Fund Manager Commentary
Harbor Capital Appreciation Fund
  • Jennison Associates LLC - 2nd Quarter, 2017
  • U.S. equity markets advanced in the second quarter
  • U.S. equity markets advanced in the second quarter of the year, as corporate earnings continued to grow against a backdrop of moderate U.S. economic growth.
Harbor Strategic Growth Fund
  • Mar Vista Investment Partners, LLC - 2nd Quarter, 2017
  • U.S. stocks continued to advance in the second quarter of 2017
  • Domestic equity markets continued their march into record territory in the second quarter even as intensified scrutiny into alleged Russian election interference, tepid Gross Domestic Product (GDP) growth, incessant North Korean saber rattling and an...
Harbor Mid Cap Growth Fund
  • Wellington Management Company LLP - 2nd Quarter, 2017
  • The U.S. equity market reached record highs in the second quarter
  • During the second quarter of 2017, U.S. equities posted positive results for the seventh consecutive quarter.
Harbor Small Cap Growth Fund
  • Westfield Capital Management Company, L.P. - 2nd Quarter, 2017
  • The U.S. equity market continued to advance in the second quarter
  • The U.S. equity market continued to advance in the second quarter of the year, capping the strongest first half of the year since 2013.
Harbor Small Cap Growth Opportunities Fund
  • Elk Creek Partners, LLC - 2nd Quarter, 2017
  • Stocks advanced in the second quarter amid improved corporate earnings
  • Domestic equity markets posted positive returns for the second quarter of 2017, despite volatility.
Harbor Large Cap Value Fund
  • Aristotle Capital Management, LLC - 2nd Quarter, 2017
  • Fund surpasses market gains
  • U.S. stocks climbed higher in the second quarter in an environment of rising interest rates, falling oil prices, and political uncertainty as corporate earnings exceeded expectations.
Harbor Mid Cap Value Fund
  • LSV Asset Management - 2nd Quarter, 2017
  • Equities continue to rally, but value lags growth
  • U.S. equities continued to advance during the second quarter of 2017, despite mixed economic data and higher interest rates.
Harbor Small Cap Value Fund
  • EARNEST Partners LLC - 2nd Quarter, 2017
  • Modest returns for small cap value stocks
  • U.S. small cap equities advanced minimally in the second quarter of 2017.
Harbor International Fund
  • Northern Cross, LLC - 2nd Quarter, 2017
  • Consumer stocks provided a relative advantage during the quarter
  • The second quarter of 2017 saw positive returns and low volatility for both domestic and international stocks.
Harbor Diversified International All Cap Fund
  • Marathon Asset Management LLP (Marathon-London) - 2nd Quarter, 2017
  • International equity markets posted positive results
  • International equity markets posted positive results for the second quarter of 2017.
Harbor International Growth Fund
  • Baillie Gifford Overseas Limited - 2nd Quarter, 2017
  • European post-election optimism rising
  • Emmanuel Macron and his "En Marche!" movement had substantial success in the French presidential election and then soundly defeated his opponents in the subsequent parliamentary elections.
Harbor International Small Cap Fund
  • Baring International Investment Limited (Barings) - 2nd Quarter, 2017
  • Economic growth indicators are generally improving
  • During the second quarter of 2017, forecasts for global economic growth continued to receive slight upgrades from many economists, reflecting improved business confidence.
Harbor Global Leaders Fund
  • Sands Capital Management, LLC - 2nd Quarter, 2017
  • Strengthening economic data drove global market gains
  • While the post-election rally in U.S. markets in late 2016 was largely attributed to the new administration's stimulus promises, strengthening underlying economic data—including employment, durable goods, and home sales—and strong business fundamentals...
Harbor Emerging Markets Equity Fund
  • Oaktree Capital Management, L.P. - 2nd Quarter, 2017
  • Emerging markets equities outperformed their developed market counterparts
  • Emerging markets (as measured by the MSCI Emerging Markets (ND) Index) advanced during the second quarter of 2017, outperforming developed markets.
Harbor Commodity Real Return Strategy Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2017
  • Commodity strategies generated negative returns for the quarter
  • From key elections in France to political controversy in both the United States and Brazil, geopolitics dominated headlines during the second quarter of 2017 and contributed to brief periods of market volatility
Harbor Convertible Securities Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2017
  • The U.S. convertible securities market moved higher
  • The macroeconomic changes that we saw developing in the fourth quarter of 2016 have continued to play out thus far in 2017.
Harbor High-Yield Bond Fund
  • Shenkman Capital Management, Inc. - 2nd Quarter, 2017
  • A favorable backdrop allowed the high yield market to have a strong quarter
  • During the second quarter of 2017, the U.S. economy's growth rate continued to be about 2%.
Harbor Bond Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2017
  • Despite the uncertain political climate, equities rallied and credits tightened
  • From key elections in France to political controversy in both the United States and Brazil, geopolitics dominated headlines during the second quarter of 2017 and contributed to brief periods of market volatility.
Harbor Real Return Fund
  • Pacific Investment Management Company LLC - 2nd Quarter, 2017
  • Inflation-linked bonds lagged the overall fixed income market
  • From key elections in France to political controversy in both the United States and Brazil, geopolitics dominated headlines during the second quarter of 2017 and contributed to brief periods of market volatility.
Harbor Money Market Fund
  • BNP Paribas Asset Management USA, Inc. - 2nd Quarter, 2017
  • Fund keeps pace as rate tightening continues
  • The global macro environment continued to improve in the second quarter of 2017, with several major central banks contemplating reductions in monetary stimulus.

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.

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.