Harbor Funds has launched a new U.S. equity fund, the Harbor SMID Value Fund. Evercore Asset Management, LLC won the sub-advisory mandate for the fund.

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Harbor Funds today announced the addition of a new U.S. equity fund, the Harbor SMID Value Fund, to its lineup of no-load mutual funds. The new fund commences operations today.

The Harbor SMID Value Fund has an investment goal of long-term total return by investing in small and mid cap stocks of U.S. companies that appear to be undervalued relative to their long-term earnings potential. Companies in the Fund's portfolio will normally have market capitalizations that fall within the range of the Russell 2500(TM) Value Index.

The new fund is managed by Evercore Asset Management, LLC. The firm specializes in value oriented investments in small and mid cap companies, managing portfolios primarily on behalf of institutional clients. The portfolio managers for the Harbor SMID Value Fund are Andrew Moloff, chief investment officer for Evercore Asset Management, and Greg Sawers, chief executive officer. Both are co-founders of the firm, which is based in New York City.

Since the Harbor SMID Value Fund invests primarily in securities of small and mid cap companies, its performance may be more volatile than that of a fund that invests primarily in stocks of larger cap companies. Stocks of small and mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

The Harbor Funds lineup of actively managed no-load mutual funds had combined net assets of $36.3 billion as of March 31, 2007. Each Harbor fund is managed by an institutional investment firm chosen by Harbor Capital Advisors, Inc. because of its experience in a specific asset class.  

Edited by: Erin Kello


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