Harbor International Small Cap Fund (HAISX)

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.

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Overview

Investment Team
Cedar Street Asset Management LLC

Current Price

As of 1/5/2024

$14.12

Price (NAV)

-$0.07

NAV Daily Change ($)

-0.49%

NAV Daily Change (%)

-2.49%

NAV YTD Return

Fund Facts

As of 12/31/2023

2/1/2016

Inception Date

0.90

Net Expense Ratio
disclaimer

1.07

Gross Expense Ratio

$340.503

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

$198.742

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

HAISX

Ticker

2039

Fund Number

Share Class:

Institutional Class

Behavioral Alpha Benchmark Award - Harbor International Small Cap Fund

Cedar Street Asset Management
Portfolio Managers to the Harbor International Small Cap Fund.

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

Please see Important Information for methodology.

"We invest like business owners — as opposed to short-term traders — carefully analyzing all facets of a company’s operations, balance sheet, management, industry, etc.”

Waldemar Mozes. Director of Investments and Portfolio Manager

Cedar Street Asset Management, LLC

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

Since Fund Inception

Net Expense Ratio

Gross Expense Ratio

International Small Cap Fund
10.56%
9.18%
9.18%
5.45%
9.15%
7.82%
0.90%disclaimer
1.07%
MSCI EAFE Small Cap (ND) Index
11.14%
13.16%
13.16%
-0.69%
6.58%
6.66%
--
--

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The MSCI EAFE Small Cap (ND) Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Chart

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/18/2023
12/19/2023
12/19/2023
0.00000
0.27949
0.03967
--
0.00000
0.03967
0.31916
0.02760
14.24
12/16/2022
12/19/2022
12/19/2022
0.00000
0.15275
0.19541
0.02638
0.00000
0.16903
0.34816
0.01856
13.40
12/17/2021
12/20/2021
12/20/2021
0.00000
0.27023
0.82210
0.27586
0.00000
0.54624
1.09233
0.03075
14.50
12/16/2020
12/17/2020
12/17/2020
0.00000
0.16564
0.00000
0.00000
0.00000
0.00000
0.16564
0.02215
13.89
12/13/2019
12/16/2019
12/16/2019
0.00000
0.35321
0.00000
0.00000
0.00000
0.00000
0.35321
0.04535
12.94
12/14/2018
12/17/2018
12/17/2018
0.00000
0.08927
0.37506
0.00000
0.00000
0.37506
0.46433
0.01969
10.96
12/15/2017
12/18/2017
12/18/2017
0.00000
0.08125
0.10415
0.00000
0.00000
0.10415
0.18540
0.01049
13.96
12/16/2016
12/19/2016
12/19/2016
0.00000
0.12230
0.00000
0.00000
0.00000
0.00000
0.12230
0.01395
10.31

Holdings

Portfolio Characteristics

As of 9/30/2023

84

Number of Holdings

1835.2

Wtd Avg Market Cap ($Mil)

1.36

Price/Book Ratio

13.1

Adjusted Trailing P/E Ratio

14.6

% EPS Growth - Past 3 Yr

10.74

Return on Equity (%)

12.1

Forecasted P/E Ratio

Top Ten Holdings

As of 9/30/2023

Company Name [Ticker]

% of Net Assets

Raito Kogyo Co. Ltd.[1926]
1.9
Loomis AB[LOOMIS]
1.8
Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
1.8
Inchcape plc[INCH]
1.8
Rubis SCA[RUI]
1.8
Serco Group plc[SRP]
1.8
TP ICAP Group plc[TCAP]
1.8
Criteo SA Sponsored ADR[CRTO]
1.7
Huhtamaki Oyj[HUH1V]
1.7
Fagron SA[FAGR]
1.7
% of Total Holdings:
17.8%

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 9/30/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Raito Kogyo Co. Ltd. [1926]
Japan Flag
486
13.82
6,724
1.9
Loomis AB [LOOMIS]
Sweden Flag
246
27.12
6,671
1.8
Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
Spain Flag
211
31.34
6,606
1.8
Inchcape plc [INCH]
United Kingdom Flag
709
9.26
6,563
1.8
Rubis SCA [RUI]
France Flag
288
22.49
6,481
1.8
Serco Group plc [SRP]
United Kingdom Flag
3,534
1.82
6,426
1.8
TP ICAP Group plc [TCAP]
United Kingdom Flag
3,062
2.08
6,357
1.8
Criteo SA Sponsored ADR [CRTO]
France Flag
215
29.20
6,284
1.7
Huhtamaki Oyj [HUH1V]
Finland Flag
189
32.98
6,245
1.7
Fagron SA [FAGR]
Belgium Flag
365
17.06
6,220
1.7
Paltac Corporation [8283]
Japan Flag
197
31.43
6,187
1.7
Arjo AB Class B [ARJO.B]
Sweden Flag
1,567
3.90
6,103
1.7
BOC Aviation Limited [2588]
China Flag
875
6.98
6,105
1.7
Sankyu Inc. [9065]
Japan Flag
176
34.65
6,101
1.7
Fuji Seal International Inc. [7864]
Japan Flag
508
11.94
6,062
1.7
Spin Master Corp [TOY]
Canada Flag
240
25.26
6,064
1.7
Aryzta AG [ARYN]
Switzerland Flag
3,520
1.71
6,033
1.7
Glanbia Plc [GL9]
Ireland Flag
363
16.53
6,005
1.7
Resorttrust Inc. [4681]
Japan Flag
402
14.97
6,010
1.7
ASR Nederland N.V. [ASRNL]
Netherlands Flag
159
37.61
5,967
1.7
TietoEVRY Oyj [TIETO]
Finland Flag
264
22.55
5,956
1.7
Bapcor Ltd [BAP]
Australia Flag
1,352
4.39
5,934
1.6
METAWATER Co.Ltd. [9551]
Japan Flag
471
12.50
5,881
1.6
X-FAB Silicon Foundries SE [XFAB]
France Flag
568
10.37
5,886
1.6
Coats Group plc [COA]
United Kingdom Flag
6,535
0.89
5,846
1.6
Victrex plc [VCT]
United Kingdom Flag
339
17.15
5,817
1.6
TomTom NV [TOM2]
Netherlands Flag
806
7.16
5,771
1.6
Genuit Group PLC [GEN]
United Kingdom Flag
1,431
4.02
5,755
1.6
Cembra Money Bank AG [CMBN]
Switzerland Flag
83
68.10
5,678
1.6
ISS A/S [ISS]
Denmark Flag
368
15.43
5,686
1.6
Husqvarna AB Class B [HUSQ.B]
Sweden Flag
725
7.71
5,589
1.5
Landis+Gyr Group AG [LAND]
Switzerland Flag
77
72.47
5,571
1.5
JEOL Ltd. [6951]
Japan Flag
186
29.87
5,542
1.5
Qol Holdings Co. Ltd. [3034]
Japan Flag
446
12.44
5,548
1.5
Morinaga & Co. Ltd. [2201]
Japan Flag
149
36.20
5,401
1.5
illimity Bank SpA [ILTY]
Italy Flag
957
5.58
5,342
1.5
Mersen SA [MRN]
France Flag
131
40.02
5,249
1.5
Ontex Group N.V. [ONTEX]
Belgium Flag
704
7.36
5,178
1.4
NORMA Group SE [NOEJ]
Germany Flag
274
18.58
5,100
1.4
Topcon Corp. [7732]
Japan Flag
457
11.05
5,048
1.4
Transcontinental Inc. Class A [TCL.A]
Canada Flag
594
8.44
5,010
1.4
Coface SA [COFA]
France Flag
389
12.79
4,974
1.4
Singapore Post Ltd. [S08]
Singapore Flag
13,970
0.36
4,964
1.4
Virgin Money UK Plc [VMUK]
United Kingdom Flag
2,384
2.05
4,898
1.4
RTL Group S.A. [RRTL]
Germany Flag
139
34.41
4,777
1.3
Anritsu Corporation [6754]
Japan Flag
659
7.15
4,713
1.3
Venture Corporation Limited [V03]
Singapore Flag
517
9.06
4,689
1.3
ARIAKE JAPAN Co. Ltd. [2815]
Japan Flag
136
34.00
4,615
1.3
Tinexta SpA [TNXT]
Italy Flag
281
16.40
4,614
1.3
Mapfre SA [MAP]
Spain Flag
2,244
2.04
4,585
1.3
Redde Northgate PLC [REDD]
United Kingdom Flag
1,115
4.13
4,600
1.3
Elders Limited [ELD]
Australia Flag
1,198
3.73
4,471
1.2
Eiken Chemical Co. Ltd. [4549]
Japan Flag
478
9.15
4,376
1.2
Nabtesco Corporation [6268]
Japan Flag
238
18.07
4,292
1.2
Ansell Limited [ANN]
Australia Flag
275
14.28
3,921
1.1
GLOBERIDE Inc. [7990]
Japan Flag
285
13.54
3,852
1.1
ROUND ONE Corporation [4680]
Japan Flag
868
3.75
3,257
0.9
Technip Energies NV [TE]
France Flag
128
24.95
3,185
0.9
Atresmedia Corporacion de Medios de Comunicacion SA [A3M]
Spain Flag
811
3.88
3,144
0.9
Computer Engineering & Consulting Ltd. [9692]
Japan Flag
296
10.70
3,163
0.9
Johnson Electric Holdings Limited [179]
Hong Kong Flag
2,561
1.23
3,152
0.9
OPTEX GROUP Company Limited [6914]
Japan Flag
289
10.85
3,132
0.9
C&C Group Plc [CCR]
United Kingdom Flag
1,745
1.70
2,961
0.8
OSG Corp [6136]
Japan Flag
246
11.81
2,904
0.8
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft [ATS]
Austria Flag
94
29.67
2,786
0.8
Direct Line Insurance Group Plc [DLG]
United Kingdom Flag
1,283
2.10
2,697
0.8
Morgan Advanced Materials plc [MGAM]
United Kingdom Flag
878
2.99
2,625
0.7
A.G. BARR p.l.c. [BAG]
United Kingdom Flag
429
5.99
2,572
0.7
Reliance Worldwide Corp. Ltd. [RWC]
Australia Flag
1,027
2.51
2,578
0.7
INDUS Holding AG [INH]
Germany Flag
65
21.28
1,374
0.4
Neo Performance Materials Inc. [NEO]
Canada Flag
88
5.94
524
0.1
AustAsia Group Limited. [2425]
Hong Kong Flag
507
0.23
115
0.0
Total
--
--
--
350,510
97.3
Cash and Other Assets Less Liabilities
--
--
--
--
2.7
Total Net Assets
--
--
--
--
100%

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%

-

Utilities

HAISX: 1.8%

Benchmark: 2.5%

-

Energy

HAISX: 0.9%

Benchmark: 3.2%

-

Real Estate

HAISX: NaN%

Benchmark: 10.1%

HAISX: International Small Cap Fund

Benchmark: MSCI EAFE Small Cap (ND) Index

As of 9/30/2023

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Energy

Economic sector icon
8.4
12.6

Consumer Staples

Economic sector icon
1.6
0.5

Real Estate

Economic sector icon
0.0
-4.0

[Unassigned]

0.0
39.0

Consumer Discretionary

Economic sector icon
-1.5
-3.4

Financials

Economic sector icon
-5.2
0.6

Materials

Economic sector icon
-5.8
-5.0

Health Care

Economic sector icon
-6.8
-6.3

Utilities

Economic sector icon
-7.3
-6.2

Industrials

Economic sector icon
-7.8
-5.1

Communication Services

Economic sector icon
-10.4
-1.6

Information Technology

Economic sector icon
-13.1
-8.0

As of 9/30/2023

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan
25.7
33.7
United Kingdom
15.8
15.0
France
8.9
3.8
Sweden
5.1
5.0
Switzerland
4.8
4.5
Australia
4.7
9.8
Spain
4.0
2.0
Finland
3.4
1.2
Netherlands
3.3
1.6
Canada
3.2
--
Other
21.1
23.4

Investment Team


Cedar Street Asset Management LLC

Cedar Street Asset Management LLC is an employee-owned investment firm focused on small capitalization value investing in international markets. The firm strives to generate strong risk-adjusted returns, employing a consistent and repeatable investment methodology in an entrepreneurial, team-oriented, and respectful work environment, where clients’ interests are paramount to any other interest. The firm utilizes a fundamental and qualitative approach to value investing, which includes cross disciplinary and language capabilities.

Documents

Name

Date

File

Important Information

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.

Essentia Analytics Managers Award is conferred annually at each calendar year-end; with interim rankings computed each quarter – most currently, the quarter ended December 31, 2023.

The analysis measured the demonstrated skill of 116 portfolio managers in seven key decision types: stock picking, entry timing, sizing, scaling in, size adjusting, scaling out and exit timing. Each decision type was isolated and its impact on the portfolio was measured using decision attribution analysis techniques developed in conjunction with hundreds of portfolio managers over the past ten years.

Managers were assigned a Behavioral Alpha Score based on the hit rate (percentage of decisions that added value) and payoff ratio (the ratio of value added by the average good decision to the value destroyed by the average bad decision) for each decision type. The five managers with the highest aggregate scores across all decision types are recognized as winners of the Behavioral Alpha Award.

Performance data shown represents past performance and is no guarantee of future results. For complete methodology, https://www.essentia-analytics.com/2023-behavioral-alpha-award/

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Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2024 Harbor Capital Advisors, Inc. All rights reserved.