The Harbor Global Value Fund, subadvised by Causeway Capital Management LLC, invests primarily in equity securities, principally common stocks of companies located throughout the world, including the United States and developed and emerging market countries. The Fund expects to invest the majority of its assets in companies that pay dividends or repurchase their shares.
When investing the Fund's assets, the Subadviser follows a value style. This means that the Subadviser buys stocks that it believes have lower prices than their true worth. For example, stocks may be "undervalued" because the issuing companies are part of industries that are currently out of favor with investors. However, even in those industries, certain companies may have high rates of growth of earnings and be financially sound.
When purchasing or selling individual securities, the Subadviser considers each of the following value characteristics:
Generally, the Subadviser considers price-to-earnings and yield as the most important of these value characteristics. Under normal market circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of countries outside the U.S.
As of Quarter Ended 12/31/2013
YTD 1 Year 5 Year 10 Year Since Inception 32.21% 32.21% 14.30% N/A -0.26%
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.
The Harbor Funds performance shown assumes the reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized.
From time to time, certain fees and/or expenses have been voluntarily waived, which has resulted in higher returns. Without these waivers, the returns would have been lower. Voluntary waivers may be applied or discontinued at any time without notice.
The MSCI World (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure global developed market equity performance. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
The Harbor Global Value Fund received a 2-star Overall Morningstar Rating™ as of 01/31/2014 out of 799 World Stock funds. Global Value Fund was rated 2-star among 637, -star among , and 0-star among 0 domestic World Stock funds for the three-, five- and ten-year periods ended 01/31/2014, respectively. The Morningstar Rating is for the Administrative share class only; other classes may have different performance characteristics.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variations in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.
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