News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 3rd Quarter, 2018
  • U.S. equities posted solid gains in the third quarter
  • U.S. equities posted solid gains in the third quarter of 2018, despite acrimonious trade disputes and escalating tariffs, as U.S. corporate earnings continued to benefit from lower taxes.
Harbor Strategic Growth Fund
  • Mar Vista Investment Partners, LLC - 3rd Quarter, 2018
  • A strong bull market and records achieved in the third quarter of 2018
  • Although the 10-year Treasury climbed above 3% and oil prices exceeded $70 per barrel, strong corporate earnings growth and low interest rates have helped fuel the longest running bull market in modern financial history.
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 3rd Quarter, 2018
  • U.S. mid cap equity markets prospered once again
  • U.S. mid cap equities rose in the third quarter, driven by exceptionally robust earnings growth and broad-based strength in the economy.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 3rd Quarter, 2018
  • The U.S. equity market rose in the third quarter despite global trade tensions
  • Equity markets continued their advance in the third quarter, rising in the face of increasingly loud political rhetoric concerning matters of trade between the U.S. and its biggest trading partners.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 3rd Quarter, 2018
  • Fund outperforms as U.S. stocks rally through concerns about trade
  • Once again, U.S. equity markets performed well during the third quarter of 2018.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 3rd Quarter, 2018
  • Fund advances as stock market rally continues
  • The U.S. equity market continued its rally in the third quarter of 2018, supported by strong economic data and corporate earnings growth.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 3rd Quarter, 2018
  • Stocks continue to rally, but value lags growth
  • U.S. equity markets rallied in the third quarter, bolstered by record corporate earnings, continued economic growth and progress on trade negotiations.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 3rd Quarter, 2018
  • Strong year for small cap stocks continues into third quarter
  • U.S. small cap stocks posted gains in the third quarter of 2018 amid continued positive performance for equities generally.
Harbor Small Cap Value Opportunities Fund
  • Sapience Investments, LLC - 3rd Quarter, 2018
  • U.S. equity indexes hit all-time highs during the third quarter
  • During the third quarter of 2018, most major U.S. stock indexes closed the period at or near all-time highs.
Harbor International Fund
  • Marathon Asset Management LLP (Marathon-London) - 3rd Quarter, 2018
  • New fund management reflects shift in strategy
  • On August 22, 2018, Marathon Asset Management LLP (Marathon-London) began managing the Harbor International Fund.
Harbor Diversified International All Cap Fund
  • Marathon Asset Management LLP (Marathon-London) - 3rd Quarter, 2018
  • International equity markets were flat overall during the third quarter
  • The developing trade war between the U.S. and China, growing evidence of European economic weakness and ongoing U.K. Brexit negotiations with the European Union collectively weighed on global equity market performance toward the end of the third...
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 3rd Quarter, 2018
  • International equity struggled in the third quarter
  • International markets remained weak in the third quarter of 2018, though they just scraped into positive territory in the final weeks of the period.
Harbor International Small Cap Fund
  • Baring International Investment Limited (Barings) - 3rd Quarter, 2018
  • U.S. Dollar strength constrained international equity market performance
  • During the third quarter of 2018, global equity markets benefited from the boost provided by a strong U.S. economy, although returns from international equity markets were constrained, in U.S. Dollar terms, by the U.S. Dollar's relative strength.
Harbor Global Leaders Fund
  • Sands Capital Management, LLC - 3rd Quarter, 2018
  • Fund outperforms as developed and emerging market divergence continues
  • Global equity markets (as measured by the MSCI All Country World (ND) Index) rose in the third quarter of 2018.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 3rd Quarter, 2018
  • Fund advances, outperforms despite emerging market difficulties
  • Amid an escalating trade conflict between the United States and China and continued U.S. monetary policy tightening, emerging market equities declined during the third quarter of 2018 and underperformed developed markets, which broadly advanced.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2018
  • U.S. equity markets hit record highs in the third quarter
  • The markets proved resilient in the third quarter of 2018.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 3rd Quarter, 2018
  • Investor risk appetite continued to drive the markets
  • The markets proved resilient in the third quarter of 2018.
Harbor High-Yield Opportunities Fund
  • Crescent Capital Group LP - 3rd Quarter, 2018
  • High yield continues to outperform other fixed income markets
  • Key themes in the market during the third quarter of 2018 included escalating U.S.–China trade tensions and rising U.S. Treasury yields and narrowing spreads, offset by strong U.S. economic reports and healthy corporate earnings.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2018
  • Risk assets perform well despite geopolitical tensions and increased volatility
  • Geopolitical developments – including escalating U.S.–China trade tensions, NAFTA negotiations, Brexit developments, Italian budget concerns, and turmoil in certain emerging market countries such as Turkey and Argentina – dominated news headlines and...
Harbor Core Bond Fund
  • Income Research + Management - 3rd Quarter, 2018
  • The Federal Reserve raised interest rates during the third quarter
  • The ongoing trade war with China, which sustained another round of tariffs in late September, has had little visible effect on the U.S. economy thus far.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 3rd Quarter, 2018
  • Risk assets perform well despite geopolitical tensions and increased volatility
  • Geopolitical developments – including escalating U.S.–China trade tensions, NAFTA negotiations, Brexit developments, Italian budget concerns, and turmoil in certain emerging market countries such as Turkey and Argentina – dominated news headlines and...
Harbor Money Market Fund
  • BNP Paribas Asset Management USA, Inc. - 3rd Quarter, 2018
  • Treasury yields continue to track monetary policy rates
  • Growth stabilized in the third quarter of 2018 after the strong rebound in the second quarter.

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.