The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
During the third quarter of 2026, the Harbor Mid Cap Fund returned -2.92% net of fees, modestly outperforming its benchmark, the Russell Midcap Index, which returned -3.00%. Year to date, the strategy delivered a 13.16% return net of fees, outpacing the benchmark's 11.84%, and maintained a trailing one-year outperformance of more than 500 basis points net of fees. Allocation headwinds from an underweight stance in Energy and an overweight in Industrials were countered by strong bottom-up stock selection across Health Care, Financials, and Consumer Discretionary. Portfolio sector overweights remained positioned in Industrials, Information Technology, and Financials, while Utilities, Consumer Staples, Communication Services, and Energy remained underweighted. The broader macroeconomic environment was defined by sharp sector dispersion, escalating Middle East geopolitical conflict, crude oil prices sustaining above $90 per barrel, and persistent inflationary pressures. Elevated financing costs and Federal Reserve interest rate hikes pressured capital-intensive sectors such as Utilities and Industrials alongside interest-rate-sensitive consumer businesses. In contrast, secular demand drivers persisted in artificial intelligence infrastructure, data center electrification, and commercial aerospace manufacturing recoveries. Portfolio activity was marked by zero buys or sells during the quarter as the manager maintained existing high-conviction holdings. Performance detractors included Applied Materials, Woodward, EMCOR Group, and Hexcel Corporation, each of which faced equity pullbacks despite reporting robust underlying revenue growth, record operating margins, and expanding order backlogs. Notable positive contributors included Bio-Rad Laboratories, Helmerich & Payne, Labcorp, and Ross Stores, driven by resilient volume growth and operating efficiency gains.
Invest primarily in high-quality mid-sized U.S. companies possessing strong competitive advantages, solid growth potential, and compelling relative valuations capable of generating superior long-term compounding across market cycles.
The manager does not maintain a go-forward market outlook or manage to macroeconomic forecasts, focusing instead on identifying superior relative values that can produce strong long-term compounding.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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