News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 3rd Quarter, 2014
  • Large cap growth stocks manage modest advance for Q3
  • Shares of larger, growth-oriented U.S. companies recorded modest gains in the third quarter of 2014, with the Russell 1000® Growth Index posting a return of 1.49%.
Harbor Mid Cap Growth Fund
  • Wellington Management Company, LLP - 3rd Quarter, 2014
  • Mid cap growth shares edge lower in Q3
  • The third quarter of 2014 saw mixed results from U.S. equities, as shares of large companies managed modest gains while mid cap and small cap stocks ended the period in negative territory.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 3rd Quarter, 2014
  • Harbor Small Cap Growth outpaces benchmark in down quarter
  • Shares of smaller U.S. companies lost ground in the third quarter, pushing their returns into negative territory for the first nine months of 2014.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 3rd Quarter, 2014
  • Most sectors lose ground as small cap shares decline in Q3
  • Share prices in the small cap segment of the U.S. stock market fell in the third quarter of 2014, with most economic sectors posting negative returns.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 3rd Quarter, 2014
  • Large cap value shares post small decline in Q3
  • After moving higher in the first half of 2014, many segments of the U.S. equity market gave back some of their gains in the third quarter.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 3rd Quarter, 2014
  • Energy shares weak as mid cap value stocks move lower in Q3
  • U.S. equities generated mixed investment results in the third quarter of 2014, as mid cap and small cap stocks lost ground while shares of larger companies managed a modest advance.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 3rd Quarter, 2014
  • Small cap value shares fall in Q3, with all sectors losing ground
  • The third quarter of 2014 saw a sharp decline in shares of smaller U.S. companies, leaving them in negative territory for the year.
Harbor International Fund
  • Northern Cross, LLC - 3rd Quarter, 2014
  • Foreign shares retreat in Q3, as most sectors lose ground
  • International equities declined across a broad front in the third quarter of 2014, with the MSCI EAFE (ND) Index posting a return of -5.88%.
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 3rd Quarter, 2014
  • Foreign stocks decline in Q3 with most sectors in negative territory
  • Shares of international companies retreated in the third quarter of 2014.
Harbor Global Growth Fund
  • Marsico Capital Management, LLC - 3rd Quarter, 2014
  • Global stocks ease in Q3 amid concerns over weaker growth
  • Global equity markets declined in the third quarter of 2014 but remained in positive territory for the year.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 3rd Quarter, 2014
  • Emerging markets equities give back a portion of Q2 gains, nonetheless outpace developed market shares
  • Following a solid second quarter, shares of companies based in developing markets relinquished some of their gains in the three months ended September 30.
Harbor Commodity Real Return Strategy Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2014
  • Commodities down for the year after sharp decline in Q3
  • Commodity prices experienced a steep decline in the third quarter of 2014, pushing returns into negative territory for the year.
Harbor Unconstrained Bond Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2014
  • Bonds register modest Q3 return
  • U.S. investment-grade bonds posted slightly positive returns for the third quarter of 2014, as the Barclays U.S. Aggregate Bond Index, a measure of the broad taxable investment-grade U.S. bond market, returned 0.17%.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2014
  • Convertibles post competitive returns despite Q3 decline
  • Convertible bonds declined in the third quarter of 2014 but continued to provide competitive returns with other asset classes on a year-to-date basis.
Harbor Emerging Markets Debt Fund
  • Stone Harbor Investment Partners LP - 3rd Quarter, 2014
  • EM debt markets decline in Q3, reducing first half gains
  • After generating positive returns in the first half of 2014, emerging markets debt securities gave back some of those gains in the third quarter.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2014
  • High yield market moves lower in Q3 after solid first half
  • Speculative-grade bonds declined in the third quarter of 2014 but stayed in positive territory for the year.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2014
  • U.S. bond market up slightly in Q3 as investors exit riskier assets
  • The third quarter of 2014 saw a divergence in market sentiment from the first half of the year as geopolitical events fostered increased uncertainty, causing most risk assets to struggle.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2014
  • Inflation-linked bonds edge lower in Q3; nine-month return remains positive
  • Inflation-indexed bonds retraced some of their earlier gains as the Barclays U.S. TIPS Index returned -2.04% for the third quarter of 2014.
Harbor Money Market Fund
  • Fischer Francis Trees & Watts, Inc. - 3rd Quarter, 2014
  • Money market returns remain at barely-positive levels in Q3
  • Returns from money market investments remained barely positive in the third quarter of 2014, as the Federal Reserve continued to hold its federal funds target rate at 0.0% to 0.25%.

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.