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Harbor International Small Cap Fund (HAISX)

Harbor International Small Cap Fund (HAISX)

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Overview
Performance
Holdings
Investment Team
Documents
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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.

Related Products to Consider

Overview

Investment Team
Cedar Street Asset Management LLC

Current Price

As of 11/6/2024

$14.38

Price (NAV)

-$0.22

NAV Daily Change ($)

-1.51%

NAV Daily Change (%)

-0.69%

NAV YTD Return

Fund Facts

As of 10/31/2024

2/1/2016

Inception Date

0.90

Net Expense Ratio
disclaimer

1.07

Gross Expense Ratio

$224.203

Total Fund Net Assets (million)
As of 10/31/2024

$121.079

Total Share Class Net Assets (million)
As of 10/31/2024

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
-5.75%
-0.41%
15.72%
-0.25%
6.25%
7.00%
0.90%disclaimer
1.07%
MSCI EAFE Small Cap (ND) Index
-1.97%
4.14%
22.96%
-3.00%
4.10%
6.33%
--
--

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 9/30/2024

66

Number of Holdings

2476.1

Wtd Avg Market Cap ($Mil)

1.43

Price/Book Ratio

14.4

Adjusted Trailing P/E Ratio

15.7

% EPS Growth - Past 3 Yr

9.49

Return on Equity (%)

12.4

Forecasted P/E Ratio

Top Ten Holdings

As of 9/30/2024

Company Name [Ticker]

% of Net Assets

Coats Group plc[COA]
2.0
TP ICAP Group plc[TCAP]
2.0
Nakanishi Inc.[7716]
2.0
Landis+Gyr Group AG[LAND]
2.0
Ansell Limited[ANN]
1.9
ESR Group Limited[1821]
1.9
Construcciones y Auxiliar de Ferrocarriles S.A.[CAF]
1.8
Fujitsu General Limited[6755]
1.8
BOC Aviation Limited[2588]
1.8
Serco Group plc[SRP]
1.8
% of Total Holdings:
19.0%

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

Coats Group plc [COA]
United Kingdom Flag
3,845
1.35
5,178
2.0
TP ICAP Group plc [TCAP]
United Kingdom Flag
1,601
3.17
5,080
2.0
Nakanishi Inc. [7716]
Japan Flag
270
18.62
5,031
2.0
Landis+Gyr Group AG [LAND]
Switzerland Flag
53
93.18
4,974
2.0
Ansell Limited [ANN]
Australia Flag
216
22.07
4,761
1.9
ESR Group Limited [1821]
Hong Kong Flag
2,955
1.60
4,718
1.9
Construcciones y Auxiliar de Ferrocarriles S.A. [CAF]
Spain Flag
117
39.84
4,657
1.8
Fujitsu General Limited [6755]
Japan Flag
312
14.75
4,600
1.8
BOC Aviation Limited [2588]
China Flag
552
8.28
4,573
1.8
Serco Group plc [SRP]
United Kingdom Flag
1,916
2.39
4,574
1.8
TietoEVRY Oyj [TIETO]
Finland Flag
221
20.70
4,578
1.8
Venture Corporation Limited [V03]
Singapore Flag
415
10.95
4,544
1.8
ASR Nederland N.V. [ASRNL]
Netherlands Flag
92
49.11
4,513
1.8
ISS A/S [ISS]
Denmark Flag
223
20.05
4,475
1.8
ARIAKE JAPAN Co. Ltd. [2815]
Japan Flag
121
36.98
4,458
1.8
Arjo AB Class B [ARJO.B]
Sweden Flag
990
4.41
4,369
1.7
Fagron SA [FAGR]
Belgium Flag
209
20.76
4,338
1.7
Paltac Corporation [8283]
Japan Flag
140
30.83
4,326
1.7
Fuji Seal International Inc. [7864]
Japan Flag
241
17.66
4,258
1.7
METAWATER Co.Ltd. [9551]
Japan Flag
341
12.44
4,244
1.7
Raito Kogyo Co. Ltd. [1926]
Japan Flag
281
15.14
4,252
1.7
Transcontinental Inc. Class A [TCL.A]
Canada Flag
315
13.30
4,188
1.7
Singapore Post Ltd. [S08]
Singapore Flag
11,439
0.36
4,149
1.6
Inchcape plc [INCH]
United Kingdom Flag
387
10.68
4,133
1.6
Spin Master Corp [TOY]
Canada Flag
179
22.61
4,047
1.6
Aperam S.A. [APAM]
France Flag
128
31.41
4,008
1.6
Ontex Group N.V. [ONTEX]
Belgium Flag
399
9.98
3,982
1.6
Resorttrust Inc. [4681]
Japan Flag
197
20.11
3,971
1.6
Loomis AB [LOOMIS]
Sweden Flag
120
32.93
3,948
1.6
Cembra Money Bank AG [CMBN]
Switzerland Flag
42
93.59
3,918
1.5
RTL Group S.A. [RRTL]
Germany Flag
115
33.98
3,909
1.5
Computer Engineering & Consulting Ltd. [9692]
Japan Flag
297
13.07
3,884
1.5
Mersen SA [MRN]
France Flag
121
31.70
3,824
1.5
Sonic Healthcare Limited [SHL]
Australia Flag
200
18.89
3,780
1.5
Victrex plc [VCT]
United Kingdom Flag
290
13.04
3,781
1.5
Genuit Group PLC [GEN]
United Kingdom Flag
578
6.43
3,714
1.5
Sankyu Inc. [9065]
Japan Flag
109
33.65
3,681
1.5
Solvay SA [SOLB]
Belgium Flag
94
39.28
3,694
1.5
C&C Group Plc [CCR]
United Kingdom Flag
1,664
2.18
3,635
1.4
Coface SA [COFA]
France Flag
221
16.39
3,626
1.4
OPTEX GROUP Company Limited [6914]
Japan Flag
335
10.84
3,631
1.4
ZIGUP PLC [ZIG]
United Kingdom Flag
702
5.16
3,624
1.4
Direct Line Insurance Group Plc [DLG]
United Kingdom Flag
1,416
2.51
3,558
1.4
SIG Group AG [SIGN]
Switzerland Flag
159
22.36
3,548
1.4
Aryzta AG [ARYN]
Switzerland Flag
1,813
1.92
3,483
1.4
Rubis SCA [RUI]
France Flag
127
27.37
3,473
1.4
illimity Bank SpA [ILTY]
Italy Flag
659
5.23
3,449
1.4
Huhtamaki Oyj [HUH1V]
Finland Flag
88
38.93
3,425
1.4
Husqvarna AB Class B [HUSQ.B]
Sweden Flag
489
7.00
3,425
1.4
Tinexta SpA [TNXT]
Italy Flag
260
13.25
3,438
1.4
Tosoh Corporation [4042]
Japan Flag
254
13.37
3,401
1.3
JEOL Ltd. [6951]
Japan Flag
86
38.86
3,361
1.3
TomTom NV [TOM2]
Netherlands Flag
575
5.75
3,308
1.3
Qol Holdings Co. Ltd. [3034]
Japan Flag
325
9.91
3,223
1.3
Morgan Advanced Materials plc [MGAM]
United Kingdom Flag
867
3.71
3,216
1.3
NORMA Group SE [NOEJ]
Germany Flag
188
16.70
3,145
1.2
Johnson Electric Holdings Limited [179]
Hong Kong Flag
2,097
1.48
3,110
1.2
Nabtesco Corporation [6268]
Japan Flag
179
17.26
3,085
1.2
Anritsu Corporation [6754]
Japan Flag
399
7.60
3,028
1.2
Hays plc [HAS]
United Kingdom Flag
2,296
1.24
2,858
1.1
Topcon Corp. [7732]
Japan Flag
258
10.80
2,784
1.1
X-FAB Silicon Foundries SE [XFAB]
France Flag
486
5.66
2,750
1.1
NIPPON EXPRESS HOLDINGSINC. [9147]
Japan Flag
50
52.72
2,648
1.0
Criteo SA Sponsored ADR [CRTO]
France Flag
59
40.24
2,361
0.9
Dustin Group AB [DUST]
Sweden Flag
427
0.82
352
0.1
AustAsia Group Limited. [2425]
Hong Kong Flag
91
0.17
15
0.0
Total
--
--
--
248,072
98.0
Cash and Other Assets Less Liabilities
--
--
--
--
2.0
Total Net Assets
--
--
--
--
100%

As of 9/30/2024

International Small Cap Fund (HNISX)

MSCI EAFE Small Cap (ND) Index

-

Industrials

HNISX: 28.1%

Benchmark: 23.7%

-

Information Technology

HNISX: 14.6%

Benchmark: 9.2%

-

Materials

HNISX: 11.9%

Benchmark: 9.5%

-

Consumer Discretionary

HNISX: 11.5%

Benchmark: 12.9%

-

Financials

HNISX: 9.5%

Benchmark: 12.2%

-

Health Care

HNISX: 8.8%

Benchmark: 5.7%

-

Consumer Staples

HNISX: 7.4%

Benchmark: 6.5%

-

Cash

HNISX: 2.5%

Benchmark: NaN%

-

Communication Services

HNISX: 2.5%

Benchmark: 3.7%

-

Real Estate

HNISX: 1.9%

Benchmark: 11.2%

-

Utilities

HNISX: 1.4%

Benchmark: 2.6%

-

Energy

HNISX: NaN%

Benchmark: 2.8%

HNISX: International Small Cap Fund

Benchmark: MSCI EAFE Small Cap (ND) Index

As of 9/30/2024

Economic Sector

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Real Estate

Economic sector icon
21.5
16.1

Consumer Discretionary

Economic sector icon
20.0
12.7

Health Care

Economic sector icon
15.5
11.4

Communication Services

Economic sector icon
11.6
11.5

Consumer Staples

Economic sector icon
11.5
15.7

Financials

Economic sector icon
10.6
8.7

Materials

Economic sector icon
9.2
9.6

Industrials

Economic sector icon
5.2
11.8

[Unassigned]

0.0
14.8

Energy

Economic sector icon
0.0
-3.4

Information Technology

Economic sector icon
-0.0
2.8

Utilities

Economic sector icon
-2.8
9.7

As of 9/30/2024

Country

International Small Cap Fund %

MSCI EAFE Small Cap (ND) Index %

Japan
26.7
35.8
United Kingdom
17.0
15.4
France
7.9
3.3
Switzerland
6.3
4.4
Sweden
4.8
5.4
Belgium
4.7
1.4
Singapore
3.4
2.4
Australia
3.4
9.6
Canada
3.2
--
Finland
3.2
1.3
Other
19.4
21.0

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

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.