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Harbor Mid Cap Value Fund (HAMVX)

Harbor Mid Cap Value Fund (HAMVX)

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Overview
Performance
Holdings
Investment Team
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Academic Foundation. LSV's roots lie in academia and their models are informed by years of academic research.

Risk-Aware Portfolio. The broadly diversified portfolio is constructed to spread risk over a wide number of stocks and minimize unintended portfolio biases.

Systematic Valuation Discipline. The quantitative approach seeks to provides diversified and consistent exposure to deep-value stocks.

Related Funds to Consider

Overview

Investment Team
LSV Asset Management
Josef Lakonishok
Menno Vermeulen
Puneet Mansharamani
Greg Sleight
Guy Lakonishok

Current Price

As of 12/6/2024

$28.75

Price (NAV)

-$0.13

NAV Daily Change ($)

-0.45%

NAV Daily Change (%)

18.26%

NAV YTD Return

Fund Facts

As of 11/30/2024

3/1/2002

Inception Date

0.85

Net Expense Ratio
disclaimer

0.91

Gross Expense Ratio

$399.894

Total Fund Net Assets (million)
As of 11/30/2024

$253.295

Total Share Class Net Assets (million)
As of 11/30/2024

HAMVX

Ticker

2023

Fund Number

Share Class:

Institutional Class

Behavioral Alpha Benchmark Award - Harbor Mid Cap Value Fund

LSV Asset Management
Portfolio Managers to the Harbor Mid Cap Value Fund.

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

Please see Important Information for methodology.

Morningstar Medalist Rating™

Morningstar Gold
Analyst-Driven %
100
Data Coverage %
100
As of 3/27/2024

"We buy boring companies, not distressed companies. These are companies that are in basic businesses, they have been around for a long time and generally they haven’t excited the marketplace. The result is that they tend to be underpriced."

SV Asset Management

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Fund Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund
6.38%
20.69%
30.82%
12.25%
11.07%
7.88%
8.33%
0.85%disclaimer
0.91%
Russell Midcap® Value Index
8.01%
22.00%
31.50%
8.73%
10.92%
9.01%
9.91%
--
--

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 Russell Midcap® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Value Index and Russell® are trademarks of Frank Russell Company.

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
0.39518
1.35548
0.02471
0.00000
1.33077
1.75066
0.00000
24.36
12/16/2022
12/19/2022
12/19/2022
0.00000
0.39688
1.44873
0.03596
0.00000
1.41277
1.84561
0.00000
22.06
12/17/2021
12/20/2021
12/20/2021
0.00000
0.32514
0.00000
--
0.00000
--
0.32514
0.00000
24.22
12/16/2020
12/17/2020
12/17/2020
0.00000
0.47142
0.00000
0.00000
0.00000
0.00000
0.47142
0.00000
19.94
12/13/2019
12/16/2019
12/16/2019
0.00000
0.51472
0.14724
0.00000
0.00000
0.14724
0.66196
0.00000
21.16
12/14/2018
12/17/2018
12/17/2018
0.00000
0.35174
1.15318
0.12272
0.00000
1.03046
1.50492
0.00000
18.09
12/15/2017
12/18/2017
12/18/2017
0.00000
0.31062
0.59293
0.18085
0.00000
0.41208
0.90355
0.00000
23.62
12/16/2016
12/19/2016
12/19/2016
0.00000
0.35393
0.31339
0.06717
0.00000
0.24622
0.66732
0.00000
22.08
12/16/2015
12/17/2015
12/17/2015
0.00000
0.26872
0.35444
0.13104
0.00000
0.22340
0.62316
0.00000
18.78
12/17/2014
12/18/2014
12/18/2014
0.00000
0.19256
0.12942
0.00000
0.00000
0.12942
0.32198
0.00000
20.52
12/16/2013
12/17/2013
12/17/2013
0.00000
0.19572
0.00000
0.00000
0.00000
0.00000
0.19572
0.00000
17.75
12/14/2012
12/17/2012
12/17/2012
0.00000
0.28075
0.00000
0.00000
0.00000
0.00000
0.28075
0.00000
12.84
12/15/2011
12/16/2011
12/16/2011
0.00000
0.14537
0.00000
0.00000
0.00000
0.00000
0.14537
0.00000
10.64
12/16/2010
12/17/2010
12/17/2010
0.00000
0.12337
0.00000
0.00000
0.00000
0.00000
0.12337
0.00000
11.54
12/17/2009
12/18/2009
12/18/2009
0.00000
0.14296
0.00000
0.00000
0.00000
0.00000
0.14296
0.00000
9.65
12/18/2008
12/19/2008
12/19/2008
0.00000
0.32993
0.00000
0.00000
0.00000
0.00000
0.32993
0.00000
6.92
12/18/2007
12/19/2007
12/19/2007
0.00000
0.18581
0.46949
0.14958
0.00000
0.31991
0.65530
0.00000
11.69
12/18/2006
12/19/2006
12/19/2006
0.00000
0.11586
0.36971
0.04626
0.00000
0.32345
0.48557
0.00000
13.32
12/19/2005
12/20/2005
12/20/2005
0.00000
0.13413
0.29396
0.13690
0.00000
0.15706
0.42809
0.00000
11.92
12/29/2004
12/30/2004
12/30/2004
0.00000
0.04575
0.95868
0.00000
0.00000
0.95868
1.00443
0.00000
11.21
12/29/2003
12/30/2003
12/30/2003
0.00000
0.01153
0.00000
0.00000
0.00000
0.00000
0.01153
0.00000
10.63
12/27/2002
12/30/2002
12/30/2002
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
8.61

Holdings

Portfolio Characteristics

As of 9/30/2024

176

Number of Holdings

16673.1

Wtd Avg Market Cap ($Mil)

2.05

Price/Book Ratio

14.3

Adjusted Trailing P/E Ratio

25.1

% EPS Growth - Past 3 Yr

15.68

Return on Equity (%)

12.3

Forecasted P/E Ratio

Top Ten Holdings

As of 9/30/2024

Company Name [Ticker]

% of Net Assets

PulteGroup Inc.[PHM]
1.6
Hartford Financial Services Group Inc.[HIG]
1.5
NRG Energy Inc.[NRG]
1.5
HP Inc.[HPQ]
1.4
Toll Brothers Inc.[TOL]
1.4
Bank of New York Mellon Corp[BK]
1.4
Kroger Co.[KR]
1.3
State Street Corporation[STT]
1.3
Textron Inc.[TXT]
1.2
Old Republic International Corporation[ORI]
1.2
% of Total Holdings:
13.8%

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 9/30/2024

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

PulteGroup Inc. [PHM]
United States Flag
41
143.53
5,899
1.6
Hartford Financial Services Group Inc. [HIG]
United States Flag
49
117.61
5,810
1.5
NRG Energy Inc. [NRG]
United States Flag
60
91.10
5,502
1.5
HP Inc. [HPQ]
United States Flag
148
35.87
5,305
1.4
Toll Brothers Inc. [TOL]
United States Flag
35
154.49
5,330
1.4
Bank of New York Mellon Corp [BK]
United States Flag
72
71.86
5,167
1.4
Kroger Co. [KR]
United States Flag
88
57.30
5,037
1.3
State Street Corporation [STT]
United States Flag
55
88.47
4,827
1.3
Textron Inc. [TXT]
United States Flag
52
88.58
4,580
1.2
Old Republic International Corporation [ORI]
United States Flag
129
35.42
4,573
1.2
Cardinal Health Inc. [CAH]
United States Flag
40
110.52
4,366
1.2
Cummins Inc. [CMI]
United States Flag
14
323.79
4,371
1.2
eBay Inc. [EBAY]
United States Flag
64
65.11
4,154
1.1
Allison Transmission Holdings Inc. [ALSN]
United States Flag
42
96.07
4,025
1.1
Aflac Incorporated [AFL]
United States Flag
35
111.80
3,935
1.0
Vistra Corp. [VST]
United States Flag
33
118.54
3,876
1.0
Ryder System Inc. [R]
United States Flag
26
145.80
3,830
1.0
Molson Coors Beverage Company Class B [TAP]
United States Flag
64
57.52
3,676
1.0
Fox Corporation Class A [FOXA]
United States Flag
86
42.33
3,649
1.0
Ameriprise Financial Inc. [AMP]
United States Flag
8
469.81
3,571
0.9
CNH Industrial NV [CNH]
United States Flag
317
11.10
3,522
0.9
Jazz Pharmaceuticals Public Limited Company [JAZZ]
United States Flag
31
111.41
3,454
0.9
Citizens Financial Group Inc. [CFG]
United States Flag
83
41.07
3,417
0.9
Brixmor Property Group Inc. [BRX]
United States Flag
122
27.86
3,388
0.9
American International Group Inc. [AIG]
United States Flag
45
73.23
3,316
0.9
Mueller Industries Inc. [MLI]
United States Flag
45
74.10
3,297
0.9
Ingredion Incorporated [INGR]
United States Flag
24
137.43
3,271
0.9
AGCO Corporation [AGCO]
United States Flag
33
97.86
3,200
0.8
Ally Financial Inc [ALLY]
United States Flag
88
35.59
3,139
0.8
United Therapeutics Corporation [UTHR]
United States Flag
9
358.35
3,153
0.8
Berry Global Group Inc [BERY]
United States Flag
46
67.98
3,113
0.8
Arrow Electronics Inc. [ARW]
United States Flag
23
132.83
3,095
0.8
Centene Corporation [CNC]
United States Flag
41
75.28
3,094
0.8
DaVita Inc. [DVA]
United States Flag
18
163.93
3,000
0.8
Harley-Davidson Inc. [HOG]
United States Flag
78
38.53
3,017
0.8
National Fuel Gas Company [NFG]
United States Flag
50
60.61
3,012
0.8
Cirrus Logic Inc. [CRUS]
United States Flag
24
124.21
2,981
0.8
Kraft Heinz Company [KHC]
United States Flag
85
35.11
2,970
0.8
Incyte Corporation [INCY]
United States Flag
44
66.10
2,935
0.8
Federated Hermes Inc. Class B [FHI]
United States Flag
79
36.77
2,905
0.8
Jabil Inc. [JBL]
United States Flag
24
119.83
2,888
0.8
First Horizon Corporation [FHN]
United States Flag
176
15.53
2,732
0.7
Fifth Third Bancorp [FITB]
United States Flag
63
42.84
2,716
0.7
MGIC Investment Corporation [MTG]
United States Flag
105
25.60
2,696
0.7
Builders FirstSource Inc. [BLDR]
United States Flag
14
193.86
2,656
0.7
Radian Group Inc. [RDN]
United States Flag
77
34.69
2,671
0.7
Group 1 Automotive Inc. [GPI]
United States Flag
7
383.04
2,605
0.7
Snap-on Incorporated [SNA]
United States Flag
9
289.71
2,636
0.7
Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]
Panama Flag
80
32.49
2,599
0.7
Cousins Properties Incorporated [CUZ]
United States Flag
88
29.48
2,588
0.7
Phillips 66 [PSX]
United States Flag
20
131.45
2,563
0.7
General Mills Inc. [GIS]
United States Flag
34
73.85
2,526
0.7
Sonoco Products Company [SON]
United States Flag
46
54.63
2,513
0.7
Baxter International Inc. [BAX]
United States Flag
65
37.97
2,468
0.7
Huntington Ingalls Industries Inc. [HII]
United States Flag
9
264.38
2,459
0.7
Amkor Technology Inc. [AMKR]
United States Flag
79
30.60
2,408
0.6
Dropbox Inc. Class A [DBX]
United States Flag
94
25.43
2,380
0.6
Owens Corning [OC]
United States Flag
14
176.52
2,383
0.6
Meritage Homes Corporation [MTH]
United States Flag
11
205.07
2,338
0.6
Halliburton Company [HAL]
United States Flag
80
29.05
2,327
0.6
NewMarket Corporation [NEU]
United States Flag
4
551.89
2,318
0.6
Synchrony Financial [SYF]
United States Flag
46
49.88
2,314
0.6
TD SYNNEX Corporation [SNX]
United States Flag
19
120.08
2,318
0.6
UGI Corporation [UGI]
United States Flag
93
25.02
2,319
0.6
Campbell Soup Company [CPB]
United States Flag
47
48.92
2,285
0.6
Marathon Petroleum Corporation [MPC]
United States Flag
14
162.91
2,297
0.6
Archer-Daniels-Midland Company [ADM]
United States Flag
38
59.74
2,252
0.6
PACCAR Inc [PCAR]
United States Flag
23
98.68
2,230
0.6
Sabra Health Care REIT Inc. [SBRA]
United States Flag
121
18.61
2,254
0.6
Bunge Global SA [BG]
United States Flag
23
96.64
2,203
0.6
Delta Air Lines Inc. [DAL]
United States Flag
43
50.79
2,199
0.6
Unum Group [UNM]
United States Flag
37
59.44
2,199
0.6
Eastman Chemical Company [EMN]
United States Flag
20
111.95
2,183
0.6
Nexstar Media Group Inc. [NXST]
United States Flag
13
165.35
2,166
0.6
Zions Bancorporation N.A. [ZION]
United States Flag
46
47.22
2,149
0.6
Host Hotels & Resorts Inc. [HST]
United States Flag
121
17.60
2,130
0.6
Sanmina Corporation [SANM]
United States Flag
31
68.45
2,136
0.6
SS&C Technologies Holdings Inc. [SSNC]
United States Flag
29
74.21
2,145
0.6
Brink's Company [BCO]
United States Flag
18
115.64
2,105
0.5
Navient Corp [NAVI]
United States Flag
133
15.59
2,080
0.5
Exelixis Inc. [EXEL]
United States Flag
78
25.95
2,024
0.5
ManpowerGroup Inc. [MAN]
United States Flag
28
73.52
2,022
0.5
Omega Healthcare Investors Inc. [OHI]
United States Flag
49
40.70
1,998
0.5
Organon & Co. [OGN]
United States Flag
105
19.13
2,007
0.5
Regions Financial Corporation [RF]
United States Flag
87
23.33
2,025
0.5
Western Union Company [WU]
United States Flag
170
11.93
2,025
0.5
Highwoods Properties Inc. [HIW]
United States Flag
58
33.51
1,934
0.5
Kite Realty Group Trust [KRG]
United States Flag
73
26.56
1,926
0.5
Silgan Holdings Inc. [SLGN]
United States Flag
37
52.50
1,937
0.5
Zoom Video Communications Inc. Class A [ZM]
United States Flag
27
69.74
1,883
0.5
H&R Block Inc. [HRB]
United States Flag
29
63.55
1,868
0.5
Premier Inc. Class A [PINC]
United States Flag
93
20.00
1,850
0.5
Scorpio Tankers Inc. [STNG]
United States Flag
26
71.30
1,847
0.5
Universal Health Services Inc. Class B [UHS]
United States Flag
8
229.01
1,878
0.5
Flex Ltd. [FLEX]
United States Flag
54
33.43
1,819
0.5
Penske Automotive Group Inc. [PAG]
United States Flag
11
162.42
1,819
0.5
ABM Industries Incorporated [ABM]
United States Flag
34
52.76
1,767
0.5
Adtalem Global Education Inc. [ATGE]
United States Flag
24
75.48
1,774
0.5
BorgWarner Inc. [BWA]
United States Flag
49
36.29
1,782
0.5
Sylvamo Corporation [SLVM]
United States Flag
21
85.85
1,794
0.5
United Airlines Holdings Inc. [UAL]
United States Flag
32
57.06
1,797
0.5
Innovative Industrial Properties Inc [IIPR]
United States Flag
13
134.60
1,763
0.5
Atkore Inc [ATKR]
United States Flag
20
84.74
1,712
0.5
Best Buy Co. Inc. [BBY]
United States Flag
16
103.30
1,694
0.5
Gen Digital Inc. [GEN]
United States Flag
62
27.43
1,709
0.5
Matador Resources Company [MTDR]
United States Flag
35
49.42
1,705
0.5
American Assets Trust Inc. [AAT]
United States Flag
62
26.72
1,665
0.4
Oshkosh Corp [OSK]
United States Flag
17
100.21
1,684
0.4
Viatris Inc. [VTRS]
United States Flag
143
11.61
1,658
0.4
Brunswick Corporation [BC]
United States Flag
20
83.82
1,634
0.4
Dick's Sporting Goods Inc. [DKS]
United States Flag
8
208.70
1,649
0.4
Employers Holdings Inc. [EIG]
United States Flag
34
47.97
1,621
0.4
Gates Industrial Corporation plc [GTES]
United States Flag
93
17.55
1,639
0.4
Harmony Biosciences Holdings Inc. [HRMY]
United States Flag
40
40.00
1,616
0.4
Biogen Inc. [BIIB]
United States Flag
8
193.84
1,589
0.4
CNO Financial Group Inc. [CNO]
United States Flag
45
35.10
1,583
0.4
Koppers Holdings Inc. [KOP]
United States Flag
44
36.53
1,593
0.4
Conagra Brands Inc. [CAG]
United States Flag
48
32.52
1,551
0.4
General Motors Company [GM]
United States Flag
35
44.84
1,551
0.4
HF Sinclair Corporation [DINO]
United States Flag
35
44.57
1,547
0.4
DXC Technology Co. [DXC]
United States Flag
73
20.75
1,521
0.4
DHT Holdings Inc. [DHT]
United States Flag
133
11.03
1,465
0.4
Lear Corporation [LEA]
United States Flag
14
109.15
1,495
0.4
McKesson Corporation [MCK]
United States Flag
3
494.42
1,483
0.4
MGM Resorts International [MGM]
United States Flag
38
39.09
1,474
0.4
Stifel Financial Corp [SF]
United States Flag
16
93.90
1,474
0.4
Valero Energy Corporation [VLO]
United States Flag
11
135.03
1,445
0.4
Piedmont Office Realty Trust Inc. Class A [PDM]
United States Flag
138
10.10
1,396
0.4
Whirlpool Corporation [WHR]
United States Flag
13
107.00
1,423
0.4
KB Home [KBH]
United States Flag
16
85.69
1,380
0.4
Avnet Inc. [AVT]
United States Flag
24
54.31
1,314
0.4
Greif Inc Class A [GEF]
United States Flag
21
62.66
1,328
0.4
AutoNation Inc. [AN]
United States Flag
7
178.92
1,288
0.3
Bloomin' Brands Inc. [BLMN]
United States Flag
78
16.53
1,286
0.3
CSG Systems International Inc. [CSGS]
United States Flag
26
48.65
1,284
0.3
Devon Energy Corporation [DVN]
United States Flag
33
39.12
1,299
0.3
Energizer Holdings Inc. [ENR]
United States Flag
41
31.76
1,289
0.3
Halozyme Therapeutics Inc. [HALO]
United States Flag
23
57.24
1,311
0.3
Macy's Inc. [M]
United States Flag
82
15.69
1,291
0.3
PVH Corp. [PVH]
United States Flag
12
100.83
1,245
0.3
TEGNA Inc. [TGNA]
United States Flag
78
15.78
1,236
0.3
LyondellBasell Industries NV [LYB]
United States Flag
13
95.90
1,228
0.3
Mattel Inc. [MAT]
United States Flag
64
19.05
1,221
0.3
Western Digital Corporation [WDC]
United States Flag
17
68.29
1,175
0.3
KeyCorp [KEY]
United States Flag
68
16.75
1,141
0.3
Patterson Companies Incorporated [PDCO]
United States Flag
53
21.84
1,149
0.3
Photronics Inc. [PLAB]
United States Flag
46
24.76
1,136
0.3
Ethan Allen Interiors Inc. [ETD]
United States Flag
35
31.89
1,116
0.3
ODP Corporation [ODP]
United States Flag
36
29.75
1,077
0.3
O-I Glass Inc [OI]
United States Flag
78
13.12
1,029
0.3
Xerox Holdings Corporation [XRX]
United States Flag
94
10.38
975
0.3
Discover Financial Services [DFS]
United States Flag
7
140.29
940
0.3
Titan International Inc. [TWI]
United States Flag
118
8.13
959
0.3
Park Hotels & Resorts Inc. [PK]
United States Flag
66
14.10
928
0.2
G-III Apparel Group Ltd. [GIII]
United States Flag
28
30.52
858
0.2
American Financial Group Inc. [AFG]
United States Flag
6
134.60
848
0.2
Herbalife Ltd. [HLF]
United States Flag
115
7.19
829
0.2
Lincoln National Corp [LNC]
United States Flag
26
31.51
813
0.2
Tanger Inc. [SKT]
United States Flag
24
33.18
790
0.2
Chord Energy Corporation [CHRD]
United States Flag
6
130.23
742
0.2
Orion S.A. [OEC]
United States Flag
43
17.81
769
0.2
Chemours Co. [CC]
United States Flag
36
20.32
738
0.2
APA Corporation [APA]
United States Flag
27
24.46
665
0.2
Capri Holdings Limited [CPRI]
United States Flag
16
42.44
679
0.2
Goodyear Tire & Rubber Company [GT]
United States Flag
69
8.85
610
0.2
Annaly Capital Management Inc. [NLY]
United States Flag
27
20.07
548
0.1
Brandywine Realty Trust [BDN]
United States Flag
99
5.44
541
0.1
Service Properties Trust [SVC]
United States Flag
102
4.56
467
0.1
Universal Insurance Holdings Inc. [UVE]
United States Flag
21
22.16
463
0.1
Kohl's Corporation [KSS]
United States Flag
20
21.10
430
0.1
PHINIA Inc. [PHIN]
United States Flag
7
46.03
331
0.1
Ironwood Pharmaceuticals Inc. Class A [IRWD]
United States Flag
65
4.12
267
0.1
Walgreens Boots Alliance Inc. [WBA]
United States Flag
32
8.96
282
0.1
Office Properties Income Trust [OPI]
United States Flag
53
2.18
115
0.0
Vishay Intertechnology Inc. [VSH]
United States Flag
3
18.91
61
0.0
Vitesse Energy Inc. [VTS]
United States Flag
4
24.02
87
0.0
Total
--
--
--
375,868
99.3
Cash and Other Assets Less Liabilities
--
--
--
--
0.7
Total Net Assets
--
--
--
--
100%

As of 9/30/2024

Mid Cap Value Fund (HRMVX)

Russell Midcap® Value Index

-

Financials

HRMVX: 20.1%

Benchmark: 16.7%

-

Industrials

HRMVX: 15.4%

Benchmark: 17.1%

-

Consumer Discretionary

HRMVX: 14.3%

Benchmark: 9.5%

-

Health Care

HRMVX: 10.3%

Benchmark: 9.1%

-

Information Technology

HRMVX: 9.3%

Benchmark: 8.7%

-

Consumer Staples

HRMVX: 7.4%

Benchmark: 5.9%

-

Real Estate

HRMVX: 6.3%

Benchmark: 10.3%

-

Materials

HRMVX: 5.4%

Benchmark: 7.4%

-

Energy

HRMVX: 4.7%

Benchmark: 5.3%

-

Utilities

HRMVX: 3.9%

Benchmark: 7.0%

-

Communication Services

HRMVX: 1.9%

Benchmark: 3.1%

-

Cash

HRMVX: 1.1%

Benchmark: NaN%

HRMVX: Mid Cap Value Fund

Benchmark: Russell Midcap® Value Index

As of 9/30/2024

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Utilities

Economic sector icon
20.0
18.0

Real Estate

Economic sector icon
19.7
16.0

Communication Services

Economic sector icon
14.1
9.2

Consumer Discretionary

Economic sector icon
12.6
11.1

Financials

Economic sector icon
12.2
12.6

Materials

Economic sector icon
10.4
6.8

Consumer Staples

Economic sector icon
10.0
5.3

Industrials

Economic sector icon
9.3
11.4

Health Care

Economic sector icon
9.1
9.8

Information Technology

Economic sector icon
3.1
4.7

Energy

Economic sector icon
-11.7
-2.6

Investment Team


LSV Asset Management

LSV Asset Management was established in 1994 as a partnership to provide domestic, international, and global value equity investment management services to institutional investors using their proprietary quantitative model. Their research and investment team developed the model through years of research in value investing, contrarian strategies, and behavioral finance. The firm’s roots in these areas of academic research form the core of their investment philosophy and continue to drive the evolution of the LSV model over time. LSV employs their approach to manage assets in strategies covering global equity markets encompassing all capitalization ranges.

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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. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated. Stocks of mid 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.

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.

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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