Manager Skill Review · Fund (strategy-level)
HACAX — Harbor Capital Appreciation Fund
Strategy-level ERM3 read from the fund's reported holdings — the mandate-accurate view. The stock-selection residual — the return remaining after the model's specified market, sector, subsector, and style exposures — persists out of sample.
Large Growth · 31 holdings · eff. N 15 · top-10 69%
- Evidence
- N-PORT · registered-fund holdings
- Holdings as of
- 2026-05-31
- Filed
- 2026-08-14
- Model
- ERM3 v3.0
Summary Risk Profile
Return attribution vs risk decompositionHarbor Capital Appreciation Fund is a Large Growth strategy across 31 names (effective N 15, top-10 69%). Harbor Capital Appreciation Fund's +24.5% trailing return was led by market beta (+33.6% market); stock selection contributed -2.7%. Over the trailing window stock selection detracted (-11% of gross); the risk decomposition is the steadier read.Beta to SPY 1.23 explains 80% of NAV variance; ERM3's multifactor model captures 94% · modeled-vs-reported NAV correlation 0.90 over 244 months.Evidence — not a recommendation.
Cumulative return
trailing 12m · gross vs buyableStrategy-level read from the fund's reported holdings via the RiskModels ERM3 model. Figures are gross, holdings-derived, and within-mandate. Informational use only — not investment advice.