Harbor Advisors Portfolio holdings

AUM $611M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4

This Quarter Return

+5.28%

1 Year Return

+16.12%

3 Year Return

+74.64%

5 Year Return

+106.07%

10 Year Return

–

AUM

$273M

AUM Growth

+$273M (+8%)

Cap. Flow

+$7.38M

Cap. Flow % of AUM

2.7%

Top 10 Holdings % Top 10 Hldgs %

63.79%

Holding

159

New

Increased

Reduced

Closed

Top Buys

1	Comcast CMCSA	$962K
2	Equifax EFX	$795K
3	Evercore EVR	$722K
4	Brown & Brown BRO	$578K
5	PJT Partners PJT	$556K

Top Sells

1	Avis CAR	$825K
2	UBS Group UBS	$170K
3	Kroger KR	$145K

Sector Composition

1	Real Estate	44.44%
2	Financials	15.59%
3	Communication Services	12.55%
4	Energy	6.51%
5	Technology	5.83%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
101	101 Popular Inc BPOP $8.49B	$359K	0.13%	10,000	–	–
102	102 Kinder Morgan KMI $60B	$355K	0.13%	18,500	–	–
103	103 ConocoPhillips COP $124B	$354K	0.13%	7,082	–	–
104	104 CF Industries CF $14B	$352K	0.13%	10,000	–	–
105	105 Bristol-Myers Squibb BMY $96B	$351K	0.13%	5,500	–	–
106	106 AerCap AER $22B	$345K	0.13%	6,750	–	–
107	107 Olin OLN $2.71B	$343K	0.13%	10,000	–	–
108	108 Liberty Global Class A LBTYA $4B	$341K	0.12%	10,044	–	–
109	NBIS 109 Nebius Group N.V. Class A Ordinary Shares NBIS $16.3B	$330K	0.12%	10,000	–	–
110	110 Phillips 66 PSX $54B	$324K	0.12%	3,541	–	–
111	111 WSFS Financial WSFS $3.26B	$320K	0.12%	6,560	–	–
112	112 Seacoast Banking Corp of Florida SBCF $2.73B	$317K	0.12%	13,272	–	–
113	113 Gartner IT $19B	$311K	0.11%	2,500	–	–
114	WRK 114 DELISTED WestRock Company WRK	$302K	0.11%	5,315	–	–
115	115 Williams Companies WMB $70.7B	$300K	0.11%	10,000	–	–
116	116 Wynn Resorts WYNN $13.2B	$298K	0.11%	2,000	–	–
117	117 iShares MSCI Brazil ETF EWZ $5.45B	$292K	0.11%	7,000	–	–
118	PARAA 118 DELISTED Paramount Global Class A PARAA	$292K	0.11%	5,000	–	–
119	CELG 119 DELISTED Celgene Corp CELG	$292K	0.11%	2,000	–	–
120	GHL 120 DELISTED Greenhill & Co., Inc. GHL	$286K	0.1%	+17,200	New	+$286K
121	HES 121 DELISTED Hess HES	$281K	0.1%	6,000	–	–
122	122 Berkshire Hathaway Class A BRK.A $1.09T	$275K	0.1%	1	–	–
123	SAVE 123 DELISTED Spirit Airlines, Inc. SAVE	$267K	0.1%	8,000 +3,000	+60%	+$100K
124	124 Alico ALCO $259M	$263K	0.1%	7,703	–	–
125	125 Moelis & Co MC $5.35B	$263K	0.1%	+6,100	New	+$263K