Harbor International Small Cap Fund Institutional Class (HAISX)

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

Harbor International Small Cap FundMSCI EAFE Small Cap (ND) Index
Number of Holdings1052,348
Weighted Avg. Market Cap ($Mil)2,714.652,264.00
Median Market Cap ($Mil)2,426.69930.51
Price/Book Ratio2.191.59
Adj. Trailing P/E Ratio15.7315.64
Forecasted P/E Ratio13.4114.08
Earnings Growth Rate (%)11.2013.71
Proj. Earnings Growth Rate (%)10.1813.10
Return on Equity (%)13.6410.80
Turnover (unannualized % since 10/31)15-
Beta vs. Fund Benchmark0.77-

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
ABC-Mart Inc. [2670]1.3
Costa Group Holdings Ltd. [CGC]1.3
Topdanmark AS [TOP]1.2
Okamoto Industries Inc. [5122]1.2
Marshalls plc [MSLH]1.2
NOF Corp. [4403]1.2
Homeserve plc [HSV]1.2
Sanwa Holdings Corp. [5929]1.2
OSG Corp. [6136]1.1
Relo Group Inc. [8876]1.1
% of Total Holdings:12.0

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
ABC-Mart Inc. [2670]JP1355.387141.3
Costa Group Holdings Ltd. [CGC]AU1355.237081.3
Topdanmark AS [TOP]DK1546.676921.2
Okamoto Industries Inc. [5122]JP1352.546731.2
Marshalls plc [MSLH]GB1135.926711.2
NOF Corp. [4403]JP1934.056471.2
Homeserve plc [HSV]GB5811.056421.2
Sanwa Holdings Corp. [5929]JP5611.356411.2
OSG Corp. [6136]JP3319.356331.1
Relo Group Inc. [8876]JP2723.366311.1
Intermediate Capital Group plc [ICP]GB5211.936201.1
Euronext NV [ENX]NL1157.626201.1
Tate & Lyle plc [TATE]GB738.416161.1
Attendo AB [ATT]SE698.906131.1
Hera SpA [HER]IT2003.056101.1
Barco NV [BAR]BE5113.246041.1
AEON Delight Co. Ltd. [9787]JP1833.366041.1
BIC Camera Inc. [3048]JP4712.686001.1
Norma Group Se [NOEJ]DE1249.585941.1
Chiba Bank Ltd. [8331]JP1065.575891.1
Ssp Group plc [SSPG]GB718.255881.1
Koninklijke Vopak NV [VPK]NL1345.355871.1
DNA Oyj [DNA]FI3019.565861.1
Bucher Industries AG [BUCN]CH2269.755791.0
Kyowa Exeo Corp. [1951]JP2523.425781.0
JD Sports Fashion plc [JD/]GB1294.455751.0
Cembra Money Bank AG [CMBN]CH779.345741.0
Asr Nederland NV [ASRNL]NL1439.575711.0
Grandvision NV [GVNV]NL2621.905651.0
Beazley plc [BEZ]GB886.435651.0
Scandic Hotels Group AB [SHOT]SE648.835641.0
Indra Sistemas SA [IDR]ES609.435631.0
Loomis AB [LOOM B_SEK]SE1732.235631.0
Toshiba Plant Systems & Services Corp. [1983]JP3018.415611.0
Cleanaway Waste Management Ltd. [CWY]AU4771.175601.0
COMSYS Holdings Corp. [1721]JP2324.405591.0
Close Brothers Group plc [CBG]GB3018.355581.0
Technogym Spa [TGYM]IT5210.735541.0
Hulic Co. Ltd. [3003]JP628.945521.0
Marr SpA [MARR]IT2323.585511.0
Marui Group Co. Ltd. [8252]JP2819.385501.0
Pigeon Corp. [7956]JP1342.655501.0
Gaztransport Et Technigaz SA [GTT]FR776.905491.0
IMCD Group NV [IMCD]NL964.015451.0
Cranswick plc [CWK]GB1633.585421.0
UDG Healthcare plc [UDGGBX]IE717.615391.0
Calbee Inc. [2229]JP1731.235371.0
Sumitomo Forestry Co. Ltd. [1911]JP4113.095371.0
Link Administration Holdings Ltd. [LNK]AU1124.775361.0
Applus Services SA [APPS]ES4811.095331.0
Storebrand ASA [STB]NO747.135311.0
Diasorin SpA [DIA]IT781.185291.0
Hays plc [HAS]GB2961.795281.0
Paragon Banking Group plc [PAG]GB1074.925281.0
RPC Group plc [RPC]GB638.315271.0
Gerresheimer AG [GXI]DE865.715260.9
Valmet OYJ [VALMT]FI2520.605240.9
Kinepolis Group NV [KIN]BE955.895220.9
Orora Ltd. [ORA]AU2412.165210.9
Aak AB [AAK_SEK]SE3713.875170.9
Dalata Hotel Group plc [DHG]IE955.435130.9
Fuji Corp./Aichi [6134]JP4411.705090.9
CompuGroup Medical SE [COP]DE1146.165080.9
Hexpol AB [HPOL B_SEK]SE647.945040.9
Cosmos Pharmaceutical Corp. [3349]JP3166.855010.9
SCSK Corp. [9719]JP1435.435000.9
Nifco Inc. [7988]JP2123.664970.9
Fukuoka Financial Group Inc. [8354]JP2420.274910.9
TGS-NOPEC Geophysical Co. [TGS]NO2024.164900.9
Incitec Pivot Ltd. [IPL]AU2102.314840.9
Nihon M&A Center Inc. [2127]JP2420.134830.9
THK Co. Ltd. [6481]JP2618.684820.9
FLSmidth & Co. A/S [FLS]DK1145.104790.9
Fu Shou Yuan International Group Ltd. [1448]CN6260.754720.9
Kanamoto Co. Ltd. [9678]JP1826.344690.8
Unicaja Banco SA [UNI]ES3541.324670.8
Morgan Advanced Materials plc [MGAM]GB1383.364660.8
Aareal Bank AG [ARL]DE1530.884630.8
AF AB [AFB]SE2518.004550.8
Essentra plc [ESNT]GB1034.364480.8
Carl Zeiss Meditec AG [AFX]DE678.034450.8
B&M European Value Retail SA [BME]GB1223.594390.8
DS Smith plc [SMDS]GB1153.814380.8
Bawag Group AG [BG]AT1041.244320.8
Senior plc [SNR]GB1712.424130.7
Nexity SA [NXI]FR945.154070.7
Hunting plc [HTG]GB666.114030.7
Technopro Holdings Inc. [6028]JP1041.084030.7
NET One Systems Co. Ltd. [7518]JP2217.643880.7
KBC Ancora [KBCA]BE942.643780.7
Amplifon SpA [AMP]IT2316.153770.7
Fagron [FAGR]BE2216.343600.7
Maire Tecnimont SpA [MT]IT963.693540.6
Tecan Group AG [TECN]CH2194.643480.6
Haitian International Holdings Ltd. [1882]CN1801.923460.6
Aruhi Corp. [7198]JP1918.133390.6
Stroeer Se & Co. KGAA [SAX]DE748.473370.6
Synthomer plc [SYNT]GB664.553000.5
Menicon Co. Ltd. [7780]JP1125.452830.5
Katitas Co. Ltd. [8919]JP1223.692720.5
Bakkafrost P/F [BAKKA]FO648.942710.5
Befesa SA [BFSA]LU642.932700.5
Cimc Enric Holdings Ltd. [3899]CN3340.762550.5
Biffa plc [BIFFGBX]GB972.492410.4
China Everbright Greentech Ltd. [1257]CN2860.712030.4
Total53,12995.8
Cash and Other Assets Less Liabilities4.2
Total Net Assets100%

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

As of Quarter Ended 12/31/2018
Economic SectorHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Industrials25.721.3
Financials15.211.7
Consumer Discretionary12.913.1
Materials9.48.5
Consumer Staples8.66.9
Health Care8.27.5
Information Technology4.79.2
Energy3.72.5
Real Estate3.412.2
Communication Services2.64.7
Utilities1.52.4

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

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Cash2.00.0
Utilities-6.4-2.5
Communication Services-11.4-14.5
Consumer Staples-14.7-11.8
Financials-15.6-17.0
Materials-16.2-18.4
Health Care-17.2-15.2
Real Estate-19.3-4.5
Consumer Discretionary-19.4-16.0
Industrials-20.5-19.3
Information Technology-23.6-20.6
Energy-24.3-31.4

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

As of Quarter Ended 12/31/2018
CountryHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Japan28.531.4
United Kingdom18.218.1
Sweden5.85.5
Italy5.43.6
Netherlands5.22.6
Germany5.25.7
Australia5.17.1
Belgium3.42.0
Spain2.82.5
Switzerland2.74.3
Other17.717.2

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 MSCI EAFE Small Cap (ND) Index is an equity index which captures small cap representation across developed markets countries around the world, excluding the US and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.