Harbor International Growth Fund Institutional Class (HAIGX)

Portfolio Characteristics (As of Quarter Ended 12/31/2018)

Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings802,136
Weighted Avg. Market Cap ($Mil)36,972.3960,870.52
Median Market Cap ($Mil)14,459.287,574.73
Price/Book Ratio3.881.75
Adj. Trailing P/E Ratio25.0515.42
Forecasted P/E Ratio20.9613.01
Earnings Growth Rate (%)15.0410.83
Proj. Earnings Growth Rate (%)11.179.97
Return on Equity (%)19.0613.54
Turnover (unannualized % since 10/31)12-
Beta vs. Fund Benchmark1.05-

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

Top Ten Holdings (As of Quarter Ended 12/31/2018)

Company Name [Ticker]% of Net Assets
Naspers Ltd. [NPNJ]2.7
Hargreaves Lansdown plc [HL/]2.7
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]2.6
Alibaba Group Holding Ltd. ADR [BABA]2.4
Shiseido Co. Ltd. [4911]2.3
Cochlear Ltd. [COH]2.3
AIA Group Ltd. [1299]2.1
United Overseas Bank Ltd. [U11]2.1
MS&AD Insurance Group Holdings Inc. [8725]2.0
Novozymes AS [NZYM B]2.0
% of Total Holdings:23.2

Full Holdings (As of Quarter Ended 12/31/2018)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Naspers Ltd. [NPNJ]ZA65200.2213,0702.7
Hargreaves Lansdown plc [HL/]GB54023.5812,7282.7
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW33536.9112,3642.6
Alibaba Group Holding Ltd. ADR [BABA]CN84137.0711,4692.4
Shiseido Co. Ltd. [4911]JP17462.6310,9162.3
Cochlear Ltd. [COH]AU89122.5310,8492.3
AIA Group Ltd. [1299]HK1,1948.319,9182.1
United Overseas Bank Ltd. [U11]SG54518.099,8542.1
MS&AD Insurance Group Holdings Inc. [8725]JP34428.439,7782.0
Novozymes AS [NZYM B]DK21144.689,4122.0
Rightmove plc [RMV]GB1,6435.519,0571.9
Adidas AG [ADS]DE43208.998,9501.9
Industria de Diseno Textil SA [ITX]ES33425.528,5181.8
Asian Paints Ltd. [ASIANPAINT]IN42919.598,3961.7
Auto Trader Group plc [AUTO]GB1,3795.808,0001.7
CIE Financiere Richemont SA [RITN]CH12164.497,8261.6
Mettler-Toledo International Inc. [MTD]CH14565.587,7701.6
Schindler Holding AG [SHRQ]CH39198.557,6571.6
Clicks Group Ltd. [CLS]ZA57013.297,5781.6
Investor AB Class B [INVE B_SEK]SE16942.497,1881.5
SMC Corp. [6273]JP24301.077,1051.5
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR30240.467,1031.5
Svenska Handelsbanken AB [SHBA]SE63011.137,0091.5
ASML Holding NV [ASML]NL44156.666,8741.4
Infineon Technologies AG [IFX]DE34120.026,8321.4
Sartorius AG [SRT3]DE55124.466,8091.4
Housing Development Finance Corp. Ltd. [HDFC]IN24228.136,7951.4
Intertek Group plc [ITRK]GB10561.206,4221.3
Shopify Inc. Class A [SHOP]CA46138.456,3911.3
Legrand SA [LR]FR11256.536,3101.3
Shimano Inc. [7309]JP45140.976,3011.3
Baidu Inc. ADR [BIDU]CN39158.606,2191.3
Tsingtao Brewery Co. Ltd. [168]CN1,5184.046,1271.3
Mahindra & Mahindra Ltd. GDR [MHID]IN52511.345,9511.2
Kone OYJ [KNEBV]FI12447.745,9301.2
Treasury Wine Estates Ltd. [TWE]AU56310.435,8741.2
Public Bank BHD [PBBANK]MY9745.995,8321.2
Pigeon Corp. [7956]JP13642.655,7881.2
KAO Corp. [4452]JP7874.025,7731.2
Johnson Matthey plc [JMAT]GB16135.715,7541.2
Zalando Se [ZAL]DE21525.845,5671.2
Jeronimo Martins SGPS SA [JMT]PT44711.855,3031.1
Raia Drogasil SA [RADL3]BR35914.735,2881.1
Novo Nordisk AS [NOVOB]DK11345.935,1961.1
Kingspan Group plc [KRX]IE12142.875,1731.1
JD.Com Inc. ADR [JD]CN24520.935,1371.1
Kakaku.com Inc. [2371]JP29017.695,1261.1
Jardine Strategic Holdings Ltd. [J37]SG13836.665,0631.1
Burberry Group plc [BRBY]GB23021.965,0511.1
Spotify Technology SA [SPOT]SE44113.505,0451.1
Olympus Corp. [7733]JP16530.585,0401.1
Keyence Corp. [6861]JP10505.455,0041.0
Seek Ltd. [SEK]AU41511.934,9521.0
Advantest Corp. [6857]JP23920.464,8941.0
Fairfax Financial Holdings Ltd. [FFH]CA11440.214,8811.0
Murata Manufacturing Co. Ltd. [6981]JP33134.754,4600.9
Nidec Corp. [6594]JP38113.154,2660.9
United Spirits Ltd. [UNSP]IN4659.044,2060.9
Softbank Group Corp. [9984]JP6365.504,1460.9
Denso Corp. [6902]JP9444.274,1430.9
Homeserve plc [HSV]GB37411.054,1340.9
John Wood Group plc [WG/]GB6336.434,0740.8
Atlas Copco AB Class A [ATCOA]SE16923.864,0240.8
Jardine Matheson Holdings Ltd. [J36]SG5669.633,8710.8
Ctrip.com International Ltd. ADR [CTRP]CN14227.063,8400.8
Bechtle AG [BC8]DE4977.893,8340.8
Epiroc AB Class B [EPI B]SE4258.933,7970.8
Atlas Copco AB Class B [ATCO B]SE15621.913,4220.7
Wal-Mart de Mexico SAB de CV [WALMEX *]MX1,2552.543,1910.7
HON HAI Precision Industry Co. Ltd. GDR [HHPD]TW6734.663,1380.7
Jupiter Fund Management plc [JUP]GB8063.763,0310.6
Naver Corp. [035420]KR25109.602,6910.6
MakeMyTrip Ltd. [MMYT]IN10124.332,4570.5
Thai Beverage PCL [Y92]TH5,2820.452,3680.5
Asos plc [ASC]GB7829.032,2720.5
Sugi Holdings Co. Ltd. [7649]JP5739.522,2490.5
Weir Group plc [WEIR]GB12316.562,0440.4
Epiroc AB Class A [EPI A]SE1529.501,4430.3
U-Blox Holding AG [3BG]CH1480.471,1360.2
Puregold Price Club Inc. [PGOLD]PH3720.823040.1
Total473,75899.1
Cash and Other Assets Less Liabilities0.9
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2018)

As of Quarter Ended 12/31/2018
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Financials17.522.2
Consumer Discretionary16.110.6
Industrials15.811.7
Consumer Staples13.59.9
Information Technology11.48.0
Communication Services11.17.6
Health Care7.48.4
Materials4.97.7
Energy0.87.3
Utilities0.03.4
Real Estate0.03.4

Sector Returns (As of Quarter Ended 12/31/2018)

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Real Estate0.0-3.8
Utilities0.00.5
Cash-0.10.0
Financials-10.3-10.7
Materials-11.5-13.4
Industrials-13.6-13.6
Consumer Staples-14.6-7.3
Health Care-14.9-11.0
Information Technology-16.7-15.9
Communication Services-16.9-8.2
Consumer Discretionary-20.3-14.0
Energy-35.9-16.3

Country Allocation (As of Quarter Ended 12/31/2018)

As of Quarter Ended 12/31/2018
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Japan17.716.6
United Kingdom13.011.4
China6.88.0
Germany6.76.0
Sweden6.71.8
India5.82.4
Switzerland5.15.8
Australia4.54.7
South Africa4.31.6
Singapore3.90.9
Other25.540.8

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.