CHICAGO, May 21, 2013 /PRNewswire/ -- The Harbor Funds Board of Trustees has appointed Baillie Gifford Overseas Limited as subadviser to Harbor International Growth Fund effective May 21, 2013. Baillie Gifford succeeds Marsico Capital Management, LLC, which had served as subadviser since March 1, 2004.
"We wish to express our appreciation to Marsico Capital Management for their dedicated service to our shareholders," said Harbor Funds Chairman David G. Van Hooser. "At the same time, we welcome Baillie Gifford as the new portfolio management team of the Harbor International Growth Fund."
Baillie Gifford Overseas Limited, a wholly owned subsidiary of Baillie Gifford & Co., is a U.S. registered investment adviser based in Edinburgh, Scotland. Baillie Gifford & Co. is a privately owned investment management firm that has been in operation since 1908. Baillie Gifford & Co. had approximately $142 billion in assets under management as of March 31, 2013.
Baillie Gifford employs a team-based approach to making investment decisions for the Harbor International Growth Fund. That team is comprised of Gerard Callahan, Iain Campbell, Joe Faraday and Paul Faulkner, each of whom is a Portfolio Manager of Baillie Gifford and a member of Baillie Gifford's International Focus Portfolio Construction Group. Mr. Callahan is Chair of the International Focus Portfolio Construction Group and is Head of UK Equities at Baillie Gifford.
Harbor International Growth Fund has an investment goal of long-term growth of capital by investing primarily in equity securities, including common and preferred stocks, of foreign companies that the Fund's subadviser believes will experience growth and benefit from sustainable competitive advantages in their markets. The Fund may invest in companies of any size located in, or economically tied to, any country or region outside the U.S., including developed and emerging market countries. The Fund had net assets of approximately $220 million as of March 31, 2013.
Under normal market conditions, the Baillie Gifford investment team will invest primarily (at least 65% of the Fund's total net assets) in companies located outside the U.S. that they believe can exhibit sustained, above-average growth with attractive financial characteristics. Baillie Gifford uses proprietary, fundamental research to seek to identify companies for investment.
Stocks fluctuate in price and the value of an investment in the Harbor International Growth Fund may go down. Over time, a growth-oriented investing style may go in and out of favor, which may cause the Fund to sometimes underperform equity funds that use different investing styles. Since the Fund invests primarily in securities of foreign companies, there is a greater risk that the Fund's share price will fluctuate more than if the Fund invested in domestic companies.
The Harbor Funds lineup of actively managed, no-load mutual funds had combined net assets of $74 billion as of March 31, 2013. Each Harbor fund is managed by an institutional investment firm selected by Harbor Capital Advisors, Inc. based on the firm's experience in a specific asset class.
Investors should carefully consider the investment objectives, risks, charges and expenses of a Harbor fund before investing. To obtain a summary prospectus or a prospectus for this and other important information about the Fund, visit www.harborfunds.com or call 800-422-1050. Read it carefully before investing.
Distributed by Harbor Funds Distributors, Inc.
SOURCE Harbor Fund