Summary

• During the first quarter of 2026, the Harbor Long Term Growers ETF returned -10.65% (NAV), underperforming its benchmark, the Russell 1000 Growth Index, which returned -9.78%.
• Underperformance was driven primarily by stock selection in Industrials and Information Technology, while stock selection in Consumer Discretionary and Communication Services contributed positively.
• Harbor Long-Term Growers ETF initiated positions in Palantir Technologies, KLA Corporation, and Airbnb to capitalize on AI-driven workloads and global network effects.
• The investment team liquidated positions in Veeva Systems, Adidas, and GE HealthCare during the quarter as a source of funds for new opportunities.
• Harbor Long-Term Growers ETF remains focused on high-quality growth companies with enduring competitive advantages that can capitalize on multiyear opportunities founded on unique products and innovation.

In the face of so much uncertainty, the growth outlook for corporate profits remains healthy, even as financial conditions have become more volatile. - Jennison Associates, LLC

Market in Review

In the first quarter of