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Harbor Capital Appreciation Fund (HACAX)

Welcome
Overview
Performance
Holdings
Investment Team
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Class

Welcome

  • Long-Term Growth Investing. Active manager with five decades of experience identifying companies with sustainable competitive advantages and long-term growth potential. The team’s investors attempt to exploit market inefficiencies by investing in companies with underappreciated multi-year, structural growth opportunities.
  • Research-Centric Expertise. Jennison’s investment edge is driven by in-depth fundamental research conducted by teams of portfolio managers and research analysts with decades of experience following their respective sectors. These investors engage with multiple levels of company management and industry participants to build a strategic understanding of companies and identify potential growth catalysts and impediments to growth. They search for companies with significant competitive advantages and management teams able to execute on their growth opportunities.
  • Systematic Portfolio Construction. Jennison conducts portfolio optimization to incorporate the investment teams’ fundamental insights and to ensure the portfolio is aligned with the Fund’s desired characteristics.

Related Products to Consider

Harbor Long-Term Growers ETF (WINN)

Harbor Dividend Growth Leaders ETF (GDIV)

Overview

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

Current Price

As of 9/29/2023

$82.97

Price (NAV)

$0.13

NAV Daily Change ($)

0.16%

NAV Daily Change (%)

32.20%

NAV YTD Return

Fund Facts

As of 9/30/2023

12/29/1987

Inception Date

0.67

Net Expense Ratio
disclaimer

0.72

Gross Expense Ratio

$14,612.306

Total Net Assets (million)
As of 9/30/2023

HACAX

Ticker

2012

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 6/30/2023

Company Name [Ticker]

% of Net Assets

NVIDIA Corporation[NVDA]

8.3

Microsoft Corporation[MSFT]

7.9

Apple Inc.[AAPL]

7.3

Amazon.com Inc.[AMZN]

5.9

Tesla Inc.[TSLA]

5.0

Eli Lilly and Company[LLY]

3.2

Visa Inc. Class A[V]

3.0

Advanced Micro Devices Inc.[AMD]

3.0

Alphabet Inc. Class C[GOOG]

2.6

Alphabet Inc. Class A[GOOGL]

2.6

% of Total Holdings:

48.8%

Morningstar Medalist Rating™

Morningstar Silver
Analyst-Driven %
100
Data Coverage %
100
As of 7/20/2023

“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

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

-3.42%

32.20%

30.23%

2.35%

10.37%

13.60%

11.84%

0.67%disclaimer

0.72%

Russell 1000® Growth Index

-3.13%

24.98%

27.72%

7.97%

12.42%

14.48%

10.97%

--

--

S&P 500 Index

-3.27%

13.07%

21.62%

10.15%

9.92%

11.91%

10.66%

--

--

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 6/30/2023

56

Number of Holdings

852371.2

Wtd Avg Market Cap ($Mil)

13

Price/Book Ratio

36.9

Adjusted Trailing P/E Ratio

23.1

% EPS Growth - Past 3 Yr

26.91

Return on Equity (%)

35.4

Forecasted P/E Ratio

Top Ten Holdings

As of 6/30/2023

Company Name [Ticker]

% of Net Assets

NVIDIA Corporation[NVDA]

8.3

Microsoft Corporation[MSFT]

7.9

Apple Inc.[AAPL]

7.3

Amazon.com Inc.[AMZN]

5.9

Tesla Inc.[TSLA]

5.0

Eli Lilly and Company[LLY]

3.2

Visa Inc. Class A[V]

3.0

Advanced Micro Devices Inc.[AMD]

3.0

Alphabet Inc. Class C[GOOG]

2.6

Alphabet Inc. Class A[GOOGL]

2.6

% of Total Holdings:

48.8%

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 6/30/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

NVIDIA Corporation [NVDA]

4,915

423.02

2,079,252

8.3

Microsoft Corporation [MSFT]

5,808

340.54

1,977,927

7.9

Apple Inc. [AAPL]

9,429

193.97

1,829,034

7.3

Amazon.com Inc. [AMZN]

11,401

130.36

1,486,227

5.9

Tesla Inc. [TSLA]

4,759

261.77

1,245,772

5.0

Eli Lilly and Company [LLY]

1,724

468.98

808,306

3.2

Visa Inc. Class A [V]

3,216

237.48

763,704

3.0

Advanced Micro Devices Inc. [AMD]

6,585

113.91

750,097

3.0

Alphabet Inc. Class C [GOOG]

5,440

120.97

658,022

2.6

Alphabet Inc. Class A [GOOGL]

5,456

119.70

653,111

2.6

Meta Platforms Inc. Class A [META]

2,221

286.98

637,258

2.5

Broadcom Inc. [AVGO]

731

867.43

633,990

2.5

Mastercard Incorporated Class A [MA]

1,543

393.30

606,740

2.4

LVMH Moet Hennessy Louis Vuitton SE [MC]

640

941.53

602,867

2.4

Uber Technologies Inc. [UBER]

11,912

43.17

514,245

2.1

Salesforce Inc. [CRM]

2,356

211.26

497,759

2.0

Costco Wholesale Corporation [COST]

921

538.38

495,818

2.0

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

2,972

161.83

481,020

1.9

Adobe Incorporated [ADBE]

904

488.99

442,259

1.8

Lululemon Athletica Inc [LULU]

1,117

378.50

422,740

1.7

UnitedHealth Group Incorporated [UNH]

873

480.64

419,701

1.7

MercadoLibre Inc. [MELI]

341

1,184.60

404,079

1.6

Netflix Inc. [NFLX]

832

440.49

366,707

1.5

Astrazeneca PLC Sponsored ADR [AZN]

4,427

71.57

316,857

1.3

Intuitive Surgical Inc. [ISRG]

859

341.94

293,777

1.2

L'Oreal S.A. [OR]

626

465.97

291,626

1.2

Adyen NV [ADYEN]

164

1,730.11

284,373

1.1

ASML Holding NV ADR [ASML]

391

724.75

283,671

1.1

Snowflake Inc. Class A [SNOW]

1,594

175.98

280,464

1.1

ServiceNow Inc. [NOW]

476

561.97

267,340

1.1

TJX Companies Inc [TJX]

3,062

84.79

259,622

1.0

O'Reilly Automotive Inc. [ORLY]

268

955.30

256,015

1.0

Vertex Pharmaceuticals Incorporated [VRTX]

718

351.91

252,717

1.0

Airbnb Inc. Class A [ABNB]

1,968

128.16

252,200

1.0

Cadence Design Systems Inc. [CDNS]

1,069

234.52

250,651

1.0

American Tower Corporation [AMT]

1,271

193.94

246,430

1.0

NIKE Inc. Class B [NKE]

2,120

110.37

233,945

0.9

Marriott International Inc. Class A [MAR]

1,256

183.69

230,713

0.9

Home Depot Inc. [HD]

724

310.64

224,977

0.9

DexCom Inc. [DXCM]

1,702

128.51

218,778

0.9

Goldman Sachs Group Inc. [GS]

576

322.54

185,722

0.7

CrowdStrike Holdings Inc. Class A [CRWD]

1,231

146.87

180,783

0.7

S&P Global Inc. [SPGI]

434

400.89

173,874

0.7

Chipotle Mexican Grill Inc. [CMG]

77

2,139.00

165,723

0.7

MongoDB Inc. Class A [MDB]

394

410.99

162,092

0.7

Porsche AG [P911]

1,289

124.10

159,977

0.6

Ulta Beauty Inc. [ULTA]

342

470.60

160,731

0.6

Trade Desk Inc. Class A [TTD]

1,844

77.22

142,408

0.6

American Express Company [AXP]

674

174.20

117,405

0.5

Moody's Corporation [MCO]

325

347.72

113,149

0.5

Micron Technology Inc. [MU]

1,743

63.11

109,998

0.4

Mobileye Global Inc. Class A [MBLY]

1,691

38.42

64,950

0.3

Schlumberger N.V. [SLB]

911

49.12

44,746

0.2

Roblox Corp. Class A [RBLX]

883

40.30

35,599

0.1

Total

--

--

--

25,037,944

99.9

Cash and Other Assets Less Liabilities

--

--

--

--

0.1

Total Net Assets

--

--

--

--

100%

As of 6/30/2023

Capital Appreciation Fund (HACAX)

Russell 1000® Growth Index

-

Information Technology

HACAX: 38.8%

Benchmark: 43.3%

-

Consumer Discretionary

HACAX: 24.6%

Benchmark: 15.9%

-

Health Care

HACAX: 11.1%

Benchmark: 10.9%

-

Communication Services

HACAX: 9.9%

Benchmark: 10.7%

-

Financials

HACAX: 8.9%

Benchmark: 6.4%

-

Consumer Staples

HACAX: 3.1%

Benchmark: 4.4%

-

Industrials

HACAX: 2.1%

Benchmark: 5.9%

-

Real Estate

HACAX: 1.0%

Benchmark: 1.0%

-

Energy

HACAX: 0.2%

Benchmark: 0.5%

-

Materials

HACAX: 0.0%

Benchmark: 0.7%

-

Utilities

HACAX: 0.0%

Benchmark: 0.1%

HACAX: Capital Appreciation Fund

Benchmark: Russell 1000® Growth Index

As of 6/30/2023

Economic Sector

Capital Appreciation Fund %

Russell 1000® Growth Index %

Industrials

Economic sector icon

37.1

6.1

Information Technology

Economic sector icon

24.2

19.2

Communication Services

Economic sector icon

17.3

16.3

Health Care

Economic sector icon

11.8

4.6

Consumer Discretionary

Economic sector icon

11.1

15.8

Financials

Economic sector icon

7.5

5.7

Consumer Staples

Economic sector icon

7.3

0.0

Energy

Economic sector icon

0.6

-1.4

Materials

Economic sector icon

0.0

10.3

Utilities

Economic sector icon

0.0

0.1

Real Estate

Economic sector icon

-3.6

-1.3

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 Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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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.