Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

Portfolio Characteristics (As of Quarter Ended 03/31/2019)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings691,136
Weighted Avg. Market Cap ($Mil)106,089.9794,124.66
Median Market Cap ($Mil)11,836.356,527.01
Price/Book Ratio2.172.29
Adj. Trailing P/E Ratio13.2415.59
Forecasted P/E Ratio13.2513.44
Earnings Growth Rate (%)7.7015.62
Proj. Earnings Growth Rate (%)12.5113.11
Return on Equity (%)16.8016.48
Turnover (unannualized % since 10/31)57-
Beta vs. Fund Benchmark1.06-

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

Top Ten Holdings (As of Quarter Ended 03/31/2019)

Company Name [Ticker]% of Net Assets
Tencent Holdings Ltd. [700]6.5
Samsung Electronics Co. Ltd. [005930]6.0
China Construction Bank Corp. [939]3.9
ICICI Bank Ltd. ADR [IBN]3.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.8
LUKOIL Pjsc ADR [LKOD]3.1
Sberbank of Russia PJSC ADR [SBER]2.9
Ping An Insurance Group Co. of China Ltd. [2318]2.5
Petroleo Brasileiro SA ADR [PBR.A]2.4
Itau Unibanco Holding SA ADR [ITUB]2.4
% of Total Holdings:37.3

Full Holdings (As of Quarter Ended 03/31/2019)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Tencent Holdings Ltd. [700]CN11245.995,1286.5
Samsung Electronics Co. Ltd. [005930]KR11939.444,6976.0
China Construction Bank Corp. [939]CN3,5860.863,0783.9
ICICI Bank Ltd. ADR [IBN]IN25911.462,9633.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW7240.962,9483.8
LUKOIL Pjsc ADR [LKOD]RU2789.672,4153.1
Sberbank of Russia PJSC ADR [SBER]RU17313.282,2962.9
Ping An Insurance Group Co. of China Ltd. [2318]CN17211.261,9312.5
Petroleo Brasileiro SA ADR [PBR.A]BR13414.301,9212.4
Itau Unibanco Holding SA ADR [ITUB]BR2178.811,9152.4
Alibaba Group Holding Ltd. ADR [BABA]CN10182.451,8122.3
Industrial & Commercial Bank of China Ltd. [1398]CN2,3960.731,7602.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID5,9070.291,7152.2
CNOOC Ltd. ADR [CEO]CN9185.761,6952.2
Hana Financial Group Inc. [A086790]KR4732.111,5101.9
Wuliangye Yibin Co. Ltd. [000858]CN10214.121,4391.8
Reliance Industries Ltd. [RELIANCE]IN7119.681,3901.8
Charoen Pokphand Foods PCL [CPF-F]TH1,5080.801,2121.5
Samsung Heavy Industries Co. Ltd. [A010140]KR1637.291,1911.5
China Oilfield Services Ltd. [2883]CN1,1021.081,1901.5
Want Want China Holdings Ltd. [151]CN1,4110.831,1741.5
Guangzhou R&f Properties Co. Ltd. [2777]CN5302.171,1491.5
Azul SA ADR [AZUL]BR3929.211,1281.4
Semen Indonesia Persero Tbk PT [SMGR]ID1,1070.981,0871.4
China International Travel Service Corp. Ltd. [601888]CN10210.431,0661.4
AngloGold Ashanti Ltd. ADR [AU]ZA8113.101,0561.3
Amorepacific Corp. [A090430]KR6166.441,0221.3
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1865.431,0131.3
Infosys Ltd. ADR [INFY]IN9210.931,0011.3
Anhui Conch Cement Co. Ltd. [914]CN1566.129581.2
Ping An Bank Co. Ltd. [000001]CN4991.919511.2
Galaxy Entertainment Group Ltd. [27]CN1396.829471.2
UltraTech Cement Ltd. [ULTRACEMCO]IN1657.759431.2
OTP Bank plc [OTP]HU2144.099251.2
BRF SA ADR [BRFS]BR1555.829001.1
Yum China Holdings Inc. [YUMC]CN2044.918911.1
China Merchants Bank Co. Ltd. [3968]CN1824.878871.1
China Pacific Insurance Group Co. Ltd. [2601]CN2233.938761.1
Weibo Corp. ADR [WB]CN1461.998431.1
Shoprite Holdings Ltd. [SHP]ZA7511.028231.0
Alpha Bank AE [ALPHA]GR5911.398201.0
Foschini Group Ltd. [TFG]ZA7011.357971.0
China Railway Group Ltd. [390]CN8480.917741.0
Cemex SAB de CV ADR [CX]MX1644.647611.0
POSCO [A005490]KR3223.307551.0
China Shenhua Energy Co. Ltd. [1088]CN3302.287521.0
Indiabulls Housing Finance Ltd. [IHFL]IN5912.417350.9
China Longyuan Power Group Corp. Ltd. [916]CN1,0030.706990.9
Shimao Property Holdings Ltd. [813]CN2163.136770.9
Ultrapar Participacoes SA [UGPA3]BR5612.006670.9
Yandex NV [YNDX]RU1734.345860.7
Wuxi Apptec Co. Ltd. [2359]CN4712.175690.7
MediaTek Inc. [2454]TW619.195610.7
Mmg Ltd. [1208]CN1,2760.415200.7
Jiangsu Hengrui Medicine Co. Ltd. [600276]CN539.715130.7
Ganfeng Lithium Co. Ltd. [1772]CN2521.674210.5
Thai Oil PCL [TOP-F]TH1812.193970.5
S-Oil Corp. [A010950]KR478.933160.4
Hangzhou Tigermed Consulting Co. Ltd. [300347]CN309.852950.4
Gruma SAB de CV [GRUMA B]MX2410.242490.3
Glenmark Pharmaceuticals Ltd. [GLENMARK]IN249.312200.3
United Bank Ltd. [UBL]PK1900.991880.2
Ascletis Pharma Inc. [1672]CN1820.821500.2
Alpek SAB de CV [ALPEK A]MX971.341300.2
United Microelectronics Corp. [2303]TW3400.381290.2
ICICI Prudential Life Insurance Co. Ltd. [ICICIPRULI]IN255.051240.2
Petra Diamonds Ltd. [PDL]ZA3870.25970.1
United Bank Ltd. [JPMCW1M3]PK440.99430.1
Tianhe Chemicals Group Ltd. [1619]CN2,6840.0000.0
Total76,79197.8
Cash and Other Assets Less Liabilities2.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2019)

As of Quarter Ended 03/31/2019
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials30.324.2
Energy13.78.1
Information Technology11.914.6
Consumer Staples8.76.4
Materials8.67.4
Communication Services8.412.3
Consumer Discretionary7.013.4
Industrials3.95.4
Real Estate2.33.2
Health Care2.22.6
Utilities0.92.6

Sector Returns (As of Quarter Ended 03/31/2019)

As of Quarter Ended 03/31/2019
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Real Estate35.215.6
Health Care29.13.6
Consumer Discretionary18.119.6
Energy17.812.2
Communication Services14.48.9
Information Technology13.512.8
Financials11.57.2
Consumer Staples11.15.3
Materials6.06.9
Industrials5.14.8
Utilities2.24.4
Cash-4.30.0

Country Allocation (As of Quarter Ended 03/31/2019)

As of Quarter Ended 03/31/2019
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China42.333.0
South Korea12.113.0
India9.49.2
Brazil8.37.2
Russia6.83.8
Taiwan4.611.3
Indonesia3.62.2
South Africa3.55.9
Mexico2.72.7
Thailand2.12.3
Other4.69.4

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.