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 June 30, 2008 the Fund's 1-, 5-, 10-year and since inception (7/1/89) average annual returns were -24.48%, 11.53%, 7.50% and 10.32%, 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. 

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Physician's Money Digest

"Review Appealing International Valuations"

November 15, 2003

(Byline Highlights -- Author Bernard R. Horn Jr.)

• International investments outperformed U.S. investments for most of the '60s, '70s and '80s based on the S&P 500 and Morgan Stanley EAFE index.  In the past 20 years, the directions of foreign markets have not all moved in lock step with the U.S.  By combining foreign and U.S. stocks, an investor's portfolio is more diversified and less volatile.
   
• Data on the price/cash earnings ratio suggests that overseas stocks are inexpensive on a relative and absolute basis.  The current P/CE ratio can determine how far a market is from "normal"-- thereby providing some helpful market valuation calls over the past 20 years.
   
• A review of the average P/CE performance in the U.S. from 1975 to date indicates that, at the time of the 1987 crash, the P/CE z-statistic exceeded 2 standard deviations.  In 1999's tech bubble, the P/CE z-statistic was more than 3 standard deviations. Today, the U.S. P/CE z-statistic indicates that the U.S. market is still vulnerable for further corrections

The Street.com

"Going Global The Safe Way"

November 11, 2003

The Polaris Global Value Fund is one of the better global performers of the past five years.  The tenured manager, Bernard R. Horn, Jr., spots undervalued stocks at home and abroad.  Mr. Horn discussed his deep-value philosophy, which seeks to perform admirably in all market cycles. 

Overseas valuations look most appealing to Mr. Horn, who has been putting money into Japan, and dropping many of the pricey U.S. tech stocks.  Mr. Horn also looks to Germany's Continental AG and Britain's George Wimpey as two additional picks.  As Mr. Horn analyzes stocks around the world, he has noticed a collision trend between Eastern and Western capitalism.  

Business Week Online

"Cross-Border Bargain Hunting"

October 22, 2003

Bernard R. Horn, Jr., president of Polaris Capital Management and portfolio manager of the Polaris Global Value Fund, seeks out stocks that are under priced and can sustain cash flow -- regardless of region, industry or market-cap.  Mr. Horn attributes his stock picking success to 1) the growing optimism that global economies will recover, and 2) Polaris' valuation models that show more compelling companies overseas. Mr. Horn discussed his European picks, the illiquid markets of Eastern Europe and the burgeoning opportunities in Japan.   China is also part of Mr. Horn’s equity analysis due to its position as a low-cost manufacturing center.  

Financial Planning Interactive

"Squabbling Over Euro Underscores Need For Fiscal Reform In Europe"

September 26, 2003

Bernie Horn, president and portfolio manager of Polaris Capital Management, discussed the European Union's national interests taking precedence over industrial reform.  Structural reforms in productivity have not occurred, and as a result, Mr. Horn has been reducing his exposure to Europe and shifting to emerging markets, Scandinavia and the U.K. 

Business Week Online

"Investing Q&A: Japan Blooms Again?"

September 23, 2003

Japan has become an investment opportunity, according to Bernard R. Horn, Jr., who runs the Polaris Global Value Fund.  Mr. Horn singles out utilities as a "value" industry in Japan, while he also peruses Asian neighbors, Korea and Malaysia.  

Better values generally exist in developed markets, where stocks can throw off free cash flow -- one of the most important metrics used in determining undervalued companies.  For the first time in almost a decade, Mr. Horn has spotted good companies with strong free-cash flow in Japan.

CNNfn -- The Financial Network

"The Money Gang: Bernie Horn, President of Polaris Capital Management"

September 15, 2003

Bernie Horn, president of Polaris Capital Management, discussed individual investors' difficulties in picking good stocks.  Investors generally don't spot companies that will make money in a down market.  How does Mr. Horn find these opportunities?  He looks for companies with free cash flow and good management teams.  According to Mr. Horn, a global fund manager's responsibility is to find the best pockets of value worldwide.  Among Mr. Horn's picks:  Parmalat, Svenska Cellulosa and WPP Group.

Foundations & Endowments Money Management

"Nonprofits See Bright Spot In Global Equity"

September 2003

Nonprofits are beginning to notice the benefits of a global equity portfolio: diversification and exposure to a variety of sectors and countries in a single portfolio.  To further discuss the parameters of a global portfolio, Bernie Horn of Polaris Capital Management and fellow investment managers, participated in a Q&A.  Points addressed by Mr. Horn included:

Boston Business Journal

"Bay State Companies Can't Ignore China Syndrome"

August 29-September 4, 2003

Bernard Horn, manager of the Polaris Global Value Fund, said a continued flow of jobs to Asia could force lower prices for goods in the U.S. and contribute to a sustained fall in prices.  As an example, Teradyne Inc. previously dismissed manufacturing in China, but opened an office in Shanghai in 2003, finding the quality of work every bit as good as in the U.S.

United Media

"Opportunities Abound Worldwide"

August 21, 2003

Managed by Bernard Horn, the Polaris Global Value Fund has outpaced the average Lipper World Equity Fund over the past five years.  The Fund's investment strategy blends model-driven quantitative analysis with bottom-up stock picking.

Mr. Horn mentioned the firm's leverage of investment technology to ensure that most time is spent on fundamental research.  The first step of the process is a global valuation model; the second step is a screen on stocks. Following this model, the Fund has been shifting away from the U.S. market (mainly large caps), in favor of overseas investments like Continental AG, Barratt Development and Peugeot.

Ticker Magazine

"It's Free World Cash"

June 23 – July 23, 2003

The road to mitigated risk high returns is paved with the world's undervalued free cash flows, according to Bernard R. Horn Jr., manager of the Polaris Global Value Fund.  Mr. Horn discussed the collision course between Eastern/Western capitalism, and the different stakeholder/shareholder structures that limit free cash flow in China.

In what does the Fund invest?  Mr. Horn points to resurgence in U.S. financials and healthcare, Irish paper companies, Canadian methanol producers and many others.  The Fund has a strong weighting in Northeast banks (particularly Banknorth), as they provide tremendous alpha.  Alpha is the difference between a stock's actual returns and its expected performance, given its level of risk as measured by Beta (volatility).

Financial Advisor

"Worth Banking On?"

June 2003

Tenuous stock markets and low money fund yields aid banks and thrifts, says Bernard Horn, manager of the Polaris Global Value Fund.  Lending activity is on the rise as investors buy real estate instead of stocks, and simultaneously, allocate cash to higher yielding bank products. What banks will capitalize on this trend?  Mr. Horn looks to California banks that are filling the gaps created by consolidation.  Some of his picks include:  Pacific Crest Capital and Hawthorne Financial Corp.

Bloomberg Television
"Contrarian Plays: Bernie Horn"
April 25, 2003

Bernie Horn, fund manager of the Polaris Global Value Fund, picks contrarian plays - unpopular stocks that historically have exhibited positive returns. One of his top choices has been Methanex, a company that supplies 26% of the world's supply of menthanol. According to Mr. Horn, Methanex is characteristic of the companies in which the Fund invests, as it has a high amount of free cash flow and low debt level.

One contrarian play for which Mr. Horn holds out hope: Parmalat, an Italian company that specializes in ultra pasteurized milk and diversifies along other food lines. Mr. Horn commented about the company's decision to issue debt and subsequent decision to pull it. He believes the stock has recovered quite well since Parmalat's decision to forego the issuance of debt.

Physician's Money Digest
"Portfolios Need International Infusions"
April 15, 2003

(Byline Highlights - Author Bernard R. Horn Jr.)

When the U.S. stock market retreats, some foreign exchanges tend to shift to a lesser degree - proof that international and U.S. markets are not perfectly correlated.

There is no question that foreign markets can outperform the United States and vice versa. For instance, according to Lipper Inc., for the year ending 1/31/03 foreign stock funds faired significantly better, declining 14.41% vs. a drop of 22.86% for the average U.S. fund.

If the dollar weakens further, foreign stocks held by U.S. investors tend to rise in value because the underlying foreign currencies appreciate.

Many foreign stocks now have significantly cheaper price/cash earnings ratios than their U.S. counterparts. Countries like Germany, France and South Africa are trading at a little less than 8 times the expected 2003 cash earnings, while U.S. stocks remain overvalued.

CNBC on MSN
"Tech And Growth Are Hot - Again"
March 25, 2003

Bernie Horn, manager of the Polaris Global Value Fund, is not sanguine about the recovery of the market. He has reduced his U.S stock exposure in the past few months, and he remains concerned about the revival of corporate profits.

Looking overseas, Mr. Horn likes Italy's Parmalat, a company which makes ultra pasteurized milk and other foods. The company's shares are down due to a misstep in their financial structure, says Mr. Horn, but they have plenty of cash flow to pay down debt accumulated through acquisitions.

Time Magazine
"Float Your Bucks"
February 24, 2003

A weakening dollar and a multitude of inexpensive foreign stock picks have encouraged U.S. investors to start buying overseas. In the 12 months ended 1/31/03, stocks in the U.S. fell an average of 23%, while European stocks dropped 32%. But because the dollar weakened - down 20% against the Euro - U.S. investors would have fared better in European stocks, which in dollar terms lost only 18%.

One manager who continues to look overseas is Bernard Horn, manager of the Polaris Global Value Fund. He is overweighting resource-rich countries like South Africa and is buying material company stocks around the globe. Mr. Horn's picks include paper firms Sappi in South Africa and Svenska Cellulosa in Sweden. According to Mr. Horn, Australia and Canada, two countries rich in natural resources, are also poised to benefit.

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.