Harbor Funds | Manager Commentary

News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Sig Segalas - 1st Quarter, 2013
  • Equities off to a solid start in 2013 despite uncertainties
  • Domestic equities opened the new year with a solid advance. The Russell 1000® Growth Index, a measure of large cap growth stocks in the U.S., returned 9.54% for the first quarter of 2013, as all 10 economic sectors registered positive results.
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Harbor Mid Cap Growth Fund
  • Michael Carmen - 1st Quarter, 2013
  • Mid cap shares stage broad based advance to start 2013
  • U.S. equities recorded solid gains in the first quarter of 2013, boosted by improved investor sentiment.
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Harbor Small Cap Growth Fund
  • Will Muggia - 1st Quarter, 2013
  • U.S. stocks start 2013 with robust gains
  • U.S. equities opened the new year with a robust, broad-based advance. The Russell 2000® Growth Index, a measure of small cap growth stocks, returned 13.21% for the first quarter of 2013, while the Harbor Small Cap Growth Fund outpaced the index with a...
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Harbor Large Cap Value Fund
  • Jim Henderson - 1st Quarter, 2013
  • Stocks open 2013 with broad-based advance
  • The first three months of 2013 produced robust returns for U.S. equities in general as well as the Harbor Large Cap Value Fund. The Fund posted a return of 11.01% while its benchmark, the Russell 1000® Value Index, advanced 12.31%.
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Harbor Mid Cap Value Fund
  • Bhaskaran Swaminathan, Director of Research - 1st Quarter, 2013
  • Mid caps pace a strong quarter for U.S. equities
  • U.S. equity markets surged ahead in the first quarter of 2013 with double-digit returns across all capitalization ranges. Mid cap value shares fared especially well, with the Russell Midcap® Value Index posting a return of 14.21%.
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Harbor Small Cap Value Fund
  • Paul Viera - 1st Quarter, 2013
  • Monetary easing, reduced fiscal worries helped boost equities in Q1
  • The stock market opened the new year with an impressive advance as U.S. equities posted double-digit gains for the first quarter of 2013.
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Harbor International Fund
  • Jean-Francois Ducrest - 1st Quarter, 2013
  • Japan shares boost international equity markets
  • Foreign stocks opened 2013 with an upward move as the MSCI EAFE (ND) Index of equities in developed overseas markets recorded a return of 5.15% for the three months ended March 31.
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Harbor International Growth Fund
  • Marsico - 1st Quarter, 2013
  • International shares up despite concerns on Europe, emerging markets
  • International equities generated positive returns in the first quarter of 2013 despite continuing macroeconomic concerns in Europe and slowing growth in emerging markets.
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Harbor Global Value Fund
  • Harry Hartford - 1st Quarter, 2013
  • Global equity markets aided by central bank strategies
  • The Harbor Global Value Fund posted a return of 6.40% for the first quarter of 2013.
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Harbor Global Growth Fund
  • Marsico - 1st Quarter, 2013
  • Global Growth Fund returns 9%, outpaces benchmark in Q1
  • Global equities generated positive returns for the first quarter of 2013, overcoming headwinds including the Italian electorate's vote against austerity, a Cypriot banking crisis, and political discord in Washington.
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Harbor Commodity Real Return Strategy Fund
  • PIMCO Investment Strategy Group - 1st Quarter, 2013
  • Commodity prices weak in Q1
  • Commodities traded lower in the first quarter of 2013. The Dow Jones-UBS Commodity Index, an unmanaged index of futures contracts on 19 physical commodities, had a negative return of -1.13% for the three months ended March 31.
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Harbor Unconstrained Bond Fund
  • PIMCO Investment Strategy Group - 1st Quarter, 2013
  • Non-agency mortgages helped drive Unconstrained Bond Fund's Q1 performance
  • In a challenging environment for fixed income securities, the Harbor Unconstrained Bond Fund recorded a return of 1.94% for the first quarter of 2013.
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Harbor Convertible Securities Fund
  • Raymond Condon - 1st Quarter, 2013
  • Convertibles build on late-2012 gains with strong advance in Q1
  • Convertible bonds turned in a strong performance to start the new year.
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Harbor Emerging Markets Debt Fund
  • John DiSpigno - 1st Quarter, 2013
  • EM debt weak in Q1 after strong 2012
  • Following a strong performance last year, bonds from emerging markets countries retreated a bit in the first quarter of 2013.
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Harbor High-Yield Bond Fund
  • Mark Flanagan - 1st Quarter, 2013
  • High yield market extends prior year gains with further advance to start 2013
  • Adding to double-digit gains last year, high yield bonds moved higher in the first quarter of 2013. The BofA Merrill Lynch U.S. High Yield Index generated a return of 2.85% for the three months ended March 31.
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Harbor Bond Fund
  • PIMCO Investment Strategy Group - 1st Quarter, 2013
  • Variety of strategies boosted Harbor Bond Fund performance in weak market
  • Returns of investment grade bonds slipped into negative territory in the first quarter of 2013. The broad taxable U.S. bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, returned a negative -0.13% for the three months ended...
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Harbor Real Return Fund
  • PIMCO Investment Strategy Group - 1st Quarter, 2013
  • Inflation-linked securities lost ground in challenging quarter
  • Inflation-protected bonds struggled in the first quarter of 2013 and ended up losing ground. The Barclays Capital U.S. TIPS Index, a measure of inflation-indexed securities, recorded a negative return of -0.36% for the three months ended March 31.
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Harbor Money Market Fund
  • Ken O'Donnell - 1st Quarter, 2013
  • Monetary stimulus policies continued to weigh on money market returns in Q1
  • Short-term interest rates remained anchored near zero in the first quarter of 2013, resulting in negligible returns from money market investments.
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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.