SEC Filing Analysis: Harbor Group, Inc.

Executive Summary

• Trading Significance: Medium
• Key Takeaway: Harbor Group, Inc. filed its quarterly Form 13F-HR, disclosing $629.1 million in assets under management as of September 30, 2025. The portfolio is heavily weighted towards a diverse range of Exchange-Traded Funds (ETFs), indicating a strategy focused on broad market and factor-based diversification rather than individual stock selection.
• Market Impact: While 13F filings are backward-looking, they are closely watched for institutional sentiment. The significant size of the portfolio and its composition can provide insights into how a sizable manager is positioning across different asset classes and market segments. This filing shows a strong preference for managed ETF products over individual equities.

Filer Information

Field	Value
Company	Harbor Group, Inc.
Ticker Symbol	Not Publicly Traded
CIK	0001840486
Location	Bedford, NH

Filing Details

Field	Value
Form Type	13F-HR (Quarterly Holdings Report)
Filing Date	2025-10-14
Period of Report	2025-09-30
Total Portfolio Value	$629,106,173
Number of Holdings	105

Top 10 Portfolio Holdings

This table highlights the largest positions by market value as reported in the filing.

Issuer	Security Description	Value (USD)
J P MORGAN EXCHANGE TRADED F	CORE PLUS BD ETF	$47,019,514
BNY MELLON ETF TRUST	CONCENTRATED INT	$46,706,133
FIDELITY MERRIMACK STR TR	TOTAL BD ETF	$46,677,663
VANECK ETF TRUST	MRNGSTR WDE MOAT	$44,397,355
FRANKLIN TEMPLETON ETF TR	US MID CP MLTFCT	$40,953,345
ISHARES TR	MSCI INTL QUALTY	$35,983,853
PUTNAM ETF TRUST	FOCUSED LAR CAP	$35,307,302
SPDR SERIES TRUST	PRTFLO S&P500 VL	$26,411,247
SCHWAB STRATEGIC TR	US LCAP GR ETF	$24,992,445
AMERICAN CENTY ETF TR	US SML CP VALU	$24,222,138

Portfolio Composition Analysis

Strategy Indicator: Diversified ETF Core

• The portfolio is dominated by ETFs from major providers like iShares, Schwab, Vanguard, and SPDR. This indicates a core strategy built on capturing broad market returns across various styles (growth, value), capitalizations (large, mid, small), and geographies (US, International).
• The largest holdings are in fixed income and multi-factor ETFs, suggesting a balanced and risk-managed approach.

Individual Stock Holdings

• While the core is ETF-based, the firm holds smaller positions in well-known large-cap stocks such as Apple Inc. ($2.3M), Caterpillar Inc. ($2.3M), Microsoft Corp ($1.0M), and JPMorgan Chase & Co. ($1.2M).
• These individual positions are minor in comparison to the large ETF allocations, likely serving as satellite holdings or legacy positions.

Investment Insights

Positive Market Indicators

• Broad Diversification: The portfolio structure is designed to reduce single-stock risk and participate in overall market movements.
• Factor Exposure: Use of value, growth, and quality factor ETFs shows a sophisticated approach to portfolio construction.
• Significant AUM: Managing over $600 million indicates a substantial institutional operation.

Risk Factors

• Backward-Looking Data: The holdings are as of September 30, 2025. The firm could have altered its portfolio significantly since then.
• ETF Overlap: A portfolio with numerous broad-market ETFs may have significant underlying holdings overlap, potentially concentrating risk unknowingly.

Key Takeaways

1. ETF-Centric Strategy: Harbor Group heavily relies on ETFs for its investment strategy, prioritizing diversification and factor exposure.
2. Balanced Approach: The presence of large fixed-income ETF holdings alongside equity funds points to a balanced or multi-asset class mandate.
3. Limited Single-Stock Conviction: Individual stock holdings are small, indicating they are not the primary drivers of the firm's strategy.

Contextual Analysis

Filing Purpose

Form 13F-HR is a mandatory quarterly filing for institutional investment managers with at least $100 million in assets under management. It provides transparency into the holdings of large investors, allowing the public and regulators to see their positions in publicly traded securities.

Timing Significance

This filing reflects the portfolio at the end of the third quarter of 2025. It offers a snapshot of institutional positioning heading into the final quarter of the year. Analysts often aggregate 13F data from many filers to gauge broad market trends and sector rotations.

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IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-14 | Data source: SEC EDGAR