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Harbor Growth Fund Opens Its Doors Again

Ian McDonald

(HAGWX Quote)Harbor Growth is open for business again, and those intrigued by tech and telecommunications stocks should consider it.

The no-load , all-cap growth fund reopened to new investors Monday after closing in March, according to a company announcement. The $250 million fund originally closed because portfolio manager Peter Welles was having a hard time finding attractively priced small-cap and mid-cap stocks.

Though the fund isn't called a tech or telecom fund, that's where most of its assets were invested at the end of June, according to the company's Web site. Now that some parts of those sizzling sectors have cooled off a bit, Welles is apparently seeing more attractively priced opportunities.

The fund, which launched in 1986, has beaten its average mid-cap growth peers over the past one-, three-, five- and 10-year periods, according to Morningstar. Its 18.7% 10-year annualized return beats its average peer and leads the S&P 500 by just over a percentage point. Welles has held the reins since 1997, according to Morningstar.

The fund hasn't fared as well this year. Since Jan. 1, it's down 3.4%, trailing 89% of its mid-cap growth peers and the S&P 500.

See Monday's earlier Fund Moves, Manager Changes.