Select Investor Profilechevron

What type of investor are you?

Individual Investor
Institutional Investor
phone iconContact

Harbor International Fund (HAINX)

Harbor International Fund (HAINX)

Welcome
Overview
Performance
Holdings
Investment Team
Documents
chevron

Request a Call


Locate Your Harbor Consultant
INSTITUTIONAL INVESTORS ONLY: Please enter your zip code to locate an Investment Consultant.
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

$45.10

Price (NAV)

$0.11

NAV Daily Change ($)

0.24%

NAV Daily Change (%)

2.24%

NAV YTD Return

Fund Facts

As of 2/29/2024

12/29/1987

Inception Date

0.77

Net Expense Ratio
disclaimer

0.89

Gross Expense Ratio

$2,618.927

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

HAINX

Ticker

2011

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
BP p.l.c.[BP]
2.0
3i Group plc[III]
1.8
ASML Holding NV[ASML]
1.7
Glencore plc[GLEN]
1.4
RELX PLC[REL]
1.4
Vestas Wind Systems A/S[VWS]
1.3
Schneider Electric SE[SU]
1.3
Nippon Telegraph and Telephone Corporation[9432]
1.3
Diageo plc[DGE]
1.3
% of Total Holdings:
16.9%

Morningstar Medalist Rating™

Morningstar Silver
Analyst-Driven %
100
Data Coverage %
100
As of 12/10/2023

“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

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Fund
8.25%
2.24%
12.15%
3.17%
6.86%
3.23%
9.57%
0.77%disclaimer
0.89%
MSCI EAFE (ND) Index
--
--
--
--
--
--
--
--
--

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
1.56582
0.00000
--
0.00000
--
1.56582
0.08853
43.29
12/16/2022
12/19/2022
12/19/2022
0.00000
1.30783
0.00000
--
0.00000
--
1.30783
0.00000
38.68
12/17/2021
12/20/2021
12/20/2021
0.00000
1.01357
0.00000
--
0.00000
--
1.01357
0.07776
45.46
12/16/2020
12/17/2020
12/17/2020
0.00000
0.46148
0.00000
0.00000
0.00000
0.00000
0.46148
0.07883
43.88
12/13/2019
12/16/2019
12/16/2019
0.00000
1.24858
0.00000
0.00000
0.00000
0.00000
1.24858
0.12363
40.14
12/14/2018
12/17/2018
12/17/2018
0.00000
0.82960
20.86815
0.00000
0.00000
20.86815
21.69775
0.22951
33.78
12/15/2017
12/18/2017
12/18/2017
0.00000
1.24034
2.99764
0.00000
0.00000
2.99764
4.23798
0.11794
67.12
12/16/2016
12/19/2016
12/19/2016
0.00000
1.16303
0.00000
0.00000
0.00000
0.00000
1.16303
0.09833
58.20
12/16/2015
12/17/2015
12/17/2015
0.00000
1.08101
1.77257
0.00000
0.00000
1.77257
2.85358
0.08429
58.99
12/17/2014
12/18/2014
12/18/2014
0.00000
1.41848
0.00000
0.00000
0.00000
0.00000
1.41848
0.07359
65.81
12/16/2013
12/17/2013
12/17/2013
0.00000
1.49528
0.00000
0.00000
0.00000
0.00000
1.49528
0.08165
67.62
12/14/2012
12/17/2012
12/17/2012
0.00000
1.25643
0.00000
0.00000
0.00000
0.00000
1.25643
0.14974
61.27
12/15/2011
12/16/2011
12/16/2011
0.00000
1.31560
0.00000
0.00000
0.00000
0.00000
1.31560
0.17522
50.66
12/16/2010
12/17/2010
12/17/2010
0.00000
0.87167
0.00000
0.00000
0.00000
0.00000
0.87167
0.13258
59.15
12/17/2009
12/18/2009
12/18/2009
0.00000
0.70484
0.00000
0.00000
0.00000
0.00000
0.70484
0.11336
53.48
12/18/2008
12/19/2008
12/19/2008
0.00000
0.77735
0.00000
0.00000
0.00000
0.00000
0.77735
0.19041
39.05
12/18/2007
12/19/2007
12/19/2007
0.00000
1.05527
3.02183
0.34462
0.00000
2.67721
4.07710
0.14071
69.04
12/18/2006
12/19/2006
12/19/2006
0.00000
1.46093
1.88471
0.00000
0.00000
1.88471
3.34564
0.10523
61.04
12/19/2005
12/20/2005
12/20/2005
0.00000
1.03063
1.22051
0.00000
0.00000
1.22051
2.25114
0.07827
48.73
12/29/2004
12/30/2004
12/30/2004
0.00000
0.55524
0.14616
0.00000
0.00000
0.14616
0.70140
0.09876
42.76
12/29/2003
12/30/2003
12/30/2003
0.00000
0.50578
0.55692
0.03901
0.00000
0.51791
1.06270
0.07268
36.54
12/27/2002
12/30/2002
12/30/2002
0.00000
0.33594
0.53886
0.04311
0.00000
0.49575
0.87480
0.06104
26.69
12/26/2001
12/27/2001
12/28/2001
0.00000
0.26688
0.88186
0.00000
0.00000
0.88186
1.14874
0.11084
29.33
12/20/2000
12/21/2000
12/22/2000
0.00000
0.70766
3.79229
0.03436
0.00000
3.75793
4.49995
0.13765
33.66
12/21/1999
12/22/1999
12/23/1999
0.00000
0.64848
2.86003
0.21616
0.00000
2.64387
3.50851
0.12059
40.44
12/28/1998
12/29/1998
12/31/1998
0.00000
0.57892
2.30081
0.39990
0.00000
1.90091
2.87973
0.09880
37.02
12/24/1997
12/26/1997
12/31/1997
0.00000
0.40207
0.89753
0.00620
0.57590
0.31543
1.29960
0.08812
35.10
12/24/1996
12/26/1996
12/31/1996
0.00000
0.41813
0.79650
0.16255
0.00000
0.63395
1.21463
0.08353
31.51
12/22/1995
12/26/1995
12/29/1995
0.00000
0.40631
0.12780
0.01756
0.00000
0.11024
0.53411
0.07427
27.68
12/23/1994
12/27/1994
12/30/1994
0.00000
0.24677
0.93678
0.19100
0.00000
0.74578
1.18355
0.06892
24.31
12/23/1993
12/27/1993
12/31/1993
0.00000
0.21245
0.00000
0.00000
0.00000
0.00000
0.21245
0.04211
24.34
12/24/1992
12/28/1992
12/31/1992
0.00000
0.21765
0.17891
0.07245
0.00000
0.10646
0.39656
0.03544
16.93
12/26/1991
12/27/1991
12/31/1991
0.00000
0.21119
0.00000
0.00000
0.00000
0.00000
0.21119
0.03169
17.00
12/24/1990
12/26/1990
12/31/1990
0.00000
0.33859
0.34342
0.00369
0.00000
0.33973
0.68201
0.00000
14.33
12/21/1989
12/22/1989
12/30/1989
0.00000
0.16964
0.72455
0.35871
0.00000
0.36584
0.89419
0.00000
16.37
12/23/1988
12/27/1988
12/30/1988
0.00000
0.10276
0.75981
0.62003
0.00000
0.13978
0.86257
0.00000
12.78

Holdings

Portfolio Characteristics

As of 12/31/2023

303

Number of Holdings

54595

Wtd Avg Market Cap ($Mil)

2.17

Price/Book Ratio

16.5

Adjusted Trailing P/E Ratio

24.1

% EPS Growth - Past 3 Yr

14.33

Return on Equity (%)

16

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
BP p.l.c.[BP]
2.0
3i Group plc[III]
1.8
ASML Holding NV[ASML]
1.7
Glencore plc[GLEN]
1.4
RELX PLC[REL]
1.4
Vestas Wind Systems A/S[VWS]
1.3
Schneider Electric SE[SU]
1.3
Nippon Telegraph and Telephone Corporation[9432]
1.3
Diageo plc[DGE]
1.3
% of Total Holdings:
16.9%

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 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]
1,121
103.45
115,935
3.4
BP p.l.c. [BP]
11,504
5.94
68,361
2.0
3i Group plc [III]
1,991
30.86
61,439
1.8
ASML Holding NV [ASML]
75
753.04
56,476
1.7
Glencore plc [GLEN]
7,960
6.02
47,907
1.4
RELX PLC [REL]
1,156
39.65
45,824
1.4
Vestas Wind Systems A/S [VWS]
1,441
31.76
45,764
1.3
Schneider Electric SE [SU]
222
200.80
44,646
1.3
Nippon Telegraph and Telephone Corporation [9432]
35,820
1.22
43,778
1.3
Diageo plc [DGE]
1,191
36.41
43,347
1.3
Flutter Entertainment Plc [FLTR]
237
176.74
41,941
1.2
Compagnie Financiere Richemont SA [CFR]
296
137.53
40,737
1.2
Compass Group PLC [CPG]
1,454
27.36
39,790
1.2
UniCredit S.p.A. [UCG]
1,438
27.14
39,030
1.2
Rolls-Royce Holdings plc [RR]
9,431
3.82
36,030
1.1
ASSA ABLOY AB Class B [ASSA.B]
1,125
28.81
32,416
1.0
Edenred SA [EDEN]
533
59.81
31,880
0.9
Kirin Holdings Co. Ltd. [2503]
2,180
14.65
31,948
0.9
Geberit AG [GEBN]
50
640.41
31,830
0.9
BAE Systems plc [BA]
2,177
14.16
30,822
0.9
Barclays PLC [BARC]
15,608
1.96
30,599
0.9
Brenntag Societas Europaea [BNR]
331
91.93
30,398
0.9
CaixaBank SA [CABK]
7,366
4.12
30,320
0.9
Reckitt Benckiser Group plc [RKT]
440
69.09
30,399
0.9
CNH Industrial NV [1CNHI]
2,438
12.24
29,836
0.9
Coloplast A/S Class B [COLO.B]
259
114.40
29,664
0.9
Resona Holdings Inc. [8308]
5,652
5.08
28,724
0.8
Bunzl plc [BNZL]
673
40.67
27,367
0.8
Sumitomo Mitsui Trust Holdings Inc. [8309]
1,427
19.19
27,398
0.8
HitachiLtd. [6501]
371
72.14
26,770
0.8
Mitsubishi Heavy Industries Ltd. [7011]
460
58.46
26,901
0.8
Bayerische Motoren Werke AG [BMW]
234
111.33
26,062
0.8
Intertek Group plc [ITRK]
482
54.13
26,113
0.8
Sampo Oyj [SAMPO]
589
43.76
25,789
0.8
ArcelorMittal SA [MT]
894
28.36
25,365
0.8
DNB Bank ASA [DNB]
1,154
21.27
24,544
0.7
Entain PLC [ENT]
1,910
12.67
24,203
0.7
adidas AG [ADS]
117
203.43
23,875
0.7
Bank of Ireland Group Plc [BIRG]
2,619
9.08
23,777
0.7
Daiwa House Industry Co. Ltd. [1925]
788
30.30
23,866
0.7
Tokio Marine Holdings Inc. [8766]
946
25.03
23,680
0.7
Royal KPN NV [KPN]
6,723
3.44
23,154
0.7
AIA Group Limited [1299]
2,478
8.71
21,597
0.6
SSP Group Plc [SSPG]
7,140
2.99
21,371
0.6
Renesas Electronics Corporation [6723]
1,174
18.08
21,228
0.6
Koninklijke Ahold Delhaize N.V. [AD]
726
28.74
20,868
0.6
Equinor ASA [EQNR]
639
31.72
20,264
0.6
BHP Group Ltd [BHP]
586
34.40
20,156
0.6
Lloyds Banking Group plc [LLOY]
33,085
0.61
20,123
0.6
Standard Chartered PLC [STAN]
2,361
8.50
20,066
0.6
Wienerberger AG [WIE]
601
33.38
20,048
0.6
Bridgestone Corporation [5108]
473
41.42
19,602
0.6
Dai-ichi Life HoldingsInc. [8750]
918
21.22
19,483
0.6
Hannover Rueck SE [HNR1]
81
238.94
19,309
0.6
EssilorLuxottica SA [EL]
94
200.60
18,897
0.6
Davide Campari-Milano N.V. [CPR]
1,661
11.28
18,743
0.5
Fluidra S.A. [FDR]
897
20.82
18,679
0.5
Holcim Ltd [HOLN]
238
78.44
18,702
0.5
Svenska Handelsbanken AB Class A [SHB.A]
1,727
10.86
18,751
0.5
DCC Plc [DCC]
249
73.66
18,363
0.5
NEC Corp. [6701]
308
59.23
18,230
0.5
Rightmove plc [RMV]
2,491
7.34
18,279
0.5
Carlsberg AS Class B [CARL.B]
145
125.48
18,155
0.5
Heineken NV [HEIA]
179
101.56
18,193
0.5
Prudential plc [PRU]
1,588
11.31
17,959
0.5
ConvaTec Group Plc [CTEC]
5,693
3.11
17,723
0.5
Demant A/S [DEMANT]
398
43.86
17,471
0.5
Eurofins Scientific SE [ERF]
255
65.15
16,600
0.5
Mitsubishi Electric Corp. [6503]
1,165
14.18
16,522
0.5
CSL Limited [CSL]
83
195.60
16,180
0.5
InterContinental Hotels Group PLC [IHG]
181
90.38
16,357
0.5
Nomura Holdings Inc. [8604]
3,647
4.52
16,495
0.5
Sandvik AB [SAND]
758
21.64
16,396
0.5
ZOZO Inc. [3092]
710
22.52
15,979
0.5
Fresenius Medical Care AG [FME]
371
41.93
15,547
0.5
Obayashi Corporation [1802]
1,827
8.65
15,814
0.5
Legrand SA [LR]
148
103.95
15,401
0.5
Experian PLC [EXPN]
364
40.82
14,847
0.4
Auto Trader Group PLC [AUTO]
1,608
9.20
14,791
0.4
BNP Paribas S.A. Class A [BNP]
211
69.14
14,566
0.4
easyJet plc [EZJ]
2,260
6.50
14,691
0.4
Inpex Corporation [1605]
1,095
13.51
14,798
0.4
PageGroup PLC [PAGE]
2,362
6.21
14,667
0.4
Randstad NV [RAND]
236
62.66
14,780
0.4
Taiheiyo Cement Corporation [5233]
711
20.61
14,660
0.4
Hiscox Ltd [HSX]
1,067
13.44
14,339
0.4
DBS Group Holdings Ltd [D05]
549
25.33
13,908
0.4
Serco Group plc [SRP]
6,802
2.07
14,056
0.4
ANDRITZ AG [ANDR]
221
62.30
13,758
0.4
Technip Energies NV [TE]
580
23.37
13,566
0.4
Toyo Suisan Kaisha Ltd. [2875]
262
51.64
13,509
0.4
Air Water Inc. [4088]
974
13.67
13,313
0.4
Itochu Corporation [8001]
324
40.91
13,233
0.4
Samsung Electronics Co. Ltd. [005930]
221
60.95
13,447
0.4
GEA Group Aktiengesellschaft [G1A]
308
41.63
12,827
0.4
TDK Corporation [6762]
270
47.65
12,840
0.4
Amplifon S.p.A. [AMP]
357
34.62
12,355
0.4
Coca-Cola Europacific Partners plc [CCEP]
171
66.74
11,423
0.3
Toyo Seikan Group Holdings Ltd. [5901]
684
16.22
11,091
0.3
Rotork plc [ROR]
2,644
4.13
10,907
0.3
ABB Ltd. [ABBN]
239
44.32
10,582
0.3
SCSK Corporation [9719]
525
19.83
10,408
0.3
Sumitomo Metal Mining Co. Ltd. [5713]
346
30.12
10,412
0.3
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
543
19.32
10,492
0.3
Fuji Media Holdings Inc. [4676]
930
11.13
10,348
0.3
Sony Group Corporation [6758]
107
95.12
10,168
0.3
Admiral Group plc [ADM]
286
34.22
9,782
0.3
Barratt Developments PLC [BDEV]
1,369
7.17
9,821
0.3
Gerresheimer AG [GXI]
96
104.22
10,006
0.3
NH Foods Limited [2282]
294
33.91
9,958
0.3
QBE Insurance Group Limited [QBE]
992
10.11
10,027
0.3
Rexel SA [RXL]
366
27.36
10,023
0.3
Elis SA [ELIS]
464
20.87
9,679
0.3
INFRONEER Holdings Inc. [5076]
966
9.96
9,613
0.3
Sega Sammy Holdings Inc. [6460]
683
13.99
9,548
0.3
Asahi Group HoldingsLtd. [2502]
245
37.30
9,141
0.3
Nissan Chemical Corporation [4021]
235
39.06
9,158
0.3
Toyota Industries Corp. [6201]
115
81.57
9,340
0.3
Wartsila Oyj Abp [WRT1V]
628
14.50
9,102
0.3
DS Smith Plc [SMDS]
2,264
3.92
8,869
0.3
JAPAN POST HOLDINGS Co. Ltd. [6178]
976
8.93
8,722
0.3
Santos Limited [STO]
1,707
5.19
8,850
0.3
TBS HOLDINGS INC. [9401]
416
21.27
8,841
0.3
Alfa Laval AB [ALFA]
212
40.03
8,472
0.3
Alten SA [ATE]
57
148.69
8,477
0.3
Fukuoka Financial Group Inc. [8354]
357
23.60
8,413
0.3
HelloFresh SE [HFG]
545
15.81
8,609
0.3
Marui Group Co. Ltd. [8252]
503
16.77
8,431
0.3
Inchcape plc [INCH]
897
9.12
8,182
0.2
WH Smith PLC [SMWH]
485
17.01
8,247
0.2
HDFC Bank Limited Sponsored ADR [HDB]
115
67.11
7,717
0.2
Net One Systems Co. Ltd. [7518]
460
17.05
7,834
0.2
Stabilus SE [STM]
114
68.16
7,738
0.2
Taisei Corporation [1801]
228
34.20
7,801
0.2
Woodside Energy Group Ltd [WDS]
364
21.19
7,706
0.2
Daifuku Co. Ltd. [6383]
377
20.23
7,632
0.2
Mitsubishi Logistics Corporation [9301]
254
30.14
7,643
0.2
Sonova Holding AG [SOON]
23
326.03
7,422
0.2
Sumitomo Bakelite Co. Ltd. [4203]
145
52.51
7,614
0.2
WPP Plc [WPP]
788
9.60
7,566
0.2
BASF SE [BAS]
133
53.88
7,191
0.2
ITV PLC [ITV]
8,706
0.81
7,023
0.2
Nippon Television Holdings Inc. [9404]
670
10.92
7,319
0.2
Oracle Corporation Japan [4716]
95
77.10
7,286
0.2
Techtronic Industries Co. Ltd. [669]
602
11.92
7,174
0.2
Kyocera Corporation [6971]
473
14.60
6,902
0.2
Medipal Holdings Corporation [7459]
427
16.21
6,929
0.2
Pets At Home Group Plc [PETS]
1,649
4.06
6,690
0.2
PT Bank Central Asia Tbk [BBCA]
11,103
0.61
6,778
0.2
Viscofan S.A. [VIS]
112
59.21
6,657
0.2
ABC-MART INC. [2670]
361
17.48
6,310
0.2
Dowa Holdings Co. Ltd. [5714]
174
36.54
6,355
0.2
GN Store Nord A/S [GN]
251
25.46
6,389
0.2
Nisshinbo Holdings Inc. [3105]
799
8.13
6,490
0.2
Qantas Airways Limited [QAN]
1,804
3.66
6,612
0.2
Tsumura & Co. [4540]
337
18.84
6,350
0.2
Aristocrat Leisure Limited [ALL]
224
27.85
6,252
0.2
Close Brothers Group plc [CBG]
616
10.12
6,240
0.2
Future plc [FUTR]
589
10.14
5,973
0.2
Galaxy Entertainment Group Limited [27]
1,122
5.60
6,286
0.2
John Wood Group PLC [WG]
2,805
2.19
6,155
0.2
NS Solutions Corp [2327]
187
32.45
6,068
0.2
Rathbones Group PLC [RAT]
279
22.21
6,200
0.2
USS Co. Ltd. [4732]
305
20.12
6,133
0.2
Playtech plc [PTEC]
1,039
5.72
5,943
0.2
SENKO Group Holdings Co.Ltd. [9069]
704
8.10
5,699
0.2
Swire Pacific Limited Class A [19]
692
8.47
5,854
0.2
Befesa SA [BFSA]
144
38.88
5,608
0.2
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
526
10.08
5,301
0.2
Jardine Matheson Holdings Limited [J36]
134
41.21
5,535
0.2
Miura Co. Ltd. [6005]
265
19.92
5,284
0.2
Oji Holdings Corp. [3861]
1,453
3.85
5,594
0.2
Penta-Ocean Construction Co. Ltd. [1893]
941
5.62
5,286
0.2
PERSOL HOLDINGS CO. LTD. [2181]
3,212
1.72
5,515
0.2
Baidu Inc Sponsored ADR Class A [BIDU]
42
119.09
4,968
0.2
Daiei Kankyo Co. Ltd. [9336]
293
17.68
5,181
0.2
HSBC Holdings Plc [5]
646
8.07
5,209
0.2
Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]
1,041
4.78
4,982
0.2
Kubota Corporation [6326]
336
15.06
5,063
0.2
B3 SA - Brasil Bolsa Balcao [B3SA3]
1,582
3.00
4,738
0.1
CK Hutchison Holdings Ltd [1]
883
5.36
4,730
0.1
Compagnie Financiere Richemont SA [CFR]
34
140.40
4,752
0.1
JCDecaux SE [DEC]
233
20.10
4,681
0.1
KDDI Corporation [9433]
146
31.82
4,630
0.1
Komatsu Ltd. [6301]
185
26.16
4,840
0.1
Samsonite International S.A. [1910]
1,486
3.30
4,901
0.1
Secom Co. Ltd. [9735]
68
72.03
4,920
0.1
Seven & I Holdings Co. Ltd. [3382]
118
39.69
4,675
0.1
Southern Copper Corporation [SCCO]
54
86.07
4,627
0.1
Tata Consultancy Services Limited [532540]
103
45.59
4,714
0.1
Acerinox SA [ACX]
364
11.77
4,279
0.1
Advantech Co. Ltd. [2395]
358
12.12
4,334
0.1
Brambles Limited [BXB]
492
9.28
4,563
0.1
Evolution Mining Limited [EVN]
1,697
2.70
4,585
0.1
Localiza Rent A Car SA [RENT3]
327
13.09
4,275
0.1
Naspers Limited Class N [NPN]
25
171.05
4,274
0.1
Ship Healthcare Holdings Inc. [3360]
261
17.08
4,450
0.1
TUI AG [TUI1]
547
7.80
4,271
0.1
ALS Ltd. [ALQ]
454
8.77
3,984
0.1
Arca Continental SAB de CV [AC]
361
10.95
3,952
0.1
Bluescope Steel Limited [BSL]
265
15.97
4,231
0.1
Delta Electronics Inc. [2308]
387
10.21
3,953
0.1
Hana Financial Group Inc. [086790]
120
33.70
4,030
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
277
15.00
4,149
0.1
Cleanaway Waste Management Ltd. [CWY]
2,078
1.84
3,815
0.1
Copa Holdings S.A. Class A [CPA]
35
106.31
3,674
0.1
Getlink SE [GET]
201
18.30
3,686
0.1
Yum China Holdings Inc. [YUMC]
88
42.43
3,713
0.1
Bid Corporation Limited [BID]
151
23.33
3,526
0.1
Capitec Bank Holdings Limited [CPI]
30
110.81
3,303
0.1
Gestamp Automocion S.A. [GEST]
907
3.88
3,514
0.1
Grupo Aeroportuario del Pacifico SAB de CV Class B [GAPB]
201
17.50
3,521
0.1
HANKOOK TIRE & TECHNOLOGY Co. Ltd. [161390]
92
35.25
3,237
0.1
IG Group Holdings plc [IGG]
354
9.76
3,455
0.1
MatsukiyoCocokara & Co. [3088]
199
17.71
3,530
0.1
Sekisui Chemical Co. Ltd. [4204]
230
14.42
3,322
0.1
Shinhan Financial Group Co. Ltd. [055550]
109
31.17
3,406
0.1
Topcon Corp. [7732]
300
10.78
3,238
0.1
Fletcher Building Limited [FBU]
969
3.03
2,933
0.1
Infosys Limited Sponsored ADR [INFY]
167
18.38
3,064
0.1
NSK Ltd. [6471]
588
5.41
3,181
0.1
Rio Tinto plc [RIO]
43
74.47
3,173
0.1
Vipshop Holdings Ltd Sponsored ADR [VIPS]
179
17.76
3,170
0.1
Hakuhodo Dy Holdings Incorporated [2433]
375
7.66
2,873
0.1
Jupiter Fund Management plc [JUP]
2,248
1.19
2,677
0.1
MediaTek Inc [2454]
79
33.07
2,613
0.1
Shenzhou International Group Holdings Limited [2313]
278
10.30
2,864
0.1
Thai Beverage Public Co. Ltd. [Y92]
6,930
0.40
2,758
0.1
African Rainbow Minerals Limited [ARI]
212
10.94
2,317
0.1
BOC Aviation Limited [2588]
297
7.65
2,268
0.1
Capita plc [CPI]
8,068
0.28
2,263
0.1
Great Eastern Holdings Limited [G07]
179
13.34
2,384
0.1
International Personal Finance plc [IPF]
1,527
1.52
2,316
0.1
L'Occitane International S.A. [973]
855
2.86
2,442
0.1
Newmont Corporation Registered Shs Chess Depositary Interests Repr 1 Sh [NEM]
54
41.45
2,225
0.1
Zhongsheng Group Holdings Ltd. [881]
936
2.39
2,239
0.1
Axis Bank Limited [532215]
147
13.25
1,952
0.1
CAR Group Limited [CAR]
99
21.25
2,094
0.1
Chailease Holding Co. Ltd. [5871]
302
6.29
1,898
0.1
Dabur India Limited [500096]
296
6.70
1,985
0.1
Havells India Limited [517354]
129
16.44
2,122
0.1
Iveco Group NV [IVG]
230
9.00
2,068
0.1
Marico Limited [531642]
323
6.59
2,126
0.1
St. James's Place Plc [STJ]
242
8.71
2,105
0.1
Hyundai Motor Company [005380]
11
158.01
1,704
0.1
Pilbara Minerals Limited [PLS]
618
2.70
1,666
0.1
Prio SA [PRIO3]
192
9.48
1,823
0.1
Getinge AB Class B [GETI.B]
54
22.26
1,211
0.0
IPH Ltd. [IPH]
278
4.37
1,215
0.0
Johnson Electric Holdings Limited [179]
849
1.59
1,348
0.0
Li Ning Company Limited [2331]
562
2.68
1,503
0.0
Mips AB [MIPS]
36
36.17
1,309
0.0
Ping An Insurance (Group) Company of China Ltd. Class H [2318]
334
4.53
1,510
0.0
RWS Holdings plc [RWS]
463
3.20
1,480
0.0
Schibsted Asa Class A [SCHA]
44
28.81
1,269
0.0
Vanquis Banking Group PLC [VANQ]
893
1.65
1,471
0.0
ASMPT Limited [522]
117
9.54
1,120
0.0
First Pacific Co. Ltd. [142]
2,266
0.40
903
0.0
First Quantum Minerals Ltd. [FM]
119
8.23
978
0.0
Hays plc [HAS]
845
1.39
1,177
0.0
Reply S.p.A. [REY]
9
132.01
1,191
0.0
Stella International Holdings Limited [1836]
891
1.18
1,050
0.0
Weichai Power Co. Ltd. Class H [2338]
614
1.67
1,025
0.0
ANZ Group Holdings Limited [ANZ]
45
17.69
799
0.0
CTS Eventim AG & Co. KGaA [EVD]
10
69.15
709
0.0
Melrose Industries PLC [MRO]
87
7.23
628
0.0
Metcash Limited [MTS]
286
2.38
682
0.0
Prudential plc [2378]
49
11.19
552
0.0
Smith & Nephew plc [SN]
53
13.75
730
0.0
Ajisen (China) Holdings Limited [538]
2,241
0.13
281
0.0
Dowlais Group PLC [DWL]
149
1.36
203
0.0
Embotelladora Andina SA Pfd B [ANDINA.B]
100
2.51
252
0.0
Esprit Holdings Limited [330]
3,935
0.05
204
0.0
Mandatum Oyj [MANTA]
42
4.50
187
0.0
United Overseas Bank Limited [U11]
22
21.57
464
0.0
Localiza Rent A Car SA Rights 2023-05.02.2024 For Subscription Receipts For Shs [RENT1]
1
4.12
5
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
--
217
0.00
0
0.0
Viaplay Group AB Class B [VPLAY.B]
322
0.51
166
0.0
Total
--
--
--
3,334,680
98.3
Cash and Other Assets Less Liabilities
--
--
--
--
1.7
Total Net Assets
--
--
--
--
100%

As of 12/31/2023

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Information Technology

Economic sector icon
16.0
21.3

Industrials

Economic sector icon
15.7
14.3

Real Estate

Economic sector icon
15.0
14.9

Materials

Economic sector icon
12.9
17.1

Health Care

Economic sector icon
11.4
4.9

Consumer Discretionary

Economic sector icon
9.4
8.0

Financials

Economic sector icon
6.0
9.9

Communication Services

Economic sector icon
5.8
8.9

Consumer Staples

Economic sector icon
1.3
5.2

[Unassigned]

0.0
-7.2

Energy

Economic sector icon
-5.0
0.3

Utilities

Economic sector icon
-7.3
14.0

As of 12/31/2023

International Fund (HIINX)

MSCI EAFE (ND) Index

-

Industrials

HIINX: 26.1%

Benchmark: 16.3%

-

Financials

HIINX: 19.5%

Benchmark: 19.0%

-

Consumer Discretionary

HIINX: 12.1%

Benchmark: 11.8%

-

Health Care

HIINX: 8.8%

Benchmark: 12.8%

-

Consumer Staples

HIINX: 8.0%

Benchmark: 9.3%

-

Materials

HIINX: 7.5%

Benchmark: 7.9%

-

Information Technology

HIINX: 6.0%

Benchmark: 8.6%

-

Communication Services

HIINX: 5.0%

Benchmark: 4.1%

-

Energy

HIINX: 4.2%

Benchmark: 4.3%

-

Real Estate

HIINX: 0.9%

Benchmark: 2.4%

-

Utilities

HIINX: 0.0%

Benchmark: 3.5%

HIINX: International Fund

Benchmark: MSCI EAFE (ND) Index

As of 12/31/2023

Country

International Fund %

MSCI EAFE (ND) Index %

United Kingdom
26.0
14.7
Japan
23.2
22.5
Denmark
6.9
3.3
France
6.4
12.0
Germany
4.9
8.6
Netherlands
4.3
4.6
Switzerland
3.4
10.0
Italy
3.0
2.6
Australia
3.0
7.5
Sweden
2.3
3.2
Other
16.6
11.0

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.

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.

3183695