Irrational Capital Announces Annual Recast of Human Capital Factor® Large Cap Index

2025 Defined by Expansion of AI Within the Workplace

The Human Capital Factor® Elites – Recognition of 14 Companies That Have Consistently Been Named to the Index Since Inception

West Conshohocken, PA — February 18, 2026 Irrational Capital, an investment research firm pioneering the connection between strong human capital management practices and future equity value, announced today the annual recast of its proprietary Human Capital Factor® (HCF) Index.

The HCF identifies and scores companies on their management of and relationship with their human capital based on proprietary data and research, creating a systematic and quantified link between the workforce and potential equity performance. HCF indices and research underpin exchange traded funds in the US and Canada as well as provide signal information and portfolio screening tools for asset managers and asset owners globally. By deeply understanding company culture and intrinsic employee motivation, Irrational Capital transforms these insights into investment strategies for its partners.

“The annual recast of the HCF Indexes, including HCF Large Cap, highlights the companies that clearly recognize the link between workforce sentiment and equity performance,” said David van Adelsberg, Founder and CEO of Irrational Capital. “This year’s data again shows that companies which equip their teams and build the right kind of relationships evolve, as opposed to stifle, the emergence of change. These well positioned companies are expected to continue to be positioned for strong future equity performance. The data also confirms that these themes will be particularly important as the already rapid adoption of AI continues to accelerate.”

This year’s recast includes the following highlights:

1. Once again, innovation is leading the way.... For the second year in a row, there is a significant increase in HCF scores for Innovation, with the data showing the highest levels seen in years.

   
   

2. ...But not without trust. Artificial intelligence has been the engine behind the growth in Innovation. Yet, if AI is the engine, trust has emerged as the North Star. Employees are happy to lean in and contribute if they believe in the direction of the company’s aspirations and understand the plans for arriving at that destination.

   
   

3. HCF Index all stars. There are 14 companies who have consistently been named to the HCF Index since inception - The Human Capital Factor® Elites. These companies span a wide range of industries including consumer services, energy, finance, healthcare, industrials, and technology further emphasizing the broad nature of the HCF’s reach.

The Human Capital Factor Large Cap Index is tracked by NYSE: HAPI, an exchange-traded fund by Harbor Capital Advisors. As of Feb 18, 2026, the ETF was awarded a 5-star overall rating from Morningstar (beginning October 2025) within its Large Cap Blend category.

In addition to our HCF Large Cap Index, Irrational Capital can bring its proprietary HCF insights to the individual company level through its Investment Ratings business, helping companies to unlock value creation and drive returns.

For more information on the HCF Index or Ratings, visit www.irrational.capital or send us an email at info@irrational.capital.

Important Disclosures: Irrational Capital is an index provider and investment research firm. Irrational Capital does not sponsor, manage, distribute, or sell any exchange-traded fund or other investment product. ETFs and other investment products that seek to track Irrational Capital indices are sponsored and managed by unaffiliated third parties. Any investment decision regarding such products should be based solely on the information contained in each product's prospectus or offering documents.

Index performance data presented herein is hypothetical and backtested for periods prior to the index's live calculation date. Backtested performance is calculated by retroactively applying the index methodology to historical data. Backtested performance is not actual performance and has inherent limitations, including that it reflects the benefit of hindsight. Past performance, whether actual or backtested, is not indicative of future results. Investors cannot invest directly in an index. Index returns do not reflect the payment of any sales charges, fees, or expenses an investor may pay to purchase securities underlying the index or investment products designed to track the index. The imposition of these fees and charges would cause actual and backtested performance to be lower than the performance shown.

This press release contains forward-looking statements based on current expectations regarding future events and market conditions. Such statements are subject to risks and uncertainties, and actual results may differ materially. Nothing in this press release constitutes investment advice or a recommendation to buy, sell, or hold any security.

About Irrational Capital: Irrational Capital is an investment research firm that applies workplace behavioral science, financial acumen and data science to quantify the impact of corporate culture and employee motivation on potential future equity performance. Through cutting edge research on large, proprietary and public data sets, Irrational Capital works with partners to provide access to investment strategies offering exposure to the Human Capital Factor, a systematic, quantitative and investment factor which is designed to link workplace environments/culture with positive-future equity returns. Through their HCF ratings system, Irrational Capital enables both public and private companies to connect their human capital performance to future equity/enterprise value. Irrational Capital was founded in 2018 and is headquartered outside of Philadelphia, Pennsylvania.