Harbor Funds | Manager Commentary

News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Sig Segalas - 4th Quarter, 2011
  • Q4 rally lifts large caps into positive territory for 2011
  • Large cap U.S. equities finished a turbulent 2011 in positive territory, thanks to a year-end rally.
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Harbor Mid Cap Growth Fund
  • Michael Carmen - 4th Quarter, 2011
  • Equities close out 2011 with a strong finish
  • U.S equities finished 2011 on a strong note, with the Russell Midcap® Growth Index recording a return of 11.24% for the quarter ended December 31, 2011.
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Harbor Small Cap Growth Fund
  • Will Muggia - 4th Quarter, 2011
  • Q4 rebound trims small cap losses for 2011
  • Small cap stocks rebounded in the fourth quarter of 2011, with the Russell 2000® Growth Index posting a return of 14.99%.
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Harbor Large Cap Value Fund
  • Rick Helm - 4th Quarter, 2011
  • Macroeconomic woes could weigh on earnings growth rates
  • Global economic weakness, especially in Europe, could prove to be a drag on the pace of corporate earnings growth in the year ahead, in the view of Rick Helm, Portfolio Manager of the Harbor Large Cap Value Fund.
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Harbor Mid Cap Value Fund
  • Bhaskaran Swaminathan, Director of Research - 4th Quarter, 2011
  • Value names led mid cap rally in Q4
  • Mid cap stocks staged a strong recovery in the fourth quarter of 2011, led by the value-oriented segment of the market.
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Harbor Small Cap Value Fund
  • Paul Viera - 4th Quarter, 2011
  • Small caps closed 2011 with solid rally
  • Small cap stock prices staged a strong recovery in the fourth quarter of 2011.
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Harbor International Fund
  • Scott Babka - 4th Quarter, 2011
  • Investment team sees mixed macro outlook for 2012
  • Investors face a mixed macroeconomic picture in the year ahead, in the view of Portfolio Manager Ted Wendell and Senior Analyst Scott Babka of the Harbor International Fund.
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Harbor International Growth Fund
  • Marsico - 4th Quarter, 2011
  • International stocks managed gains in 2011's final quarter
  • International equities reversed direction in the closing months of 2011 and posted positive returns for the fourth quarter.
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Harbor Global Value Fund
  • John Goetz - 4th Quarter, 2011
  • Global equities lost ground in 2011 despite Q4 gains
  • Global equity markets finished 2011 on a positive note, with the MSCI World Index recording a return of 7.59% for the quarter ended December 31, 2011.
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Harbor Global Growth Fund
  • Marsico - 4th Quarter, 2011
  • European debt problems could continue to weigh on global equity markets in 2012
  • Despite a fourth-quarter rally, global equity markets ended 2011 in negative territory.
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Harbor Commodity Real Return Strategy Fund
  • PIMCO Investment Strategy Group - 4th Quarter, 2011
  • Commodities post double-digit decline for 2011
  • CCommodities managed a barely-positive increase in the fourth quarter of 2011 but posted a sharp decline for the full year.
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Harbor Unconstrained Bond Fund
  • PIMCO Investment Strategy Group - 4th Quarter, 2011
  • Defensive strategies reflect conservative economic outlook for 2012
  • The Harbor Unconstrained Bond Fund registered returns of 0.47% for the fourth quarter and 1.32% for the 12 months ended December 31, 2011.
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Harbor Flexible Capital Fund
  • Marsico - 4th Quarter, 2011
  • Year-end rally fueled by hopes of progress in Europe
  • Stock prices closed the year with a positive surge, as the Standard & Poor's 500 Index registered a return of 11.82% for the three months ended December 31, 2011.
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Harbor Convertible Securities Fund
  • Raymond Condon - 4th Quarter, 2011
  • New fund outpaced convertibles index in declining market
  • For the eight months from its inception effective May 1, 2011, the Harbor Convertible Securities Fund had a negative return but outperformed its benchmark by a substantial margin.
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Harbor Emerging Markets Debt Fund
  • Whitney Cox - 4th Quarter, 2011
  • EM debt instruments registered positive returns in Q4
  • After a sharp decline in the third quarter, fixed income investments in emerging markets reversed direction in the final three months of 2011.
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Harbor High-Yield Bond Fund
  • Mark Flanagan - 4th Quarter, 2011
  • Combination of factors could favor high yield issues in 2012
  • Continued economic recovery in the U.S. and strong investor demand for incremental yield could create a favorable climate for the high yield market in 2012, in the view of Mark Flanagan, Portfolio Manager of the Harbor High-Yield Bond Fund.
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Harbor Bond Fund
  • PIMCO Investment Strategy Group - 4th Quarter, 2011
  • Harbor Bond Fund outperformed benchmark in Q4
  • Investment-grade bonds recorded modest returns in the fourth quarter of 2011 against a backdrop of continued uncertainty over the global macroeconomic outlook.
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Harbor Real Return Fund
  • PIMCO Investment Strategy Group - 4th Quarter, 2011
  • Inflation-indexed bonds registered positive returns to close out 2011
  • Inflation-linked bonds moved modestly higher in the fourth quarter amid continuing uncertainty over Europe's debt crisis and its potential impact on the global economy.
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Harbor Money Market Fund
  • Ken O'Donnell - 4th Quarter, 2011
  • Low-rate environment likely to continue in 2012
  • The fourth quarter of 2011 saw short-term interest rates hovering at near-zero levels, as the Federal Reserve maintained its strategy of monetary easing.
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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.