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Harbor International Small Cap Fund (HAISX)

Harbor International Small Cap Fund (HAISX)

Welcome
Overview
Performance
Holdings
Investment Team
Documents
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Class
  • Specialist Firm. Cedar Street is a boutique specialist firm focused exclusively on non-US small-cap equity investing.
  • Seasoned Management. The founders of Cedar Street have spent decades running small-cap international portfolios.
  • Price Discipline. Management applies a consistent and disciplined valuation framework in selecting stocks they believe are well managed and fundamentally sound.

Related Products to Consider

Overview

Investment Team
Cedar Street Asset Management LLC

Current Price

As of 2/29/2024

$14.22

Price (NAV)

-$0.03

NAV Daily Change ($)

-0.21%

NAV Daily Change (%)

-1.80%

NAV YTD Return

Fund Facts

As of 2/29/2024

2/1/2016

Inception Date

0.93

Net Expense Ratio
disclaimer

1.19

Gross Expense Ratio

$205.922

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

HAISX

Ticker

2039

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
2.0
ISS A/S[ISS]
1.9
Genuit Group PLC[GEN]
1.9
Huhtamaki Oyj[HUH1V]
1.9
TP ICAP Group plc[TCAP]
1.9
BOC Aviation Limited[2588]
1.9
Spin Master Corp[TOY]
1.9
Resorttrust Inc.[4681]
1.8
Serco Group plc[SRP]
1.8
Transcontinental Inc. Class A[TCL.A]
1.8
% of Total Holdings:
18.8%

Behavioral Alpha Benchmark Award - Harbor International Small Cap Fund

Cedar Street Asset Management
Portfolio Managers to the Harbor International Small Cap Fund.

As of 12/31/23 out of 116 Managers.

Please see Important Information for methodology.

"We invest like business owners — as opposed to short-term traders — carefully analyzing all facets of a company’s operations, balance sheet, management, industry, etc.”

Waldemar Mozes. Director of Investments and Portfolio Manager

Cedar Street Asset Management, LLC

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

International Small Cap Fund
4.52%
-1.80%
1.74%
2.79%
6.68%
7.41%
0.93%disclaimer
1.19%
MSCI EAFE Small Cap (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 Small Cap (ND) Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. 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
0.27949
0.03967
--
0.00000
0.03967
0.31916
0.02760
14.24
12/16/2022
12/19/2022
12/19/2022
0.00000
0.15275
0.19541
0.02638
0.00000
0.16903
0.34816
0.01856
13.40
12/17/2021
12/20/2021
12/20/2021
0.00000
0.27023
0.82210
0.27586
0.00000
0.54624
1.09233
0.03075
14.50
12/16/2020
12/17/2020
12/17/2020
0.00000
0.16564
0.00000
0.00000
0.00000
0.00000
0.16564
0.02215
13.89
12/13/2019
12/16/2019
12/16/2019
0.00000
0.35321
0.00000
0.00000
0.00000
0.00000
0.35321
0.04535
12.94
12/14/2018
12/17/2018
12/17/2018
0.00000
0.08927
0.37506
0.00000
0.00000
0.37506
0.46433
0.01969
10.96
12/15/2017
12/18/2017
12/18/2017
0.00000
0.08125
0.10415
0.00000
0.00000
0.10415
0.18540
0.01049
13.96
12/16/2016
12/19/2016
12/19/2016
0.00000
0.12230
0.00000
0.00000
0.00000
0.00000
0.12230
0.01395
10.31

Holdings

Portfolio Characteristics

As of 12/31/2023

70

Number of Holdings

2054.2

Wtd Avg Market Cap ($Mil)

1.41

Price/Book Ratio

16.1

Adjusted Trailing P/E Ratio

12.2

% EPS Growth - Past 3 Yr

10.7

Return on Equity (%)

12.5

Forecasted P/E Ratio

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
2.0
ISS A/S[ISS]
1.9
Genuit Group PLC[GEN]
1.9
Huhtamaki Oyj[HUH1V]
1.9
TP ICAP Group plc[TCAP]
1.9
BOC Aviation Limited[2588]
1.9
Spin Master Corp[TOY]
1.9
Resorttrust Inc.[4681]
1.8
Serco Group plc[SRP]
1.8
Transcontinental Inc. Class A[TCL.A]
1.8
% of Total Holdings:
18.8%

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

Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
191
36.01
6,895
2.0
ISS A/S [ISS]
344
19.11
6,571
1.9
Genuit Group PLC [GEN]
1,256
5.14
6,460
1.9
Huhtamaki Oyj [HUH1V]
158
40.57
6,428
1.9
TP ICAP Group plc [TCAP]
2,558
2.49
6,369
1.9
BOC Aviation Limited [2588]
827
7.65
6,322
1.9
Spin Master Corp [TOY]
240
26.44
6,347
1.9
Resorttrust Inc. [4681]
359
17.35
6,226
1.8
Serco Group plc [SRP]
3,019
2.07
6,238
1.8
Transcontinental Inc. Class A [TCL.A]
594
10.39
6,168
1.8
Inchcape plc [INCH]
671
9.12
6,120
1.8
METAWATER Co.Ltd. [9551]
395
15.51
6,130
1.8
ASR Nederland N.V. [ASRNL]
129
47.17
6,081
1.8
Coats Group plc [COA]
6,189
0.99
6,107
1.8
Landis+Gyr Group AG [LAND]
67
90.30
6,090
1.8
Rubis SCA [RUI]
245
24.85
6,083
1.8
Sankyu Inc. [9065]
166
36.75
6,107
1.8
Tinexta SpA [TNXT]
272
22.40
6,088
1.8
Cembra Money Bank AG [CMBN]
77
77.94
5,976
1.8
Ontex Group N.V. [ONTEX]
704
8.40
5,911
1.7
TietoEVRY Oyj [TIETO]
249
23.79
5,920
1.7
Fuji Seal International Inc. [7864]
483
12.16
5,873
1.7
Victrex plc [VCT]
303
19.40
5,875
1.7
Arjo AB Class B [ARJO.B]
1,489
3.91
5,821
1.7
X-FAB Silicon Foundries SE [XFAB]
512
11.25
5,754
1.7
Raito Kogyo Co. Ltd. [1926]
427
13.41
5,728
1.7
Venture Corporation Limited [V03]
554
10.32
5,721
1.7
TomTom NV [TOM2]
806
7.05
5,687
1.7
Elders Limited [ELD]
1,072
5.14
5,509
1.6
Coface SA [COFA]
418
13.08
5,469
1.6
Eiken Chemical Co. Ltd. [4549]
450
12.12
5,454
1.6
Husqvarna AB Class B [HUSQ.B]
660
8.23
5,436
1.6
Paltac Corporation [8283]
171
31.66
5,426
1.6
Ansell Limited [ANN]
314
17.18
5,386
1.6
RTL Group S.A. [RRTL]
139
38.62
5,362
1.6
Qol Holdings Co. Ltd. [3034]
445
11.75
5,230
1.5
Redde Northgate PLC [REDD]
1,115
4.63
5,167
1.5
illimity Bank SpA [ILTY]
855
6.03
5,153
1.5
Bapcor Ltd [BAP]
1,352
3.78
5,111
1.5
Loomis AB [LOOMIS]
192
26.55
5,103
1.5
Mersen SA [MRN]
131
38.88
5,099
1.5
OPTEX GROUP Company Limited [6914]
399
12.67
5,052
1.5
Singapore Post Ltd. [S08]
13,970
0.36
5,030
1.5
Virgin Money UK Plc [VMUK]
2,384
2.10
4,997
1.5
Aryzta AG [ARYN]
2,673
1.84
4,928
1.5
Topcon Corp. [7732]
457
10.78
4,923
1.5
ARIAKE JAPAN Co. Ltd. [2815]
147
32.95
4,850
1.4
Fagron SA [FAGR]
265
18.35
4,867
1.4
NORMA Group SE [NOEJ]
274
17.71
4,860
1.4
JEOL Ltd. [6951]
110
43.91
4,817
1.4
Nabtesco Corporation [6268]
238
20.41
4,848
1.4
Criteo SA Sponsored ADR [CRTO]
190
25.32
4,803
1.4
Mapfre SA [MAP]
2,244
2.15
4,816
1.4
Anritsu Corporation [6754]
487
9.65
4,697
1.4
Computer Engineering & Consulting Ltd. [9692]
422
11.12
4,692
1.4
Glanbia Plc [GL9]
274
16.47
4,515
1.3
Johnson Electric Holdings Limited [179]
2,561
1.59
4,066
1.2
C&C Group Plc [CCR]
1,745
1.95
3,395
1.0
Morgan Advanced Materials plc [MGAM]
878
3.61
3,167
0.9
Morinaga & Co. Ltd. [2201]
173
18.15
3,148
0.9
Reliance Worldwide Corp. Ltd. [RWC]
1,027
3.02
3,104
0.9
Direct Line Insurance Group Plc [DLG]
1,283
2.32
2,977
0.9
Tosoh Corporation [4042]
149
12.77
1,906
0.6
A.G. BARR p.l.c. [BAG]
246
6.54
1,607
0.5
AustAsia Group Limited. [2425]
218
0.24
52
0.0
Total
--
--
--
336,119
98.8
Cash and Other Assets Less Liabilities
--
--
--
--
1.2
Total Net Assets
--
--
--
--
100%

As of 12/31/2023

International Small Cap Fund (HAISX)

MSCI EAFE Small Cap (ND) Index

-

Industrials

HAISX: 28.9%

Benchmark: 23.2%

-

Information Technology

HAISX: 14.3%

Benchmark: 10.0%

-

Financials

HAISX: 12.3%

Benchmark: 11.7%

-

Consumer Discretionary

HAISX: 11.6%

Benchmark: 12.8%

-

Consumer Staples

HAISX: 11.5%

Benchmark: 6.4%

-

Health Care

HAISX: 7.7%

Benchmark: 6.4%

-

Materials

HAISX: 7.7%

Benchmark: 9.4%

-

Communication Services

HAISX: 3.0%

Benchmark: 4.0%

-

Utilities

HAISX: 1.8%

Benchmark: 2.5%

-

Energy

HAISX: 0.0%

Benchmark: 3.2%

-

Real Estate

HAISX: 0.0%

Benchmark: 10.5%

HAISX: International Small Cap Fund

Benchmark: MSCI EAFE Small Cap (ND) Index

As of 12/31/2023

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Health Care

Economic sector icon
19.2
11.3

Materials

Economic sector icon
14.1
11.6

Industrials

Economic sector icon
12.2
11.4

Financials

Economic sector icon
12.0
10.4

Utilities

Economic sector icon
10.5
12.9

Information Technology

Economic sector icon
10.1
13.9

Consumer Staples

Economic sector icon
8.1
7.4

Consumer Discretionary

Economic sector icon
5.2
8.7

Communication Services

Economic sector icon
1.1
10.6

Real Estate

Economic sector icon
0.0
15.9

[Unassigned]

0.0
21.8

Energy

Economic sector icon
-4.8
4.0

As of 12/31/2023

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan
25.0
33.6
United Kingdom
17.2
15.2
France
8.0
4.0
Australia
5.6
9.5
Switzerland
5.0
4.6
Sweden
4.8
5.8
Canada
3.7
--
Finland
3.6
1.3
Netherlands
3.5
1.6
Spain
3.4
1.9
Other
20.2
22.5

Investment Team


Cedar Street Asset Management LLC

Cedar Street Asset Management LLC is an employee-owned investment firm focused on small capitalization value investing in international markets. The firm strives to generate strong risk-adjusted returns, employing a consistent and repeatable investment methodology in an entrepreneurial, team-oriented, and respectful work environment, where clients’ interests are paramount to any other interest. The firm utilizes a fundamental and qualitative approach to value investing, which includes cross disciplinary and language capabilities.

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 cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.

Essentia Analytics Managers Award is conferred annually at each calendar year-end; with interim rankings computed each quarter – most currently, the quarter ended December 31, 2023.

The analysis measured the demonstrated skill of 116 portfolio managers in seven key decision types: stock picking, entry timing, sizing, scaling in, size adjusting, scaling out and exit timing. Each decision type was isolated and its impact on the portfolio was measured using decision attribution analysis techniques developed in conjunction with hundreds of portfolio managers over the past ten years.

Managers were assigned a Behavioral Alpha Score based on the hit rate (percentage of decisions that added value) and payoff ratio (the ratio of value added by the average good decision to the value destroyed by the average bad decision) for each decision type. The five managers with the highest aggregate scores across all decision types are recognized as winners of the Behavioral Alpha Award.

Performance data shown represents past performance and is no guarantee of future results. For complete methodology, https://www.essentia-analytics.com/2023-behavioral-alpha-award/

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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.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2024 Harbor Capital Advisors, Inc. All rights reserved.