News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 4th Quarter, 2016
  • Global equities continue to rally after election surprise
  • The unexpected victory of U.S. President-elect Donald J. Trump produced a momentary spasm for global equities, but markets quickly resumed their rally, and major indexes closed out the quarter and the year with gains.
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 4th Quarter, 2016
  • Post-election inflows drive U.S. equities to fifth straight quarterly gain
  • U.S. equities continued to rally in the fourth quarter of 2016 and closed out a strong year, soaring after the Presidential election of Donald J. Trump.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 4th Quarter, 2016
  • Domestic stocks ended 2016 on a strong note
  • Domestic stocks ended 2016 on a strong note, with the stock market led by Financials and Industrials stocks following the U.S. presidential election.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 4th Quarter, 2016
  • Small cap U.S. stocks post positive results
  • The most significant macroeconomic event that occurred during the fourth quarter of 2016 was the presidential election in the United States on November 8.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 4th Quarter, 2016
  • Stocks gain on positive economic news and solid earnings reports
  • The election of Donald Trump in the quarter had a major impact on markets, as investors anticipated possible effects of Trump administration policies.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 4th Quarter, 2016
  • Mid cap value stocks beat growth peers for the quarter and year
  • The fourth quarter of 2016 marked a fifth consecutive quarter of advances for U.S. equities, as the S*A*P 500 rose 3.82% for the period.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 4th Quarter, 2016
  • Strong advance for small cap value stocks
  • The U.S. equity market had positive returns in the fourth quarter of 2016.
Harbor International Fund
  • Northern Cross, LLC - 4th Quarter, 2016
  • U.S. Dollar was strong closing out the year
  • During the fourth quarter of 2016, U.S. equity markets climbed and the U.S. Dollar grew stronger following the surprising election of Donald Trump.
Harbor Diversified International All Cap Fund
  • Marathon Asset Management LLP (Marathon-London) - 4th Quarter, 2016
  • The ongoing effects of the Brexit vote and the U.S. presidential election led to volatility
  • Equity markets experienced volatility in the fourth quarter of 2016, influenced by the ongoing effects of the Brexit vote and the lead up to, and aftermath of, the U.S. presidential election.
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 4th Quarter, 2016
  • Global Politics shocked the International Equities Markets
  • The final quarter of 2016 was in some ways a microcosm of the year itself.
Harbor International Small Cap Fund
  • Baring International Investment Limited (Barings) - 4th Quarter, 2016
  • In 2016, marginal gains amid volatility in international markets
  • In the full year 2016, investor confidence was shaken by macro-level events such as the U.S. presidential elections, the U.K.'s Brexit referendum, and fears about the impact of a gradual withdrawal of loose monetary policies and quantitative easing by...
Harbor Global Growth Fund
  • Marsico Capital Management, LLC - 4th Quarter, 2016
  • Technology holdings weigh on fourth-quarter performance
  • In the last quarter of 2016, financial markets were overwhelmingly captive to the somewhat surprising election triumph of Donald Trump.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 4th Quarter, 2016
  • Emerging markets post losses, underperforming developed markets
  • Emerging markets underperformed their developed market peers in the fourth quarter of 2016.
Harbor Commodity Real Return Strategy Fund
  • Pacific Investment Management Company LLC - 4th Quarter, 2016
  • Fourth quarter sees rise in oil prices and inflation expectations
  • Donald Trump stunned in winning the U.S. presidential election, but the market reaction was almost as surprising.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 4th Quarter, 2016
  • The U.S. convertible securities market generated positive results in 2016’s fourth quarter
  • The U.S. presidential election signaled anticipation of a more business-friendly environment for U.S. companies, with a consequent boost in the economy.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 4th Quarter, 2016
  • The U.S. presidential election led to expectations of greater growth rates
  • During the fourth quarter of 2014, the U.S. presidential election led to expectations of greater growth rates.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 4th Quarter, 2016
  • In the fourth quarter, volatility fell and yields moved dramatically higher
  • Donald Trump stunned in winning the U.S. presidential election, but the market reaction was almost as surprising.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 4th Quarter, 2016
  • Yields moved higher, sparking a sell-off
  • Donald Trump stunned in winning the U.S. presidential election, but the market reaction was almost as surprising. Most markets focused on the pro-growth and inflationary potential of fiscal stimulus as many risk assets rallied while inflation...
Harbor Money Market Fund
  • Fischer Francis Trees & Watts, Inc. - 4th Quarter, 2016
  • Fund outperforms as monetary tightening returns
  • Government bond yields in most markets rose in the fourth quarter of 2016, as expectations shifted toward potentially higher growth and income, together with potentially less accommodative monetary policy.

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.