News & Commentary

Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 2nd Quarter, 2018
  • U.S. equity markets gained in the second quarter despite uncertainty
  • U.S. equity markets gained in the second quarter of 2018, despite a degree of uncertainty about trade and international relations not seen since the end of the Cold War.
Harbor Strategic Growth Fund
  • Mar Vista Investment Partners, LLC - 2nd Quarter, 2018
  • A strong quarter for U.S. equities
  • The combination of healthy labor markets, improving corporate earnings and tax reform benefits drove strong equity market performance during the second quarter of 2018
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 2nd Quarter, 2018
  • U.S. equity markets rose in the second quarter
  • U.S. equity markets rose in the second quarter of 2018, driven by robust corporate earnings and U.S. economic conditions.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 2nd Quarter, 2018
  • The U.S. small cap growth equity market rose in the second quarter
  • U.S. equity markets finished the second quarter higher, bouncing back from a lackluster, yet volatile, start to the year.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 2nd Quarter, 2018
  • Fund outperforms as U.S. stocks rally through concerns about trade
  • Despite escalating trade tensions that dominated headlines and drove day-to-day volatility, U.S. equities were broadly positive and posted significant gains during the second quarter of 2018.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 2nd Quarter, 2018
  • Despite escalating trade tensions, the U.S. equity market posted gains
  • Although an escalation in trade tensions unsettled markets during the second quarter of 2018, the positive momentum set by earnings and U.S. economic data proved strong enough to offset such concerns, and the U.S. equity market posted positive results...
Harbor Mid Cap Value Fund
  • LSV Asset Management - 2nd Quarter, 2018
  • Amid volatility, mid caps and Fund post gains
  • U.S. equity markets advanced in what proved to be a volatile second quarter of 2018, as strong economic data outweighed concerns surrounding global trade tensions and geopolitical uncertainty.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 2nd Quarter, 2018
  • Fund advances as small cap stocks lead U.S. market
  • The U.S. small cap equity market bounced back in the second quarter of 2018 after a negative start to the year.
Harbor Small Cap Value Opportunities Fund
  • Sapience Investments, LLC - 2nd Quarter, 2018
  • Small- and mid-cap stocks led U.S. equity markets during the quarter
  • Small- and mid-cap stocks led U.S. equity markets during the second quarter of 2018.
Harbor International Fund
  • Northern Cross, LLC - 2nd Quarter, 2018
  • Equity market volatility increased during the quarter
  • Concerns over a trade war between the U.S. and the rest of the world affected global markets as the uncertainty about what threats would or would not materialize increased equity market volatility during the second quarter of 2018.
Harbor Diversified International All Cap Fund
  • Marathon Asset Management LLP (Marathon-London) - 2nd Quarter, 2018
  • Equity markets declined during the second quarter amid increased concerns
  • Developed international equity markets appreciated in the first half of the second quarter of 2018, largely in response to solid full year corporate results and an improving global economic backdrop.
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 2nd Quarter, 2018
  • International equity markets declined in the second quarter
  • Equity markets, particularly international markets, posted insipid results during the second quarter of 2018, with some fairly lackluster local currency returns from most large, developed markets being offset by the strength of the U.S. Dollar against...
Harbor International Small Cap Fund
  • Baring International Investment Limited (Barings) - 2nd Quarter, 2018
  • Increased equity market volatility characterized the second quarter
  • During the second quarter of 2018, increased volatility characterized equity markets, reflecting a deterioration in investor confidence about the outlook for global economic growth and, more particularly, global trade growth.
Harbor Global Leaders Fund
  • Sands Capital Management, LLC - 2nd Quarter, 2018
  • The U.S. prospered and emerging markets dipped during the quarter
  • Global equity markets, as measured by the MSCI All Country World (ND) Index or MSCI ACWI, were approximately flat (in U.S. Dollar terms) in the second quarter of 2018.
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 2nd Quarter, 2018
  • Emerging market equities decline, trail developed market stocks
  • Emerging markets declined during the second quarter of 2018, underperforming developed markets.
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2018
  • The U.S. convertible securities market had positive results, despite various challenges
  • After a nine-year bull rally, most financial markets have struggled during the first half of 2018.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2018
  • Various challenges are starting to erode investor confidence
  • After a nine-year bull rally, most financial markets have struggled during the first half of 2018.
Harbor High-Yield Opportunities Fund
  • Crescent Capital Group LP - 2nd Quarter, 2018
  • High yield outperforms other fixed income markets despite multiple headwinds
  • The U.S. high yield market during the second quarter of 2018 was dominated by negative headlines surrounding the escalating trade wars with China, Mexico, Canada and other U.S. trading partners.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2018
  • Geopolitical developments affect risk sentiment and create volatility
  • Solid growth momentum in the U.S. contrasted with some softening in growth in other developed regions, while geopolitical developments weighed on risk sentiment for much of the second quarter and resulted in mixed market performance.
Harbor Core Bond Fund
  • Income Research + Management - 2nd Quarter, 2018
  • New fund seeks attractive long-term returns from investment grade bonds
  • The Harbor Core Bond Fund, which is managed by Income Research + Management (IR+M), launched on June 1, 2018.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2018
  • Increased risk sentiment and volatility drove mixed results
  • Solid growth momentum in the U.S. contrasted with some softening in other developed regions, while geopolitical developments increased risk sentiment and volatility, resulting in mixed market performance in the second quarter of 2018.
Harbor Money Market Fund
  • BNP Paribas Asset Management USA, Inc. - 2nd Quarter, 2018
  • Central banks united in tightening trajectory
  • Growth rebounded in the second quarter of 2018 after a seasonally weak first 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.