Harbor International Small Cap Fund (HAISX)
Overview
Current Price
as of 9/23/2022
NAV Price | $12.01 |
NAV Daily Change ($) | -$0.40 |
NAV Daily Change (%) | -3.22% |
NAV YTD Return | -20.83% |
Fund Facts
Inception Date | 2/1/2016 |
Net Expense Ratio | 0.96% |
Gross Expense Ratio | 1.25% |
Total Net Assets (million) as of 8/31/2022 | $67.665 |
Ticker | HAISX |
Fund Number | 2039 |
Share Class | Institutional |
Top Ten Holdings
as of 6/30/2022
Serco Group plc [SRP] | 1.9% |
Victrex plc [VCT] | 1.9% |
Virgin Money UK Plc [VMUK] | 1.8% |
Resorttrust Inc. [4681] | 1.8% |
OPTEX GROUP Company Limited [6914] | 1.8% |
TietoEVRY Oyj [TIETO] | 1.7% |
Loomis AB [LOOMIS] | 1.7% |
Paltac Corporation [8283] | 1.7% |
BeNext-Yumeshin Group Co. [2154] | 1.7% |
Glanbia Plc [GL9] | 1.7% |
% of Total Holdings: | 17.7% |
"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
Fund Name
3 Mo.
YTD Return
1 Yr.
3 Yr.
5 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
International Small Cap Fund
-7.02%
-14.44%
-17.02%
7.96%
3.14%
6.89%
0.96%
1.25%
MSCI EAFE Small Cap (ND) Index
-9.30%
-23.29%
-25.98%
2.85%
1.21%
5.65%
--
--
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.
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
12/17/2021
12/20/2021
12/20/2021
0.00000
0.27023
0.82210
0.27586
0.00000
0.54624
1.09233
0.03075
--
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 6/30/2022
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Serco Group plc [SRP]
United Kingdom
698
2.12
1,478
1.9
Victrex plc [VCT]
United Kingdom
68
21.61
1,462
1.9
Virgin Money UK Plc [VMUK]
United Kingdom
858
1.59
1,362
1.8
Resorttrust Inc. [4681]
Japan
83
16.34
1,353
1.8
OPTEX GROUP Company Limited [6914]
Japan
90
14.87
1,342
1.8
TietoEVRY Oyj [TIETO]
Finland
53
24.63
1,304
1.7
Loomis AB [LOOMIS]
Sweden
53
24.28
1,284
1.7
Paltac Corporation [8283]
Japan
41
30.92
1,278
1.7
BeNext-Yumeshin Group Co. [2154]
Japan
115
11.03
1,272
1.7
Glanbia Plc [GL9]
Ireland
117
10.80
1,267
1.7
Qol Holdings Co. Ltd. [3034]
Japan
121
10.39
1,260
1.7
ROUND ONE Corporation [4680]
Japan
111
11.24
1,253
1.7
Criteo SA Sponsored ADR [CRTO]
France
51
24.40
1,249
1.6
BFF Bank SpA [BFF]
Italy
181
6.71
1,213
1.6
Venture Corporation Limited [V03]
Singapore
102
11.95
1,213
1.6
Coface SA [COFA]
France
116
10.42
1,204
1.6
MaireTecnimont SpA [MT]
Italy
417
2.86
1,194
1.6
ASR Nederland NV [ASRNL]
Netherlands
29
40.32
1,175
1.5
Technip Energies NV [TE]
France
94
12.44
1,170
1.5
Mapfre SA [MAP]
Spain
663
1.76
1,166
1.5
C&C Group Plc [CCR]
United Kingdom
517
2.24
1,158
1.5
Direct Line Insurance Group Plc [DLG]
United Kingdom
377
3.06
1,152
1.5
Anritsu Corporation [6754]
Japan
105
10.81
1,137
1.5
Aryzta AG [ARYN]
Switzerland
1,015
1.11
1,125
1.5
Computer Engineering & Consulting Ltd. [9692]
Japan
133
8.42
1,119
1.5
Landis+Gyr Group AG [LAND]
Switzerland
21
52.28
1,118
1.5
Redde Northgate PLC [REDD]
United Kingdom
273
4.09
1,116
1.5
Amano Corporation [6436]
Japan
64
17.26
1,111
1.5
X-FAB Silicon Foundries SE [XFAB]
France
170
6.50
1,107
1.5
Morinaga & Co. Ltd. [2201]
Japan
34
32.02
1,098
1.4
ISS A/S [ISS]
Denmark
69
15.73
1,078
1.4
Johnson Electric Holdings Limited [179]
Hong Kong
820
1.30
1,066
1.4
TP ICAP Group plc [TCAP]
United Kingdom
784
1.36
1,069
1.4
Coats Group plc [COA]
United Kingdom
1,396
0.76
1,056
1.4
Japfa Ltd. [UD2]
Singapore
2,469
0.43
1,056
1.4
Cembra Money Bank AG [CMBN]
Switzerland
15
71.24
1,050
1.4
Nabtesco Corporation [6268]
Japan
45
23.33
1,054
1.4
Neo Performance Materials Inc. [NEO]
Canada
108
9.64
1,042
1.4
OSG Corp [6136]
Japan
89
11.60
1,037
1.4
NORMA Group SE [NOEJ]
Germany
45
22.27
1,008
1.3
Beach Energy Limited [BPT]
Australia
843
1.19
1,000
1.3
Daiwabo Holdings Co. Ltd. [3107]
Japan
75
13.02
981
1.3
RTL Group S.A. [RRTL]
Germany
24
41.65
983
1.3
Navigator Company SA [NVG]
Portugal
244
4.01
977
1.3
Ansell Limited [ANN]
Australia
63
15.29
967
1.3
Elders Limited [ELD]
Australia
112
8.66
969
1.3
ENAV S.p.A. [ENAV]
Italy
233
4.17
969
1.3
Atresmedia Corporacion de Medios de Comunicacion SA [A3M]
Spain
276
3.44
952
1.3
Krones AG [KRN]
Germany
12
76.11
949
1.3
Ontex Group N.V. [ONTEX]
Belgium
122
7.81
954
1.3
Eiken Chemical Co. Ltd. [4549]
Japan
71
13.13
928
1.2
Mersen SA [MRN]
France
30
29.74
907
1.2
TomTom NV [TOM2]
Netherlands
122
7.38
897
1.2
INDUS Holding AG [INH]
Germany
32
23.21
735
1.0
HENSOLDT AG [HAG]
Germany
26
25.20
658
0.9
Husqvarna AB Class B [HUSQ.B]
Sweden
88
7.34
644
0.9
Tower Semiconductor Ltd [TSEM]
United States
11
46.18
513
0.7
Mears Group PLC [MER]
United Kingdom
199
2.30
456
0.6
B&S Group S.A. [BSGR]
Netherlands
69
5.23
359
0.5
BillerudKorsnas AB TEMP [BILL.BTA]
Sweden
5
11.71
64
0.1
A.G. BARR p.l.c. [BAG]
United Kingdom
3
6.28
21
0.0
Total
--
--
--
63,139
83.7
Cash and Other Assets Less Liabilities
--
--
--
--
16.3
Total Net Assets
--
--
--
--
100%
Sector Allocations
as of 6/30/2022
Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Industrials
20.8
22.2
Information Technology
15.5
9.3
Financials
12.3
11.5
Consumer Staples
11.7
6.5
Consumer Discretionary
8.4
12.0
Materials
4.7
9.4
Communication Services
4.2
4.4
Energy
2.9
2.7
Health Care
2.5
6.9
Real Estate
0.0
12.1
Utilities
0.0
3.3
Sector Returns
as of 6/30/2022
Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Energy
3.1
-9.2
[Unassigned]
0.0
-7.3
Utilities
0.0
-10.9
Real Estate
0.0
-19.9
Consumer Staples
-3.0
-10.4
Materials
-9.7
-22.9
Information Technology
-10.0
-21.8
Consumer Discretionary
-11.2
-17.3
Health Care
-11.4
-17.3
Financials
-13.0
-15.6
Industrials
-13.8
-17.1
Communication Services
-14.8
-19.1
Top 10 Countries
as of 6/30/2022
Country
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Japan
21.3
30.5
United Kingdom
13.6
16.7
France
7.4
3.7
Germany
5.7
4.6
Italy
4.4
3.0
Switzerland
4.3
4.7
Australia
3.9
10.0
Netherlands
3.2
1.9
Singapore
3.0
2.4
Spain
2.8
1.9
Other
30.4
20.6
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.
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.
![manager headshot]()
Waldemar Mozes
Prior to joining Cedar Street Asset Management LLC, Waldemar developed and implemented the international investment capability at TAMRO Capital Partners LLC, an Alexandria, VA-based investment advisor specializing in small cap strategies for institutional investors. TAMRO was founded after its MBO from ABN AMRO in 2007. Waldemar launched TAMRO’s International Small Cap strategy in April 2013. He also served as sub-advisor for the Aston/TAMRO International Small Cap mutual fund. Prior to launching the international strategy, he was Director of Research and Equity Analyst for TAMRO’s domestic strategies covering Industrials, Energy, Technology, and Materials. While in this role, AUM grew from $700 million to $2.6 billion. Waldemar studied Economics (BA) at Boston College and Finance and Entrepreneurship (MBA) at the UC Berkeley Haas School of Business and was awarded a Venture Capital Fellowship and a Certificate in Entrepreneurship from the Haas Lester Center for Entrepreneurship.
Prior to joining Cedar Street Asset Management LLC, Waldemar developed and implemented the international investment capability at TAMRO Capital Partners LLC, an Alexandria, VA-based investment advisor specializing in small cap strategies for institutional investors. TAMRO was founded after its MBO from ABN AMRO in 2007. Waldemar launched TAMRO’s International Small Cap strategy in April 2013. He also served as sub-advisor for the Aston/TAMRO International Small Cap mutual fund. Prior to launching the international strategy, he was Director of Research and Equity Analyst for TAMRO’s domestic strategies covering Industrials, Energy, Technology, and Materials. While in this role, AUM grew from $700 million to $2.6 billion. Waldemar studied Economics (BA) at Boston College and Finance and Entrepreneurship (MBA) at the UC Berkeley Haas School of Business and was awarded a Venture Capital Fellowship and a Certificate in Entrepreneurship from the Haas Lester Center for Entrepreneurship.
![Jonathan Brodsky]()
Jonathan Brodsky
Prior to founding Cedar Street Asset Management LLC, Jonathan established the non-US investment practice at Advisory Research, Inc., (“ARI”) a Chicago-based asset management firm, with the two founders of ARI. During Jonathan’s tenure at ARI, the non-U.S. investment practice grew into a multi-strategy, multi-billion dollar AUM business across a range of investment vehicles. Jonathan also has experience in the field of Socially Responsible Investing ("SRI"). While at ARI, Jonathan served as a sub-advisor and a portfolio manager for Calvert Investment, Inc.'s International Opportunities Fund. Calvert Investment, Inc. is a leader in SRI investing. Prior to joining ARI, Jonathan worked for the U.S. Securities and Exchanges Commission's Office of International Affairs, focusing on cross-border regulatory, corporate governance, and enforcement matters. Prior to the SEC, Jonathan was an investment banker in corporate finance for JPMorgan Securities, Inc. Jonathan also worked for Ogilvy & Mather in Beijing, China. Jonathan received a J.D. and M.B.A (Kellogg) from Northwestern University and a B.A. in Political Science and an M.A. in International Affairs (Maxwell School) from Syracuse University. As an undergraduate, Jonathan studied at Fu Jen University in Taipei, Taiwan. Jonathan is a frequent guest on CNBC, CNBC Asia, Fox Business, CCTV, and contributor to a range of business related publications.
Prior to founding Cedar Street Asset Management LLC, Jonathan established the non-US investment practice at Advisory Research, Inc., (“ARI”) a Chicago-based asset management firm, with the two founders of ARI. During Jonathan’s tenure at ARI, the non-U.S. investment practice grew into a multi-strategy, multi-billion dollar AUM business across a range of investment vehicles. Jonathan also has experience in the field of Socially Responsible Investing ("SRI"). While at ARI, Jonathan served as a sub-advisor and a portfolio manager for Calvert Investment, Inc.'s International Opportunities Fund. Calvert Investment, Inc. is a leader in SRI investing. Prior to joining ARI, Jonathan worked for the U.S. Securities and Exchanges Commission's Office of International Affairs, focusing on cross-border regulatory, corporate governance, and enforcement matters. Prior to the SEC, Jonathan was an investment banker in corporate finance for JPMorgan Securities, Inc. Jonathan also worked for Ogilvy & Mather in Beijing, China. Jonathan received a J.D. and M.B.A (Kellogg) from Northwestern University and a B.A. in Political Science and an M.A. in International Affairs (Maxwell School) from Syracuse University. As an undergraduate, Jonathan studied at Fu Jen University in Taipei, Taiwan. Jonathan is a frequent guest on CNBC, CNBC Asia, Fox Business, CCTV, and contributor to a range of business related publications.
![manager headshot]()
Waldemar Mozes
Prior to joining Cedar Street Asset Management LLC, Waldemar developed and implemented the international investment capability at TAMRO Capital Partners LLC, an Alexandria, VA-based investment advisor specializing in small cap strategies for institutional investors. TAMRO was founded after its MBO from ABN AMRO in 2007. Waldemar launched TAMRO’s International Small Cap strategy in April 2013. He also served as sub-advisor for the Aston/TAMRO International Small Cap mutual fund. Prior to launching the international strategy, he was Director of Research and Equity Analyst for TAMRO’s domestic strategies covering Industrials, Energy, Technology, and Materials. While in this role, AUM grew from $700 million to $2.6 billion. Waldemar studied Economics (BA) at Boston College and Finance and Entrepreneurship (MBA) at the UC Berkeley Haas School of Business and was awarded a Venture Capital Fellowship and a Certificate in Entrepreneurship from the Haas Lester Center for Entrepreneurship.
Prior to joining Cedar Street Asset Management LLC, Waldemar developed and implemented the international investment capability at TAMRO Capital Partners LLC, an Alexandria, VA-based investment advisor specializing in small cap strategies for institutional investors. TAMRO was founded after its MBO from ABN AMRO in 2007. Waldemar launched TAMRO’s International Small Cap strategy in April 2013. He also served as sub-advisor for the Aston/TAMRO International Small Cap mutual fund. Prior to launching the international strategy, he was Director of Research and Equity Analyst for TAMRO’s domestic strategies covering Industrials, Energy, Technology, and Materials. While in this role, AUM grew from $700 million to $2.6 billion. Waldemar studied Economics (BA) at Boston College and Finance and Entrepreneurship (MBA) at the UC Berkeley Haas School of Business and was awarded a Venture Capital Fellowship and a Certificate in Entrepreneurship from the Haas Lester Center for Entrepreneurship.
![Jonathan Brodsky]()
Jonathan Brodsky
Prior to founding Cedar Street Asset Management LLC, Jonathan established the non-US investment practice at Advisory Research, Inc., (“ARI”) a Chicago-based asset management firm, with the two founders of ARI. During Jonathan’s tenure at ARI, the non-U.S. investment practice grew into a multi-strategy, multi-billion dollar AUM business across a range of investment vehicles. Jonathan also has experience in the field of Socially Responsible Investing ("SRI"). While at ARI, Jonathan served as a sub-advisor and a portfolio manager for Calvert Investment, Inc.'s International Opportunities Fund. Calvert Investment, Inc. is a leader in SRI investing. Prior to joining ARI, Jonathan worked for the U.S. Securities and Exchanges Commission's Office of International Affairs, focusing on cross-border regulatory, corporate governance, and enforcement matters. Prior to the SEC, Jonathan was an investment banker in corporate finance for JPMorgan Securities, Inc. Jonathan also worked for Ogilvy & Mather in Beijing, China. Jonathan received a J.D. and M.B.A (Kellogg) from Northwestern University and a B.A. in Political Science and an M.A. in International Affairs (Maxwell School) from Syracuse University. As an undergraduate, Jonathan studied at Fu Jen University in Taipei, Taiwan. Jonathan is a frequent guest on CNBC, CNBC Asia, Fox Business, CCTV, and contributor to a range of business related publications.
Prior to founding Cedar Street Asset Management LLC, Jonathan established the non-US investment practice at Advisory Research, Inc., (“ARI”) a Chicago-based asset management firm, with the two founders of ARI. During Jonathan’s tenure at ARI, the non-U.S. investment practice grew into a multi-strategy, multi-billion dollar AUM business across a range of investment vehicles. Jonathan also has experience in the field of Socially Responsible Investing ("SRI"). While at ARI, Jonathan served as a sub-advisor and a portfolio manager for Calvert Investment, Inc.'s International Opportunities Fund. Calvert Investment, Inc. is a leader in SRI investing. Prior to joining ARI, Jonathan worked for the U.S. Securities and Exchanges Commission's Office of International Affairs, focusing on cross-border regulatory, corporate governance, and enforcement matters. Prior to the SEC, Jonathan was an investment banker in corporate finance for JPMorgan Securities, Inc. Jonathan also worked for Ogilvy & Mather in Beijing, China. Jonathan received a J.D. and M.B.A (Kellogg) from Northwestern University and a B.A. in Political Science and an M.A. in International Affairs (Maxwell School) from Syracuse University. As an undergraduate, Jonathan studied at Fu Jen University in Taipei, Taiwan. Jonathan is a frequent guest on CNBC, CNBC Asia, Fox Business, CCTV, and contributor to a range of business related publications.
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.
Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.
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.