News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • 2nd Quarter, 2019
  • While the Harbor Capital Appreciation Fund's holdings are not immune from the impact of tariffs, we believe that few face material risk of being competitively disadvantaged by the evolving trade landscape.
Harbor Strategic Growth Fund
  • 2nd Quarter, 2019
  • We continue to believe that future returns will benefit less from discounts to fair value and more closely correlate with our companies' abilities to compound intrinsic value.
Harbor Mid Cap Growth Fund
  • 2nd Quarter, 2019
  • With secular growth tailwinds persisting through the quarter, we are still finding a significant number of opportunities benefiting from economic expansion.
Harbor Small Cap Growth Fund
  • 2nd Quarter, 2019
  • Despite concerns over slowing growth, we believe there is cause for optimism. The U.S. consumer remains very healthy, with continued strength in the labor market, rising wages, and low debt.
Harbor Small Cap Growth Opportunities Fund
  • 2nd Quarter, 2019
  • We remain committed to our longstanding process that focuses on identifying individual companies with attractive fundamentals.
Harbor Large Cap Value Fund
  • 2nd Quarter, 2019
  • The goal of our investment team is to focus on studying businesses, assessing their quality, and analyzing them with a long-term and global perspective.
Harbor Mid Cap Value Fund
  • 2nd Quarter, 2019
  • While the environment for value stocks has been challenging over the last 12 to 18 months, we believe the Harbor Mid Cap Value Fund is well positioned given its valuation, combined with the strong fundamentals of our holdings.
Harbor Small Cap Value Fund
  • 2nd Quarter, 2019
  • We continue to position the Harbor Small Cap Value Fund based on the underlying fundamentals of individual companies and the growth prospects relative to what is currently reflected in the stock price. We will continue to manage the Fund in this fashion into the back half of 2019.
Harbor Small Cap Value Opportunities Fund
  • 2nd Quarter, 2019
  • We believe our time tested, bottom-up investment process, focusing on sound businesses that are selling below their intrinsic value due to transient factors, could enable us to weather a variety of economic outcomes over the medium term.
Harbor International Fund
  • 2nd Quarter, 2019
  • While we are taking advantage of price dislocations and establishing new positions where relative valuations present an opportunity to do so, the portfolio in aggregate remains focused on downside protection with a 'quality' tilt (i.e. strong balance sheets, stable free-cash-flow, sound competitive positioning, etc.) from a characteristics standpoint.
Harbor Diversified International All Cap Fund
  • 2nd Quarter, 2019
  • We remain focused on bottom-up stock selection with an aim to invest in businesses where we believe the supply-side capital cycle dynamics and capital allocation decisions by management remain favorable or are improving.
Harbor International Growth Fund
  • 2nd Quarter, 2019
  • We remain confident that technological innovation and disruption, new business lines, and growing access to customers in emerging markets will create significant opportunities for growing businesses.
Harbor International Small Cap Fund
  • 1st Quarter, 2019
  • Although valuations have risen following the strength of equity markets in the first quarter, our bottom-up approach and focus on individual companies' ability to improve profitability and returns over the longer term will not change.
Harbor Global Leaders Fund
  • 2nd Quarter, 2019
  • We continue to remain focused on the fundamental strengths and long-term growth prospects of our portfolio businesses, which are typically independent of macro events and/or conditions.
Harbor Emerging Markets Equity Fund
  • 2nd Quarter, 2019
  • Consistent with our fundamental approach, we try to construct the Fund based on bottom-up research rather than top-down decisions based on macro-level events.
Harbor Convertible Securities Fund
  • 2nd Quarter, 2019
  • Similar to the first quarter, the continued strength in new-issue activity provided opportunity to further diversify the Harbor Convertible Securities Fund.
Harbor High-Yield Bond Fund
  • 2nd Quarter, 2019
  • We believe that with more global fixed income assets offering negative yields, low global growth, and declining U.S. rate expectations, there will be more new issuance but also healthy technical support for leveraged finance assets.
Harbor High-Yield Opportunities Fund
Harbor Bond Fund
  • 2nd Quarter, 2019
  • We believe U.S. duration continues to be attractive given the potential for capital appreciation in adverse market environments.
Harbor Core Bond Fund
  • 2nd Quarter, 2019
  • If market weakness and volatility arises, as it did in April, we have ample liquidity and dry powder to take advantage of dislocations across the investment grade universe.
Harbor Real Return Fund
  • 2nd Quarter, 2019
  • We have increased overall duration within the Harbor Real Return Fund while continuing to remain cautious.
Harbor Money Market Fund
  • 2nd Quarter, 2019
  • We became more optimistic during the last quarter as markets stabilized and economic data contradicted recent negative sentiment.

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 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.