Page 357 - DCAC Feb 2026 Files

Harbor Sm Cap Growth 12/31/25
FUND INFORMATION PEER GROUP ANALYSIS - Small Growth RISK VS. RETURN (5 YEARS*)
Fund Harbor 36.0 15.0
Family:
Fund Inception: 11/01/2000
Portfolio Team Managed 28.0 10.0
Manager:
Total 2,132 Million
Assets: 20.0 5.0
Turnover 106.00 %
12.0 Return (%) 0.0
Firm and Management: Return
Harbor Capital employs a manager-of- 4.0
managers approach to identifying -5.0
independent, boutique managers that
they believe have an identifiable edge -4.0
in their respective asset classes. -10.0
Headquartered in Boston, Mass., they
partner with 15 “hidden gem” -12.0
investment firms. -15.0
12.0 16.0 20.0 24.0 28.0
-20.0
Investment Strategy: Risk (Standard Deviation %)
Harbor Small Cap Growth has been Last Year 1 3 5 7 10
managed by Westfield Capital Quarter To Date Year Years Years Years Years Return Standard
Management Company, L.P. since late ¢ £ Harbor Sm Cap Growth 3.09 (34) 11.43 (32) 11.43 (32) 14.18 (36) 4.00 (35) 13.30 (18) 10.97 (33) Deviation
2000. Westfield looks for stocks with ˜  Russell 2000 Growth Index 1.22 (64) 13.01 (22) 13.01 (22) 15.59 (26) 3.18 (45) 10.59 (51) 9.57 (61) ¢ £ Harbor Sm Cap Growth 4.00 19.17
market caps between $300 million and ˜  Russell 2000 Growth Index 3.18 20.65
$1.5 billion, earnings-growth rates of at Median 1.87 8.86 8.86 12.63 2.68 10.63 10.11 ¾ Median 2.68 19.58
least 20%, and reasonable
price/earnings multiples, although it is
flexible about those guidelines. They
come up with a price target for each CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
stock in the portfolio, and if a stock hits 2024 2023 2022 2021 2020 2019 2018
its target, they either trim the position or
raise the target. If a stock drops 20%, Harbor Sm Cap Growth 9.31 (82) 22.20 (12) -25.53 (33) 9.77 (49) 38.39 (49) 42.33 (2) -10.74 (83)
they either buy more or sell, depending Russell 2000 Growth Idx 15.15 (40) 18.66 (32) -26.36 (39) 2.83 (79) 34.63 (60) 28.48 (50) -9.31 (79)
on whether their reason for owning it is Small Growth Median 13.77 16.43 -28.26 9.27 37.80 28.48 -5.13
still valid.
Innovest's Assessment: ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
Harbor Small Cap Growth should
outperform after market inflection 3 3 3 3 3 3 3
points, as earnings benefit from Years Years Years Years Years Years Years
operating leverage or revenue Ending Ending Ending Ending Ending Ending Ending
improvements, and when market Dec-2025 Dec-2024 Dec-2023 Dec-2022 Dec-2021 Dec-2020 Dec-2019
valuations converge with company Harbor Sm Cap Growth 14.18 (36) -0.17 (41) -0.03 (28) 4.20 (34) 29.31 (22) 20.70 (44) 16.55 (36)
specific fundamentals. The strategy Russell 2000 Growth Idx 15.59 (26) 0.21 (34) -3.50 (59) 0.65 (81) 21.17 (81) 16.20 (66) 12.49 (66)
should underperform during periods Small Growth Median 12.63 -0.97 -2.59 3.01 25.72 19.06 14.70
when "momentum" investments are
outperforming, and high valuation
stocks are on the rise.

*If less than 5 years, data is since inception of fund share class.

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