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Harbor Long-Term Growers ETF Strategy Profile

Average Annual Returns as of 12/31/2023

3 Months YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since Inception Inception Date
Harbor Long-Term Growers ETF (NAV) 15.87% 52.42% 52.42% N/A N/A N/A 3.66% 2/2/2022
Harbor Long-Term Growers ETF (Market) 15.94% 52.53% 52.53% N/A N/A N/A 3.66% 2/2/2022
Russell 1000® Growth Index 14.16% 42.68% 42.68% N/A N/A N/A 4.62% 2/2/2022

2023 Performance Considerations
  • While 2023 ushered in a sharp recovery for growth stocks, U.S. large cap growth equity funds generally faced challenges in outperforming the Russell 1000 Growth Index during the period.
  • Despite a more categorically challenging alpha landscape, the Harbor Long-Term Growers ETF (ticker: WINN) outperformed the Russell 1000 Growth Index by 9.78% ranking in the 8th percentile of Morningstar’s US Large Growth category in 2023.
  • WINN outperformed in 9 of 11 GICS sectors during the period, with excess returns primarily attributed to the team’s stock selection.

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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 the most current quarter or month end performance, please click HERE. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The Fund’s 1-year rank is 74 out 1,200 investments in the category as of 12/31/2023. Source: FactSet.

  • Per FactSet estimates, U.S. Real GDP year-over-year is expected to slow over the next four quarters, potentially trending well below its 10-year average of 2.2%.
  • The Harbor Long-Term Growers ETF seeks to provide investors exposure to companies with stronger long-term earnings per share growth prospects amidst a slower economic growth backdrop.
  • In our view, the Harbor Long-Term Growers ETF enables exposure to less economically sensitive secular growth markets such as: Artificial Intelligence, Health Care Innovation, Transformational Mobility, Industrial Automation, Direct-to-consumer omni channel distribution models.
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Source: FactSet Research Systems. December 2023.

Investment Team

  • Founded in 1969 and headquartered in New York City, Jennison Associates has one of the longest growth equity track records in the industry*.
  • Harbor’s partnership with Jennison Associates spans over five decades. Also, Jennison has managed the Harbor Capital Appreciation Fund since May 1990, employing its disciplined investment philosophy and approach for over 33 years.
  • Jennison’s flagship Large Cap Growth Equity strategy made up $77 billion of the firm’s $194 billion total AUM as of 12/31/2023.
  • The Harbor Long-Term Growers ETF (ticker: WINN) applies the time-tested philosophy and approach of Jennison’s Large Cap Growth Equity team and invests across an expanded opportunity set sourced across Jennison’s other growth strategies.
  • Jennison Associates’ Custom Solutions Group employs an optimization process within the Harbor Long-Term Growers ETF to incorporate the investment team’s fundamental growth insights, considering diversification and liquidity risk. This results in portfolio exposures and characteristics aligned with WINN’s investment objectives.
Experienced team across Jennison’s Growth platforms and Custom Solutions Group

Harbor Long-Term Growers ETF Portfolio Management Team

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Kathleen McCarragher
Head of Growth Equity

Firm years of experience: 26

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Blair Boyer
Co-Head, LCG Equity

Firm years of experience: 32

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Natasha Kuhlkin
LCG Equity PM

Firm years of experience: 20

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Jason McManus
Head of Custom Solutions

Firm years of experience: 27

Depth & Breadth of Investment Platform1

Large Cap Growth

Average experience > 20 years

Other Growth Investment Teams

Average experience > 20 years

Custom Solutions Group

Average experience > 15 years

*Inception of Jennison’s Large Cap Growth Equity Composite: 7/31/1969. Source: Jennison Associates. As of 12/31/2023.

1. Average industry experience listed in this section.

Investment Process
  • Jennison’s team believes that companies that possess durable competitive advantages driving superior levels of earnings and cash flow growth are best positioned to deliver excess returns over the long-term.
  • Jennison employs a bottom-up, research intensive process within an effective universe of 500+ companies. Research analysts perform detailed analysis on 150+ companies that meet the team’s investment criteria; company management meetings are a critical component of the process.
  • Analysts utilize a variety of different valuation methodologies appropriate to different industries and seek to understand companies’ embedded growth rates in current valuations.
  • The team maintains a longer-term view of 3 to 5 years and ultimately seeks companies with catalysts driving long-term growth, skilled management teams, balance sheet strength, and appropriate valuations.
  • Risk management is embedded throughout the process, while the optimization of Jennison’s Custom Solutions Group seeks a a well-diversified portfolio with exposures across growth sectors.
  • Jennison’s disciplined emphasis on companies with multi-year structural growth opportunities has produced a compelling estimated 3-5YR EPS growth premium versus the Russell 1000 Growth Index and broad market equities (S&P 500 Index) since WINN’s inception.

Ticker Symbol WINN
Cusip 41151J406
Listed Exchange NYSE
Gross Expense Ratio 0.57%
Lead Market Maker GTS Mischler
Inception Date 2/2/2022
Manager Name Jennison Associates
Benchmark Russell® 1000 Growth Index
Morningstar Category Large Growth

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Important Information

*Inception of Jennison’s Large Cap Growth Equity Composite: 7/31/1969. Source: Jennison Associates

1. Average industry experience listed in this section.

As of 12/31/2023.

All investments involve risk including the possible loss of principal.

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. A non-diversified Fund may invest a greater percentage of its assets in securities of a single issuer, and/or invest in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio.

Diversification does not assure a profit or protect against loss in a declining market.

The Russell 1000® Growth Index is an unmanaged index generally representative of the U.S market for larger capitalization growth stocks. The Russell 1000® Growth Index and Russell® are trademarks of Frank Russell Company. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

© 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.

The Morningstar Rankings are based on total returns, with distributions reinvested and operating expenses deducted. Morningstar does not take into account sales charges. Harbor Long-Term Growers ETF was ranked against Morningstar’s US Large Growth category as percentile ranks, quarterly, over the following time periods: 74 out of 1,200 investments in the category for the 1-year period as of 12/31/2023.

Alpha is a measure of risk (beta)-adjusted return.

Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share.

The Est 3-5 Yr EPS Growth (%) is the estimated growth of earnings per share over the next 3-5 years, using pre-calculated mean long-term EPS growth rate estimates, which are calculated using each individual broker’s methodology, from FactSet, First Call, I/B/E/S Consensus, and Reuters. Forward looking estimates may not come to pass.

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.

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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.

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