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Harbor International Small Cap Fund (HAISX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 1/31/2023

NAV Price

$14.48

NAV Daily Change ($)

$0.09

NAV Daily Change (%)

0.63%

NAV YTD Return

6.78%

Fund Facts

Inception Date

2/1/2016

Net Expense Ratio

0.96%disclaimer

Gross Expense Ratio

1.25%

Total Net Assets (million)

as of 1/31/2023

$137.026

Ticker

HAISX

Fund Number

2039

Share Class

Institutional

Top Ten Holdings

as of 12/31/2022

Criteo SA Sponsored ADR [CRTO]

2.1%

MaireTecnimont SpA [MT]

1.9%

Virgin Money UK Plc [VMUK]

1.9%

TietoEVRY Oyj [TIETO]

1.9%

Aryzta AG [ARYN]

1.8%

Technip Energies NV [TE]

1.8%

BFF Bank SpA [BFF]

1.7%

Redde Northgate PLC [REDD]

1.7%

Victrex plc [VCT]

1.7%

Arjo AB Class B [ARJO.B]

1.7%

% of Total Holdings:

18.2%

left quote

"We invest like business owners — as opposed to short-term traders — carefully analyzing all facets of a company’s operations, balance sheet, management, industry, etc.”

right quote

Waldemar Mozes. Director of Investments and Portfolio Manager

Cedar Street Asset Management, LLC

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.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Small Cap Fund

17.53%

6.78%

1.41%

9.48%

3.04%

8.54%

0.96%disclaimer

1.25%

MSCI EAFE Small Cap (ND) Index

19.39%

7.47%

-8.85%

2.48%

0.40%

6.77%

--

--

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 Small Cap (ND) Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. 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

0.15275

0.19541

0.02638

0.00000

0.16903

0.34816

0.01856

13.40

12/17/2021

12/20/2021

12/20/2021

0.00000

0.27023

0.82210

0.27586

0.00000

0.54624

1.09233

0.03075

14.50

12/16/2020

12/17/2020

12/17/2020

0.00000

0.16564

0.00000

0.00000

0.00000

0.00000

0.16564

0.02215

13.89

12/13/2019

12/16/2019

12/16/2019

0.00000

0.35321

0.00000

0.00000

0.00000

0.00000

0.35321

0.04535

12.94

12/14/2018

12/17/2018

12/17/2018

0.00000

0.08927

0.37506

0.00000

0.00000

0.37506

0.46433

0.01969

10.96

12/15/2017

12/18/2017

12/18/2017

0.00000

0.08125

0.10415

0.00000

0.00000

0.10415

0.18540

0.01049

13.96

12/16/2016

12/19/2016

12/19/2016

0.00000

0.12230

0.00000

0.00000

0.00000

0.00000

0.12230

0.01395

10.31

Holdings

Portfolio Characteristics

as of 12/31/2022

International Small Cap Fund

Number of Holdings

83

Wtd Avg Market Cap ($Mil)

1797.7

Price/Book Ratio

1.41

Adjusted Trailing P/E Ratio

12.2

% EPS Growth - Past 3 Yr

7.5

Return on Equity (%)

11.07

Forecasted P/E Ratio

11.7

Top Ten Holdings

as of 12/31/2022

Company Name [Ticker]

% of Net Assets

Criteo SA Sponsored ADR[CRTO]

2.1

MaireTecnimont SpA[MT]

1.9

Virgin Money UK Plc[VMUK]

1.9

TietoEVRY Oyj[TIETO]

1.9

Aryzta AG[ARYN]

1.8

Technip Energies NV[TE]

1.8

BFF Bank SpA[BFF]

1.7

Redde Northgate PLC[REDD]

1.7

Victrex plc[VCT]

1.7

Arjo AB Class B[ARJO.B]

1.7

% of Total Holdings:

18.2%

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

Criteo SA Sponsored ADR [CRTO]

France

131

26.06

3,408

2.1

MaireTecnimont SpA [MT]

Italy

958

3.31

3,170

1.9

Virgin Money UK Plc [VMUK]

United Kingdom

1,413

2.19

3,095

1.9

TietoEVRY Oyj [TIETO]

Finland

109

28.30

3,091

1.9

Aryzta AG [ARYN]

Switzerland

2,511

1.19

2,988

1.8

Technip Energies NV [TE]

France

186

15.66

2,914

1.8

BFF Bank SpA [BFF]

Italy

354

7.91

2,799

1.7

Redde Northgate PLC [REDD]

United Kingdom

563

4.96

2,789

1.7

Victrex plc [VCT]

United Kingdom

145

19.21

2,790

1.7

Arjo AB Class B [ARJO.B]

Sweden

737

3.74

2,754

1.7

Daiwabo Holdings Co. Ltd. [3107]

Japan

185

14.75

2,722

1.7

Anritsu Corporation [6754]

Japan

279

9.72

2,712

1.7

RTL Group S.A. [RRTL]

Germany

64

42.09

2,711

1.7

Glanbia Plc [GL9]

Ireland

212

12.72

2,699

1.7

Loomis AB [LOOMIS]

Sweden

97

27.45

2,675

1.6

Transcontinental Inc. Class A [TCL.A]

Canada

234

11.28

2,643

1.6

X-FAB Silicon Foundries SE [XFAB]

France

372

7.06

2,629

1.6

Landis+Gyr Group AG [LAND]

Switzerland

36

70.53

2,573

1.6

TP ICAP Group plc [TCAP]

United Kingdom

1,230

2.10

2,581

1.6

Cembra Money Bank AG [CMBN]

Switzerland

31

83.12

2,556

1.6

Coface SA [COFA]

France

197

12.96

2,554

1.6

Resorttrust Inc. [4681]

Japan

142

17.80

2,530

1.6

Rubis SCA [RUI]

France

95

26.25

2,503

1.5

Amano Corporation [6436]

Japan

135

18.44

2,482

1.5

Coats Group plc [COA]

United Kingdom

3,105

0.80

2,473

1.5

OSG Corp [6136]

Japan

179

13.77

2,458

1.5

Husqvarna AB Class B [HUSQ.B]

Sweden

350

7.02

2,453

1.5

Paltac Corporation [8283]

Japan

67

35.13

2,355

1.4

Eiken Chemical Co. Ltd. [4549]

Japan

180

12.95

2,330

1.4

Ansell Limited [ANN]

Australia

121

19.15

2,313

1.4

GLOBERIDE Inc. [7990]

Japan

120

19.37

2,315

1.4

ISS A/S [ISS]

Denmark

109

21.14

2,300

1.4

Fuji Seal International Inc. [7864]

Japan

178

12.80

2,282

1.4

ARIAKE JAPAN Co. Ltd. [2815]

Japan

69

33.08

2,275

1.4

Nabtesco Corporation [6268]

Japan

89

25.50

2,268

1.4

Mapfre SA [MAP]

Spain

1,165

1.93

2,251

1.4

Computer Engineering & Consulting Ltd. [9692]

Japan

193

11.58

2,233

1.4

Direct Line Insurance Group Plc [DLG]

United Kingdom

840

2.66

2,236

1.4

Atresmedia Corporacion de Medios de Comunicacion SA [A3M]

Spain

647

3.41

2,204

1.4

Venture Corporation Limited [V03]

Singapore

173

12.72

2,206

1.4

Mersen SA [MRN]

France

54

40.29

2,193

1.3

Krones AG [KRN]

Germany

19

112.06

2,163

1.3

Open Up Group Inc. [2154]

Japan

168

12.89

2,171

1.3

Singapore Post Ltd. [S08]

Singapore

5,525

0.39

2,142

1.3

TomTom NV [TOM2]

Netherlands

308

6.92

2,131

1.3

NORMA Group SE [NOEJ]

Germany

116

18.14

2,099

1.3

Ontex Group N.V. [ONTEX]

Belgium

315

6.66

2,101

1.3

C&C Group Plc [CCR]

United Kingdom

984

2.11

2,075

1.3

INDUS Holding AG [INH]

Germany

79

23.43

1,839

1.1

B&S Group S.A. [BSGR]

Netherlands

343

5.16

1,772

1.1

Morinaga & Co. Ltd. [2201]

Japan

59

29.75

1,767

1.1

Elders Limited [ELD]

Australia

252

6.88

1,732

1.1

Johnson Electric Holdings Limited [179]

Hong Kong

1,365

1.26

1,719

1.1

OPTEX GROUP Company Limited [6914]

Japan

126

13.61

1,716

1.1

Qol Holdings Co. Ltd. [3034]

Japan

193

8.87

1,708

1.1

Serco Group plc [SRP]

United Kingdom

910

1.87

1,701

1.0

A.G. BARR p.l.c. [BAG]

United Kingdom

231

6.41

1,482

0.9

Neo Performance Materials Inc. [NEO]

Canada

205

7.09

1,452

0.9

Fagron SA [FAGR]

Belgium

102

14.16

1,442

0.9

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft [ATS]

Austria

41

34.15

1,405

0.9

ROUND ONE Corporation [4680]

Japan

360

3.64

1,308

0.8

METAWATER Co.Ltd. [9551]

Japan

99

12.32

1,219

0.8

Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]

Spain

38

28.28

1,083

0.7

ASR Nederland NV [ASRNL]

Netherlands

15

47.33

696

0.4

Beach Energy Limited [BPT]

Australia

602

1.08

651

0.4

Japfa Ltd. [UD2]

Singapore

2,542

0.26

654

0.4

Mears Group PLC [MER]

United Kingdom

199

2.50

497

0.3

AustAsia Group Limited. [2425]

Hong Kong

508

0.82

415

0.3

Total

--

--

--

146,655

90.3

Cash and Other Assets Less Liabilities

--

--

--

--

9.7

Total Net Assets

--

--

--

--

100%

as of 12/31/2022

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Industrials

21.6

22.7

Information Technology

15.9

9.3

Consumer Staples

12.2

6.5

Financials

11.5

12.1

Consumer Discretionary

8.9

12.4

Materials

5.6

9.5

Health Care

5.4

6.9

Communication Services

5.1

3.8

Energy

2.2

2.9

Utilities

1.5

3.2

Real Estate

0.0

11.0

as of 12/31/2022

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Industrials

26.6

17.5

Energy

26.5

11.4

Utilities

25.3

14.8

Financials

24.4

22.6

Communication Services

19.8

13.8

Consumer Discretionary

17.4

18.1

Information Technology

12.2

15.0

Consumer Staples

11.0

15.5

Health Care

7.5

11.1

Materials

4.0

15.7

Real Estate

0.0

9.1

as of 12/31/2022

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan

23.8

31.9

United Kingdom

13.3

15.0

France

9.9

3.7

Germany

5.4

4.6

Switzerland

5.0

4.6

Sweden

4.8

5.6

Italy

3.7

3.2

Spain

3.4

2.0

Singapore

3.1

2.2

Australia

2.9

10.2

Other

24.7

17.0

Investment Team

Cedar Street Asset Management LLC


Cedar Street Asset Management LLC is an employee-owned investment firm focused on small capitalization value investing in international markets. The firm strives to generate superior risk-adjusted returns, employing a consistent and repeatable investment methodology in an entrepreneurial, team-oriented, and respectful work environment, where clients’ interests are paramount to any other interest. The firm utilizes a fundamental and qualitative approach to value investing, which includes cross disciplinary and language capabilities.

Documents

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 cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

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Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

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