Harbor

What happened

According to a Securities and Exchange Commission (SEC) filing dated October 15, 2025, Harbor Capital Advisors reduced its position in F5, Inc. (FFIV -0.88%) by 51,177 shares in Q3 2025. The estimated trade value was $16.02 million in Q3 2025. After the sale, Harbor Capital Advisors reported holding 17,112 shares, valued at $5.53 million as of September 30, 2025.

What else to know

This was a sell; the post-trade stake is 0.43% of Harbor Capital Advisors’ 13F reportable AUM in Q3 2025

Top five holdings after the filing:

IVV: $49,147,000 (3.8% of AUM on September 30, 2025)

EEM: $38,429,000 (3.0% of AUM on September 30, 2025)

EFA: $28.28 million (2.2% of AUM on September 30, 2025)

NVDA: $27,224,000 (2.1% of AUM on September 30, 2025)

GOOGL: $26,539,000 (2.1% of AUM on September 30, 2025)

On October 14, 2025, F5 shares were priced at $343.17, up 56.39% year-over-year on October 14, 2025, outperforming the S&P 500 by 39.89 percentage points over the one-year period ending October 14, 2025.

The fund reported 1,339 total positions and $1.29 billion in U.S. equity AUM in Q3 2025.

Company overview

Company snapshot

Provides multi-cloud application security and delivery products, including BIG-IP appliances, NGINX software, DDoS protection, and fraud prevention solutions.

Generates revenue from sales of software, hardware, and related services.

Serves large enterprises, public sector institutions, governments, and service providers globally through direct sales and channel partners.

F5 is a leading provider of application security and delivery solutions, enabling organizations to secure, optimize, and manage applications across on-premises and cloud environments. The company leverages a diverse portfolio of hardware and software offerings to address complex security and performance requirements for mission-critical applications. With a global customer base and partnerships with major cloud providers, F5 delivers application security and delivery solutions.

Foolish take

Before Harbor Capital Advisors sold most of its F5 stake during the third quarter, it was the firm’s ninth largest holding and worth about 0.8% of the total portfolio. From the end of the second quarter through the end of the third quarter this year, Harbor Capital’s portfolio shrank from $2.4 billion down to $1.3 billion.

Harbor Capital Advisors’ sale of F5 stock in the third quarter seems prescient. Shares of the cybersecurity business that aims to secure every application and its corresponding application programming interface (API) recently tanked.

On Oct. 15, F5, Inc. admitted in an SEC filing that unidentified threat actors broke into its systems and stole some important files. According to the company, the attackers are believed to have been in its network for at least 12 months. The stock is down by about 13% since Oct. 14.

F5 expects to report its fiscal fourth quarter results on Oct. 27, 2025, after the market closes.

Glossary

13F reportable AUM: Assets under management that must be reported quarterly to the SEC by institutional investment managers on Form 13F.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or institution.
Post-trade position: The number of shares or value of a holding remaining after a trade has been executed.
Stake: The proportion or amount of ownership an investor or fund holds in a particular company.
Top five holdings: The five largest investments in a fund’s portfolio, ranked by market value.
Outperforming: Achieving a higher return or growth rate compared to a benchmark or index over a specific period.
Channel partners: Third-party companies or organizations that help a business sell its products or services.
Multi-cloud: Using multiple cloud computing services from different providers within a single architecture or organization.
Direct sales: Sales made directly from the company to the customer, without intermediaries.
Mission-critical applications: Software or systems essential to the core function and operation of an organization.
DDoS protection: Security solutions designed to prevent or mitigate distributed denial-of-service attacks that disrupt online services.
TTM: The 12-month period ending with the most recent quarterly report.

On Tuesday, Oriental Harbor Investment Master Fund disclosed selling 59,274 shares of ProShares UltraPro QQQ (TQQQ -1.88%) in an estimated $5.4 million trade, according to a recent SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission, Oriental Harbor Investment Master Fund sold 59,274 shares of ProShares UltraPro QQQ during the quarter. The estimated transaction value was $5.4 million. The fund’s TQQQ position now stands at about 1.2 million shares, valued at $124.2 million.

What Else to Know

Following the sale, TQQQ represents 9.6% of the fund’s reportable assets under management.

Top holdings after the filing:

• NASDAQ:NVDA: $236.2 million (18.3% of AUM)
• NASDAQ:GOOGL: $224.1 million (17.4% of AUM)
• NYSEMKT:FNGU: $144.6 million (11.2% of AUM)
• NASDAQ:TQQQ: $124.2 million (9.6% of AUM)
• NASDAQ:META: $99.5 million (7.7% of AUM)

As of Tuesday’s market close, shares of TQQQ were priced at $101.13, up 33% over the past year, outperforming the S&P 500 by 20 percentage points.

ETF Overview

Company Snapshot

• TQQQ’s investment strategy seeks to deliver daily performance consistent with the fund’s objective through the use of financial instruments.
• Underlying holdings are composed of the 100 largest non-financial companies listed on the Nasdaq Stock Market.
• The fund structure is non-diversified.

ProShares UltraPro QQQ is an ETF that seeks daily returns consistent with its investment objective by tracking the Nasdaq-100 Index. By employing financial instruments, the fund aims to achieve its daily return objective.

Foolish Take

Hong Kong–based Oriental Harbor Investment Master Fund pared back its position in ProShares UltraPro QQQ last quarter, selling roughly $5.4 million worth of shares. Despite the reduction, TQQQ remains a core holding, accounting for nearly 10% of the fund’s reported assets. The ETF continues to rank just behind Nvidia, Alphabet, and FNGU, reflecting the fund’s deep concentration in leveraged and technology-driven strategies.

TQQQ, which seeks three times the daily performance of the Nasdaq-100 Index, has soared 33% in the past year, outpacing the S&P 500 by about 20 percentage points. Its top underlying exposures—Nvidia, Microsoft, Apple, and Amazon—mirror Oriental Harbor’s own equity bets, creating both alignment and amplification across the portfolio.

While leveraged ETFs like TQQQ can magnify gains, they also heighten risk when markets turn volatile. For Oriental Harbor, trimming the position may be a prudent rebalancing move after strong returns, especially given its already substantial exposure to the same megacap tech names through direct holdings and other leveraged funds like FNGU. The strategy suggests discipline, not retreat, as the fund locks in profits while maintaining a high-conviction tilt toward tech-fueled growth.

Glossary

ETF: Exchange-traded fund; a pooled investment fund traded on stock exchanges, similar to stocks.

UltraPro: Indicates an ETF aiming for leveraged returns, typically providing a multiple of the daily performance of an index.

Assets under management (AUM): The total market value of assets a fund manages on behalf of investors.

Non-diversified: A fund that invests a large portion of assets in a small number of holdings, increasing concentration risk.

Leveraged ETF: An ETF using financial instruments to amplify returns, often targeting a multiple of an index’s daily performance.

Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price.

Underlying holdings: The individual securities or assets that make up a fund’s portfolio.

Nasdaq-100 Index: An index of the 100 largest non-financial companies listed on the Nasdaq Stock Market.

Daily return objective: The fund’s goal to match or multiply the performance of its benchmark index each trading day.

Financial instruments: Contracts such as derivatives or swaps used to achieve specific investment outcomes.

Outperforming: Achieving a higher return than a specific benchmark or index over a given period.

Reportable assets: Assets that must be disclosed in regulatory filings, such as those reported to the SEC.

Harbor Miller and Elijah Wynder scored their first career goals in MLS, Gabriel Pec also scored a goal, and the Galaxy beat the Colorado Rapids 3-0 on Saturday night to snap a four-game MLS winless streak.

JT Marcinkowski made his first MLS appearance since 2023 and had a save for the Galaxy (4-16-7). The 28-year-old, who signed with the Galaxy in January after seven seasons with San José, missed the 2024 season while recovering from knee surgery.

Miller, an 18-year-old defender, gave the Galaxy a 1-0 lead in the seventh minute. On the counter-attack, Miller ran onto a centering pass played by Miki Yamane and blasted a first-touch shot from near the penalty spot into the net.

The 22-year-old Wynder tapped a pass from the center of the area to Yamane on the right side. Yamane played a first-touch pass back to Wynder, who redirected it into the net from near the penalty spot to make it 2-0 in the 55th.

Pec, on the counter-attack, ran onto a long ball played ahead by Marco Reus and outraced the defense to the edge of the six-yard box where he slipped a shot between the legs of goalkeeper Zack Steffen to cap the scoring in the 75th minute.

Steffen stopped two shots for Colorado (10-12-6).

The setting matched the message Tuesday as Donald Trump stood beneath the gun barrels of a 57,000-ton battleship in Los Angeles Harbor and fired rhetorical blasts on immigration, trade and national security.

But protesters on shore nearly drowned out Trump, the front-runner for the Republican presidential nomination, as his shipboard rally set the stage for Wednesday’s GOP debate at the Reagan Presidential Library in Simi Valley.

Borrowing Richard Nixon’s polarizing pledge to stand up for the “silent majority” amid the social upheaval of the 1960s, Trump told supporters gathered on the ship’s stern that Americans were disgusted by the U.S. allowing immigrants to “just pour into the country” illegally.

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“They’re disgusted when a woman who’s nine months pregnant walks across the border, has a baby, and you have to take care of that baby for the next 85 years,” Trump, wearing a red baseball cap emblazoned with his “Make America Great Again” campaign slogan, told the crowd.

“Booooooo!” the audience responded.

The comment was typical of Trump’s remarks on illegal immigration on the campaign trail. He has led in polls for much of the summer, tapping into fears about people in the country illegally and garnering support mostly from restive Republicans drawn to his political-outsider status.

Trump appeared unfazed by the loud and relentless taunting by demonstrators waving signs reading “Deport Trump!” and “We’re All Anchor Babies.” But the talkative New York real estate tycoon, whose speeches can exceed a full hour, spoke for just 13 minutes, packing his remarks, as usual, with superlatives.

He pledged a military buildup that would force the leaders of Russia and Iran to respect America.

“Nobody’s going to mess with us,” he said.

He called President Obama’s nuclear agreement with Iran “one of the dumbest deals and one of the weakest contracts I’ve ever seen of any kind.”

“Fire him, Donald!” a man in the crowd bellowed. “Fire him!”

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Trump, the only one of the 15 candidates in Wednesday’s debates to appear publicly Tuesday in Southern California, assailed Obama on trade with Japan, China and Mexico, saying the leaders of all three countries were smarter and more cunning, a favorite comparison of his.

Japan’s “massive ships float right here and they drop off the cars, right?” he said, gesturing to the giant container vessels floating nearby. “They drop off thousands and thousands and thousands of cars. Millions of cars. And we sell them beef.”

The crowd erupted in laughter.

Trump’s event was a fundraiser for Veterans for a Strong America, a group that endorsed him Tuesday.

Trump’s stature with veterans has been bumpy. Trump offended some this summer when he mocked Arizona Sen. John McCain’s record of service as a prisoner of war for five years in Vietnam, saying he’s “not a war hero.”

He ignored calls to apologize, but has been casting himself as a champion of veterans, as he did again aboard the battleship Iowa, now a museum.

“We have illegal immigrants that are treated better, by far, than our veterans,” he said.

Trump, who received draft deferments during the Vietnam War and has never served in the military, has called on CNN, the sponsor of Wednesday’s debate, to donate its advertising revenue to veterans groups.

Marine veteran Scott Fischer of Lake Forest, who attended the rally, said he was undecided on Trump but was concerned about illegal immigration.

“They’re just letting everyone from all these countries in,” he said.

One of Trump’s biggest applause lines was his promise to make Mexico pay for a wall along its entire border with the U.S. He lamented drugs pouring into the country.

“Not a good deal: We get the drugs, they get the money,” he said. “The drug cartels are going wild. They cannot believe how stupid our government is.”

It was just such comments that drew 18-year-old Rebekah Kritz of San Pedro and a couple of hundred other protesters to the ship’s berth.

“He’s a racist,” Kritz said bluntly. “We can’t let people just constantly call for a wall to be built to keep others out. It’s like putting people against people.”

Follow @finneganLAT and @kurtisalee for political news.

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