Embark Commodity Strategy Fund
Harbor Funds II · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Embark Commodity Strategy Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks total return.
The fund gains commodity exposure by investing in commodity-linked derivative instruments, including futures contracts and swaps across agricultural products, oil, metals, and other sectors, with day-to-day management delegated to six unaffiliated subadvisers who independently select investments for their respective portfolio sleeves. Up to 25% of assets may be invested through wholly-owned Cayman Islands subsidiaries to access commodity returns within tax law limits. The fund is non-diversified and may concentrate significantly in particular sectors or commodities; because commodity futures are leveraged instruments, small price changes produce disproportionate portfolio swings, and rolling contracts into contango markets can generate losses.
| Share class | Gross | Net |
|---|---|---|
| ECSQX | 0.74% | 0.71% |
| ECSWX | 0.82% | 0.79% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 50.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 51.67% |
| Cash & short-term | 28.00% |
| Derivatives | 4.58% |
These positions come to 84.25% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×8
Largest exited: United States Treasury ×8
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +47.32% | — | — | 11.22% | — | |
| +47.17% | — | — | 11.26% | — |
These classes hold the same portfolio, so the 0.15pp spread over 1 year is the cost difference between them — roughly 0.15pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 78.2% |
| Floating rate | 19.0% |
| Fixed rate | 2.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 84.3% |
| 1-3y | 15.5% |
| 3-5y | 0.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 64% |
| Credit spreads | 36% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.10 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.15 yr | 87% |
| 1 yr | 0.02 yr | 13% |
| 5 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
10 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 14% |
| 1 yr | 0.06 yr | 62% |
| 5 yr | 0.02 yr | 25% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.15 | +0.01 | +0.00 | $4.5k | $0 |
| 1 yr | +0.02 | +0.06 | +0.00 | $19.9k | $0 |
| 5 yr | +0.00 | +0.02 | +0.00 | $8.0k | $0 |
| 10 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury0.00% · due 2026-08-13 | 12.00% | $397.81M | — |
| — | United States Treasury | 9.62% | $318.77M | — |
| — | United States Treasury0.00% · due 2026-09-17 | 6.30% | $208.82M | — |
| — | United States Treasury0.00% · due 2026-06-18 | 5.71% | $189.34M | — |
| — | United States Treasury | 3.80% | $126.08M | — |
| — | United States Treasury | 3.67% | $121.78M | — |
| — | United States Treasury0.00% · due 2026-08-06 | 2.69% | $89.13M | — |
| — | United States Treasury0.00% · due 2026-05-21 | 2.57% | $85.16M | — |
| — | United States Treasury0.00% · due 2026-10-01 | 2.52% | $83.52M | — |
| — | United States Treasury | 1.95% | $64.57M | — |
Top 10 positions are 50.82% of net assets, top 25 68.43%, across 68 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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