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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 6/11/2024

$25.26

Price (NAV)

-$0.21

NAV Daily Change ($)

-0.82%

NAV Daily Change (%)

3.91%

NAV YTD Return

Fund Facts

As of 5/31/2024

3/1/2002

Inception Date

0.85

Net Expense Ratio
disclaimer

0.91

Gross Expense Ratio

$236.071

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

HAMVX

Ticker

2023

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Vistra Corp.[VST]
2.0
Cummins Inc.[CMI]
1.8
Hartford Financial Services Group Inc.[HIG]
1.7
Kroger Co.[KR]
1.7
PulteGroup Inc.[PHM]
1.7
Allison Transmission Holdings Inc.[ALSN]
1.5
Ally Financial Inc[ALLY]
1.5
HP Inc.[HPQ]
1.5
Snap-on Incorporated[SNA]
1.5
Toll Brothers Inc.[TOL]
1.5
% of Total Holdings:
16.4%

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 Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund
4.49%
7.32%
29.83%
5.95%
11.52%
7.24%
7.95%
0.85%disclaimer
0.91%
Russell Midcap® Value Index
3.25%
6.24%
23.67%
3.81%
10.28%
8.14%
9.46%
--
--

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 3/31/2024

146

Number of Holdings

17618.9

Wtd Avg Market Cap ($Mil)

2.01

Price/Book Ratio

13

Adjusted Trailing P/E Ratio

29.2

% EPS Growth - Past 3 Yr

16.54

Return on Equity (%)

11.3

Forecasted P/E Ratio

Top Ten Holdings

As of 3/31/2024

Company Name [Ticker]

% of Net Assets

Vistra Corp.[VST]
2.0
Cummins Inc.[CMI]
1.8
Hartford Financial Services Group Inc.[HIG]
1.7
Kroger Co.[KR]
1.7
PulteGroup Inc.[PHM]
1.7
Allison Transmission Holdings Inc.[ALSN]
1.5
Ally Financial Inc[ALLY]
1.5
HP Inc.[HPQ]
1.5
Snap-on Incorporated[SNA]
1.5
Toll Brothers Inc.[TOL]
1.5
% of Total Holdings:
16.4%

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

Vistra Corp. [VST]
United States Flag
86
69.65
5,983
2.0
Cummins Inc. [CMI]
United States Flag
18
294.65
5,186
1.8
Hartford Financial Services Group Inc. [HIG]
United States Flag
49
103.05
5,091
1.7
Kroger Co. [KR]
United States Flag
88
57.13
5,022
1.7
PulteGroup Inc. [PHM]
United States Flag
41
120.62
4,957
1.7
Allison Transmission Holdings Inc. [ALSN]
United States Flag
55
81.16
4,496
1.5
Ally Financial Inc [ALLY]
United States Flag
111
40.59
4,497
1.5
HP Inc. [HPQ]
United States Flag
148
30.22
4,470
1.5
Snap-on Incorporated [SNA]
United States Flag
15
296.22
4,473
1.5
Toll Brothers Inc. [TOL]
United States Flag
35
129.37
4,463
1.5
Cardinal Health Inc. [CAH]
United States Flag
40
111.90
4,420
1.5
Molson Coors Beverage Company Class B [TAP]
United States Flag
64
67.25
4,297
1.5
Ameriprise Financial Inc. [AMP]
United States Flag
10
438.44
4,253
1.4
NRG Energy Inc. [NRG]
United States Flag
62
67.69
4,217
1.4
AGCO Corporation [AGCO]
United States Flag
33
123.02
4,023
1.4
Old Republic International Corporation [ORI]
United States Flag
129
30.72
3,966
1.3
Atkore Inc [ATKR]
United States Flag
20
190.36
3,845
1.3
Marathon Petroleum Corporation [MPC]
United States Flag
18
201.50
3,687
1.2
American International Group Inc. [AIG]
United States Flag
45
78.17
3,540
1.2
Sprouts Farmers Market Inc. [SFM]
United States Flag
55
64.48
3,527
1.2
Bank of New York Mellon Corp [BK]
United States Flag
61
57.62
3,503
1.2
Textron Inc. [TXT]
United States Flag
35
95.93
3,319
1.1
Aflac Incorporated [AFL]
United States Flag
38
85.86
3,246
1.1
Jabil Inc. [JBL]
United States Flag
24
133.95
3,228
1.1
Jazz Pharmaceuticals Public Limited Company [JAZZ]
United States Flag
27
120.42
3,227
1.1
Owens Corning [OC]
United States Flag
19
166.80
3,236
1.1
Phillips 66 [PSX]
United States Flag
20
163.34
3,185
1.1
Ryder System Inc. [R]
United States Flag
26
120.19
3,157
1.1
Regions Financial Corporation [RF]
United States Flag
148
21.04
3,108
1.1
Arrow Electronics Inc. [ARW]
United States Flag
23
129.46
3,016
1.0
Citizens Financial Group Inc. [CFG]
United States Flag
83
36.29
3,019
1.0
MGIC Investment Corporation [MTG]
United States Flag
133
22.36
2,972
1.0
Brixmor Property Group Inc. [BRX]
United States Flag
122
23.45
2,852
1.0
Ingredion Incorporated [INGR]
United States Flag
24
116.85
2,781
0.9
PACCAR Inc [PCAR]
United States Flag
23
123.89
2,800
0.9
Harley-Davidson Inc. [HOG]
United States Flag
62
43.74
2,721
0.9
Nexstar Media Group Inc. [NXST]
United States Flag
16
172.29
2,688
0.9
Fifth Third Bancorp [FITB]
United States Flag
72
37.21
2,661
0.9
Centene Corporation [CNC]
United States Flag
34
78.48
2,653
0.9
State Street Corporation [STT]
United States Flag
34
77.32
2,652
0.9
Radian Group Inc. [RDN]
United States Flag
77
33.47
2,577
0.9
Amkor Technology Inc. [AMKR]
United States Flag
79
32.24
2,537
0.9
Koppers Holdings Inc. [KOP]
United States Flag
44
55.17
2,405
0.8
Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]
Panama Flag
80
29.62
2,369
0.8
Navient Corp [NAVI]
United States Flag
133
17.40
2,321
0.8
CNH Industrial NV [CNHI]
United States Flag
173
12.96
2,247
0.8
Encore Wire Corporation [WIRE]
United States Flag
8
262.78
2,155
0.7
Dick's Sporting Goods Inc. [DKS]
United States Flag
10
224.86
2,136
0.7
ManpowerGroup Inc. [MAN]
United States Flag
28
77.64
2,135
0.7
HF Sinclair Corporation [DINO]
United States Flag
35
60.37
2,095
0.7
Delta Air Lines Inc. [DAL]
United States Flag
43
47.87
2,073
0.7
Berry Global Group Inc [BERY]
United States Flag
33
60.48
2,020
0.7
Fox Corporation Class A [FOXA]
United States Flag
65
31.27
2,017
0.7
Host Hotels & Resorts Inc. [HST]
United States Flag
98
20.68
2,025
0.7
National Fuel Gas Company [NFG]
United States Flag
38
53.72
2,015
0.7
Simon Property Group Inc. [SPG]
United States Flag
13
156.49
2,019
0.7
United Therapeutics Corporation [UTHR]
United States Flag
9
229.72
2,022
0.7
Group 1 Automotive Inc. [GPI]
United States Flag
7
292.23
1,987
0.7
Meritage Homes Corporation [MTH]
United States Flag
11
175.46
2,000
0.7
Mueller Industries Inc. [MLI]
United States Flag
37
53.93
1,974
0.7
Synchrony Financial [SYF]
United States Flag
46
43.12
2,001
0.7
Unum Group [UNM]
United States Flag
37
53.66
1,985
0.7
Zions Bancorporation N.A. [ZION]
United States Flag
46
43.40
1,975
0.7
ODP Corporation [ODP]
United States Flag
36
53.05
1,920
0.7
Sanmina Corporation [SANM]
United States Flag
31
62.18
1,940
0.7
Brunswick Corporation [BC]
United States Flag
20
96.52
1,882
0.6
Valero Energy Corporation [VLO]
United States Flag
11
170.69
1,826
0.6
H&R Block Inc. [HRB]
United States Flag
37
49.11
1,807
0.6
KeyCorp [KEY]
United States Flag
115
15.81
1,812
0.6
Penske Automotive Group Inc. [PAG]
United States Flag
11
161.99
1,814
0.6
eBay Inc. [EBAY]
United States Flag
33
52.78
1,752
0.6
Reliance Inc. [RS]
United States Flag
5
334.18
1,738
0.6
Ethan Allen Interiors Inc. [ETD]
United States Flag
50
34.57
1,713
0.6
Viatris Inc. [VTRS]
United States Flag
143
11.94
1,705
0.6
Xerox Holdings Corporation [XRX]
United States Flag
94
17.90
1,681
0.6
Devon Energy Corporation [DVN]
United States Flag
33
50.18
1,666
0.6
Bloomin' Brands Inc. [BLMN]
United States Flag
57
28.68
1,620
0.5
Macy's Inc. [M]
United States Flag
82
19.99
1,645
0.5
Western Union Company [WU]
United States Flag
118
13.98
1,644
0.5
McKesson Corporation [MCK]
United States Flag
3
536.85
1,611
0.5
Whirlpool Corporation [WHR]
United States Flag
13
119.63
1,591
0.5
Archer-Daniels-Midland Company [ADM]
United States Flag
25
62.81
1,564
0.5
DXC Technology Co. [DXC]
United States Flag
73
21.21
1,555
0.5
United Airlines Holdings Inc. [UAL]
United States Flag
32
47.88
1,508
0.5
Universal Health Services Inc. Class B [UHS]
United States Flag
8
182.46
1,496
0.5
DaVita Inc. [DVA]
United States Flag
11
138.05
1,450
0.5
Greif Inc Class A [GEF]
United States Flag
21
69.05
1,464
0.5
Omega Healthcare Investors Inc. [OHI]
United States Flag
46
31.67
1,447
0.5
Conagra Brands Inc. [CAG]
United States Flag
48
29.64
1,414
0.5
Eastman Chemical Company [EMN]
United States Flag
14
100.22
1,433
0.5
Incyte Corporation [INCY]
United States Flag
25
56.97
1,419
0.5
SITE Centers Corp. [SITC]
United States Flag
96
14.65
1,403
0.5
Best Buy Co. Inc. [BBY]
United States Flag
16
82.03
1,345
0.5
Dropbox Inc. Class A [DBX]
United States Flag
55
24.30
1,344
0.5
O-I Glass Inc [OI]
United States Flag
78
16.59
1,301
0.4
Photronics Inc. [PLAB]
United States Flag
46
28.32
1,300
0.4
Sylvamo Corporation [SLVM]
United States Flag
21
61.74
1,290
0.4
APA Corporation [APA]
United States Flag
37
34.38
1,265
0.4
SS&C Technologies Holdings Inc. [SSNC]
United States Flag
20
64.37
1,275
0.4
American Financial Group Inc. [AFG]
United States Flag
9
136.48
1,256
0.4
BorgWarner Inc. [BWA]
United States Flag
36
34.74
1,251
0.4
Bunge Global SA [BG]
United States Flag
12
102.52
1,240
0.4
Discover Financial Services [DFS]
United States Flag
10
131.09
1,258
0.4
Avnet Inc. [AVT]
United States Flag
24
49.58
1,200
0.4
Gates Industrial Corporation plc [GTES]
United States Flag
67
17.71
1,185
0.4
Sabra Health Care REIT Inc. [SBRA]
United States Flag
80
14.77
1,183
0.4
TD SYNNEX Corporation [SNX]
United States Flag
10
113.10
1,165
0.4
TEGNA Inc. [TGNA]
United States Flag
78
14.94
1,170
0.4
Thor Industries Inc. [THO]
United States Flag
10
117.34
1,150
0.4
UGI Corporation [UGI]
United States Flag
48
24.54
1,171
0.4
Stifel Financial Corp [SF]
United States Flag
15
78.17
1,133
0.4
Huntington Ingalls Industries Inc. [HII]
United States Flag
4
291.47
1,078
0.4
PennyMac Financial Services Inc. [PFSI]
United States Flag
12
91.09
1,075
0.4
American Assets Trust Inc. [AAT]
United States Flag
47
21.91
1,028
0.4
Moog Inc. Class A [MOG.A]
United States Flag
7
159.65
1,043
0.4
Alaska Air Group Inc. [ALK]
United States Flag
23
42.99
1,002
0.3
Chord Energy Corporation [CHRD]
United States Flag
6
178.24
1,016
0.3
Piedmont Office Realty Trust Inc. Class A [PDM]
United States Flag
138
7.03
972
0.3
Vishay Intertechnology Inc. [VSH]
United States Flag
43
22.68
975
0.3
Chemours Co. [CC]
United States Flag
36
26.26
953
0.3
Goodyear Tire & Rubber Company [GT]
United States Flag
69
13.73
946
0.3
Scorpio Tankers Inc. [STNG]
United States Flag
13
71.55
944
0.3
First Horizon Corporation [FHN]
United States Flag
58
15.40
899
0.3
LyondellBasell Industries NV [LYB]
United States Flag
9
102.28
900
0.3
Silgan Holdings Inc. [SLGN]
United States Flag
19
48.56
898
0.3
Titan International Inc. [TWI]
United States Flag
70
12.46
877
0.3
Gen Digital Inc. [GEN]
United States Flag
38
22.40
851
0.3
Annaly Capital Management Inc. [NLY]
United States Flag
42
19.69
820
0.3
Lincoln National Corp [LNC]
United States Flag
26
31.93
824
0.3
G-III Apparel Group Ltd. [GIII]
United States Flag
28
29.01
815
0.3
Foot Locker Inc. [FL]
United States Flag
28
28.50
784
0.3
Ingles Markets Incorporated Class A [IMKTA]
United States Flag
10
76.68
744
0.3
Capri Holdings Limited [CPRI]
United States Flag
16
45.30
725
0.2
Tanger Inc. [SKT]
United States Flag
24
29.53
703
0.2
Service Properties Trust [SVC]
United States Flag
102
6.78
694
0.2
Walgreens Boots Alliance Inc. [WBA]
United States Flag
32
21.69
683
0.2
Kohl's Corporation [KSS]
United States Flag
20
29.15
595
0.2
Ironwood Pharmaceuticals Inc. Class A [IRWD]
United States Flag
65
8.71
565
0.2
Mitek Systems Inc. [MITK]
United States Flag
41
14.10
578
0.2
Franklin Street Properties Corp. [FSP]
United States Flag
240
2.27
545
0.2
Brandywine Realty Trust [BDN]
United States Flag
99
4.80
477
0.2
Universal Insurance Holdings Inc. [UVE]
United States Flag
21
20.32
425
0.1
PHINIA Inc. [PHIN]
United States Flag
7
38.43
277
0.1
Office Properties Income Trust [OPI]
United States Flag
53
2.04
108
0.0
Vitesse Energy Inc. [VTS]
United States Flag
4
23.73
86
0.0
Methode Electronics Inc. [MEI]
United States Flag
5
12.18
55
0.0
Total
--
--
--
294,489
99.5
Cash and Other Assets Less Liabilities
--
--
--
--
0.5
Total Net Assets
--
--
--
--
100%

As of 3/31/2024

Mid Cap Value Fund (HIMVX)

Russell Midcap® Value Index

-

Financials

HIMVX: 22.5%

Benchmark: 18.2%

-

Industrials

HIMVX: 17.9%

Benchmark: 20.4%

-

Consumer Discretionary

HIMVX: 14.1%

Benchmark: 9.4%

-

Information Technology

HIMVX: 8.7%

Benchmark: 9.2%

-

Consumer Staples

HIMVX: 7.2%

Benchmark: 3.7%

-

Health Care

HIMVX: 6.9%

Benchmark: 6.4%

-

Energy

HIMVX: 5.3%

Benchmark: 5.5%

-

Real Estate

HIMVX: 5.2%

Benchmark: 9.8%

-

Materials

HIMVX: 4.9%

Benchmark: 7.6%

-

Utilities

HIMVX: 4.5%

Benchmark: 7.0%

-

Communication Services

HIMVX: 2.0%

Benchmark: 2.9%

-

Cash

HIMVX: 0.7%

Benchmark: NaN%

HIMVX: Mid Cap Value Fund

Benchmark: Russell Midcap® Value Index

As of 3/31/2024

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Utilities

Economic sector icon
42.7
6.3

Energy

Economic sector icon
19.1
14.0

Industrials

Economic sector icon
14.0
14.8

Financials

Economic sector icon
12.2
12.0

Consumer Staples

Economic sector icon
12.0
6.2

Consumer Discretionary

Economic sector icon
7.7
8.3

Health Care

Economic sector icon
7.5
3.3

Communication Services

Economic sector icon
6.7
-5.1

Materials

Economic sector icon
6.1
8.7

Information Technology

Economic sector icon
1.4
4.3

Real Estate

Economic sector icon
-0.1
-0.6

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.

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. 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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