Harbor Focused International Fund Institutional Class (HNFSX)

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

Harbor Focused International FundMSCI All Country World Ex. US (ND) Index
Number of Holdings312,215
Weighted Avg. Market Cap ($Mil)78,132.3468,930.23
Median Market Cap ($Mil)39,538.687,741.02
Price/Book Ratio5.312.04
Adj. Trailing P/E Ratio26.4616.01
Forecasted P/E Ratio22.8414.82
Earnings Growth Rate (%)12.829.55
Proj. Earnings Growth Rate (%)10.328.64
Return on Equity (%)19.4213.04
Turnover (unannualized % since 10/31)32-

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
Ping An Insurance Group Co. of China Ltd. [2318]5.8
Unilever plc [ULVR]5.4
L'Oreal SA [OR]4.7
Hoya Corp. [7741]4.7
Inner Mongolia Yili Industrial Group Co. Ltd. Class A [600887]4.5
Heineken NV [HEIA]4.5
Hangzhou Hikvision Digital Technology Co. Ltd. Class A [002415]4.2
Hamamatsu Photonics KK [6965]4.0
Fomento Economico Mexicano SAB de CV ADR Class B [FMX]3.9
Fast Retailing Co. Ltd. [9983]3.8
% of Total Holdings:45.5

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Ping An Insurance Group Co. of China Ltd. [2318]CN13611.491,5635.8
Unilever plc [ULVR]GB2460.101,4535.4
L'Oreal SA [OR]FR5279.671,2754.7
Hoya Corp. [7741]JP1581.901,2534.7
Inner Mongolia Yili Industrial Group Co. Ltd. Class A [600887]CN2994.001,1984.5
Heineken NV [HEIA]NL11108.011,1964.5
Hangzhou Hikvision Digital Technology Co. Ltd. Class A [002415]CN2504.531,1344.2
Hamamatsu Photonics KK [6965]JP2937.311,0784.0
Fomento Economico Mexicano SAB de CV ADR Class B [FMX]MX1191.581,0353.9
Fast Retailing Co. Ltd. [9983]JP2596.551,0143.8
Pan Pacific International Holdings Corp. [7532]JP5916.749913.7
AIA Group Ltd. [1299]HK1039.439713.6
Hikari Tsushin Inc. [9435]JP4216.949113.4
Roche Holding AG [ROG]CH3291.168693.2
Kose Corp. [4922]JP5169.798663.2
SAP SE [SAP]DE6117.677632.8
Experian plc [EXPN]JE2331.987322.7
EssilorLuxottica SA [EL]FR5144.187212.7
Shin-Etsu Chemical Co. Ltd. [4063]JP6107.616892.6
Coloplast AS Class B [COLOB]DK5120.326412.4
Amadeus IT Group SA Class A [AMS]ES871.655972.2
Daikin Industries Ltd. [6367]JP4131.895942.2
Kweichow Moutai Co. Ltd. Class A [600519]CN3161.225482.0
Autohome Inc. ADR Class A [ATHM]CN683.135151.9
Nidec Corp. [6594]JP3135.424471.7
Keyence Corp. [6861]JP1622.464361.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW946.484321.6
Makita Corp. [6586]JP1331.734191.6
Straumann Holding AG [QS5]CH0817.953991.5
Total24,74092.1
Cash and Other Assets Less Liabilities7.9
Total Net Assets100%

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

As of Quarter Ended 09/30/2019
Economic SectorHarbor Focused International Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Staples28.210.2
Information Technology16.58.9
Consumer Discretionary13.511.4
Health Care11.88.5
Financials9.421.6
Industrials8.211.9
Materials2.67.3
Communication Services1.96.8
Real Estate0.03.2
Energy0.06.7
Utilities0.03.5

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

As of Quarter Ended 09/30/2019
Sector ReturnsHarbor Focused International Fund %MSCI All Country World Ex. US (ND) Index %
Materials15.7-6.5
Health Care6.21.1
Consumer Discretionary2.6-0.7
Cash0.40.0
Industrials0.3-2.5
Real Estate0.0-3.1
Utilities0.01.3
Energy0.0-4.6
Information Technology-1.82.2
Consumer Staples-2.61.5
Financials-7.0-3.6
Communication Services-8.3-2.9

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

As of Quarter Ended 09/30/2019
CountryHarbor Focused International Fund %MSCI All Country World Ex. US (ND) Index %
Japan32.416.5
China18.58.3
France7.47.6
United Kingdom5.411.0
Switzerland4.76.3
Netherlands4.52.7
Mexico3.90.7
Hong Kong3.62.4
Germany2.85.7
Jersey2.70.0
Other14.138.8

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. U.S. (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.

Comgest Asset Management International Limited ("CAMIL") serves as the Fund's subadviser. In providing services to the Fund, CAMIL uses designated persons of its affiliates, including Comgest S.A., based in Paris, France, and Comgest Singapore Ptd Ltd., based in Singapore. CAMIL and such affiliates are referred to collectively as "Comgest."