Harbor International Compounders ETF

OSEA

Market cap $468M

Harbor International Compounders ETF returned -5.30% (NAV), underperforming the benchmark, the MSCI All Country World ex-US Index, which returned -0.71%. Relative performance was impacted by underexposure to the memory-led rally, as the ETF's technology exposure is skewed toward high-quality, long-duration enablers of AI. HDFC Bank shares detracted after a chairman's resignation and energy-driven market declines, despite healthy deposit growth and asset quality remaining best-in-class.

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During the fourth quarter, the Harbor International Compounders ETF (Institutional Class, “ETF”) returned 3.80% (NAV), underperforming the benchmark, the MSCI All Country World ex-US Index, which returned 5.05%. Prosus, RELX, and Linde detracted the most. Key contributors to performance in the quarter were AstraZeneca and SSE. During the quarter, we purchased Contemporary Amperex Technology, MercadoLibre, Rheinmetall, Tesco, and added further to Prosus.

During the third quarter, the Harbor International Compounders ETF returned 1.03% (NAV), underperforming the benchmark, the MSCI All Country World ex-US Index, which returned 6.89%. During the quarter, we sold Epiroc and reduced our investment in Ferguson, while adding Prosus. Today, economic growth and equity market leadership is very narrow, relying on the few.

CHICAGO--(BUSINESS WIRE)--Harbor Capital Advisors, Inc. ("Harbor"), the asset manager that curates a select suite of predominantly actively managed ETFs, mutual funds, and collective investment trusts, celebrates three years since launching the Harbor International Compounders ETF (OSEA). “We began our partnership with C WorldWide over three years ago, culminating with the launch of OSEA. We are steadfast in our belief there is a critical role in portfolios for international markets exposure an.

During the first quarter, the Harbor International Compounders ETF (“Fund”) returned 1.47% (at NAV), underperforming its benchmark, the MSCI All Country World ex-US Index, which returned 5.23%. Stock selection within Financials, Health Care, and Industrials detracted the most from relative results. Stock selection within Materials, Consumer Discretionary, and Information Technology were additive to relative results during the period.

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