Harbor Diversified International All Cap Fund Institutional Class (HAIDX)

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

Harbor Diversified International All Cap FundMSCI All Country World Ex. US (ND) Index
Number of Holdings4502,136
Weighted Avg. Market Cap ($Mil)31,493.7860,870.52
Median Market Cap ($Mil)6,833.387,574.73
Price/Book Ratio1.961.75
Adj. Trailing P/E Ratio16.9715.42
Forecasted P/E Ratio14.4513.01
Earnings Growth Rate (%)7.7710.83
Proj. Earnings Growth Rate (%)13.019.97
Return on Equity (%)13.3113.54
Turnover (unannualized % since 10/31)30-
Beta vs. Fund Benchmark0.86-

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

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

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]1.2
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]1.2
Fairfax Financial Holdings Ltd. [FFH]1.0
Intertek Group plc [ITRK]1.0
Roche Holding AG [ROG]0.9
Coloplast AS [COLOB]0.9
Vestas Wind Systems AS [VWS]0.8
Compass Group plc [CPG]0.8
Jardine Matheson Holdings Ltd. [J36]0.8
Sampo OYJ [SAMPO]0.7
Rightmove plc [RMV]0.7
Brookfield Asset Management Inc. [BAM.A]0.7
Toyota Motor Corp. [7203]0.7
Assa Abloy AB Class B [ASSAB]0.7
Reckitt Benckiser Group plc [RB/]0.7
BP plc [BP.]0.7
Shinhan Financial Group Co. Ltd. [A055550]0.7
Unilever plc [ULVR]0.6
Geberit AG [GBRA]0.6
Baidu Inc. ADR [BIDU]0.6
% of Total Holdings:16.0

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]KR21834.817,5941.2
Taiwan Semiconductor Manufacturing Co. Ltd. [2330]TW1,0217.267,4141.2
Fairfax Financial Holdings Ltd. [FFH]CA15440.216,6181.0
Intertek Group plc [ITRK]GB10061.206,1361.0
Roche Holding AG [ROG]CH23248.265,5940.9
Coloplast AS [COLOB]DK6093.025,5610.9
Vestas Wind Systems AS [VWS]DK7075.705,3250.8
Compass Group plc [CPG]GB24821.045,2230.8
Jardine Matheson Holdings Ltd. [J36]HK7169.634,9580.8
Sampo OYJ [SAMPO]FI10444.324,6250.7
Rightmove plc [RMV]GB8325.514,5850.7
Brookfield Asset Management Inc. [BAM.A]CA12038.324,5830.7
Toyota Motor Corp. [7203]JP7957.894,5560.7
Assa Abloy AB Class B [ASSAB]SE24817.914,4490.7
Reckitt Benckiser Group plc [RB/]GB5876.584,4090.7
BP plc [BP.]GB6976.324,4060.7
Shinhan Financial Group Co. Ltd. [A055550]KR11835.464,1940.7
Unilever plc [ULVR]GB7952.504,1560.6
Geberit AG [GBRA]CH10389.424,0600.6
Baidu Inc. ADR [BIDU]CN25158.604,0050.6
GN Store Nord AS [GN]DK10637.473,9580.6
Grivalia Properties REIC AE [GRIV]GR4089.573,9000.6
Natura Cosmeticos SA [NATU3]BR33311.603,8630.6
Bunzl plc [BNZL]GB12830.203,8620.6
Novo Nordisk AS [NOVOB]DK8445.933,8480.6
Diageo plc [DGE]GB10635.733,8030.6
Alpargatas SA [ALPA4]BR8644.393,7900.6
Nippon Telegraph & Telephone Corp. [9432]JP9240.803,7540.6
Canadian Natural Resources Ltd. [CNQ]CA15524.133,7310.6
Heineken NV [HEIA]NL4288.393,6950.6
Ck Hutchison Holdings Ltd. [1]HK3849.603,6810.6
EssilorLuxottica SA [EL]FR28126.763,5900.6
Novartis AG [NOT]CH4285.643,5710.6
Axis Bank Ltd. [AXSB]IN3988.873,5330.5
Fresenius Medical Care AG & Co. KGAA [FME]DE5464.823,5120.5
HSBC Holdings plc [5]HK4108.253,3850.5
RELX plc [REL]GB16320.623,3690.5
Homeserve plc [HSV]GB30411.053,3560.5
Legrand SA [LR]FR5956.533,3500.5
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR14240.463,3340.5
KAO Corp. [4452]JP4574.023,3010.5
Sumitomo Mitsui Financial Group Inc. [8316]JP9932.973,2770.5
CNH Industrial NV [CNHI]IT3579.043,2230.5
3i Group plc [III]GB3089.873,0390.5
Merlin Entertainments plc [MERL]GB7374.052,9840.5
Adidas AG [ADS]DE14208.992,9580.5
Loblaw Cos. Ltd. [L]CA6644.762,9470.5
Seven & I Holdings Co. Ltd. [3382]JP6743.462,8940.4
West Japan Railway Co. [9021]JP4070.652,8470.4
Bandai Namco Holdings Inc. [7832]JP6344.902,8290.4
Paddy Power Betfair plc [PPB]GB3481.682,7830.4
Want Want China Holdings Ltd. [151]CN3,9660.702,7750.4
Yungtay Engineering Co. Ltd. [1507]TW1,4371.922,7650.4
Tiger Brands Ltd. [TBS]ZA14519.022,7610.4
Telkom SA SOC Ltd. [TKG]ZA6264.402,7590.4
Hitachi Ltd. [6501]JP10426.512,7540.4
Glencore plc [GLEN]GB7403.722,7500.4
Kirin Holdings Co. Ltd. [2503]JP13220.852,7500.4
Alimentation Couche-Tard Inc. [ATD.B]CA5549.742,7360.4
Constellation Software Inc. [CSU]CA4640.102,7350.4
William Demant Holding AS [WDH]DK9628.472,7330.4
Totvs SA [TOTS3]BR3897.012,7240.4
Porto Seguro SA [PSSA3]BR20213.462,7200.4
Ritchie Bros Auctioneers Inc. [RBA]CA8232.712,6950.4
Ssp Group plc [SSPG]GB3238.252,6620.4
Edenred [EDEN]FR7236.832,6590.4
Barrick Gold Corp. [ABX]CA19513.502,6380.4
Canadian Pacific Railway Ltd. [CP]CA15177.442,6220.4
Anglo American Platinum Ltd. [AMS]ZA7037.282,6200.4
Experian plc [EXPN]GB10724.242,5960.4
Adecco Group AG [ADI1]CH5447.002,5600.4
BASF SE [BAS]DE3769.652,5480.4
Airbus SE [AIR]FR2795.342,5330.4
Koninklijke Ahold Delhaize NV [AD]NL10025.262,5230.4
Standard Chartered plc [STAN]GB3247.772,5180.4
CIE Financiere Richemont SA [RITN]CH3964.492,5090.4
Delta Electronics Inc. [2308]TW5914.212,4860.4
Svenska Handelsbanken AB [SHBA]SE22211.132,4670.4
Cleanaway Waste Management Ltd. [CWY]AU2,1031.172,4670.4
DCC plc [DCCGBX]GB3276.282,4630.4
KT Corp. ADR [KT]KR17214.222,4520.4
Akzo Nobel NV [AKZA]NL3080.532,4450.4
MS&AD Insurance Group Holdings Inc. [8725]JP8328.432,3620.4
Dai-ichi Life Holdings Inc. [8750]JP14915.532,3190.4
Japan Post Holdings Co. Ltd. [6178]JP20011.552,3140.4
Quinenco SA [QUINENCO]CL8812.612,2960.4
Kyocera Corp. [6971]JP4649.992,2840.4
East Japan Railway Co. [9020]JP2688.312,2700.4
Volkswagen AG [VOW3]DE14159.462,2610.4
LG Corp. [A003550]KR3662.632,2380.3
Orica Ltd. [ORI]AU18412.152,2320.3
Rolls-Royce Holdings plc [RR/]GB21210.532,2310.3
Genomma Lab Internacional SAB de CV [LAB B]MX3,7180.602,2150.3
Bayerische Motoren Werke AG [BMW]DE2781.112,2110.3
TUI AG [TUI1]DE15614.112,1970.3
Deutsche Telekom AG [DTE]DE12917.002,1970.3
Resona Holdings Inc. [8308]JP4574.802,1930.3
BNP Paribas SA [BNP]FR4745.162,1420.3
Great Eastern Holdings Ltd. [G07]SG11718.172,1310.3
Admiral Group plc [ADM]GB8026.092,0970.3
Gentera SAB de CV [GENTERA *]MX2,8420.742,0970.3
ITV plc [ITV]GB1,3021.592,0720.3
Sandvik AB [SAND_SEK]SE14414.332,0680.3
Brambles Ltd. [BXB]AU2877.152,0520.3
Anheuser-Busch InBev SA [ABI]BE3165.882,0480.3
Saipem SpA [SPM]IT5453.752,0430.3
Delfi Ltd. [DELFI]SG2,0870.972,0290.3
Brenntag AG [BNR]DE4643.652,0260.3
Barclays plc [BARC]GB1,0441.911,9970.3
Eurofins Scientific Se [ERF]FR5373.481,9900.3
Koninklijke Philips NV [PHIA]NL5735.061,9870.3
China Mengniu Dairy Co. Ltd. [2319]CN6383.111,9850.3
Royal Dutch Shell plc [RDSA]NL6729.471,9770.3
Bancolombia SA ADR [CIB]CO5238.101,9750.3
Bangkok Bank PCL [BBL-F]TH3146.241,9610.3
LI Ning Co. Ltd. [2331]CN1,8061.071,9400.3
Yum China Holdings Inc. [YUMC]CN5733.531,9010.3
Cia Cervecerias Unidas SA [CCU]CL14413.001,8770.3
Carlsberg AS [CARL B]DK17106.381,8560.3
G4s plc [GFS]GB7352.521,8540.3
Rogers Communications Inc. [RCI.B]CA3651.251,8540.3
UniCredit Spa [UCG]IT16311.331,8510.3
Itausa - Investimentos Itau SA [ITSA4]BR5943.121,8510.3
Tokio Marine Holdings Inc. [8766]JP3847.511,8240.3
UBS Group AG [0UB]CH14612.471,8170.3
Rio Tinto plc [RIO]GB3847.891,8140.3
Turkiye Garanti Bankasi As [GARAN.E]TR1,2031.501,8030.3
Toronto-Dominion Bank [TD]CA3649.711,8000.3
Royal Dutch Shell plc [RDSB]GB6029.901,7910.3
Coca-Cola Amatil Ltd. [CCL]AU3095.771,7840.3
Koninklijke KPN NV [KPN]NL6112.921,7840.3
BAE Systems plc [BA/]GB3055.851,7840.3
NTT Data Corp. [9613]JP16110.931,7610.3
Newcrest Mining Ltd. [NCM]AU11415.371,7550.3
Mrv Engenharia E Participacoes SA [MRVE3]BR5473.181,7400.3
Stabilus SA [STM]DE2862.891,7360.3
Logitech International SA [LOGN]CH5531.591,7350.3
Axel Springer Se [SPR]DE3056.661,7270.3
Royal Bank of Canada [RY]CA2568.441,7160.3
PhosAgro PJSC GDR [PHOJY]RU13412.751,7140.3
Bank of Ireland Group plc [BIRG]IE3075.561,7090.3
Wienerberger AG [WIE]AT8220.641,6840.3
WPP plc [WPP]GB15210.881,6580.3
Nemak SAB de CV [NEMAK A]MX2,2190.751,6580.3
Thales SA [HO]FR14116.861,6410.3
Alumina Ltd. [AWC]AU1,0091.621,6340.3
Carnival plc [CCL]GB3448.021,6240.3
Mitsubishi Estate Co. Ltd. [8802]JP10315.731,6210.3
Informa plc [INF]GB2018.031,6150.3
QBE Insurance Group Ltd. [QBE]AU2267.121,6060.2
BCE Inc. [BCE]CA4039.501,5980.2
Hyundai Motor Co. [A005380]KR15106.161,5930.2
Mitsubishi Corp. [8058]JP5827.421,5850.2
Grupo Lala SAB de CV [LALA B]MX1,4491.081,5640.2
SK Hynix Inc. [A000660]KR2854.521,5420.2
Hengan International Group Co. Ltd. [1044]CN2127.261,5410.2
Viscofan SA [VIS]ES2855.141,5330.2
Lloyds Banking Group plc [LLOY]GB2,3210.661,5300.2
Tingyi Cayman Islands Holding Corp. [322]CN1,1341.341,5190.2
Als Ltd. [ALQ]AU3174.781,5160.2
Spectris plc [SXS]GB5129.061,4870.2
Hays plc [HAS]GB8221.791,4670.2
Wh Smith plc [SMWH]GB6721.941,4610.2
Equinor ASA [EQNR]NO6921.211,4590.2
TECO Electric And Machinery Co. Ltd. [1504]TW2,5590.571,4560.2
United Overseas Bank Ltd. [U11]SG8018.091,4520.2
Nordea Bank ABP [NDA SE]SE1728.421,4470.2
Bankia SA [BKIA]ES4912.931,4370.2
Stella International Holdings Ltd. [1836]HK1,2161.181,4350.2
Banco Bradesco SA [BBDC4]BR1439.951,4280.2
BlueScope Steel Ltd. [BSL]AU1847.711,4210.2
Sompo Holdings Inc. [8630]JP4233.971,4130.2
Pchome Online Inc. [8044]TW3444.111,4110.2
Anglo American plc [AGL]ZA6322.401,4010.2
Franco-Nevada Corp. [FNV]CA2070.121,3970.2
LUKOIL Pjsc ADR [LUKOY]RU2071.341,3940.2
Grupo Televisa SAB ADR [TV]MX10912.581,3710.2
Auto Trader Group plc [AUTO]GB2345.801,3560.2
Yandex NV [YNDX]RU4927.351,3490.2
Magna International Inc. [MG]CA2945.391,3340.2
Alfresa Holdings Corp. [2784]JP5225.491,3230.2
Obayashi Corp. [1802]JP1459.051,3140.2
KDDI Corp. [9433]JP5523.891,3120.2
AXA SA [CS]FR6121.581,3100.2
Getlink SE [GET]FR9713.441,3080.2
Bharti Airtel Ltd. [BHARTI]IN2924.471,3040.2
Giant Manufacturing Co. Ltd. [9921]TW2774.691,3020.2
Secom Co. Ltd. [9735]JP1682.951,2940.2
Tikkurila OYJ [TIK1V]FI9313.761,2750.2
Bridgestone Corp. [5108]JP3338.371,2700.2
Symrise AG [SY1]DE1774.091,2610.2
Just Eat plc [JE.]GB1687.481,2550.2
Serco Group plc [SRP]GB1,0191.221,2420.2
Vodafone Idea Ltd. [IDEA]IN2,2950.541,2380.2
Gvc Holdings plc [GVC]GB1438.581,2260.2
Convatec Group plc [CTECGBX]GB6841.771,2120.2
Antofagasta plc [ANTO]GB12110.001,2090.2
Komercni Banka As [KOMB]CZ3237.761,2050.2
East African Breweries Ltd. [EABL.O0000]KE7031.711,2030.2
Alten SA [ATE]FR1483.381,1980.2
BHP Group plc [BHP]GB5621.131,1890.2
Mizuho Financial Group Inc. [8411]JP7661.551,1850.2
Sonova Holding AG [SOON]CH7164.451,1830.2
S-1 Corp. [A012750]KR1389.851,1820.2
BHP Billiton Ltd. [BHP]AU4924.171,1820.2
Fuji Media Holdings Inc. [4676]JP8513.791,1770.2
Modern Times Group Mortgage AB Class B [MTG B]SE3533.141,1730.2
Tsingtao Brewery Co. Ltd. [168]CN2904.041,1700.2
Toyo Suisan Kaisha Ltd. [2875]JP3434.821,1670.2
Cia de Minas Buenaventura SAA ADR [BVN]PE7216.221,1600.2
Lotte Shopping Co. Ltd. [A023530]KR6188.811,1350.2
Amer Sports OYJ [AMEAS]FI2643.961,1220.2
Fujifilm Holdings Corp. [4901]JP2938.761,1200.2
Gud Holdings Ltd. [GUD]AU1417.921,1150.2
Easyjet plc [EZJ]GB7914.091,1130.2
Boskalis Westminster NV [BOKA]NL4524.821,1120.2
Otsuka Holdings Co. Ltd. [4578]JP2740.861,1120.2
Ig Group Holdings plc [IGG]GB1537.271,1110.2
Global Ports Investments plc GDRRU4782.321,1090.2
Grupo Financiero Inbursa SAB de CV [GFINBUR O]MX7561.441,0920.2
Total SA [FP]FR2152.751,0850.2
Inchcape plc [INCH]GB1537.041,0760.2
Gestamp Automocion SA ADR [GEST]ES1885.691,0690.2
Provident Financial plc [PFG1]GB1467.321,0680.2
Nippon Television Holdings Inc. [9404]JP7214.721,0650.2
Teleperformance [TEP]FR7159.971,0570.2
Cia SUD Americana de Vapores SA [VAPORES]CL36,6930.031,0570.2
ArcelorMittal SA [MT]FR5120.701,0550.2
Hana Financial Group Inc. [A086790]KR3232.521,0540.2
Davide Campari-Milano SpA [CPR]IT1238.471,0430.2
Shriram Transport Finance Co. Ltd. [SHTF]IN5917.721,0410.2
Carsales.com Ltd. [CAR]AU1317.751,0120.2
Toray Industries Inc. [3402]JP1427.071,0060.2
Jumbo SA [BELA]GR6814.549950.2
Chroma Ate Inc. [2360]TW2573.849880.2
NEC Corp. [6701]JP3329.739840.2
Kasikornbank PCL [KBANK-F]TH1725.699780.2
Duluxgroup Ltd. [DLX]AU2094.629650.1
Tohoku Electric Power Co. Inc. [9506]JP7313.179640.1
Wartsila OYJ Abp [WRT1V]FI6015.969610.1
INPEX Corp. [1605]JP1088.869590.1
Swedish Match AB [SWMA_SEK]SE2439.379560.1
DNB ASA [DNB]NO5916.059530.1
St. James's Place plc [STJ]GB7912.049490.1
Shimizu Corp. [1803]JP1168.139450.1
Millicom International Cellular SA SDR [MIC SDB_SEK]SE1563.289420.1
Gildan Activewear Inc. [GIL]CA3130.359380.1
Capita plc [CPI1]GB6461.439260.1
JCDecaux SA [DEC]FR3228.108920.1
DS Smith plc [SMDS]GB2343.818920.1
Irish Continental Group plc [IR5B]IE1754.878530.1
Raubex Group Ltd. [RBX]ZA7161.188450.1
Tesco plc [TSCO]GB3482.438430.1
Esprit Holdings Ltd. [330]HK4,1690.208330.1
Oesterreichische Post AG [POST]AT2434.368270.1
Toyo Seikan Group Holdings Ltd. [5901]JP3622.898240.1
Casio Computer Co. Ltd. [6952]JP6911.868230.1
ASML Holding NV [ASML]NL5156.668220.1
Acerinox SA [ACX]ES829.918130.1
Hoya Corp. [7741]JP1360.308020.1
Hongkong & Shanghai Hotels Ltd. [45]HK5651.428010.1
Cts Eventim AG & Co. KGAA [EVD]DE2137.348000.1
Suntory Beverage & Food Ltd. [2587]JP1845.157990.1
John Wood Group plc [WG/]GB1236.437940.1
Cie Financiere Richemont SA ADR [CFR]ZA1226.517940.1
Jupiter Fund Management plc [JUP]GB2103.767910.1
International Personal Finance plc [IPF]GB3012.617840.1
Omron Corp. [6645]JP2236.257790.1
Eurocash SA [EUR]PL1644.727740.1
Schibsted ASA Class A [SCHA]NO2333.607650.1
Globaltrans Investment plc GDRRU849.067610.1
NTT DoCoMo Inc. [9437]JP3422.477590.1
Magnit Pjsc [MGNT]RU1550.487580.1
Enaex SA [ENAEX]CL6012.547530.1
Dksh Holding AG [DS5]CH1169.147520.1
Nissan Chemical Industries Ltd. [4021]JP1452.187510.1
Fourlis Holdings SA [FOYRK]GR1594.707490.1
Prairiesky Royalty Ltd. [PSK]CA5812.947450.1
Hannover Rueck Se [HNR1]DE5134.777400.1
Spark New Zealand Ltd. [SPK]NZ2642.797370.1
Smith & Nephew plc [SN/]GB3918.727280.1
Nomura Holdings Inc. [8604]JP1873.797090.1
Inter Pipeline Ltd. [IPL]CA4914.176980.1
Yamada Denki Co. Ltd. [9831]JP1444.806920.1
Sumitomo Mitsui Trust Holdings Inc. [8309]JP1936.426920.1
Isetan Mitsukoshi Holdings Ltd. [3099]JP6211.056880.1
Lion Corp. [4912]JP3320.676880.1
Andritz AG [ANDR]AT1545.936870.1
GS Home Shopping Inc. [A028150]KR4160.726830.1
Haw Par Corp. Ltd. [H02]SG768.836750.1
Elis SA [ELIS]FR4016.676700.1
DBS Group Holdings Ltd. [D05]SG3817.396660.1
Sekisui Chemical Co. Ltd. [4204]JP4514.876640.1
Sony Corp. [6758]JP1448.216600.1
Daiwa House Industry Co. Ltd. [1925]JP2131.906600.1
Embraer SA [EMBR3]BR1185.596580.1
Renesas Electronics Corp. [6723]JP1454.546580.1
Media Nusantara Citra TBK PT [MNCN]ID13,6480.056560.1
Marui Group Co. Ltd. [8252]JP3419.386550.1
Pldt Inc. [TEL]PH3021.476510.1
Caltex Australia Ltd. [CTX]AU3517.946310.1
Ulker Biskuvi Sanayi As [ULKER.E]TR2252.776240.1
Grindrod Ltd. [GND]ZA1,4490.436210.1
Yamato Holdings Co. Ltd. [9064]JP2327.426200.1
Metcash Ltd. [MTS]AU3581.736180.1
Georgia Capital plc [CGEOGBX]GB4713.006150.1
Television Broadcasts Ltd. [511]HK3181.896020.1
Thomas Cook Group plc [TCG]GB1,5300.396020.1
Sega Sammy Holdings Inc. [6460]JP4213.945900.1
ITOCHU Corp. [8001]JP3516.985890.1
Helvetia Holding AG [HVX]CH1584.815870.1
National Grid plc [NG/]GB609.785870.1
George Weston Ltd. [WN]CA965.965860.1
Schibsted ASA Class B [SCHB]NO1930.425850.1
Daily Mail & General Trust plc [DMGT]GB797.335800.1
Maeda Corp. [1824]JP629.345790.1
OBIC Co. Ltd. [4684]JP877.195790.1
TDK Corp. [6762]JP870.015740.1
LIXIL Group Corp. [5938]JP4612.405730.1
Pagegroup plc [PAGEBGX]GB995.745710.1
Vodafone Group plc [VOD]GB2931.945700.1
Intesa Sanpaolo SpA [ISP]IT2562.235700.1
Lps Brasil Consultoria de Imoveis SA [LPSB3]BR3481.635670.1
Industrias Bachoco SAB de CV [BACHOCO B]MX1703.305600.1
Nine Entertainment Co. Holdings Ltd. [NEC]AU5630.975480.1
SCSK Corp. [9719]JP1535.435460.1
AEON Financial Service Co. Ltd. [8570]JP3117.745450.1
Grupo Aval Acciones y Valores SA [PFAVAL]CO1,7310.315330.1
Merida Industry Co. Ltd. [9914]TW1184.485300.1
Piaggio & C. SpA [PIA]IT2512.105270.1
Old Mutual Ltd. [OMU]ZA3371.555240.1
Close Brothers Group plc [CBG]GB2918.355240.1
Lawson Inc. [2651]JP863.255120.1
Tsogo Sun Holdings Ltd. [TSH]ZA3431.495120.1
Barratt Developments plc [BDEV]GB855.905000.1
Neopost SA [NEO]FR1827.304990.1
Daifuku Co. Ltd. [6383]JP1145.344990.1
Gwa Group Ltd. [GWA]AU2541.964990.1
Shin-Etsu Chemical Co. Ltd. [4063]JP676.834920.1
Iph Ltd. [IPH]AU1293.814900.1
Tokyo Gas Co. Ltd. [9531]JP1925.294880.1
Azbil Corp. [6845]JP2519.764860.1
Kansai Electric Power Co. [9503]JP3215.004830.1
Randstad Holding NV [RAND]NL1045.854770.1
Sberbank of Russia Pjsc ADR [SBRCY]RU4410.964770.1
Persol Holdings Co. Ltd. [2181]JP3214.834750.1
First Pacific Co. Ltd. [142]HK1,2220.394730.1
Meiji Holdings Co. Ltd. [2269]JP681.504730.1
Nomura Co. Ltd. [9716]JP2022.924700.1
National Express Group plc [NEX1]GB984.774700.1
Dairy Farm International Holdings Ltd. [D01]HK519.064660.1
Gerresheimer AG [GXI]DE765.714650.1
Sohgo Security Services Co. Ltd. [2331]JP1046.724630.1
Hoshizaki Corp. [6465]JP860.684550.1
Japan Tobacco Inc. [2914]JP1923.764440.1
British American Tobacco plc [BATS]GB1431.824390.1
Koito Manufacturing Co. Ltd. [7276]JP851.594390.1
Sumitomo Electric Industries Ltd. [5802]JP3313.244370.1
Astellas Pharma Inc. [4503]JP3412.784370.1
Danske Bank AS [DANSKE]DK2119.854190.1
Asaleo Care Ltd. [AHY]AU6490.644180.1
Sky Network Television Ltd. [SKT]NZ3351.244170.1
CRH plc [CRHGBX]IE1626.474120.1
Vicat SA [VCT]FR947.504090.1
USS Co. Ltd. [4732]JP2416.784060.1
Sony Financial Holdings Inc. [8729]JP2218.644040.1
Rotork plc [ROR]GB1263.163990.1
Ferrovial SA [FER]ES2020.253980.1
L'occitane International SA [973]HK2181.823970.1
Devro plc [DVO]GB1932.043950.1
Ajisen China Holdings Ltd. [538]CN1,4140.283950.1
Asahi Group Holdings Ltd. [2502]JP1038.753910.1
Ryohin Keikaku Co. Ltd. [7453]JP2242.783880.1
Mitsubishi UFJ Financial Group Inc. [8306]JP794.913870.1
Toho Co. Ltd. [9602]JP1136.233840.1
Hitachi High-Technologies Corp. [8036]JP1231.313820.1
Amcor Ltd. [AMC]AU409.343770.1
Matsumotokiyoshi Holdings Co. Ltd. [3088]JP1230.753750.1
Gea Group AG [G1A]DE1525.753740.1
Spin Master Corp. [TOY]CA1328.123710.1
IMI plc [IMI]GB3112.043710.1
Rathbone Brothers plc [RAT]GB1229.843700.1
Shimano Inc. [7309]JP3140.973670.1
Mitsubishi Logistics Corp. [9301]JP1622.723660.1
Domain Holdings Australia Ltd. [DHG]AU2291.573600.1
Fukuoka Financial Group Inc. [8354]JP1820.273550.1
Keyence Corp. [6861]JP1505.453540.1
Nippon Suisan Kaisha Ltd. [1332]JP625.583490.1
Subaru Corp. [7270]JP1621.363480.1
Genpact Ltd. [G]US1326.993450.1
Playtech plc [PTEC]GB704.913410.1
Nitto Denko Corp. [6988]JP750.153410.1
TechnipFMC plc [FTI]FR1720.123390.1
Olympus Corp. [7733]JP1130.583330.1
McCarthy & Stone plc [MCS]GB1891.773330.1
GL Ltd. [B16]SG6050.543260.1
ITOCHU Techno-Solutions Corp. [4739]JP1719.363210.0
Sawai Pharmaceutical Co. Ltd. [4555]JP747.643190.0
Sho-Bond Holdings Co. Ltd. [1414]JP474.133190.0
Technopro Holdings Inc. [6028]JP841.083160.0
Rinnai Corp. [5947]JP565.853160.0
Pets At Home Group plc [PETS]GB2121.483130.0
Japan Exchange Group Inc. [8697]JP1916.133080.0
Makita Corp. [6586]JP835.523020.0
Senko Co. Ltd. [9069]JP407.603000.0
MediPAL Holdings Corp. [7459]JP1421.392930.0
Ushio Inc. [6925]JP2710.592850.0
Banco Santander SA [SAN]ES604.542730.0
Petrofac Ltd. [PFC]GB436.072630.0
Sundrug Co. Ltd. [9989]JP929.782620.0
Mitsubishi Heavy Industries Ltd. [7011]JP735.882620.0
Oracle Corp. Japan [4716]JP463.482600.0
Takeda Pharmaceutical Co. Ltd. [4502]JP833.892580.0
Canon Inc. [7751]JP927.522560.0
Tokyo Electron Ltd. [8035]JP2112.572480.0
NON-Standard Finance plc [NSFGBX]GB2930.842460.0
Mediaset Espana Comunicacion SA [TL5]ES396.292430.0
Imerys SA [NK]FR548.062420.0
T&D Holdings Inc. [8795]JP2111.572410.0
Toyota Industries Corp. [6201]JP546.052390.0
Goodbaby International Holdings Ltd. [1086]HK7600.312390.0
ABC-Mart Inc. [2670]JP455.382380.0
Onward Holdings Co. Ltd. [8016]JP425.382240.0
Zooplus AG [ZO1]DE2137.062190.0
Hirose Electric Co. Ltd. [6806]JP297.832170.0
Fanuc Corp. [6954]JP1151.762120.0
Trend Micro Inc. [4704]JP454.042110.0
Nokian Renkaat OYJ [NRE1V]FI730.712010.0
Nedbank Group Ltd. [NED]ZA1019.072000.0
Lopez Holdings Corp. [LPZ]PH2,6210.081990.0
Bec World PCL [BEC-F]TH1,3330.151970.0
AEON Delight Co. Ltd. [9787]JP633.361940.0
Alpha Bank AE [ALPHA]GR1511.261900.0
Shimadzu Corp. [7701]JP1019.721890.0
Chiba Bank Ltd. [8331]JP345.571870.0
Smartone Telecommunications Holdings Ltd. [315]HK1681.111860.0
Concordia Financial Group Ltd. [7186]JP493.821860.0
Otsuka Corp. [4768]JP727.521840.0
Log Commercial Properties E Participacoes SA [LOGG3]BR394.651830.0
Sigma Healthcare Ltd. [SIG]AU4360.401750.0
Nomura Research Institute Ltd. [4307]JP537.081710.0
United Industrial Corp. Ltd. [U06]SG832.001660.0
Takeaway.Com NV [TKWY]NL267.581590.0
Moneysupermarket.Com Group plc [MONY]GB393.511370.0
Belimo Holding AG [BEAN]CH04011.071360.0
Mandom Corp. [4917]JP527.251250.0
Hirata Corp. [6258]JP344.491160.0
Glory Ltd. [6457]JP422.49940.0
New World Development Co. Ltd. [17]HK571.32760.0
Texwinca Holdings Ltd. [321]HK1000.33330.0
Total638,11299.1
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 Diversified International All Cap Fund %MSCI All Country World Ex. US (ND) Index %
Industrials20.711.7
Financials18.222.2
Consumer Discretionary13.610.6
Consumer Staples11.99.9
Communication Services8.67.6
Information Technology7.38.0
Materials6.97.7
Health Care6.98.4
Energy3.57.3
Real Estate1.13.4
Utilities0.43.4

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

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor Diversified International All Cap Fund %MSCI All Country World Ex. US (ND) Index %
Real Estate10.9-3.8
Cash2.60.0
Utilities-2.10.5
Consumer Staples-6.6-7.3
Consumer Discretionary-9.6-14.0
Materials-9.9-13.4
Financials-12.2-10.7
Communication Services-12.4-8.2
Industrials-12.6-13.6
Information Technology-15.0-15.9
Health Care-17.3-11.0
Energy-22.7-16.3

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

As of Quarter Ended 12/31/2018
CountryHarbor Diversified International All Cap Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom18.611.4
Japan16.616.6
Canada6.96.5
France4.37.5
Germany4.26.0
South Korea4.23.6
Australia3.94.7
Switzerland3.85.8
Denmark3.71.2
Brazil3.01.9
Other30.834.8

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.