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During the second quarter, the Harbor Mid Cap Core ETF (EPMB) (NAV) returned 12.99%, underperforming its benchmark, the Russell Midcap® Index, which returned 13.83%. Relative results were partially driven by performance within Information Technology, where the portfolio participated meaningfully in the sector's strong advance but trailed the benchmark as a narrower group of higher-multiple growth stocks led returns. Outside of Information Technology, relative performance was supported by strong stock selection within Industrials, Health Care, and Consumer Staples, where company-specific fundamentals continued to drive favorable outcomes.
In the first quarter of 2026, the Harbor Mid Cap Core ETF returned 3.28% (NAV), outperforming its benchmark, the Russell Midcap® Index, which returned 1.29%. Harbor Mid Cap Core ETF's Information Technology holdings outperformed the benchmark as investor preference shifted toward companies with stronger earnings visibility, cash flow generation, and valuation support. Albemarle Corporation shares gained approximately 27% during the quarter as investor sentiment improved following a prolonged period of lithium price correction through 2024–2025.
Ulta Beauty shares gained more than 10% in the quarter after the company reported results ahead of market expectations. We added EMCOR Group, Inc. to the portfolio during the quarter. We also added Vertiv Holdings Co. We sold Air Lease, a leading aircraft leasing company that specializes in providing a wide range of commercial aircraft to airlines worldwide, helping it expand its fleets and meet its operational needs.
In the fourth quarter of 2025, the Harbor Mid Cap Core ETF returned 3.82% (NAV), outperforming its benchmark, the Russell Midcap® Index, which returned 0.16%. Stock selection was notably strong within the Materials, Energy, and Industrials sectors, reflecting effective positioning in companies benefiting from improving fundamentals and cash-flow generation. Allocation effects were also additive, notably in the Health Care and Industrials sectors.
In Q3 2025, the Harbor Mid Cap Core ETF returned 4.96% (NAV), modestly underperforming its benchmark, the Russell Midcap® Index, which returned 5.33%, with leadership driven by growth-oriented and rate-sensitive sectors. Utilities outperformed as capital rotated into infrastructure-rich names levered to the energy transition and grid modernization. Sector positioning was a headwind, with underweights to Communication Services, Utilities, and Consumer Discretionary, and overweights to Materials, Financials, and Health Care detracting.
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