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Harbor Funds appoints Causeway to manage Harbor Global Value Fund


The Harbor Funds Board of Trustees has appointed Causeway Capital Management LLC as subadviser to the Harbor Global Value Fund effective 25 May, 2012. Causeway succeeds Pzena Investment Management, LLC, which had served as subadviser since 7 August, 2006.

The Harbor Global Value Fund will be managed by a team of portfolio managers comprised of Sarah H Ketterer, Harry W Hartford, James A Doyle, Jonathan P Eng, Kevin Durkin and Conor Muldoon. Ketterer is Chief Executive Officer of Causeway and Hartford is President of Causeway. Ketterer and Hartford have 26 and 28 years of investment experience, respectively, and have led the investment effort of Causeway since co-founding the firm in 2001. Causeway is an investment adviser specialising in global and international stocks. The firm is headquartered in Los Angeles and manages approximately USD14.5 billion in assets.

Harbor Global Value Fund has an investment goal of long-term growth of capital by investing primarily in equity securities, principally common stocks of companies located throughout the world, including the US. and developed and emerging market countries. The Fund had net assets of approximately USD30 million as of 30 April, 2012.

Causeway uses a value style to identify companies for investment and buys stocks that it believes have lower prices than their true worth. Under normal market conditions, Causeway will invest at least 40% of the Fund’s total net assets in companies located in a number of countries outside the US.

Stocks fluctuate in price and the value of an investment in the Harbor Global Value Fund may go down. Over time, a value-oriented investing style may go in and out of favour, 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 USD66 billion as of 30 April, 2012. 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.

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