In the fourth quarter of 2025, Harbor Capital Advisors’ Mid Cap Value Fund delivered a 4.07% return for its Institutional Class, outperforming the 1.42% gain of the Russell Midcap Value Index by 265 basis points. The fund’s quantitative value strategy focuses on fundamental undervaluation, momentum improvement and risk control, driving a total quarterly excess return of 2.82%.

Amkor Technology benefited from surging AI-driven demand, contributing to robust stock-price momentum in recent years. However, rapid share gains elevated its valuation multiple above levels justified by underlying financial performance.

Fund managers cited that while Amkor continues to generate solid cash flow, its earnings and cash-flow growth have lagged the advance in share price. With a market capitalization approaching $12 billion, investors faced stretched valuation concerns that prompted the position trim.