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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.75

$27.6 M

2.65%

$0.29

1.08%

Vitals

YTD Return

2.5%

1 yr return

13.6%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

7.2%

Net Assets

$27.6 M

Holdings in Top 10

17.4%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.08%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 50.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.75

$27.6 M

2.65%

$0.29

1.08%

HACSX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 7.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.06%
DIVIDENDS
  • Dividend Yield 2.7%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Harbor Convertible Securities Fund
  • Fund Family Name
    Harbor
  • Inception Date
    May 01, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Shenkman

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of convertible securities.Convertible securities are “hybrid” securities that possess both fixed income and equity characteristics. These convertible securities include corporate bonds; and preferred stocks that are convertible into common stock or its equivalent value. A convertible security generally performs more like a common stock when the price of the underlying stock is closer to or above the conversion price because it is more likely that the convertible security will be converted into stock. A convertible security generally performs more like a bond when the price of the underlying stock is well below the conversion price because it is more likely that the convertible security will mature without being converted. While the Fund has broad discretion to invest in all types of convertible securities, the Fund primarily invests in convertible bonds, which may be unrated, or may have ratings assigned by credit rating agencies, including below investment-grade ratings (known as “junk bonds”). To assess the quality of unrated securities, the Subadviser evaluates an issuer’s probability of default using a proprietary default probability model that considers multiple variables, including capital structure of the firm, asset volatility, and annual cash outflows of interest and dividend payments. The Fund invests primarily in U.S. dollar denominated securities, including those of foreign issuers; however, the Fund may invest in securities denominated in other currencies.The Subadvisor follows a structured investment process based on the testing of investment hypotheses using historical data. The Subadvisor’s investment process utilizes proprietary quantitative models to produce investment recommendations. The Subadvisor’s portfolio management team retains discretion with respect to all investment decisions. The Subadvisor generates proprietary insights based on its experience and reasoned intuition to form an investment hypothesis. Insights are a means to express isolated drivers of returns that the Subadvisor believes are likely to generate excess returns over time.Using historical market data, the Subadvisor back-tests each investment hypothesis to determine whether actual observations appear consistent with the hypothesis over time. Insights are weighted in the Subadvisor’s models according to their deemed strength in predicting returns, as determined by the Subadvisor through this testing process. In managing the Fund, the Subadvisor will rely on insights that seek to target company specific risk, which form the basis of security selection decisions and assess metrics such as company strength, company outlook, and valuation. The Subadvisor’s models consider data from multiple sources, including issuer specific information such as company cash flow, default risk, earnings expectations, and price volatility.As part of its investment process with respect to each portfolio investment, the Subadvisor considers environmental, social and governance (“ESG”) factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.The Subadvisor expects that the majority of the Fund’s total returns will be generated from security selection of convertible securities. The Subadvisor’s optimization process seeks to maximize total returns while minimizing expected risk and transaction costs. The Subadvisor measures risk at the portfolio level and on each instrument. The Subadvisor conducts performance measurement and risk analysis to seek to validate the accuracy of the investment process with the aim of achieving continuous improvement over time.Duration/Maturity: Although duration may be one of the characteristics considered in security selection, the Fund does not focus on securities with any particular duration or maturity and does not seek to maintain the maturity of the Fund’s portfolio in any particular range.Credit Quality: The Fund invests primarily in convertible securities, which may be unrated, or may have ratings assigned by credit rating agencies, including below investment-grade ratings. The Subadvisor does not target a given weighted average portfolio quality; this varies from time to time, depending on the level of assets allocated to such securities.
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HACSX - Performance

Return Ranking - Trailing

Period HACSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -3.6% 4.4% 37.80%
1 Yr 13.6% -9.9% 14.8% 8.54%
3 Yr -0.9%* -16.8% 1.9% 35.80%
5 Yr 7.2%* -6.3% 12.0% 75.32%
10 Yr 5.7%* -1.0% 10.0% 78.69%

* Annualized

Return Ranking - Calendar

Period HACSX Return Category Return Low Category Return High Rank in Category (%)
2023 6.9% -7.7% 13.1% 42.86%
2022 -15.9% -37.8% -9.7% 20.48%
2021 -10.5% -18.9% 2.4% 38.55%
2020 19.9% 5.8% 54.0% 83.54%
2019 13.6% 9.9% 24.4% 89.87%

Total Return Ranking - Trailing

Period HACSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -3.6% 4.4% 37.80%
1 Yr 13.6% -9.9% 14.8% 8.54%
3 Yr -0.9%* -16.8% 1.9% 35.80%
5 Yr 7.2%* -6.3% 12.0% 75.32%
10 Yr 5.7%* -1.0% 10.0% 78.69%

* Annualized

Total Return Ranking - Calendar

Period HACSX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -7.7% 15.3% 23.81%
2022 -15.3% -37.8% -9.7% 21.69%
2021 2.5% -12.2% 11.3% 65.06%
2020 31.9% 5.8% 64.4% 77.22%
2019 18.1% 12.2% 28.7% 87.34%

NAV & Total Return History


HACSX - Holdings

Concentration Analysis

HACSX Category Low Category High HACSX % Rank
Net Assets 27.6 M 20.2 M 4.43 B 94.19%
Number of Holdings 123 40 381 38.37%
Net Assets in Top 10 4.58 M 4.58 M 632 M 98.84%
Weighting of Top 10 17.37% 9.5% 50.5% 94.19%

Top 10 Holdings

  1. Palo Alto Networks Inc 2.78%
  2. Wells Fargo Co 2.20%
  3. Helix Energy Solutions Group Inc 1.78%
  4. Pegasystems Inc 1.74%
  5. Airbnb Inc 1.64%
  6. Welltower OP LLC 1.56%
  7. Coinbase Global Inc 1.44%
  8. DraftKings Holdings Inc 1.43%
  9. DISH Network Corp 1.40%
  10. Royal Caribbean Cruises Ltd 1.39%

Asset Allocation

Weighting Return Low Return High HACSX % Rank
Convertible Bonds
99.72% 33.22% 110.54% 4.65%
Bonds
89.65% 0.00% 141.12% 59.30%
Preferred Stocks
7.13% 0.00% 22.50% 29.07%
Cash
3.22% -78.94% 18.48% 59.30%
Stocks
0.00% 0.00% 23.09% 90.70%
Other
0.00% -17.11% 0.97% 80.23%

Bond Sector Breakdown

Weighting Return Low Return High HACSX % Rank
Corporate
99.72% 91.11% 100.00% 20.93%
Derivative
0.00% -0.03% 0.94% 68.60%
Cash & Equivalents
0.00% 0.00% 18.32% 98.84%
Securitized
0.00% 0.00% 0.00% 87.21%
Municipal
0.00% 0.00% 0.00% 87.21%
Government
0.00% 0.00% 2.94% 88.37%

Bond Geographic Breakdown

Weighting Return Low Return High HACSX % Rank
US
89.65% 0.00% 141.12% 43.02%
Non US
0.00% 0.00% 18.83% 87.21%

HACSX - Expenses

Operational Fees

HACSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.08% 0.20% 3.16% 55.81%
Management Fee 0.50% 0.20% 1.23% 12.94%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

HACSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HACSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 100.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HACSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 50.00% 30.00% 154.00% 36.84%

HACSX - Distributions

Dividend Yield Analysis

HACSX Category Low Category High HACSX % Rank
Dividend Yield 2.65% 0.00% 13.84% 16.28%

Dividend Distribution Analysis

HACSX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Monthly Quarterly

Net Income Ratio Analysis

HACSX Category Low Category High HACSX % Rank
Net Income Ratio 0.06% -3.72% 10.32% 71.76%

Capital Gain Distribution Analysis

HACSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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HACSX - Fund Manager Analysis

Managers

Mark Shenkman


Start Date

Tenure

Tenure Rank

May 02, 2011

11.09

11.1%

Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985. With 46 years of investment experience, and 38 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. Prior to founding Shenkman in 1985, Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and an equity portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is Chairman of the Board of Directors of the UCONN Foundation. He is a member of the Board of Trustees at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and he currently serves on the College of William and Mary, Mason School of Business Board of Advisors. He is also on the Board of Directors of the Hillel Foundation in Washington D.C. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007).

Jordan Barrow


Start Date

Tenure

Tenure Rank

Mar 01, 2016

6.25

6.3%

Jordan Barrow joined Shenkman Capital in 2004.  He has over 16 years of leveraged finance investing experience and has been a portfolio manager since 2011.  Mr. Barrow has experience managing portfolios for the firm’s High Yield, Short Duration, and Convertible strategies.  He started his career as a high yield research analyst specializing in Healthcare and has also covered Retail, Technology and Service Industries.  In 2010, Mr. Barrow was instrumental in launching the firm’s Short Duration High Yield Strategy. He was also key in the launches of the Global Convertible and Investment Grade Convertible Strategies, in 2015 and 2014, respectively.  Mr. Barrow is a member of Shenkman Capital’s Risk Committee and currently serves on the board of the Friends of Mount Sinai Health System.  Mr. Barrow received a BA degree in Economics and International Relations from the University of Pennsylvania.  In addition, he is a CFA charterholder (2007).

Justin Slatky


Start Date

Tenure

Tenure Rank

Mar 01, 2017

5.25

5.3%

Justin W. Slatky joined Shenkman Capital in 2011. He has 21 years of investing experience in high yield and distressed securities. Prior to joining Shenkman Capital, Mr. Slatky was Co-Head and Managing Director of the Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining the distressed bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 1999, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated magna cum laude with a BS in Economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.

Thomas Whitley


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

Tom Whitley joined Shenkman Capital in 2008. He has over 13 years of research experience covering various industries, including the healthcare sector.  He has been a member of the convertible team since 2012. Mr. Whitley previously worked as an Equity Research Assistant at Chapdelaine Institutional Equities and as an Associate at Moody's Investors Service. Mr. Whitley received a BS in Business Administration from Villanova University. He is a CFA charterholder (2011).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.12 7.42