Harbor International Small Cap Fund (HAISX)
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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.
Cedar Street Asset Management
Portfolio Managers to the Harbor Small Cap Fund.
As of 6/30/23 out of 85 Manager. Please see Important Information for methodology.
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Overview
Investment Team
As of 11/30/2023
"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
3 Mo.
YTD Return
1 Yr.
3 Yr.
5 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
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.
Distribution History
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
Holdings
Full Holdings
As of 9/30/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Sector Allocations
As of 9/30/2023
International Small Cap Fund (HAISX)
MSCI EAFE Small Cap (ND) Index
Industrials
HAISX: 27.6%
Benchmark: 22.8%
Consumer Discretionary
HAISX: 13.0%
Benchmark: 13.2%
Information Technology
HAISX: 12.9%
Benchmark: 9.5%
Consumer Staples
HAISX: 11.9%
Benchmark: 6.7%
Financials
HAISX: 11.2%
Benchmark: 11.9%
Health Care
HAISX: 7.2%
Benchmark: 6.5%
Materials
HAISX: 6.5%
Benchmark: 9.3%
Communication Services
HAISX: 3.9%
Benchmark: 4.3%
X
HAISX: 3.1%
Benchmark: NaN%
Utilities
HAISX: 1.8%
Benchmark: 2.5%
Energy
HAISX: 0.9%
Benchmark: 3.2%
Real Estate
HAISX: 0.0%
Benchmark: 10.1%
HAISX: International Small Cap Fund
Benchmark: MSCI EAFE Small Cap (ND) Index
Sector Returns
As of 9/30/2023
Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Energy
Consumer Staples
Real Estate
[Unassigned]
Consumer Discretionary
Financials
Materials
Health Care
Utilities
Industrials
Communication Services
Information Technology
Top 10 Countries
As of 9/30/2023
Country
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Investment Team
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
Name
Date
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 June 30, 2023.
The analysis measured the demonstrated skill of 85 portfolio managers in seven key decision types: stock picking, entry timing, sizing, scaling in, size adjusting, scaling out and exit timing. We isolated each decision type and measured its impact on the portfolio using decision attribution analysis techniques we have developed in conjunction with our clients over the past nine years.
Managers were scored on an Essentia Behavioral Alpha Frontier (EBAF) that considers the hit rate (percentage of decisions that added value) and payoff (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 top performers in the Behavioral Alpha Benchmark ranking.
Performance data shown represents past performance and is no guarantee of future results. For complete methodology, https://www.essentia-analytics.com/behavioral-alpha-benchmark-q2-2023/