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Harbor Capital Appreciation Instl HACAX

Analyst rating as of
NAV / 1-Day Return
75.09  /  0.15 %
Total Assets
25.3 Bil
Adj. Expense Ratio
Expense Ratio
Fee Level
Below Average
Longest Manager Tenure
32.27 years
Large Growth
Investment Style
Large Growth
Min. Initial Investment
TTM Yield

Morningstar’s Analysis

Will HACAX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Harbor Capital Appreciation's Volatility Is a Feature Not a Bug

Analyst Note

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High-growth stocks, especially those within Harbor Capital Appreciation's bailiwick, have seen their share prices come under pressure in early 2022. Year to date through March 14, 2022, the mutual fund's institutional shares fell 25.3%, which was 5.3 and 6.1 percentage points worse than the typical large-growth Morningstar Category rival and Russell 1000 Growth Index, respectively. Former market darling and top-10 holding Shopify SHOP, whose shares are down a staggering 62.8%, detracted the most from returns during the two-and-a-half-month period. Such a sharp decline is uncomfortable but not necessarily surprising given this strategy's long-standing bold approach. It is behaving as expected, and its share classes retain their Morningstar Analyst Ratings of Gold or Silver, depending on fees.

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