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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Harbor Mid Cap Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand."
Harbor Mid Cap Value Fund returned 13.99% in Q2 2026, outperforming the Russell Midcap Value Index's 13.40% return through strong stock selection despite value stocks lagging growth across all market-cap ranges. The quarter saw dramatic market broadening as small caps outpaced large caps and leadership within Information Technology shifted from software to hardware, driven by AI infrastructure buildout. Top contributors included semiconductor and AI infrastructure suppliers TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise, which surged 50-90% on surging demand. Garrett Motion and State Street also contributed significantly. Detractors included Kroger, pressured by competition and inflation, and energy holdings Matador Resources as natural gas prices fell. The manager initiated Fortune Brands Innovations and added to Regeneron Pharmaceuticals based on attractive quantitative rankings, while trimming State Street and Cummins after strong runs. The Fund maintains significant overweights to Consumer Discretionary and Financials, with the portfolio trading at 10.6x forward earnings versus 16x for the benchmark. Despite ongoing macro uncertainty, the manager remains committed to the disciplined value approach.
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