Average Annual Returns as of 3/31/2026
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. For most current performance please click here.
Harbor Core Plus Fund: Results Since IR+M's Management
- Since taking over management of Harbor Core Plus Fund in Feb 2022 (first full month, March 2022), the Fund ranked in the 47th percentile among peers in the Morningstar US Intermediate Core-Plus Category for total return performance.
- In addition, from a benchmark-relative perspective, Harbor Core Plus Fund’s above median ranks in standard deviation and beta placed the Fund in the 33rd percentile for information ratio.
Percentile Ranks (1): Harbor Core Plus Instl. vs. US Intermediate Core Plus Peers Relative Metrics Calculated vs Bloomberg US Agg Bond TR USD March 2022 ‑ March 2026 (Monthly)
Source: Morningstar Direct. Performance data shown represents past performance and is no guarantee of future results. As of 3/31/2026 out of 500 funds. Percentile Ranks1: The highest (most favorable) percentile rank is 1 and the lowest (least favorable) percentile rank is 100; Return Metrics ranked descending, Risk Metrics ranked ascending. Fund performance used within the rankings, reflects any certain fee waivers, without which, returns and Morningstar rankings would have been lower. The Total Return, Standardized Deviation, Beta, Tracking Error, Information Ratio, and Batting Average figures presented are compared against all funds in the Morningstar Intermediate Core-Plus Bond Category (500 funds). Please see Important Information section for full period of Fund rankings.
Harbor Core Plus Fund: Results Since IR+M’s Management
Importantly, the Fund’s disciplined and duration‑neutral approach has led to attractive quarterly performance versus the Bloomberg US Aggregate Bond Index. As shown in the chart below, the Harbor Core Plus Fund outperformed its benchmark in 11 of 16 quarters (69% batting average) since taking over the Fund in February 2022.
Harbor Core Plus vs. Bloomberg US Agg Bond TR USD Histogram of Quarterly Excess Returns March 2022 ‑ March 2026
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. Source: Morningstar Direct, March 2026.
The Investment Team
- Founded in 1987, Income Research + Management (IR+M) is an independent, privately owned boutique investment firm based in Boston, MA.
- Ownership is widely dispersed at the firm across 74 employee shareholders, including the majority of the firm’s investment team.
- As of 3/31/2026, the firm has $133B in AUM, exclusively across U.S. dollar-denominated fixed income. Unlike many competing fixed income organizations, IR+M utilizes no derivatives, foreign currency or leverage across its strategies.
- The firm’s Core Plus strategy incepted in July 2017 and represents an expanded toolkit of the firm’s flagship Aggregate strategy which incepted more than 30 years ago in Dec 1991. Core Plus assets as of 3/31/2026 are $4.9B.
- IR+M utilizes a team-oriented, bottom-up investment approach utilizing sector-specialized research analysts, portfolio managers and traders.
- Whereas many firms silo research, portfolio management and trading, IR+M employs a collaborative approach to these important functions. They believe this is particularly important within fixed income as individual issuers may have hundreds of bonds outstanding, making collaboration across the investment team to populate portfolios with the best raw material available paramount to success.
Harbor Core Plus Fund Portfolio Management Team
Mike Sheldon, CFA
Co‑CIO
35 years experience
James Gubitosi, CFA
Co‑CIO
22 years experience
Bill O'Neill, CFA
Principal, Senior PM
26 years experience
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Rachel Campbell
PM, Director of Securitized Research
20 years experience
Jake Remley, CFA
Principal, Senior PM
25 years experience
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Matt Walker, CFA
Senior PM
23 years experience
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Wesly Pate, CFA
Senior PM
18 years experience
Ginny Schiappa, CFA
Senior PM
15 years experience
As of 3/31/2026
The Investment Process
- IR+M’s investment process is driven by bottom-up security selection, with sector allocations driven through relative value and risk/liquidity assessments by the firm’s investment committee
- The firm employs a duration and key-rate neutral approach to investing (+/- 0.5 yrs of the benchmark), believing that this leads to more consistent results over time relative to potentially more volatile macro decisions. IR+M believes that very few professionals, if any, can consistently and accurately predict the direction and magnitude of interest rate changes
- Individual issues are evaluated by sector specialized research analysts and are assessed through a disciplined framework evaluating the credit, structure and price dynamics of each bond. Given IR+M’s relatively modest size they believe that they can be highly selective and can access smaller sub-sectors that larger managers struggle to tap into
- Portfolios are managed using an active risk management overlay. IR+M aims to build a portfolio with a yield advantage over the benchmark with similar average quality. The team will provide liquidity when spreads are generous but maintains a quality bias across a full market cycle. The firm’s mantra is to “take what the market gives you…”
*The net expense ratios for this fund are subject to a contractual management fee waiver and/or an expense limitation agreement excluding interest expense and acquired fund fees and expenses (if any) through 02/28/2026.
For Illustrative Purposes Only.
Important Information
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. There may be a greater risk that the Fund could lose money due to prepayment and extension risks because the Fund invests, at times, in mortgage‑related and/or asset backed securities.
The Morningstar Rankings are based on total returns, with distributions reinvested and operating expenses deducted. Morningstar does not take into account sales charges and other classes may have different performance characteristics. Harbor Core Plus Instl was ranked against Morningstar’s Intermediate Core‑Plus Bond category, monthly, in absolute ranks based on total returns: 274 out of 547 investments in the category for the 1‑year period, 219 out of 512 investments in the category for the 3‑year period, 148 out of 478 investments in the category for the 5‑year period, 172 out of 430 investments in the category for the 10‑year period as of 3/31/2026. Using the same category, Harbor Core Plus Instl was ranked in standard deviation ranks: 337 out of 547 investments in the category for the 1‑year period, 284 out of 512 investments in the category for the 3‑year period, 312 out of 478 investments in the category for the 5‑year period, 378 out of 430 investments in the category for the 10‑year period as of 3/31/2026. Using the same category, Harbor Core Plus Instl was ranked in beta ranks: 317 out of 547 investments in the category for the 1‑year period, 276 out of 512 investments in the category for the 3‑year period, 298 out of 478 investments in the category for the 5‑year period, 290 out of 430 investments in the category for the 10‑year period as of 3/31/2026. Using the same category, Harbor Core Plus Instl was ranked in tracking error ranks: 345 out of 547 investments in the category for the 1‑year period, 404 out of 512 investments in the category for the 3‑year period, 429 out of 478 investments in the category for the 5‑year period, 411 out of 430 investments in the category for the 10‑year period as of 3/31/2026. Using the same category, Harbor Core Plus Instl was ranked in information ratio ranks: 269 out of 547 investments in the category for the 1‑year period, 150 out of 512 investments in the category for the 3‑year period, 97 out of 478 investments in the category for the 5‑year period, 27 out of 430 investments in the category for the 10‑year period as of 3/31/2026. Using the same category, Harbor Core Plus Instl was ranked batting average ranks: 251 out of 547 investments in the category for the 1‑year period, 111 out of 512 investments in the category for the 3‑year period, 155 out of 478 investments in the category for the 5‑year period, 152 out of 430 investments in the category for the 10‑year period as of 3/31/2026. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.
© 2026 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. Harbor Capital provides compensation in connection with obtaining or using third‑party ratings and rankings.
Standard deviation measures the dispersion of a dataset relative to its mean.
Beta is a measure of systematic risk, or the sensitivity of a fund to movements in the benchmark. A beta of 1 implies that the expected movement of a fund's return would match that of the benchmark used to measure beta.
Tracking Error is the standard deviation of a portfolio’s relative return (relative to some benchmark). It measures the volatility of the return differences between the portfolio and the benchmark over time.
The Information Ratio (Info Ratio) of a manager series vs. a benchmark series is the quotient of the annualized excess return and the annualized standard deviation of excess return.
The Batting Average of the manager is the ratio between the number of periods where the manager outperforms a benchmark and the total number of periods.
The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice or a recommendation to purchase a particular security.
Income Research + Management is a third-party subadvisor to the Harbor Core Plus Fund.