News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 2nd Quarter, 2015
  • Continued strong performance driven by stock selection
  • After a strong start to the quarter, the U.S. equity market struggled to reach the finish line in positive territory at the end of the quarter.
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 2nd Quarter, 2015
  • Fund performance outpaces mid cap growth index
  • The domestic mid cap market gave back a portion of its strong Q1 2015 returns in the face of rising volatility and questions about economic growth.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 2nd Quarter, 2015
  • Small cap growth stocks returns outpace value in Q2
  • With growth stocks leading the way, shares of smaller U.S. companies advanced modestly in the second quarter of 2015.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 2nd Quarter, 2015
  • Small cap growth stocks post modest advance in Q2
  • Shares of smaller U.S.-based companies generated positive results for the second quarter of 2015.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 2nd Quarter, 2015
  • Fund outshines benchmark in an up and down period for large cap value stocks
  • Large cap value stocks were up and down in 2015's second quarter, climbing during both April and May and then surrendering nearly all of their gains in June.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 2nd Quarter, 2015
  • Value stocks underperform
  • Results for value stocks in broad market indices continue to lag returns for growth stocks.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 2nd Quarter, 2015
  • Small cap value stocks lose ground in Q2
  • Value-oriented shares of smaller U.S. companies declined in the second quarter of 2015, with the Russell 2000® Value Index posting a return of -1.20%.
Harbor International Fund
  • Northern Cross, LLC - 2nd Quarter, 2015
  • International shares flat in Q2, with most sectors moving higher
  • International markets were volatile, particularly at the end of the quarter, driven by the Greek debt crisis and a sharp decline in some Chinese stocks.
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 2nd Quarter, 2015
  • Fund outperforms international equity benchmark, aided by Energy stocks
  • International equities were essentially flat for the second quarter of 2015, recording a positive return of 0.53% as measured by the MSCI All Country World Ex. US (ND) Index.
Harbor Global Growth Fund
  • Marsico Capital Management, LLC - 2nd Quarter, 2015
  • Equity markets register mixed returns in Q2
  • Global equities were virtually flat for the second quarter of 2015, recording a positive return of 0.35%, as measured by the MSCI All Country World (ND) Index.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 2nd Quarter, 2015
  • Unsettled quarter for emerging markets
  • After a good start to the year for emerging markets equities, the second quarter of 2015 was characterized by heightened volatility due to uncertainty surrounding a Greek exit from the Euro, and significant volatility in Chinese equity markets.
Harbor Commodity Real Return Strategy Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2015
  • Rebound in oil helps Fund outperform in Q2
  • Commodities rebounded in the second quarter of 2015, as the Bloomberg Commodity Index Total ReturnSM posted a return of 4.66%.
Harbor Unconstrained Bond Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2015
  • Fund performance helped by higher inflationary pressures
  • The Harbor Unconstrained Bond Fund posted a return of -0.11% for the second quarter of 2015.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2015
  • Consistent application of investment approach leads to outperformance in the quarter
  • The convertibles market managed to hold onto modest gains in the second quarter of 2015, in spite of a broad selloff late in the period.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2015
  • Fund performs in line with benchmark in flat market for high yield bonds
  • The high yield bond market was flat in the second quarter of 2015, as a June selloff erased gains made earlier in the quarter.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2015
  • Fund outperforms during a challenging and turbulent Q2 environment
  • Investment-grade bonds declined in the second quarter of 2015, with the Barclays U.S. Aggregate Bond Index losing -1.68%.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2015
  • Inflation-linked bonds decline but top investment-grade bonds
  • U.S. inflation linked bonds lost -1.06% for the second quarter of 2015, as measured by the Barclays U.S. TIPS Index.
Harbor Money Market Fund
  • Fischer Francis Trees & Watts, Inc. - 2nd Quarter, 2015
  • Money market returns continue to remain low, but are expected to rise in anticipation of Fed rate increase
  • The Harbor Money Market Fund returned 0.02% during the second quarter of 2015.

Performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the past performance data shown. Investment returns and the value of an investment will fluctuate, and an investor's shares, when sold, may be worth more or less than their original cost. You can obtain performance data current to the most recent month-end (available within seven business days after the most recent month-end) by calling 800-422-1050 or visiting www.harborfunds.com.

Performance figures discussed reflect that of the institutional class shares.

The views expressed herein are those of the portfolio manager at the time of the interview and may not be reflective of their current opinions or future actions.  These views are not necessarily those of the fund company and should not be construed as such.

This information should not be considered as a recommendation to purchase or sell a particular security and the holdings or sectors mentioned may change at any time and may not represent current or future investments.