Harbor Small Cap Value Fund Institutional Class (HASCX)

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

Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings601,387
Weighted Avg. Market Cap ($Mil)3,353.771,816.53
Median Market Cap ($Mil)2,477.19607.42
Price/Book Ratio2.201.36
Adj. Trailing P/E Ratio17.8015.32
Forecasted P/E Ratio13.9012.96
Earnings Growth Rate (%)9.487.24
Proj. Earnings Growth Rate (%)12.0112.12
Return on Equity (%)9.567.37
Turnover (unannualized % since 10/31)5-
Beta vs. Fund Benchmark0.89-

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
Hexcel Corp. [HXL]3.4
Teledyne Technologies Inc. [TDY]3.0
Firstcash Inc. [FCFS]2.8
EnerSys [ENS]2.6
Reinsurance Group of America Inc. [RGA]2.6
Cabot Microelectronics Corp. [CCMP]2.5
Darling Ingredients Inc. [DAR]2.3
Littelfuse Inc. [LFUS]2.2
Franklin Electric Co. Inc. [FELE]2.2
Albany International Corp. [AIN]2.2
% of Total Holdings:25.8

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Hexcel Corp. [HXL]US68757.3439,4133.4
Teledyne Technologies Inc. [TDY]US172207.0735,6723.0
Firstcash Inc. [FCFS]US45972.3533,2052.8
EnerSys [ENS]US40077.6131,0352.6
Reinsurance Group of America Inc. [RGA]US215140.2330,1622.6
Cabot Microelectronics Corp. [CCMP]US31295.3529,7592.5
Darling Ingredients Inc. [DAR]US1,42519.2427,4222.3
Littelfuse Inc. [LFUS]US154171.4826,3712.2
Franklin Electric Co. Inc. [FELE]US60542.8825,9382.2
Albany International Corp. [AIN]US41362.4325,7982.2
Monolithic Power Systems Inc. [MPWR]US220116.2525,5582.2
Snap-on Inc. [SNA]US174145.2925,2202.1
OSI Systems Inc. [OSIS]US34273.3025,1002.1
EastGroup Properties Inc. [EGP]US26191.7323,9442.0
GATX Corp. [GATX]US33770.8123,8832.0
Catalent Inc. [CTLT]US76131.1823,7172.0
Raymond James Financial Inc. [RJF]US31074.4123,0732.0
United Fire Group Inc. [UFCS]US41255.4522,8511.9
Wolverine World Wide Inc. [WWW]US70131.8922,3441.9
ManTech International Corp. [MANT]US41952.3021,9361.9
FLIR Systems Inc. [FLIR]US50043.5421,7891.9
Entegris Inc. [ENTG]US77727.9021,6841.8
Molina Healthcare Inc. [MOH]US179116.2220,7921.8
Meritage Homes Corp. [MTH]US56336.7220,6651.8
Sanmina Corp. [SANM]US85324.0620,5221.7
Timken Co. [TKR]US53237.3219,8711.7
Mueller Water Products Inc. [MWA]US2,1829.1019,8561.7
Casella Waste Systems Inc. [CWST]US67828.4919,3151.6
FormFactor Inc. [FORM]US1,33214.0918,7721.6
Pebblebrook Hotel Trust [PEB]US65328.3118,4851.6
United Bankshares Inc. [UBSI]US58131.1118,0651.5
Mednax Inc. [MD]US54333.0017,9121.5
Trustmark Corp. [TRMK]US62228.4317,6771.5
American Equity Investment Life Holding Co. [AEL]US62927.9417,5741.5
Moog Inc. [MOG.A]US22677.4817,5081.5
Wesbanco Inc. [WSBC]US47736.6917,4851.5
Heartland Financial USA Inc. [HTLF]US38743.9517,0111.4
Cadence Bancorp [CADE]US1,00716.7816,9011.4
Medical Properties Trust Inc. [MPW]US1,03016.0816,5651.4
Scotts Miracle-Gro Co. [SMG]US26961.4616,5411.4
South Jersey Industries Inc. [SJI]US56527.8015,7191.3
Steelcase Inc. [SCS]US99614.8314,7641.3
Cabot Corp. [CBT]US34142.9414,6371.2
Coherent Inc. [COHR]US136105.7114,3871.2
Anixter International Inc. [AXE]US26054.3114,0991.2
Altra Industrial Motion Corp. [AIMCV]US55425.1513,9411.2
Horace Mann Educators Corp. [HMN]US37137.4513,8931.2
Stifel Financial Corp. [SF]US31141.4212,8751.1
Pdc Energy Inc. [PDCE]US42729.7612,7111.1
Enterprise Financial Services Corp. [EFSC]US30437.6311,4331.0
Core Laboratories NV [CLB]NL18859.6611,2441.0
Eaton Vance Corp. [EV]US31135.1810,9420.9
Advanced Energy Industries Inc. [AEIS]US24342.9310,4370.9
Welbilt Inc. [WBT]US91611.1110,1730.9
Triumph Group Inc. [TGI]US87611.5010,0780.9
Oil States International Inc. [OIS]US61114.288,7310.7
Whiting Petroleum Corp. [WLL]US36422.698,2580.7
Sterling Bancorp [STL]US49216.518,1160.7
State Auto Financial Corp. [STFC]US21634.047,3460.6
United Natural Foods Inc. [UNFI]US43810.594,6380.4
Total1,145,81397.2
Cash and Other Assets Less Liabilities2.8
Total Net Assets100%

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

As of Quarter Ended 12/31/2018
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Industrials28.311.8
Financials23.729.5
Information Technology21.310.7
Health Care5.34.3
Real Estate5.011.8
Consumer Discretionary3.79.4
Energy3.55.4
Consumer Staples2.72.6
Materials2.74.1
Utilities1.37.3
Communication Services0.03.1

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

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Cash0.60.0
Communication Services0.0-18.7
Real Estate-6.9-14.7
Consumer Discretionary-13.5-19.0
Information Technology-14.1-14.7
Financials-16.4-15.7
Industrials-20.1-19.7
Utilities-20.4-2.3
Consumer Staples-21.1-14.2
Materials-26.2-27.3
Health Care-27.8-29.5
Energy-50.2-41.2

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 Russell 2000® Value Index is an unmanaged index representing the smallest 2000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Value Index and Russell® are trademarks of Frank Russell Company.