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Harbor Mid Cap Value Fund (HAMVX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 1/31/2023

NAV Price

$24.42

NAV Daily Change ($)

$0.50

NAV Daily Change (%)

2.09%

NAV YTD Return

9.02%

Morningstar Gold

Morningstar Analyst Rating™

As of 4/14/2022

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

Fund Facts

Inception Date

3/1/2002

Net Expense Ratio

0.85%disclaimer

Gross Expense Ratio

0.89%

Total Net Assets (million)

as of 1/31/2023

$263.427

Ticker

HAMVX

Fund Number

2023

Share Class

Institutional

Top Ten Holdings

as of 12/31/2022

Hartford Financial Services Group Inc. [HIG]

1.5%

AGCO Corporation [AGCO]

1.5%

Jazz Pharmaceuticals Public Limited Company [JAZZ]

1.4%

Cummins Inc. [CMI]

1.4%

Ameriprise Financial Inc. [AMP]

1.3%

Owens Corning [OC]

1.3%

Snap-on Incorporated [SNA]

1.3%

Aflac Incorporated [AFL]

1.3%

HP Inc. [HPQ]

1.3%

Kroger Co. [KR]

1.3%

% of Total Holdings:

13.6%

Morningstar Gold

Morningstar Analyst Rating™

As of 4/14/2022

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

"We buy boring companies, not distressed companies. These are companies that are in basic businesses, they have been around for a long time and generally they haven’t excited the marketplace. The result is that they tend to be underpriced."

right quote

SV Asset Management

Performance

Total Returns

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund

10.63%

9.02%

4.72%

10.58%

4.66%

9.67%

7.78%

0.85%disclaimer

0.89%

Russell Midcap® Value Index

9.07%

8.08%

-0.69%

9.31%

6.89%

10.17%

9.63%

--

--

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 Midcap® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Value Index and Russell® are trademarks of Frank Russell Company.

Price History

CHART
TABLE

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

0.39688

1.44873

0.03596

0.00000

1.41277

1.84561

0.00000

22.06

12/17/2021

12/20/2021

12/20/2021

0.00000

0.32514

0.00000

--

0.00000

--

0.32514

0.00000

24.22

12/16/2020

12/17/2020

12/17/2020

0.00000

0.47142

0.00000

0.00000

0.00000

0.00000

0.47142

0.00000

19.94

12/13/2019

12/16/2019

12/16/2019

0.00000

0.51472

0.14724

0.00000

0.00000

0.14724

0.66196

0.00000

21.16

12/14/2018

12/17/2018

12/17/2018

0.00000

0.35174

1.15318

0.12272

0.00000

1.03046

1.50492

0.00000

18.09

12/15/2017

12/18/2017

12/18/2017

0.00000

0.31062

0.59293

0.18085

0.00000

0.41208

0.90355

0.00000

23.62

12/16/2016

12/19/2016

12/19/2016

0.00000

0.35393

0.31339

0.06717

0.00000

0.24622

0.66732

0.00000

22.08

12/16/2015

12/17/2015

12/17/2015

0.00000

0.26872

0.35444

0.13104

0.00000

0.22340

0.62316

0.00000

18.78

12/17/2014

12/18/2014

12/18/2014

0.00000

0.19256

0.12942

0.00000

0.00000

0.12942

0.32198

0.00000

20.52

12/16/2013

12/17/2013

12/17/2013

0.00000

0.19572

0.00000

0.00000

0.00000

0.00000

0.19572

0.00000

17.75

12/14/2012

12/17/2012

12/17/2012

0.00000

0.28075

0.00000

0.00000

0.00000

0.00000

0.28075

0.00000

12.84

12/15/2011

12/16/2011

12/16/2011

0.00000

0.14537

0.00000

0.00000

0.00000

0.00000

0.14537

0.00000

10.64

12/16/2010

12/17/2010

12/17/2010

0.00000

0.12337

0.00000

0.00000

0.00000

0.00000

0.12337

0.00000

11.54

12/17/2009

12/18/2009

12/18/2009

0.00000

0.14296

0.00000

0.00000

0.00000

0.00000

0.14296

0.00000

9.65

12/18/2008

12/19/2008

12/19/2008

0.00000

0.32993

0.00000

0.00000

0.00000

0.00000

0.32993

0.00000

6.92

12/18/2007

12/19/2007

12/19/2007

0.00000

0.18581

0.46949

0.14958

0.00000

0.31991

0.65530

0.00000

11.69

12/18/2006

12/19/2006

12/19/2006

0.00000

0.11586

0.36971

0.04626

0.00000

0.32345

0.48557

0.00000

13.32

12/19/2005

12/20/2005

12/20/2005

0.00000

0.13413

0.29396

0.13690

0.00000

0.15706

0.42809

0.00000

11.92

12/29/2004

12/30/2004

12/30/2004

0.00000

0.04575

0.95868

0.00000

0.00000

0.95868

1.00443

0.00000

11.21

12/29/2003

12/30/2003

12/30/2003

0.00000

0.01153

0.00000

0.00000

0.00000

0.00000

0.01153

0.00000

10.63

12/27/2002

12/30/2002

12/30/2002

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

8.61

Holdings

Portfolio Characteristics

as of 12/31/2022

Mid Cap Value Fund

Number of Holdings

154

Wtd Avg Market Cap ($Mil)

12988.2

Price/Book Ratio

1.77

Adjusted Trailing P/E Ratio

9.6

% EPS Growth - Past 3 Yr

18.4

Return on Equity (%)

20.44

Forecasted P/E Ratio

9.2

Top Ten Holdings

as of 12/31/2022

Company Name [Ticker]

% of Net Assets

Hartford Financial Services Group Inc.[HIG]

1.5

AGCO Corporation[AGCO]

1.5

Jazz Pharmaceuticals Public Limited Company[JAZZ]

1.4

Cummins Inc.[CMI]

1.4

Ameriprise Financial Inc.[AMP]

1.3

Owens Corning[OC]

1.3

Snap-on Incorporated[SNA]

1.3

Aflac Incorporated[AFL]

1.3

HP Inc.[HPQ]

1.3

Kroger Co.[KR]

1.3

% of Total Holdings:

13.6%

This information should not be considered as a recommendation to purchase or sell a particular security. The holdings 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

Hartford Financial Services Group Inc. [HIG]

United States

62

75.83

4,732

1.5

AGCO Corporation [AGCO]

United States

33

138.69

4,535

1.5

Jazz Pharmaceuticals Public Limited Company [JAZZ]

United States

27

159.31

4,270

1.4

Cummins Inc. [CMI]

United States

18

242.29

4,264

1.4

Ameriprise Financial Inc. [AMP]

United States

13

311.37

4,079

1.3

Owens Corning [OC]

United States

47

85.30

4,043

1.3

Snap-on Incorporated [SNA]

United States

18

228.49

4,044

1.3

Aflac Incorporated [AFL]

United States

56

71.94

4,000

1.3

HP Inc. [HPQ]

United States

148

26.87

3,974

1.3

Kroger Co. [KR]

United States

88

44.58

3,919

1.3

Vistra Corp. [VST]

United States

163

23.20

3,791

1.2

Citizens Financial Group Inc. [CFG]

United States

95

39.37

3,724

1.2

Molson Coors Beverage Company Class B [TAP]

United States

72

51.52

3,725

1.2

Jabil Inc. [JBL]

United States

54

68.20

3,676

1.2

Regions Financial Corporation [RF]

United States

171

21.56

3,678

1.2

Whirlpool Corporation [WHR]

United States

24

141.46

3,324

1.1

Amkor Technology Inc. [AMKR]

United States

138

23.98

3,304

1.1

Triton International Ltd. Class A [TRTN]

United States

48

68.78

3,285

1.1

Cardinal Health Inc. [CAH]

United States

42

76.87

3,213

1.0

HF Sinclair Corporation [DINO]

United States

61

51.89

3,139

1.0

Old Republic International Corporation [ORI]

United States

129

24.15

3,118

1.0

Allison Transmission Holdings Inc. [ALSN]

United States

74

41.60

3,084

1.0

Foot Locker Inc. [FL]

United States

82

37.79

3,091

1.0

Devon Energy Corporation [DVN]

United States

50

61.51

3,045

1.0

Ingles Markets Incorporated Class A [IMKTA]

United States

31

96.46

2,942

1.0

McKesson Corporation [MCK]

United States

8

375.12

2,963

1.0

Reliance Steel & Aluminum Co. [RS]

United States

14

202.44

2,927

1.0

UGI Corporation [UGI]

United States

78

37.07

2,899

0.9

Ally Financial Inc [ALLY]

United States

118

24.45

2,873

0.9

Arrow Electronics Inc. [ARW]

United States

27

104.57

2,834

0.9

Atkore Inc [ATKR]

United States

25

113.42

2,824

0.9

NRG Energy Inc. [NRG]

United States

89

31.82

2,819

0.9

Bank of New York Mellon Corp [BK]

United States

61

45.52

2,768

0.9

National Fuel Gas Company [NFG]

United States

44

63.30

2,766

0.9

Brixmor Property Group Inc. [BRX]

United States

122

22.67

2,757

0.9

Navient Corp [NAVI]

United States

167

16.45

2,741

0.9

Nexstar Media Group Inc. [NXST]

United States

16

175.03

2,730

0.9

PulteGroup Inc. [PHM]

United States

59

45.53

2,691

0.9

Toll Brothers Inc. [TOL]

United States

54

49.92

2,681

0.9

Penske Automotive Group Inc. [PAG]

United States

23

114.93

2,643

0.9

Huntsman Corporation [HUN]

United States

95

27.48

2,619

0.9

APA Corp. [APA]

United States

56

46.68

2,600

0.8

Conagra Brands Inc. [CAG]

United States

67

38.70

2,577

0.8

Harley-Davidson Inc. [HOG]

United States

62

41.60

2,588

0.8

Marathon Petroleum Corporation [MPC]

United States

22

116.39

2,584

0.8

Sprouts Farmers Market Inc. [SFM]

United States

80

32.37

2,590

0.8

Zions Bancorporation N.A. [ZION]

United States

53

49.16

2,601

0.8

WestRock Company [WRK]

United States

72

35.16

2,542

0.8

Greif Inc Class A [GEF]

United States

38

67.06

2,528

0.8

Best Buy Co. Inc. [BBY]

United States

31

80.21

2,487

0.8

eBay Inc. [EBAY]

United States

60

41.47

2,484

0.8

Tyson Foods Inc. Class A [TSN]

United States

40

62.25

2,465

0.8

United Therapeutics Corporation [UTHR]

United States

9

278.09

2,447

0.8

Omega Healthcare Investors Inc. [OHI]

United States

86

27.95

2,409

0.8

Ingredion Incorporated [INGR]

United States

24

97.93

2,331

0.8

Sanmina Corporation [SANM]

United States

41

57.29

2,326

0.8

Archer-Daniels-Midland Company [ADM]

United States

25

92.85

2,312

0.8

Silgan Holdings Inc. [SLGN]

United States

45

51.84

2,312

0.8

ManpowerGroup Inc. [MAN]

United States

28

83.21

2,288

0.7

Simon Property Group Inc. [SPG]

United States

19

117.48

2,279

0.7

Seagate Technology Holdings PLC [STX]

United States

43

52.61

2,257

0.7

American International Group Inc. [AIG]

United States

35

63.24

2,207

0.7

DaVita Inc. [DVA]

United States

30

74.67

2,233

0.7

KeyCorp [KEY]

United States

128

17.42

2,223

0.7

Fifth Third Bancorp [FITB]

United States

66

32.81

2,175

0.7

Ironwood Pharmaceuticals Inc. Class A [IRWD]

United States

176

12.39

2,182

0.7

Ryder System Inc. [R]

United States

26

83.57

2,195

0.7

Group 1 Automotive Inc. [GPI]

United States

12

180.37

2,164

0.7

Dick's Sporting Goods Inc. [DKS]

United States

17

120.29

2,057

0.7

H&R Block Inc. [HRB]

United States

57

36.51

2,063

0.7

Macy's Inc [M]

United States

100

20.65

2,055

0.7

Berry Global Group Inc [BERY]

United States

33

60.43

2,018

0.7

Phillips 66 [PSX]

United States

20

104.08

2,030

0.7

Fox Corporation Class A [FOXA]

United States

65

30.37

1,959

0.6

Thor Industries Inc. [THO]

United States

26

75.49

1,978

0.6

Diodes Incorporated [DIOD]

United States

26

76.14

1,949

0.6

DXC Technology Co. [DXC]

United States

73

26.50

1,942

0.6

TTM Technologies Inc. [TTMI]

United States

126

15.08

1,897

0.6

Celanese Corporation [CE]

United States

18

102.24

1,851

0.6

Principal Financial Group Inc. [PFG]

United States

22

83.92

1,829

0.6

Qorvo Inc. [QRVO]

United States

20

90.64

1,804

0.6

Chemours Co. [CC]

United States

56

30.62

1,715

0.6

MGIC Investment Corporation [MTG]

United States

133

13.00

1,728

0.6

Timken Company [TKR]

United States

25

70.67

1,731

0.6

ODP Corporation [ODP]

United States

36

45.54

1,649

0.5

TEGNA Inc. [TGNA]

United States

78

21.19

1,659

0.5

Western Union Company [WU]

United States

118

13.77

1,619

0.5

Universal Health Services Inc. Class B [UHS]

United States

11

140.89

1,578

0.5

Alaska Air Group Inc. [ALK]

United States

36

42.94

1,546

0.5

Ethan Allen Interiors Inc. [ETD]

United States

58

26.42

1,538

0.5

Synchrony Financial [SYF]

United States

46

32.86

1,525

0.5

Unum Group [UNM]

United States

37

41.03

1,518

0.5

Vishay Intertechnology Inc. [VSH]

United States

70

21.57

1,506

0.5

Koppers Holdings Inc. [KOP]

United States

52

28.20

1,475

0.5

O-I Glass Inc [OI]

United States

89

16.57

1,466

0.5

Radian Group Inc. [RDN]

United States

77

19.07

1,468

0.5

Tanger Factory Outlet Centers Inc. [SKT]

United States

83

17.94

1,487

0.5

BorgWarner Inc. [BWA]

United States

36

40.25

1,449

0.5

Brunswick Corporation [BC]

United States

20

72.08

1,406

0.5

Methode Electronics Inc. [MEI]

United States

31

44.37

1,375

0.5

Xerox Holdings Corporation [XRX]

United States

94

14.60

1,371

0.5

Valero Energy Corporation [VLO]

United States

11

126.86

1,357

0.4

Moog Inc. Class A [MOG.A]

United States

15

87.76

1,334

0.4

Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]

Panama

80

16.20

1,296

0.4

SITE Centers Corp. [SITC]

United States

96

13.66

1,309

0.4

American Financial Group Inc. [AFG]

United States

9

137.28

1,263

0.4

Medical Properties Trust Inc. [MPW]

United States

114

11.14

1,274

0.4

Piedmont Office Realty Trust Inc. Class A [PDM]

United States

138

9.17

1,268

0.4

Meritage Homes Corporation [MTH]

United States

13

92.20

1,189

0.4

United Airlines Holdings Inc. [UAL]

United States

32

37.70

1,188

0.4

Eastman Chemical Company [EMN]

United States

14

81.44

1,165

0.4

Hersha Hospitality Trust Class A [HT]

United States

138

8.52

1,175

0.4

Lazard Ltd Class A [LAZ]

United States

34

34.67

1,168

0.4

Packaging Corporation of America [PKG]

United States

9

127.91

1,164

0.4

Prestige Consumer Healthcare Inc [PBH]

United States

19

62.60

1,186

0.4

Walgreens Boots Alliance Inc. [WBA]

United States

32

37.36

1,177

0.4

Bloomin' Brands Inc. [BLMN]

United States

57

20.12

1,137

0.4

First American Financial Corporation [FAF]

United States

22

52.34

1,141

0.4

Ingevity Corporation [NGVT]

United States

16

70.44

1,139

0.4

Laboratory Corporation of America Holdings [LH]

United States

5

235.48

1,130

0.4

Voya Financial Inc. [VOYA]

United States

18

61.49

1,131

0.4

Lincoln National Corp [LNC]

United States

36

30.72

1,100

0.4

PennyMac Financial Services Inc. [PFSI]

United States

20

56.66

1,116

0.4

American Axle & Manufacturing Holdings Inc. [AXL]

United States

138

7.82

1,078

0.4

Discover Financial Services [DFS]

United States

11

97.83

1,066

0.4

Jefferies Financial Group Inc. [JEF]

United States

31

34.28

1,059

0.3

LyondellBasell Industries NV [LYB]

United States

13

83.03

1,046

0.3

Viatris Inc. [VTRS]

United States

93

11.13

1,041

0.3

Avnet Inc. [AVT]

United States

24

41.58

1,006

0.3

Capri Holdings Limited [CPRI]

United States

18

57.32

1,015

0.3

Sabra Health Care REIT Inc. [SBRA]

United States

80

12.43

996

0.3

TD SYNNEX Corporation [SNX]

United States

10

94.71

976

0.3

Allstate Corporation [ALL]

United States

7

135.60

963

0.3

J.M. Smucker Company [SJM]

United States

6

158.46

935

0.3

Annaly Capital Management Inc. [NLY]

United States

42

21.08

878

0.3

Huntington Ingalls Industries Inc. [HII]

United States

4

230.68

854

0.3

Paramount Group Inc. [PGRE]

United States

139

5.94

826

0.3

Universal Insurance Holdings Inc. [UVE]

United States

75

10.59

796

0.3

Service Properties Trust [SVC]

United States

102

7.29

747

0.2

Goodyear Tire & Rubber Company [GT]

United States

69

10.15

699

0.2

Office Properties Income Trust [OPI]

United States

53

13.35

704

0.2

Franklin Street Properties Corp. [FSP]

United States

240

2.73

655

0.2

Paramount Global Class B [PARA]

United States

39

16.88

655

0.2

Big Lots Inc. [BIG]

United States

42

14.70

610

0.2

Brandywine Realty Trust [BDN]

United States

99

6.15

611

0.2

AMC Networks Inc. Class A [AMCX]

United States

37

15.67

572

0.2

Kohl's Corporation [KSS]

United States

20

25.25

515

0.2

Trinseo Public Limited Company [TSE]

United States

22

22.71

488

0.2

Titan International Inc. [TWI]

United States

23

15.32

345

0.1

G-III Apparel Group Ltd. [GIII]

United States

22

13.71

304

0.1

Industrial Logistics Properties Trust [ILPT]

United States

88

3.27

289

0.1

Lear Corporation [LEA]

United States

1

124.02

104

0.0

Sturm Ruger & Company Inc. [RGR]

United States

1

50.62

32

0.0

Total

--

--

--

305,433

99.5

Cash and Other Assets Less Liabilities

--

--

--

--

0.5

Total Net Assets

--

--

--

--

100%

as of 12/31/2022

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Financials

20.1

18.2

Consumer Discretionary

14.6

9.8

Industrials

12.2

15.6

Information Technology

11.0

8.8

Materials

8.6

7.6

Consumer Staples

8.1

4.1

Health Care

7.2

7.4

Real Estate

6.1

10.6

Energy

4.8

5.5

Utilities

4.0

9.1

Communication Services

2.5

3.1

as of 12/31/2022

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Industrials

22.1

14.3

Materials

18.8

14.0

Health Care

17.5

13.5

Consumer Discretionary

16.3

13.7

Information Technology

15.3

5.7

Energy

14.1

17.0

Financials

11.8

9.4

Consumer Staples

11.2

10.2

Real Estate

9.0

3.0

Utilities

2.7

10.8

Communication Services

-1.0

2.1

Investment Team

LSV Asset Management


LSV Asset Management was established in 1994 as a partnership to provide domestic, international, and global value equity investment management services to institutional investors using their proprietary quantitative model. Their research and investment team developed the model through years of research in value investing, contrarian strategies, and behavioral finance. The firm’s roots in these areas of academic research form the core of their investment philosophy and continue to drive the evolution of the LSV model over time. LSV employs their approach to manage assets in strategies covering global equity markets encompassing all capitalization ranges.

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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.

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. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated. Stocks of mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

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.

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