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Harbor International Fund (HIINX)

Harbor International Fund (HIINX)

Class
Welcome
Overview
Performance
Holdings
Investment Team
Documents
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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
Justin Hill
Alex Duffy

Current Price

As of 2/10/2025

$46.08

Price (NAV)

$0.19

NAV Daily Change ($)

0.41%

NAV Daily Change (%)

4.97%

NAV YTD Return

Fund Facts

As of 1/31/2025

11/1/2002

Inception Date

1.13

Net Expense Ratio
disclaimer

1.25

Gross Expense Ratio

$3,389.985

Total Fund Net Assets (million)
As of 1/31/2025

$234.167

Total Share Class Net Assets (million)
As of 1/31/2025

HIINX

Ticker

2411

Fund Number

Share Class:

Investor 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

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Fund Inception

Net Expense Ratio

Gross Expense Ratio

International Fund
1.56%
4.17%
8.78%
3.51%
6.06%
4.28%
7.59%
1.13%disclaimer
1.25%
MSCI EAFE (ND) Index
2.28%
5.26%
8.65%
5.12%
6.25%
5.69%
--
--
--

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 (ND) Index is an unmanaged index generally representative of major overseas stock markets. 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

12/19/2024
12/20/2024
12/20/2024
0.00000
1.51925
0.00000
--
0.00000
--
1.51925
0.09568
43.74
12/18/2023
12/19/2023
12/19/2023
0.00000
1.40214
0.00000
--
0.00000
--
1.40214
0.08853
42.93
12/16/2022
12/19/2022
12/19/2022
0.00000
1.15314
0.00000
--
0.00000
--
1.15314
0.00000
38.37
12/17/2021
12/20/2021
12/20/2021
0.00000
0.82987
0.00000
--
0.00000
--
0.82987
0.07776
45.09
12/16/2020
12/17/2020
12/17/2020
0.00000
0.29872
0.00000
0.00000
0.00000
0.00000
0.29872
0.07883
43.51
12/13/2019
12/16/2019
12/16/2019
0.00000
1.06288
0.00000
0.00000
0.00000
0.00000
1.06288
0.12363
39.81
12/14/2018
12/17/2018
12/17/2018
0.00000
0.49177
20.86815
0.00000
0.00000
20.86815
21.35992
0.22951
33.48
12/15/2017
12/18/2017
12/18/2017
0.00000
0.95874
2.99764
0.00000
0.00000
2.99764
3.95638
0.11794
66.60
12/16/2016
12/19/2016
12/19/2016
0.00000
0.89596
0.00000
0.00000
0.00000
0.00000
0.89596
0.09833
57.75
12/16/2015
12/17/2015
12/17/2015
0.00000
0.77738
1.77257
0.00000
0.00000
1.77257
2.54995
0.08429
58.50
12/17/2014
12/18/2014
12/18/2014
0.00000
1.14022
0.00000
0.00000
0.00000
0.00000
1.14022
0.07359
65.20
12/16/2013
12/17/2013
12/17/2013
0.00000
1.25349
0.00000
0.00000
0.00000
0.00000
1.25349
0.08165
66.98
12/14/2012
12/17/2012
12/17/2012
0.00000
1.05098
0.00000
0.00000
0.00000
0.00000
1.05098
0.14974
60.71
12/15/2011
12/16/2011
12/16/2011
0.00000
1.09706
0.00000
0.00000
0.00000
0.00000
1.09706
0.17522
50.23
12/16/2010
12/17/2010
12/17/2010
0.00000
0.66587
0.00000
0.00000
0.00000
0.00000
0.66587
0.13258
58.63
12/17/2009
12/18/2009
12/18/2009
0.00000
0.54996
0.00000
0.00000
0.00000
0.00000
0.54996
0.11336
53.02
12/18/2008
12/19/2008
12/19/2008
0.00000
0.58580
0.00000
0.00000
0.00000
0.00000
0.58580
0.19041
38.75
12/18/2007
12/19/2007
12/19/2007
0.00000
0.84965
3.02183
0.34462
0.00000
2.67721
3.87148
0.14071
68.45
12/18/2006
12/19/2006
12/19/2006
0.00000
1.28746
1.88471
0.00000
0.00000
1.88471
3.17217
0.10523
60.60
12/19/2005
12/20/2005
12/20/2005
0.00000
0.87890
1.22051
0.00000
0.00000
1.22051
2.09941
0.07827
48.46
12/29/2004
12/30/2004
12/30/2004
0.00000
0.42866
0.14616
0.00000
0.00000
0.14616
0.57482
0.09876
42.58
12/29/2003
12/30/2003
12/30/2003
0.00000
0.45088
0.55692
0.03901
0.00000
0.51791
1.00780
0.07268
36.44
12/27/2002
12/30/2002
12/30/2002
0.00000
0.32928
0.53886
0.04311
0.00000
0.49575
0.86814
0.06104
26.69

Holdings

Portfolio Characteristics

As of 12/31/2024

223

Number of Holdings

52827.4

Wtd Avg Market Cap ($Mil)

2.03

Price/Book Ratio

18.3

Adjusted Trailing P/E Ratio

23.2

% EPS Growth - Past 3 Yr

13.9

Return on Equity (%)

15

Forecasted P/E Ratio

Top Ten Holdings

As of 12/31/2024

Company Name [Ticker]

% of Net Assets

3i Group plc[III]
2.7
Novo Nordisk A/S Class B[NOVO.B]
2.5
Rolls-Royce Holdings plc[RR]
1.8
UniCredit S.p.A.[UCG]
1.7
Flutter Entertainment Plc[FLUT]
1.7
BP p.l.c.[BP]
1.6
Compagnie Financiere Richemont SA[CFR]
1.5
Barclays PLC[BARC]
1.5
RELX PLC[REL]
1.5
Schneider Electric SE[SU]
1.5
% of Total Holdings:
18.0%

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 12/31/2024

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

3i Group plc [III]
United Kingdom Flag
1,897
48.51
92,020
2.7
Novo Nordisk A/S Class B [NOVO.B]
Denmark Flag
987
84.60
83,534
2.5
Rolls-Royce Holdings plc [RR]
United Kingdom Flag
8,302
7.53
62,511
1.8
UniCredit S.p.A. [UCG]
Italy Flag
1,268
46.18
58,557
1.7
Flutter Entertainment Plc [FLUT]
United States Flag
210
266.97
56,029
1.7
BP p.l.c. [BP]
United Kingdom Flag
10,337
5.25
54,269
1.6
Compagnie Financiere Richemont SA [CFR]
Switzerland Flag
261
195.03
50,911
1.5
Barclays PLC [BARC]
United Kingdom Flag
13,765
3.69
50,798
1.5
RELX PLC [REL]
United Kingdom Flag
1,015
50.01
50,760
1.5
Schneider Electric SE [SU]
France Flag
196
255.05
49,907
1.5
Standard Chartered PLC [STAN]
United Kingdom Flag
3,471
13.57
47,093
1.4
Nippon Telegraph and Telephone Corporation [9432]
Japan Flag
47,437
0.99
46,778
1.4
ASML Holding NV [ASML]
Netherlands Flag
62
751.28
46,430
1.4
Compass Group PLC [CPG]
United Kingdom Flag
1,282
34.68
44,446
1.3
Diageo plc [DGE]
United Kingdom Flag
1,339
30.06
40,246
1.2
CaixaBank SA [CABK]
Spain Flag
6,493
6.09
39,524
1.2
Sony Group Corporation [6758]
Japan Flag
1,633
22.22
36,271
1.1
DBS Group Holdings Ltd [D05]
Singapore Flag
1,029
32.92
33,880
1.0
Bunzl plc [BNZL]
United Kingdom Flag
758
42.84
32,469
1.0
Glencore plc [GLEN]
United Kingdom Flag
7,453
4.36
32,460
1.0
Sumitomo Mitsui Trust Group Inc. [8309]
Japan Flag
1,280
25.07
32,084
0.9
BHP Group Ltd [BHP]
Australia Flag
1,257
24.92
31,313
0.9
AIA Group Limited [1299]
Hong Kong Flag
4,436
6.96
30,888
0.9
IHI Corporation [7013]
Japan Flag
510
60.54
30,877
0.9
ASSA ABLOY AB Class B [ASSA.B]
Sweden Flag
992
30.80
30,550
0.9
DNB Bank ASA [DNB]
Norway Flag
1,408
21.30
29,990
0.9
BAE Systems plc [BA]
United Kingdom Flag
1,919
15.21
29,189
0.9
Edenred SA [EDEN]
France Flag
846
34.55
29,225
0.9
Tokio Marine Holdings Inc. [8766]
Japan Flag
883
33.32
29,430
0.9
Resona Holdings Inc. [8308]
Japan Flag
3,770
7.48
28,214
0.8
Olympus Corp. [7733]
Japan Flag
1,816
15.29
27,765
0.8
adidas AG [ADS]
Germany Flag
104
264.98
27,442
0.8
Geberit AG [GEBN]
Switzerland Flag
49
562.52
27,560
0.8
CNH Industrial NV [CNH]
United States Flag
2,124
12.88
27,361
0.8
Intertek Group plc [ITRK]
United Kingdom Flag
425
63.49
27,011
0.8
Carlsberg AS Class B [CARL.B]
Denmark Flag
253
105.12
26,647
0.8
Coloplast A/S Class B [COLO.B]
Denmark Flag
229
115.63
26,433
0.8
Reckitt Benckiser Group plc [RKT]
United Kingdom Flag
388
66.23
25,677
0.8
Entain PLC [ENT]
United Kingdom Flag
2,719
8.78
23,876
0.7
EssilorLuxottica SA [EL]
France Flag
85
276.21
23,368
0.7
InterContinental Hotels Group PLC [IHG]
United Kingdom Flag
174
134.44
23,420
0.7
Prudential plc [PRU]
United Kingdom Flag
2,776
8.43
23,397
0.7
Bank of Ireland Group Plc [BIRG]
Ireland Flag
2,320
10.01
23,223
0.7
Daiwa House Industry Co. Ltd. [1925]
Japan Flag
722
31.63
22,847
0.7
Koninklijke Ahold Delhaize N.V. [AD]
Netherlands Flag
640
35.51
22,716
0.7
Demant A/S [DEMANT]
Denmark Flag
539
40.40
21,770
0.6
Mitsubishi UFJ Financial Group Inc. [8306]
Japan Flag
1,694
12.78
21,645
0.6
ArcelorMittal SA [MT]
France Flag
849
25.13
21,342
0.6
Asahi Group HoldingsLtd. [2502]
Japan Flag
1,969
10.88
21,408
0.6
Hannover Rueck SE [HNR1]
Germany Flag
81
264.36
21,374
0.6
Sampo Oyj [SAMPO]
Finland Flag
519
41.35
21,464
0.6
Wienerberger AG [WIE]
Austria Flag
734
29.38
21,551
0.6
Brenntag SE [BNR]
Germany Flag
331
63.18
20,939
0.6
Bridgestone Corporation [5108]
Japan Flag
583
36.09
21,046
0.6
CSL Limited [CSL]
Australia Flag
121
174.92
21,165
0.6
Holcim Ltd [HOLN]
Switzerland Flag
209
101.25
21,206
0.6
QBE Insurance Group Limited [QBE]
Australia Flag
1,614
13.06
21,077
0.6
Lloyds Banking Group plc [LLOY]
United Kingdom Flag
26,678
0.77
20,665
0.6
DCC Plc [DCC]
United Kingdom Flag
292
69.58
20,291
0.6
Fluidra S.A. [FDR]
Spain Flag
794
25.86
20,533
0.6
Bayerische Motoren Werke AG [BMW]
Germany Flag
246
81.71
20,069
0.6
Seven & I Holdings Co. Ltd. [3382]
Japan Flag
1,201
15.95
19,147
0.6
Kirin Holdings Co. Ltd. [2503]
Japan Flag
1,469
12.69
18,630
0.5
Nomura Holdings Inc. [8604]
Japan Flag
2,722
6.58
17,909
0.5
Rightmove plc [RMV]
United Kingdom Flag
2,189
8.32
18,203
0.5
Vestas Wind Systems A/S [VWS]
Denmark Flag
1,271
13.78
17,521
0.5
Aristocrat Leisure Limited [ALL]
Australia Flag
358
47.14
16,861
0.5
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]
Taiwan Flag
489
34.68
16,958
0.5
Qantas Airways Limited [QAN]
Australia Flag
2,841
5.88
16,696
0.5
Svenska Handelsbanken AB Class A [SHB.A]
Sweden Flag
1,517
11.10
16,842
0.5
Mitsubishi Electric Corp. [6503]
Japan Flag
975
16.61
16,195
0.5
Obayashi Corporation [1802]
Japan Flag
1,222
13.50
16,493
0.5
Experian PLC [EXPN]
United Kingdom Flag
319
49.79
15,907
0.5
Fresenius Medical Care AG [FME]
Germany Flag
319
49.94
15,943
0.5
Toyota Industries Corp. [6201]
Japan Flag
187
84.11
15,721
0.5
ConvaTec Group Plc [CTEC]
United Kingdom Flag
5,006
3.07
15,363
0.5
Eurofins Scientific SE [ERF]
France Flag
286
53.91
15,406
0.5
SSP Group Plc [SSPG]
United Kingdom Flag
6,771
2.27
15,395
0.5
USS Co. Ltd. [4732]
Japan Flag
1,714
9.00
15,425
0.5
JAPAN POST HOLDINGS Co. Ltd. [6178]
Japan Flag
1,424
10.50
14,948
0.4
Technip Energies NV [TE]
France Flag
520
28.57
14,851
0.4
Hiscox Ltd [HSX]
United Kingdom Flag
1,066
13.58
14,482
0.4
Santos Limited [STO]
Australia Flag
3,320
4.40
14,600
0.4
Taiheiyo Cement Corporation [5233]
Japan Flag
582
25.37
14,775
0.4
DS Smith Plc [SMDS]
United Kingdom Flag
1,989
7.24
14,395
0.4
GEA Group Aktiengesellschaft [G1A]
Germany Flag
272
53.07
14,453
0.4
WH Smith PLC [SMWH]
United Kingdom Flag
885
16.24
14,378
0.4
Auto Trader Group PLC [AUTO]
United Kingdom Flag
1,419
9.82
13,941
0.4
easyJet plc [EZJ]
United Kingdom Flag
2,191
6.36
13,932
0.4
HitachiLtd. [6501]
Japan Flag
552
25.48
14,059
0.4
Sandvik AB [SAND]
Sweden Flag
666
20.80
13,841
0.4
Equinor ASA [EQNR]
Norway Flag
561
24.21
13,585
0.4
Inpex Corporation [1605]
Japan Flag
1,127
12.08
13,605
0.4
Legrand SA [LR]
France Flag
130
102.79
13,372
0.4
Sumitomo Metal Mining Co. Ltd. [5713]
Japan Flag
570
23.17
13,198
0.4
ABC-MART INC. [2670]
Japan Flag
619
20.96
12,961
0.4
ZOZO Inc. [3092]
Japan Flag
394
32.97
12,979
0.4
ANDRITZ AG [ANDR]
Austria Flag
219
56.97
12,486
0.4
Sega Sammy Holdings Inc. [6460]
Japan Flag
646
19.47
12,584
0.4
Galaxy Entertainment Group Limited [27]
Hong Kong Flag
2,905
4.27
12,397
0.4
Idemitsu Kosan Co. Ltd. [5019]
Japan Flag
1,797
6.73
12,095
0.4
Japan Post Bank Co. Ltd. [7182]
Japan Flag
1,163
10.40
12,096
0.4
Coca-Cola Europacific Partners plc [CCEP]
Netherlands Flag
151
78.55
11,885
0.4
PageGroup PLC [PAGE]
United Kingdom Flag
2,869
4.07
11,680
0.3
Randstad NV [RAND]
Netherlands Flag
265
43.52
11,519
0.3
Serco Group plc [SRP]
United Kingdom Flag
5,974
1.93
11,535
0.3
Techtronic Industries Co. Ltd. [669]
Hong Kong Flag
841
13.42
11,290
0.3
Dassault Systemes SE [DSY]
France Flag
281
39.29
11,048
0.3
Davide Campari-Milano N.V. [CPR]
Italy Flag
1,870
5.81
10,865
0.3
Mitsubishi Heavy Industries Ltd. [7011]
Japan Flag
740
14.83
10,968
0.3
Wartsila Oyj Abp [WRT1V]
Finland Flag
576
18.98
10,940
0.3
Nippon Television Holdings Inc. [9404]
Japan Flag
574
18.57
10,659
0.3
Elis SA [ELIS]
France Flag
490
20.52
10,057
0.3
Rotork plc [ROR]
United Kingdom Flag
2,337
4.34
10,147
0.3
Taisei Corporation [1801]
Japan Flag
242
42.10
10,174
0.3
Toyo Suisan Kaisha Ltd. [2875]
Japan Flag
159
64.90
10,326
0.3
NEC Corp. [6701]
Japan Flag
97
100.26
9,765
0.3
Nitori Holdings Co. Ltd. [9843]
Japan Flag
84
117.34
9,857
0.3
NTT DATA GROUP CORPORATION [9613]
Japan Flag
505
19.56
9,878
0.3
Samsonite Group S.A. [1910]
Hong Kong Flag
3,436
2.90
9,967
0.3
Secom Co. Ltd. [9735]
Japan Flag
289
33.79
9,756
0.3
Tsumura & Co. [4540]
Japan Flag
317
29.58
9,385
0.3
Mitsubishi Corporation [8058]
Japan Flag
562
16.08
9,037
0.3
NH Foods Limited [2282]
Japan Flag
279
32.75
9,143
0.3
ALS Ltd. [ALQ]
Australia Flag
879
10.25
9,007
0.3
M3 Inc. [2413]
Japan Flag
957
9.17
8,779
0.3
Oracle Corporation Japan [4716]
Japan Flag
98
91.73
8,999
0.3
Swire Pacific Limited Class A [19]
Hong Kong Flag
1,014
8.65
8,771
0.3
Admiral Group plc [ADM]
United Kingdom Flag
251
33.59
8,434
0.3
Amplifon SpA [AMP]
Italy Flag
314
26.91
8,440
0.3
CK Hutchison Holdings Ltd [1]
Hong Kong Flag
1,704
5.03
8,570
0.3
HDFC Bank Limited [500180]
India Flag
437
19.61
8,565
0.3
Playtech PLC [PTEC]
United Kingdom Flag
938
8.95
8,400
0.3
Rexel SA [RXL]
France Flag
322
26.59
8,559
0.3
Alfa Laval AB [ALFA]
Sweden Flag
186
44.82
8,333
0.2
Alten SA [ATE]
France Flag
87
92.78
8,068
0.2
Kubota Corporation [6326]
Japan Flag
654
12.60
8,247
0.2
TBS HOLDINGS INC. [9401]
Japan Flag
294
27.41
8,062
0.2
Toyo Seikan Group Holdings Ltd. [5901]
Japan Flag
533
15.25
8,128
0.2
Gerresheimer AG [GXI]
Germany Flag
111
70.59
7,832
0.2
IG Group Holdings plc [IGG]
United Kingdom Flag
609
12.66
7,711
0.2
Jardine Matheson Holdings Limited [J36]
Hong Kong Flag
191
40.35
7,723
0.2
PT Bank Central Asia Tbk [BBCA]
Indonesia Flag
13,227
0.58
7,669
0.2
Whitbread PLC [WTB]
United Kingdom Flag
225
34.95
7,870
0.2
Hakuhodo Dy Holdings Incorporated [2433]
Japan Flag
1,021
7.46
7,615
0.2
Kinden Corporation [1944]
Japan Flag
359
20.55
7,369
0.2
Newmont Corporation Registered Shs Chess Depositary Interests Repr 1 Sh [NEM]
United States Flag
176
43.16
7,587
0.2
Naspers Limited Class N [NPN]
South Africa Flag
33
211.44
7,043
0.2
Pets At Home Group Plc [PETS]
United Kingdom Flag
2,584
2.81
7,256
0.2
Air Water Inc. [4088]
Japan Flag
535
12.52
6,692
0.2
Barratt Redrow plc [BTRW]
United Kingdom Flag
1,211
5.66
6,852
0.2
Fuji Media Holdings Inc. [4676]
Japan Flag
484
14.15
6,841
0.2
ITV PLC [ITV]
United Kingdom Flag
7,449
0.92
6,863
0.2
Mitsubishi Logistics Corporation [9301]
Japan Flag
958
7.18
6,873
0.2
Dowa Holdings Co. Ltd. [5714]
Japan Flag
220
30.00
6,589
0.2
Inchcape plc [INCH]
United Kingdom Flag
788
8.39
6,610
0.2
Ship Healthcare Holdings Inc. [3360]
Japan Flag
478
13.70
6,543
0.2
Shiseido CompanyLimited [4911]
Japan Flag
375
16.90
6,340
0.2
Viscofan S.A. [VIS]
Spain Flag
104
63.52
6,596
0.2
WPP Plc [WPP]
United Kingdom Flag
649
9.61
6,236
0.2
Dai-ichi Life HoldingsInc. [8750]
Japan Flag
215
27.52
5,919
0.2
Future plc [FUTR]
United Kingdom Flag
518
11.43
5,913
0.2
Rathbones Group PLC [RAT]
United Kingdom Flag
271
21.55
5,830
0.2
Shinhan Financial Group Co. Ltd. [055550]
South Korea Flag
152
35.17
5,358
0.2
Tata Consultancy Services Limited [532540]
India Flag
115
47.48
5,446
0.2
Advantech Co. Ltd. [2395]
Taiwan Flag
455
11.58
5,264
0.2
Henderson Land Development Co. Ltd. [12]
Hong Kong Flag
1,828
2.77
5,067
0.2
Irish Continental Group PLC [IR5B]
Ireland Flag
938
5.32
4,990
0.2
MediaTek Inc [2454]
Taiwan Flag
115
44.76
5,148
0.2
Renesas Electronics Corporation [6723]
Japan Flag
368
13.61
5,004
0.2
Capitec Bank Holdings Limited [CPI]
South Africa Flag
31
159.22
4,908
0.1
Southern Copper Corporation [SCCO]
Peru Flag
52
91.62
4,787
0.1
Bid Corporation Limited [BID]
South Africa Flag
173
25.52
4,424
0.1
Evolution Mining Limited [EVN]
Australia Flag
1,235
3.56
4,390
0.1
GN Store Nord A/S [GN]
Denmark Flag
221
20.65
4,554
0.1
Marico Limited [531642]
India Flag
584
7.74
4,522
0.1
Arca Continental SAB de CV [AC]
Mexico Flag
462
9.17
4,241
0.1
Copa Holdings S.A. Class A [CPA]
Panama Flag
43
93.22
3,969
0.1
Daiei Kankyo Co. Ltd. [9336]
Japan Flag
228
18.31
4,171
0.1
Murata Manufacturing Co. Ltd. [6981]
Japan Flag
255
15.95
4,070
0.1
Samsung Electronics Co. Ltd. [005930]
South Korea Flag
114
36.06
4,097
0.1
Stabilus SE [STM]
Germany Flag
123
33.21
4,078
0.1
Vipshop Holdings Ltd Sponsored ADR [VIPS]
China Flag
289
14.37
4,156
0.1
West Japan Railway Company [9021]
Japan Flag
215
18.49
3,973
0.1
Delta Electronics Inc. [2308]
Taiwan Flag
279
13.37
3,730
0.1
Gruma SAB de CV Class B [GRUMAB]
Mexico Flag
213
17.40
3,703
0.1
Grupo Financiero Banorte SAB de CV Class O [GFNORTEO]
Mexico Flag
522
6.94
3,618
0.1
MEGMILK SNOW BRAND Co. Ltd. [2270]
Japan Flag
210
17.19
3,615
0.1
Acerinox SA [ACX]
Spain Flag
329
10.09
3,316
0.1
B3 SA - Brasil Bolsa Balcao [B3SA3]
Brazil Flag
1,832
1.92
3,509
0.1
Befesa SA [BFSA]
Germany Flag
150
21.83
3,284
0.1
bioMerieux SA [BIM]
France Flag
29
121.73
3,501
0.1
National Bank of Greece S.A. [ETE]
Greece Flag
390
8.71
3,399
0.1
Seria Co. Ltd. [2782]
Japan Flag
195
17.23
3,360
0.1
Embotelladora Andina SA Pfd B [ANDINA.B]
Chile Flag
922
3.34
3,079
0.1
Havells India Limited [517354]
India Flag
170
18.08
3,076
0.1
Prio SA [PRIO3]
Brazil Flag
423
7.02
2,965
0.1
ASMPT Limited [522]
Hong Kong Flag
307
9.12
2,802
0.1
BOC Aviation Limited [2588]
China Flag
353
7.50
2,648
0.1
Cemex SAB de CV Sponsored ADR [CX]
Mexico Flag
485
5.93
2,878
0.1
Domino's Pizza Enterprises Limited [DMP]
Australia Flag
146
18.77
2,749
0.1
Johnson Electric Holdings Limited [179]
Hong Kong Flag
1,953
1.32
2,582
0.1
John Wood Group PLC [WG]
United Kingdom Flag
3,112
0.90
2,802
0.1
MEDIPAL HOLDINGS Corporation [7459]
Japan Flag
188
15.09
2,838
0.1
Nisshinbo Holdings Inc. [3105]
Japan Flag
491
5.75
2,825
0.1
NS Solutions Corp [2327]
Japan Flag
107
25.91
2,759
0.1
Shenzhou International Group Holdings Limited [2313]
China Flag
349
7.53
2,626
0.1
AVI Limited Class Y [AVI]
South Africa Flag
419
5.28
2,213
0.1
Laureate Education Inc. [LAUR]
United States Flag
119
18.72
2,229
0.1
NS Solutions Corp [2327]
Japan Flag
99
25.59
2,530
0.1
Close Brothers Group plc [CBG]
United Kingdom Flag
555
3.97
2,204
0.1
IPH Ltd. [IPH]
Australia Flag
691
3.12
2,160
0.1
Jupiter Fund Management plc [JUP]
United Kingdom Flag
2,074
1.00
2,067
0.1
African Rainbow Minerals Limited [ARI]
South Africa Flag
202
8.67
1,748
0.1
First Quantum Minerals Ltd. [FM]
Canada Flag
136
12.56
1,703
0.1
Pilbara Minerals Limited [PLS]
Australia Flag
1,152
1.43
1,653
0.1
Zhongsheng Group Holdings Ltd. [881]
China Flag
1,144
1.58
1,803
0.1
Capita plc [CPI]
United Kingdom Flag
6,987
0.18
1,252
0.0
Li Ning Company Limited [2331]
China Flag
647
2.06
1,329
0.0
Sumitomo Bakelite Co. Ltd. [4203]
Japan Flag
63
24.29
1,528
0.0
International Personal Finance plc [IPF]
United Kingdom Flag
618
1.60
987
0.0
Tencent Music Entertainment Group Sponsored ADR Class A [TME]
China Flag
72
11.98
864
0.0
Prudential plc [2378]
United Kingdom Flag
46
8.21
376
0.0
Severstal PAO Sponsored GDR RegS [SVJTY]
--
217
0.00
0
0.0
Total
--
--
--
3,368,965
100.0
Cash and Other Assets Less Liabilities
--
--
--
--
0.0
Total Net Assets
--
--
--
--
100%

As of 12/31/2024

Economic Sector

International Fund %

MSCI EAFE (ND) Index %

Utilities

Economic sector icon
0.0
-12.8

Real Estate

Economic sector icon
-2.8
-13.4

Financials

Economic sector icon
-3.1
-2.3

Consumer Discretionary

Economic sector icon
-4.4
-4.3

Communication Services

Economic sector icon
-4.6
-4.7

Energy

Economic sector icon
-7.3
-8.3

Information Technology

Economic sector icon
-8.0
-7.2

Industrials

Economic sector icon
-8.8
-6.4

Consumer Staples

Economic sector icon
-10.4
-12.7

Materials

Economic sector icon
-15.6
-17.8

Health Care

Economic sector icon
-16.2
-14.1

As of 12/31/2024

International Fund (HRINX)

MSCI EAFE (ND) Index

-

Industrials

HRINX: 24.7%

Benchmark: 17.6%

-

Financials

HRINX: 23.5%

Benchmark: 22.3%

-

Consumer Discretionary

HRINX: 15.0%

Benchmark: 11.3%

-

Health Care

HRINX: 8.8%

Benchmark: 12.7%

-

Consumer Staples

HRINX: 7.5%

Benchmark: 7.9%

-

Materials

HRINX: 6.5%

Benchmark: 6.0%

-

Information Technology

HRINX: 4.5%

Benchmark: 8.9%

-

Communication Services

HRINX: 3.9%

Benchmark: 4.9%

-

Energy

HRINX: 3.8%

Benchmark: 3.5%

-

Cash

HRINX: 1.3%

Benchmark: NaN%

-

Real Estate

HRINX: 0.8%

Benchmark: 2.0%

-

Utilities

HRINX: NaN%

Benchmark: 3.1%

HRINX: International Fund

Benchmark: MSCI EAFE (ND) Index

As of 12/31/2024

Country

International Fund %

MSCI EAFE (ND) Index %

United Kingdom
28.1
14.9
Japan
24.1
22.5
France
6.1
11.4
Denmark
5.3
2.7
Australia
4.2
7.3
Germany
4.0
9.7
Hong Kong
2.9
1.9
Switzerland
2.9
9.8
United States
2.7
--
Netherlands
2.7
4.6
Other
17.0
15.2

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.

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 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.

©2025 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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