Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

Portfolio Characteristics (As of Quarter Ended 09/30/2019)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings721,202
Weighted Avg. Market Cap ($Mil)88,954.6288,086.48
Median Market Cap ($Mil)11,540.936,067.71
Price/Book Ratio2.072.34
Adj. Trailing P/E Ratio13.0315.36
Forecasted P/E Ratio12.6813.91
Earnings Growth Rate (%)8.4914.73
Proj. Earnings Growth Rate (%)14.4011.20
Return on Equity (%)16.5516.43
Turnover (unannualized % since 10/31)46-
Beta vs. Fund Benchmark1.03-

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

Top Ten Holdings (As of Quarter Ended 09/30/2019)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]5.6
Tencent Holdings Ltd. [700]5.3
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.9
Ping An Insurance Group Co. of China Ltd. [2318]3.5
LUKOIL Pjsc ADR [LKOD]3.3
China Construction Bank Corp. [939]3.0
ICICI Bank Ltd. ADR [IBN]3.0
Petroleo Brasileiro SA ADR [PBR.A]2.6
Sberbank of Russia PJSC ADR [SBER]2.5
Reliance Industries Ltd. [RELIANCE]2.2
% of Total Holdings:35.9

Full Holdings (As of Quarter Ended 09/30/2019)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [005930]KR13040.945,3265.6
Tencent Holdings Ltd. [700]CN12141.835,0655.3
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW10046.484,6454.9
Ping An Insurance Group Co. of China Ltd. [2318]CN28711.493,2993.5
LUKOIL Pjsc ADR [LKOD]RU3982.603,1983.3
China Construction Bank Corp. [939]CN3,7920.762,8893.0
ICICI Bank Ltd. ADR [IBN]IN23412.182,8463.0
Petroleo Brasileiro SA ADR [PBR.A]BR18713.142,4522.6
Sberbank of Russia PJSC ADR [SBER]RU16714.182,3672.5
Reliance Industries Ltd. [RELIANCE]IN11218.842,1162.2
Itau Unibanco Holding SA ADR [ITUB]BR2378.411,9932.1
CNOOC Ltd. ADR [CEO]CN13152.251,9292.0
MediaTek Inc. [2454]TW15911.901,8922.0
China International Travel Service Corp. Ltd. [601888]CN14213.041,8531.9
BRF SA ADR [BRFS]BR2009.161,8331.9
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID6,2470.291,8141.9
Charoen Pokphand Foods PCL [CPF-F]TH1,9670.861,6891.8
Industrial & Commercial Bank of China Ltd. [1398]CN2,4700.671,6551.7
AngloGold Ashanti Ltd. ADR [AU]ZA8718.271,5971.7
Infosys Ltd. ADR [INFY]IN12711.371,4451.5
Hana Financial Group Inc. [A086790]KR4829.441,4271.5
SK Hynix Inc. [A000660]KR2168.681,4221.5
China Oilfield Services Ltd. [2883]CN1,1861.201,4181.5
Want Want China Holdings Ltd. [151]KY1,7620.801,4071.5
UltraTech Cement Ltd. [ULTRACEMCO]IN2361.351,3911.5
Anhui Conch Cement Co. Ltd. [914]CN2185.931,2911.4
MTN Group Ltd. [MTN]ZA2006.361,2751.3
Semen Indonesia Persero Tbk PT [SMGR]ID1,5370.811,2491.3
Azul SA ADR [AZUL]BR3535.821,2491.3
Galaxy Entertainment Group Ltd. [27]CN1936.201,1971.3
Guangzhou R&f Properties Co. Ltd. [2777]CN7351.511,1131.2
Samsung Heavy Industries Co. Ltd. [A010140]KR1686.581,1071.2
Alpha Bank AE [ALPHA]GR5761.871,0771.1
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1975.391,0631.1
Foschini Group Ltd. [TFG]ZA9810.801,0541.1
Petroleo Brasileiro SA ADR [PBR]BR7214.471,0451.1
Wuxi Apptec Co. Ltd. [2359]CN9110.929921.0
OTP Bank plc [OTP]HU2341.669531.0
China Merchants Bank Co. Ltd. [3968]CN1984.769441.0
Geely Automobile Holdings Ltd. [175]CN5451.709261.0
Shimao Property Holdings Ltd. [813]CN3162.929241.0
Ping An Bank Co. Ltd. [000001]CN4192.199171.0
Cemex SAB de CV ADR [CX]MX2283.928930.9
POSCO [A005490]KR5189.568900.9
Wuliangye Yibin Co. Ltd. [000858]CN4818.208750.9
Budweiser Brewing Co. Apac Ltd. [1876]KY2433.598710.9
Shoprite Holdings Ltd. [SHP]ZA1048.108400.9
China Shenhua Energy Co. Ltd. [1088]CN3592.017200.8
China Railway Group Ltd. [390]CN1,1760.617140.7
Ultrapar Participacoes SA [UGPA3]BR1544.456880.7
China Longyuan Power Group Corp. Ltd. [916]CN1,1960.566720.7
Yandex NV [YNDX]RU1835.016330.7
China Pacific Insurance Group Co. Ltd. [2601]CN1683.676160.6
Hangzhou Hikvision Digital Technology Co. Ltd. Class A [002415]CN1324.535980.6
Afya Ltd. [AFYA]KY2325.645930.6
Thai Oil PCL [TOP-F]TH2522.285740.6
Huya Inc. ADR [HUYA]CN2423.645700.6
Hangzhou Tigermed Consulting Co. Ltd. [300347]CN628.695430.6
S-Oil Corp. [A010950]KR682.915340.6
ICICI Prudential Life Insurance Co. Ltd. [ICICIPRULI]IN816.545310.6
YPF SA ADR [YPF]AR569.255150.5
Jiangsu Hengrui Medicine Co. Ltd. [600276]CN4411.314970.5
Suofeiya Home Collection Co. Ltd. [002572]CN2052.404910.5
Mmg Ltd. [1208]HK2,0290.244790.5
Ganfeng Lithium Co. Ltd. [1772]CN2521.553910.4
Truworths International Ltd. [TRU]ZA1113.503900.4
Neoenergia SA [NEOE3]BR714.953510.4
Indiabulls Housing Finance Ltd. [IHFL]IN823.632980.3
Glenmark Pharmaceuticals Ltd. [GLENMARK]IN504.582270.2
United Bank Ltd. [UBL]PK2330.892070.2
Ascletis Pharma Inc. [1672]CN650.44290.0
Tianhe Chemicals Group Ltd. [1619]CN2,6840.0000.0
Total93,57498.1
Cash and Other Assets Less Liabilities1.9
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2019)

As of Quarter Ended 09/30/2019
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials26.124.7
Information Technology16.015.1
Energy15.97.7
Materials8.67.3
Communication Services7.911.6
Consumer Staples7.96.9
Consumer Discretionary6.813.1
Industrials3.25.4
Health Care2.42.6
Real Estate2.12.9
Utilities1.12.8

Sector Returns (As of Quarter Ended 09/30/2019)

As of Quarter Ended 09/30/2019
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Health Care12.3-6.6
Information Technology10.55.6
Cash3.60.0
Energy-1.1-4.0
Industrials-2.8-5.1
Consumer Staples-4.0-0.8
Consumer Discretionary-5.1-3.1
Utilities-5.2-3.5
Materials-6.0-10.7
Financials-6.3-8.0
Communication Services-8.7-5.2
Real Estate-11.7-8.8

Country Allocation (As of Quarter Ended 09/30/2019)

As of Quarter Ended 09/30/2019
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China34.731.9
South Korea11.212.2
Brazil10.17.6
India9.38.9
Taiwan6.811.5
Russia6.54.0
South Africa5.44.6
Indonesia3.22.1
Cayman Islands3.00.0
Thailand2.42.9
Other7.414.3

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.