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Harbor International Small Cap Fund (HAISX)

Harbor International Small Cap Fund (HAISX)

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Overview
Performance
Holdings
Investment Team
Documents
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  • 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 10/4/2024

$15.40

Price (NAV)

$0.13

NAV Daily Change ($)

0.85%

NAV Daily Change (%)

6.35%

NAV YTD Return

Fund Facts

As of 9/30/2024

2/1/2016

Inception Date

0.90

Net Expense Ratio
disclaimer

1.07

Gross Expense Ratio

$139.805

Total Net Assets (million)
As of 9/30/2024

HAISX

Ticker

2039

Fund Number

Institutional Class

Share Class

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 Fund Inception

Net Expense Ratio

Gross Expense Ratio

International Small Cap Fund
8.37%
8.15%
19.57%
2.76%
9.25%
8.09%
0.90%disclaimer
1.07%
MSCI EAFE Small Cap (ND) Index
10.54%
11.11%
23.48%
-0.36%
6.40%
7.19%
--
--

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.

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 6/30/2024

64

Number of Holdings

2153.6

Wtd Avg Market Cap ($Mil)

1.4

Price/Book Ratio

15.3

Adjusted Trailing P/E Ratio

17.1

% EPS Growth - Past 3 Yr

9.52

Return on Equity (%)

12.2

Forecasted P/E Ratio

Top Ten Holdings

As of 6/30/2024

Company Name [Ticker]

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
2.0
TP ICAP Group plc[TCAP]
1.9
ESR Group Limited[1821]
1.9
Coats Group plc[COA]
1.9
Fagron SA[FAGR]
1.9
Transcontinental Inc. Class A[TCL.A]
1.9
Landis+Gyr Group AG[LAND]
1.9
Nakanishi Inc.[7716]
1.9
ZIGUP PLC[ZIG]
1.9
Huhtamaki Oyj[HUH1V]
1.8
% of Total Holdings:
19.0%

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 6/30/2024

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
Spain Flag
150
37.62
5,639
2.0
TP ICAP Group plc [TCAP]
United Kingdom Flag
2,123
2.53
5,362
1.9
ESR Group Limited [1821]
Hong Kong Flag
4,049
1.31
5,321
1.9
Coats Group plc [COA]
United Kingdom Flag
5,292
1.00
5,298
1.9
Fagron SA [FAGR]
Belgium Flag
271
19.53
5,301
1.9
Transcontinental Inc. Class A [TCL.A]
Canada Flag
480
11.05
5,303
1.9
Landis+Gyr Group AG [LAND]
Switzerland Flag
64
80.79
5,202
1.9
Nakanishi Inc. [7716]
Japan Flag
325
15.86
5,150
1.9
ZIGUP PLC [ZIG]
United Kingdom Flag
968
5.33
5,158
1.9
Huhtamaki Oyj [HUH1V]
Finland Flag
127
40.15
5,099
1.8
Inchcape plc [INCH]
United Kingdom Flag
542
9.40
5,094
1.8
ASR Nederland N.V. [ASRNL]
Netherlands Flag
105
47.70
5,028
1.8
Serco Group plc [SRP]
United Kingdom Flag
2,202
2.27
5,002
1.8
Computer Engineering & Consulting Ltd. [9692]
Japan Flag
376
13.31
5,001
1.8
Fuji Seal International Inc. [7864]
Japan Flag
326
15.31
4,996
1.8
Ontex Group N.V. [ONTEX]
Belgium Flag
575
8.69
4,997
1.8
Ansell Limited [ANN]
Australia Flag
279
17.73
4,947
1.8
Cembra Money Bank AG [CMBN]
Switzerland Flag
58
85.35
4,939
1.8
TietoEVRY Oyj [TIETO]
Finland Flag
253
19.33
4,884
1.8
Spin Master Corp [TOY]
Canada Flag
233
20.60
4,794
1.7
Loomis AB [LOOMIS]
Sweden Flag
182
26.06
4,732
1.7
Venture Corporation Limited [V03]
Singapore Flag
451
10.49
4,732
1.7
Tinexta SpA [TNXT]
Italy Flag
271
17.30
4,696
1.7
BOC Aviation Limited [2588]
China Flag
635
7.17
4,556
1.6
ISS A/S [ISS]
Denmark Flag
265
17.16
4,551
1.6
Mersen SA [MRN]
France Flag
131
34.14
4,477
1.6
Sankyu Inc. [9065]
Japan Flag
131
34.12
4,479
1.6
Raito Kogyo Co. Ltd. [1926]
Japan Flag
342
13.05
4,461
1.6
Fujitsu General Limited [6755]
Japan Flag
339
12.97
4,398
1.6
Genuit Group PLC [GEN]
United Kingdom Flag
802
5.45
4,372
1.6
Coface SA [COFA]
France Flag
311
13.94
4,332
1.6
ARIAKE JAPAN Co. Ltd. [2815]
Japan Flag
131
32.51
4,260
1.5
Husqvarna AB Class B [HUSQ.B]
Sweden Flag
532
8.02
4,263
1.5
NORMA Group SE [NOEJ]
Germany Flag
230
18.52
4,265
1.5
Rubis SCA [RUI]
France Flag
151
28.14
4,254
1.5
JEOL Ltd. [6951]
Japan Flag
94
45.18
4,247
1.5
Mapfre SA [MAP]
Spain Flag
1,836
2.31
4,239
1.5
METAWATER Co.Ltd. [9551]
Japan Flag
346
12.11
4,189
1.5
Arjo AB Class B [ARJO.B]
Sweden Flag
1,076
3.87
4,170
1.5
Paltac Corporation [8283]
Japan Flag
153
27.23
4,153
1.5
Criteo SA Sponsored ADR [CRTO]
France Flag
109
37.72
4,106
1.5
illimity Bank SpA [ILTY]
Italy Flag
801
5.11
4,095
1.5
Aryzta AG [ARYN]
Switzerland Flag
2,257
1.78
4,019
1.5
Morgan Advanced Materials plc [MGAM]
United Kingdom Flag
1,010
3.91
3,944
1.4
Singapore Post Ltd. [S08]
Singapore Flag
12,433
0.32
3,945
1.4
Direct Line Insurance Group Plc [DLG]
United Kingdom Flag
1,539
2.54
3,907
1.4
Victrex plc [VCT]
United Kingdom Flag
269
14.49
3,904
1.4
Resorttrust Inc. [4681]
Japan Flag
258
14.83
3,823
1.4
RTL Group S.A. [RRTL]
Germany Flag
125
30.44
3,790
1.4
OPTEX GROUP Company Limited [6914]
Japan Flag
355
10.51
3,731
1.4
Solvay SA [SOLB]
Belgium Flag
102
35.23
3,601
1.3
Tosoh Corporation [4042]
Japan Flag
276
13.04
3,605
1.3
Nabtesco Corporation [6268]
Japan Flag
210
16.96
3,567
1.3
TomTom NV [TOM2]
Netherlands Flag
625
5.65
3,533
1.3
C&C Group Plc [CCR]
United Kingdom Flag
1,745
2.01
3,503
1.3
Johnson Electric Holdings Limited [179]
Hong Kong Flag
2,279
1.51
3,433
1.2
Anritsu Corporation [6754]
Japan Flag
433
7.67
3,320
1.2
Qol Holdings Co. Ltd. [3034]
Japan Flag
352
9.28
3,265
1.2
X-FAB Silicon Foundries SE [XFAB]
France Flag
512
6.41
3,280
1.2
Topcon Corp. [7732]
Japan Flag
280
11.17
3,128
1.1
Hays plc [HAS]
United Kingdom Flag
2,496
1.19
2,981
1.1
Dustin Group AB [DUST]
Sweden Flag
2,664
1.11
2,963
1.1
NIPPON EXPRESS HOLDINGSINC. [9147]
Japan Flag
55
46.10
2,517
0.9
AustAsia Group Limited. [2425]
Hong Kong Flag
103
0.15
15
0.0
Total
--
--
--
272,314
98.1
Cash and Other Assets Less Liabilities
--
--
--
--
1.9
Total Net Assets
--
--
--
--
100%

As of 6/30/2024

International Small Cap Fund (HNISX)

MSCI EAFE Small Cap (ND) Index

-

Industrials

HNISX: 29.5%

Benchmark: 23.1%

-

Information Technology

HNISX: 15.9%

Benchmark: 10.0%

-

Financials

HNISX: 11.5%

Benchmark: 12.7%

-

Consumer Discretionary

HNISX: 11.2%

Benchmark: 12.5%

-

Materials

HNISX: 9.6%

Benchmark: 9.4%

-

Consumer Staples

HNISX: 7.2%

Benchmark: 6.2%

-

Health Care

HNISX: 7.1%

Benchmark: 5.9%

-

Communication Services

HNISX: 2.9%

Benchmark: 3.7%

-

Cash

HNISX: 2.1%

Benchmark: NaN%

-

Real Estate

HNISX: 1.9%

Benchmark: 10.6%

-

Utilities

HNISX: 1.5%

Benchmark: 2.6%

-

Energy

HNISX: NaN%

Benchmark: 3.4%

HNISX: International Small Cap Fund

Benchmark: MSCI EAFE Small Cap (ND) Index

As of 6/30/2024

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Real Estate

Economic sector icon
24.3
-4.8

Materials

Economic sector icon
3.4
-3.3

Communication Services

Economic sector icon
2.5
-2.9

[Unassigned]

0.0
-20.7

Energy

Economic sector icon
0.0
3.7

Health Care

Economic sector icon
-0.1
0.0

Financials

Economic sector icon
-1.1
2.0

Industrials

Economic sector icon
-3.2
-1.7

Information Technology

Economic sector icon
-3.8
-0.3

Consumer Discretionary

Economic sector icon
-5.1
-5.6

Consumer Staples

Economic sector icon
-7.7
-4.0

Utilities

Economic sector icon
-16.1
5.6

As of 6/30/2024

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan
26.1
34.5
United Kingdom
17.5
15.3
France
7.4
3.5
Sweden
5.8
5.6
Switzerland
5.1
4.4
Belgium
5.0
1.2
Canada
3.6
--
Finland
3.6
1.3
Spain
3.6
1.8
Hong Kong
3.2
1.6
Other
19.1
30.8

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

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 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.