Harbor Small Cap Value Opportunities Fund Institutional Class (HSOVX)

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

Harbor Small Cap Value Opportunities FundRussell 2000® Value Index
Number of Holdings601,387
Weighted Avg. Market Cap ($Mil)2,440.011,816.53
Median Market Cap ($Mil)2,185.24607.42
Price/Book Ratio1.251.36
Adj. Trailing P/E Ratio12.2715.32
Forecasted P/E Ratio11.4912.96
Earnings Growth Rate (%)17.437.24
Proj. Earnings Growth Rate (%)11.2312.12
Return on Equity (%)10.037.37
Turnover (unannualized % since 10/31)57-
Beta vs. Fund Benchmark0.97-

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
Beacon Roofing Supply Inc. [BECN]3.3
Michaels Cos Inc. [MIK]3.2
Kar Auction Services Inc. [KAR]2.6
Sterling Bancorp [STL]2.5
Outfront Media Inc. [OUT]2.4
Ascena Retail Group Inc. [ASNA]2.4
WPX Energy Inc. [WPX]2.3
Syneos Health Inc. [SYNH]2.3
Diebold Nixdorf Inc. [DBD]2.2
Wintrust Financial Corp. [WTFC]2.2
% of Total Holdings:25.4

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Beacon Roofing Supply Inc. [BECN]US2831.728953.3
Michaels Cos Inc. [MIK]US6413.548663.2
Kar Auction Services Inc. [KAR]US1547.727032.6
Sterling Bancorp [STL]US4116.516752.5
Outfront Media Inc. [OUT]US3618.126452.4
Ascena Retail Group Inc. [ASNA]US2532.516362.4
WPX Energy Inc. [WPX]US5511.356232.3
Syneos Health Inc. [SYNH]US1639.356192.3
Diebold Nixdorf Inc. [DBD]US2392.495952.2
Wintrust Financial Corp. [WTFC]US966.495892.2
QTS Realty Trust Inc. [QTS]US1637.055782.1
Redwood Trust Inc. [RWT]US3715.075582.1
Argo Group International Holdings Ltd. [ARGO]BM867.255522.0
Dave & Buster's Entertainment Inc. [PLAY]US1244.565482.0
Bank of NT Butterfield & Son Ltd. [NTB]BM1731.355432.0
First Hawaiian Inc. [FHB]US2322.515272.0
Cars.com Inc. [CARS]US2421.505221.9
Ritchie Bros Auctioneers Inc. [RBA]CA1532.724971.8
Physicians Realty Trust [DOC]US3116.034911.8
Valvoline Inc. [VVV]US2519.354821.8
Natus Medical Inc. [BABY]US1434.034761.8
Oasis Petroleum Inc. [OAS]US845.534651.7
Silgan Holdings Inc. [SLGN]US2023.624641.7
Signet Jewelers Ltd. [SIG]BM1531.774621.7
Despegar.Com Corp. [DESP]VI3612.414441.6
EnPro Industries Inc. [NPO]US760.104381.6
Genesee & Wyoming Inc. [GWR]US674.024231.6
Stericycle Inc. [SRCL]US1136.694211.6
Artisan Partners Asset Management Inc. [APAM]US1922.114151.5
Forum Energy Technologies Inc. [FET]US1004.134151.5
Air Lease Corp. [AL]US1430.214121.5
Altra Industrial Motion Corp. [AIMCV]US1625.154091.5
Essent Group Ltd. [ESNT]BM1234.184081.5
TreeHouse Foods Inc. [THS]US850.714001.5
Northwestern Corp. [NWE]US659.443801.4
Cadence Bancorp [CADE]US2316.783801.4
Fgl Holdings [FG]KY576.663791.4
Resources Connection Inc. [RECN]US2714.203781.4
Washington Federal Inc. [WAFD]US1426.713711.4
Continental Building Products Inc. [CBPX]US1425.453661.4
Knight-Swift Transportation Holdings Inc. [KNX]US1425.073581.3
Bank Ozk [OZK]US1622.833571.3
Acadia Healthcare Co. Inc. [ACHC]US1325.713351.2
Hancock Holding Co. [HWC]US1034.653331.2
Glacier Bancorp Inc. [GBCI]US839.623311.2
Party City Holdco Inc. [PRTY]US339.983241.2
Hunting plc ADR [HNTIY]GB526.113191.2
Corecivic Inc. [CXW]US1817.833151.2
Assured Guaranty Ltd. [AGO]BM838.283061.1
Terex Corp. [TEX]US1127.572961.1
Liberty Latin America Ltd. [LILA]BM2014.482951.1
Samsonite International SA ADR [SMSEY]LU2014.172881.1
Steelcase Inc. [SCS]US1914.832781.0
Evertec Inc. [EVTC]PR928.702681.0
Post Holdings Inc. [POST]US389.132661.0
Cathay General Bancorp [CATY]US833.532651.0
Popular Inc. [BPOP]PR647.222641.0
e.l.f. Beauty Inc. [ELF]US298.662540.9
Adient plc [ADNT]IE315.06420.2
Weatherford International plc [WFT]IE710.56400.1
Total25,98496.0
Cash and Other Assets Less Liabilities4.0
Total Net Assets100%

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

As of Quarter Ended 12/31/2018
Economic SectorHarbor Small Cap Value Opportunities Fund %Russell 2000® Value Index %
Financials26.929.5
Industrials21.811.8
Consumer Discretionary13.49.4
Real Estate7.511.8
Energy6.95.4
Health Care5.34.3
Materials3.54.1
Consumer Staples3.42.6
Information Technology3.210.7
Communication Services3.03.1
Utilities1.47.3

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

As of Quarter Ended 12/31/2018
Sector ReturnsHarbor Small Cap Value Opportunities Fund %Russell 2000® Value Index %
Utilities2.2-2.3
Cash0.60.0
Consumer Staples-7.6-14.2
Real Estate-11.4-14.7
Materials-12.2-27.3
Health Care-17.0-29.5
Financials-18.2-15.7
Industrials-22.4-19.7
Communication Services-24.9-18.7
Information Technology-29.3-14.7
Consumer Discretionary-34.6-19.0
Energy-59.5-41.2

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 Russell 2000® Value Index is an unmanaged index representing the smallest 2000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Value Index and Russell® are trademarks of Frank Russell Company.