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Harbor Multi-Asset Solutions

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January 20, 2023

Q4 2022 Asset Allocation Viewpoints & Positioning

Q4 2022 Asset Allocation Viewpoints & Positioning: “The Last Dominoes to Fall”

Harbor Multi-Asset Solutions Team

Harbor Multi-Asset Solutions Team

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Asset Allocation Viewpoints & Positioning Q3 2022

Q3 2022 Asset Allocation Viewpoints & Positioning: “The likelihood of recession is high…”

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Asset Allocation Viewpoints & Positioning - August 2022

August 2022 Intra-Quarter Asset Allocation Viewpoints & Positioning: “Houston, We Have a Problem…”

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Multi-Asset Solutions Team Market Insights

"Timely Insights” from the Multi Asset Solutions Team at Harbor, sharing their initial thoughts on earnings as of Q2 2022.

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Multi-Asset Solutions Team Market Insights: Q2 2022 earnings as of July 29, 2022

More “Timely Insights” from the Multi Asset Solutions Team at Harbor, sharing their thoughts on Q2 2022 earnings as of July 29, 2022.

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Multi-Asset Solutions Team Market Insights: Q2 2022 earnings as of July 22, 2022

“Timely Insights” from the Multi Asset Solutions Team at Harbor, sharing their thoughts on Q2 2022 earnings as of July 22, 2022.

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Asset Allocation Viewpoints & Positioning Q2 2022

Q2 Asset Allocation Viewpoints & Positioning: What will it take to tame inflation?

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Asset Allocation Viewpoints & Positioning: Q1 2022 Intra-Quarter Update

Global central banks are deliberately slowing aggregate demand; no major central bank is more intent on that than the Federal Reserve.

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Multi-Asset Solutions Quarterly Earnings Update

More “Timely Insights” from the Multi Asset Solutions Team at Harbor, sharing their thoughts on earnings as of Q1 2022.

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Asset Allocation Viewpoints & Positioning Q1 2022: Intra-Quarter Update

The Federal Reserve will likely need to take aggressive action to bring the economy back into equilibrium. Get the latest views on inflation, rates, asset allocation and more here.

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Asset Allocation Viewpoints & Positioning Q1 2022: A World of Uncertainty

Inflation may continue to run hot, and this will worry the FOMC. Get the latest views on the uncertainty around the Covid lockdown in China, inflation-fighting central banks, the war in Ukraine and more here.

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What's Behind High Growth's Increasing Appeal?

Spenser Lerner, Harbor Capital's Head of Multi-Asset Solutions, speaks about how valuations for high growth stocks have become much more appealing as the pandemic caused demand to be pulled forward.

Spenser Lerner speaking on inflation
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3 Reasons Inflation Could Fall, Remain Elevated

Spenser Lerner, Harbor Capital's Head of Multi-Asset Solutions, shares 3 reasons why inflation could fall down from the current levels, but will continue to remain high and persist above the Fed's desired growth rate.

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Asset Allocation Viewpoints & Positioning - February 2022

Fog of War, Not Fog of Earnings

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Asset Allocation Viewpoints & Positioning Q4 2021

2022: A Year of Diminishing Liquidity and Slowing Growth

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Asset Allocation Viewpoints & Positioning - October 2021

Actionable investment conclusions from Harbor’s Multi-Asset Solutions Team.

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Asset Allocation Viewpoints & Positioning Q3 2021

Actionable investment conclusions from Harbor’s Multi-Asset Solutions Team

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Asset Allocation Viewpoints & Positioning - August 2021

In recent months we’ve experienced downward revisions to real GDP, upward revisions to inflation, and flat nominal GDP.

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Asset Allocation Viewpoints & Positioning - July 2021

When the data changes, you change: We are increasing the quality of our portfolio across equities and fixed income as growth slows and the Fed tightens.

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Asset Allocation Viewpoints & Positioning Q2 2021

Actionable investment conclusions from Harbor’s Multi-Asset Solutions Team

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Asset Allocation Viewpoints & Positioning - May 2021

We retain our pro-cyclical tilt due to above-trend growth, rising interest rates, and further upward EPS revisions.

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Asset Allocation Viewpoints & Positioning Q1 2021 Update

We retain our equity overweight and increase our value cyclical tilt.

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Asset Allocation Viewpoints & Positioning Q1 2021

From recovery to reflation: vaccination, a new fed framework and fiscal stimulus will all collide in 2021 to put upward pressure on inflation in the years to come.

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Asset Allocation Viewpoints & Positioning Q4 2020 Update

Accelerating growth and inflation coupled with rising interest rates.

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Asset Allocation Viewpoints & Positioning Q4 2020

The winds of winter and a dream of spring: the winter growth slowdown is here, but we’re looking over the horizon to the “growth boom of 2021".

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Asset Allocation Viewpoints & Positioning Q3 2020

Actionable investment conclusions from Harbor’s Multi-Asset Solutions Team

About Harbor's Multi-Asset Solutions Team

Harbor's Multi-Asset Solutions Team delivers actionable investment insights and builds multi-asset portfolios and clients solutions. Harbor's investment platform combines proprietary quantitative and qualitative signals with inputs from Harbor's Investment Research Team, subadvisory network, and other sources to guide investment decisions across asset allocation, portfolio management, and risk oversight. With a focus on insights including asset allocation viewpoints, long-term capital market assumptions, and an extensive investment and product network, Harbor's Multi-Asset Solutions Team centers on long-term portfolio construction that will help clients evaluate and implement more comprehensive solutions.


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Spenser Lerner
Head of Multi-Asset Solutions Team

Spenser is a Managing Director, Portfolio Manager and Head of Multi-Asset Solutions at Harbor Capital. Prior to that, Spenser led Systematic Manager Research and conducted multi-asset investment research in the Private Bank at JP Morgan. Before that, Spenser was an equity research analyst and worked in portfolio management for the Behavioral Finance team at JP Morgan Asset Management.

Justin Menne
Junior Portfolio Manager

Starting at Harbor in 2021, Justin Menne is a Junior Portfolio Manager in the Multi-Asset Solutions Team at Harbor Capital Advisors, Inc. Prior to joining Harbor, Justin spent four years at J.P. Morgan, most recently as an associate working in the Endowments & Foundations CIO Group, where he was a member of the investment team and supported the group’s CIO in underwriting strategic and tactical asset allocation decisions, manager selection, and overall portfolio risk management. Prior to this, he worked as an analyst on the manager research team focused primarily on long-only U.S. equity manager selection. Justin received a Bachelor of Science in Business, with degrees in Accounting, Finance and Business Economics, from the Indiana University Kelley School of Business.

Lindsey Houghton
Managing Director

Starting at Harbor in 2021, Lindsey Houghton is a Managing Director and Portfolio Manager with the Multi-Asset Solutions Team. Prior to joining Harbor, he spent 15 years with JP Morgan Asset Management where he was a Portfolio Manager on Behavioral Finance Small and Midcap Equity products, managing $9B in Assets Under Management. Lindsey received a Bachelor of Science with concentration in Finance from the University of Delaware and is based out of New Jersey.

Jake Schurmeier
Portfolio Manager

Prior to joining Harbor, Jake spent 6 years with the Federal Reserve Bank of New York. While at the Fed, Jake was the head of Treasury Market analysis within the Bank’s Markets Group. He was responsible for 10 analysts and associates tasked with analyzing market expectations for Fed policy, the effect of Fed market operations, and the outlook for growth and inflation. Previously, he was the lead associate responsible for implementing over $1 trillion in Treasury Market purchases in response to COVID-19. Jake also spent a year on secondment at the U.S. Department of the Treasury within the Office of Debt Management where he was a part of the team responsible for all marketable Treasury debt.

Jake received a master’s degree in international affairs from the University of California, San Diego’s School of Global Policy and Strategy. Jake has a bachelor’s degree in political science from the University of California, Santa Barbara.


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