Harbor Funds today announced the addition of the Harbor Core Bond Fund to its lineup of no-load mutual funds. The new fund, which commences operations today, is subadvised by Income Research + Management ("IR+M").
The investment goal of the Harbor Core Bond Fund is total return. Under normal market conditions, the Fund invests primarily in a diversified portfolio of fixed income instruments. The portfolio managers of the Fund will be William O’Malley, Managing Principal, Director of Investment Team, and Senior Portfolio Manager at IR+M, James Gubitosi, Principal and Senior Portfolio Manager at IR+M, and Sarah Kilpatrick, Principal and Senior Portfolio Manager at IR+M.
"We are very pleased to partner with IR+M to add the Harbor Core Bond Fund to the Harbor Funds lineup," said Charles F. McCain, President of Harbor Funds. "We extend a warm welcome to William O’Malley, James Gubitosi, Sarah Kilpatrick, and the IR+M team as they join the Harbor Funds family."
Brian L. Collins, Vice President of Harbor Funds and Chief Investment Officer of Harbor Capital Advisors, Inc., the investment adviser to Harbor Funds, commented, "We are excited about the opportunity to work with the IR+M team, and to introduce the Harbor Core Bond Fund to investors. The IR+M team has significant experience managing fixed income assets since their founding in 1987 which we believe will benefit shareholders of the Fund."
The Harbor Funds lineup of actively managed, no-load mutual funds had combined net assets of approximately $66 billion as of April 30, 2018. Each Harbor fund is managed by an institutional investment firm selected by Harbor Capital Advisors, Inc. and approved by the Harbor Funds Board of Trustees based on the firm's experience in a specific asset class. Fees and expenses apply to an investment in Harbor Funds and are described in each fund's current prospectus.
There is no guarantee that the investment objective of the Fund will be achieved. Fixed income investments are affected by interest rate changes and the creditworthiness of the issues held by the Fund. As interest rates rise, the values of fixed income securities held by the Fund are likely to decrease and reduce the value of the Fund's portfolio.