Harbor Capital Advisors changed its midcap growth fund's name, investment strategy and subadvisers.
Effective Sept. 1, the $475 million Harbor Mid Cap Growth Fund will be renamed the Harbor Disruptive Innovation Fund and no longer invest primarily in midcap companies. Instead, it will target "disruptive and innovative companies of any market capitalization," said a fund summary prospectus filed with the SEC on Wednesday.
Harbor will also change the fund's benchmark to the S&P 500 index and the Russell 3000 Growth index from the Russell Midcap Growth index.
Harbor Capital decided to restructure the fund after its subadviser of more than 15 years, Wellington Management, informed the firm of its intention to resign before the end of the year, a Harbor spokesman said.
Going forward, the following firms will subadvise the fund: 4BIO Partners, NZS Capital, Sands Capital Management, Tekne Capital Management and Westfield Capital Management Co.
A Wellington Management spokesman could not be immediately reached for comment.