Harbor Diversified International All Cap Fund (HAIDX)

Harbor Diversified International All Cap Fund (HAIDX)

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Overview
Performance
Holdings
Investment Team
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Broad Exposure. The fund’s diversified all-cap approach means it can serve as a stand-alone fund for gaining exposure to international stocks. 

Fundamentally Driven. Marathon’s capital cycle approach is grounded in enduring investment principles. Fundamental research drives investment decisions, which aims to create a portfolio with meaningful active positions relative to the benchmark.

Distinctive Team Structure. Each PM at Marathon is an experienced regional specialist and manages his sleeve independently. This reduces key man risk, guards against group think, and allows diverse investment opinions to be expressed across the portfolio.

Related Funds to Consider

Overview

Investment Team
Marathon London
Charles Carter
Nick Longhurst
William J. Arah
Toma Kobayashi
Robert Anstey
Justin Hill
Alex Duffy

Current Price

As of 1/5/2024

$11.80

Price (NAV)

$0.02

NAV Daily Change ($)

0.17%

NAV Daily Change (%)

-1.99%

NAV YTD Return

Fund Facts

As of 12/31/2023

11/2/2015

Inception Date

0.80

Net Expense Ratio
disclaimer

0.90

Gross Expense Ratio

$967.722

Total Fund Net Assets (million)
As of 12/31/2023

$295.146

Total Share Class Net Assets (million)
As of 12/31/2023

HAIDX

Ticker

2038

Fund Number

Share Class:

Institutional Class

“In the long-run, the intensity of competition, rather than the growth of an industry, is what ultimately determines the investment outcome.”

Charles Carter

Managing Director and Portfolio Manager, Europe

Performance

Total Returns

Quarter-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

Since Fund Inception

Net Expense Ratio

Gross Expense Ratio

Diversified International All Cap Fund
9.63%
14.61%
14.61%
2.67%
7.72%
5.27%
0.80%disclaimer
0.90%
MSCI All Country World Ex. US (ND) Index
9.75%
15.62%
15.62%
1.55%
7.08%
5.45%
--
--

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 All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. 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
0.29811
0.00000
--
0.00000
--
0.29811
0.02702
11.81
12/16/2022
12/19/2022
12/19/2022
0.00000
0.15518
0.00000
--
0.00000
--
0.15518
0.03392
10.63
12/17/2021
12/20/2021
12/20/2021
0.00000
0.21604
0.72440
0.08690
0.00000
0.63750
0.94044
0.03145
12.26
12/16/2020
12/17/2020
12/17/2020
0.00000
0.11898
0.00000
0.00000
0.00000
0.00000
0.11898
0.01842
12.42
12/13/2019
12/16/2019
12/16/2019
0.00000
0.24115
0.00000
0.00000
0.00000
0.00000
0.24115
0.02298
11.58
12/14/2018
12/17/2018
12/17/2018
0.00000
0.12381
0.28725
0.02103
0.00000
0.26622
0.41106
0.01645
9.59
12/15/2017
12/18/2017
12/18/2017
0.00000
0.11544
0.28469
0.00137
0.00000
0.28332
0.40013
0.01321
11.44
12/16/2016
12/19/2016
12/19/2016
0.00000
0.12823
0.00000
0.00000
0.00000
0.00000
0.12823
0.01485
9.60
12/16/2015
12/17/2015
12/17/2015
0.00000
0.00543
0.00000
0.00000
0.00000
0.00000
0.00543
0.00000
9.69

Holdings

Portfolio Characteristics

As of 9/30/2023

339

Number of Holdings

53991.8

Wtd Avg Market Cap ($Mil)

2.24

Price/Book Ratio

17

Adjusted Trailing P/E Ratio

17.6

% EPS Growth - Past 3 Yr

16.18

Return on Equity (%)

15.4

Forecasted P/E Ratio

Top Ten Holdings

As of 9/30/2023

Company Name [Ticker]

% of Net Assets

CONSTELLATION SOFTWARE INC WARRANTS[null]
0.0
Novo Nordisk A/S Class B[NOVO.B]
2.0
BP p.l.c.[BP]
1.7
AIA Group Limited[1299]
1.6
Taiwan Semiconductor Manufacturing Co. Ltd.[2330]
1.4
PT Bank Central Asia Tbk[BBCA]
1.4
HDFC Bank Limited Sponsored ADR[HDB]
1.4
Fairfax Financial Holdings Limited[FFH]
1.3
ASML Holding NV[ASML]
1.1
Roche Holding Ltd Dividend Right Cert.[ROG]
1.1
% of Total Holdings:
NaN%

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 9/30/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Novo Nordisk A/S Class B [NOVO.B]
Denmark Flag
205
91.42
18,739
2.0
BP p.l.c. [BP]
United Kingdom Flag
2,430
6.49
15,761
1.7
AIA Group Limited [1299]
Hong Kong Flag
1,870
8.15
15,247
1.6
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
Taiwan Flag
830
16.20
13,447
1.4
PT Bank Central Asia Tbk [BBCA]
Indonesia Flag
22,628
0.57
12,921
1.4
HDFC Bank Limited Sponsored ADR [HDB]
India Flag
217
59.01
12,780
1.4
Fairfax Financial Holdings Limited [FFH]
Canada Flag
14
820.10
11,805
1.3
ASML Holding NV [ASML]
Netherlands Flag
18
591.95
10,534
1.1
Roche Holding Ltd Dividend Right Cert. [ROG]
Switzerland Flag
38
273.78
10,431
1.1
Samsung Electronics Co. Ltd. [005930]
South Korea Flag
196
50.69
9,953
1.1
Southern Copper Corporation [SCCO]
Peru Flag
122
75.29
9,170
1.0
3i Group plc [III]
United Kingdom Flag
339
25.30
8,574
0.9
UniCredit S.p.A. [UCG]
Italy Flag
356
24.07
8,563
0.9
Nippon Telegraph and Telephone Corporation [9432]
Japan Flag
7,088
1.18
8,388
0.9
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
Mexico Flag
990
8.41
8,323
0.9
Naspers Limited Class N [NPN]
South Africa Flag
51
160.60
8,202
0.9
Tata Consultancy Services Limited [532540]
India Flag
194
42.49
8,253
0.9
Canadian Natural Resources Limited [CNQ]
Canada Flag
122
64.97
7,939
0.8
Flutter Entertainment Plc [FLTR]
Ireland Flag
48
164.00
7,940
0.8
B3 SA - Brasil Bolsa Balcao [B3SA3]
Brazil Flag
2,979
2.46
7,316
0.8
Delta Electronics Inc. [2308]
Taiwan Flag
728
10.05
7,321
0.8
Advantech Co. Ltd. [2395]
Taiwan Flag
675
10.69
7,209
0.8
BNP Paribas S.A. Class A [BNP]
France Flag
112
63.98
7,170
0.8
Glencore plc [GLEN]
United Kingdom Flag
1,259
5.74
7,219
0.8
Localiza Rent A Car SA [RENT3]
Brazil Flag
610
11.70
7,135
0.8
RELX PLC [REL]
United Kingdom Flag
208
33.87
7,056
0.8
Barclays PLC [BARC]
United Kingdom Flag
3,549
1.94
6,884
0.7
Constellation Software Inc. [CSU]
Canada Flag
3
2,074.02
6,933
0.7
Compass Group PLC [CPG]
United Kingdom Flag
269
24.41
6,575
0.7
Bid Corporation Limited [BID]
South Africa Flag
285
22.41
6,380
0.7
Resona Holdings Inc. [8308]
Japan Flag
1,154
5.55
6,404
0.7
Equinor ASA [EQNR]
Norway Flag
188
33.00
6,190
0.7
Arca Continental SAB de CV [AC]
Mexico Flag
678
9.11
6,175
0.7
Diageo plc [DGE]
United Kingdom Flag
161
37.03
5,972
0.6
Kirin Holdings Co. Ltd. [2503]
Japan Flag
416
14.03
5,828
0.6
Techtronic Industries Co. Ltd. [669]
Hong Kong Flag
602
9.70
5,842
0.6
Vestas Wind Systems A/S [VWS]
Denmark Flag
271
21.52
5,831
0.6
Copa Holdings S.A. Class A [CPA]
Panama Flag
65
89.12
5,800
0.6
Edenred SA [EDEN]
France Flag
92
62.76
5,757
0.6
BHP Group Ltd [BHP]
Australia Flag
199
28.56
5,682
0.6
Grupo Aeroportuario del Pacifico SAB de CV Class B [GAPB]
Mexico Flag
342
16.48
5,630
0.6
Bank of Ireland Group Plc [BIRG]
Ireland Flag
566
9.84
5,567
0.6
ABB Ltd. [ABBN]
Switzerland Flag
153
35.85
5,478
0.6
Compagnie Financiere Richemont SA [CFR]
Switzerland Flag
45
122.43
5,460
0.6
Infosys Limited Sponsored ADR [INFY]
India Flag
314
17.11
5,371
0.6
Reckitt Benckiser Group plc [RKT]
United Kingdom Flag
76
70.72
5,353
0.6
Shinhan Financial Group Co. Ltd. [055550]
South Korea Flag
206
26.38
5,429
0.6
Vipshop Holdings Ltd Sponsored ADR [VIPS]
China Flag
335
16.01
5,368
0.6
Baidu Inc Sponsored ADR Class A [BIDU]
China Flag
40
134.35
5,323
0.6
Lloyds Banking Group plc [LLOY]
United Kingdom Flag
9,543
0.54
5,168
0.5
Brookfield Corporation [BN]
Canada Flag
163
31.41
5,123
0.5
Capitec Bank Holdings Limited [CPI]
South Africa Flag
56
91.10
5,115
0.5
Mitsubishi Heavy Industries Ltd. [7011]
Japan Flag
91
55.93
5,106
0.5
Alimentation Couche-Tard Inc. [ATD]
Canada Flag
99
51.02
5,034
0.5
BASF SE [BAS]
Germany Flag
111
45.47
5,030
0.5
CaixaBank SA [CABK]
Spain Flag
1,243
4.01
4,982
0.5
Loblaw Companies Limited [L]
Canada Flag
59
85.36
5,005
0.5
Zhongsheng Group Holdings Ltd. [881]
China Flag
1,763
2.82
4,964
0.5
BAE Systems plc [BA]
United Kingdom Flag
404
12.18
4,918
0.5
Canadian Pacific Kansas City Limited [CP]
Canada Flag
66
74.67
4,917
0.5
HitachiLtd. [6501]
Japan Flag
80
62.15
4,954
0.5
Sumitomo Mitsui Trust Holdings Inc. [8309]
Japan Flag
127
37.73
4,785
0.5
Coloplast A/S Class B [COLO.B]
Denmark Flag
45
106.14
4,766
0.5
Heineken NV [HEIA]
Netherlands Flag
53
88.36
4,718
0.5
Shenzhou International Group Holdings Limited [2313]
China Flag
495
9.58
4,737
0.5
ASSA ABLOY AB Class B [ASSA.B]
Sweden Flag
211
21.93
4,625
0.5
Intertek Group plc [ITRK]
United Kingdom Flag
92
50.19
4,623
0.5
SNC-Lavalin Group Inc. [ATRL]
Canada Flag
137
33.51
4,608
0.5
Weichai Power Co. Ltd. Class H [2338]
China Flag
3,408
1.36
4,639
0.5
Schneider Electric SE [SU]
France Flag
28
166.20
4,575
0.5
Tokio Marine Holdings Inc. [8766]
Japan Flag
190
23.22
4,419
0.5
CNH Industrial NV [CNHI]
Italy Flag
356
12.22
4,354
0.5
CSL Limited [CSL]
Australia Flag
27
161.87
4,362
0.5
Daiwa House Industry Co. Ltd. [1925]
Japan Flag
161
26.91
4,335
0.5
EssilorLuxottica SA [EL]
France Flag
25
174.86
4,390
0.5
First Quantum Minerals Ltd. [FM]
Canada Flag
185
23.74
4,385
0.5
Dai-ichi Life HoldingsInc. [8750]
Japan Flag
203
20.75
4,219
0.5
Rio Tinto plc [RIO]
United Kingdom Flag
67
63.15
4,244
0.5
Sampo Oyj Class A [SAMPO]
Finland Flag
97
43.39
4,212
0.5
Brenntag Societas Europaea [BNR]
Germany Flag
52
77.80
4,045
0.4
DBS Group Holdings Ltd [D05]
Singapore Flag
165
24.65
4,078
0.4
Havells India Limited [517354]
India Flag
243
16.73
4,067
0.4
Marico Limited [531642]
India Flag
607
6.76
4,108
0.4
NEC Corp. [6701]
Japan Flag
73
55.36
4,025
0.4
Legrand SA [LR]
France Flag
43
92.43
4,012
0.4
BOC Aviation Limited [2588]
China Flag
559
6.98
3,898
0.4
RB Global Inc. [RBA]
Canada Flag
61
62.90
3,852
0.4
ArcelorMittal SA [MT]
France Flag
151
25.17
3,796
0.4
Barrick Gold Corporation [ABX]
Canada Flag
257
14.59
3,757
0.4
Bridgestone Corporation [5108]
Japan Flag
96
39.06
3,758
0.4
Fresenius Medical Care AG & Co. KGaA [FME]
Germany Flag
87
43.24
3,780
0.4
Holcim Ltd [HOLN]
Switzerland Flag
59
64.25
3,781
0.4
Koninklijke Ahold Delhaize N.V. [AD]
Netherlands Flag
124
30.20
3,737
0.4
Dabur India Limited [500096]
India Flag
558
6.64
3,709
0.4
PrairieSky Royalty Ltd [PSK]
Canada Flag
200
18.46
3,689
0.4
Rightmove plc [RMV]
United Kingdom Flag
533
6.86
3,658
0.4
Standard Chartered PLC [STAN]
United Kingdom Flag
397
9.25
3,668
0.4
African Rainbow Minerals Limited [ARI]
South Africa Flag
399
9.03
3,603
0.4
Mitsubishi Electric Corp. [6503]
Japan Flag
286
12.39
3,549
0.4
SSP Group Plc [SSPG]
United Kingdom Flag
1,456
2.47
3,601
0.4
DNB Bank ASA [DNB]
Norway Flag
172
20.26
3,475
0.4
Fluidra S.A. [FDR]
Spain Flag
169
20.51
3,467
0.4
Royal KPN NV [KPN]
Netherlands Flag
1,045
3.30
3,451
0.4
Entain PLC [ENT]
United Kingdom Flag
298
11.39
3,389
0.4
MediaTek Inc [2454]
Taiwan Flag
149
22.77
3,393
0.4
Bayerische Motoren Werke AG [BMW]
Germany Flag
32
102.04
3,297
0.4
Obayashi Corporation [1802]
Japan Flag
377
8.82
3,325
0.4
Chailease Holding Co. Ltd. [5871]
Taiwan Flag
568
5.61
3,184
0.3
Experian PLC [EXPN]
United Kingdom Flag
97
32.84
3,190
0.3
Geberit AG [GEBN]
Switzerland Flag
6
501.75
3,237
0.3
Inpex Corporation [1605]
Japan Flag
211
15.12
3,190
0.3
QBE Insurance Group Limited [QBE]
Australia Flag
317
10.14
3,212
0.3
Svenska Handelsbanken AB Class A [SHB.A]
Sweden Flag
360
8.98
3,230
0.3
Bunzl plc [BNZL]
United Kingdom Flag
88
35.71
3,154
0.3
Rolls-Royce Holdings plc [RR]
United Kingdom Flag
1,170
2.70
3,154
0.3
Franco-Nevada Corporation [FNV]
Canada Flag
23
134.12
3,043
0.3
Spin Master Corp [TOY]
Canada Flag
120
25.26
3,029
0.3
ConvaTec Group Plc [CTEC]
United Kingdom Flag
1,105
2.66
2,937
0.3
Davide Campari-Milano N.V. [CPR]
Italy Flag
251
11.82
2,962
0.3
Inchcape plc [INCH]
United Kingdom Flag
314
9.26
2,909
0.3
Renesas Electronics Corporation [6723]
Japan Flag
194
15.32
2,974
0.3
adidas AG [ADS]
Germany Flag
16
176.41
2,755
0.3
Demant A/S [DEMANT]
Denmark Flag
66
41.54
2,728
0.3
Santos Limited [STO]
Australia Flag
536
5.10
2,733
0.3
Sonova Holding AG [SOON]
Switzerland Flag
11
237.98
2,725
0.3
Nomura Holdings Inc. [8604]
Japan Flag
662
4.01
2,657
0.3
Carlsberg AS Class B [CARL.B]
Denmark Flag
20
126.56
2,563
0.3
Finning International Inc. [FTT]
Canada Flag
86
29.63
2,541
0.3
Taiheiyo Cement Corporation [5233]
Japan Flag
144
17.76
2,564
0.3
Wienerberger AG [WIE]
Austria Flag
99
25.45
2,524
0.3
Air Water Inc. [4088]
Japan Flag
199
12.48
2,487
0.3
Toyo Seikan Group Holdings Ltd. [5901]
Japan Flag
152
16.40
2,485
0.3
ZOZO Inc. [3092]
Japan Flag
136
18.38
2,496
0.3
Airbus SE [AIR]
France Flag
18
134.44
2,403
0.3
Hannover Rueck SE [HNR1]
Germany Flag
11
220.11
2,404
0.3
Itochu Corporation [8001]
Japan Flag
65
36.23
2,355
0.3
Sega Sammy Holdings Inc. [6460]
Japan Flag
128
18.49
2,370
0.3
Woodside Energy Group Ltd [WDS]
Australia Flag
102
23.55
2,395
0.3
Bank of Nova Scotia [BNS]
Canada Flag
50
45.03
2,244
0.2
DCC Plc [DCC]
United Kingdom Flag
41
56.26
2,279
0.2
Prudential plc [PRU]
United Kingdom Flag
212
10.85
2,300
0.2
Eurofins Scientific SE [ERF]
France Flag
38
56.64
2,146
0.2
Jardine Matheson Holdings Limited [J36]
Hong Kong Flag
48
46.42
2,214
0.2
Sandvik AB [SAND]
Sweden Flag
115
18.56
2,127
0.2
TDK Corporation [6762]
Japan Flag
60
37.14
2,210
0.2
Volkswagen AG Pref [VOW3]
Germany Flag
19
115.34
2,214
0.2
Coca-Cola Europacific Partners plc [CCEP]
Netherlands Flag
33
62.48
2,077
0.2
Fuji Media Holdings Inc. [4676]
Japan Flag
192
10.74
2,056
0.2
HelloFresh SE [HFG]
Germany Flag
69
29.94
2,075
0.2
Li Ning Company Limited [2331]
China Flag
487
4.21
2,049
0.2
Toyo Suisan Kaisha Ltd. [2875]
Japan Flag
53
39.30
2,063
0.2
Galaxy Entertainment Group Limited [27]
Hong Kong Flag
331
6.02
1,993
0.2
PageGroup PLC [PAGE]
United Kingdom Flag
381
5.12
1,948
0.2
Serco Group plc [SRP]
United Kingdom Flag
1,092
1.82
1,986
0.2
Admiral Group plc [ADM]
United Kingdom Flag
66
29.01
1,912
0.2
Air Canada [AC]
Canada Flag
129
14.33
1,845
0.2
Asahi Group HoldingsLtd. [2502]
Japan Flag
50
37.46
1,884
0.2
INFRONEER Holdings Inc. [5076]
Japan Flag
181
10.37
1,876
0.2
Randstad NV [RAND]
Netherlands Flag
35
55.46
1,916
0.2
SCSK Corporation [9719]
Japan Flag
106
17.48
1,855
0.2
WPP Plc [WPP]
United Kingdom Flag
216
8.95
1,936
0.2
CRH public limited company [CRH]
United Kingdom Flag
32
55.44
1,749
0.2
Hiscox Ltd [HSX]
United Kingdom Flag
146
12.27
1,788
0.2
InterContinental Hotels Group PLC [IHG]
United Kingdom Flag
24
74.14
1,752
0.2
ITV PLC [ITV]
United Kingdom Flag
2,048
0.86
1,765
0.2
Sony Group Corporation [6758]
Japan Flag
21
82.02
1,755
0.2
Sumitomo Metal Mining Co. Ltd. [5713]
Japan Flag
60
29.48
1,763
0.2
Toyota Industries Corp. [6201]
Japan Flag
23
78.91
1,823
0.2
United Overseas Bank Limited [U11]
Singapore Flag
85
20.88
1,770
0.2
Auto Trader Group PLC [AUTO]
United Kingdom Flag
231
7.54
1,741
0.2
Alten SA [ATE]
France Flag
12
131.92
1,565
0.2
Amplifon S.p.A. [AMP]
Italy Flag
53
29.77
1,567
0.2
ANZ Group Holdings Limited [ANZ]
Australia Flag
97
16.56
1,601
0.2
easyJet plc [EZJ]
United Kingdom Flag
312
5.22
1,629
0.2
JAPAN POST HOLDINGS Co. Ltd. [6178]
Japan Flag
197
8.02
1,582
0.2
Medipal Holdings Corporation [7459]
Japan Flag
97
16.94
1,636
0.2
NH Foods Limited [2282]
Japan Flag
53
29.96
1,585
0.2
Nissan Chemical Corporation [4021]
Japan Flag
38
42.61
1,619
0.2
Swire Pacific Limited Class A [19]
Hong Kong Flag
243
6.75
1,640
0.2
ANDRITZ AG [ANDR]
Austria Flag
30
50.63
1,494
0.2
Aristocrat Leisure Limited [ALL]
Australia Flag
57
26.36
1,504
0.2
Gerresheimer AG [GXI]
Germany Flag
14
105.29
1,523
0.2
Macquarie Group Ltd. [MQG]
Australia Flag
14
108.25
1,482
0.2
Net One Systems Co. Ltd. [7518]
Japan Flag
78
19.02
1,489
0.2
Oji Holdings Corp. [3861]
Japan Flag
358
4.22
1,509
0.2
Taisei Corporation [1801]
Japan Flag
42
35.26
1,479
0.2
BCE Inc. [BCE]
Canada Flag
36
38.35
1,386
0.2
CK Hutchison Holdings Ltd [1]
Hong Kong Flag
264
5.35
1,410
0.2
Daifuku Co. Ltd. [6383]
Japan Flag
76
18.96
1,439
0.2
Magna International Inc. [MG]
Canada Flag
26
53.84
1,408
0.2
Marui Group Co. Ltd. [8252]
Japan Flag
89
16.28
1,443
0.2
Mitsubishi Logistics Corporation [9301]
Japan Flag
52
26.62
1,384
0.2
Oracle Corporation Japan [4716]
Japan Flag
19
74.38
1,428
0.2
TBS HOLDINGS INC. [9401]
Japan Flag
86
16.85
1,441
0.2
Viscofan S.A. [VIS]
Spain Flag
23
61.20
1,382
0.2
WH Smith PLC [SMWH]
United Kingdom Flag
87
16.40
1,421
0.2
Brookfield Asset Management Ltd. Class A [BAM]
Canada Flag
41
33.48
1,361
0.1
Fukuoka Financial Group Inc. [8354]
Japan Flag
54
23.98
1,290
0.1
Gildan Activewear Inc. [GIL]
Canada Flag
46
28.16
1,295
0.1
Nippon Television Holdings Inc. [9404]
Japan Flag
131
10.13
1,330
0.1
Qantas Airways Limited [QAN]
Australia Flag
399
3.34
1,335
0.1
Samsonite International S.A. [1910]
Hong Kong Flag
376
3.43
1,292
0.1
Stabilus SE [STM]
Germany Flag
23
56.06
1,280
0.1
Sumitomo Bakelite Co. Ltd. [4203]
Japan Flag
30
43.71
1,298
0.1
Technip Energies NV [TE]
France Flag
54
24.95
1,359
0.1
Bluescope Steel Limited [BSL]
Australia Flag
94
12.55
1,185
0.1
Cleanaway Waste Management Ltd. [CWY]
Australia Flag
808
1.57
1,268
0.1
Elis SA [ELIS]
France Flag
67
17.64
1,184
0.1
Koninklijke Philips N.V. [PHIA]
Netherlands Flag
63
20.08
1,269
0.1
Kyocera Corporation [6971]
Japan Flag
24
50.84
1,210
0.1
Nisshinbo Holdings Inc. [3105]
Japan Flag
163
7.45
1,215
0.1
Penta-Ocean Construction Co. Ltd. [1893]
Japan Flag
214
5.96
1,273
0.1
Pets At Home Group Plc [PETS]
United Kingdom Flag
292
4.09
1,192
0.1
Rexel SA [RXL]
France Flag
53
22.55
1,187
0.1
Seven & I Holdings Co. Ltd. [3382]
Japan Flag
33
39.24
1,275
0.1
Tsumura & Co. [4540]
Japan Flag
64
18.63
1,198
0.1
TUI AG [TUI1]
United Kingdom Flag
216
5.52
1,191
0.1
ABC-MART INC. [2670]
Japan Flag
63
18.01
1,140
0.1
Brambles Limited [BXB]
Australia Flag
121
9.24
1,121
0.1
Dowa Holdings Co. Ltd. [5714]
Japan Flag
36
31.17
1,116
0.1
DS Smith Plc [SMDS]
United Kingdom Flag
329
3.50
1,152
0.1
East Japan Railway Company [9020]
Japan Flag
19
57.33
1,101
0.1
Evolution Mining Limited [EVN]
Australia Flag
527
2.12
1,119
0.1
Future plc [FUTR]
United Kingdom Flag
103
10.85
1,119
0.1
Logitech International S.A. [LOGN]
Switzerland Flag
16
69.17
1,133
0.1
NS Solutions Corp [2327]
Japan Flag
38
28.51
1,095
0.1
Rogers Communications Inc. Class B [RCI.B]
Canada Flag
29
38.57
1,137
0.1
Sumitomo Mitsui Financial Group Inc. [8316]
Japan Flag
23
49.23
1,123
0.1
USS Co. Ltd. [4732]
Japan Flag
68
16.57
1,128
0.1
Alfa Laval AB [ALFA]
Sweden Flag
31
34.59
1,071
0.1
ALS Ltd. [ALQ]
Australia Flag
139
7.40
1,028
0.1
GEA Group Aktiengesellschaft [G1A]
Germany Flag
29
37.01
1,069
0.1
Getlink SE [GET]
France Flag
64
16.00
1,022
0.1
HSBC Holdings Plc [5]
Hong Kong Flag
131
7.88
1,033
0.1
Iveco Group NV [IVG]
Italy Flag
107
9.38
1,003
0.1
JCDecaux SE [DEC]
France Flag
61
16.96
1,042
0.1
Kubota Corporation [6326]
Japan Flag
69
14.77
1,022
0.1
Orsted [ORSTED]
Denmark Flag
19
54.68
1,051
0.1
Osterreichische Post AG [POST]
Austria Flag
31
32.87
1,017
0.1
Wartsila Oyj Abp [WRT1V]
Finland Flag
93
11.39
1,063
0.1
Barratt Developments PLC [BDEV]
United Kingdom Flag
173
5.38
934
0.1
CTS Eventim AG & Co. KGaA [EVD]
Germany Flag
17
57.01
972
0.1
Fletcher Building Limited [FBU]
New Zealand Flag
319
2.82
900
0.1
Gestamp Automocion S.A. [GEST]
Spain Flag
236
4.18
987
0.1
GN Store Nord A/S [GN]
Denmark Flag
52
18.14
935
0.1
Great Eastern Holdings Limited [G07]
Singapore Flag
71
13.22
943
0.1
Irish Continental Group PLC Units Cons.of 1 Sh (CH24411198)and up to 10 Red Shs (Nil Issued) [IR5B]
Ireland Flag
208
4.73
983
0.1
KDDI Corporation [9433]
Japan Flag
30
30.67
920
0.1
Newcrest Mining Limited [NCM]
Australia Flag
60
15.83
948
0.1
Rotork plc [ROR]
United Kingdom Flag
256
3.82
978
0.1
Secom Co. Ltd. [9735]
Japan Flag
15
67.95
992
0.1
St. James's Place Plc [STJ]
United Kingdom Flag
90
10.16
915
0.1
Acerinox SA [ACX]
Spain Flag
90
9.70
870
0.1
Close Brothers Group plc [CBG]
United Kingdom Flag
75
10.81
807
0.1
Hays plc [HAS]
United Kingdom Flag
645
1.33
860
0.1
Komatsu Ltd. [6301]
Japan Flag
31
27.09
837
0.1
L'Occitane International S.A. [973]
Hong Kong Flag
281
2.99
841
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
Japan Flag
57
15.37
877
0.1
Miura Co. Ltd. [6005]
Japan Flag
44
20.17
886
0.1
Rathbones Group PLC [RAT]
United Kingdom Flag
38
21.21
810
0.1
SENKO Group Holdings Co.Ltd. [9069]
Japan Flag
127
7.02
890
0.1
Smith & Nephew plc [SN]
United Kingdom Flag
68
12.49
851
0.1
Befesa SA [BFSA]
Germany Flag
25
30.62
761
0.1
Carsales.Com Limited [CAR]
Australia Flag
39
18.03
710
0.1
IG Group Holdings plc [IGG]
United Kingdom Flag
96
7.85
752
0.1
MatsukiyoCocokara & Co. [3088]
Japan Flag
45
17.96
803
0.1
Playtech plc [PTEC]
United Kingdom Flag
138
5.52
761
0.1
Sekisui Chemical Co. Ltd. [4204]
Japan Flag
54
14.43
779
0.1
Ship Healthcare Holdings Inc. [3360]
Japan Flag
47
15.20
721
0.1
Teleperformance SA [TEP]
France Flag
6
126.41
739
0.1
ASMPT Limited [522]
Hong Kong Flag
74
8.95
663
0.1
Beach Energy Limited [BPT]
Australia Flag
609
1.06
644
0.1
Daiei Kankyo Co. Ltd. [9336]
Japan Flag
48
14.13
676
0.1
Getinge AB Class B [GETI.B]
Sweden Flag
39
17.74
687
0.1
Hakuhodo Dy Holdings Incorporated [2433]
Japan Flag
78
8.24
640
0.1
Mobico Group PLC [MCG]
United Kingdom Flag
637
1.08
691
0.1
NSK Ltd. [6471]
Japan Flag
118
5.64
667
0.1
PERSOL HOLDINGS CO. LTD. [2181]
Japan Flag
398
1.63
649
0.1
Softcat Plc [SCT]
United Kingdom Flag
38
17.81
679
0.1
Taylor Wimpey plc [TW]
United Kingdom Flag
490
1.43
701
0.1
Tesco PLC [TSCO]
United Kingdom Flag
214
3.22
690
0.1
Topcon Corp. [7732]
Japan Flag
56
11.05
618
0.1
Jupiter Fund Management plc [JUP]
United Kingdom Flag
447
1.17
525
0.1
Melrose Industries PLC [MRO]
United Kingdom Flag
105
5.73
600
0.1
Metcash Limited [MTS]
Australia Flag
247
2.44
604
0.1
Pilbara Minerals Limited [PLS]
Australia Flag
220
2.78
611
0.1
AMP Limited [AMP]
Australia Flag
638
0.81
516
0.1
International Personal Finance plc [IPF]
United Kingdom Flag
320
1.54
492
0.1
IPH Ltd. [IPH]
Australia Flag
98
4.78
470
0.1
John Wood Group PLC [WG]
United Kingdom Flag
268
1.90
509
0.1
Stella International Holdings Limited [1836]
Hong Kong Flag
437
1.00
438
0.1
TechnoPro Holdings Inc. [6028]
Japan Flag
23
21.80
495
0.1
Zalando SE [ZAL]
Germany Flag
20
22.37
437
0.1
First Pacific Co. Ltd. [142]
Hong Kong Flag
894
0.40
354
0.0
Johnson Electric Holdings Limited [179]
Hong Kong Flag
319
1.23
393
0.0
Reply S.p.A. [REY]
Italy Flag
4
94.28
389
0.0
Schibsted Asa Class A [SCHA]
Norway Flag
17
22.64
376
0.0
Capita plc [CPI]
United Kingdom Flag
1,560
0.21
324
0.0
Mips AB [MIPS]
Sweden Flag
9
34.13
302
0.0
NTT DATA GROUP CORPORATION [9613]
Japan Flag
23
13.43
305
0.0
Quadient SA [QDT]
France Flag
13
20.22
270
0.0
RWS Holdings plc [RWS]
United Kingdom Flag
110
2.93
323
0.0
Vanquis Banking Group PLC [VANQ]
United Kingdom Flag
166
1.54
256
0.0
Lumine Group Inc [LMN]
Canada Flag
10
14.88
149
0.0
Prudential plc [2378]
United Kingdom Flag
19
10.82
209
0.0
Schibsted ASA Class B [SCHB]
Norway Flag
8
20.98
159
0.0
Viaplay Group AB Class B [VPLAY.B]
Sweden Flag
64
3.23
208
0.0
Dowlais Group PLC [DWL]
United Kingdom Flag
104
1.31
136
0.0
Esprit Holdings Limited [330]
Hong Kong Flag
1,385
0.04
57
0.0
Localiza Rent A Car SA Rights 2023-10.11.23 For Subscription Receipts For Shs [RENT1]
Brazil Flag
4
3.20
14
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
--
320
0.00
0
0.0
Total
--
--
--
934,979
100.4
Cash and Other Assets Less Liabilities
--
--
--
--
-0.4
Total Net Assets
--
--
--
--
100%

As of 9/30/2023

Economic Sector

Diversified International All Cap Fund %

MSCI All Country World Ex. US (ND) Index %

Energy

Economic sector icon
13.5
8.9

Real Estate

Economic sector icon
3.6
-1.1

[Unassigned]

0.0
4.2

Financials

Economic sector icon
-2.0
-0.7

Materials

Economic sector icon
-2.5
-3.4

Communication Services

Economic sector icon
-2.6
-4.9

Health Care

Economic sector icon
-3.3
-2.8

Industrials

Economic sector icon
-4.6
-5.7

Consumer Staples

Economic sector icon
-4.7
-6.4

Information Technology

Economic sector icon
-6.0
-8.7

Consumer Discretionary

Economic sector icon
-12.5
-5.6

Utilities

Economic sector icon
-42.1
-7.9

As of 9/30/2023

Diversified International All Cap Fund (HAIDX)

MSCI All Country World Ex. US (ND) Index

-

Financials

HAIDX: 22.7%

Benchmark: 21.1%

-

Industrials

HAIDX: 21.6%

Benchmark: 13.0%

-

Consumer Discretionary

HAIDX: 11.3%

Benchmark: 11.8%

-

Information Technology

HAIDX: 10.0%

Benchmark: 11.2%

-

Consumer Staples

HAIDX: 8.4%

Benchmark: 8.3%

-

Materials

HAIDX: 8.3%

Benchmark: 7.8%

-

Health Care

HAIDX: 7.0%

Benchmark: 9.6%

-

Energy

HAIDX: 4.7%

Benchmark: 6.0%

-

Communication Services

HAIDX: 4.2%

Benchmark: 5.5%

-

Real Estate

HAIDX: 0.6%

Benchmark: 2.0%

-

Utilities

HAIDX: 0.1%

Benchmark: 3.1%

HAIDX: Diversified International All Cap Fund

Benchmark: MSCI All Country World Ex. US (ND) Index

As of 9/30/2023

Country

Diversified International All Cap Fund %

MSCI All Country World Ex. US (ND) Index %

United Kingdom
16.4
9.8
Japan
16.1
14.7
Canada
9.2
7.5
France
4.5
7.7
China
4.5
7.6
India
4.0
4.5
Denmark
3.9
2.1
Australia
3.7
4.7
Taiwan
3.7
4.2
Hong Kong
3.5
1.5
Other
30.5
35.7

Investment Team


Marathon London

Marathon Asset Management LLP (Marathon-London) is an independent investment management firm with a 30+ year track record of managing regional, international and global equity strategies on behalf of institutional clients. Marathon-London’s distinctive investment philosophy, referred to as the capital cycle approach to investing, focuses on understanding the supply-side longer-term dynamics within a competitive ecosystem, management behavior in driving an attractive capital cycle dynamic, and how the evolution of supply-side forces impact the economics of the businesses within a particular industry. Marathon-London operates a multi-counselor model in which portfolio managers are generalists focused on specific regions (Europe, Japan, Pacific ex-Japan and the Emerging Markets, and North America) and are independently accountable for their own buy/sell decisions. Each portfolio is then aggregated up for broader international and global equity mandates. There are no committee-based decision-making structures which, in turn, allows the portfolio managers the independence and flexibility to execute their skills as stock pickers and aligns their incentives with that of Marathon-London’s clients.

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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. 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 and mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Marathon-London's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.

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.

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