Harbor PanAgora Dynamic Large Cap Core ETF Q4 2025 Commentary

Harbor Capital Advisors64 FollowersFollow5ShareSavePlay(9min)CommentsSummaryGlobal equity leadership shifted further toward non-U.S. markets, reinforcing a rotation away from U.S. dominance that was supported by a weaker dollar.The market became less tolerant of execution missteps or undisciplined spending, reinforcing a shift toward fundamentals-driven leadership rather than speculative momentum.During the fourth quarter of 2025, the Harbor Dynamic Large Cap Core ETF returned 3.05% ((NAV)), outperforming its benchmark, the S&P 500 Index, which returned 2.66%.The ETF's outperformance was primarily driven by the strong performance of the dynamic Contextual Alpha Model, with particularly meaningful contributions from the lowest-ranked poor alpha quintiles.International markets now appear more attractive than earlier in the year, supported by improved relative valuations, currency dynamics, and more accommodative policy stances. Elena Uve/iStock via Getty Images Compared to the start of 2025, our market outlook has shifted toward a more diversified and globally balanced opportunity set. - PanAgora Asset Management Market in Review The fourth quarter of 2025 was shapedThis article was written byHarbor Capital Advisors64 FollowersFollowHarbor Capital is an asset manager focused on curating an intentionally select suite of active ETFs that they believe have the potential to produce compelling, risk-adjusted returns within a portfolio. Note: This account is not managed or monitored by Harbor Capital, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Harbor Capital's official channels.