Insights from the Latest N-PORT Filing Reveal Strategic Investment Changes
Harbor Capital Appreciation Fund (Trades, Portfolio), a prominent investment vehicle under the stewardship of Jennison Associates LLC, has recently disclosed its N-PORT filing for the first quarter of 2024. The fund, which has been guided by the investment philosophy of the late Spiros Segalas from May 1990 to his passing in January 2023, continues to pursue long-term growth by identifying companies with disruptive technologies, new product cycles, and expanding markets. The team prioritizes investments in businesses with sustainable competitive advantages, robust financials, and what they consider to be reasonable valuations.
Summary of New Buys
Harbor Capital Appreciation Fund (Trades, Portfolio) expanded its portfolio with 3 new stocks in the first quarter of 2024. The most significant new positions are as follows:
- Boeing Co (BA, Financial) with 1,002,241 shares, making up 0.79% of the portfolio and valued at $211.51 million.
- Keysight Technologies Inc (KEYS, Financial), comprising 1,219,089 shares, which is approximately 0.7% of the portfolio, with a total value of $186.84 million.
- Palo Alto Networks Inc (PANW, Financial), with 493,292 shares, accounting for 0.62% of the portfolio and a total value of $166.98 million.
Key Position Increases
The fund also bolstered its stakes in 12 companies, with the most notable increases being:
- ASML Holding NV (ASML, Financial), with an additional 185,079 shares, bringing the total to 480,826 shares. This represents a 62.58% increase in share count, a 0.6% impact on the current portfolio, and a total value of $418.23 million.
- The Home Depot Inc (HD, Financial), with an additional 389,604 shares, bringing the total to 1,093,214 shares. This adjustment signifies a 55.37% increase in share count, with a total value of $385.86 million.
Summary of Sold Out Positions
During the first quarter of 2024, Harbor Capital Appreciation Fund (Trades, Portfolio) exited its positions in 3 companies:
- argenx SE (ARGX, Financial), selling all 286,914 shares, which had a -0.6% impact on the portfolio.
- Mobileye Global Inc (MBLY, Financial), liquidating all 1,666,849 shares, causing a -0.26% impact on the portfolio.
Key Position Reductions
The fund also reduced its holdings in 36 stocks. The most significant reductions include:
- NVIDIA Corp (NVDA, Financial), with a reduction of 1,158,787 shares, resulting in a -27.2% decrease in shares and a -2.1% impact on the portfolio. The stock traded at an average price of $506.62 during the quarter and has returned 81.47% over the past 3 months and year-to-date.
- Tesla Inc (TSLA, Financial), with a reduction of 921,566 shares, leading to a -20.34% decrease in shares and a -0.82% impact on the portfolio. The stock traded at an average price of $230.63 during the quarter and has seen a -30.78% return over the past 3 months and year-to-date.
Portfolio Overview
As of the first quarter of 2024, Harbor Capital Appreciation Fund (Trades, Portfolio)'s portfolio consisted of 51 stocks. The top holdings included 8.42% in Microsoft Corp (MSFT, Financial), 7.7% in Amazon.com Inc (AMZN, Financial), 7.12% in NVIDIA Corp (NVDA), 4.3% in Apple Inc (AAPL, Financial), and 4.22% in Advanced Micro Devices Inc (AMD, Financial). The fund's investments are primarily concentrated across 8 industries: Technology, Consumer Cyclical, Healthcare, Communication Services, Financial Services, Consumer Defensive, Real Estate, and Industrials.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
