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Harbor Capital Appreciation Fund (HACAX)
Overview
Performance
Holdings
Investment Team
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Class

Overview

Investment Team
Jennison Associates
Kathleen McCarragher
Blair Boyer
Natasha Kuhlkin, CFA

Current Price

Current Price

As of 3/29/2023

$72.26

Price (NAV)

$1.21

NAV Daily Change ($)

1.70%

NAV Daily Change (%)

15.14%

NAV YTD Return

Fund Facts

As of 2/28/2023

12/29/1987

Inception Date

0.67

Net Expense Ratio
disclaimer

0.72

Gross Expense Ratio

$13,375.345

Total Net Assets (million)
As of 2/28/2023

HACAX

Ticker

2012

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 12/31/2022

Company Name [Ticker]

% of Net Assets

Microsoft Corporation[MSFT]

6.6

Apple Inc.[AAPL]

6.5

Amazon.com Inc.[AMZN]

5.1

NVIDIA Corporation[NVDA]

4.4

Eli Lilly and Company[LLY]

4.1

Visa Inc. Class A[V]

4.0

Mastercard Incorporated Class A[MA]

3.3

LVMH Moet Hennessy Louis Vuitton SE[MC]

3.1

Tesla Inc.[TSLA]

3.0

Alphabet Inc. Class A[GOOGL]

2.9

% of Total Holdings:

43.0%

Morningstar Gold

Morningstar Analyst Rating™

As of 8/15/2022

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

left quote

“Our fundamental research is what enables us to identify companies that create real economic value over time.”

Kathleen McCarragher

Managing Director & Head of Growth Equity, Jennison Associates LLC

right quote

Performance

Total Returns

Month-End

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Capital Appreciation Fund

-0.33%

9.13%

-18.42%

7.21%

8.22%

13.36%

11.43%

0.67%disclaimer

0.72%

Russell 1000® Growth Index

-1.15%

7.05%

-13.34%

12.06%

11.54%

14.26%

10.67%

--

--

S&P 500 Index

-2.28%

3.69%

-7.69%

12.15%

9.82%

12.25%

10.58%

--

--

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Russell 1000® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. The Standard & Poor's 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. These unmanaged indices do not reflect fees and expenses and are not available for direct investment. The Russell 1000® Growth Index and Russell® are trademarks of Frank Russell Company.

Price History

Chart

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/16/2022

12/19/2022

12/19/2022

0.00000

--

0.00000

--

0.00000

--

0.00000

0.00000

63.10

12/17/2021

12/20/2021

12/20/2021

0.00000

--

18.78540

--

0.00000

18.78540

18.78540

0.00000

95.90

12/16/2020

12/17/2020

12/17/2020

0.00000

0.00000

12.76479

0.00000

0.00000

12.76479

12.76479

0.00000

104.23

12/13/2019

12/16/2019

12/16/2019

0.00000

0.05047

6.67334

0.00000

0.00000

6.67334

6.72381

0.00000

74.60

12/14/2018

12/17/2018

12/17/2018

0.00000

0.14830

6.64723

0.00000

0.00000

6.64723

6.79553

0.00000

62.24

12/15/2017

12/18/2017

12/18/2017

0.00000

0.11238

7.91505

0.00000

0.00000

7.91505

8.02743

0.00000

70.20

12/16/2016

12/19/2016

12/19/2016

0.00000

0.06091

3.48780

0.00000

0.00000

3.48780

3.54871

0.00000

57.25

12/16/2015

12/17/2015

12/17/2015

0.00000

0.04869

4.10699

0.00000

0.00000

4.10699

4.15568

0.00000

61.03

12/17/2014

12/18/2014

12/18/2014

0.00000

0.04816

3.76608

0.00000

0.00000

3.76608

3.81424

0.00000

58.74

12/16/2013

12/17/2013

12/17/2013

0.00000

0.04510

1.72906

0.00000

0.00000

1.72906

1.77416

0.00000

54.57

12/14/2012

12/17/2012

12/17/2012

0.00000

0.16944

0.00000

0.00000

0.00000

0.00000

0.16944

0.00000

42.36

12/15/2011

12/16/2011

12/16/2011

0.00000

0.04266

0.00000

0.00000

0.00000

0.00000

0.04266

0.00000

36.19

12/16/2010

12/17/2010

12/17/2010

0.00000

0.07727

0.00000

0.00000

0.00000

0.00000

0.07727

0.00000

36.66

12/17/2009

12/18/2009

12/18/2009

0.00000

0.08679

0.00000

0.00000

0.00000

0.00000

0.08679

0.00000

32.29

12/18/2008

12/19/2008

12/19/2008

0.00000

0.15639

0.00000

0.00000

0.00000

0.00000

0.15639

0.00000

23.13

12/18/2007

12/19/2007

12/19/2007

0.00000

0.12233

0.00000

0.00000

0.00000

0.00000

0.12233

0.00000

36.50

12/18/2006

12/19/2006

12/19/2006

0.00000

0.07118

0.00000

0.00000

0.00000

0.00000

0.07118

0.00000

33.65

12/19/2005

12/20/2005

12/20/2005

0.00000

0.03054

0.00000

0.00000

0.00000

0.00000

0.03054

0.00000

33.02

12/29/2004

12/30/2004

12/30/2004

0.00000

0.10973

0.00000

0.00000

0.00000

0.00000

0.10973

0.00000

28.78

12/29/2003

12/30/2003

12/30/2003

0.00000

0.04852

0.00000

0.00000

0.00000

0.00000

0.04852

0.00000

26.26

12/27/2002

12/30/2002

12/30/2002

0.00000

0.03692

0.00000

0.00000

0.00000

0.00000

0.03692

0.00000

20.19

12/26/2001

12/27/2001

12/28/2001

0.00000

0.03917

0.00000

0.00000

0.00000

0.00000

0.03917

0.00000

29.47

12/20/2000

12/21/2000

12/22/2000

0.00000

0.00000

6.17401

0.00000

0.00000

6.17401

6.17401

0.00000

34.01

12/21/1999

12/22/1999

12/23/1999

0.00000

0.00000

4.60205

0.11634

0.00000

4.48571

4.60205

0.00000

49.14

12/28/1998

12/29/1998

12/31/1998

0.00000

0.06501

2.27618

0.00000

0.00000

2.27618

2.34119

0.00000

38.25

12/24/1997

12/26/1997

12/31/1997

0.00000

0.06684

4.85048

0.85839

1.91583

2.07626

4.91732

0.00000

28.18

12/24/1996

12/26/1996

12/31/1996

0.00000

0.02107

0.85964

0.00000

0.00000

0.85964

0.88071

0.00000

26.84

12/22/1995

12/26/1995

12/29/1995

0.00000

0.02582

0.31401

0.00000

0.00000

0.31401

0.33983

0.00000

22.69

12/23/1994

12/27/1994

12/30/1994

0.00000

0.03791

0.17459

0.00000

0.00000

0.17459

0.21250

0.00000

16.75

12/23/1993

12/27/1993

12/31/1993

0.00000

0.03447

1.12874

0.00000

0.00000

1.12874

1.16321

0.00000

16.18

12/24/1992

12/28/1992

12/31/1992

0.00000

0.01968

2.03511

0.16482

0.00000

1.87029

2.05479

0.00000

15.55

12/26/1991

12/27/1991

12/31/1991

0.00000

0.04335

0.97962

0.39165

0.00000

0.58797

1.02297

0.00000

15.61

12/24/1990

12/26/1990

12/31/1990

0.00000

0.14059

0.85820

0.00000

0.00000

0.85820

0.99879

0.00000

11.11

12/21/1989

12/22/1989

12/30/1989

0.00000

0.20724

1.18225

0.28386

0.00000

0.89839

1.38949

0.00000

12.09

12/23/1988

12/27/1988

12/30/1988

0.00000

0.17814

0.38113

0.23098

0.00000

0.15015

0.55927

0.00000

10.88

Holdings

Portfolio Characteristics

As of 12/31/2022

56

Number of Holdings

519964.9

Wtd Avg Market Cap ($Mil)

10.3

Price/Book Ratio

30.3

Adjusted Trailing P/E Ratio

24.2

% EPS Growth - Past 3 Yr

32.07

Return on Equity (%)

25.3

Forecasted P/E Ratio

Top Ten Holdings

As of 12/31/2022

Company Name [Ticker]

% of Net Assets

Microsoft Corporation[MSFT]

6.6

Apple Inc.[AAPL]

6.5

Amazon.com Inc.[AMZN]

5.1

NVIDIA Corporation[NVDA]

4.4

Eli Lilly and Company[LLY]

4.1

Visa Inc. Class A[V]

4.0

Mastercard Incorporated Class A[MA]

3.3

LVMH Moet Hennessy Louis Vuitton SE[MC]

3.1

Tesla Inc.[TSLA]

3.0

Alphabet Inc. Class A[GOOGL]

2.9

% of Total Holdings:

43.0%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector, countries mentioned may change at any time and may not represent current or future investments.

As of 12/31/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Microsoft Corporation [MSFT]

5,441

239.82

1,304,933

6.6

Apple Inc. [AAPL]

9,928

129.93

1,289,999

6.5

Amazon.com Inc. [AMZN]

12,144

84.00

1,020,114

5.1

NVIDIA Corporation [NVDA]

6,023

146.14

880,140

4.4

Eli Lilly and Company [LLY]

2,231

365.84

816,316

4.1

Visa Inc. Class A [V]

3,821

207.76

793,793

4.0

Mastercard Incorporated Class A [MA]

1,866

347.73

648,922

3.3

LVMH Moet Hennessy Louis Vuitton SE [MC]

845

725.62

613,396

3.1

Tesla Inc. [TSLA]

4,913

123.18

605,217

3.0

Alphabet Inc. Class A [GOOGL]

6,477

88.23

571,424

2.9

Alphabet Inc. Class C [GOOG]

6,238

88.73

553,484

2.8

UnitedHealth Group Incorporated [UNH]

1,015

530.18

538,031

2.7

Broadcom Inc. [AVGO]

871

559.13

486,761

2.5

Costco Wholesale Corporation [COST]

1,047

456.50

477,911

2.4

Schlumberger N.V. [SLB]

7,971

53.46

426,125

2.1

Novo Nordisk A/S Sponsored ADR Class B [NVO]

2,818

135.34

381,358

1.9

Home Depot Inc. [HD]

1,197

315.86

378,137

1.9

Netflix Inc. [NFLX]

1,175

294.88

346,519

1.7

Danaher Corporation [DHR]

1,269

265.42

336,689

1.7

American Tower Corporation [AMT]

1,580

211.86

334,707

1.7

TJX Companies Inc [TJX]

4,117

79.60

327,717

1.7

Adobe Incorporated [ADBE]

963

336.53

324,211

1.6

Lululemon Athletica Inc [LULU]

980

320.38

313,951

1.6

Uber Technologies Inc. [UBER]

12,689

24.73

313,791

1.6

Vertex Pharmaceuticals Incorporated [VRTX]

1,083

288.78

312,828

1.6

MercadoLibre Inc. [MELI]

363

846.24

307,480

1.6

S&P Global Inc. [SPGI]

913

334.94

305,949

1.5

Estee Lauder Companies Inc. Class A [EL]

1,166

248.11

289,275

1.5

ASML Holding NV ADR [ASML]

520

546.40

284,127

1.4

Goldman Sachs Group Inc. [GS]

830

343.38

284,845

1.4

O'Reilly Automotive Inc. [ORLY]

315

844.03

265,804

1.3

T-Mobile US Inc. [TMUS]

1,874

140.00

262,406

1.3

Marriott International Inc. Class A [MAR]

1,755

148.89

261,290

1.3

Adyen NV [ADYEN]

186

1,375.04

255,849

1.3

Snowflake Inc. Class A [SNOW]

1,698

143.54

243,676

1.2

Intuitive Surgical Inc. [ISRG]

915

265.35

242,836

1.2

NIKE Inc. Class B [NKE]

1,995

117.01

233,440

1.2

Salesforce Inc. [CRM]

1,618

132.59

214,531

1.1

DexCom Inc. [DXCM]

1,813

113.24

205,349

1.0

Atlassian Corp Class A [TEAM]

1,284

128.68

165,217

0.8

Northrop Grumman Corp. [NOC]

294

545.61

160,182

0.8

Airbnb Inc. Class A [ABNB]

1,792

85.50

153,183

0.8

Chipotle Mexican Grill Inc. [CMG]

110

1,387.49

152,446

0.8

CrowdStrike Holdings Inc. Class A [CRWD]

1,311

105.29

138,051

0.7

Porsche AG [P911]

1,349

101.12

136,463

0.7

Abbott Laboratories [ABT]

1,101

109.79

120,844

0.6

KKR & Co Inc [KKR]

2,403

46.42

111,533

0.6

Trade Desk Inc. Class A [TTD]

2,439

44.83

109,354

0.5

Thermo Fisher Scientific Inc. [TMO]

181

550.69

99,819

0.5

Meta Platforms Inc. Class A [META]

763

120.34

91,792

0.5

Ulta Beauty Inc. [ULTA]

181

469.07

84,948

0.4

ZoomInfo Technologies Inc [ZI]

2,566

30.11

77,257

0.4

HubSpot Inc. [HUBS]

234

289.13

67,623

0.3

Roblox Corp. Class A [RBLX]

2,136

28.46

60,802

0.3

Total

--

--

--

19,782,847

99.5

Cash and Other Assets Less Liabilities

--

--

--

--

0.5

Total Net Assets

--

--

--

--

100%

As of 12/31/2022

Capital Appreciation Fund (HCAIX)

Russell 1000® Growth Index

-

Information Technology

HCAIX: 35.7%

Benchmark: 43.2%

-

Consumer Discretionary

HCAIX: 24.4%

Benchmark: 14.2%

-

Health Care

HCAIX: 15.4%

Benchmark: 13.5%

-

Communication Services

HCAIX: 10.4%

Benchmark: 6.7%

-

Consumer Staples

HCAIX: 3.9%

Benchmark: 6.1%

-

Financials

HCAIX: 3.5%

Benchmark: 3.3%

-

Industrials

HCAIX: 2.4%

Benchmark: 8.1%

-

Energy

HCAIX: 2.1%

Benchmark: 1.7%

-

Real Estate

HCAIX: 1.7%

Benchmark: 1.6%

-

Materials

HCAIX: 0.0%

Benchmark: 1.5%

-

Utilities

HCAIX: 0.0%

Benchmark: 0.1%

HCAIX: Capital Appreciation Fund

Benchmark: Russell 1000® Growth Index

As of 12/31/2022

Economic Sector

Capital Appreciation Fund %

Russell 1000® Growth Index %

Energy

Economic sector icon

49.4

12.8

Financials

Economic sector icon

13.5

9.5

Health Care

Economic sector icon

12.6

13.1

Information Technology

Economic sector icon

3.8

3.3

Consumer Staples

Economic sector icon

2.4

10.0

Real Estate

Economic sector icon

0.2

3.5

Materials

Economic sector icon

0.0

8.9

Utilities

Economic sector icon

0.0

16.6

Industrials

Economic sector icon

-0.3

15.4

Communication Services

Economic sector icon

-8.3

-6.4

Consumer Discretionary

Economic sector icon

-15.6

-15.7

Investment Team


Jennison Associates

Jennison Associates LLC believes that sustainable alpha generation is possible through a combination of deep fundamental research, specialized investment teams comprised of highly experienced portfolio managers and research analysts, bottom-up portfolio construction, and high-conviction investing. Jennison places an equal premium on the support of deep, longstanding client relationships. Over their history, they have expanded their array of capabilities across active equity, comprising a range of style, geography and market capitalization, and fixed income.

Documents

Name

Date

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. At times, a growth investing style may be out of favor with investors which could cause growth securities to underperform value or other equity securities. Since the Fund may hold foreign securities, it may be subject to greater risks than funds invested only in the U.S. These risks are more severe for securities of issuers in emerging market regions.

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to  https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

2643822 

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Foreside Fund Services, LLC is the Distributor of the Harbor ETFs.

Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

All trademarks or product names mentioned herein are the property of their respective owners. Copyright © 2023 Harbor Capital Advisors, Inc. All rights reserved.