099

0.8

Glencore plc [GLEN]

United Kingdom

7,878

4.74

37,377

0.8

Nippon Telegraph and Telephone Corporation [9432]

Japan

1,287

27.65

35,588

0.8

3i Group plc [III]

United Kingdom

1,985

17.28

34,293

0.8

Sampo Oyj Class A [SAMPO]

Finland

686

49.73

34,129

0.7

Dai-ichi Life Holdings,Inc. [8750]

Japan

1,502

22.16

33,287

0.7

Diageo plc [DGE]

United Kingdom

676

48.62

32,858

0.7

Eurofins Scientific Societe Europeenne [ERF]

France

258

128.46

33,188

0.7

Kirin Holdings Company, Limited [2503]

Japan

1,745

18.60

32,451

0.7

AXA SA [CS]

France

1,112

27.91

31,042

0.7

ArcelorMittal SA [MT]

France

999

30.67

30,626

0.7

Brenntag SE [BNR]

Germany

322

93.39

30,091

0.7

Rio Tinto plc [RIO]

United Kingdom

459

66.25

30,438

0.7

RELX PLC [REL]

United Kingdom

1,036

28.95

29,981

0.7

UniCredit S.p.A. [UCG]

Italy

2,220

13.33

29,593

0.7

Reckitt Benckiser Group plc [RKT]

United Kingdom

371

78.61

29,158

0.6

Schneider Electric SE [SU]

France

173

166.77

28,882

0.6

BASF SE [BAS]

Germany

375

76.32

28,582

0.6

Heineken NV [HEIA]

Netherlands

273

104.54

28,549

0.6

Unilever PLC [ULVR]

United Kingdom

527

54.00

28,445

0.6

SSP Group Plc [SSPG]

United Kingdom

7,506

3.73

28,015

0.6

adidas AG [ADS]

Germany

88

315.00

27,623

0.6

Compagnie Financiere Richemont SA [CFR]

Switzerland

265

104.43

27,726

0.6

Demant A/S [DEMANT]

Denmark

533

50.44

26,872

0.6

Fresenius Medical Care AG & Co. KGaA [FME]

Germany

379

70.53

26,751

0.6

GN Store Nord A/S [GN]

Denmark

386

69.37

26,803

0.6

ASML Holding NV [ASML]

Netherlands

35

748.57

26,168

0.6

HomeServe plc [HSV]

United Kingdom

2,102

12.20

25,630

0.6

Hays plc [HAS]

United Kingdom

11,568

2.18

25,221

0.5

Bank of Ireland Group Plc [BIRG]

Ireland

4,088

5.92

24,203

0.5

Bunzl plc [BNZL]

United Kingdom

738

33.10

24,435

0.5

Resona Holdings, Inc. [8308]

Japan

6,036

4.02

24,279

0.5

Edenred SA [EDEN]

France

442

54.04

23,905

0.5

ABB Ltd. [ABBN]

Switzerland

699

33.65

23,524

0.5

AIA Group Limited [1299]

Hong Kong

1,995

11.55

23,047

0.5

Fluidra, S.A. [FDR]

Spain

577

39.93

23,049

0.5

Koninklijke Ahold Delhaize N.V. [AD]

Netherlands

662

33.30

22,030

0.5

NTT DATA Corporation [9613]

Japan

1,144

19.40

22,194

0.5

Orsted [ORSTED]

Denmark

165

132.29

21,857

0.5

Sandvik AB [SAND]

Sweden

938

23.00

21,561

0.5

Svenska Handelsbanken AB Class A [SHB.A]

Sweden

1,908

11.24

21,443

0.5

Adecco Group AG [ADEN]

Switzerland

422

50.40

21,269

0.5

ConvaTec Group Plc [CTEC]

United Kingdom

7,151

2.91

20,828

0.5

ITV PLC [ITV]

United Kingdom

14,459

1.44

20,783

0.5

Volkswagen AG Pref [VOW3]

Germany

92

224.42

20,755

0.5

WPP Plc [WPP]

United Kingdom

1,457

13.49

19,650

0.4

Admiral Group plc [ADM]

United Kingdom

456

41.91

19,116

0.4

DS Smith Plc [SMDS]

United Kingdom

3,461

5.57

19,269

0.4

Experian PLC [EXPN]

United Kingdom

462

41.92

19,369

0.4

Sonova Holding AG [SOON]

Switzerland

50

380.77

19,209

0.4

Koninklijke Philips N.V. [PHIA]

Netherlands

425

44.43

18,881

0.4

CaixaBank SA [CABK]

Spain

5,914

3.11

18,396

0.4

KDDI Corporation [9433]

Japan

554

33.08

18,317

0.4

Obayashi Corporation [1802]

Japan

2,186

8.33

18,203

0.4

Bayerische Motoren Werke AG [BMW]

Germany

187

95.91

17,907

0.4

Inchcape plc [INCH]

United Kingdom

1,624

10.94

17,757

0.4

St. James's Place Plc [STJ]

United Kingdom

876

20.32

17,800

0.4

DCC Plc [DCC]

United Kingdom

207

83.57

17,262

0.4

Holcim Ltd [HOLN]

Switzerland

361

48.39

17,481

0.4

Rolls-Royce Holdings plc [RR]

United Kingdom

9,204

1.89

17,392

0.4

Tokio Marine Holdings, Inc. [8766]

Japan

326

53.96

17,603

0.4

Wienerberger AG [WIE]

Austria

510

33.77

17,213

0.4

Carlsberg AS Class B [CARL.B]

Denmark

105

163.57

17,136

0.4

NEC Corp. [6701]

Japan

313

54.40

17,017

0.4

WH Smith PLC [SMWH]

United Kingdom

731

23.10

16,892

0.4

Airbus SE [AIR]

France

124

133.40

16,485

0.4

LIXIL Corporation [5938]

Japan

563

29.17

16,413

0.4

Saipem S.p.A. [SPM]

Italy

6,633

2.47

16,367

0.4

Sompo Holdings,Inc. [8630]

Japan

381

43.75

16,645

0.4

BAE Systems plc [BA]

United Kingdom

2,111

7.62

16,085

0.4

Bridgestone Corporation [5108]

Japan

336

47.56

15,969

0.4

DBS Group Holdings Ltd [D05]

Singapore

720

22.33

16,083

0.4

Sumitomo Mitsui Financial Group, Inc. [8316]

Japan

439

35.35

15,507

0.3

Taiheiyo Cement Corporation [5233]

Japan

748

20.85

15,591

0.3

Australia and New Zealand Banking Group Limited [ANZ]

Australia

739

20.33

15,031

0.3

Samsung Electronics Co., Ltd. [005930]

South Korea

240

62.58

15,042

0.3

Seven & I Holdings Co., Ltd. [3382]

Japan

331

45.57

15,067

0.3

Toyo Suisan Kaisha, Ltd. [2875]

Japan

337

44.41

14,979

0.3

JCDecaux SA [DEC]

France

547

26.59

14,547

0.3

Sony Group Corporation [6758]

Japan

132

111.63

14,769

0.3

Alten SA [ATE]

France

97

147.30

14,281

0.3

BHP Group Ltd [BHP]

Australia

531

27.17

14,415

0.3

Nordic Entertainment Group AB Class B [NENT.B]

Sweden

265

54.18

14,334

0.3

Rohm Co., Ltd. [6963]

Japan

150

95.36

14,266

0.3

Royal KPN NV [KPN]

Netherlands

4,495

3.15

14,143

0.3

Sumitomo Mitsui Trust Holdings, Inc. [8309]

Japan

408

34.57

14,104

0.3

TUI AG [TUI1]

United Kingdom

3,282

4.36

14,300

0.3

Serco Group plc [SRP]

United Kingdom

7,597

1.81

13,727

0.3

Swedish Match AB [SWMA]

Sweden

1,552

8.76

13,602

0.3

Anheuser-Busch InBev SA/NV [ABI]

Belgium

233

56.96

13,294

0.3

DNB Bank ASA [DNB]

Norway

582

22.91

13,329

0.3

Nomura Holdings, Inc. [8604]

Japan

2,724

4.96

13,517

0.3

Stabilus SA [STM]

Germany

187

70.17

13,092

0.3

Auto Trader Group PLC [AUTO]

United Kingdom

1,591

7.94

12,630

0.3

easyJet plc [EZJ]

United Kingdom

1,461

8.94

13,058

0.3

Getinge AB Class B [GETI.B]

Sweden

320

39.98

12,780

0.3

JAPAN POST HOLDINGS Co., Ltd. [6178]

Japan

1,497

8.47

12,675

0.3

SCSK Corporation [9719]

Japan

614

21.21

13,022

0.3

Taiwan Semiconductor Manufacturing Co., Ltd. [2330]

Taiwan

606

20.82

12,616

0.3

Teleperformance SA [TEP]

France

33

394.16

13,066

0.3

CTS Eventim AG & Co. KGaA [EVD]

Germany

165

75.68

12,484

0.3

Logitech International S.A. [LOGN]

Switzerland

138

89.25

12,293

0.3

Viscofan, S.A. [VIS]

Spain

188

65.54

12,314

0.3

Davide Campari-Milano N.V. [CPR]

Italy

829

14.12

11,702

0.3

Tesco PLC [TSCO]

United Kingdom

3,426

3.42

11,701

0.3

BANDAI NAMCO Holdings Inc. [7832]

Japan

155

75.29

11,654

0.3

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

Netherlands

156

73.06

11,424

0.3

Nissan Chemical Corporation [4021]

Japan

194

58.62

11,377

0.3

Coca-Cola Europacific Partners plc [CCEP]

Netherlands

197

55.29

10,865

0.2

Deutsche Telekom AG [DTE]

Germany

536

20.16

10,809

0.2

Jardine Matheson Holdings Limited [J36]

Hong Kong

205

53.04

10,873

0.2

Kyocera Corporation [6971]

Japan

176

62.74

11,017

0.2

Oji Holdings Corp. [3861]

Japan

2,183

5.06

11,055

0.2

Acerinox SA [ACX]

Spain

807

12.85

10,373

0.2

Air Water Inc. [4088]

Japan

666

16.07

10,701

0.2

Daiwa House Industry Co., Ltd. [1925]

Japan

311

33.51

10,435

0.2

Nippon Television Holdings, Inc. [9404]

Japan

916

11.32

10,367

0.2

Capita plc [CPI]

United Kingdom

14,505

0.69

9,967

0.2

Fuji Media Holdings, Inc. [4676]

Japan

951

10.62

10,103

0.2

HDFC Bank Limited Sponsored ADR [HDB]

India

137

73.09

10,039

0.2

IG Group Holdings plc [IGG]

United Kingdom

941

10.85

10,210

0.2

Sega Sammy Holdings Inc. [6460]

Japan

709

14.28

10,121

0.2

Taylor Wimpey plc [TW]

United Kingdom

4,807

2.10

10,099

0.2

Tsumura & Co. [4540]

Japan

319

32.09

10,248

0.2

Yum China Holdings, Inc. [YUMC]

China

171

58.11

9,965

0.2

zooplus AG [ZO1]

Germany

18

564.41

10,071

0.2

East Japan Railway Company [9020]

Japan

136

70.28

9,552

0.2

Getlink SE [GET]

France

624

15.69

9,783

0.2

Koninklijke Boskalis Westminster N.V. [BOKA]

Netherlands

311

30.46

9,472

0.2

Pets At Home Group Plc [PETS]

United Kingdom

1,514

6.48

9,814

0.2

Macquarie Group Limited [MQG]

Australia

69

131.47

9,095

0.2

Renesas Electronics Corporation [6723]

Japan

727

12.51

9,095

0.2

Jupiter Fund Management plc [JUP]

United Kingdom

2,619

3.37

8,828

0.2

Medipal Holdings Corporation [7459]

Japan

458

18.90

8,659

0.2

Penta-Ocean Construction Co., Ltd. [1893]

Japan

1,295

6.84

8,854

0.2

Housing Development Finance Corporation Limited [500010]

India

219

37.11

8,141

0.2

Tata Consultancy Services Limited [532540]

India

165

50.86

8,383

0.2

TDK Corporation [6762]

Japan

234

36.25

8,472

0.2

Toyo Seikan Group Holdings Ltd. [5901]

Japan

681

11.82

8,054

0.2

Amplifon S.p.A. [AMP]

Italy

166

47.75

7,939

0.2

Baidu Inc Sponsored ADR Class A [BIDU]

China

51

153.75

7,858

0.2

Carsales.Com Limited [CAR]

Australia

423

18.30

7,743

0.2

China Mengniu Dairy Co., Ltd. [2319]

China

1,214

6.44

7,821

0.2

Cleanaway Waste Management Ltd. [CWY]

Australia

4,015

1.99

8,005

0.2

Net One Systems Co., Ltd. [7518]

Japan

239

32.98

7,876

0.2

QBE Insurance Group Limited [QBE]

Australia

900

8.42

7,580

0.2

Schibsted Asa Class A [SCHA]

Norway

160

47.68

7,648

0.2

Techtronic Industries Co., Ltd. [669]

Hong Kong

388

19.92

7,730

0.2

Thales SA [HO]

France

80

97.54

7,770

0.2

Toho Co. Ltd. [9602]

Japan

160

47.23

7,576

0.2

Wartsila Oyj Abp [WRT1V]

Finland

633

12.00

7,600

0.2

Itochu Corporation [8001]

Japan

257

29.37

7,548

0.2

Reply S.p.A. [REY]

Italy

40

184.74

7,348

0.2

Shin-Etsu Chemical Co Ltd [4063]

Japan

45

169.39

7,555

0.2

SK hynix Inc [000660]

South Korea

85

86.99

7,392

0.2

Tingyi (Cayman Islands) Holding Corp. [322]

China

4,020

1.86

7,477

0.2

Yakult Honsha Co., Ltd. [2267]

Japan

144

50.73

7,325

0.2

Brambles Limited [BXB]

Australia

899

7.78

6,992

0.2

JAFCO Group Co., Ltd. [8595]

Japan

108

64.35

6,924

0.2

Naspers Limited Class N [NPN]

South Africa

41

165.68

6,783

0.2

NH Foods Ltd. [2282]

Japan

179

37.91

6,794

0.2

Osterreichische Post AG [POST]

Austria

159

42.42

6,732

0.2

PageGroup PLC [PAGE]

United Kingdom

794

8.37

6,652

0.2

Provident Financial PLC [PFG]

United Kingdom

1,547

4.51

6,977

0.2

Secom Co., Ltd. [9735]

Japan

94

72.62

6,841

0.2

Asics Corporation [7936]

Japan

277

22.96

6,367

0.1

Gestamp Automocion S.A. [GEST]

Spain

1,616

3.89

6,280

0.1

Hannover Rueck SE [HNR1]

Germany

36

175.41

6,387

0.1

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

Ireland

1,294

5.00

6,472

0.1

Maeda Corporation [1824]

Japan

797

8.06

6,418

0.1

Mitsubishi Logistics Corporation [9301]

Japan

212

29.76

6,311

0.1

Prudential plc [PRU]

United Kingdom

326

19.62

6,391

0.1

PT Bank Central Asia Tbk [BBCA]

Indonesia

2,592

2.45

6,339

0.1

Toyota Industries Corp. [6201]

Japan

77

82.46

6,324

0.1

United Overseas Bank Ltd. (Singapore) [U11]

Singapore

327

19.04

6,232

0.1

Carnival plc [CCL]

United Kingdom

272

22.68

6,178

0.1

Daifuku Co., Ltd. [6383]

Japan

63

94.29

5,978

0.1

HOYA CORPORATION [7741]

Japan

39

156.62

6,093

0.1

Koito Manufacturing Co., Ltd. [7276]

Japan

99

60.41

5,962

0.1

Li Ning Company Limited [2331]

China

502

11.58

5,808

0.1

MEGMILK SNOW BRAND Co., Ltd. [2270]

Japan

292

20.58

6,013

0.1

MS&AD Insurance Group Holdings, Inc. [8725]

Japan

173

33.66

5,807

0.1

Newcrest Mining Limited [NCM]

Australia

372

16.35

6,088

0.1

NIPPON STEEL CORP. [5401]

Japan

336

18.23

6,122

0.1

NS Solutions Corp [2327]

Japan

177

34.01

6,020

0.1

Shenzhou International Group Holdings Limited [2313]

China

279

21.30

5,936

0.1

Standard Chartered PLC [STAN]

United Kingdom

987

5.88

5,800

0.1

Tokyo Ohka Kogyo Co., Ltd. [4186]

Japan

97

61.75

5,965

0.1

Alfresa Holdings Corporation [2784]

Japan

375

15.02

5,634

0.1

ANDRITZ AG [ANDR]

Austria

97

54.80

5,304

0.1

Astellas Pharma Inc. [4503]

Japan

338

16.51

5,578

0.1

Casio Computer Co., Ltd. [6952]

Japan

339

16.64

5,647

0.1

Fletcher Building Limited [FBU]

New Zealand

1,127

4.95

5,581

0.1

Hakuhodo Dy Holdings Incorporated [2433]

Japan

326

17.33

5,652

0.1

Hiscox Ltd [HSX]

United Kingdom

476

11.32

5,391

0.1

Informa Plc [INF]

United Kingdom

754

7.41

5,583

0.1

John Wood Group PLC [WG]

United Kingdom

1,820

3.10

5,648

0.1

Marui Group Co., Ltd. [8252]

Japan

286

19.47

5,569

0.1

Otsuka Holdings Co., Ltd. [4578]

Japan

125

42.90

5,359

0.1

Pernod Ricard SA [RI]

France

25

221.01

5,574

0.1

Suntory Beverage & Food Ltd. [2587]

Japan

128

41.59

5,340

0.1

Axis Bank Limited [532215]

India

481

10.33

4,971

0.1

Barratt Developments PLC [BDEV]

United Kingdom

563

8.90

5,013

0.1

Bluescope Steel Limited [BSL]

Australia

348

14.81

5,153

0.1

Close Brothers Group plc [CBG]

United Kingdom

241

20.86

5,027

0.1

CRH Plc [CRG]

Ireland

103

47.01

4,857

0.1

Hana Financial Group Inc. [086790]

South Korea

123

39.19

4,837

0.1

Infosys Limited Sponsored ADR [INFY]

India

224

22.25

4,988

0.1

Intesa Sanpaolo S.p.A. [ISP]

Italy

1,698

2.84

4,828

0.1

MediaTek Inc [2454]

Taiwan

156

32.48

5,067

0.1

Singapore Telecommunications Limited [Z74]

Singapore

2,775

1.81

5,029

0.1

Sohgo Security Services Co., Ltd. [2331]

Japan

115

45.26

5,223

0.1

Southern Copper Corporation [SCCO]

Peru

89

56.14

4,986

0.1

T&D Holdings, Inc. [8795]

Japan

377

13.88

5,237

0.1

Telstra Corporation Limited [TLS]

Australia

1,855

2.84

5,267

0.1

Weichai Power Co., Ltd. Class H [2338]

China

2,498

2.08

5,192

0.1

Zhongsheng Group Holdings Ltd. [881]

China

623

8.05

5,018

0.1

ABC-MART, INC. [2670]

Japan

85

56.73

4,800

0.1

Advantech Co., Ltd. [2395]

Taiwan

351

13.10

4,598

0.1

Chailease Holding Co. Ltd. [5871]

Taiwan

534

8.83

4,714

0.1

Chroma Ate Inc. [2360]

Taiwan

700

6.32

4,422

0.1

Galaxy Entertainment Group Limited [27]

Hong Kong

907

5.14

4,660

0.1

Gerresheimer AG [GXI]

Germany

47

98.28

4,614

0.1

Giant Manufacturing Co., Ltd. [9921]

Taiwan

420

11.43

4,801

0.1

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

Australia

127

36.31

4,621

0.1

Kao Corp. [4452]

Japan

80

59.65

4,766

0.1

MatsukiyoCocokara & Co. [3088]

Japan

99

45.26

4,472

0.1

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

Sweden

361

12.16

4,390

0.1

Olympus Corp. [7733]

Japan

199

22.02

4,372

0.1

OMRON Corporation [6645]

Japan

48

99.48

4,735

0.1

PERSOL HOLDINGS CO. LTD. [2181]

Japan

183

25.18

4,611

0.1

Randstad NV [RAND]

Netherlands

69

67.33

4,651

0.1

Rinnai Corporation [5947]

Japan

42

109.88

4,659

0.1

Sekisui Chemical Co., Ltd. [4204]

Japan

259

17.27

4,480

0.1

Sumitomo Bakelite Co., Ltd. [4203]

Japan

97

46.52

4,526

0.1

Thai Beverage Public Co., Ltd. [Y92]

Singapore

9,711

0.48

4,685

0.1

Aristocrat Leisure Limited [ALL]

Australia

115

33.91

3,900

0.1

Asahi Group Holdings,Ltd. [2502]

Japan

81

48.59

3,940

0.1

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

Switzerland

389

10.34

4,022

0.1

Daily Mail & General Trust plc Class A [DMGT]

United Kingdom

301

14.45

4,353

0.1

Delta Electronics, Inc. [2308]

Taiwan

457

9.05

4,134

0.1

Ferrovial, S.A. [FER]

Spain

134

29.24

3,916

0.1

GEA Group AG [G1A]

Germany

94

45.88

4,315

0.1

Great Eastern Holdings Limited [G07]

Singapore

265

15.70

4,165

0.1

InterContinental Hotels Group PLC [IHG]

United Kingdom

62

64.13

3,951

0.1

International Personal Finance plc [IPF]

United Kingdom

2,130

1.86

3,970

0.1

Meiji Holdings Co., Ltd. [2269]

Japan

63

64.62

4,071

0.1

Nintendo Co., Ltd. [7974]

Japan

9

486.76

4,186

0.1

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

China

576

6.84

3,940

0.1

Qantas Airways Limited [QAN]

Australia

1,008

4.10

4,129

0.1

Rotork plc [ROR]

United Kingdom

838

4.70

3,943

0.1

RWS Holdings plc [RWS]

United Kingdom

481

8.45

4,062

0.1

Severstal PAO Sponsored GDR RegS [SVJTY]

Russia

194

20.88

4,050

0.1

Sundrug Co., Ltd. [9989]

Japan

135

30.56

4,132

0.1

ZOZO, Inc. [3092]

Japan

108

37.60

4,042

0.1

Beach Energy Limited [BPT]

Australia

3,232

1.08

3,490

0.1

Bid Corporation Limited [BID]

South Africa

163

21.44

3,502

0.1

Devro plc [DVO]

United Kingdom

1,335

2.88

3,842

0.1

Euromoney Institutional Investor PLC [ERM]

United Kingdom

269

13.70

3,682

0.1

Evolution Mining Limited [EVN]

Australia

1,537

2.52

3,876

0.1

Fukuoka Financial Group, Inc. [8354]

Japan

212

18.02

3,812

0.1

Havells India Limited [517354]

India

193

18.50

3,564

0.1

Helvetia Holding Ltd [HELN]

Switzerland

32

109.24

3,526

0.1

HSBC Holdings Plc [5]

Hong Kong

691

5.26

3,636

0.1

Japan Tobacco Inc. [2914]

Japan

180

19.63

3,541

0.1

KONAMI HOLDINGS CORP [9766]

Japan

58

63.01

3,673

0.1

L'Occitane International S.A. [973]

Hong Kong

1,111

3.37

3,747

0.1

Nippon Suisan Kaisha, Ltd. [1332]

Japan

593

5.83

3,460

0.1

Orica Limited [ORI]

Australia

351

9.96

3,494

0.1

Rathbone Group PLC [RAT]

United Kingdom

128

27.17

3,485

0.1

Sea Ltd. (Singapore) Sponsored ADR Class A [SE]

Singapore

12

318.73

3,700

0.1

Ship Healthcare Holdings, Inc. [3360]

Japan

147

25.85

3,787

0.1

Smith & Nephew PLC [SN]

United Kingdom

223

17.35

3,865

0.1

Sumitomo Metal Mining Co., Ltd. [5713]

Japan

98

36.43

3,581

0.1

Takeda Pharmaceutical Co. Ltd. [4502]

Japan

112

33.15

3,697

0.1

USS Co., Ltd. [4732]

Japan

224

17.15

3,842

0.1

ALS Ltd. [ALQ]

Australia

372

9.17

3,413

0.1

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

United Kingdom

91

35.11

3,207

0.1

Clicks Group Limited [CLS]

South Africa

177

18.46

3,270

0.1

Daito Trust Construction Co., Ltd. [1878]

Japan

28

116.87

3,214

0.1

Elis SA [ELIS]

France

162

19.20

3,108

0.1

First Quantum Minerals Ltd. [FM]

Canada

168

18.51

3,107

0.1

Fuji Oil Holdings, Inc. [2607]

Japan

134

23.51

3,157

0.1

G.U.D. Holdings Limited [GUD]

Australia

445

7.42

3,301

0.1

Japan Lifeline Co., Ltd. [7575]

Japan

250

12.30

3,079

0.1

Makita Corporation [6586]

Japan

61

55.12

3,373

0.1

National Express Group PLC [NEX]

United Kingdom

1,036

3.25

3,370

0.1

NOMURA Co., Ltd. [9716]

Japan

340

9.05

3,078

0.1

Otsuka Corporation [4768]

Japan

61

51.45

3,128

0.1

Porto Seguro S.A. [PSSA3]

Brazil

350

9.08

3,176

0.1

Quadient SA [QDT]

France

128

24.11

3,092

0.1

Sumitomo Electric Industries, Ltd. [5802]

Japan

256

13.41

3,427

0.1

Swire Pacific Limited Class A [19]

Hong Kong

513

5.95

3,051

0.1

TechnoPro Holdings Inc. [6028]

Japan

102

30.34

3,104

0.1

UBS Group AG [UBSG]

Switzerland

202

16.08

3,254

0.1

AMP Limited [AMP]

Australia

3,532

0.72

2,526

0.1

Capitec Bank Holdings Limited [CPI]

South Africa

21

120.91

2,587

0.1

Dabur India Limited [500096]

India

308

8.31

2,558

0.1

Daiwa Securities Group Inc. [8601]

Japan

499

5.86

2,927

0.1

LG Corp [003550]

South Korea

36

78.55

2,857

0.1

Metcash Limited [MTS]

Australia

985

2.84

2,796

0.1

Nitto Denko Corp. [6988]

Japan

40

71.52

2,868

0.1

Nomura Research Institute,Ltd. [4307]

Japan

69

37.11

2,575

0.1

NSK Ltd. [6471]

Japan

419

6.82

2,854

0.1

Santos Limited [STO]

Australia

522

5.18

2,701

0.1

Schibsted ASA Class B [SCHB]

Norway

69

42.59

2,935

0.1

SENKO Group Holdings Co.Ltd. [9069]

Japan

323

9.20

2,973

0.1

Vicat-Ciments Vicat SA [VCT]

France

57

44.62

2,541

0.1

AEON Delight Co., Ltd. [9787]

Japan

65

31.86

2,065

0.1

ASM Pacific Technology Limited [522]

Hong Kong

209

11.07

2,307

0.1

Challenger Limited [CGF]

Australia

503

4.54

2,280

0.1

Danske Bank A/S [DANSKE]

Denmark

140

16.90

2,369

0.1

HOSHIZAKI Corp. [6465]

Japan

26

91.24

2,372

0.1

Hyundai Motor Company [005380]

South Korea

14

168.92

2,285

0.1

IPH Ltd. [IPH]

Australia

377

6.67

2,516

0.1

Japan Exchange Group, Inc. [8697]

Japan

100

24.87

2,495

0.1

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

Thailand

591

3.93

2,321

0.1

Lion Corporation [4912]

Japan

132

16.20

2,134

0.1

Marico Limited [531642]

India

281

7.38

2,072

0.1

Mitsubishi Electric Corp. [6503]

Japan

149

13.95

2,078

0.1

Nisshinbo Holdings Inc. [3105]

Japan

275

7.60

2,089

0.1

Pepkor Holdings Ltd. [PPH]

South Africa

1,588

1.43

2,277

0.1

Rohto Pharmaceutical Co., Ltd. [4527]

Japan

69

30.74

2,109

0.1

SAWAI GROUP HOLDINGS Co., Ltd. [4887]

Japan

53

46.61

2,475

0.1

Shimadzu Corporation [7701]

Japan

57

44.05

2,489

0.1

Stella International Holdings Limited [1836]

Hong Kong

1,608

1.28

2,066

0.1

Uni-President Enterprises Corp. [1216]

Taiwan

866

2.45

2,123

0.1

Want Want China Holdings Limited [151]

China

3,186

0.76

2,411

0.1

X 5 RETAIL GROUP NV REGS GDR DEPOSITORY RECEIPT

--

72

32.47

2,346

0.1

African Rainbow Minerals Limited [ARI]

South Africa

147

12.60

1,859

0.0

Anglo American Platinum Limited [AMS]

South Africa

20

86.70

1,757

0.0

BOC Aviation Limited [2588]

China

202

8.38

1,694

0.0

CALBEE, Inc. [2229]

Japan

82

24.40

1,996

0.0

Domain Holdings Australia Ltd. [DHG]

Australia

456

4.08

1,860

0.0

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

Mexico

174

11.68

2,029

0.0

Kose Corporation [4922]

Japan

17

119.92

1,979

0.0

Mabuchi Motor Co., Ltd. [6592]

Japan

52

34.77

1,801

0.0

NEXON Co., Ltd. [3659]

Japan

100

16.20

1,616

0.0

Oil Search Limited [OSH]

Australia

600

3.17

1,903

0.0

Onward Holdings Co., Ltd. [8016]

Japan

564

3.24

1,831

0.0

Playtech plc [PTEC]

United Kingdom

318

6.33

2,012

0.0

Sime Darby Bhd. [4197]

Malaysia

3,605

0.54

1,955

0.0

Trip.com Group Ltd. Sponsored ADR [TCOM]

China

62

30.75

1,895

0.0

First Pacific Co. Ltd. [142]

Hong Kong

3,476

0.36

1,250

0.0

Genting Singapore Limited [G13]

Singapore

2,180

0.53

1,156

0.0

GWA Group Limited [GWA]

Australia

797

1.98

1,577

0.0

HANKOOK TIRE & TECHNOLOGY Co., Ltd. [161390]

South Korea

44

36.53

1,597

0.0

Imerys SA [NK]

France

37

43.44

1,592

0.0

Johnson Electric Holdings Limited [179]

Hong Kong

660

2.13

1,407

0.0

King Slide Works Co., Ltd. [2059]

Taiwan

88

13.93

1,226

0.0

Mandom Corporation [4917]

Japan

95

14.39

1,367

0.0

Prudential plc [2378]

United Kingdom

67

19.28

1,287

0.0

Samsonite International S.A. [1910]

Hong Kong

738

2.16

1,593

0.0

TechnipFMC Plc [FTI]

United States

183

7.59

1,391

0.0

AmorePacific Group, Inc. [002790]

South Korea

25

41.43

1,046

0.0

CK Hutchison Holdings Ltd [1]

Hong Kong

153

6.67

1,021

0.0

Esprit Holdings Limited [330]

Hong Kong

10,700

0.09

948

0.0

Oracle Corporation Japan [4716]

Japan

10

88.01

907

0.0

Teco Electric & Machinery Co., Ltd. [1504]

Taiwan

875

1.12

981

0.0

Vipshop Holdings Ltd Sponsored ADR [VIPS]

China

68

11.14

754

0.0

Ajisen (China) Holdings Limited [538]

China

2,983

0.17

513

0.0

AMOREPACIFIC Group Cum Pfd Registered [00279K]

South Korea

10

31.67

318

0.0

Petrofac Limited [PFC]

United Kingdom

294

2.27

669

0.0

Shriram Transport Finance Co. Ltd. [511218]

India

31

17.50

547

0.0

Technip Energies NV [TE]

France

37

15.76

590

0.0

Uni-President China Holdings Ltd. [220]

China

321

0.95

306

0.0

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

Switzerland

805

0.04

32

0.0

LX Holdings Corp. [383800]

South Korea

20

8.03

162

0.0

Non-Standard Finance Plc [NSF]

United Kingdom

2,291

0.05

124

0.0

Total

--

--

--

4,501,424

100.1

Cash and Other Assets Less Liabilities

--

--

--

--

-0.1

Total Net Assets

--

--

--

--

100%

as of 9/30/2021

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Energy

9.9

8.7

Real Estate

6.0

-3.1

Financials

5.0

1.7

Communication Services

1.6

-4.1

Information Technology

1.4

5.0

[Unassigned]

0.3

33.8

Industrials

-0.5

1.3

Consumer Discretionary

-1.3

-3.6

Health Care

-2.0

0.5

Consumer Staples

-3.0

-3.4

Materials

-4.6

-5.7

Utilities

-5.9

-4.6

as of 9/30/2021

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Industrials

22.1

15.8

Financials

17.1

17.1

Consumer Discretionary

15.1

12.8

Health Care

9.8

12.6

Consumer Staples

9.2

10.2

Materials

7.4

7.3

Communication Services

7.0

4.8

Information Technology

6.3

9.6

Energy

3.3

3.5

Utilities

0.5

3.3

Real Estate

0.4

2.9

as of 9/30/2021

Country

International Fund %

MSCI EAFE (ND) Index %

United Kingdom

25.4

14.3

Japan

22.7

24.1

France

7.9

11.2

Denmark

6.0

2.6

Germany

5.8

9.1

Switzerland

5.4

9.5

Netherlands

3.2

4.9

Australia

2.9

6.9

Sweden

2.8

3.7

Italy

2.6

2.4

Other

15.3

11.3

Forms & Resources

Fund Documents

nav icon

International Fund Quarterly Report

10/21/2021
nav icon

International Fund Portfolio Holdings

10/18/2021

Regulatory

nav icon

International Fund Summary Prospectus

10/22/2021
nav icon

International & Global Prospectus

10/22/2021
nav icon

International & Global Annual Report

08/27/2021
nav icon

International & Global Semi-Annual Report

08/27/2021
nav icon

Statement of Additional Information

11/18/2021
nav icon

International & Global Fiscal Q3 Schedule of Holdings

09/29/2021
nav icon

International & Global Fiscal Q1 Schedule of Holdings

08/27/2021

Management

Marathon Asset Management LLP


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.

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 (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.

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 ©2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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