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Harbor International Core Fund (HAOSX)

Harbor International Core Fund (HAOSX)

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Class
  • Quant Pioneer. Acadian is a specialist in quantitative international equity strategies. Founded in 1987, it was one of the pioneers in systematic investing.
  • Robust Approach. Acadian’s quantitative models are grounded in longstanding economic principles and built on years of research carried out by a sizable and experienced team of researchers.
  • Continuous Improvement. Acadian’s culture is focused on collaboration and continuous improvement. A robust research calendar drives ongoing development to keep models fresh and responsive to market evolution.
  • Wide-Ranging Exposure. Given its broad all-cap portfolio and style-neutral approach, the fund can serve as the sole international holding in a diversified portfolio.

Related Products to Consider

Overview

Investment Team
Acadian

Current Price

As of 3/27/2024

$12.85

Price (NAV)

$0.06

NAV Daily Change ($)

0.47%

NAV Daily Change (%)

8.90%

NAV YTD Return

Fund Facts

As of 2/29/2024

3/1/2019

Inception Date

0.85

Net Expense Ratio
disclaimer

1.07

Gross Expense Ratio

$183.989

Total Net Assets (million)
As of 2/29/2024

HAOSX

Ticker

2044

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

Novo Nordisk A/S Class B[NOVO.B]
3.4
SAP SE[SAP]
3.1
Roche Holding Ltd Dividend Right Cert.[ROG]
2.6
Industria de Diseno Textil S.A.[ITX]
2.6
BP p.l.c. Sponsored ADR[BP]
2.3
Novartis AG[NOVN]
2.2
Hermes International SCA[RMS]
2.1
Volvo AB Class B[VOLV.B]
2.0
Stellantis N.V.[STLAM]
2.0
Wolters Kluwer N.V.[WKL]
1.9
% of Total Holdings:
24.2%

“The drivers of stock prices are multi-faceted and change frequently. In our experience, a systematic, objective approach is the best way to exploit the associated mispricing opportunities.”

Brendan Bradley

CIO, Acadian Asset Management

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Core Fund
9.89%
4.66%
16.06%
5.18%
8.30%
0.85%disclaimer
1.07%
MSCI EAFE (ND) Index
7.86%
2.42%
14.41%
4.45%
6.71%
--
--

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

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

12/18/2023
12/19/2023
12/19/2023
0.00000
0.23903
0.00000
--
0.00000
--
0.23903
0.02688
11.62
12/16/2022
12/19/2022
12/19/2022
0.00000
0.26737
0.00000
--
0.00000
--
0.26737
0.02262
10.47
12/17/2021
12/20/2021
12/20/2021
0.00000
0.35185
0.99751
0.08911
0.00000
0.90840
1.34936
0.02905
12.26
12/16/2020
12/17/2020
12/17/2020
0.00000
0.15994
0.00000
0.00000
0.00000
0.00000
0.15994
0.02756
11.79
12/13/2019
12/16/2019
12/16/2019
0.00000
0.26156
0.00000
0.00000
0.00000
0.00000
0.26156
0.02201
10.62

Holdings

Portfolio Characteristics

As of 12/31/2023

566

Number of Holdings

67091.3

Wtd Avg Market Cap ($Mil)

2.41

Price/Book Ratio

17.1

Adjusted Trailing P/E Ratio

24.9

% EPS Growth - Past 3 Yr

15.05

Return on Equity (%)

14.5

Forecasted P/E Ratio

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

Novo Nordisk A/S Class B[NOVO.B]
3.4
SAP SE[SAP]
3.1
Roche Holding Ltd Dividend Right Cert.[ROG]
2.6
Industria de Diseno Textil S.A.[ITX]
2.6
BP p.l.c. Sponsored ADR[BP]
2.3
Novartis AG[NOVN]
2.2
Hermes International SCA[RMS]
2.1
Volvo AB Class B[VOLV.B]
2.0
Stellantis N.V.[STLAM]
2.0
Wolters Kluwer N.V.[WKL]
1.9
% of Total Holdings:
24.2%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector, countries mentioned may change at any time and may not represent current or future investments.

As of 12/31/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Novo Nordisk A/S Class B [NOVO.B]
66
103.45
6,861
3.4
SAP SE [SAP]
40
154.08
6,218
3.1
Roche Holding Ltd Dividend Right Cert. [ROG]
18
290.50
5,240
2.6
Industria de Diseno Textil S.A. [ITX]
118
43.56
5,122
2.6
BP p.l.c. Sponsored ADR [BP]
131
35.40
4,626
2.3
Novartis AG [NOVN]
43
100.84
4,386
2.2
Hermes International SCA [RMS]
2
2,119.60
4,239
2.1
Volvo AB Class B [VOLV.B]
153
25.97
3,970
2.0
Stellantis N.V. [STLAM]
169
23.36
3,941
2.0
Wolters Kluwer N.V. [WKL]
26
142.17
3,693
1.9
E.ON SE [EOAN]
266
13.42
3,565
1.8
Shell Plc [SHEL]
98
32.78
3,198
1.6
Rio Tinto plc Sponsored ADR [RIO]
43
74.46
3,175
1.6
James Hardie Industries PLC Chess Units of Foreign Securities [JHX]
75
38.55
2,899
1.5
Logitech International S.A. [LOGN]
30
94.77
2,805
1.4
CaixaBank SA [CABK]
611
4.12
2,517
1.3
NEC Corp. [6701]
40
59.23
2,375
1.2
Compagnie de Saint-Gobain SA [SGO]
32
73.64
2,337
1.2
SCREEN Holdings Co. Ltd [7735]
27
84.62
2,268
1.1
RELX PLC [REL]
57
39.65
2,253
1.1
PetroChina Company Limited Class H [857]
3,310
0.66
2,187
1.1
A.P. Moller - Maersk A/S Class B [MAERSK.B]
1
1,798.96
2,180
1.1
Swiss Re AG [SREN]
19
112.35
2,088
1.1
Aristocrat Leisure Limited [ALL]
73
27.85
2,041
1.0
Spotify Technology SA [SPOT]
11
187.91
1,997
1.0
Skandinaviska Enskilda Banken AB Class A [SEB.A]
142
13.77
1,956
1.0
Deutsche Boerse AG [DB1]
9
206.02
1,902
1.0
Wix.com Ltd. [WIX]
15
123.02
1,897
1.0
Sage Group plc [SGE]
124
14.95
1,847
0.9
Shionogi & Co. Ltd. [4507]
38
48.22
1,828
0.9
H&M Hennes & Mauritz AB Class B [HM.B]
99
17.53
1,729
0.9
Swatch Group Ltd. Bearer [UHR]
6
271.61
1,733
0.9
ABB Ltd. [ABBN]
39
44.32
1,711
0.9
Schindler Holding AG Pref [SCHP]
7
249.87
1,724
0.9
Pandora A/S [PNDORA]
12
138.29
1,694
0.9
Deutsche Bank Aktiengesellschaft [DBK]
118
13.66
1,609
0.8
Centrica plc [CNA]
884
1.79
1,586
0.8
Fortescue Ltd [FMG]
78
19.80
1,543
0.8
Heidelberg Materials AG [HEI]
17
89.41
1,504
0.8
China Construction Bank Corporation Class H [939]
2,463
0.60
1,467
0.7
Kuehne & Nagel International AG [KNIN]
4
344.32
1,454
0.7
JAPAN POST HOLDINGS Co. Ltd. [6178]
150
8.93
1,338
0.7
Nissan Motor Co. Ltd. [7201]
331
3.93
1,303
0.7
Singapore Airlines Ltd. [C6L]
256
4.97
1,271
0.6
Munich Reinsurance Company [MUV2]
3
414.35
1,216
0.6
La Francaise des Jeux SA [FDJ]
32
36.28
1,165
0.6
Silicon Motion Technology Corporation Sponsored ADR [SIMO]
18
61.27
1,131
0.6
3i Group plc [III]
36
30.86
1,111
0.6
Nippon Shinyaku Co. Ltd. [4516]
32
35.44
1,123
0.6
Cochlear Limited [COH]
5
203.80
1,096
0.5
SUBARU CORP [7270]
59
18.34
1,090
0.5
Bluescope Steel Limited [BSL]
67
15.97
1,071
0.5
monday.com Ltd. [MNDY]
6
187.81
1,062
0.5
Northern Star Resources Ltd [NST]
114
9.31
1,061
0.5
Erste Group Bank AG [EBS]
26
40.57
1,035
0.5
Fujitsu Limited [6702]
7
150.91
1,041
0.5
UBS Group AG [UBSG]
33
31.01
1,033
0.5
USS Co. Ltd. [4732]
52
20.12
1,046
0.5
Bangkok Bank Public Company Limited NVDR [BBL.R]
223
4.59
1,024
0.5
Vipshop Holdings Ltd Sponsored ADR [VIPS]
55
17.76
974
0.5
Publicis Groupe SA [PUB]
10
92.79
952
0.5
Suzuki Motor Corp. [7269]
23
42.79
963
0.5
Check Point Software Technologies Ltd. [CHKP]
6
152.79
930
0.5
Recordati Industria Chimica e Farmaceutica S.p.A. [REC]
17
53.94
940
0.5
Rexel SA [RXL]
34
27.36
933
0.5
Dai-ichi Life HoldingsInc. [8750]
43
21.22
902
0.5
Dassault Systemes SA [DSY]
19
48.86
905
0.5
Henkel AG & Co. KGaA Pref [HEN3]
11
80.48
904
0.5
Japan Exchange Group Inc. [8697]
41
21.16
870
0.4
Orica Limited [ORI]
81
10.88
880
0.4
Experian PLC [EXPN]
20
40.82
813
0.4
Recruit Holdings Co. Ltd. [6098]
19
42.30
791
0.4
Wartsila Oyj Abp [WRT1V]
55
14.50
799
0.4
Randstad NV [RAND]
12
62.66
774
0.4
iShares MSCI EAFE ETF [EFA]
10
75.35
718
0.4
JAPAN POST INSURANCE Co. Ltd. [7181]
41
17.76
721
0.4
Koninklijke Ahold Delhaize N.V. [AD]
25
28.74
714
0.4
Ricoh Company Ltd. [7752]
93
7.68
717
0.4
Seiko Epson Corp. [6724]
45
14.97
671
0.3
Thales SA [HO]
5
147.97
672
0.3
Repsol SA [REP]
44
14.86
651
0.3
TMX Group Ltd. [X]
28
24.31
668
0.3
MS&AD Insurance Group Holdings Inc. [8725]
16
39.34
610
0.3
HIROSE ELECTRIC CO. LTD. [6806]
5
113.24
600
0.3
PTT Exploration & Production Plc NVDR [PTTEP.R]
137
4.38
599
0.3
Ferrari NV [RACE]
2
337.14
588
0.3
Investec plc [INP]
84
6.89
577
0.3
Ampol Limited [ALD]
23
24.67
565
0.3
SEB SA [SK]
4
124.83
554
0.3
Sompo HoldingsInc. [8630]
11
48.91
553
0.3
Talanx AG [TLX]
8
71.42
538
0.3
Kawasaki Kisen Kaisha Ltd. [9107]
12
42.91
519
0.3
Otsuka Corporation [4768]
13
41.23
520
0.3
Brother Industries Ltd. [6448]
31
15.96
490
0.3
HOCHTIEF Aktiengesellschaft [HOT]
5
110.80
504
0.3
Konica Minolta Inc. [4902]
167
2.93
490
0.3
ONO Pharmaceutical Co. Ltd. [4528]
28
17.85
496
0.3
Pro Medicus Limited [PME]
8
65.39
491
0.3
Hikma Pharmaceuticals Plc [HIK]
21
22.81
489
0.2
Iluka Resources Limited [ILU]
105
4.50
473
0.2
Brambles Limited [BXB]
49
9.28
453
0.2
Capcom Co. Ltd. [9697]
14
32.32
459
0.2
Leonardo SpA [LDO]
28
16.50
459
0.2
Knorr-Bremse AG [KBX]
7
64.95
429
0.2
SKF AB Class B [SKF.B]
22
19.97
447
0.2
TOPPAN Holdings Inc. [7911]
15
27.91
424
0.2
Whitehaven Coal Limited [WHC]
83
5.08
422
0.2
ACS Actividades de Construccion y Servicios SA [ACS]
9
44.36
394
0.2
FAST RETAILING CO. LTD. [9983]
2
248.19
397
0.2
Honda Motor Co. Ltd. [7267]
39
10.40
408
0.2
Man Group PLC [EMG]
131
2.97
390
0.2
New Hope Corporation Limited [NHC]
111
3.52
389
0.2
Demant A/S [DEMANT]
9
43.86
382
0.2
Miura Co. Ltd. [6005]
19
19.92
376
0.2
REA Group Ltd [REA]
3
123.61
388
0.2
Trend Micro Incorporated [4704]
7
53.54
385
0.2
Whitbread PLC [WTB]
8
46.61
384
0.2
Enel SpA [ENEL]
49
7.43
364
0.2
Hoegh Autoliners ASA [HAUTO]
40
9.08
367
0.2
Wise PLC Class A [WISE]
32
11.14
360
0.2
Horiba Ltd. [6856]
4
78.24
344
0.2
Partners Group Holding AG [PGHN]
0
1,441.22
331
0.2
Sandoz Group Ltd [SDZ]
11
32.15
339
0.2
South32 Ltd. [S32]
148
2.27
337
0.2
Alfresa Holdings Corporation [2784]
19
17.00
314
0.2
BANK POLSKA KASA OPIEKI SA [PEO]
8
38.67
321
0.2
SAWAI GROUP HOLDINGS Co. Ltd. [4887]
9
36.95
318
0.2
Raiffeisen Bank International AG [RBI]
15
20.62
308
0.2
Santen Pharmaceutical Co. Ltd. [4536]
31
9.97
305
0.2
Champion Iron Ltd. [CIA]
48
5.72
276
0.1
Daicel Corporation [4202]
28
9.69
272
0.1
Elis SA [ELIS]
14
20.87
287
0.1
Hikari Tsushin Inc. [9435]
2
165.84
282
0.1
OBIC Co. Ltd. [4684]
2
172.33
276
0.1
Otsuka Holdings Co. Ltd. [4578]
8
37.52
281
0.1
SPIE SA [SPIE]
9
31.26
283
0.1
thyssenkrupp AG [TKA]
40
6.97
276
0.1
UniCredit S.p.A. [UCG]
10
27.14
277
0.1
Banca Mediolanum SpA [BMED]
27
9.43
252
0.1
Himax Technologies Inc. Sponsored ADR [HIMX]
43
6.07
262
0.1
Jeronimo Martins SGPS S.A. [JMT]
10
25.45
261
0.1
Toho Holdings Co. Ltd. [8129]
12
22.85
267
0.1
Emaar Properties (P.J.S.C) [EMAAR]
107
2.16
231
0.1
Jardine Matheson Holdings Limited [J36]
6
41.21
235
0.1
Kokuyo Co. Ltd. [7984]
14
16.27
231
0.1
Nemetschek SE [NEM]
3
86.69
247
0.1
PKO Bank Polski S.A. [PKO]
18
12.80
236
0.1
Rolls-Royce Holdings plc [RR]
61
3.82
232
0.1
Bankinter SA [BKT]
36
6.40
229
0.1
Dassault Aviation SA [AM]
1
197.95
223
0.1
Eiffage SA [FGR]
2
107.17
224
0.1
International Consolidated Airlines Group SA [IAG]
108
1.98
214
0.1
Technip Energies NV [TE]
9
23.37
220
0.1
A2A S.p.A. [A2A]
99
2.05
203
0.1
adidas AG [ADS]
1
203.43
203
0.1
BKW AG [BKW]
1
177.63
208
0.1
Hanwa Co. Ltd. [8078]
6
35.43
205
0.1
RATIONAL AG [RAA]
0
772.70
191
0.1
Regis Resources Limited [RRL]
128
1.49
190
0.1
Stelco Holdings Inc. [STLC]
5
38.06
194
0.1
Datatec Limited [DTC]
78
2.21
173
0.1
Ipsen SA [IPN]
1
119.19
171
0.1
Kobayashi Pharmaceutical Co. Ltd. [4967]
4
48.16
183
0.1
Maxell Ltd. [6810]
16
11.07
177
0.1
PAL GROUP Holdings Co. Ltd. [2726]
10
17.48
178
0.1
ROCKWOOL A/S Class B [ROCK.B]
1
292.81
180
0.1
Samudera Shipping Line Ltd [S56]
342
0.50
171
0.1
SCSK Corporation [9719]
9
19.83
184
0.1
Sega Sammy Holdings Inc. [6460]
12
13.99
171
0.1
Sembcorp Industries Ltd. [U96]
46
4.03
184
0.1
TIS Inc. [3626]
8
22.04
185
0.1
Xero Limited [XRO]
2
76.63
186
0.1
Kakaku.com Inc. [2371]
14
12.38
168
0.1
Ryohin Keikaku Co. Ltd. [7453]
10
16.74
159
0.1
Tokuyama Corporation [4043]
10
16.96
163
0.1
CES Energy Solutions Corp [CEU]
56
2.62
146
0.1
CyberArk Software Ltd. [CYBR]
1
219.05
136
0.1
Idemitsu Kosan Co. Ltd. [5019]
28
5.44
150
0.1
Intouch Holdings Public Company Limited NVDR [INTUCH.R]
65
2.09
136
0.1
PHX Energy Services Corp. [PHX]
23
6.14
141
0.1
PT Bank Danamon Indonesia Tbk Class A [BDMN]
741
0.18
134
0.1
PT Baramulti Suksessarana Tbk [BSSR]
552
0.25
138
0.1
Safran SA [SAF]
1
176.15
136
0.1
Sanken Electric Co. Ltd. [6707]
3
55.15
138
0.1
SEIKO GROUP CORPORATION [8050]
7
19.11
132
0.1
Suzuken Co. Ltd. [9987]
4
33.12
132
0.1
Thai Oil Public Co. Ltd. NVDR [TOP.R]
93
1.57
146
0.1
Adastria Co.Ltd. [2685]
5
24.65
123
0.1
ANDRITZ AG [ANDR]
2
62.30
126
0.1
Axial Retailing Inc. [8255]
4
29.47
130
0.1
Buzzi Spa [BZU]
4
30.42
111
0.1
CEWE Stiftung & Co. KGaA [CWC]
1
111.79
120
0.1
Chiyoda Integre Co. Ltd. [6915]
6
19.85
111
0.1
Dai Nippon Printing Co. Ltd. [7912]
4
29.60
112
0.1
Durr AG [DUE]
5
23.62
127
0.1
FirstGroup plc [FGP]
51
2.23
113
0.1
Fujimori Kogyo Co. Ltd. [7917]
4
26.81
113
0.1
Fukuda Denshi Co. Ltd. [6960]
2
52.28
115
0.1
Georg Fischer AG [GF]
2
72.60
123
0.1
JOYY Inc. Sponsored ADR Class A [YY]
3
39.70
112
0.1
KSB SE & Co. KGaA Vorz.Akt. ohne Stimmrecht [KSB3]
0
642.91
111
0.1
Pason Systems Inc. [PSI]
11
12.26
129
0.1
SCOR SE [SCR]
4
29.23
128
0.1
Sopra Steria Group SA [SOP]
1
218.50
125
0.1
WARABEYA NICHIYO HOLDINGS Co. Ltd. [2918]
5
24.29
112
0.1
AEON Delight Co. Ltd. [9787]
4
25.25
101
0.1
Awa Bank Ltd. [8388]
6
16.73
95
0.1
Coca-Cola HBC AG [CCH]
3
29.38
101
0.1
Codan Limited [CDA]
18
5.83
107
0.1
Concordia Financial Group Ltd. [7186]
22
4.57
102
0.1
Coveo Solutions Inc. [CVO]
15
7.28
106
0.1
en Japan Inc. [4849]
5
19.33
102
0.1
Future Corporation [4722]
8
12.52
96
0.1
IRISO Electronics Co. Ltd. [6908]
4
26.24
102
0.1
MARTINREA International Inc. [MRE]
9
10.88
98
0.1
Megachips Corporation [6875]
3
33.20
103
0.1
Mimasu Semiconductor Industry Co. Ltd. [8155]
5
22.70
107
0.1
Nihon Trim Co. Ltd. [6788]
5
21.42
101
0.1
OPTORUN CO.LTD. [6235]
8
11.57
96
0.1
Stanmore Resources Ltd [SMR]
33
2.74
91
0.1
Text S.A. [TXT]
4
29.45
104
0.1
Tokyo Seimitsu Co. Ltd [7729]
2
61.51
92
0.1
VERBUND AG Class A [VER]
1
92.85
99
0.1
Washington H. Soul Pattinson and Co. Ltd. [SOL]
5
22.36
109
0.1
Yalla Group Ltd. Sponsored ADR Class A [YALA]
17
6.13
107
0.1
Altium [ALU]
2
31.97
76
0.0
BPER Banca S.p.A. [BPE]
27
3.34
89
0.0
CCK Consolidated Holdings Bhd. [7035]
470
0.18
85
0.0
Chesnara Plc [CSN]
22
3.33
72
0.0
DEUTZ AG [DEZ]
13
5.30
71
0.0
Disco Corporation [6146]
0
248.12
74
0.0
ELVALHALCOR Hellenic Copper and Aluminium Industry S.A. [ELHA]
35
2.04
71
0.0
FUCHS SE Pref Registered Shs [FPE3]
2
44.52
81
0.0
MEG Energy Corp. [MEG]
5
17.95
83
0.0
Mitsubishi Shokuhin Co. Ltd. [7451]
3
34.12
89
0.0
MMA Offshore Limited [MRM]
62
1.28
79
0.0
Musashino Bank Ltd. [8336]
4
18.91
70
0.0
Nippon Shokubai Co. Ltd. [4114]
2
38.54
81
0.0
NOMURA Co. Ltd. [9716]
14
6.24
88
0.0
Padini Holdings Bhd. [7052]
114
0.76
87
0.0
Sankyo Co. Ltd. [6417]
2
58.33
87
0.0
Sumitomo Pharma Co.Ltd. [4506]
27
3.31
88
0.0
TMBThanachart Bank Public Company Limited NVDR [TTB.R]
1,634
0.05
80
0.0
Toshiba Tec Corp. [6588]
4
20.72
83
0.0
Viemed Healthcare Inc [VMD]
11
7.85
83
0.0
Yoshinoya Holdings Co. Ltd. [9861]
3
22.73
75
0.0
Zenkoku Hosho Co. Ltd. [7164]
2
37.70
83
0.0
Alps Logistics Co. Ltd. [9055]
4
11.78
52
0.0
Atea ASA [ATEA]
5
12.72
63
0.0
Bijou Brigitte modische Accessoires AG [BIJ]
1
44.30
61
0.0
Breedon Group PLC [BREE]
13
4.61
62
0.0
Bulten AB [BULTEN]
8
7.94
65
0.0
Channel Infrastructure NZ Limited [CHI]
55
0.92
51
0.0
Computer Modelling Group Ltd. [CMG]
9
7.68
66
0.0
Core Corporation [2359]
4
12.46
52
0.0
Daihatsu Diesel Mfg. Co. Ltd. [6023]
7
6.99
51
0.0
Deyaar Development (P.J.S.C) [DEYAAR]
293
0.19
55
0.0
Eurocash S.A. [EUR]
16
4.23
69
0.0
EVS Broadcast Equipment SA [EVS]
2
31.87
55
0.0
Faisal Islamic Bank of Egypt [FAITA]
53
0.99
53
0.0
FUJI CORP [7605]
4
11.69
50
0.0
GL Events SA [GLO]
3
21.67
60
0.0
Glory Ltd. [6457]
3
19.09
57
0.0
Hakuhodo Dy Holdings Incorporated [2433]
8
7.66
61
0.0
Horizon Oil Limited [HZN]
507
0.11
54
0.0
Humana AB [HUM]
20
2.79
55
0.0
Hunting PLC [HTG]
14
3.77
51
0.0
ISB CORP (Japan) [9702]
5
10.41
56
0.0
IwaiCosmo Holdings Inc. [8707]
4
13.04
53
0.0
Jacquet Metals SA [JCQ]
2
21.65
51
0.0
Japan Electronic Materials Corporation [6855]
5
12.83
62
0.0
Kadokawa Corporation [9468]
3
20.36
63
0.0
Koa Corporation [6999]
5
10.98
57
0.0
Maezawa Kasei Industries Co. Ltd. [7925]
5
10.82
58
0.0
Micronics Japan Co. Ltd. [6871]
2
26.03
52
0.0
Nihon Kohden Corporation [6849]
2
31.66
60
0.0
Nisshin Seifun Group Inc. [2002]
5
13.47
66
0.0
Orsero SpA [ORS]
4
18.73
67
0.0
Panasonic Holdings Corporation [6752]
6
9.91
58
0.0
PERSOL HOLDINGS CO. LTD. [2181]
33
1.72
56
0.0
PKP Cargo SA [PKP]
14
3.71
52
0.0
Proto Corp. [4298]
7
9.59
63
0.0
Richards Packaging Income Fund [RPI.UT]
2
26.28
50
0.0
Ridley Corporation Limited [RIC]
28
1.88
52
0.0
SIGMAXYZ Holdings Inc [6088]
5
10.29
55
0.0
SKY Perfect JSAT Holdings Inc. [9412]
11
4.95
54
0.0
SPACE CO. LTD. [9622]
9
6.61
56
0.0
SRG Global Limited [SRG]
133
0.46
61
0.0
Supremex Inc. [SXP]
21
3.24
68
0.0
Tobii Dynavox AB [TDVOX]
14
4.18
60
0.0
Tomy Company Ltd. [7867]
4
15.84
57
0.0
Vesuvius Plc [VSVS]
10
6.13
59
0.0
Vital KSK Holdings Inc. [3151]
9
7.41
68
0.0
Yangzijiang Shipbuilding (Holdings) Ltd. [BS6]
52
1.13
59
0.0
Zimplats Holdings Limited [ZIM]
3
14.86
50
0.0
Air New Zealand Limited [AIR]
113
0.40
45
0.0
Analogue Holdings Limited [1977]
336
0.13
44
0.0
Anglo American plc [AAL]
2
25.12
40
0.0
ASAHI YUKIZAI CORPORATION [4216]
1
26.92
32
0.0
Ateam Inc. [3662]
8
4.07
32
0.0
Autohome Inc. Sponsored ADR Class A [ATHM]
1
28.06
33
0.0
B3 Consulting Group AB [B3]
4
10.92
47
0.0
Banca Popolare di Sondrio S.p.A. [BPSO]
6
6.47
36
0.0
Bertrandt AG [BDT]
1
56.78
35
0.0
Betsson AB Class B [BETS.B]
5
10.77
49
0.0
Boryszew S.A. [BRS]
20
1.57
32
0.0
Burkhalter Holding AG [BRKN]
0
110.14
34
0.0
Carlit Holdings Co. Ltd. [4275]
6
6.59
37
0.0
China Aviation Oil (Singapore) Corporation Ltd [G92]
75
0.66
50
0.0
ChipMOS TECHNOLOGIES INC Sponsored ADR [IMOS]
1
27.21
37
0.0
Chori Co. Ltd. [8014]
2
20.04
40
0.0
Chrysos Corp. Ltd. [C79]
6
5.53
34
0.0
Comarch S.A. [CMR]
1
52.90
34
0.0
Commercial Bank of Dubai(PSC) [CBD]
32
1.39
45
0.0
Compagnie Financiere Tradition SA [CFT]
0
140.20
45
0.0
Daiichi Cutter Kogyo K.K. [1716]
5
9.36
47
0.0
Daitron Co. Ltd. [7609]
2
19.87
46
0.0
Dedicare AB [DEDI]
4
11.33
45
0.0
Delfi Limited [P34]
39
0.85
33
0.0
Digital Arts Inc. [2326]
1
36.39
40
0.0
DSV A/S [DSV]
0
175.67
32
0.0
E1 Corporation [017940]
1
48.37
38
0.0
Ehime Bank Ltd. [8541]
4
7.15
31
0.0
Enghouse Systems Limited [ENGH]
1
26.62
32
0.0
Ginebra San Miguel Inc. [GSMI]
15
3.05
45
0.0
Ichikoh IndustriesLtd. [7244]
9
3.59
31
0.0
ID Holdings Corporation [4709]
3
11.95
31
0.0
iFAST Corporation Ltd [AIY]
6
6.22
39
0.0
ING Bank Slaski S.A. [ING]
1
65.10
49
0.0
Johnson Electric Holdings Limited [179]
28
1.59
44
0.0
Johnson Service Group PLC [JSG]
17
1.81
31
0.0
Jungfraubahn Holding AG [JFN]
0
190.10
42
0.0
Kaga Electronics Co. Ltd. [8154]
1
43.48
43
0.0
Kaufman & Broad SA [KOF]
1
33.25
48
0.0
Konishi Co. Ltd. [4956]
5
9.60
50
0.0
K.R.S.Corporation [9369]
6
6.41
37
0.0
Kyodo Printing Co. Ltd. [7914]
2
22.91
41
0.0
Lanna Resources Public Co. Ltd. NVDR [LANNA.R]
96
0.45
43
0.0
Lubelski Wegiel BOGDANKA SA [LWB]
4
8.65
30
0.0
Lycopodium Limited [LYL]
4
7.98
30
0.0
Major Drilling Group International Inc. [MDI]
7
6.98
49
0.0
Marco Polo Marine Ltd. [5LY]
1,229
0.04
48
0.0
Max Stock Ltd. [MAXO]
16
1.93
31
0.0
Mears Group PLC [MER]
9
3.95
35
0.0
Medical System Network Co. Ltd. [4350]
7
4.60
33
0.0
Medipal Holdings Corporation [7459]
2
16.21
32
0.0
ME Group International plc [MEGP]
31
1.59
49
0.0
MEITEC Group Holdings Inc. [9744]
2
20.05
48
0.0
Morita Holdings Corporation [6455]
3
11.02
35
0.0
Mullen Group Ltd. [MTL]
3
10.65
36
0.0
Nichias Corporation [5393]
1
24.05
31
0.0
Nihon Denkei Co. Ltd. [9908]
3
13.29
36
0.0
Nihon Parkerizing Co. Ltd. [4095]
4
8.07
34
0.0
Nippon Thompson Co. Ltd. [6480]
9
4.00
35
0.0
Novo Nordisk A/S Sponsored ADR Class B [NVO]
0
103.45
31
0.0
Okamoto Industries Inc. [5122]
1
35.29
49
0.0
Orora Ltd. [ORA]
19
1.77
33
0.0
Petron Corp. [PCOR]
577
0.06
37
0.0
Pico Far East Holdings Limited [752]
158
0.20
31
0.0
PT Agung Podomoro Land Tbk [APLN]
4,597
0.01
39
0.0
PT Champ Resto Indonesia Tbk [ENAK]
400
0.08
34
0.0
QinetiQ Group plc [QQ]
13
3.94
50
0.0
Qol Holdings Co. Ltd. [3034]
3
11.75
32
0.0
Riken Technos Corporation [4220]
7
6.00
43
0.0
Sajodaerim Corporation [003960]
2
24.30
38
0.0
Sarawak Plantation Bhd. [5135]
99
0.46
45
0.0
Schaeffler AG [SHA]
6
6.18
38
0.0
Seikagaku Corporation [4548]
6
5.40
30
0.0
Shinagawa Refractories Co. Ltd. [5351]
4
12.19
49
0.0
Shin Nippon Air Technologies Co. Ltd. [1952]
2
16.92
32
0.0
Sinfonia Technology Co. Ltd. [6507]
3
14.78
37
0.0
Sligro Food Group N.V. [SLIGR]
2
17.52
34
0.0
Smiths News PLC [SNWS]
53
0.68
36
0.0
SMK Corporation [6798]
3
18.17
49
0.0
SMS Co. Ltd. [2175]
2
20.57
49
0.0
Stolt-Nielsen Limited [SNI]
1
30.67
32
0.0
Sumitomo Seika Chemicals Co. Ltd. [4008]
1
35.40
39
0.0
Sun-Wa Technos Corporation [8137]
2
15.58
31
0.0
TAKARA & COMPANY LTD [7921]
3
19.30
48
0.0
TechMatrix Corporation [3762]
3
12.43
41
0.0
Tera Probe Inc. [6627]
1
46.74
42
0.0
Thai Stanley Electric Public Co. Ltd. NVDR [STANLY.R]
7
5.43
35
0.0
Titan Cement International N.V. [TITC]
2
23.47
41
0.0
Tobishima Corporation [1805]
4
9.29
33
0.0
TOHO GAS Co. Ltd. [9533]
2
20.89
48
0.0
Tomoe Corporation [1921]
8
4.11
32
0.0
Topy Industries Limited [7231]
2
18.12
40
0.0
Torex Gold Resources Inc. [TXG]
4
11.09
44
0.0
Towa Bank Ltd. [8558]
11
4.30
48
0.0
Toyo Engineering Corporation [6330]
5
5.58
30
0.0
Ubicom Holdings. Inc. [3937]
4
11.84
50
0.0
Vetoquinol SA [VETO]
0
113.12
31
0.0
Vision Inc. ( Japan) [9416]
4
8.72
33
0.0
Westaim Corporation [WED]
12
2.85
34
0.0
WingArc1st Inc. [4432]
1
21.81
31
0.0
Yossix Holdings Co.Ltd. [3221]
3
19.28
48
0.0
Abist Co. Ltd. [6087]
1
21.63
13
0.0
A.B.P. Nocivelli S.p.A. [ABP]
4
4.42
18
0.0
Achilles Corporation [5142]
3
10.94
27
0.0
AGS Corporation [3648]
2
5.91
12
0.0
AJIS Co. Ltd. [4659]
1
16.23
13
0.0
Alphapolis Co. Ltd. [9467]
1
16.33
20
0.0
Argo Graphics Inc. [7595]
1
26.00
29
0.0
ASIA PILE HOLDINGS Corporation [5288]
4
4.99
20
0.0
Autosports Group Ltd [ASG]
7
1.60
11
0.0
Awilco LNG ASA [ALNG]
37
0.82
30
0.0
Base Resources Limited [BSE]
233
0.11
25
0.0
Bloomsbury Publishing Plc [BMY]
5
5.99
29
0.0
BTS Rail Mass Transit Growth Infrastructure Fund 2013- Foreign Registered Units [BTSGIF.F]
342
0.08
26
0.0
Business Brain Showaota Inc. [9658]
1
15.48
22
0.0
Career Design Center Co. Ltd. [2410]
2
15.36
26
0.0
Chilled & Frozen Logistics Holdings Co. Ltd. [9099]
2
10.26
20
0.0
China Starch Holdings Limited [3838]
1,500
0.02
26
0.0
Costain Group PLC [COST]
18
0.81
15
0.0
CREEK & RIVER Co. Ltd. [4763]
2
15.59
28
0.0
Dai Nippon Toryo Company Limited [4611]
3
7.24
21
0.0
EXEL Industries SA [EXE]
0
59.65
16
0.0
Foresight Group Holdings Ltd. [FSG]
2
5.49
12
0.0
G-7 Holdings Inc. [7508]
3
8.50
28
0.0
Gecoss Corporation [9991]
3
7.51
22
0.0
GMO GlobalSign Holdings K.K. [3788]
2
19.41
29
0.0
Hiroshima Gas Co. Ltd. [9535]
4
2.71
12
0.0
Hodogaya Chemical Co. Ltd. [4112]
1
26.39
21
0.0
Hyakugo Bank Ltd. [8368]
7
3.79
27
0.0
IGG Inc. [799]
46
0.41
19
0.0
Impellam Group plc [IPEL]
2
10.84
19
0.0
Interparfums [ITP]
0
55.67
27
0.0
ISHIHARA SANGYO KAISHA LTD. [4028]
3
9.55
27
0.0
JAC Recruitment Co. Ltd. [2124]
4
4.61
20
0.0
JANOME Corporation [6445]
4
4.81
18
0.0
Japan Medical Dynamic Marketing Inc. [7600]
5
5.38
26
0.0
Kanaden Corporation [8081]
2
11.03
24
0.0
Kawan Food Bhd. [7216]
59
0.39
23
0.0
Kimly Ltd. [1D0]
44
0.24
11
0.0
Kitwave Group PLC [KITW]
4
3.25
12
0.0
Koa Shoji Holdings Co. Ltd. [9273]
5
5.19
28
0.0
Koatsu Gas Kogyo Co. Ltd. [4097]
5
6.29
29
0.0
KPX Chemical Co. Ltd. [025000]
0
33.78
17
0.0
Kyowa Leather Cloth Co. Ltd. [3553]
3
5.09
14
0.0
Lawson Inc. [2651]
1
51.66
26
0.0
Lindsay Australia Limited [LAU]
37
0.79
29
0.0
Maezawa Industries Inc. [6489]
4
6.96
26
0.0
Maruzen Showa Unyu Co. Ltd. [9068]
1
27.73
28
0.0
MATCHING SERVICE JAPAN CO.LTD. [6539]
3
8.04
21
0.0
MDA Ltd. [MDA]
3
8.74
24
0.0
MegaStudy Co. Ltd. [072870]
3
8.46
23
0.0
Moresco Corporation [5018]
2
9.17
18
0.0
Morgan Sindall Group plc [MGNS]
1
28.24
26
0.0
Nanyo Corp. [7417]
1
15.14
12
0.0
Naturhouse Health SA [NTH]
7
1.79
13
0.0
Nedap N.V [NEDAP]
0
70.70
19
0.0
Nice Corporation [8089]
1
12.07
11
0.0
NICE Ltd. Sponsored ADR [NICE]
0
199.51
28
0.0
Nippon Carbide Industries CompanyIncorporated [4064]
2
10.15
22
0.0
Nitto Kohki Co. Ltd. [6151]
2
13.24
29
0.0
Ocean Wilsons Holdings Limited [OCN]
2
15.30
28
0.0
Okabe Co. Ltd. [5959]
4
5.19
23
0.0
OKEA ASA [OKEA]
10
2.62
25
0.0
Okura Industrial Co. Ltd. [4221]
1
18.11
24
0.0
Orascom Construction Plc [ORAS]
4
5.88
22
0.0
Orion Oyj Class A [ORNAV]
0
43.30
12
0.0
ORO Co. Ltd. [3983]
2
18.33
27
0.0
Osaki Electric Co. Ltd. [6644]
4
4.55
17
0.0
Pacific Century Regional Developments Ltd [P15]
96
0.22
21
0.0
PALFINGER AG [PAL]
0
27.84
10
0.0
Parker Corporation [9845]
2
5.45
13
0.0
Perenti Limited [PRN]
36
0.71
26
0.0
Prestige International Inc. [4290]
6
4.26
25
0.0
PT ABM Investama Tbk [ABMM]
116
0.22
26
0.0
PT Resource Alam Indonesia Tbk [KKGI]
898
0.02
21
0.0
Qatar Industrial Manufacturing Co. [QIMD]
14
0.82
12
0.0
Qatar National Cement Co. [QNCD]
12
1.08
13
0.0
Qilu Expressway Co. Ltd. Class H [1576]
91
0.25
23
0.0
RIX Corporation [7525]
1
24.08
14
0.0
RS Technologies Co. Ltd. [3445]
1
21.20
19
0.0
SAMSE SA [SAMS]
0
223.14
16
0.0
Sato Holdings Corporation [6287]
2
15.01
29
0.0
Seino Holdings Co. Ltd. [9076]
2
15.17
27
0.0
Sekisui Kasei Co. Ltd. [4228]
6
3.45
19
0.0
Service Stream Limited [SSM]
19
0.64
12
0.0
Shikoku Bank Ltd. [8387]
3
6.81
23
0.0
Sigma Koki Co. Ltd. [7713]
3
10.76
29
0.0
SKY Network Television Ltd [SKT]
16
1.75
29
0.0
Sodick Co. Ltd. [6143]
5
5.17
24
0.0
Software Service Inc. [3733]
0
69.73
21
0.0
Soken Chemical & Engineering Co. Ltd. [4972]
1
17.14
10
0.0
Soliton Systems K.K. [3040]
2
9.87
18
0.0
SThree plc [STEM]
3
5.33
18
0.0
Sugimoto & Co. Ltd. [9932]
2
15.84
27
0.0
Ta Ann Holdings Bhd. [5012]
17
0.80
14
0.0
Takara Bio Inc. [4974]
3
8.88
26
0.0
TEAR Corp. [2485]
4
3.25
12
0.0
Titanium Oyj [TITAN]
1
19.00
23
0.0
Toho Co. Ltd. [8142]
1
19.67
26
0.0
TOYA S.A. [TOA]
11
2.12
23
0.0
Toyo Machinery & Metal Co. Ltd. [6210]
3
4.87
15
0.0
Tree Island Steel Ltd. [TSL]
6
2.62
14
0.0
Tsubakimoto Kogyo Co. Ltd. [8052]
1
45.61
23
0.0
Vetropack Holding AG Class A [VETN]
1
46.46
27
0.0
Wacom Co. Ltd. [6727]
6
4.66
28
0.0
Wagners Holding Co. Ltd. [WGN]
30
0.68
20
0.0
Wilmington plc [WIL]
6
4.23
26
0.0
Wilson ASA [WILS]
2
6.46
11
0.0
YAMADA Consulting Group Co. Ltd. [4792]
2
12.14
19
0.0
Zen Corporation Group Public Company Limited NVDR [ZEN.R]
62
0.27
17
0.0
Zeria Pharmaceutical Co. Ltd. [4559]
2
14.31
21
0.0
Zuken Inc. [6947]
1
28.66
20
0.0
Almogim Holdings Ltd [ALMA]
1
1.77
2
0.0
APAC Resources Limited [1104]
60
0.12
7
0.0
Ascom Holding AG [ASCN]
0
9.77
2
0.0
Australian Vintage Ltd [AVG]
29
0.28
8
0.0
BesHom Holdings Bhd [7668]
9
0.20
2
0.0
Boustead Singapore Limited [F9D]
13
0.65
9
0.0
BRC Asia Limited [BEC]
0
1.36
0
0.0
Castro Model Ltd. [CAST]
0
10.81
5
0.0
CDS Co. Ltd. [2169]
1
11.99
10
0.0
Dom Development S.A. [DOM]
0
37.99
0
0.0
Ever Reach Group Holdings Co. Ltd. [3616]
117
0.03
3
0.0
Exail Technologies SA [EXA]
0
21.32
1
0.0
FAN Communications. Inc. [2461]
2
2.81
5
0.0
Fiducian Group Ltd [FID]
2
4.22
9
0.0
Fursys Inc. [016800]
0
23.68
8
0.0
Gem Diamonds Limited [GEMD]
18
0.17
3
0.0
GRENEVIA Spolka Akcyjna [GEA]
1
0.85
1
0.0
HighCo SA [HCO]
1
4.14
4
0.0
IMC S.A. [IMC]
1
2.31
2
0.0
JLS Co. Ltd [040420]
2
5.44
8
0.0
K. Wah International Holdings Limited [173]
1
0.25
0
0.0
Ladprao General Hospital Public Company Ltd NVDR [LPH.R]
60
0.15
9
0.0
MAEIL HOLDINGS CO. LTD. [005990]
1
6.33
4
0.0
Magyar Telekom Telecommunications Plc Sponsored ADR [MYTAY]
1
9.85
6
0.0
Melcor Developments Ltd. [MRD]
1
8.54
9
0.0
Midway Ltd [MWY]
1
0.54
1
0.0
Modern Land (China) Co. Ltd. [1107]
21
0.01
0
0.0
New Times Energy Corporation Limited [166]
253
0.01
2
0.0
NTT Data Intramart Corporation [3850]
1
12.63
8
0.0
NZME Limited [NZM]
14
0.68
10
0.0
Oriola Corp Class A [OKDAV]
6
1.24
8
0.0
Oriola Corp Class B [OKDBV]
1
1.20
1
0.0
PageGroup PLC [PAGE]
1
6.21
6
0.0
Pro-Pac Packaging Ltd [PPG]
6
0.19
1
0.0
PropNex Ltd. [OYY]
2
0.71
2
0.0
PRT Company Limited [PRT]
34
NaN
0
0.0
PSC Corporation Ltd [DM0]
39
0.24
9
0.0
PT Jaya Bersama Indo [DUCK]
83
NaN
0
0.0
PT Salim Ivomas Pratama Tbk [SIMP]
357
0.02
9
0.0
Rakon Limited [RAK]
8
0.78
6
0.0
Sierra Rutile Holdings Limited [SRX]
93
0.07
6
0.0
Thantawan Industry PCL NVDR [THIP.R]
10
0.87
9
0.0
Western Bulk Chartering AS [WEST]
2
2.46
6
0.0
Xingye Alloy Materials Group Limited [505]
51
0.13
7
0.0
Total
--
--
--
200,032
97.5
Cash and Other Assets Less Liabilities
--
--
--
--
2.5
Total Net Assets
--
--
--
--
100%

As of 12/31/2023

International Core Fund (HAONX)

MSCI EAFE (ND) Index

-

Industrials

HAONX: 18.5%

Benchmark: 16.3%

-

Consumer Discretionary

HAONX: 15.9%

Benchmark: 11.8%

-

Information Technology

HAONX: 15.7%

Benchmark: 8.6%

-

Financials

HAONX: 14.4%

Benchmark: 19.0%

-

Health Care

HAONX: 13.2%

Benchmark: 12.8%

-

Materials

HAONX: 8.1%

Benchmark: 7.9%

-

Energy

HAONX: 7.2%

Benchmark: 4.3%

-

Utilities

HAONX: 3.1%

Benchmark: 3.5%

-

Communication Services

HAONX: 2.4%

Benchmark: 4.1%

-

Consumer Staples

HAONX: 1.6%

Benchmark: 9.3%

-

Real Estate

HAONX: 0.2%

Benchmark: 2.4%

HAONX: International Core Fund

Benchmark: MSCI EAFE (ND) Index

As of 12/31/2023

Economic Sector

International Core Fund %

MSCI EAFE (ND) Index %

Materials

Economic sector icon
20.0
17.1

Information Technology

Economic sector icon
15.2
21.3

Communication Services

Economic sector icon
14.3
8.9

Industrials

Economic sector icon
14.3
14.3

Consumer Discretionary

Economic sector icon
12.1
8.0

Financials

Economic sector icon
8.7
9.9

Health Care

Economic sector icon
8.3
4.9

Consumer Staples

Economic sector icon
8.2
5.2

Utilities

Economic sector icon
7.7
14.0

[Unassigned]

0.0
-7.2

Real Estate

Economic sector icon
-2.2
14.9

Energy

Economic sector icon
-3.1
0.3

As of 12/31/2023

Country

International Core Fund %

MSCI EAFE (ND) Index %

Japan
19.1
22.5
Switzerland
11.7
10.0
United Kingdom
11.1
14.7
Germany
10.0
8.6
France
6.9
12.0
Australia
6.4
7.5
Denmark
5.7
3.3
Spain
4.5
2.7
Sweden
4.2
3.2
Italy
3.7
2.6
Other
16.7
12.9

Investment Team


Acadian

Acadian Asset Management LLC is a global, quantitative investment manager. Acadian was founded in 1986 and is headquartered in Boston, with affiliates in Singapore, Sydney, Tokyo, and London. The firm was among the first managers to apply data and technology to the systematic evaluation of global investments over 30 years ago, and today Acadian’s proprietary database covers over 40,000 securities in more than 150 markets worldwide. Acadian’s mission is to be its clients’ most valued resource for investment insight and success, and the firm puts to use decades of global risk and return data, forecasts, factor behavior, transaction costs, risk analysis, and portfolio construction tools in service of this mission.

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. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated.

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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