Important Information

This episode of the Animal Spirits podcast was recorded on June 6, 2024.

The views expressed herein are those of Animal Spirits and Jennison Associates and at the time the comments were made. They may not be reflective of their current opinions, are subject to change without prior notice, and should not be considered investment advice or a recommendation to purchase or sell a particular security. These views are not necessarily those of the Harbor Investment Team and should not be construed as such. The information provided is for informational purposes only.

Past performance is no guarantee of future results.

All investments are subject to market risk, including the possible loss of principal. Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. A growth investing style may be out of favor with investors which could cause growth securities to underperform value or other equity securities. International investments can be riskier than U.S. investments due to the adverse affects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets.

Indices listed are unmanaged, and unless otherwise noted, do not reflect fees and expenses and are not available for direct investment.

Investing entails risks and there can be no assurance that any investment will achieve profits or avoid incurring losses.

Benchmark

The Russell 1000® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000® Growth Index and Russell® are trademarks of Frank Russell Company. The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. The S&P index(es) (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC.

GPU refers to graphics processing units.

Price/Earnings (P/E) Ration is the closing stock price divided by the sum of the last 12 months actual Earnings Per Share, or EPS.

Earnings Per Share, or EPS, is the portion of a company's profit allocated to each outstanding share.

Free cash flow represents the cash a company can generate after accounting for capital expenditures needed to maintain or maximize its asset base.

Discount rate is the minimum rate of return necessary to invest in an investment opportunity.

GARP refers to growth at a reasonable price.

GDP refers to gross domestic product.

AMD refers to Advanced micro devices.

Harbor Capital Advisors, Inc is not affiliated with Animal Spirits, Jennison Associates, or Ritholtz Wealth Management

Harbor Capital Advisors, Inc.

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