
Harbor Global Leaders Fund (HGGAX)
Please note: Harbor Funds’ Board of Trustees has determined to liquidate and dissolve Harbor Global Leaders Fund (the “Fund”). The liquidation of the Fund is expected to occur on August 23, 2023 (the “Liquidation Date”). The liquidation proceeds will be distributed to any remaining shareholders of the Fund on the Liquidation Date.
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“With the expectation of owning each portfolio business for five years or longer, we often describe our investment philosophy as a private buyer’s mentality to owning public equities.”
Sunil Thakor
CFA. Sr. Portfolio Manager, Research Analyst, Sands Capital 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
--
1.94571
--
0.00000
1.94571
1.94571
0.00000
22.65
12/17/2021
12/20/2021
12/20/2021
0.00000
--
3.69533
0.24629
0.00000
3.44904
3.69533
0.00000
33.88
12/16/2020
12/17/2020
12/17/2020
0.00000
0.00000
2.82624
0.41635
0.00000
2.40989
2.82624
0.00000
35.65
12/13/2019
12/16/2019
12/16/2019
0.00000
0.07439
1.73746
0.00000
0.00000
1.73746
1.81185
0.00000
30.62
12/14/2018
12/17/2018
12/17/2018
0.00000
0.00000
0.59627
0.00000
0.00000
0.59627
0.59627
0.00000
24.05
12/15/2017
12/18/2017
12/18/2017
0.00000
0.00990
2.20340
0.00000
0.00000
2.20340
2.21330
0.00000
24.26
12/16/2016
12/19/2016
12/19/2016
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
20.11
12/16/2015
12/17/2015
12/17/2015
0.00000
0.00000
0.71705
0.00000
0.00000
0.71705
0.71705
0.00000
21.12
12/17/2014
12/18/2014
12/18/2014
0.00000
0.03445
2.57460
0.35289
0.00000
2.22171
2.60905
0.00000
21.35
12/16/2013
12/17/2013
12/17/2013
0.00000
0.06691
2.15052
0.86436
0.00000
1.28616
2.21743
0.00000
22.10
12/14/2012
12/17/2012
12/17/2012
0.00000
0.05619
0.49468
0.00000
0.00000
0.49468
0.55087
0.00000
17.96
12/15/2011
12/16/2011
12/16/2011
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
14.82
12/16/2010
12/17/2010
12/17/2010
0.00000
0.15876
1.81179
0.62393
0.00000
1.18786
1.97055
0.00899
17.15
12/17/2009
12/18/2009
12/18/2009
0.00000
0.08585
1.17143
1.17143
0.00000
0.00000
1.25728
0.00000
15.26
Holdings
Full Holdings
As of 3/31/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Visa Inc. Class A [V]
14
225.46
3,060
4.5
Roper Technologies Inc. [ROP]
7
440.69
3,028
4.5
Constellation Software Inc. [CSU]
2
1,877.50
2,980
4.4
Keyence Corporation [6861]
6
484.26
2,886
4.2
Liberty Media Corp. Series C Liberty Formula One [FWONK]
39
74.83
2,885
4.2
AIA Group Limited [1299]
270
10.53
2,844
4.2
Cloudflare Inc Class A [NET]
40
61.66
2,463
3.6
Chegg Inc. [CHGG]
147
16.30
2,401
3.5
Charter Communications Inc. Class A [CHTR]
7
357.61
2,344
3.4
Rentokil Initial plc [RTO]
319
7.31
2,330
3.4
CoStar Group Inc. [CSGP]
33
68.85
2,260
3.3
TransDigm Group Incorporated [TDG]
3
737.05
2,191
3.2
Alimentation Couche-Tard Inc. [ATD]
42
50.21
2,131
3.1
IQVIA Holdings Inc [IQV]
10
198.89
2,087
3.1
HDFC Bank Limited Sponsored ADR [HDB]
31
66.67
2,074
3.1
Entegris Inc. [ENTG]
25
82.01
2,044
3.0
Microsoft Corporation [MSFT]
7
288.30
1,979
2.9
Texas Instruments Incorporated [TXN]
11
186.01
1,982
2.9
Shopify Inc. Class A [SHOP]
39
47.94
1,855
2.7
Lonza Group AG [LONN]
3
599.20
1,834
2.7
ServiceNow Inc. [NOW]
4
464.72
1,726
2.5
STERIS Plc [STE]
8
191.28
1,576
2.3
Aptiv PLC [APTV]
14
112.19
1,545
2.3
Zoetis Inc. Class A [ZTS]
9
166.44
1,522
2.2
Sika AG [SIKA]
5
279.68
1,514
2.2
Adyen NV [ADYEN]
1
1,585.35
1,398
2.1
Intercontinental Exchange Inc. [ICE]
12
104.29
1,241
1.8
Allfunds Group plc [ALLFG]
174
6.61
1,149
1.7
UnitedHealth Group Incorporated [UNH]
2
472.59
1,052
1.6
Bio-Techne Corporation [TECH]
14
74.19
1,044
1.5
Recruit Holdings Co. Ltd. [6098]
36
27.43
980
1.4
Coupang Inc. Class A [CPNG]
59
16.00
941
1.4
MonotaRO Co. Ltd. [3064]
73
12.45
905
1.3
SiteOne Landscape Supply Inc. [SITE]
6
136.87
873
1.3
Axon Enterprise Inc [AXON]
4
224.85
811
1.2
Globant SA [GLOB]
4
164.01
683
1.0
Zur Rose Group AG [ROSE]
13
46.17
599
0.9
Total
--
--
--
67,216
98.6
Cash and Other Assets Less Liabilities
--
--
--
--
1.4
Total Net Assets
--
--
--
--
100%
Sector Allocations
As of 3/31/2023
Global Leaders Fund (HRGAX)
MSCI All Country World (ND) Index
Information Technology
HRGAX: 31.8%
Benchmark: 20.3%
Financials
HRGAX: 17.3%
Benchmark: 15.4%
Industrials
HRGAX: 15.2%
Benchmark: 10.3%
Health Care
HRGAX: 13.4%
Benchmark: 12.2%
Communication Services
HRGAX: 7.7%
Benchmark: 7.3%
Consumer Discretionary
HRGAX: 7.2%
Benchmark: 10.6%
Consumer Staples
HRGAX: 4.0%
Benchmark: 7.7%
Materials
HRGAX: 2.2%
Benchmark: 4.8%
Energy
HRGAX: 0.0%
Benchmark: 4.9%
Real Estate
HRGAX: 0.0%
Benchmark: 2.5%
Utilities
HRGAX: 0.0%
Benchmark: 2.9%
HRGAX: Global Leaders Fund
Benchmark: MSCI All Country World (ND) Index
Sector Returns
As of 3/31/2023
Economic Sector
Global Leaders Fund %
MSCI All Country World (ND) Index %
Consumer Staples
23.0
3.2
Information Technology
20.1
22.2
Materials
17.7
5.3
Communication Services
15.5
17.2
Industrials
3.6
6.4
Health Care
3.0
-1.7
Financials
1.5
-0.7
Energy
0.0
-3.1
Real Estate
0.0
0.5
Utilities
0.0
-0.7
Consumer Discretionary
-12.9
14.7
Top 10 Countries
As of 3/31/2023
Country
Global Leaders Fund %
MSCI All Country World (ND) Index %
60.3
60.5
10.2
3.0
7.0
5.6
5.8
2.6
4.2
0.7
3.7
1.2
3.4
3.8
3.1
1.4
1.0
--
0.0
1.9
1.3
19.3
Investment Team

Sands Capital Management, LLC is an independent, staff-owned, global investment management firm with a singular focus on long-only growth equity investing. They exist to add value and enhance the wealth of their clients with prudence over time. Sands Capital’s investment strategies (and those of their affiliates) employ a fundamental, bottom-up research approach that aims to identify high-quality public and private growth businesses globally.
Clients include pension plans, endowments, foundations, corporations, mutual and pooled funds, charities, sovereign wealth funds, state and municipal government entities, Taft-Hartley plans, and private investment funds.
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. Since the Fund typically invests in a limited number of companies, an adverse event affecting a particular company may hurt the Fund's performance more than if it had invested in a larger number of 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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