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Harbor Mid Cap Value Fund (HAMVX)

Harbor Mid Cap Value Fund (HAMVX)

Welcome
Overview
Performance
Holdings
Investment Team
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Class

Academic Foundation. LSV's roots lie in academia and their models are informed by years of academic research.

Risk-Aware Portfolio. The broadly diversified portfolio is constructed to spread risk over a wide number of stocks and minimize unintended portfolio biases.

Systematic Valuation Discipline. The quantitative approach seeks to provides diversified and consistent exposure to deep-value stocks.

Related Funds to Consider

Overview

Investment Team
LSV Asset Management
Josef Lakonishok
Menno Vermeulen
Puneet Mansharamani
Greg Sleight
Guy Lakonishok

Current Price

As of 2/29/2024

$24.97

Price (NAV)

$0.09

NAV Daily Change ($)

0.36%

NAV Daily Change (%)

2.71%

NAV YTD Return

Fund Facts

As of 2/29/2024

3/1/2002

Inception Date

0.85

Net Expense Ratio
disclaimer

0.89

Gross Expense Ratio

$235.876

Total Net Assets (million)
As of 2/29/2024

HAMVX

Ticker

2023

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

PulteGroup Inc.[PHM]
1.8
Jabil Inc.[JBL]
1.7
Hartford Financial Services Group Inc.[HIG]
1.7
HP Inc.[HPQ]
1.6
Snap-on Incorporated[SNA]
1.5
Owens Corning[OC]
1.5
Cardinal Health Inc.[CAH]
1.5
Cummins Inc.[CMI]
1.5
Kroger Co.[KR]
1.4
AGCO Corporation[AGCO]
1.4
% of Total Holdings:
15.6%

Behavioral Alpha Benchmark Award - Harbor Mid Cap Value Fund

LSV Asset Management
Portfolio Managers to the Harbor Mid Cap Value Fund.

As of 12/31/23 out of 116 Managers.

Please see Important Information for methodology.

Morningstar Medalist Rating™

Morningstar Gold
Analyst-Driven %
100
Data Coverage %
100
As of 4/6/2023

"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."

SV Asset Management

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund
11.33%
2.71%
12.84%
9.69%
8.58%
7.26%
7.83%
0.85%disclaimer
0.89%
Russell Midcap® Value Index
10.92%
2.90%
10.87%
6.80%
8.94%
8.19%
9.42%
--
--

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

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

12/18/2023
12/19/2023
12/19/2023
0.00000
0.39518
1.35548
0.02471
0.00000
1.33077
1.75066
0.00000
24.36
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 12/31/2023

148

Number of Holdings

14770.5

Wtd Avg Market Cap ($Mil)

1.94

Price/Book Ratio

11.3

Adjusted Trailing P/E Ratio

29

% EPS Growth - Past 3 Yr

19

Return on Equity (%)

10.2

Forecasted P/E Ratio

Top Ten Holdings

As of 12/31/2023

Company Name [Ticker]

% of Net Assets

PulteGroup Inc.[PHM]
1.8
Jabil Inc.[JBL]
1.7
Hartford Financial Services Group Inc.[HIG]
1.7
HP Inc.[HPQ]
1.6
Snap-on Incorporated[SNA]
1.5
Owens Corning[OC]
1.5
Cardinal Health Inc.[CAH]
1.5
Cummins Inc.[CMI]
1.5
Kroger Co.[KR]
1.4
AGCO Corporation[AGCO]
1.4
% of Total Holdings:
15.6%

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 12/31/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

PulteGroup Inc. [PHM]
48
103.22
4,996
1.8
Jabil Inc. [JBL]
39
127.40
4,905
1.7
Hartford Financial Services Group Inc. [HIG]
59
80.38
4,734
1.7
HP Inc. [HPQ]
148
30.09
4,450
1.6
Snap-on Incorporated [SNA]
15
288.84
4,361
1.5
Owens Corning [OC]
29
148.23
4,343
1.5
Cardinal Health Inc. [CAH]
42
100.80
4,213
1.5
Cummins Inc. [CMI]
18
239.57
4,216
1.5
Kroger Co. [KR]
88
45.71
4,018
1.4
AGCO Corporation [AGCO]
33
121.41
3,970
1.4
Vistra Corp. [VST]
103
38.52
3,964
1.4
Molson Coors Beverage Company Class B [TAP]
64
61.21
3,911
1.4
Ally Financial Inc [ALLY]
111
34.92
3,869
1.4
Old Republic International Corporation [ORI]
129
29.40
3,796
1.3
Amkor Technology Inc. [AMKR]
113
33.27
3,766
1.3
Ameriprise Financial Inc. [AMP]
10
379.83
3,684
1.3
NRG Energy Inc. [NRG]
69
51.70
3,552
1.2
Toll Brothers Inc. [TOL]
35
102.79
3,546
1.2
Sprouts Farmers Market Inc. [SFM]
72
48.11
3,440
1.2
Jazz Pharmaceuticals Public Limited Company [JAZZ]
27
123.00
3,296
1.2
Allison Transmission Holdings Inc. [ALSN]
55
58.15
3,222
1.1
Atkore Inc [ATKR]
20
160.00
3,232
1.1
Bank of New York Mellon Corp [BK]
61
52.05
3,165
1.1
Aflac Incorporated [AFL]
38
82.50
3,119
1.1
Navient Corp [NAVI]
167
18.62
3,102
1.1
American International Group Inc. [AIG]
45
67.75
3,068
1.1
Ryder System Inc. [R]
26
115.06
3,022
1.1
Arrow Electronics Inc. [ARW]
23
122.25
2,848
1.0
Regions Financial Corporation [RF]
148
19.38
2,862
1.0
Brixmor Property Group Inc. [BRX]
122
23.27
2,830
1.0
Textron Inc. [TXT]
35
80.42
2,783
1.0
Citizens Financial Group Inc. [CFG]
83
33.14
2,757
1.0
Marathon Petroleum Corporation [MPC]
18
148.36
2,715
1.0
State Street Corporation [STT]
34
77.46
2,657
0.9
Phillips 66 [PSX]
20
133.14
2,596
0.9
Ingredion Incorporated [INGR]
24
108.53
2,583
0.9
MGIC Investment Corporation [MTG]
133
19.29
2,564
0.9
Centene Corporation [CNC]
34
74.21
2,508
0.9
Koppers Holdings Inc. [KOP]
49
51.22
2,484
0.9
Nexstar Media Group Inc. [NXST]
16
156.75
2,445
0.9
HF Sinclair Corporation [DINO]
42
55.57
2,356
0.8
Harley-Davidson Inc. [HOG]
62
36.84
2,291
0.8
Berry Global Group Inc [BERY]
33
67.39
2,251
0.8
PACCAR Inc [PCAR]
23
97.65
2,207
0.8
Radian Group Inc. [RDN]
77
28.55
2,198
0.8
ManpowerGroup Inc. [MAN]
28
79.47
2,185
0.8
McKesson Corporation [MCK]
5
462.98
2,130
0.7
Reliance Steel & Aluminum Co. [RS]
7
279.68
2,075
0.7
Group 1 Automotive Inc. [GPI]
7
304.74
2,072
0.7
Fifth Third Bancorp [FITB]
59
34.49
2,038
0.7
ODP Corporation [ODP]
36
56.30
2,038
0.7
Zions Bancorporation N.A. [ZION]
46
43.87
1,996
0.7
Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]
80
24.74
1,979
0.7
Meritage Homes Corporation [MTH]
11
174.20
1,986
0.7
United Therapeutics Corporation [UTHR]
9
219.89
1,935
0.7
Fox Corporation Class A [FOXA]
65
29.67
1,914
0.7
Brunswick Corporation [BC]
20
96.75
1,887
0.7
National Fuel Gas Company [NFG]
38
50.17
1,881
0.7
Simon Property Group Inc. [SPG]
13
142.64
1,840
0.6
Timken Company [TKR]
23
80.15
1,819
0.6
Archer-Daniels-Midland Company [ADM]
25
72.22
1,798
0.6
Penske Automotive Group Inc. [PAG]
11
160.51
1,798
0.6
H&R Block Inc. [HRB]
37
48.37
1,780
0.6
Synchrony Financial [SYF]
46
38.19
1,772
0.6
APA Corporation [APA]
49
35.88
1,751
0.6
Encore Wire Corporation [WIRE]
8
213.60
1,752
0.6
Mueller Industries Inc. [MLI]
37
47.15
1,726
0.6
Xerox Holdings Corporation [XRX]
94
18.33
1,721
0.6
DXC Technology Co. [DXC]
73
22.87
1,676
0.6
Unum Group [UNM]
37
45.22
1,673
0.6
Vishay Intertechnology Inc. [VSH]
70
23.97
1,673
0.6
KeyCorp [KEY]
115
14.40
1,650
0.6
Macy's Inc. [M]
82
20.12
1,656
0.6
Dropbox Inc. Class A [DBX]
55
29.48
1,630
0.6
Whirlpool Corporation [WHR]
13
121.77
1,620
0.6
Bloomin' Brands Inc. [BLMN]
57
28.15
1,590
0.6
Sanmina Corporation [SANM]
31
51.37
1,603
0.6
Ethan Allen Interiors Inc. [ETD]
50
31.92
1,582
0.5
Incyte Corporation [INCY]
25
62.79
1,563
0.5
Omega Healthcare Investors Inc. [OHI]
51
30.66
1,561
0.5
Viatris Inc. [VTRS]
143
10.83
1,547
0.5
Devon Energy Corporation [DVN]
33
45.30
1,504
0.5
Photronics Inc. [PLAB]
46
31.37
1,440
0.5
Alaska Air Group Inc. [ALK]
36
39.07
1,407
0.5
Dick's Sporting Goods Inc. [DKS]
10
146.95
1,396
0.5
First American Financial Corporation [FAF]
22
64.44
1,405
0.5
Greif Inc Class A [GEF]
21
65.59
1,391
0.5
Ironwood Pharmaceuticals Inc. Class A [IRWD]
122
11.44
1,392
0.5
Valero Energy Corporation [VLO]
11
130.00
1,391
0.5
Western Union Company [WU]
118
11.92
1,402
0.5
Conagra Brands Inc. [CAG]
48
28.66
1,367
0.5
Delta Air Lines Inc. [DAL]
33
40.23
1,332
0.5
eBay Inc. [EBAY]
30
43.62
1,309
0.5
SITE Centers Corp. [SITC]
96
13.63
1,306
0.5
Tanger Inc. [SKT]
47
27.72
1,311
0.5
Best Buy Co. Inc. [BBY]
16
78.28
1,284
0.5
BorgWarner Inc. [BWA]
36
35.85
1,291
0.5
Eastman Chemical Company [EMN]
14
89.82
1,284
0.5
O-I Glass Inc [OI]
78
16.38
1,284
0.5
United Airlines Holdings Inc. [UAL]
32
41.26
1,300
0.5
Universal Health Services Inc. Class B [UHS]
8
152.44
1,250
0.4
Avnet Inc. [AVT]
24
50.40
1,220
0.4
Bunge Global SA [BG]
12
100.95
1,221
0.4
Discover Financial Services [DFS]
11
112.40
1,225
0.4
Ingles Markets Incorporated Class A [IMKTA]
14
86.37
1,238
0.4
American Axle & Manufacturing Holdings Inc. [AXL]
138
8.81
1,215
0.4
LyondellBasell Industries NV [LYB]
13
95.08
1,198
0.4
SS&C Technologies Holdings Inc. [SSNC]
20
61.11
1,210
0.4
TEGNA Inc. [TGNA]
78
15.30
1,198
0.4
Thor Industries Inc. [THO]
10
118.25
1,159
0.4
UGI Corporation [UGI]
48
24.60
1,173
0.4
Chemours Co. [CC]
36
31.54
1,145
0.4
Sabra Health Care REIT Inc. [SBRA]
80
14.27
1,143
0.4
TD SYNNEX Corporation [SNX]
10
107.61
1,108
0.4
American Financial Group Inc. [AFG]
9
118.89
1,094
0.4
DaVita Inc. [DVA]
11
104.76
1,100
0.4
Titan International Inc. [TWI]
70
14.88
1,048
0.4
Foot Locker Inc. [FL]
33
31.15
1,028
0.4
PennyMac Financial Services Inc. [PFSI]
12
88.37
1,043
0.4
Sylvamo Corporation [SLVM]
21
49.11
1,026
0.4
CNH Industrial NV [CNHI]
81
12.18
990
0.4
Goodyear Tire & Rubber Company [GT]
69
14.32
987
0.4
Huntington Ingalls Industries Inc. [HII]
4
259.64
961
0.3
Lincoln National Corp [LNC]
36
26.97
966
0.3
Piedmont Office Realty Trust Inc. Class A [PDM]
138
7.11
983
0.3
Chord Energy Corporation [CHRD]
6
166.23
948
0.3
G-III Apparel Group Ltd. [GIII]
28
33.98
955
0.3
Moog Inc. Class A [MOG.A]
7
144.78
946
0.3
Gates Industrial Corporation plc [GTES]
67
13.42
898
0.3
Service Properties Trust [SVC]
102
8.54
875
0.3
Prestige Consumer Healthcare Inc [PBH]
14
61.22
845
0.3
Silgan Holdings Inc. [SLGN]
19
45.25
837
0.3
Walgreens Boots Alliance Inc. [WBA]
32
26.11
822
0.3
Annaly Capital Management Inc. [NLY]
42
19.37
807
0.3
Capri Holdings Limited [CPRI]
16
50.24
804
0.3
Scorpio Tankers Inc. [STNG]
13
60.80
803
0.3
Ingevity Corporation [NGVT]
16
47.22
764
0.3
American Assets Trust Inc. [AAT]
28
22.51
621
0.2
Franklin Street Properties Corp. [FSP]
240
2.56
615
0.2
Kohl's Corporation [KSS]
20
28.68
585
0.2
Medical Properties Trust Inc. [MPW]
114
4.91
562
0.2
Brandywine Realty Trust [BDN]
99
5.40
537
0.2
Office Properties Income Trust [OPI]
53
7.32
386
0.1
Universal Insurance Holdings Inc. [UVE]
21
15.98
334
0.1
PHINIA Inc. [PHIN]
7
30.29
218
0.1
Methode Electronics Inc. [MEI]
5
22.73
102
0.0
Vitesse Energy Inc. [VTS]
4
21.89
80
0.0
Total
--
--
--
281,858
99.2
Cash and Other Assets Less Liabilities
--
--
--
--
0.8
Total Net Assets
--
--
--
--
100%

As of 12/31/2023

Mid Cap Value Fund (HIMVX)

Russell Midcap® Value Index

-

Financials

HIMVX: 21.3%

Benchmark: 17.6%

-

Industrials

HIMVX: 17.1%

Benchmark: 19.2%

-

Consumer Discretionary

HIMVX: 14.4%

Benchmark: 9.4%

-

Information Technology

HIMVX: 9.9%

Benchmark: 9.5%

-

Health Care

HIMVX: 7.6%

Benchmark: 6.8%

-

Consumer Staples

HIMVX: 7.1%

Benchmark: 3.7%

-

Materials

HIMVX: 5.5%

Benchmark: 7.6%

-

Real Estate

HIMVX: 5.1%

Benchmark: 10.6%

-

Energy

HIMVX: 5.0%

Benchmark: 5.3%

-

Utilities

HIMVX: 3.7%

Benchmark: 7.2%

-

Communication Services

HIMVX: 2.0%

Benchmark: 3.2%

HIMVX: Mid Cap Value Fund

Benchmark: Russell Midcap® Value Index

As of 12/31/2023

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Consumer Discretionary

Economic sector icon
22.2
15.9

Utilities

Economic sector icon
17.1
9.3

Real Estate

Economic sector icon
16.5
16.6

Financials

Economic sector icon
16.5
17.2

Information Technology

Economic sector icon
10.7
10.2

Materials

Economic sector icon
10.5
8.9

Industrials

Economic sector icon
9.2
13.6

Health Care

Economic sector icon
9.0
7.8

Consumer Staples

Economic sector icon
4.5
5.2

Communication Services

Economic sector icon
3.7
11.4

Energy

Economic sector icon
-0.8
0.1

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.

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. 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.

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.

©2024 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.

Essentia Analytics Managers Award is conferred annually at each calendar year-end; with interim rankings computed each quarter – most currently, the quarter ended December 31, 2023.

The analysis measured the demonstrated skill of 116 portfolio managers in seven key decision types: stock picking, entry timing, sizing, scaling in, size adjusting, scaling out and exit timing. Each decision type was isolated and its impact on the portfolio was measured using decision attribution analysis techniques developed in conjunction with hundreds of portfolio managers over the past ten years.

Managers were assigned a Behavioral Alpha Score based on the hit rate (percentage of decisions that added value) and payoff ratio (the ratio of value added by the average good decision to the value destroyed by the average bad decision) for each decision type. The five managers with the highest aggregate scores across all decision types are recognized as winners of the Behavioral Alpha Award.

Performance data shown represents past performance and is no guarantee of future results. For complete methodology, https://www.essentia-analytics.com/2023-behavioral-alpha-award/

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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.

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