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Harbor Focused International Fund (HNFSX)

Please note: Harbor Funds’ Board of Trustees has determined to liquidate and dissolve Harbor Focused International Fund (the “Fund”). The liquidation of the Fund is expected to occur on May 31, 2022. The Fund is now closed to new investors. The Fund will no longer accept additional investments from existing shareholders beginning on May 17, 2022. Please see the Fund's prospectus for more information.

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 5/20/2022

NAV Price

$10.56

NAV Daily Change ($)

$0.11

NAV Daily Change (%)

1.05%

NAV YTD Return

-23.81%

Fund Facts

Inception Date

6/1/2019

Net Expense Ratio

0.85%disclaimer

Gross Expense Ratio

1.09%

Total Net Assets (million)

as of 4/30/2022

$17.789

Ticker

HNFSX

Fund Number

2045

Share Class

Institutional

Top Ten Holdings

as of 3/31/2022

Novo Nordisk A/S Class B [NOVO.B]

6.5%

Experian PLC [EXPN]

4.7%

EssilorLuxottica SA [EL]

4.5%

Pernod Ricard SA [RI]

4.2%

ASML Holding NV [ASML]

4.2%

Shin-Etsu Chemical Co Ltd [4063]

3.9%

L'Oreal S.A. [OR]

3.8%

LVMH Moet Hennessy Louis Vuitton SE [MC]

3.6%

Shimano Inc. [7309]

3.5%

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR [TSM]

3.5%

% of Total Holdings:

42.4%

left quote

“We have developed a quality growth expertise through decades of on the ground research, this experience has taught us the most important questions prior to each investment are simply: do we want to own this business, with this management, at this price.”

right quote

Laure Négiar

CFA, Portfolio Manager and Analyst, Comgest Asset Management International Limited

Performance

Total Returns

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Focused International Fund

-13.95%

-21.21%

-15.84%

5.15%

0.85%disclaimer

1.09%

MSCI All Country World Ex. US (ND) Index

-7.99%

-11.38%

-10.31%

6.43%

--

--

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 harborfunds.com or by calling 800-422-1050.

The MSCI All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. 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

12/17/2021

12/20/2021

12/20/2021

0.00000

0.00848

0.53570

--

0.00000

0.53570

0.54418

0.01455

--

12/16/2020

12/17/2020

12/17/2020

0.00000

0.03179

0.14411

0.05445

0.00000

0.08966

0.17590

0.01214

13.38

12/13/2019

12/16/2019

12/16/2019

0.00000

0.01144

0.05256

0.05256

0.00000

0.00000

0.06400

0.00314

11.07

Holdings

Portfolio Characteristics

as of 3/31/2022

Focused International Fund

Number of Holdings

39

Wtd Avg Market Cap ($Mil)

134713.6

Price/Book Ratio

6.43

Adjusted Trailing P/E Ratio

33.2

% EPS Growth - Past 3 Yr

10.3

Return on Equity (%)

18.82

Forecasted P/E Ratio

31.4

Proj. Earnings Growth Rate (%)

15.4

Top Ten Holdings

as of 3/31/2022

Company Name [Ticker]

% of Net Assets

Novo Nordisk A/S Class B[NOVO.B]

6.5

Experian PLC[EXPN]

4.7

EssilorLuxottica SA[EL]

4.5

Pernod Ricard SA[RI]

4.2

ASML Holding NV[ASML]

4.2

Shin-Etsu Chemical Co Ltd[4063]

3.9

L'Oreal S.A.[OR]

3.8

LVMH Moet Hennessy Louis Vuitton SE[MC]

3.6

Shimano Inc.[7309]

3.5

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR[TSM]

3.5

% of Total Holdings:

42.4%

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 3/31/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Novo Nordisk A/S Class B [NOVO.B]

Denmark

27

112.02

2,984

6.5

Experian PLC [EXPN]

United Kingdom

55

38.85

2,147

4.7

EssilorLuxottica SA [EL]

France

11

185.03

2,050

4.5

Pernod Ricard SA [RI]

France

9

221.75

1,930

4.2

ASML Holding NV [ASML]

Netherlands

3

678.72

1,916

4.2

Shin-Etsu Chemical Co Ltd [4063]

Japan

12

154.81

1,780

3.9

L'Oreal S.A. [OR]

France

4

404.84

1,725

3.8

LVMH Moet Hennessy Louis Vuitton SE [MC]

France

2

722.55

1,646

3.6

Shimano Inc. [7309]

Japan

7

231.97

1,601

3.5

Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR [TSM]

Taiwan

15

104.26

1,599

3.5

HOYA CORPORATION [7741]

Japan

14

115.59

1,560

3.4

Housing Development Finance Corporation Limited [500010]

India

49

31.55

1,540

3.4

Inner Mongolia Yili Industrial Group Co., Ltd. Class A

China

263

5.81

1,530

3.3

Tencent Holdings Ltd. [700]

China

30

47.78

1,420

3.1

Sony Group Corporation [6758]

Japan

13

104.88

1,363

3.0

AIA Group Limited [1299]

Hong Kong

127

10.53

1,334

2.9

DAIKIN INDUSTRIES LTD. [6367]

Japan

7

184.63

1,274

2.8

Netease Inc [9999]

China

68

18.36

1,247

2.7

Keyence Corporation [6861]

Japan

3

471.68

1,226

2.7

Adyen NV [ADYEN]

Netherlands

1

2,012.78

1,222

2.7

Linde plc [LIN]

United States

4

323.22

1,222

2.7

Recruit Holdings Co. Ltd. [6098]

Japan

27

44.61

1,218

2.7

Straumann Holding AG [STMN]

Switzerland

1

1,615.32

1,220

2.7

Hamamatsu Photonics K.K. [6965]

Japan

20

53.96

1,052

2.3

Lonza Group AG [LONN]

Switzerland

1

730.45

1,027

2.2

Daifuku Co. Ltd. [6383]

Japan

14

72.42

1,021

2.2

Alcon AG [ALC]

Switzerland

12

80.09

950

2.1

Sika AG [SIKA]

Switzerland

3

334.04

933

2.0

SAP SE [SAP]

Germany

7

112.51

802

1.7

Dassault Systemes SA [DSY]

France

15

49.75

756

1.6

Coloplast A/S Class B [COLO.B]

Denmark

5

153.25

717

1.6

Kweichow Moutai Co., Ltd. Class A

China

2

270.79

416

0.9

JD.com Inc. Class A [9618]

China

1

29.88

42

0.1

Kweichow Moutai Co. Ltd. Class A [600519]

China

0

271.00

27

0.1

Total

--

--

--

44,498

97.3

Cash and Other Assets Less Liabilities

--

--

--

--

2.7

Total Net Assets

--

--

--

--

100%

Sector Allocations

as of 3/31/2022

Economic Sector

Focused International Fund %

MSCI All Country World Ex. US (ND) Index %

Information Technology

18.7

12.2

Health Care

18.4

9.4

Consumer Discretionary

14.6

11.1

Industrials

12.3

12.2

Consumer Staples

12.2

8.4

Materials

8.6

8.8

Financials

6.3

20.4

Communication Services

5.8

6.2

Energy

0.0

5.4

Real Estate

0.0

2.4

Utilities

0.0

3.2

as of 3/31/2022

Economic Sector

Focused International Fund %

MSCI All Country World Ex. US (ND) Index %

Energy

0.0

6.9

Utilities

0.0

-2.4

Real Estate

0.0

-2.8

Financials

-3.6

1.6

Materials

-9.6

5.2

Health Care

-9.9

-5.1

Consumer Staples

-11.5

-7.2

Communication Services

-12.7

-6.1

Consumer Discretionary

-13.7

-14.3

Information Technology

-16.1

-15.1

Industrials

-17.6

-8.6

as of 3/31/2022

Country

Focused International Fund %

MSCI All Country World Ex. US (ND) Index %

Japan

26.3

14.1

France

17.6

7.2

China

10.2

8.1

Switzerland

9.0

6.6

Denmark

8.1

1.7

Netherlands

6.8

2.8

United Kingdom

4.7

9.7

Taiwan

3.5

4.6

India

3.4

3.8

Hong Kong

2.9

1.8

Other

7.5

39.6

Investment Team

Comgest Asset Management International Limited


Comgest is an international equity boutique, 100%-owned by its employees and founders. This durable partnership – of over 30 years – drives their unconstrained, quality growth approach which is applied across global and regional strategies in developed and emerging markets. From headquarters in Paris, France and additional research offices around the world, each investment team member pursues the same disciplined bottom-up methodology, with integrated ESG research, and then collaborates with the broader team as they seek out the highest-quality companies in every market. Comgest’s independent culture motivates them to think about a company’s strategic intent, sustainability and its impact on all stakeholders. As both stewards of capital and investors, the firm believes this integrated investment strategy is a key factor in creating long-term value for clients.

Documents

Fund Documents

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Focused International Fund Quarterly Report

01/24/2022
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Focused International Fund Portfolio Holdings

05/02/2022

Regulatory

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Focused International Fund Summary Prospectus

03/18/2022
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Harbor Mutual Fund Prospectus

05/02/2022
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International & Global Annual Report

12/23/2021
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International & Global Semi-Annual Report

12/08/2021
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Statement of Additional Information

05/02/2022
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International & Global Fiscal Q3 Schedule of Holdings

12/08/2021
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International & Global Fiscal Q1 Schedule of Holdings

03/31/2022

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 foreign and emerging markets poses special risks, including potentially greater price volatility due to regulatory, social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging markets. The Fund may invest in a limited number of companies and from time to time, the Fund may be more heavily invested in particular countries, geographic regions or sectors. As a result, the Fund’s performance may be more volatile, and you may experience greater losses.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. EPS growth rates can help investors identify stocks that are increasing or decreasing in profitability.

Comgest Asset Management International Limited (“CAMIL”) serves as the Fund’s subadviser. In providing services to the Fund, CAMIL uses designated persons of its affiliates, including Comgest S.A., based in Paris, France, and Comgest Singapore Ptd Ltd., based in Singapore. CAMIL and such affiliates are referred to collectively as “Comgest.”

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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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