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Harbor International Fund (HAINX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 9/23/2022

NAV Price

$34.59

NAV Daily Change ($)

-$1.25

NAV Daily Change (%)

-3.49%

NAV YTD Return

-26.72%

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

0.88%

Total Net Assets (million)

as of 8/31/2022

$2,444.21

Ticker

HAINX

Fund Number

2011

Share Class

Institutional

Top Ten Holdings

as of 6/30/2022

BP p.l.c. [BP]

2.2%

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

2.2%

Roche Holding Ltd Dividend Right Cert. [ROG]

1.9%

Equinor ASA [EQNR]

1.5%

Nippon Telegraph and Telephone Corporation [9432]

1.4%

HitachiLtd. [6501]

1.4%

Glencore plc [GLEN]

1.2%

Barclays PLC [BARC]

1.1%

Vestas Wind Systems A/S [VWS]

1.0%

Compass Group PLC [CPG]

1.0%

% of Total Holdings:

14.9%

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

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Fund

-10.52%

-20.36%

-21.97%

3.00%

0.38%

3.37%

9.21%

0.77%disclaimer

0.88%

MSCI EAFE (ND) Index

-9.28%

-19.57%

-19.80%

2.39%

1.63%

5.00%

4.85%

--

--

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

12/17/2021

12/20/2021

12/20/2021

0.00000

1.01357

0.00000

--

0.00000

--

1.01357

0.07776

--

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 6/30/2022

International Fund

Number of Holdings

371

Wtd Avg Market Cap ($Mil)

42670.2

Price/Book Ratio

1.96

Adjusted Trailing P/E Ratio

15.1

% EPS Growth - Past 3 Yr

9

Return on Equity (%)

12.69

Forecasted P/E Ratio

14

Proj. Earnings Growth Rate (%)

11.5

Top Ten Holdings

as of 6/30/2022

Company Name [Ticker]

% of Net Assets

BP p.l.c.[BP]

2.2

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

2.2

Roche Holding Ltd Dividend Right Cert.[ROG]

1.9

Equinor ASA[EQNR]

1.5

Nippon Telegraph and Telephone Corporation[9432]

1.4

HitachiLtd.[6501]

1.4

Glencore plc[GLEN]

1.2

Barclays PLC[BARC]

1.1

Vestas Wind Systems A/S[VWS]

1.0

Compass Group PLC[CPG]

1.0

% of Total Holdings:

14.9%

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 6/30/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

BP p.l.c. [BP]

United Kingdom

15,257

4.72

71,948

2.2

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

Denmark

644

110.67

71,316

2.2

Roche Holding Ltd Dividend Right Cert. [ROG]

Switzerland

190

332.74

63,144

1.9

Equinor ASA [EQNR]

Norway

1,409

34.67

48,841

1.5

Nippon Telegraph and Telephone Corporation [9432]

Japan

1,643

28.68

47,109

1.4

HitachiLtd. [6501]

Japan

983

47.39

46,564

1.4

Glencore plc [GLEN]

United Kingdom

7,010

5.41

37,893

1.2

Barclays PLC [BARC]

United Kingdom

19,413

1.86

36,100

1.1

Vestas Wind Systems A/S [VWS]

Denmark

1,568

21.07

33,047

1.0

Compass Group PLC [CPG]

United Kingdom

1,606

20.40

32,776

1.0

BNP Paribas S.A. Class A [BNP]

France

656

47.43

31,105

1.0

Resona Holdings Inc. [8308]

Japan

8,261

3.74

30,897

0.9

Dai-ichi Life HoldingsInc. [8750]

Japan

1,605

18.48

29,651

0.9

Lloyds Banking Group plc [LLOY]

United Kingdom

58,121

0.51

29,864

0.9

Rightmove plc [RMV]

United Kingdom

4,229

6.90

29,195

0.9

Kirin Holdings Company Limited [2503]

Japan

1,807

15.73

28,432

0.9

Coloplast A/S Class B [COLO.B]

Denmark

245

113.65

27,899

0.9

Intertek Group plc [ITRK]

United Kingdom

545

51.08

27,835

0.9

EssilorLuxottica SA [EL]

France

180

149.39

26,947

0.8

HomeServe plc [HSV]

United Kingdom

1,870

14.23

26,612

0.8

Sampo Oyj Class A [SAMPO]

Finland

611

43.41

26,508

0.8

ASSA ABLOY AB Class B [ASSA.B]

Sweden

1,215

21.21

25,757

0.8

Diageo plc [DGE]

United Kingdom

602

42.88

25,792

0.8

Compagnie Financiere Richemont SA [CFR]

Switzerland

236

106.18

25,079

0.8

Unilever PLC [ULVR]

United Kingdom

559

45.19

25,239

0.8

Reckitt Benckiser Group plc [RKT]

United Kingdom

330

74.93

24,732

0.8

RELX PLC [REL]

United Kingdom

922

27.03

24,921

0.8

Flutter Entertainment Plc [FLTR]

Ireland

242

100.87

24,455

0.8

Rio Tinto plc [RIO]

United Kingdom

409

59.71

24,399

0.8

3i Group plc [III]

United Kingdom

1,766

13.46

23,771

0.7

Legrand SA [LR]

France

322

73.66

23,712

0.7

CNH Industrial NV [CNHI]

Italy

2,006

11.52

23,105

0.7

Bank of Ireland Group Plc [BIRG]

Ireland

3,638

6.31

22,945

0.7

AXA SA [CS]

France

990

22.64

22,414

0.7

AIA Group Limited [1299]

Hong Kong

2,050

10.84

22,217

0.7

Geberit AG [GEBN]

Switzerland

46

479.24

22,278

0.7

Heineken NV [HEIA]

Netherlands

243

90.95

22,101

0.7

Entain PLC [ENT]

United Kingdom

1,451

15.12

21,938

0.7

Bunzl plc [BNZL]

United Kingdom

657

33.02

21,697

0.7

Toyota Motor Corp. [7203]

Japan

1,339

15.46

20,693

0.6

ArcelorMittal SA [MT]

France

889

22.49

19,985

0.6

Sumitomo Mitsui Trust Holdings Inc. [8309]

Japan

647

30.77

19,916

0.6

CaixaBank SA [CABK]

Spain

5,526

3.47

19,164

0.6

BAE Systems plc [BA]

United Kingdom

1,878

10.08

18,934

0.6

Fresenius Medical Care AG & Co. KGaA [FME]

Germany

381

49.79

18,966

0.6

SSP Group Plc [SSPG]

United Kingdom

6,678

2.83

18,889

0.6

Brenntag Societas Europaea [BNR]

Germany

287

64.92

18,610

0.6

Edenred SA [EDEN]

France

393

47.01

18,497

0.6

UniCredit S.p.A. [UCG]

Italy

1,976

9.48

18,728

0.6

NEC Corp. [6701]

Japan

472

38.79

18,298

0.6

Schneider Electric SE [SU]

France

154

118.03

18,195

0.6

Eurofins Scientific Societe Europeenne [ERF]

France

230

78.49

18,060

0.5

Demant A/S [DEMANT]

Denmark

474

37.44

17,756

0.5

ConvaTec Group Plc [CTEC]

United Kingdom

6,363

2.73

17,340

0.5

ABB Ltd. [ABBN]

Switzerland

622

26.59

16,538

0.5

HelloFresh SE [HFG]

Germany

518

32.25

16,701

0.5

BHP Group Ltd [BHP]

Australia

568

28.37

16,122

0.5

Holcim Ltd [HOLN]

Switzerland

375

42.67

16,017

0.5

JAPAN POST HOLDINGS Co. Ltd. [6178]

Japan

2,270

7.13

16,190

0.5

Koninklijke Ahold Delhaize N.V. [AD]

Netherlands

589

25.99

15,298

0.5

Obayashi Corporation [1802]

Japan

2,132

7.25

15,454

0.5

Orsted [ORSTED]

Denmark

147

104.30

15,337

0.5

ASML Holding NV [ASML]

Netherlands

31

476.57

14,823

0.5

BASF SE [BAS]

Germany

333

43.41

14,471

0.4

Bayerische Motoren Werke AG [BMW]

Germany

187

76.80

14,323

0.4

Nomura Holdings Inc. [8604]

Japan

3,909

3.65

14,268

0.4

Serco Group plc [SRP]

United Kingdom

6,760

2.12

14,301

0.4

Sonova Holding AG [SOON]

Switzerland

45

317.54

14,253

0.4

Svenska Handelsbanken AB Class A [SHB.A]

Sweden

1,698

8.53

14,489

0.4

Hays plc [HAS]

United Kingdom

10,295

1.36

13,952

0.4

Royal KPN NV [KPN]

Netherlands

3,999

3.56

14,219

0.4

Swedish Match AB [SWMA]

Sweden

1,383

10.17

14,058

0.4

adidas AG [ADS]

Germany

78

176.43

13,762

0.4

Mitsubishi Electric Corp. [6503]

Japan

1,282

10.68

13,688

0.4

Sandvik AB [SAND]

Sweden

835

16.18

13,507

0.4

Air Water Inc. [4088]

Japan

1,041

12.54

13,052

0.4

DBS Group Holdings Ltd [D05]

Singapore

606

21.33

12,929

0.4

WPP Plc [WPP]

United Kingdom

1,296

10.01

12,976

0.4

Adecco Group AG [ADEN]

Switzerland

376

33.89

12,726

0.4

Oji Holdings Corp. [3861]

Japan

2,953

4.33

12,781

0.4

Australia and New Zealand Banking Group Limited [ANZ]

Australia

830

15.15

12,567

0.4

Mitsubishi Heavy Industries Ltd. [7011]

Japan

360

34.93

12,574

0.4

Taiheiyo Cement Corporation [5233]

Japan

842

14.91

12,555

0.4

Experian PLC [EXPN]

United Kingdom

411

29.22

12,013

0.4

GN Store Nord A/S [GN]

Denmark

344

34.96

12,026

0.4

Inchcape plc [INCH]

United Kingdom

1,445

8.45

12,207

0.4

Sega Sammy Holdings Inc. [6460]

Japan

759

16.03

12,170

0.4

Toyo Suisan Kaisha Ltd. [2875]

Japan

307

38.94

11,966

0.4

Carlsberg AS Class B [CARL.B]

Denmark

93

127.08

11,847

0.4

LIXIL Corporation [5938]

Japan

638

18.70

11,930

0.4

NTT DATA Corporation [9613]

Japan

855

13.81

11,801

0.4

Tokio Marine Holdings Inc. [8766]

Japan

201

58.17

11,698

0.4

DCC Plc [DCC]

United Kingdom

184

61.91

11,378

0.4

INPEX CORPORATION [1605]

Japan

1,044

10.82

11,296

0.4

Admiral Group plc [ADM]

United Kingdom

406

27.25

11,066

0.3

Anheuser-Busch InBev SA/NV [ABI]

Belgium

208

53.69

11,155

0.3

Volkswagen AG Pref [VOW3]

Germany

82

133.21

10,966

0.3

WH Smith PLC [SMWH]

United Kingdom

651

17.08

11,115

0.3

Renesas Electronics Corporation [6723]

Japan

1,199

9.08

10,880

0.3

Airbus SE [AIR]

France

110

96.65

10,628

0.3

DS Smith Plc [SMDS]

United Kingdom

3,081

3.37

10,375

0.3

Fluidra S.A. [FDR]

Spain

514

20.22

10,392

0.3

St. James's Place Plc [STJ]

United Kingdom

779

13.39

10,437

0.3

ITV PLC [ITV]

United Kingdom

12,870

0.79

10,200

0.3

Koninklijke Philips N.V. [PHIA]

Netherlands

470

21.49

10,105

0.3

Fuji Media Holdings Inc. [4676]

Japan

1,165

8.46

9,851

0.3

Getlink SE [GET]

France

555

17.59

9,764

0.3

Seven & I Holdings Co. Ltd. [3382]

Japan

256

38.77

9,909

0.3

Toyo Seikan Group Holdings Ltd. [5901]

Japan

927

10.44

9,682

0.3

Wienerberger AG [WIE]

Austria

454

21.41

9,710

0.3

Alten SA [ATE]

France

86

108.52

9,364

0.3

Auto Trader Group PLC [AUTO]

United Kingdom

1,417

6.74

9,550

0.3

Deutsche Telekom AG [DTE]

Germany

477

19.81

9,449

0.3

Itochu Corporation [8001]

Japan

357

26.99

9,625

0.3

SCSK Corporation [9719]

Japan

563

16.90

9,517

0.3

TDK Corporation [6762]

Japan

310

30.84

9,561

0.3

Tesco PLC [TSCO]

United Kingdom

3,050

3.10

9,463

0.3

Coca-Cola Europacific Partners plc [CCEP]

Netherlands

175

51.61

9,017

0.3

DNB Bank ASA [DNB]

Norway

518

17.87

9,257

0.3

Koninklijke Boskalis Westminster N.V. [BOKA]

Netherlands

277

33.45

9,262

0.3

NH Foods Limited [2282]

Japan

291

31.25

9,077

0.3

Teleperformance SA [TEP]

France

29

306.63

9,042

0.3

Viscofan S.A. [VIS]

Spain

167

54.89

9,179

0.3

Rohm Co. Ltd. [6963]

Japan

128

69.63

8,906

0.3

Standard Chartered PLC [STAN]

United Kingdom

1,187

7.51

8,918

0.3

Thales SA [HO]

France

71

122.37

8,681

0.3

Penta-Ocean Construction Co. Ltd. [1893]

Japan

1,591

5.39

8,572

0.3

Santos Limited [STO]

Australia

1,641

5.10

8,373

0.3

Sompo HoldingsInc. [8630]

Japan

192

44.04

8,451

0.3

Daiwa House Industry Co. Ltd. [1925]

Japan

358

23.27

8,321

0.3

JCDecaux SA [DEC]

France

487

16.76

8,159

0.3

Rolls-Royce Holdings plc [RR]

United Kingdom

8,192

1.01

8,252

0.3

Samsung Electronics Co. Ltd. [005930]

South Korea

186

43.90

8,180

0.3

Stabilus SE [STM]

Germany

166

48.77

8,099

0.3

Toyota Industries Corp. [6201]

Japan

131

61.83

8,118

0.3

Tsumura & Co. [4540]

Japan

368

22.41

8,250

0.3

Davide Campari-Milano N.V. [CPR]

Italy

736

10.49

7,721

0.2

INFRONEER Holdings Inc. [5076]

Japan

1,100

7.10

7,816

0.2

Macquarie Group Ltd. [MQG]

Australia

71

113.13

7,989

0.2

Medipal Holdings Corporation [7459]

Japan

562

14.09

7,919

0.2

Net One Systems Co. Ltd. [7518]

Japan

358

22.08

7,914

0.2

QBE Insurance Group Limited [QBE]

Australia

953

8.35

7,958

0.2

CTS Eventim AG & Co. KGaA [EVD]

Germany

147

52.27

7,673

0.2

Mitsubishi Logistics Corporation [9301]

Japan

310

23.89

7,405

0.2

Taiwan Semiconductor Manufacturing Co. Ltd. [2330]

Taiwan

472

16.01

7,556

0.2

CSL Limited [CSL]

Australia

38

185.02

7,032

0.2

Jardine Matheson Holdings Limited [J36]

Hong Kong

138

52.56

7,243

0.2

Marui Group Co. Ltd. [8252]

Japan

404

17.48

7,057

0.2

Nippon Television Holdings Inc. [9404]

Japan

798

8.88

7,089

0.2

Nissan Chemical Corporation [4021]

Japan

159

46.00

7,319

0.2

Nisshinbo Holdings Inc. [3105]

Japan

949

7.52

7,131

0.2

Acerinox SA [ACX]

Spain

718

9.66

6,935

0.2

East Japan Railway Company [9020]

Japan

133

51.07

6,787

0.2

IG Group Holdings plc [IGG]

United Kingdom

837

8.39

7,023

0.2

TUI AG [TUI1]

United Kingdom

4,312

1.61

6,954

0.2

Yum China Holdings Inc. [YUMC]

China

144

48.50

7,004

0.2

Getinge AB Class B [GETI.B]

Sweden

284

23.07

6,561

0.2

Logitech International S.A. [LOGN]

Switzerland

123

52.09

6,384

0.2

HDFC Bank Limited Sponsored ADR [HDB]

India

113

54.96

6,187

0.2

Naspers Limited Class N [NPN]

South Africa

42

144.53

6,059

0.2

Sumitomo Mitsui Financial Group Inc. [8316]

Japan

207

29.68

6,132

0.2

Taylor Wimpey plc [TW]

United Kingdom

4,277

1.42

6,060

0.2

TBS HOLDINGS INC. [9401]

Japan

492

12.51

6,152

0.2

United Overseas Bank Ltd. (Singapore) [U11]

Singapore

329

18.86

6,198

0.2

Baidu Inc Sponsored ADR Class A [BIDU]

Hong Kong

39

148.73

5,793

0.2

easyJet plc [EZJ]

United Kingdom

1,300

4.45

5,788

0.2

Future plc [FUTR]

United Kingdom

278

20.92

5,816

0.2

Kyocera Corporation [6971]

Japan

111

53.41

5,923

0.2

Prudential plc [PRU]

United Kingdom

479

12.34

5,904

0.2

PT Bank Central Asia Tbk [BBCA]

Indonesia

12,291

0.49

5,982

0.2

Bridgestone Corporation [5108]

Japan

156

36.44

5,684

0.2

Daifuku Co. Ltd. [6383]

Japan

98

57.12

5,615

0.2

Galaxy Entertainment Group Limited [27]

Hong Kong

934

5.96

5,570

0.2

NS Solutions Corp [2327]

Japan

212

26.65

5,636

0.2

Yakult Honsha Co. Ltd. [2267]

Japan

95

57.63

5,458

0.2

Cleanaway Waste Management Ltd. [CWY]

Australia

2,942

1.73

5,097

0.2

Dowa Holdings Co. Ltd. [5714]

Japan

160

33.16

5,302

0.2

Fukuoka Financial Group Inc. [8354]

Japan

296

17.99

5,321

0.2

JAFCO Group Co. Ltd. [8595]

Japan

436

12.04

5,250

0.2

MatsukiyoCocokara & Co. [3088]

Japan

129

40.41

5,221

0.2

Tata Consultancy Services Limited [532540]

India

125

41.37

5,157

0.2

Techtronic Industries Co. Ltd. [669]

Hong Kong

489

10.43

5,095

0.2

Gestamp Automocion S.A. [GEST]

Spain

1,438

3.45

4,966

0.2

Hiscox Ltd [HSX]

United Kingdom

423

11.44

4,839

0.2

Housing Development Finance Corporation Limited [500010]

India

179

27.49

4,922

0.2

KDDI Corporation [9433]

Japan

157

31.57

4,957

0.2

Pets At Home Group Plc [PETS]

United Kingdom

1,347

3.73

5,025

0.2

Sumitomo Metal Mining Co. Ltd. [5713]

Japan

154

31.28

4,821

0.2

Tokyo Ohka Kogyo Co. Ltd. [4186]

Japan

101

48.88

4,922

0.2

Viaplay Group AB Class B [VPLAY.B]

Sweden

235

20.48

4,822

0.2

Advantech Co. Ltd. [2395]

Taiwan

383

11.64

4,457

0.1

Amplifon S.p.A. [AMP]

Italy

148

30.58

4,524

0.1

China Mengniu Dairy Co. Ltd. [2319]

China

934

4.99

4,660

0.1

Hannover Rueck SE [HNR1]

Germany

32

144.79

4,681

0.1

MEGMILK SNOW BRAND Co. Ltd. [2270]

Japan

349

13.35

4,661

0.1

Sekisui Chemical Co. Ltd. [4204]

Japan

339

13.67

4,632

0.1

Sumitomo Bakelite Co. Ltd. [4203]

Japan

158

29.92

4,728

0.1

Hakuhodo Dy Holdings Incorporated [2433]

Japan

473

9.16

4,332

0.1

Informa Plc [INF]

United Kingdom

669

6.42

4,297

0.1

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

Ireland

1,151

3.71

4,271

0.1

Jupiter Fund Management plc [JUP]

United Kingdom

2,407

1.80

4,330

0.1

Li Ning Company Limited [2331]

China

451

9.26

4,174

0.1

Midea Group Co. Ltd. Class A

China

456

9.02

4,117

0.1

Nintendo Co. Ltd. [7974]

Japan

10

431.93

4,147

0.1

Pernod Ricard SA [RI]

France

22

183.27

4,104

0.1

PERSOL HOLDINGS CO. LTD. [2181]

Japan

236

18.15

4,277

0.1

Reply S.p.A. [REY]

Italy

35

120.96

4,280

0.1

Wartsila Oyj Abp [WRT1V]

Finland

564

7.77

4,381

0.1

Capita plc [CPI]

United Kingdom

12,909

0.31

4,001

0.1

Euromoney Institutional Investor PLC [ERM]

United Kingdom

239

16.32

3,907

0.1

Newcrest Mining Limited [NCM]

Australia

284

14.37

4,078

0.1

Osterreichische Post AG [POST]

Austria

141

28.44

4,016

0.1

SK hynix Inc. [000660]

South Korea

55

70.09

3,859

0.1

Southern Copper Corporation [SCCO]

Peru

81

49.81

4,025

0.1

Swire Pacific Limited Class A [19]

Hong Kong

640

5.96

3,813

0.1

Weichai Power Co. Ltd. Class H [2338]

China

2,533

1.59

4,022

0.1

Zhongsheng Group Holdings Ltd. [881]

China

571

7.05

4,024

0.1

ANDRITZ AG [ANDR]

Austria

86

40.19

3,454

0.1

Asahi Group HoldingsLtd. [2502]

Japan

112

32.72

3,674

0.1

Beach Energy Limited [BPT]

Australia

3,008

1.19

3,568

0.1

Bid Corporation Limited [BID]

South Africa

200

18.73

3,739

0.1

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

United Kingdom

81

42.74

3,466

0.1

CK Hutchison Holdings Ltd [1]

Hong Kong

528

6.76

3,566

0.1

Infosys Limited Sponsored ADR [INFY]

India

201

18.51

3,725

0.1

InterContinental Hotels Group PLC [IHG]

United Kingdom

70

52.83

3,694

0.1

SENKO Group Holdings Co.Ltd. [9069]

Japan

578

6.46

3,738

0.1

Telstra Corporation Limited [TLS]

Australia

1,351

2.65

3,577

0.1

Tingyi (Cayman Islands) Holding Corp. [322]

China

2,156

1.71

3,693

0.1

Zalando SE [ZAL]

Germany

133

26.09

3,468

0.1

Aristocrat Leisure Limited [ALL]

Australia

132

23.64

3,122

0.1

Asics Corporation [7936]

Japan

181

18.06

3,268

0.1

Befesa SA [BFSA]

Germany

67

48.51

3,235

0.1

Brambles Limited [BXB]

Australia

426

7.36

3,139

0.1

Chailease Holding Co. Ltd. [5871]

Taiwan

455

7.01

3,187

0.1

CRH Plc [CRG]

Ireland

92

34.50

3,165

0.1

Daiwa Securities Group Inc. [8601]

Japan

711

4.46

3,170

0.1

Delta Electronics Inc. [2308]

Taiwan

438

7.45

3,263

0.1

Fletcher Building Limited [FBU]

New Zealand

1,038

3.13

3,252

0.1

Great Eastern Holdings Limited [G07]

Singapore

227

14.08

3,198

0.1

Hana Financial Group Inc. [086790]

South Korea

103

30.31

3,111

0.1

Helvetia Holding Ltd [HELN]

Switzerland

29

116.68

3,343

0.1

Miura Co. Ltd. [6005]

Japan

169

19.74

3,332

0.1

NSK Ltd. [6471]

Japan

597

5.37

3,207

0.1

OMRON Corporation [6645]

Japan

67

50.72

3,388

0.1

PageGroup PLC [PAGE]

United Kingdom

705

4.85

3,423

0.1

Provident Financial PLC [PFG]

United Kingdom

1,377

2.42

3,338

0.1

Qantas Airways Limited [QAN]

Australia

1,111

3.07

3,413

0.1

Shenzhou International Group Holdings Limited [2313]

China

264

12.11

3,194

0.1

Thai Beverage Public Co. Ltd. [Y92]

Singapore

6,892

0.46

3,194

0.1

Axis Bank Limited [532215]

India

346

8.06

2,793

0.1

Bluescope Steel Limited [BSL]

Australia

281

10.93

3,071

0.1

Capitec Bank Holdings Limited [CPI]

South Africa

25

120.99

3,060

0.1

Carsales.Com Limited [CAR]

Australia

232

12.65

2,937

0.1

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

Switzerland

293

10.53

3,083

0.1

Ferrovial S.A. [FER]

Spain

122

25.29

3,080

0.1

GEA Group Aktiengesellschaft [G1A]

Germany

83

34.38

2,871

0.1

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

Mexico

219

13.88

3,042

0.1

Intesa Sanpaolo S.p.A. [ISP]

Italy

1,507

1.86

2,805

0.1

John Wood Group PLC [WG]

United Kingdom

1,621

1.89

3,072

0.1

L'Occitane International S.A. [973]

Hong Kong

991

3.12

3,093

0.1

Metcash Limited [MTS]

Australia

966

2.92

2,817

0.1

National Express Group PLC [NEX]

United Kingdom

1,245

2.36

2,939

0.1

NOMURA Co. Ltd. [9716]

Japan

444

6.85

3,041

0.1

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

China

424

6.80

2,879

0.1

Randstad NV [RAND]

Netherlands

61

48.30

2,961

0.1

Shinhan Financial Group Co. Ltd. [055550]

South Korea

101

28.54

2,876

0.1

UBS Group AG [UBSG]

Switzerland

180

16.08

2,889

0.1

B3 SA - Brasil Bolsa Balcao [B3SA3]

Brazil

1,296

2.10

2,716

0.1

Barratt Developments PLC [BDEV]

United Kingdom

500

5.55

2,776

0.1

BOC Aviation Limited [2588]

China

297

8.40

2,496

0.1

Clicks Group Limited [CLS]

South Africa

159

16.68

2,653

0.1

Close Brothers Group plc [CBG]

United Kingdom

214

12.45

2,663

0.1

Devro plc [DVO]

United Kingdom

1,188

2.23

2,646

0.1

Gerresheimer AG [GXI]

Germany

42

64.82

2,702

0.1

Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]

Mexico

474

5.56

2,637

0.1

HSBC Holdings Plc [5]

Hong Kong

412

6.58

2,714

0.1

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

Australia

123

21.85

2,678

0.1

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

Sweden

321

8.02

2,575

0.1

Playtech plc [PTEC]

United Kingdom

410

6.58

2,699

0.1

Rathbones Group PLC [RAT]

United Kingdom

114

23.58

2,686

0.1

SAWAI GROUP HOLDINGS Co. Ltd. [4887]

Japan

87

30.29

2,623

0.1

Schibsted Asa Class A [SCHA]

Norway

143

17.80

2,541

0.1

Smith & Nephew PLC [SN]

United Kingdom

198

13.94

2,756

0.1

TechnoPro Holdings Inc. [6028]

Japan

134

20.00

2,686

0.1

African Rainbow Minerals Limited [ARI]

South Africa

165

13.05

2,155

0.1

Alfresa Holdings Corporation [2784]

Japan

163

13.43

2,192

0.1

ALS Ltd. [ALQ]

Australia

332

7.34

2,442

0.1

Bandai Namco Holdings Inc. [7832]

Japan

33

70.51

2,292

0.1

Evolution Mining Limited [EVN]

Australia

1,370

1.64

2,243

0.1

First Quantum Minerals Ltd. [FM]

Canada

122

18.93

2,305

0.1

Havells India Limited [517354]

India

156

13.91

2,166

0.1

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

Netherlands

139

15.75

2,191

0.1

Marico Limited [531642]

India

388

6.05

2,350

0.1

Porto Seguro S.A. [PSSA3]

Brazil

647

3.40

2,196

0.1

Rotork plc [ROR]

United Kingdom

744

2.92

2,175

0.1

Sany Heavy Industry Co., Ltd. Class A

China

754

2.84

2,144

0.1

Softcat Plc [SCT]

United Kingdom

146

15.99

2,329

0.1

Vipshop Holdings Ltd Sponsored ADR [VIPS]

China

242

9.89

2,389

0.1

Woodside Energy Group Ltd [WDS]

Australia

103

21.89

2,253

0.1

AEON Delight Co. Ltd. [9787]

Japan

91

21.84

1,985

0.1

Anglo American Platinum Limited [AMS]

South Africa

21

86.98

1,815

0.1

ASMPT Limited [522]

Hong Kong

212

8.49

1,802

0.1

Carnival plc [CCL]

United Kingdom

242

7.52

1,825

0.1

Challenger Limited [CGF]

Australia

448

4.70

2,107

0.1

Dabur India Limited [500096]

India

334

6.28

2,097

0.1

Elis SA [ELIS]

France

148

13.28

1,963

0.1

IPH Ltd. [IPH]

Australia

340

5.61

1,905

0.1

Iveco Group NV [IVG]

Italy

401

5.27

2,114

0.1

Kawasaki Kisen Kaisha Ltd. [9107]

Japan

35

60.73

2,101

0.1

MIPS AB [MIPS]

Sweden

46

43.55

2,021

0.1

Pepkor Holdings Ltd. [PPH]

South Africa

1,656

1.17

1,933

0.1

Quadient SA [QDT]

France

114

17.02

1,943

0.1

Samsonite International S.A. [1910]

Hong Kong

992

1.99

1,975

0.1

Singapore Telecommunications Limited [Z74]

Singapore

1,129

1.82

2,052

0.1

AMP Limited [AMP]

Australia

2,466

0.66

1,620

0.1

Danske Bank A/S [DANSKE]

Denmark

124

14.10

1,755

0.1

Giant Manufacturing Co. Ltd. [9921]

Taiwan

196

8.07

1,582

0.1

International Personal Finance plc [IPF]

United Kingdom

1,895

0.93

1,761

0.1

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

Thailand

396

4.29

1,696

0.1

RWS Holdings plc [RWS]

United Kingdom

428

4.18

1,789

0.1

Trip.com Group Ltd. Sponsored ADR [TCOM]

China

55

27.45

1,508

0.1

Hyundai Motor Company [005380]

South Korea

9

139.02

1,280

0.0

LG Corp [003550]

South Korea

23

60.00

1,382

0.0

MediaTek Inc [2454]

Taiwan

59

21.89

1,292

0.0

OZ Minerals Limited [OZL]

Australia

95

12.21

1,163

0.0

Sime Darby Bhd. [4197]

Malaysia

2,849

0.48

1,377

0.0

Technip Energies NV [TE]

France

103

12.44

1,276

0.0

Vicat-Ciments Vicat SA [VCT]

France

51

27.50

1,395

0.0

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

China

107

7.69

823

0.0

Esprit Holdings Limited [330]

Hong Kong

5,955

0.18

1,070

0.0

First Pacific Co. Ltd. [142]

Hong Kong

2,262

0.39

876

0.0

GWA Group Limited [GWA]

Australia

714

1.35

965

0.0

HANKOOK TIRE & TECHNOLOGY Co. Ltd. [161390]

South Korea

39

25.38

990

0.0

Imerys SA [NK]

France

33

30.38

989

0.0

Orica Limited [ORI]

Australia

90

10.84

978

0.0

Petrofac Limited [PFC]

United Kingdom

641

1.36

873

0.0

Schibsted ASA Class B [SCHB]

Norway

61

16.25

996

0.0

Stella International Holdings Limited [1836]

Hong Kong

1,072

0.96

1,025

0.0

AmorePacific Group Inc. [002790]

South Korea

23

28.73

652

0.0

Fuji Oil Holdings Inc. [2607]

Japan

41

15.77

643

0.0

Johnson Electric Holdings Limited [179]

Hong Kong

603

1.30

783

0.0

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

Sweden

321

2.44

784

0.0

Prudential plc [2378]

United Kingdom

60

12.13

731

0.0

Ajisen (China) Holdings Limited [538]

China

2,714

0.11

311

0.0

AMOREPACIFIC Group Cum Pfd Registered [00279K]

South Korea

9

24.65

226

0.0

Domain Holdings Australia Ltd. [DHG]

Australia

135

2.07

280

0.0

Saipem S.p.A. [SPM]

Italy

124

2.67

331

0.0

CARSALES.COM LIMITED RIGHTS

Australia

56

NaN

0

0.0

Cazoo Group Ltd Class A [CZOO]

United States

171

0.72

123

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

36

0.0

Non-Standard Finance Plc [NSF]

United Kingdom

2,291

0.02

43

0.0

Saipem S.p.A. Rights 2022-11.07.22 For Shares [SPMAA]

Italy

124

1.32

163

0.0

Severstal PAO Sponsored GDR RegS [SVJTY]

Russia

217

0.00

0

0.0

X 5 RETAIL GROUP NV REGS GDR DEPOSITORY RECEIPT

Russia

95

0.00

0

0.0

Total

--

--

--

3,210,237

100.1

Cash and Other Assets Less Liabilities

--

--

--

--

-0.1

Total Net Assets

--

--

--

--

100%

as of 6/30/2022

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

[Unassigned]

0.0

-7.6

Consumer Staples

-6.3

-8.4

Real Estate

-8.0

-15.8

Financials

-12.1

-13.9

Communication Services

-14.6

-10.9

Consumer Discretionary

-14.6

-15.5

Industrials

-15.5

-18.5

Health Care

-16.9

-9.5

Utilities

-17.0

-11.8

Information Technology

-18.1

-23.5

Materials

-21.2

-21.0

Energy

-35.9

-4.1

as of 6/30/2022

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Industrials

22.6

14.9

Financials

18.8

17.6

Consumer Discretionary

10.9

11.3

Consumer Staples

9.9

10.8

Health Care

9.6

13.9

Materials

8.0

7.5

Communication Services

6.9

5.0

Information Technology

5.9

7.8

Energy

4.7

4.8

Utilities

0.5

3.5

Real Estate

0.4

2.9

as of 6/30/2022

Country

International Fund %

MSCI EAFE (ND) Index %

United Kingdom

25.0

15.9

Japan

23.3

22.2

France

7.5

11.2

Denmark

5.8

2.8

Switzerland

5.7

10.5

Germany

4.6

7.7

Australia

3.5

7.8

Netherlands

3.1

4.1

Sweden

2.6

3.4

Hong Kong

2.0

3.4

Other

16.9

11.0

Investment Team

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.

Documents

Fund 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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