
Harbor International Small Cap Fund (HAISX)
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"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.”
Waldemar Mozes. Director of Investments and Portfolio Manager
Cedar Street Asset Management, LLC
Performance
Distribution History
Record Date
Reinvest Date
Payable Date
Return of Capital Non Taxable Dist
Ordinary Income
Total Capital Gains
Short Term Capital Gains
Mid Term Capital Gains
Long Term Capital Gains
Total Distribution
Foreign Tax Credit
Reinvest Price
12/16/2022
12/19/2022
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
Full Holdings
As of 3/31/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Aryzta AG [ARYN]
2,511
1.70
4,260
1.9
Glanbia Plc [GL9]
290
14.51
4,211
1.9
MaireTecnimont SpA [MAIRE]
958
4.30
4,118
1.8
Criteo SA Sponsored ADR [CRTO]
126
31.50
3,976
1.8
Technip Energies NV [TE]
186
21.35
3,975
1.8
Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
142
27.81
3,940
1.8
Fagron SA [FAGR]
229
17.09
3,908
1.7
ARIAKE JAPAN Co. Ltd. [2815]
106
36.67
3,869
1.7
TietoEVRY Oyj [TIETO]
123
31.42
3,867
1.7
Daiwabo Holdings Co. Ltd. [3107]
230
16.40
3,773
1.7
Morinaga & Co. Ltd. [2201]
134
28.21
3,775
1.7
Loomis AB [LOOMIS]
110
34.23
3,764
1.7
Landis+Gyr Group AG [LAND]
49
76.68
3,727
1.7
Transcontinental Inc. Class A [TCL.A]
357
10.37
3,704
1.7
Cembra Money Bank AG [CMBN]
47
78.65
3,658
1.6
ASR Nederland N.V. [ASRNL]
91
39.92
3,632
1.6
Rubis SCA [RUI]
136
26.80
3,633
1.6
Virgin Money UK Plc [VMUK]
1,976
1.80
3,565
1.6
BFF Bank SpA [BFF]
354
9.94
3,518
1.6
Husqvarna AB Class B [HUSQ.B]
407
8.66
3,528
1.6
Serco Group plc [SRP]
1,858
1.90
3,524
1.6
Victrex plc [VCT]
179
19.70
3,518
1.6
X-FAB Silicon Foundries SE [XFAB]
372
9.44
3,515
1.6
Eiken Chemical Co. Ltd. [4549]
292
11.74
3,432
1.5
Amano Corporation [6436]
182
18.75
3,410
1.5
Ansell Limited [ANN]
192
17.77
3,413
1.5
Coats Group plc [COA]
3,745
0.91
3,413
1.5
TP ICAP Group plc [TCAP]
1,539
2.23
3,427
1.5
Fuji Seal International Inc. [7864]
297
11.35
3,372
1.5
Venture Corporation Limited [V03]
255
13.29
3,383
1.5
Paltac Corporation [8283]
89
37.72
3,342
1.5
RTL Group S.A. [RRTL]
68
49.37
3,353
1.5
JEOL Ltd. [6951]
104
31.90
3,317
1.5
ROUND ONE Corporation [4680]
868
3.84
3,332
1.5
Arjo AB Class B [ARJO.B]
847
3.90
3,306
1.5
Singapore Post Ltd. [S08]
8,699
0.38
3,271
1.5
C&C Group Plc [CCR]
1,644
1.94
3,193
1.4
Elders Limited [ELD]
554
5.78
3,203
1.4
OSG Corp [6136]
214
14.94
3,195
1.4
Coface SA [COFA]
223
14.18
3,166
1.4
Resorttrust Inc. [4681]
200
15.85
3,173
1.4
TomTom NV [TOM2]
383
8.20
3,136
1.4
Ontex Group N.V. [ONTEX]
418
7.46
3,122
1.4
Redde Northgate PLC [REDD]
724
4.27
3,094
1.4
Atresmedia Corporacion de Medios de Comunicacion SA [A3M]
811
3.77
3,062
1.4
NORMA Group SE [NOEJ]
129
23.64
3,056
1.4
GLOBERIDE Inc. [7990]
161
18.58
2,999
1.3
Open Up Group Inc. [2154]
207
14.42
2,981
1.3
Nabtesco Corporation [6268]
122
24.34
2,961
1.3
Anritsu Corporation [6754]
320
9.17
2,935
1.3
Mersen SA [MRN]
66
44.60
2,927
1.3
Computer Engineering & Consulting Ltd. [9692]
296
9.60
2,838
1.3
Krones AG [KRN]
24
118.10
2,780
1.2
METAWATER Co.Ltd. [9551]
214
12.98
2,776
1.2
ISS A/S [ISS]
129
20.36
2,629
1.2
Bapcor Ltd [BAP]
580
4.27
2,477
1.1
Mapfre SA [MAP]
1,165
2.02
2,352
1.1
OPTEX GROUP Company Limited [6914]
152
15.60
2,369
1.1
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft [ATS]
74
30.80
2,283
1.0
Spin Master Corp [TOY]
79
27.76
2,202
1.0
INDUS Holding AG [INH]
79
27.16
2,133
1.0
Johnson Electric Holdings Limited [179]
1,647
1.13
1,868
0.8
Qol Holdings Co. Ltd. [3034]
206
8.72
1,795
0.8
A.G. BARR p.l.c. [BAG]
231
6.23
1,441
0.6
Direct Line Insurance Group Plc [DLG]
840
1.70
1,428
0.6
Neo Performance Materials Inc. [NEO]
205
6.86
1,406
0.6
Mears Group PLC [MER]
199
2.45
487
0.2
Japfa Ltd. [UD2]
2,542
0.17
440
0.2
Genuit Group PLC [GEN]
96
3.45
332
0.2
AustAsia Group Limited. [2425]
508
0.41
209
0.1
Total
--
--
--
211,174
94.3
Cash and Other Assets Less Liabilities
--
--
--
--
5.7
Total Net Assets
--
--
--
--
100%
Sector Allocations
As of 3/31/2023
International Small Cap Fund (HAISX)
MSCI EAFE Small Cap (ND) Index
Industrials
HAISX: 22.9%
Benchmark: 23.2%
Information Technology
HAISX: 15.7%
Benchmark: 9.7%
Consumer Staples
HAISX: 13.1%
Benchmark: 6.3%
Financials
HAISX: 11.0%
Benchmark: 11.4%
Consumer Discretionary
HAISX: 10.1%
Benchmark: 13.0%
Health Care
HAISX: 7.7%
Benchmark: 6.4%
Materials
HAISX: 5.3%
Benchmark: 9.8%
Communication Services
HAISX: 4.6%
Benchmark: 4.2%
Energy
HAISX: 1.8%
Benchmark: 2.8%
Utilities
HAISX: 1.6%
Benchmark: 3.1%
Real Estate
HAISX: 0.0%
Benchmark: 10.4%
HAISX: International Small Cap Fund
Benchmark: MSCI EAFE Small Cap (ND) Index
Sector Returns
As of 3/31/2023
Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Energy
34.5
2.3
Communication Services
17.5
7.7
Industrials
8.7
8.4
Information Technology
6.9
11.3
Consumer Staples
5.7
2.5
Health Care
4.5
0.2
Utilities
2.1
0.3
Consumer Discretionary
0.1
8.4
Real Estate
0.0
-2.5
Financials
-2.2
-0.4
Materials
-2.7
7.4
Top 10 Countries
As of 3/31/2023
Country
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
26.5
31.5
12.2
14.9
9.4
4.0
5.2
4.9
5.0
4.9
4.7
6.0
4.2
1.9
4.0
9.8
3.4
3.6
3.3
--
22.1
18.5
Investment Team

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 strong 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
Name
Date
From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.
As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.
There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.
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