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Harbor International Small Cap Fund (HAISX)

Harbor International Small Cap Fund (HAISX)

Class
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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 6/11/2024

$14.76

Price (NAV)

-$0.16

NAV Daily Change ($)

-1.07%

NAV Daily Change (%)

1.93%

NAV YTD Return

Fund Facts

As of 5/31/2024

2/1/2016

Inception Date

0.90

Net Expense Ratio
disclaimer

1.07

Gross Expense Ratio

$200.248

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

HAISX

Ticker

2039

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
2.1
Rubis SCA[RUI]
2.0
TP ICAP Group plc[TCAP]
2.0
Serco Group plc[SRP]
1.9
Inchcape plc[INCH]
1.9
Coats Group plc[COA]
1.9
ASR Nederland N.V.[ASRNL]
1.9
Spin Master Corp[TOY]
1.8
Mapfre SA[MAP]
1.8
TomTom NV[TOM2]
1.8
% of Total Holdings:
19.1%

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
5.84%
3.94%
11.02%
0.85%
8.24%
7.91%
0.90%disclaimer
1.07%
MSCI EAFE Small Cap (ND) Index
5.00%
3.66%
14.38%
-2.89%
5.71%
6.60%
--
--

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 3/31/2024

68

Number of Holdings

2231.7

Wtd Avg Market Cap ($Mil)

1.43

Price/Book Ratio

15.3

Adjusted Trailing P/E Ratio

17.4

% EPS Growth - Past 3 Yr

10.93

Return on Equity (%)

12.3

Forecasted P/E Ratio

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
2.1
Rubis SCA[RUI]
2.0
TP ICAP Group plc[TCAP]
2.0
Serco Group plc[SRP]
1.9
Inchcape plc[INCH]
1.9
Coats Group plc[COA]
1.9
ASR Nederland N.V.[ASRNL]
1.9
Spin Master Corp[TOY]
1.8
Mapfre SA[MAP]
1.8
TomTom NV[TOM2]
1.8
% of Total Holdings:
19.1%

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

Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
Spain Flag
191
36.50
6,989
2.1
Rubis SCA [RUI]
France Flag
196
35.36
6,923
2.0
TP ICAP Group plc [TCAP]
United Kingdom Flag
2,378
2.84
6,765
2.0
Serco Group plc [SRP]
United Kingdom Flag
2,734
2.40
6,552
1.9
Inchcape plc [INCH]
United Kingdom Flag
699
9.15
6,397
1.9
Coats Group plc [COA]
United Kingdom Flag
6,189
1.02
6,340
1.9
ASR Nederland N.V. [ASRNL]
Netherlands Flag
129
49.02
6,320
1.9
Spin Master Corp [TOY]
Canada Flag
240
25.61
6,139
1.8
Mapfre SA [MAP]
Spain Flag
2,399
2.53
6,068
1.8
TomTom NV [TOM2]
Netherlands Flag
759
8.00
6,077
1.8
BOC Aviation Limited [2588]
China Flag
784
7.70
6,039
1.8
Genuit Group PLC [GEN]
United Kingdom Flag
1,072
5.57
5,972
1.8
Resorttrust Inc. [4681]
Japan Flag
340
17.54
5,973
1.8
Ontex Group N.V. [ONTEX]
Belgium Flag
704
8.46
5,954
1.8
Venture Corporation Limited [V03]
Singapore Flag
554
10.57
5,863
1.7
Cembra Money Bank AG [CMBN]
Switzerland Flag
69
83.82
5,763
1.7
Transcontinental Inc. Class A [TCL.A]
Canada Flag
531
10.87
5,773
1.7
Loomis AB [LOOMIS]
Sweden Flag
204
27.94
5,701
1.7
Husqvarna AB Class B [HUSQ.B]
Sweden Flag
660
8.57
5,659
1.7
Huhtamaki Oyj [HUH1V]
Finland Flag
134
41.94
5,621
1.7
Coface SA [COFA]
France Flag
354
15.82
5,603
1.7
Bapcor Ltd [BAP]
Australia Flag
1,352
4.12
5,566
1.6
Landis+Gyr Group AG [LAND]
Switzerland Flag
72
76.88
5,562
1.6
Arjo AB Class B [ARJO.B]
Sweden Flag
1,150
4.78
5,501
1.6
ISS A/S [ISS]
Denmark Flag
301
18.20
5,486
1.6
Raito Kogyo Co. Ltd. [1926]
Japan Flag
409
13.46
5,510
1.6
Criteo SA Sponsored ADR [CRTO]
France Flag
155
35.07
5,439
1.6
Sankyu Inc. [9065]
Japan Flag
157
34.50
5,434
1.6
Redde Northgate PLC [REDD]
United Kingdom Flag
1,115
4.82
5,374
1.6
Fuji Seal International Inc. [7864]
Japan Flag
387
13.70
5,305
1.6
Tinexta SpA [TNXT]
Italy Flag
258
20.53
5,291
1.6
TietoEVRY Oyj [TIETO]
Finland Flag
249
21.18
5,269
1.6
Virgin Money UK Plc [VMUK]
United Kingdom Flag
1,944
2.70
5,252
1.6
Fagron SA [FAGR]
Belgium Flag
274
19.07
5,231
1.5
OPTEX GROUP Company Limited [6914]
Japan Flag
399
13.08
5,217
1.5
Elders Limited [ELD]
Australia Flag
842
6.12
5,154
1.5
Mersen SA [MRN]
France Flag
131
39.37
5,163
1.5
ARIAKE JAPAN Co. Ltd. [2815]
Japan Flag
147
34.76
5,116
1.5
METAWATER Co.Ltd. [9551]
Japan Flag
337
15.15
5,099
1.5
NORMA Group SE [NOEJ]
Germany Flag
274
18.61
5,108
1.5
Topcon Corp. [7732]
Japan Flag
429
11.78
5,054
1.5
Ansell Limited [ANN]
Australia Flag
314
16.04
5,027
1.5
Victrex plc [VCT]
United Kingdom Flag
303
16.41
4,969
1.5
Aryzta AG [ARYN]
Switzerland Flag
2,673
1.82
4,858
1.4
RTL Group S.A. [RRTL]
Germany Flag
140
33.78
4,726
1.4
Paltac Corporation [8283]
Japan Flag
171
27.19
4,659
1.4
JEOL Ltd. [6951]
Japan Flag
110
41.35
4,537
1.3
Qol Holdings Co. Ltd. [3034]
Japan Flag
391
11.68
4,565
1.3
illimity Bank SpA [ILTY]
Italy Flag
855
5.25
4,488
1.3
Computer Engineering & Consulting Ltd. [9692]
Japan Flag
422
10.27
4,337
1.3
ESR Group Limited [1821]
Hong Kong Flag
4,055
1.07
4,337
1.3
Singapore Post Ltd. [S08]
Singapore Flag
13,970
0.31
4,347
1.3
Tosoh Corporation [4042]
Japan Flag
311
13.62
4,231
1.3
Nakanishi Inc. [7716]
Japan Flag
262
15.56
4,080
1.2
Nabtesco Corporation [6268]
Japan Flag
238
16.91
4,018
1.2
Anritsu Corporation [6754]
Japan Flag
487
8.17
3,976
1.2
Fujitsu General Limited [6755]
Japan Flag
319
12.45
3,971
1.2
Direct Line Insurance Group Plc [DLG]
United Kingdom Flag
1,600
2.46
3,941
1.2
X-FAB Silicon Foundries SE [XFAB]
France Flag
512
7.58
3,877
1.1
Morgan Advanced Materials plc [MGAM]
United Kingdom Flag
1,010
3.60
3,636
1.1
C&C Group Plc [CCR]
United Kingdom Flag
1,745
2.07
3,611
1.1
Johnson Electric Holdings Limited [179]
Hong Kong Flag
2,561
1.39
3,547
1.0
Solvay SA [SOLB]
Belgium Flag
115
27.32
3,138
0.9
Dustin Group AB [DUST]
Sweden Flag
1,996
1.18
2,359
0.7
Eiken Chemical Co. Ltd. [4549]
Japan Flag
114
13.21
1,511
0.5
Reliance Worldwide Corp. Ltd. [RWC]
Australia Flag
411
3.75
1,542
0.5
Glanbia Plc [GL9]
Ireland Flag
21
19.74
419
0.1
AustAsia Group Limited. [2425]
Hong Kong Flag
120
0.16
19
0.0
Total
--
--
--
333,349
98.7
Cash and Other Assets Less Liabilities
--
--
--
--
1.3
Total Net Assets
--
--
--
--
100%

As of 3/31/2024

International Small Cap Fund (HAISX)

MSCI EAFE Small Cap (ND) Index

-

Industrials

HAISX: 27.4%

Benchmark: 23.4%

-

Information Technology

HAISX: 14.0%

Benchmark: 9.6%

-

Financials

HAISX: 13.0%

Benchmark: 12.2%

-

Consumer Discretionary

HAISX: 12.5%

Benchmark: 13.0%

-

Consumer Staples

HAISX: 8.7%

Benchmark: 6.4%

-

Materials

HAISX: 8.6%

Benchmark: 9.8%

-

Health Care

HAISX: 7.6%

Benchmark: 6.0%

-

Communication Services

HAISX: 3.0%

Benchmark: 4.1%

-

Utilities

HAISX: 2.0%

Benchmark: 2.4%

-

Cash

HAISX: 1.6%

Benchmark: NaN%

-

Real Estate

HAISX: 1.3%

Benchmark: 10.1%

-

Energy

HAISX: 0.0%

Benchmark: 3.1%

HAISX: International Small Cap Fund

Benchmark: MSCI EAFE Small Cap (ND) Index

As of 3/31/2024

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Utilities

Economic sector icon
42.3
-0.2

Communication Services

Economic sector icon
12.1
0.8

Financials

Economic sector icon
11.2
9.0

Consumer Staples

Economic sector icon
7.3
0.8

Health Care

Economic sector icon
4.4
-1.8

Materials

Economic sector icon
3.4
0.7

Industrials

Economic sector icon
1.1
4.3

Energy

Economic sector icon
0.0
4.3

[Unassigned]

0.0
-9.7

Consumer Discretionary

Economic sector icon
-2.4
3.1

Information Technology

Economic sector icon
-5.4
1.8

Real Estate

Economic sector icon
-21.5
-4.1

As of 3/31/2024

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan
24.3
34.8
United Kingdom
17.3
14.7
France
8.0
3.7
Sweden
5.7
5.7
Australia
5.1
9.4
Switzerland
4.8
4.4
Belgium
4.2
1.3
Spain
3.9
1.9
Netherlands
3.7
1.6
Canada
3.5
--
Other
19.5
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

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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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
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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.