The board of trustees of the Harbor Fund, a family of 12 portfolios advised by Harbor Capital Advisors, has approved several key changes to its value fund, the company announced today.

The board is seeking to modify both the sub-advisor and portfolio strategies of the Harbor Value Fund. The fund currently invests in dividend paying companies with market capitalizations of $500 million or more. The proposal is to have the fund invest in companies with market capitalizations of $5 billion or more, the company said.

As a result of that change, the company is also seeking to change the sub-advisor of the fund. The board has appointed Armstrong Shaw Associates Inc. of New Canaan, Conn. to manage 100% of the fund’s assets. Currently, DePrince, Race & Zollo, Inc. of Orlando, Fl. Manages 70% of the assets and Richards & Tierney of Chicago manages 30%.

The switch in sub-advisors was proposed to utilize Armstrong Shaw’s specialization in investing in large-cap companies, as well as to simplify the portfolio management arrangement, and is not due to performance issues, according to a spokesperson for Habor.

As a result of the change in portfolio strategy, the Harbor Value Fund would be renamed the Harbor Large Cap Value Fund. There will be no change in the fund’s advisory fee, the company said.

The Harbor Value Fund has $146 million in assets under management and a year-to-date return of negative 5.28%, according to Morningstar.

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