Harbor International Growth Fund Institutional Class (HAIGX)

Portfolio Characteristics (As of Quarter Ended 09/30/2017)

Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings841,859
Weighted Avg. Market Cap ($Mil)48,614.1067,839.32
Median Market Cap ($Mil)14,200.388,602.05
Price/Book Ratio4.452.04
Adj. Trailing P/E Ratio26.1217.55
Forecasted P/E Ratio22.7615.29
Earnings Growth Rate (%)11.606.47
Proj. Earnings Growth Rate (%)16.9013.71
Return on Equity (%)16.1512.05
Turnover (unannualized % since 10/31)11-
Beta vs. Fund Benchmark0.97-

For definitions of the portfolio characteristics, visit our Financial Glossary.

Top Ten Holdings (As of Quarter Ended 09/30/2017)

Company Name [Ticker]% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]2.6
Naspers Ltd. [NPN]2.5
Hargreaves Lansdown plc [HL.]2.2
Cochlear Ltd. [COH]2.0
Novo Nordisk AS [NOVOB]2.0
Baidu Inc. ADR [BIDU]2.0
MS&AD Insurance Group Holdings Inc. [8725]2.0
Zalando Se [ZAL]2.0
Mettler-Toledo International Inc. [MTD]2.0
Alibaba Group Holding Ltd. ADR [BABA]1.9
% of Total Holdings:21.2

Full Holdings (As of Quarter Ended 09/30/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW27137.5510,1872.6
Naspers Ltd. [NPN]ZA45216.179,8212.5
Hargreaves Lansdown plc [HL.]GB42419.848,4082.2
Cochlear Ltd. [COH]AU64125.087,9632.0
Novo Nordisk AS [NOVOB]DK16348.087,8552.0
Baidu Inc. ADR [BIDU]CN31247.697,6932.0
MS&AD Insurance Group Holdings Inc. [8725]JP23732.237,6252.0
Zalando Se [ZAL]DE15150.197,6002.0
Mettler-Toledo International Inc. [MTD]CH12626.167,5972.0
Alibaba Group Holding Ltd. ADR [BABA]CN44172.717,5721.9
KAO Corp. [4452]JP12858.877,5531.9
Japan Exchange Group Inc. [8697]JP41917.717,4151.9
Samsung Electronics Co. Ltd. [005930]KR32250.227,2641.9
Adidas AG [ADS]DE32226.477,2201.9
Svenska Handelsbanken AB [SHBA]SE45615.116,8841.8
United Overseas Bank Ltd. [U11]SG37717.376,5471.7
Rightmove plc [RMV]GB11954.236,4711.7
Novozymes AS [NZYM B]DK12051.376,1441.6
Carlsberg AS [CARL B]DK56109.736,1201.6
SMC Corp. [6273]JP17353.366,1131.6
Atlas Copco AB Class B [ATCOB]SE15638.856,0661.6
Investor AB [INVE B_SEK]SE12249.476,0371.6
Schindler Holding AG [SCHP]CH27221.006,0251.6
Shiseido Co. Ltd. [4911]JP14640.025,8311.5
Legrand SA [LR]FR8072.175,7941.5
Asos plc [ASC]GB7179.885,7021.5
Nestlé SA [NESN]CH6783.945,5951.4
Industria de Diseno Textil SA [ITX]ES14637.705,4891.4
Ctrip.com International Ltd. ADR [CTRP]CN10152.745,3261.4
Johnson Matthey plc [JMAT]GB11545.865,2531.4
Auto Trader Group plc [AUTO]GB9935.265,2221.3
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR21245.065,2191.3
Intertek Group plc [ITRK]GB7566.845,0271.3
CIE Financiere Richemont SA [CFR]CH5391.544,8831.3
Kone OYJ [KNEBV]FI9053.014,7741.2
Clicks Group Ltd. [CLS]ZA40911.654,7691.2
Pigeon Corp. [7956]JP13934.194,7421.2
Jeronimo Martins SGPS SA [JMT]PT23319.744,6031.2
Infineon Technologies AG [IFX]DE17425.214,3821.1
Shimano Inc. [7309]JP33133.224,3431.1
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW6197.004,3341.1
Unilever plc [ULVR]GB7457.884,3051.1
Jardine Matheson Holdings Ltd. [J36]SG6863.424,2871.1
Tsingtao Brewery Co. Ltd. [168]CN1,1143.844,2811.1
Treasury Wine Estates Ltd. [TWE]AU39810.764,2781.1
Fairfax Financial Holdings Ltd. [FFH]CA8520.404,2211.1
Jupiter Fund Management plc [JUP]GB5697.414,2131.1
Mahindra & Mahindra Ltd. GDR [MHID]IN21719.324,1871.1
Raia Drogasil SA [RADL3]BR17423.684,1111.1
Seek Ltd. [SEK]AU31113.064,0541.0
Olympus Corp. [7733]JP11733.893,9681.0
Burberry Group plc [BRBY]GB16623.613,9091.0
JD.Com Inc. ADR [JD]CN10138.203,8541.0
Brambles Ltd. [BXB]AU5327.083,7691.0
Capita plc [CPI1]GB4927.573,7191.0
Suruga Bank Ltd. [8358]JP16721.583,5970.9
Rakuten Inc. [4755]JP32710.923,5690.9
Delta Electronics Inc. [2308]TW6805.163,5080.9
AIA Group Ltd. [1299]HK4707.403,4810.9
Asian Paints Ltd. [ASIANPAINT]IN20017.343,4610.9
Denso Corp. [6902]JP6750.613,4110.9
Kakaku.com Inc. [2371]JP26512.763,3820.9
Swatch Group AG [UHR]CH8416.723,3720.9
Atlas Copco AB Class A [ATCOA]SE7342.423,1130.8
Distribuidora Internacional de Alimentacion SA [DIA]ES5065.842,9550.8
Thai Beverage PCL [Y92]TH3,9740.662,6400.7
Magnit PJSC GDR [MGNT]RU5940.942,4320.6
Advantest Corp. [6857]JP12818.752,4090.6
Shopify Inc. [SHOP]CA20116.492,3790.6
Public Bank BHD [PBBANK]MY4814.842,3310.6
John Wood Group plc [WG/]GB2519.132,2890.6
Naver Corp. [A035420]KR4652.432,2840.6
Sugi Holdings Co. Ltd. [7649]JP4153.232,1770.6
Wal-Mart de Mexico SAB de CV [WALMEX *]MX9352.292,1400.6
Weir Group plc [WEIR]GB7826.322,0610.5
Cafe de Coral Holdings Ltd. [341]HK6603.122,0570.5
Puregold Price Club Inc. [PGOLD]PH1,8801.031,9300.5
Jardine Strategic Holdings Ltd. [J37]SG4343.251,8600.5
Sartorius AG [SRT3]DE1995.691,8050.5
MakeMyTrip Ltd. [MMYT]IN5628.751,5980.4
Imagination Technologies Group plc [IMG]GB6492.251,4610.4
Pax Global Technology Ltd. [327]CN1,9450.531,0360.3
Mesoblast Ltd. [MSB]AU2971.083200.1
Total385,68299.8
Cash and Other Assets Less Liabilities0.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary19.611.3
Consumer Staples18.19.6
Information Technology17.911.2
Financials17.023.3
Industrials14.611.8
Health Care7.67.9
Materials3.87.8
Energy0.66.6
Utilities0.03.1
Real Estate0.03.2
Telecommunication Services0.04.2

Sector Returns (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Materials14.610.8
Energy11.412.9
Information Technology8.510.0
Industrials5.65.6
Health Care4.11.0
Consumer Discretionary4.17.0
Financials4.06.2
Consumer Staples2.71.2
Cash0.00.0
Real Estate0.06.2
Telecommunication Services0.02.5
Utilities0.04.6

Country Allocation (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Japan17.015.9
United Kingdom14.912.7
China7.77.1
Switzerland7.15.7
Sweden5.72.0
Germany5.46.8
Australia5.24.4
Denmark5.21.3
Taiwan4.62.8
South Korea3.83.6
Other23.437.7

This information should not be considered as a recommendation to purchase or sell a particular security and the holdings, sectors or countries mentioned may change at any time and may not represent current or future investments.

The MSCI All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.