Harbor Mid Cap Core ETF

EPMB

Market cap $4.38M

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.