Harbor Capital Appreciation Fund Update—August 2019

We visited the offices of Jennison Associates, subadvisor to Harbor Capital Appreciation, and our discussions confirmed the many qualitative positives behind our use of the fund in many of our portfolios. We are confident it will continue to outperform the large-cap growth index and the broader S&P 500. Capacity constraints are not a concern given the strategy invests predominantly in large-cap U.S. stocks. And the fund’s five-year trailing returns have consistently ranked in the top third of its category in recent years.

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Year-End 2018 Investment Commentary

Across the board, it was an extremely difficult year to make money in the financial markets, with almost every asset class and financial market down for the year. The contrast with 2017’s strong market results is also striking—and serves as a useful reminder of the unpredictability of markets.

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