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Harbor Diversified International All Cap Fund (HAIDX)

Harbor Diversified International All Cap Fund (HAIDX)

Class
Welcome
Overview
Performance
Holdings
Investment Team
Documents
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Broad Exposure. The fund’s diversified all-cap approaches means it can serve as a stand-alone fund for gaining exposure to international stocks. 

Fundamentally Driven. Marathon’s capital cycle approach is grounded in enduring investment principles. Fundamental research drives investment decisions, which aims to create a portfolio with meaningful active positions relative to the benchmark.

Distinctive Team Structure. Each PM at Marathon is an experienced regional specialist and manages his sleeve independently. This reduces key man risk, guards against group think, and allows diverse investment opinions to be expressed across the portfolio.

Related Funds to Consider

Overview

Investment Team
Marathon London
Charles Carter
Nick Longhurst
William J. Arah
Toma Kobayashi
Robert Anstey
Justin Hill
Alex Duffy

Current Price

As of 6/11/2024

$12.60

Price (NAV)

-$0.12

NAV Daily Change ($)

-0.94%

NAV Daily Change (%)

4.65%

NAV YTD Return

Fund Facts

As of 5/31/2024

11/2/2015

Inception Date

0.80

Net Expense Ratio
disclaimer

0.90

Gross Expense Ratio

$282.719

Total Net Assets (million)
As of 5/31/2024

HAIDX

Ticker

2038

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Novo Nordisk A/S Class B[NOVO.B]
2.6
ASML Holding NV[ASML]
2.0
Taiwan Semiconductor Manufacturing Co. Ltd.[2330]
2.0
3i Group plc[III]
1.4
BP p.l.c.[BP]
1.3
PT Bank Central Asia Tbk[BBCA]
1.2
Samsung Electronics Co. Ltd.[005930]
1.2
AIA Group Limited[1299]
1.1
HDFC Bank Limited Sponsored ADR[HDB]
1.1
Fairfax Financial Holdings Limited[FFH]
1.0
% of Total Holdings:
14.9%

Morningstar Medalist Rating™

Morningstar Bronze
Analyst-Driven %
55
Data Coverage %
98
As of 3/31/2024

“In the long-run, the intensity of competition, rather than the growth of an industry, is what ultimately determines the investment outcome.”

Charles Carter

Managing Director and Portfolio Manager, Europe

Performance

Total Returns

Quarter-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Diversified International All Cap Fund
4.90%
4.90%
12.70%
2.31%
6.60%
5.71%
0.80%disclaimer
0.90%
MSCI All Country World Ex. US (ND) Index
4.69%
4.69%
13.26%
1.94%
5.97%
5.89%
--
--

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 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.

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
0.29811
0.00000
--
0.00000
--
0.29811
0.02702
11.81
12/16/2022
12/19/2022
12/19/2022
0.00000
0.15518
0.00000
--
0.00000
--
0.15518
0.03392
10.63
12/17/2021
12/20/2021
12/20/2021
0.00000
0.21604
0.72440
0.08690
0.00000
0.63750
0.94044
0.03145
12.26
12/16/2020
12/17/2020
12/17/2020
0.00000
0.11898
0.00000
0.00000
0.00000
0.00000
0.11898
0.01842
12.42
12/13/2019
12/16/2019
12/16/2019
0.00000
0.24115
0.00000
0.00000
0.00000
0.00000
0.24115
0.02298
11.58
12/14/2018
12/17/2018
12/17/2018
0.00000
0.12381
0.28725
0.02103
0.00000
0.26622
0.41106
0.01645
9.59
12/15/2017
12/18/2017
12/18/2017
0.00000
0.11544
0.28469
0.00137
0.00000
0.28332
0.40013
0.01321
11.44
12/16/2016
12/19/2016
12/19/2016
0.00000
0.12823
0.00000
0.00000
0.00000
0.00000
0.12823
0.01485
9.60
12/16/2015
12/17/2015
12/17/2015
0.00000
0.00543
0.00000
0.00000
0.00000
0.00000
0.00543
0.00000
9.69

Holdings

Portfolio Characteristics

As of 3/31/2024

268

Number of Holdings

72718.8

Wtd Avg Market Cap ($Mil)

2.54

Price/Book Ratio

20.2

Adjusted Trailing P/E Ratio

25.4

% EPS Growth - Past 3 Yr

15.64

Return on Equity (%)

17.6

Forecasted P/E Ratio

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Novo Nordisk A/S Class B[NOVO.B]
2.6
ASML Holding NV[ASML]
2.0
Taiwan Semiconductor Manufacturing Co. Ltd.[2330]
2.0
3i Group plc[III]
1.4
BP p.l.c.[BP]
1.3
PT Bank Central Asia Tbk[BBCA]
1.2
Samsung Electronics Co. Ltd.[005930]
1.2
AIA Group Limited[1299]
1.1
HDFC Bank Limited Sponsored ADR[HDB]
1.1
Fairfax Financial Holdings Limited[FFH]
1.0
% of Total Holdings:
14.9%

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 3/31/2024

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 Flag
200
127.60
25,472
2.6
ASML Holding NV [ASML]
Netherlands Flag
21
963.58
19,767
2.0
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
Taiwan Flag
789
24.34
19,205
2.0
3i Group plc [III]
United Kingdom Flag
383
35.48
13,602
1.4
BP p.l.c. [BP]
United Kingdom Flag
2,049
6.26
12,831
1.3
PT Bank Central Asia Tbk [BBCA]
Indonesia Flag
19,126
0.64
12,153
1.2
Samsung Electronics Co. Ltd. [005930]
South Korea Flag
186
61.21
11,373
1.2
AIA Group Limited [1299]
Hong Kong Flag
1,645
6.71
11,045
1.1
HDFC Bank Limited Sponsored ADR [HDB]
India Flag
195
55.97
10,910
1.1
Fairfax Financial Holdings Limited [FFH]
Canada Flag
9
1,078.96
10,003
1.0
Southern Copper Corporation [SCCO]
Peru Flag
91
106.52
9,707
1.0
UniCredit S.p.A. [UCG]
Italy Flag
256
37.99
9,733
1.0
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
Mexico Flag
891
10.61
9,455
1.0
Rolls-Royce Holdings plc [RR]
United Kingdom Flag
1,680
5.39
9,055
0.9
Schneider Electric SE [SU]
France Flag
40
226.42
8,962
0.9
RELX PLC [REL]
United Kingdom Flag
205
43.25
8,876
0.9
Flutter Entertainment Plc [FLTR]
United Kingdom Flag
42
199.47
8,458
0.9
Mitsubishi Heavy Industries Ltd. [7011]
Japan Flag
858
9.57
8,212
0.8
Advantech Co. Ltd. [2395]
Taiwan Flag
641
12.62
8,086
0.8
Tata Consultancy Services Limited [532540]
India Flag
175
46.48
8,148
0.8
Compagnie Financiere Richemont SA [CFR]
Switzerland Flag
53
152.66
8,056
0.8
Nippon Telegraph and Telephone Corporation [9432]
Japan Flag
6,707
1.19
7,968
0.8
Constellation Software Inc. [CSU]
Canada Flag
3
2,734.16
7,790
0.8
Diageo plc [DGE]
United Kingdom Flag
212
36.96
7,837
0.8
Glencore plc [GLEN]
United Kingdom Flag
1,418
5.50
7,797
0.8
Shinhan Financial Group Co. Ltd. [055550]
South Korea Flag
227
34.17
7,762
0.8
Compass Group PLC [CPG]
United Kingdom Flag
259
29.35
7,602
0.8
Arca Continental SAB de CV [AC]
Mexico Flag
679
10.92
7,413
0.8
Edenred SA [EDEN]
France Flag
137
53.42
7,299
0.8
Vestas Wind Systems A/S [VWS]
Denmark Flag
257
27.94
7,180
0.7
Canadian Natural Resources Limited [CNQ]
Canada Flag
91
76.36
6,948
0.7
Carlsberg AS Class B [CARL.B]
Denmark Flag
49
136.62
6,748
0.7
BAE Systems plc [BA]
United Kingdom Flag
388
17.05
6,611
0.7
Resona Holdings Inc. [8308]
Japan Flag
1,039
6.28
6,524
0.7
Barclays PLC [BARC]
United Kingdom Flag
2,782
2.31
6,438
0.7
CaixaBank SA [CABK]
Spain Flag
1,312
4.85
6,367
0.7
Bid Corporation Limited [BID]
South Africa Flag
256
24.39
6,249
0.6
Coloplast A/S Class B [COLO.B]
Denmark Flag
46
135.00
6,236
0.6
Brookfield Corporation [BN]
Canada Flag
146
41.88
6,124
0.6
Capitec Bank Holdings Limited [CPI]
South Africa Flag
55
110.68
6,110
0.6
Copa Holdings S.A. Class A [CPA]
Panama Flag
59
104.16
6,102
0.6
Localiza Rent A Car SA [RENT3]
Brazil Flag
556
10.92
6,070
0.6
Techtronic Industries Co. Ltd. [669]
Hong Kong Flag
443
13.56
6,006
0.6
Bunzl plc [BNZL]
United Kingdom Flag
153
38.50
5,898
0.6
Geberit AG [GEBN]
Switzerland Flag
10
591.76
5,860
0.6
Kirin Holdings Co. Ltd. [2503]
Japan Flag
423
13.86
5,857
0.6
Loblaw Companies Limited [L]
Canada Flag
53
110.92
5,833
0.6
Sumitomo Mitsui Trust Holdings Inc. [8309]
Japan Flag
266
21.86
5,823
0.6
ASSA ABLOY AB Class B [ASSA.B]
Sweden Flag
200
28.72
5,757
0.6
B3 SA - Brasil Bolsa Balcao [B3SA3]
Brazil Flag
2,351
2.40
5,631
0.6
Brenntag SE [BNR]
Germany Flag
67
84.33
5,647
0.6
DNB Bank ASA [DNB]
Norway Flag
285
19.83
5,641
0.6
CNH Industrial NV [CNHI]
United States Flag
430
12.96
5,566
0.6
HitachiLtd. [6501]
Japan Flag
60
91.88
5,531
0.6
Vipshop Holdings Ltd Sponsored ADR [VIPS]
China Flag
333
16.55
5,504
0.6
Demant A/S [DEMANT]
Denmark Flag
109
49.66
5,407
0.5
Intertek Group plc [ITRK]
United Kingdom Flag
86
62.97
5,411
0.5
Wienerberger AG [WIE]
Austria Flag
148
36.46
5,405
0.5
Delta Electronics Inc. [2308]
Taiwan Flag
500
10.66
5,331
0.5
Canadian Pacific Kansas City Limited [CP]
Canada Flag
59
88.25
5,214
0.5
Alimentation Couche-Tard Inc. [ATD]
Canada Flag
88
57.13
5,048
0.5
DBS Group Holdings Ltd [D05]
Singapore Flag
192
26.70
5,119
0.5
Infosys Limited Sponsored ADR [INFY]
India Flag
283
17.93
5,066
0.5
SNC-Lavalin Group Inc. [ATRL]
Canada Flag
123
40.94
5,047
0.5
Tokio Marine Holdings Inc. [8766]
Japan Flag
165
31.07
5,112
0.5
BHP Group Ltd [BHP]
Australia Flag
171
28.88
4,953
0.5
MediaTek Inc [2454]
Taiwan Flag
134
37.34
5,004
0.5
Naspers Limited Class N [NPN]
South Africa Flag
28
177.31
4,927
0.5
Shenzhou International Group Holdings Limited [2313]
China Flag
515
9.47
4,880
0.5
Bank of Ireland Group Plc [BIRG]
Ireland Flag
469
10.21
4,787
0.5
Bayerische Motoren Werke AG [BMW]
Germany Flag
42
115.52
4,815
0.5
adidas AG [ADS]
Germany Flag
21
223.56
4,673
0.5
CSL Limited [CSL]
Australia Flag
25
187.84
4,629
0.5
Hannover Rueck SE [HNR1]
Germany Flag
16
274.00
4,466
0.5
Nomura Holdings Inc. [8604]
Japan Flag
689
6.46
4,453
0.5
Reckitt Benckiser Group plc [RKT]
United Kingdom Flag
78
57.00
4,465
0.5
Royal KPN NV [KPN]
Netherlands Flag
1,197
3.74
4,482
0.5
Sampo Oyj [SAMPO]
Finland Flag
105
42.68
4,481
0.5
Standard Chartered PLC [STAN]
United Kingdom Flag
526
8.48
4,465
0.5
ArcelorMittal SA [MT]
France Flag
159
27.49
4,377
0.5
Baidu Inc Sponsored ADR Class A [BIDU]
China Flag
42
105.28
4,401
0.5
Cemex SAB de CV Sponsored ADR [CX]
Mexico Flag
493
9.01
4,443
0.5
Barrick Gold Corporation [ABX]
Canada Flag
260
16.65
4,337
0.4
Bank of Nova Scotia [BNS]
Canada Flag
81
51.78
4,211
0.4
Daiwa House Industry Co. Ltd. [1925]
Japan Flag
140
29.92
4,198
0.4
NEC Corp. [6701]
Japan Flag
58
72.62
4,212
0.4
Obayashi Corporation [1802]
Japan Flag
336
12.31
4,135
0.4
Havells India Limited [517354]
India Flag
219
18.16
3,975
0.4
BOC Aviation Limited [2588]
China Flag
503
7.70
3,874
0.4
Koninklijke Ahold Delhaize N.V. [AD]
Netherlands Flag
129
29.94
3,873
0.4
Prio SA [PRIO3]
Brazil Flag
405
9.74
3,943
0.4
Bridgestone Corporation [5108]
Japan Flag
87
43.98
3,809
0.4
Davide Campari-Milano N.V. [CPR]
Italy Flag
377
10.06
3,791
0.4
Entain PLC [ENT]
United Kingdom Flag
378
10.07
3,807
0.4
EssilorLuxottica SA [EL]
France Flag
17
226.48
3,803
0.4
Franco-Nevada Corporation [FNV]
Canada Flag
32
119.27
3,849
0.4
Holcim Ltd [HOLN]
Switzerland Flag
42
90.66
3,849
0.4
QBE Insurance Group Limited [QBE]
Australia Flag
317
11.83
3,744
0.4
ConvaTec Group Plc [CTEC]
United Kingdom Flag
1,012
3.62
3,660
0.4
DCC Plc [DCC]
United Kingdom Flag
49
72.76
3,585
0.4
Fluidra S.A. [FDR]
Spain Flag
155
23.67
3,664
0.4
InterContinental Hotels Group PLC [IHG]
United Kingdom Flag
35
104.12
3,655
0.4
Dai-ichi Life HoldingsInc. [8750]
Japan Flag
140
25.46
3,567
0.4
Embotelladora Andina SA Pfd B [ANDINA.B]
Chile Flag
1,378
2.53
3,487
0.4
Inpex Corporation [1605]
Japan Flag
230
15.46
3,562
0.4
Mitsubishi Electric Corp. [6503]
Japan Flag
212
16.60
3,517
0.4
PrairieSky Royalty Ltd [PSK]
Canada Flag
179
19.60
3,510
0.4
Renesas Electronics Corporation [6723]
Japan Flag
198
17.65
3,501
0.4
SSP Group Plc [SSPG]
United Kingdom Flag
1,271
2.77
3,519
0.4
Hiscox Ltd [HSX]
United Kingdom Flag
215
15.66
3,365
0.3
Lloyds Banking Group plc [LLOY]
United Kingdom Flag
5,044
0.65
3,298
0.3
PageGroup PLC [PAGE]
United Kingdom Flag
579
5.67
3,282
0.3
easyJet plc [EZJ]
United Kingdom Flag
443
7.21
3,194
0.3
Eurofins Scientific SE [ERF]
France Flag
50
63.81
3,209
0.3
Marico Limited [531642]
India Flag
547
5.96
3,259
0.3
African Rainbow Minerals Limited [ARI]
South Africa Flag
359
8.69
3,120
0.3
Gildan Activewear Inc. [GIL]
Canada Flag
83
37.15
3,090
0.3
Svenska Handelsbanken AB Class A [SHB.A]
Sweden Flag
308
10.12
3,114
0.3
ZOZO Inc. [3092]
Japan Flag
125
25.15
3,143
0.3
Equinor ASA [EQNR]
Norway Flag
114
26.40
3,004
0.3
Rightmove plc [RMV]
United Kingdom Flag
444
6.94
3,081
0.3
Sandvik AB [SAND]
Sweden Flag
135
22.23
3,000
0.3
Taiheiyo Cement Corporation [5233]
Japan Flag
130
23.25
3,030
0.3
Toyo Suisan Kaisha Ltd. [2875]
Japan Flag
48
62.61
3,011
0.3
Prudential plc [PRU]
United Kingdom Flag
316
9.39
2,968
0.3
Serco Group plc [SRP]
United Kingdom Flag
1,207
2.40
2,891
0.3
Zhongsheng Group Holdings Ltd. [881]
China Flag
1,720
1.73
2,979
0.3
Air Water Inc. [4088]
Japan Flag
181
15.82
2,856
0.3
Experian PLC [EXPN]
United Kingdom Flag
65
43.63
2,827
0.3
Legrand SA [LR]
France Flag
26
106.08
2,798
0.3
ANDRITZ AG [ANDR]
Austria Flag
44
62.42
2,753
0.3
Chailease Holding Co. Ltd. [5871]
Taiwan Flag
510
5.37
2,740
0.3
Stella-Jones Inc. [SJ]
Canada Flag
46
58.38
2,706
0.3
Dabur India Limited [500096]
India Flag
425
6.27
2,665
0.3
Santos Limited [STO]
Australia Flag
522
5.06
2,639
0.3
Technip Energies NV [TE]
France Flag
105
25.28
2,648
0.3
Auto Trader Group PLC [AUTO]
United Kingdom Flag
288
8.85
2,546
0.3
Gerresheimer AG [GXI]
Germany Flag
22
112.75
2,520
0.3
Itochu Corporation [8001]
Japan Flag
59
42.72
2,504
0.3
Li Ning Company Limited [2331]
China Flag
968
2.66
2,571
0.3
Randstad NV [RAND]
Netherlands Flag
49
52.83
2,585
0.3
Fresenius Medical Care AG [FME]
Germany Flag
64
38.50
2,483
0.3
Spin Master Corp [TOY]
Canada Flag
94
25.61
2,419
0.3
TDK Corporation [6762]
Japan Flag
49
49.43
2,432
0.3
Amplifon S.p.A. [AMP]
Italy Flag
64
36.50
2,321
0.2
GEA Group Aktiengesellschaft [G1A]
Germany Flag
55
42.33
2,323
0.2
Richelieu Hardware Ltd [RCH]
Canada Flag
75
31.48
2,349
0.2
Elis SA [ELIS]
France Flag
99
22.74
2,246
0.2
Finning International Inc. [FTT]
Canada Flag
77
29.42
2,262
0.2
Fuji Media Holdings Inc. [4676]
Japan Flag
170
13.11
2,234
0.2
Qantas Airways Limited [QAN]
Australia Flag
628
3.56
2,233
0.2
Woodside Energy Group Ltd [WDS]
Australia Flag
115
19.90
2,290
0.2
Coca-Cola Europacific Partners plc [CCEP]
Netherlands Flag
30
69.95
2,133
0.2
First Quantum Minerals Ltd. [FM]
Canada Flag
201
10.76
2,167
0.2
Toyota Industries Corp. [6201]
Japan Flag
21
103.41
2,141
0.2
DS Smith Plc [SMDS]
United Kingdom Flag
403
5.01
2,021
0.2
Magna International Inc. [MG]
Canada Flag
39
54.53
2,101
0.2
Nippon Television Holdings Inc. [9404]
Japan Flag
136
15.33
2,086
0.2
TBS HOLDINGS INC. [9401]
Japan Flag
72
28.80
2,062
0.2
Asahi Group HoldingsLtd. [2502]
Japan Flag
53
36.88
1,970
0.2
Rotork plc [ROR]
United Kingdom Flag
471
4.15
1,956
0.2
Sumitomo Metal Mining Co. Ltd. [5713]
Japan Flag
66
30.31
1,997
0.2
Taisei Corporation [1801]
Japan Flag
54
37.13
1,992
0.2
Admiral Group plc [ADM]
United Kingdom Flag
51
35.84
1,825
0.2
Galaxy Entertainment Group Limited [27]
Hong Kong Flag
373
5.02
1,873
0.2
NH Foods Limited [2282]
Japan Flag
57
33.62
1,903
0.2
Swire Pacific Limited Class A [19]
Hong Kong Flag
221
8.23
1,814
0.2
Toyo Seikan Group Holdings Ltd. [5901]
Japan Flag
116
16.11
1,866
0.2
Brambles Limited [BXB]
Australia Flag
169
10.54
1,783
0.2
Fukuoka Financial Group Inc. [8354]
Japan Flag
65
26.73
1,738
0.2
JAPAN POST HOLDINGS Co. Ltd. [6178]
Japan Flag
177
10.12
1,792
0.2
Rexel SA [RXL]
France Flag
65
27.03
1,764
0.2
Samsonite International S.A. [1910]
Hong Kong Flag
477
3.78
1,804
0.2
SCSK Corporation [9719]
Japan Flag
95
18.75
1,783
0.2
Sega Sammy Holdings Inc. [6460]
Japan Flag
129
13.30
1,714
0.2
Tsumura & Co. [4540]
Japan Flag
71
25.26
1,801
0.2
Wartsila Oyj Abp [WRT1V]
Finland Flag
117
15.22
1,779
0.2
Air Canada [AC]
Canada Flag
115
14.49
1,672
0.2
Aristocrat Leisure Limited [ALL]
Australia Flag
60
28.05
1,679
0.2
Daifuku Co. Ltd. [6383]
Japan Flag
68
23.68
1,620
0.2
HSBC Holdings Plc [5]
Hong Kong Flag
209
7.81
1,631
0.2
INFRONEER Holdings Inc. [5076]
Japan Flag
177
9.54
1,685
0.2
Nissan Chemical Corporation [4021]
Japan Flag
43
37.83
1,619
0.2
Sony Group Corporation [6758]
Japan Flag
19
85.80
1,647
0.2
Brookfield Asset Management Ltd. Class A [BAM]
Canada Flag
36
42.05
1,532
0.2
Jardine Matheson Holdings Limited [J36]
Hong Kong Flag
43
37.30
1,611
0.2
Marui Group Co. Ltd. [8252]
Japan Flag
97
16.16
1,574
0.2
Mitsubishi Logistics Corporation [9301]
Japan Flag
47
32.87
1,532
0.2
Net One Systems Co. Ltd. [7518]
Japan Flag
89
17.84
1,588
0.2
Sumitomo Bakelite Co. Ltd. [4203]
Japan Flag
50
30.58
1,529
0.2
ABC-MART INC. [2670]
Japan Flag
74
19.15
1,419
0.2
Alfa Laval AB [ALFA]
Sweden Flag
38
39.35
1,483
0.2
Alten SA [ATE]
France Flag
10
146.02
1,482
0.2
Barratt Developments PLC [BDEV]
United Kingdom Flag
244
6.01
1,465
0.2
CK Hutchison Holdings Ltd [1]
Hong Kong Flag
296
4.83
1,427
0.2
Inchcape plc [INCH]
United Kingdom Flag
160
9.15
1,461
0.2
WH Smith PLC [SMWH]
United Kingdom Flag
86
16.64
1,437
0.2
Bluescope Steel Limited [BSL]
Australia Flag
86
15.56
1,333
0.1
ITV PLC [ITV]
United Kingdom Flag
1,510
0.93
1,410
0.1
ALS Ltd. [ALQ]
Australia Flag
143
8.57
1,227
0.1
Evolution Mining Limited [EVN]
Australia Flag
554
2.34
1,295
0.1
Nisshinbo Holdings Inc. [3105]
Japan Flag
152
8.14
1,237
0.1
Oracle Corporation Japan [4716]
Japan Flag
17
75.69
1,309
0.1
Pets At Home Group Plc [PETS]
United Kingdom Flag
362
3.39
1,228
0.1
Stabilus SE [STM]
Germany Flag
20
63.72
1,290
0.1
Viscofan S.A. [VIS]
Spain Flag
20
63.61
1,276
0.1
WPP Plc [WPP]
United Kingdom Flag
131
9.52
1,245
0.1
Dowa Holdings Co. Ltd. [5714]
Japan Flag
32
35.21
1,127
0.1
GN Store Nord A/S [GN]
Denmark Flag
45
26.44
1,182
0.1
Kyocera Corporation [6971]
Japan Flag
86
13.36
1,147
0.1
Playtech plc [PTEC]
United Kingdom Flag
194
5.83
1,130
0.1
BCE Inc. [BCE]
Canada Flag
32
34.01
1,100
0.1
Cleanaway Waste Management Ltd. [CWY]
Australia Flag
631
1.77
1,119
0.1
L'Occitane International S.A. [973]
Hong Kong Flag
277
4.04
1,121
0.1
NS Solutions Corp [2327]
Japan Flag
34
32.64
1,120
0.1
Rathbones Group PLC [RAT]
United Kingdom Flag
55
19.56
1,066
0.1
Rogers Communications Inc. Class B [RCI.B]
Canada Flag
26
41.01
1,081
0.1
Befesa SA [BFSA]
Germany Flag
30
34.43
1,021
0.1
Daiei Kankyo Co. Ltd. [9336]
Japan Flag
53
17.66
937
0.1
Hakuhodo Dy Holdings Incorporated [2433]
Japan Flag
103
9.15
941
0.1
Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]
Ireland Flag
189
5.24
992
0.1
Komatsu Ltd. [6301]
Japan Flag
34
29.22
982
0.1
Kubota Corporation [6326]
Japan Flag
62
15.75
970
0.1
Miura Co. Ltd. [6005]
Japan Flag
51
19.33
988
0.1
SENKO Group Holdings Co.Ltd. [9069]
Japan Flag
132
7.58
998
0.1
USS Co. Ltd. [4732]
Japan Flag
115
8.34
963
0.1
Great Eastern Holdings Limited [G07]
Singapore Flag
64
13.50
868
0.1
Medipal Holdings Corporation [7459]
Japan Flag
60
15.33
921
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
Japan Flag
51
18.01
916
0.1
Oji Holdings Corp. [3861]
Japan Flag
211
4.21
889
0.1
Olympus Corp. [7733]
Japan Flag
62
14.62
902
0.1
Fletcher Building Limited [FBU]
New Zealand Flag
320
2.46
788
0.1
Future plc [FUTR]
United Kingdom Flag
104
7.74
809
0.1
John Wood Group PLC [WG]
United Kingdom Flag
494
1.67
826
0.1
PERSOL HOLDINGS CO. LTD. [2181]
Japan Flag
582
1.41
821
0.1
Secom Co. Ltd. [9735]
Japan Flag
10
72.42
753
0.1
Acerinox SA [ACX]
Spain Flag
65
10.98
711
0.1
CAR Group Limited [CAR]
Australia Flag
28
23.54
669
0.1
Newmont Corporation Registered Shs Chess Depositary Interests Repr 1 Sh [NEM]
United States Flag
20
35.04
709
0.1
Seven & I Holdings Co. Ltd. [3382]
Japan Flag
47
14.58
691
0.1
Ship Healthcare Holdings Inc. [3360]
Japan Flag
52
13.89
718
0.1
Topcon Corp. [7732]
Japan Flag
55
11.78
642
0.1
Close Brothers Group plc [CBG]
United Kingdom Flag
109
5.28
574
0.1
Domino's Pizza Enterprises Limited [DMP]
Australia Flag
19
28.31
549
0.1
IG Group Holdings plc [IGG]
United Kingdom Flag
62
9.22
575
0.1
NSK Ltd. [6471]
Japan Flag
107
5.84
622
0.1
Pilbara Minerals Limited [PLS]
Australia Flag
225
2.50
562
0.1
Sekisui Chemical Co. Ltd. [4204]
Japan Flag
42
14.73
614
0.1
Stella International Holdings Limited [1836]
Hong Kong Flag
390
1.59
621
0.1
ASMPT Limited [522]
Hong Kong Flag
38
12.57
479
0.1
Jupiter Fund Management plc [JUP]
United Kingdom Flag
398
1.12
446
0.1
Penta-Ocean Construction Co. Ltd. [1893]
Japan Flag
99
5.13
508
0.1
First Pacific Co. Ltd. [142]
Hong Kong Flag
804
0.50
405
0.0
International Personal Finance plc [IPF]
United Kingdom Flag
287
1.38
395
0.0
IPH Ltd. [IPH]
Australia Flag
94
4.12
385
0.0
Johnson Electric Holdings Limited [179]
Hong Kong Flag
300
1.39
416
0.0
MatsukiyoCocokara & Co. [3088]
Japan Flag
25
16.12
405
0.0
Capita plc [CPI]
United Kingdom Flag
1,470
0.17
245
0.0
Gruma SAB de CV Class B [GRUMAB]
Mexico Flag
10
18.69
188
0.0
Lumine Group Inc. [LMN]
Canada Flag
9
26.46
244
0.0
Prudential plc [2378]
United Kingdom Flag
18
9.35
170
0.0
Vanquis Banking Group PLC [VANQ]
United Kingdom Flag
156
0.67
104
0.0
Esprit Holdings Limited [330]
Hong Kong Flag
967
0.01
14
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
--
320
0.00
0
0.0
Total
--
--
--
962,925
99.8
Cash and Other Assets Less Liabilities
--
--
--
--
0.2
Total Net Assets
--
--
--
--
100%

As of 3/31/2024

Economic Sector

Diversified International All Cap Fund %

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

Health Care

Economic sector icon
13.3
3.7

Information Technology

Economic sector icon
11.4
11.4

Industrials

Economic sector icon
6.1
6.9

Energy

Economic sector icon
5.3
5.2

Financials

Economic sector icon
4.7
5.9

Materials

Economic sector icon
3.0
-1.7

Communication Services

Economic sector icon
2.2
2.1

Consumer Discretionary

Economic sector icon
1.6
7.2

Consumer Staples

Economic sector icon
1.1
-3.2

[Unassigned]

0.0
-7.4

Utilities

Economic sector icon
0.0
-3.0

Real Estate

Economic sector icon
-0.7
-0.3

As of 3/31/2024

Diversified International All Cap Fund (HIIDX)

MSCI All Country World Ex. US (ND) Index

-

Industrials

HIIDX: 22.4%

Benchmark: 13.8%

-

Financials

HIIDX: 22.0%

Benchmark: 21.2%

-

Information Technology

HIIDX: 11.2%

Benchmark: 13.2%

-

Consumer Discretionary

HIIDX: 11.1%

Benchmark: 11.7%

-

Consumer Staples

HIIDX: 8.6%

Benchmark: 7.5%

-

Materials

HIIDX: 8.0%

Benchmark: 7.4%

-

Health Care

HIIDX: 6.5%

Benchmark: 9.2%

-

Energy

HIIDX: 4.3%

Benchmark: 5.5%

-

Communication Services

HIIDX: 3.7%

Benchmark: 5.1%

-

Cash

HIIDX: 1.6%

Benchmark: NaN%

-

Real Estate

HIIDX: 0.6%

Benchmark: 1.9%

-

Utilities

HIIDX: 0.0%

Benchmark: 3.0%

HIIDX: Diversified International All Cap Fund

Benchmark: MSCI All Country World Ex. US (ND) Index

As of 3/31/2024

Country

Diversified International All Cap Fund %

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

United Kingdom
18.0
9.4
Japan
16.4
15.2
Canada
9.3
7.6
Denmark
5.3
2.4
Taiwan
4.1
4.9
France
4.0
7.9
China
3.6
6.0
India
3.5
4.9
Netherlands
3.4
3.3
Australia
3.2
4.6
Other
29.2
33.8

Investment Team


Marathon London

Marathon Asset Management LLP (Marathon-London) is an independent investment management firm with a 30+ year track record of managing regional, international and global equity strategies on behalf of institutional clients. Marathon-London’s distinctive investment philosophy, referred to as the capital cycle approach to investing, focuses on understanding the supply-side longer-term dynamics within a competitive ecosystem, management behavior in driving an attractive capital cycle dynamic, and how the evolution of supply-side forces impact the economics of the businesses within a particular industry. Marathon-London operates a multi-counselor model in which portfolio managers are generalists focused on specific regions (Europe, Japan, Asia ex-Japan and the Emerging Markets, and North America) and are independently accountable for their own buy/sell decisions. Each portfolio is then aggregated up for broader international and global equity mandates. There are no committee-based decision-making structures which, in turn, allows the portfolio managers the independence and flexibility to execute their skills as stock pickers and aligns their incentives with that of Marathon-London’s clients.

Documents

Important Information

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 and mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Marathon-London's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.

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.

The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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