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Financial Times: 'Corporate culture ETFs aim to gain from happier employees'

Chris Flood profiles ETFs based on Irrational Capital's Human Capital Factor in a May 5, 2023 article in the Financial Times.

“New investment factors don’t come along very often. Human capital felt like the missing piece of a jigsaw,” said Gleich.
Despite the divergent returns from the ETFs in Harbor Capital’s corporate culture offering, JPMorgan’s quantitative analysts have also identified Irrational Capital’s work as a potential source of alpha — market beating returns.
“The Human Capital Factor exhibits noteworthy long-term outperformance versus the [US equity] market,” wrote Ayub Hanif, an analyst at JPMorgan, in a research note in November.

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ETF HAPI Is Outperforming the S&P 500 (

Lucy Brewster, reports that Harbor Capital Advisors, Inc. US Large Cap ETF (ticker: HAPI), based on Irrational Capital 's Human Capital Factor, rose 12.3% in the first quarter of 2024, beating


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