Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

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

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings691,125
Weighted Avg. Market Cap ($Mil)92,584.1378,237.73
Median Market Cap ($Mil)11,380.675,695.54
Price/Book Ratio1.952.11
Adj. Trailing P/E Ratio12.5415.37
Forecasted P/E Ratio10.2112.49
Earnings Growth Rate (%)9.2913.99
Proj. Earnings Growth Rate (%)14.2314.61
Return on Equity (%)16.6316.13
Turnover (unannualized % since 10/31)36-
Beta vs. Fund Benchmark1.07-

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
Samsung Electronics Co. Ltd. [005930]6.8
Tencent Holdings Ltd. [700]5.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]5.1
China Construction Bank Corp. [939]3.9
ICICI Bank Ltd. ADR [IBN]3.4
Industrial & Commercial Bank of China Ltd. [1398]2.7
Itau Unibanco Holding SA ADR [ITUB]2.6
LUKOIL Pjsc ADR [LKOD]2.5
Sberbank of Russia PJSC ADR [SBER]2.5
Petroleo Brasileiro SA ADR [PBR.A]2.3
% of Total Holdings:37.7

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [005930]KR15534.815,3926.8
Tencent Holdings Ltd. [700]CN11740.084,6815.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW10836.914,0035.1
China Construction Bank Corp. [939]CN3,7560.823,0763.9
ICICI Bank Ltd. ADR [IBN]IN26210.292,6963.4
Industrial & Commercial Bank of China Ltd. [1398]CN2,9880.712,1252.7
Itau Unibanco Holding SA ADR [ITUB]BR2289.142,0812.6
LUKOIL Pjsc ADR [LKOD]RU2871.612,0202.5
Sberbank of Russia PJSC ADR [SBER]RU18110.951,9842.5
Petroleo Brasileiro SA ADR [PBR.A]BR15611.591,8042.3
Hana Financial Group Inc. [A086790]KR4932.521,6022.0
Ping An Insurance Group Co. of China Ltd. [2318]CN1808.821,5882.0
Reliance Industries Ltd. [RELIANCE]IN9916.111,5882.0
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID6,1870.251,5762.0
CNOOC Ltd. ADR [CEO]CN10152.451,4571.8
Alibaba Group Holding Ltd. ADR [BABA]CN10137.071,4261.8
Amorepacific Corp. [A090430]KR6188.161,2111.5
Azul SA ADR [AZUL]BR4327.691,2001.5
Charoen Pokphand Foods PCL [CPF-F]TH1,5790.761,1931.5
Vale SA ADR [VALE]BR8913.191,1761.5
Samsung Heavy Industries Co. Ltd. [A010140]KR1716.661,1391.4
Guangzhou R&f Properties Co. Ltd. [2777]CN7511.511,1361.4
AngloGold Ashanti Ltd. ADR [AU]ZA9012.551,1301.4
China Railway Group Ltd. [390]CN1,2130.911,1051.4
Wuliangye Yibin Co. Ltd. [000858]CN1407.441,0431.3
Want Want China Holdings Ltd. [151]CN1,4780.701,0341.3
Hyundai Motor Co. [A005380]KR10106.161,0321.3
China Shenhua Energy Co. Ltd. [1088]CN4692.181,0231.3
China Oilfield Services Ltd. [2883]CN1,1540.869931.3
Sinopharm Group Co. Ltd. [1099]CN2274.219551.2
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1954.889531.2
China International Travel Service Corp. Ltd. [601888]CN1078.789401.2
Shoprite Holdings Ltd. [SHP]ZA7113.219331.2
Semen Indonesia Persero Tbk PT [SMGR]ID1,1590.809271.2
Galaxy Entertainment Group Ltd. [27]CN1466.329221.2
BRF SA ADR [BRFS]BR1625.689201.2
Infosys Ltd. ADR [INFY]IN969.529131.2
Yum China Holdings Inc. [YUMC]CN2733.539071.1
China National Building Material Co. Ltd. [3323]CN1,3120.688981.1
OTP Bank plc [OTP]HU2240.418881.1
China Merchants Bank Co. Ltd. [3968]CN2343.658561.1
Foschini Group Ltd. [TFG]ZA7411.558501.1
Cemex SAB de CV ADR [CX]MX1724.828281.0
United Microelectronics Corp. [2303]TW2,2170.368021.0
Anhui Conch Cement Co. Ltd. [914]CN1644.847931.0
Alpha Bank AE [ALPHA]GR6191.267781.0
Indiabulls Housing Finance Ltd. [IHFL]IN6212.207571.0
China Pacific Insurance Group Co. Ltd. [2601]CN2343.237551.0
Weibo Corp. ADR [WB]CN1358.437541.0
China Longyuan Power Group Corp. Ltd. [916]CN1,0500.687170.9
Shimao Property Holdings Ltd. [813]CN2262.666030.8
Mmg Ltd. [1208]CN1,3360.435740.7
Gruma SAB de CV [GRUMA B]MX4511.295100.6
Yandex NV [YNDX]RU1827.354890.6
Jiangxi Ganfeng Lithium Co. Ltd. [1772]CN2671.624320.5
Ultrapar Participacoes SA [UGPA3]BR3113.714310.5
Hangzhou Hikvision Digital Technology Co. Ltd. [002415]CN1063.774010.5
NXP Semiconductors NV [NXPI]CN573.283960.5
Thai Oil PCL [TOP-F]TH1902.033860.5
Ping An Bank Co. Ltd. [000001]CN2681.373670.5
S-Oil Corp. [A010950]KR487.233660.5
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR2215.763450.4
Wuxi Apptec Co. Ltd. [2359]CN348.682960.4
Alpek SAB de CV [ALPEK A]MX2021.222470.3
Petra Diamonds Ltd. [PDL]ZA4050.481950.2
United Bank Ltd. [UBL]PK1900.891700.2
Ascletis Pharma Inc. [1672]CN1900.811550.2
United Bank Ltd. [JPMCW1M3]PK570.88500.1
Tianhe Chemicals Group Ltd. [1619]CN2,6840.0000.0
Total77,97398.4
Cash and Other Assets Less Liabilities1.6
Total Net Assets100%

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

As of Quarter Ended 12/31/2018
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials28.124.8
Information Technology15.014.2
Energy12.78.0
Materials9.17.7
Consumer Staples8.66.7
Consumer Discretionary8.110.4
Communication Services7.514.1
Industrials4.35.5
Real Estate2.23.0
Health Care1.82.8
Utilities0.92.7

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

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Industrials9.2-3.9
Cash1.30.0
Financials-1.6-0.9
Consumer Discretionary-6.1-11.9
Materials-6.2-10.7
Energy-7.1-10.6
Communication Services-7.2-6.9
Real Estate-10.51.4
Consumer Staples-12.6-4.6
Health Care-14.1-16.2
Utilities-17.23.6
Information Technology-18.7-15.4

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

As of Quarter Ended 12/31/2018
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China40.930.4
South Korea13.613.8
Brazil10.07.5
India7.59.4
Taiwan6.111.4
Russia5.73.7
South Africa3.96.2
Mexico3.22.8
Indonesia3.22.3
Thailand2.02.4
Other3.910.1

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 Emerging Markets (ND) Index is a market capitalization weighted index of equity securities in more than 20 emerging market economies. This unmanaged index does not reflect fees and expenses and is not available for direct investment.