Polaris Global Value Fund
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POLARIS IN THE NEWS
MEDIA QUERIES: Contact Kelly Fitzsimmons The views in these article excerpts and
hyperlinks were those of the Fund manager as of each article's publication
date and may be subject to change. For the period ending March 31, 2013 the Fund's 1-, 5-, 10-year and since inception (7/1/89) average annual returns were 16.47%, 2.49%, 10.74% and 9.34%, respectively.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may
be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than
original cost. Please click
here for the Fund's most recent month end performance and related information. The
article excerpts and hyperlinks reference individual securities that may
or may not currently be held by the Fund. Click
here to view a recent listing of the Fund's top 10
holdings. Furthermore, please see additional disclosure
at the end of this section.
The recent growth rate in the stock market has helped to produce
short-term returns that are not typical and may not continue in the
future. Because of ongoing market volatility, fund performance may be
subject to substantial short-term changes.
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PBS' consuelo mack wealthtrack
Bernie Horn, President and Portfolio Manager of Polaris Capital Management LLC, and manager of the Polaris Global Value Fund (PGVFX), appeared on the PBS TV show, Consuelo Mack WealthTrack, on May 11, 2012. To view the TV segment, please visit the WealthTrack website at www.wealthtrack.com or download it from iTunes at http://itunes.apple.com/podcast/wealthtracks-podcast/id202795382
"Bernie Horn Appeared On PBS' Consuelo Mack WealthTrack - May 11, 2012 "
May 11, 2012
DISCLOSURE TO ACCOMPANY VIDEO: Morningstar's 2006 International Stock Manager of the Year Criteria: Fund managers were ranked by performance, long-term records, sound strategy and manager commitment toward the funds' shareholders.
Video Streaming to Website by VideoLightBox.com v2.1
Host Consuelo Mack discussed the unusual opportunities found in global markets with two value investors with admirable long-term track records -- Mr. Bernie Horn from Polaris and fellow guest John Dorfman of Thunderstorm Capital. Mr. Horn explained the global strategy he follows in the Fund, while Mr. Dorfman discussed his favorite bargains
Download the PBS release here to gain additional details about the PBS TV segment's subject matter.
morningstar
"Polaris Global Value Doesn't Settle For The Commonplace."
January 20, 2011
It's not just that this fund is one of the few to have at least 10% of its assets invested in each of Morningstar's five market-capitalization rungs, from microcap to giant. Manager Bernard Horn--who has been at the helm since its 1998 inception--also buys many companies few rivals own, and fewer still with the same degree of commitment, according to Morningstar.
In the Polaris approach, cash flow and valuation is of critical importance, with some emphasis on broader ideas about economic and business trends. Two of his current themes are the desire for businesses to continue to cut costs and the trend of emerging markets becoming more like developed markets.
The Polaris style can hit rough patches, as it did in 2007 and 2008. The damage from those years, when few shared his faith in certain hard-hit stocks, still puts its five-year return in the world-stock category's bottom quartile. But Horn held onto most of those stocks and saw his faith rewarded; the fund had a decent 2009 and last year beat the group norm by 7 percentage points. Its record since inception is strong, according to Morningstar.
american association of individual investors
"International Diversification: Why It Still Makes Sense"
December 2010
Bernard R. Horn Byline - Article Highlights:
- The past few years have masked performance data: U.S. and foreign stocks are not highly correlated over the long term.
- U.S. and foreign stocks become more correlated during times of crisis and less correlated afterward.
- Including foreign stocks in your portfolio could potentially increase returns and decrease risk.
Download the AAII article here
morningstar advisor
"Find The Right Fit"
October 4, 2010
Morningstar reviewed returns and upside/downside capture ratios going back 10 years for funds in the Morningstar 500. Among this list, 39 funds had better returns than their respective indices and also consistently outperformed both in up and down periods. There were 27 domestic-equity funds, 11 international-stock funds and one taxable bond fund in this group. According to Morningstar, the group with the strongest upside and downside records also included several great funds hiding in plain sight ? noting the Polaris Global Value Fund (PGVFX) with assets of less than $200 million.
morningstar
"PGVFX: This Mutual Fund Is No Index-Tracker"
July 21, 2010
PGVFX Fund Manager Bernard Horn has been running the portfolio since it began 12 years ago, paying little attention to weighting of the benchmark MSCI World Index. The Fund?s holdings are spread evenly through market cap gradations, and portfolio stocks go from the well-known to the obscure. Over the long-term, this approach has worked admirably, with the Fund?s annualized performance inception to date beating the benchmark (as of 7/21/10). Following the downturn in 2007-2008, the Polaris team spent significant time reducing portfolio risk, pruning companies with too much uncertainty or whose valuations have climbed. According to Morningstar, the Fund may prove worthwhile for investors who understand its approach and share Polaris? long-term focus.
morningstar
"Five-Star Investor: International Investments For Bargain-Hunters"
May 12, 2010
The Polaris Global Value Fund, a $200 million world-stock fund, holds to a free-ranging style. While it doesn't invest in bonds, it buys foreign and U.S. stocks across the capitalization range; Fund manager Bernard Horn also stakes out bold positions in certain regions and industries. Fund management?s willingness to stand out from the pack can cause performance to fall out of step with its peers from time to time, but over the long haul that's been for the better: Its return since its inception in 1998 is far ahead of the typical fund in the world-stock group.
the boston globe
"Stocks Rebound, Up Nearly 4%; EU Bailout Assures Investors"
May 11, 2010
Rioting may stop in the streets of Greece, said Bernard Horn, president and portfolio manager for Polaris Capital, but the overriding challenge remains: Governments need to cut spending. The problem, according to Horn, is all the governments around the world are borrowing simultaneously. The pool of savings is not as great as the demand for borrowing.
ticker magazine
"Fundamental Discount"
May 11, 2010
For a hardcopy of the article, contact us at 888-263-5594
Companies generating free cash flows are likely to sustain their growth rates in the long term. Bernard R. Horn, Jr., portfolio manager of the Polaris Global Value Fund, looks for such names worldwide, using a rigorous investment selection process that identifies companies trading at a discount to their intrinsic values.
associated press
"Why Investors Should Care About The Greek Crisis"
May 5, 2010
Bernie Horn, manager of the Polaris Global Value Fund, likes commodities because he expects growing demand from countries like China and India will be able to sustain prices for essentials like oil even if Europe's economy tanks. Emerging markets are pulling the developed world along when it comes to commodities, Horn says.
businessweek
"STOCKS & MARKETS: Why Bank Stocks Could Vault Even Higher"
March 17, 2010
Not everyone is wary of smaller bank stocks. The $200 million Polaris Global Value Fund currently has a 20% weight in financials (as of 3/15/2010), and most of its domestic financial holdings are midcap or small-cap names. Fund manager Bernard Horn thinks smaller banks' share prices were pulled down by the drone of negative speculation about regulatory reform throughout 2009 more than by any concerns about specific company risks. Horn cites a huge performance gap between the stocks of large banks that recovered quite a lot in 2009 and small and midsize banks that in some cases fell 30% to 40%. That, he says, has created an opportunity. When you normalize earnings over time, small or midsize banks appear to have much more upside to their stock prices than most of the large banks, Horn states. Fund management thinks the midsize banks may be one of most undervalued investments in the world.
morningstar
"Polaris Global Value's Distinctive Strategy Gives It An Advantage..."
January 25, 2010
According to Morningstar, the Polaris Global Value Fund?s distinctive strategy gives it an advantage over the long run. Morningstar considers the Fund one of relatively few true all-cap offerings, with its holdings distributed in a bell curve through the five market-cap levels from micro to giant. In addition, the portfolio has very different regional and sector weightings than those of the typical world-stock fund or the MSCI World Index.
louis rukeyser's mutual funds
"Something Special? Back From The Dead: This Global Value Fund Has Built A Record Of Long-Term Success..."
January 1, 2010
Management?s attention to fundamentals and dogged conviction in the eventual recovery of several beaten down sectors hurt near-term returns, but the fund is worth another look as many of the manager's deep value plays appear to be turning the corner, notes reporter Peter Staas.
On June 1, 1998, a limited partnership managed by the
adviser reorganized into the Fund. The predecessor limited partnership
maintained an investment objective and investment policies that were, in
all material respects, equivalent to those of the Fund. The Fund's
performance for the periods before June 1, 1998 is that of the limited
partnership and includes the expenses of the limited partnership. If the
limited partnership's performance had been readjusted to reflect the first
year expenses of the Fund, the Fund's performance for all the periods
would have been lower. The limited partnership was not registered under
the Investment Company Act of 1940 ("1940 Act") and was not subject to
certain investment limitations, diversification requirements, and other
restrictions imposed by the 1940 Act and the Internal Revenue Code, which,
if applicable, may have adversely affected its
performance.
The MSCI World Index ("MSCI") measures the
performance of a diverse range of global stock markets in the United
States, Canada, Europe, Australia, New Zealand and the Far East. The MSCI
is unmanaged and does include the reinvestment of dividends, net of
withholding taxes. The S&P 500 Index is a broad-based, unmanaged measurement
of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. Price to cash flow is the ratio of a stock's latest
closing price divided by cash flow per share for the past 12
months.