News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • 4th Quarter, 2018
  • Entering 2019, we believe the U.S. economy remains on sound footing. Underlying interest rates and the subdued inflationary backdrop suggest the Federal Reserve is achieving its targeted goals.
Harbor Strategic Growth Fund
  • 4th Quarter, 2018
  • Any material decline in stocks is psychologically uncomfortable, but the lower prices provide opportunities for both higher expected returns and less risk.
Harbor Mid Cap Growth Fund
Harbor Small Cap Growth Fund
  • 4th Quarter, 2018
  • Of all the environments to invest, this is one in which we believe our growth approach with a valuation bias should be rewarded.
Harbor Small Cap Growth Opportunities Fund
  • 4th Quarter, 2018
  • We believe that our portfolio holdings have better growth prospects than are currently reflected in their prices, and the combination of business fundamentals and valuations makes us optimistic about the year ahead.
Harbor Large Cap Value Fund
  • 4th Quarter, 2018
  • Rather than focus on analyzing short-term events or 'top-down' views, we will continue to direct our time and energy toward understanding the fundamentals of businesses. We believe that is the best way to serve our clients.
Harbor Mid Cap Value Fund
  • 4th Quarter, 2018
  • While 2018 was a difficult year for value investors, we believe the companies we hold are generating strong cash flow and earnings. In general, we have seen little deterioration in company fundamentals.
Harbor Small Cap Value Fund
  • 4th Quarter, 2018
  • We continue to position the portfolio based on the underlying fundamentals of individual companies and the growth prospects relative to what is currently reflected in the stock price.
Harbor Small Cap Value Opportunities Fund
  • 4th Quarter, 2018
  • As value investors, we view the shift to a risk-off market as a better investment environment with a broader opportunity set.
Harbor International Fund
  • 4th Quarter, 2018
  • One has to wonder how long investors can continue to shrug off material disruption to the well-established order of global trade.
Harbor Diversified International All Cap Fund
  • 4th Quarter, 2018
  • In Europe, the significant decline in markets during the quarter left valuations looking more attractive than they have for some time.
Harbor International Growth Fund
  • 4th Quarter, 2018
  • While the recent uncertainty in markets appears to have bred a rather pessimistic outlook among market participants, the underlying fundamentals of many companies are unchanged, as is the case for most of the Fund's holdings.
Harbor International Small Cap Fund
  • 4th Quarter, 2018
  • Our outlook has been adjusted to increase our caution with regard to profit growth and profit margin developments in 2019.
Harbor Global Leaders Fund
Harbor Emerging Markets Equity Fund
  • 4th Quarter, 2018
  • While investor sentiment toward emerging market equities quickly turned negative in 2018, valuations are more attractive in absolute terms, with what we view as wide valuation discounts in comparison to developed markets. We believe uncertainty is creating opportunity.
Harbor Convertible Securities Fund
  • 4th Quarter, 2018
  • Looking forward, similar to 2018, we believe that the overall prospects for convertible securities remain positive.
Harbor High-Yield Bond Fund
  • 4th Quarter, 2018
  • While volatility appears likely to remain elevated, we view a moderation of growth, as opposed to a reversal of growth, as the most likely scenario, and we plan to maintain our conservative positioning.
Harbor High-Yield Opportunities Fund
Harbor Bond Fund
  • 4th Quarter, 2018
  • We maintain a preference for U.S. duration against rate exposure in other developed regions, including the U.K. and Japan.
Harbor Core Bond Fund
  • 4th Quarter, 2018
  • Allocation shifts were made on the margin during the quarter, as we took advantage of outperformance by trimming tight-trading bonds.
Harbor Real Return Fund
  • 4th Quarter, 2018
  • We maintain a preference for U.S. real rate exposure versus other developed markets given what we believe are still attractive valuations in the U.S. and rich valuations in U.K. and European markets.
Harbor Money Market Fund
  • 4th Quarter, 2018
  • The tightening cycle has generated opportunities to tactically position the Fund ahead of each Federal Open Market Committee (FOMC) meeting.

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

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.