News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 3rd Quarter, 2016
  • Fund outperforms in strong third-quarter rally
  • After a sharp sell-off in the wake of Brexit, the U.K.'s June vote to exit the European Union, investors seemed to shrug off Brexit's unknown long-term effects.
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 3rd Quarter, 2016
  • U.S. equity markets advance for the fourth consecutive quarter
  • Bolstered by gains in July that followed a solid start to the corporate earnings season and encouraging housing and employment economic data, the U.S. equities market advanced during the third quarter of 2016 for the fourth consecutive quarter.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 3rd Quarter, 2016
  • Stocks continued to recover from Brexit-related volatility
  • Financial markets recovered from the Brexit-induced sell-off by early July and, as evidenced by high yield spreads declining during the third quarter of 2016, they continued to heal from their earlier volatility.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 3rd Quarter, 2016
  • Stocks rise despite market uncertainty
  • The second quarter ended with investors trying to figure out what to make of the volatile markets in the aftermath of the Brexit vote.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 3rd Quarter, 2016
  • Stocks gain on positive economic news and solid earnings reports
  • In the third quarter of 2016, the U.S. labor market continued to strengthen as the average worker got a raise for the first time in more than a decade.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 3rd Quarter, 2016
  • Mid cap value stocks solid in third quarter
  • The third quarter of 2016 marked a fourth consecutive quarter of advances for U.S. equities.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 3rd Quarter, 2016
  • Strong advance for small cap value stocks
  • Small cap value stocks, represented by the Russell 2000® Value Index, had the strongest quarterly return in close to two years.
Harbor International Fund
  • Northern Cross, LLC - 3rd Quarter, 2016
  • International stocks finish the quarter down
  • During the third quarter of 2016, European stocks made a comeback from the lows they saw following the British referendum vote in June to leave the European Union.
Harbor Diversified International All Cap Fund
  • Marathon Asset Management LLP (Marathon-London) - 3rd Quarter, 2016
  • The unexpected U.K. referendum result continued to dominate headlines
  • The unexpected U.K. referendum result, which came in just prior to the end of the second quarter, continued to dominate headlines and, to a degree, have an impact on the markets.
Harbor International Small Cap Fund
  • Baring International Investment Limited (Barings) - 3rd Quarter, 2016
  • International equity markets rebounded post-Brexit
  • International equity markets responded positively to reassuring indications from business confidence surveys and economic data during the third quarter of 2016 indicating that the U.K.'s referendum vote to leave the European Union had not caused...
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 3rd Quarter, 2016
  • Immediate impact of Brexit vote on market and economy appears to have been benign
  • International equities delivered a respectable return in the third quarter of 2016, for once marginally ahead of domestic U.S. equities when measured in Dollars.
Harbor Global Growth Fund
  • Marsico Capital Management, LLC - 3rd Quarter, 2016
  • Driven by technology holdings, Fund outperforms
  • Global equity markets posted a strong advance during the third quarter of 2016, largely recovering from second quarter declines that followed Brexit.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 3rd Quarter, 2016
  • Emerging markets post strong gains, beating developed markets
  • International markets surged in the quarter, with emerging markets outperforming their developed market peers.
Harbor Commodity Real Return Strategy Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2016
  • Commodities decline after second quarter advances
  • Markets generally shook off the surprise Brexit result as equities rallied and volatility remained low, despite building concerns over the future path of monetary policy globally.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2016
  • The U.S. convertibles market posted solid results in the third quarter of 2016
  • During the third quarter of 2016, the U.S. Federal Reserve's (Fed's) decision to not raise interest rates at its September meeting led to an extension of the credit cycle.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2016
  • The credit cycle extends
  • During the third quarter of 2016, the impact of the Federal Reserve's (Fed's) decision to not raise rates at its September meeting was an extension of the credit cycle.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2016
  • Markets remained resilient among geopolitical shocks
  • During the third quarter of 2016, markets generally shook off the surprise "Brexit" result as equities rallied and volatility remained low, despite building concerns over the future path of monetary policy globally.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2016
  • Markets remained resilient in the third quarter
  • Markets generally shook off the surprise Brexit result as equities rallied and volatility remained low despite building concerns over the future path of monetary policy globally.
Harbor Money Market Fund
  • Fischer Francis Trees & Watts, Inc. - 3rd Quarter, 2016
  • Expectations for monetary tightening have returned
  • Global fixed income markets recovered from Brexit related market turbulence throughout the summer months.

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.

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