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Harbor Diversified International All Cap Fund (HAIDX)

Harbor Diversified International All Cap Fund (HAIDX)

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Overview
Performance
Holdings
Investment Team
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Class

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

Current Price

As of 2/29/2024

$12.16

Price (NAV)

$0.04

NAV Daily Change ($)

0.33%

NAV Daily Change (%)

1.00%

NAV YTD Return

Fund Facts

As of 2/29/2024

11/2/2015

Inception Date

0.80

Net Expense Ratio
disclaimer

0.92

Gross Expense Ratio

$293.174

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

HAIDX

Ticker

2038

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]
2.2
ASML Holding NV[ASML]
1.7
Taiwan Semiconductor Manufacturing Co. Ltd.[2330]
1.6
AIA Group Limited[1299]
1.6
HDFC Bank Limited Sponsored ADR[HDB]
1.4
BP p.l.c.[BP]
1.3
Fairfax Financial Holdings Limited[FFH]
1.3
PT Bank Central Asia Tbk[BBCA]
1.2
3i Group plc[III]
1.2
Samsung Electronics Co. Ltd.[005930]
1.2
% of Total Holdings:
14.7%

Morningstar Medalist Rating™

Morningstar Bronze
Analyst-Driven %
55
Data Coverage %
98
As of 12/31/2023

“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
9.63%
14.61%
14.61%
2.67%
7.72%
5.27%
0.80%disclaimer
0.92%
MSCI All Country World Ex. US (ND) Index
9.75%
15.62%
15.62%
1.55%
7.08%
5.45%
--
--

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.

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
0.29811
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 12/31/2023

318

Number of Holdings

61521.6

Wtd Avg Market Cap ($Mil)

2.39

Price/Book Ratio

17.3

Adjusted Trailing P/E Ratio

21

% EPS Growth - Past 3 Yr

16.87

Return on Equity (%)

17.4

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]
2.2
ASML Holding NV[ASML]
1.7
Taiwan Semiconductor Manufacturing Co. Ltd.[2330]
1.6
AIA Group Limited[1299]
1.6
HDFC Bank Limited Sponsored ADR[HDB]
1.4
BP p.l.c.[BP]
1.3
Fairfax Financial Holdings Limited[FFH]
1.3
PT Bank Central Asia Tbk[BBCA]
1.2
3i Group plc[III]
1.2
Samsung Electronics Co. Ltd.[005930]
1.2
% of Total Holdings:
14.7%

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]
208
103.45
21,541
2.2
ASML Holding NV [ASML]
22
753.04
16,448
1.7
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
821
19.32
15,863
1.6
AIA Group Limited [1299]
1,790
8.71
15,601
1.6
HDFC Bank Limited Sponsored ADR [HDB]
203
67.11
13,622
1.4
BP p.l.c. [BP]
2,137
5.94
12,696
1.3
Fairfax Financial Holdings Limited [FFH]
13
927.13
12,450
1.3
PT Bank Central Asia Tbk [BBCA]
19,586
0.61
11,957
1.2
3i Group plc [III]
381
30.86
11,770
1.2
Samsung Electronics Co. Ltd. [005930]
184
60.95
11,217
1.2
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
928
10.08
9,356
1.0
Glencore plc [GLEN]
1,479
6.02
8,901
0.9
Vestas Wind Systems A/S [VWS]
268
31.76
8,512
0.9
RELX PLC [REL]
214
39.65
8,486
0.9
B3 SA - Brasil Bolsa Balcao [B3SA3]
2,792
3.00
8,364
0.9
Nippon Telegraph and Telephone Corporation [9432]
6,872
1.22
8,399
0.9
Tata Consultancy Services Limited [532540]
183
45.59
8,321
0.9
Schneider Electric SE [SU]
41
200.80
8,296
0.9
Southern Copper Corporation [SCCO]
95
86.07
8,167
0.8
Diageo plc [DGE]
221
36.41
8,054
0.8
Constellation Software Inc. [CSU]
3
2,491.48
7,778
0.8
Flutter Entertainment Plc [FLTR]
44
176.74
7,793
0.8
Advantech Co. Ltd. [2395]
632
12.12
7,655
0.8
Compagnie Financiere Richemont SA [CFR]
55
137.53
7,569
0.8
Localiza Rent A Car SA [RENT3]
576
13.09
7,544
0.8
Naspers Limited Class N [NPN]
44
171.05
7,545
0.8
Compass Group PLC [CPG]
270
27.36
7,393
0.8
UniCredit S.p.A. [UCG]
267
27.14
7,252
0.8
Arca Continental SAB de CV [AC]
637
10.95
6,976
0.7
Delta Electronics Inc. [2308]
682
10.21
6,970
0.7
Techtronic Industries Co. Ltd. [669]
573
11.92
6,828
0.7
Rolls-Royce Holdings plc [RR]
1,752
3.82
6,695
0.7
Copa Holdings S.A. Class A [CPA]
61
106.31
6,485
0.7
Edenred SA [EDEN]
107
59.81
6,400
0.7
Bid Corporation Limited [BID]
267
23.33
6,225
0.6
Canadian Natural Resources Limited [CNQ]
95
65.83
6,235
0.6
Grupo Aeroportuario del Pacifico SAB de CV Class B [GAPB]
355
17.50
6,216
0.6
BHP Group Ltd [BHP]
179
34.40
6,142
0.6
Brookfield Corporation [BN]
152
40.31
6,131
0.6
Kirin Holdings Co. Ltd. [2503]
419
14.65
6,136
0.6
ASSA ABLOY AB Class B [ASSA.B]
208
28.81
6,004
0.6
Geberit AG [GEBN]
9
640.41
6,035
0.6
Shinhan Financial Group Co. Ltd. [055550]
193
31.17
6,013
0.6
Brenntag Societas Europaea [BNR]
63
91.93
5,820
0.6
Capitec Bank Holdings Limited [CPI]
53
110.81
5,830
0.6
BAE Systems plc [BA]
405
14.16
5,727
0.6
Barclays PLC [BARC]
2,927
1.96
5,738
0.6
CaixaBank SA [CABK]
1,369
4.12
5,633
0.6
Reckitt Benckiser Group plc [RKT]
82
69.09
5,648
0.6
Vipshop Holdings Ltd Sponsored ADR [VIPS]
315
17.76
5,596
0.6
Coloplast A/S Class B [COLO.B]
48
114.40
5,511
0.6
Resona Holdings Inc. [8308]
1,082
5.08
5,500
0.6
Alimentation Couche-Tard Inc. [ATD]
92
59.18
5,441
0.6
CNH Industrial NV [1CNHI]
448
12.24
5,484
0.6
Infosys Limited Sponsored ADR [INFY]
294
18.38
5,408
0.6
CSL Limited [CSL]
27
195.60
5,317
0.5
Loblaw Companies Limited [L]
55
97.28
5,325
0.5
Bunzl plc [BNZL]
129
40.67
5,236
0.5
Sumitomo Mitsui Trust Holdings Inc. [8309]
272
19.19
5,225
0.5
Mitsubishi Heavy Industries Ltd. [7011]
89
58.46
5,197
0.5
HitachiLtd. [6501]
71
72.14
5,093
0.5
Shenzhou International Group Holdings Limited [2313]
491
10.30
5,051
0.5
Bayerische Motoren Werke AG [BMW]
43
111.33
4,842
0.5
Canadian Pacific Kansas City Limited [CP]
61
79.51
4,885
0.5
Intertek Group plc [ITRK]
90
54.13
4,867
0.5
DBS Group Holdings Ltd [D05]
188
25.33
4,760
0.5
Sampo Oyj [SAMPO]
109
43.76
4,789
0.5
Standard Chartered PLC [STAN]
556
8.50
4,724
0.5
ArcelorMittal SA [MT]
166
28.36
4,709
0.5
MediaTek Inc [2454]
140
33.07
4,630
0.5
Daiwa House Industry Co. Ltd. [1925]
150
30.30
4,539
0.5
DNB Bank ASA [DNB]
216
21.27
4,604
0.5
Entain PLC [ENT]
362
12.67
4,589
0.5
Tokio Marine Holdings Inc. [8766]
181
25.03
4,528
0.5
adidas AG [ADS]
22
203.43
4,436
0.5
Baidu Inc Sponsored ADR Class A [BIDU]
37
119.09
4,441
0.5
Bank of Ireland Group Plc [BIRG]
489
9.08
4,442
0.5
Barrick Gold Corporation [ABX]
240
18.16
4,356
0.5
Royal KPN NV [KPN]
1,250
3.44
4,305
0.4
SNC-Lavalin Group Inc. [ATRL]
128
32.35
4,147
0.4
SSP Group Plc [SSPG]
1,381
2.99
4,135
0.4
African Rainbow Minerals Limited [ARI]
374
10.94
4,090
0.4
Renesas Electronics Corporation [6723]
225
18.08
4,059
0.4
BOC Aviation Limited [2588]
524
7.65
4,002
0.4
Zhongsheng Group Holdings Ltd. [881]
1,652
2.39
3,952
0.4
Koninklijke Ahold Delhaize N.V. [AD]
135
28.74
3,877
0.4
Wienerberger AG [WIE]
117
33.38
3,895
0.4
Equinor ASA [EQNR]
119
31.72
3,766
0.4
Havells India Limited [517354]
228
16.44
3,746
0.4
Marico Limited [531642]
569
6.59
3,752
0.4
Bridgestone Corporation [5108]
90
41.42
3,732
0.4
Dai-ichi Life HoldingsInc. [8750]
176
21.22
3,737
0.4
Hannover Rueck SE [HNR1]
15
238.94
3,684
0.4
Prudential plc [PRU]
329
11.31
3,726
0.4
Davide Campari-Milano N.V. [CPR]
319
11.28
3,600
0.4
Lloyds Banking Group plc [LLOY]
5,836
0.61
3,550
0.4
Carlsberg AS Class B [CARL.B]
28
125.48
3,502
0.4
Dabur India Limited [500096]
523
6.70
3,504
0.4
EssilorLuxottica SA [EL]
18
200.60
3,512
0.4
Fluidra S.A. [FDR]
167
20.82
3,486
0.4
Holcim Ltd [HOLN]
44
78.44
3,476
0.4
NEC Corp. [6701]
59
59.23
3,477
0.4
Svenska Handelsbanken AB Class A [SHB.A]
321
10.86
3,485
0.4
DCC Plc [DCC]
47
73.66
3,447
0.4
Demant A/S [DEMANT]
77
43.86
3,362
0.4
Rightmove plc [RMV]
463
7.34
3,397
0.4
Chailease Holding Co. Ltd. [5871]
532
6.29
3,344
0.3
ConvaTec Group Plc [CTEC]
1,055
3.11
3,285
0.3
PrairieSky Royalty Ltd [PSK]
186
17.59
3,280
0.3
QBE Insurance Group Limited [QBE]
331
10.11
3,341
0.3
Mitsubishi Electric Corp. [6503]
224
14.18
3,180
0.3
Nomura Holdings Inc. [8604]
704
4.52
3,184
0.3
Prio SA [PRIO3]
340
9.48
3,225
0.3
Eurofins Scientific SE [ERF]
48
65.15
3,137
0.3
InterContinental Hotels Group PLC [IHG]
34
90.38
3,110
0.3
Obayashi Corporation [1802]
350
8.65
3,029
0.3
Sandvik AB [SAND]
141
21.64
3,047
0.3
ZOZO Inc. [3092]
135
22.52
3,040
0.3
Gildan Activewear Inc. [GIL]
86
33.23
2,873
0.3
Auto Trader Group PLC [AUTO]
301
9.20
2,772
0.3
easyJet plc [EZJ]
440
6.50
2,859
0.3
Fresenius Medical Care AG [FME]
67
41.93
2,821
0.3
Inpex Corporation [1605]
210
13.51
2,842
0.3
Legrand SA [LR]
28
103.95
2,862
0.3
PageGroup PLC [PAGE]
455
6.21
2,827
0.3
Richelieu Hardware Ltd [RCH]
78
36.39
2,831
0.3
Santos Limited [STO]
544
5.19
2,819
0.3
Stella-Jones Inc. [SJ]
48
58.49
2,819
0.3
Taiheiyo Cement Corporation [5233]
136
20.61
2,801
0.3
Experian PLC [EXPN]
68
40.82
2,759
0.3
Hiscox Ltd [HSX]
203
13.44
2,722
0.3
Li Ning Company Limited [2331]
1,002
2.68
2,682
0.3
Randstad NV [RAND]
44
62.66
2,754
0.3
ANDRITZ AG [ANDR]
42
62.30
2,644
0.3
Serco Group plc [SRP]
1,267
2.07
2,619
0.3
Spin Master Corp [TOY]
98
26.44
2,602
0.3
Toyo Suisan Kaisha Ltd. [2875]
50
51.64
2,587
0.3
Air Water Inc. [4088]
185
13.67
2,534
0.3
Itochu Corporation [8001]
61
40.91
2,508
0.3
Technip Energies NV [TE]
107
23.37
2,502
0.3
Woodside Energy Group Ltd [WDS]
120
21.19
2,534
0.3
GEA Group Aktiengesellschaft [G1A]
57
41.63
2,383
0.3
TDK Corporation [6762]
52
47.65
2,454
0.3
Amplifon S.p.A. [AMP]
66
34.62
2,296
0.2
Finning International Inc. [FTT]
80
29.06
2,322
0.2
Franco-Nevada Corporation [FNV]
21
111.31
2,354
0.2
Bank of Nova Scotia [BNS]
47
48.92
2,277
0.2
Heineken NV [HEIA]
22
101.56
2,273
0.2
Qantas Airways Limited [QAN]
602
3.66
2,205
0.2
Coca-Cola Europacific Partners plc [CCEP]
32
66.74
2,104
0.2
Toyo Seikan Group Holdings Ltd. [5901]
131
16.22
2,128
0.2
Aristocrat Leisure Limited [ALL]
74
27.85
2,071
0.2
Galaxy Entertainment Group Limited [27]
372
5.60
2,084
0.2
Rotork plc [ROR]
491
4.13
2,026
0.2
Sumitomo Metal Mining Co. Ltd. [5713]
66
30.12
1,994
0.2
Fuji Media Holdings Inc. [4676]
177
11.13
1,974
0.2
NH Foods Limited [2282]
57
33.91
1,922
0.2
SCSK Corporation [9719]
99
19.83
1,971
0.2
Sony Group Corporation [6758]
21
95.12
1,950
0.2
Swire Pacific Limited Class A [19]
231
8.47
1,951
0.2
Admiral Group plc [ADM]
53
34.22
1,818
0.2
Barratt Developments PLC [BDEV]
254
7.17
1,824
0.2
BNP Paribas S.A. Class A [BNP]
27
69.14
1,842
0.2
Elis SA [ELIS]
89
20.87
1,859
0.2
INFRONEER Holdings Inc. [5076]
185
9.96
1,837
0.2
Jardine Matheson Holdings Limited [J36]
45
41.21
1,863
0.2
Rexel SA [RXL]
68
27.36
1,863
0.2
Sega Sammy Holdings Inc. [6460]
132
13.99
1,845
0.2
Weichai Power Co. Ltd. Class H [2338]
1,088
1.67
1,817
0.2
Asahi Group HoldingsLtd. [2502]
47
37.30
1,742
0.2
First Quantum Minerals Ltd. [FM]
210
8.23
1,726
0.2
Gerresheimer AG [GXI]
17
104.22
1,795
0.2
HSBC Holdings Plc [5]
216
8.07
1,742
0.2
Nissan Chemical Corporation [4021]
45
39.06
1,746
0.2
Toyota Industries Corp. [6201]
22
81.57
1,778
0.2
Air Canada [AC]
120
14.17
1,700
0.2
DS Smith Plc [SMDS]
421
3.92
1,648
0.2
Fukuoka Financial Group Inc. [8354]
68
23.60
1,607
0.2
JAPAN POST HOLDINGS Co. Ltd. [6178]
185
8.93
1,652
0.2
Samsonite International S.A. [1910]
497
3.30
1,637
0.2
TBS HOLDINGS INC. [9401]
80
21.27
1,693
0.2
Wartsila Oyj Abp [WRT1V]
117
14.50
1,689
0.2
Alfa Laval AB [ALFA]
39
40.03
1,575
0.2
Alten SA [ATE]
11
148.69
1,575
0.2
Brambles Limited [BXB]
165
9.28
1,529
0.2
Brookfield Asset Management Ltd. Class A [BAM]
38
40.36
1,535
0.2
CK Hutchison Holdings Ltd [1]
290
5.36
1,552
0.2
Evolution Mining Limited [EVN]
577
2.70
1,560
0.2
HelloFresh SE [HFG]
101
15.81
1,600
0.2
Inchcape plc [INCH]
167
9.12
1,521
0.2
Marui Group Co. Ltd. [8252]
95
16.77
1,597
0.2
WH Smith PLC [SMWH]
90
17.01
1,526
0.2
Bluescope Steel Limited [BSL]
90
15.97
1,430
0.2
Daifuku Co. Ltd. [6383]
72
20.23
1,447
0.2
Magna International Inc. [MG]
24
59.37
1,451
0.2
Mitsubishi Logistics Corporation [9301]
49
30.14
1,465
0.2
Net One Systems Co. Ltd. [7518]
88
17.05
1,497
0.2
Stabilus SE [STM]
22
68.16
1,476
0.2
Sumitomo Bakelite Co. Ltd. [4203]
28
52.51
1,460
0.2
Taisei Corporation [1801]
44
34.20
1,503
0.2
ABB Ltd. [ABBN]
32
44.32
1,397
0.1
BCE Inc. [BCE]
34
39.56
1,331
0.1
Medipal Holdings Corporation [7459]
82
16.21
1,331
0.1
Nippon Television Holdings Inc. [9404]
129
10.92
1,409
0.1
Oracle Corporation Japan [4716]
18
77.10
1,388
0.1
ALS Ltd. [ALQ]
149
8.77
1,307
0.1
Cleanaway Waste Management Ltd. [CWY]
695
1.84
1,276
0.1
Dowa Holdings Co. Ltd. [5714]
33
36.54
1,217
0.1
ITV PLC [ITV]
1,621
0.81
1,307
0.1
Kyocera Corporation [6971]
90
14.60
1,308
0.1
Nisshinbo Holdings Inc. [3105]
153
8.13
1,242
0.1
Pets At Home Group Plc [PETS]
321
4.06
1,304
0.1
Rogers Communications Inc. Class B [RCI.B]
27
47.04
1,293
0.1
Viscofan S.A. [VIS]
21
59.21
1,269
0.1
WPP Plc [WPP]
136
9.60
1,309
0.1
ABC-MART INC. [2670]
69
17.48
1,206
0.1
Close Brothers Group plc [CBG]
113
10.12
1,148
0.1
GN Store Nord A/S [GN]
47
25.46
1,187
0.1
John Wood Group PLC [WG]
515
2.19
1,131
0.1
NS Solutions Corp [2327]
36
32.45
1,162
0.1
Playtech plc [PTEC]
202
5.72
1,157
0.1
Rathbones Group PLC [RAT]
53
22.21
1,185
0.1
Tsumura & Co. [4540]
64
18.84
1,213
0.1
USS Co. Ltd. [4732]
58
20.12
1,169
0.1
Befesa SA [BFSA]
27
38.88
1,063
0.1
Fletcher Building Limited [FBU]
343
3.03
1,037
0.1
Future plc [FUTR]
110
10.14
1,112
0.1
Oji Holdings Corp. [3861]
280
3.85
1,080
0.1
Penta-Ocean Construction Co. Ltd. [1893]
182
5.62
1,021
0.1
PERSOL HOLDINGS CO. LTD. [2181]
609
1.72
1,045
0.1
SENKO Group Holdings Co.Ltd. [9069]
133
8.10
1,080
0.1
BASF SE [BAS]
18
53.88
970
0.1
Daiei Kankyo Co. Ltd. [9336]
56
17.68
981
0.1
Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]
197
4.78
943
0.1
Kubota Corporation [6326]
64
15.06
965
0.1
Miura Co. Ltd. [6005]
51
19.92
1,010
0.1
Secom Co. Ltd. [9735]
13
72.03
936
0.1
Sonova Holding AG [SOON]
3
326.03
1,004
0.1
Great Eastern Holdings Limited [G07]
68
13.34
902
0.1
KDDI Corporation [9433]
28
31.82
885
0.1
Komatsu Ltd. [6301]
35
26.16
918
0.1
Seven & I Holdings Co. Ltd. [3382]
23
39.69
893
0.1
Ship Healthcare Holdings Inc. [3360]
50
17.08
849
0.1
Acerinox SA [ACX]
68
11.77
795
0.1
JCDecaux SE [DEC]
37
20.10
744
0.1
L'Occitane International S.A. [973]
286
2.86
817
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
53
15.00
795
0.1
Newmont Corporation Registered Shs Chess Depositary Interests Repr 1 Sh [NEM]
18
41.45
743
0.1
CAR Group Limited [CAR]
33
21.25
706
0.1
Gestamp Automocion S.A. [GEST]
170
3.88
661
0.1
IG Group Holdings plc [IGG]
66
9.76
648
0.1
MatsukiyoCocokara & Co. [3088]
38
17.71
670
0.1
Hakuhodo Dy Holdings Incorporated [2433]
72
7.66
550
0.1
NSK Ltd. [6471]
112
5.41
608
0.1
Pilbara Minerals Limited [PLS]
209
2.70
563
0.1
Sekisui Chemical Co. Ltd. [4204]
44
14.42
629
0.1
Topcon Corp. [7732]
57
10.78
616
0.1
Embotelladora Andina SA Pfd B [ANDINA.B]
179
2.51
449
0.1
International Personal Finance plc [IPF]
304
1.52
461
0.1
Johnson Electric Holdings Limited [179]
303
1.59
481
0.1
Jupiter Fund Management plc [JUP]
424
1.19
505
0.1
Stella International Holdings Limited [1836]
414
1.18
488
0.1
TUI AG [TUI1]
65
7.80
504
0.1
ASMPT Limited [522]
40
9.54
381
0.0
Capita plc [CPI]
1,518
0.28
426
0.0
Getlink SE [GET]
24
18.30
435
0.0
IPH Ltd. [IPH]
93
4.37
408
0.0
Iveco Group NV [IVG]
39
9.00
350
0.0
Rio Tinto plc [RIO]
5
74.47
373
0.0
St. James's Place Plc [STJ]
47
8.71
407
0.0
ANZ Group Holdings Limited [ANZ]
18
17.69
322
0.0
First Pacific Co. Ltd. [142]
848
0.40
338
0.0
Reply S.p.A. [REY]
2
132.01
297
0.0
RWS Holdings plc [RWS]
89
3.20
284
0.0
Vanquis Banking Group PLC [VANQ]
159
1.65
262
0.0
Getinge AB Class B [GETI.B]
11
22.26
234
0.0
Hays plc [HAS]
163
1.39
227
0.0
Lumine Group Inc. [LMN]
9
22.68
214
0.0
Mandatum Oyj [MANTA]
34
4.50
155
0.0
Metcash Limited [MTS]
94
2.38
224
0.0
Mips AB [MIPS]
6
36.17
229
0.0
Prudential plc [2378]
18
11.19
207
0.0
Schibsted Asa Class A [SCHA]
8
28.81
232
0.0
United Overseas Bank Limited [U11]
10
21.57
220
0.0
CTS Eventim AG & Co. KGaA [EVD]
1
69.15
101
0.0
Esprit Holdings Limited [330]
967
0.05
50
0.0
Melrose Industries PLC [MRO]
17
7.23
119
0.0
Smith & Nephew plc [SN]
10
13.75
141
0.0
Taylor Wimpey plc [TW]
58
1.87
108
0.0
Dowlais Group PLC [DWL]
28
1.36
38
0.0
Localiza Rent A Car SA Rights 2023-05.02.2024 For Subscription Receipts For Shs [RENT1]
2
4.12
9
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
--
320
0.00
0
0.0
Viaplay Group AB Class B [VPLAY.B]
64
0.51
33
0.0
Total
--
--
--
954,831
99.7
Cash and Other Assets Less Liabilities
--
--
--
--
0.3
Total Net Assets
--
--
--
--
100%

As of 12/31/2023

Economic Sector

Diversified International All Cap Fund %

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

Information Technology

Economic sector icon
16.5
20.0

Real Estate

Economic sector icon
16.2
11.1

Industrials

Economic sector icon
14.0
12.7

Health Care

Economic sector icon
11.7
5.2

Financials

Economic sector icon
9.3
10.1

Materials

Economic sector icon
8.9
12.8

Consumer Discretionary

Economic sector icon
7.0
5.7

Consumer Staples

Economic sector icon
5.4
5.6

Communication Services

Economic sector icon
4.5
4.7

[Unassigned]

0.0
-7.2

Energy

Economic sector icon
-3.8
2.3

Utilities

Economic sector icon
-7.3
13.6

As of 12/31/2023

Diversified International All Cap Fund (HAIDX)

MSCI All Country World Ex. US (ND) Index

-

Industrials

HAIDX: 22.9%

Benchmark: 13.3%

-

Financials

HAIDX: 22.2%

Benchmark: 21.3%

-

Consumer Discretionary

HAIDX: 11.6%

Benchmark: 11.4%

-

Information Technology

HAIDX: 10.8%

Benchmark: 12.3%

-

Consumer Staples

HAIDX: 8.5%

Benchmark: 8.0%

-

Materials

HAIDX: 7.6%

Benchmark: 7.9%

-

Health Care

HAIDX: 5.9%

Benchmark: 9.2%

-

Energy

HAIDX: 4.2%

Benchmark: 5.6%

-

Communication Services

HAIDX: 3.9%

Benchmark: 5.2%

-

Real Estate

HAIDX: 0.7%

Benchmark: 2.1%

-

Utilities

HAIDX: 0.0%

Benchmark: 3.2%

HAIDX: Diversified International All Cap Fund

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

As of 12/31/2023

Country

Diversified International All Cap Fund %

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

United Kingdom
17.1
9.5
Japan
15.5
14.4
Canada
9.0
7.7
Denmark
4.5
2.1
France
4.1
7.8
India
4.0
4.7
Taiwan
4.0
4.5
China
3.9
6.4
Hong Kong
3.7
1.4
Australia
3.5
4.8
Other
30.7
36.7

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

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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