Aug. 5, 2002 — Harbor Funds said it plans to merge the $73-million Harbor Small Cap Growth Fund (HASGX) into the $92-million Harbor Growth Fund (HAGWX), subject to the approval of shareholders of the Small Cap fund.
On completion of the merger, Harbor Growth Fund will be renamed Harbor Small Cap Growth fund.
William Muggia, president and chief investment officer of Westfield Capital Management, an outside subadvisor, has managed Harbor Small Cap Growth since its inception in November 2000. Muggia will continue as manager of the surviving portfolio following the merger.
Harbor Funds said it decided to merge the two funds since they have similar strategies. Both invest in smaller capitalization companies with favorable prospects for long-term growth. However, Harbor Small-Cap Growth fund’s holdings typically have been more broadly diversified than those of Harbor Growth, which have been more concentrated in the tech sector, the fund complex said.