NEWS & EVENTS

Our Fund has been profiled in BusinessWeek, Forbes, Fortune, The New York Times, SmartMoney, The Wall Street Journal, CNN, CNBC, PBS and other print/TV outlets.

For public relations queries, contact: FINANCIAL MEDIA CONSULTANTS or call 303-684-6401

JUNE 2017: INVESTOR'S BIZ DAILY
Foreign Stocks Look Attractive To Mutual Fund Managers
The IBD article referenced May as a unique month with a mix of technology stocks and defensive industries outperforming. According to Bernie Horn, portfolio manager for the Polaris Global Value Fund, the tech sector did well because of interest in cell phones, mobile devices and software. Mr. Horn went on to discuss “defensive” precious metals, which inched up due to investor jitters over U.S.-Russia relations. However, in the months ahead, Mr. Horn expects stocks markets to benefit from improving economic growth and diminished political uncertainty (wrought from BREXIT and the U.S. and French elections). He referenced a number of attractively valued stocks in the U.S. and foreign markets. For the complete article, visit Investors.com.
MAY 2017: INVESTOR'S BIZ DAILY
Mutual Fund Managers Look For Winners in Industrials, Materials, Tech, Banks
Bernie Horn, manager of the Polaris Global Value Fund, noted that the stock market perked up as corporate earnings reports topped expectations. In fact, he said that the U.S. economy is ramping up after years of stagnation. He discussed the supply/demand constraints in the market, positively impacting the materials sector. Mr. Horn went on to name materials/chemical companies he currently likes, including BASF, Methanex and Praxair.
MARCH 2017: LIPPER AWARDS
Polaris Global Value Fund Wins Lipper Award – Best in Category for 5-Year Period
Polaris Capital Management, LLC, a leading global and international equity manager headquartered in Boston, announced that the Polaris Global Value Fund (PGVFX) received a 2017 Thomson Reuters Lipper Fund Awards in the global multi-cap value fund category. The Polaris Global Value Fund posted the strongest trend of returns for the 5-year period, through December 31, 2016. In the Lipper Universe, a total of 53 funds over a five-year period were eligible for this category distinction. The Fund has been recognized by Lipper many times in the past, including 2014, 2015 and 2016, entering the rankings for 3-, 5- and 10-year periods.

Read the complete press release here
MARCH 2017: MONEYLIFE RADIO
Bernie Horn Discusses The Deep Dive To Find Value Investments
During an interview with Chuck Jaffe of MoneyLife Market Call, Bernie Horn of Polaris Capital discussed the pursuit of value investments across the globe. In picking companies to add to the 75+/- stock portfolio, Polaris looks at a company’s future cash flows, balanced with conservative expectations for future growth. If the company is out-of-favor, priced attractively, with a fundamentally strong business model, it may be a candidate for investment. The difficulty in this process, according to Mr. Horn, is that markets are generally efficient and priced accordingly. However, there is always volatility somewhere in the world that creates mispriced stocks ripe for a value investor. In recent months, materials companies have recovered; many have begun raising prices due to strong demand in end markets. British homebuilders have also been of interest, as the industry declined in the wake of BREXIT, but rebounded as U.K. housing market concerns abated. Mr. Horn discussed one worry in the current market: the capital flight from China.
NOV 2016: BARRON'S
Value Fund Buys Stocks on Sale After Bad News
Bernard Horn, lead manager of the Polaris Global Value Fund, applies a value-investing strategy to markets here and abroad to take advantage of pricing inefficiencies. He looks for opportunities to buy good stocks on the cheap when a negative event occurs. Mr. Horn notes that markets are generally pretty efficient, but there are times when investors react predictably to certain stimuli. The flight response to fear encoded in our DNA
plays out day in and day out in security markets worldwide. It is Mr. Horn’s job is to lean into that fear. Barrons.com spoke with Mr. Horn to get his take on currently mispriced stocks and potential bargains.

To read the in-depth interview, with salient stock prices and outlook, please VIEW IT HERE
NOV 2016: THE BOSTON GLOBE
Stock Markets Will Freak Out If Trump Wins, But You Probably Shouldn’t
Financial markets historically haven’t gotten too carried away on the day after U.S. presidential elections. That’s because investors spend weeks — even months — placing bets in advance of the outcome. By the time the votes are in, the margin of error usually is pretty narrow. But this year might be different. Investors have been trying to gauge the possibility of a Trump vs. Clinton win. Either way, global markets are expected to steady after the U.S. presidential race is no longer fodder for constant speculation, said Bernard R. Horn, President of Polaris Capital Management, a nearly $7 billion investment manager in Boston. “The fact that the election’s over and we can start looking ahead, I think that will be a great relieve to the entire world,” Mr. Horn stated.
OCT 2016: GURU FOCUS
3 Chemical Companies From Polaris Global Value
The Polaris Global Value Fund recently produced its quarterly commentary that discusses some of its holdings. Three among these holdings are chemical companies with huge free cash flow. According to GuruFocus, the chemical industry appears to be out of favor, but that could change. Among the stocks mentioned in the article are Germany-based LANXESS AG, Japan’s Showa Denko and Franco-Belgian Solvay SA. Each has significant cash flow that can be utilized to potentially: pay down debt, buy back shares, acquire more companies, increase the dividend or let the cash pile up in the bank account, according to Guru Focus reporting.
SEPT 2016: BARRON'S
International Trader – Growing Irish Sandwich Giant’s Tasty Shares
An article that appeared in Barron’s and Dow Jones Institutional News referenced the efforts of Greencore Group to expand in the U.S. market and strengthen its market share in the UK. Greencore’s products cater to consumers seeking healthy convenience foods. According to Bernard Horn Jr. of Polaris Capital, Greencore’s sales are strong due to the company’s model of providing cost-saving consumer staples products. He believes the company is an “interesting deflationary story”.
AUG 2016: MONEYLIFE RADIO
Bernie Horn Discusses Polaris’ Value Perspective and More
In a recent MoneyLife Radio program, Bernard Horn Jr. discussed Polaris’ value definition, the focus on cash flows and the search for undervalued stocks in a field of more than 40,000 companies globally. He subsequently addressed the Brexit vote and Polaris’ effort to buy attractively valued stocks in the face of negative news. He referenced opportunities in British homebuilders focused on domestic production, as well as a number of recent buys and sells throughout the portfolio.
JULY 2016: VALUE INVESTOR INSIGHT
Bumps In The Road – Linde
According to Value Investor Insight, there are plenty of positives in the industrial-gas business. Plants are built with a majority of the capacity already committed under long-term contracts, providing leverage in signing up nearby customers and a defense against competitive incursion. The industry may also benefit from outsourcing by large manufacturers of industrial-gas production. These trends spurred on Polaris Capital’s Bernard Horn to add Munich-based Linde AG as a portfolio holding.
MAY 2016: INVESTOR'S BIZ DAILY
Investors Aim For Stable Growers That Can Thrive Despite Volatility
According to IBD, mutual fund managers expect more volatility and many are looking for stocks with stable growth that can thrive without a tailwind from a robust economy. In particular, Polaris Capital’s Bernard Horn is concerned about the impact of sluggish economic growth. However, he has used recent market volatility to buy shares in larger financial institutions, as well as technology companies, as the valuations became compelling.
MARCH 2016: INVESTOR'S BIZ DAILY
2016 BEST FUNDS BY CATEGORY
Investor’s Business Daily compiled a list highlighting the best international stock funds from 2006-2015, based on each fund outperforming the S&P 500 over the last 1-, 3-, 5- and 10-year periods. The Polaris Global Value Fund was named among this list of performers.

Funds considered for an IBD award have at least $100 million in assets and have been around for at least 10 years. Stock mutual funds qualify for this exclusive recognition only if they have beaten the broad market over the past one, three, five and 10 years — all four of those periods, not just one or two or three.

MARCH 2016: GURU FOCUS
Polaris Global Value Sells 3 Oil Holdings Due to Low Commodity Prices
A brief report from Guru Focus highlights the Polaris Global Value Fund’s fourth quarter 2015 investment decisions. Polaris noted that the best performance came from holdings in consumer staples, financials and information technology. The Fund also purchased two new holdings and closed out four positions, including three in the oil industry due to commodity price declines.
MARCH 2016: MONEYLIFE RADIO
Portfolio Manager Bernard Horn On MoneyLife Radio
In an interview with Chuck Jaffe of MoneyLife Market Call, Portfolio Manager Bernard Horn discusses Polaris’ definition of value. He references the importance of a company’s free cash flow, which is typically delivered back to investors. According to Mr. Horn, markets are generally efficient over time, but human behavior can cause periods of volatility. It is during those periods that Polaris often finds opportunities. A number of current portfolio holdings are referenced.
MARCH 2016: LIPPER AWARDS
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 3- and 5-Year Periods
Polaris Capital Management, LLC, a leading global and international equity manager headquartered in Boston, announced that the Polaris Global Value Fund (PGVFX) won two 2016 Lipper Fund Awards, which recognize individual mutual funds that have outperformed peers based on risk-adjusted, consistent return of investment results as of November 30, 2015. The Polaris Global Value Fund posted the strongest trend of returns in the global multi-cap value fund category for the 3- and 5-year periods through the reporting timeframe. In the Lipper Universe, a total of 74 funds over a three-year period, and 63 funds over a five-year period, were eligible for this category distinction. This marks the third consecutive year that the Fund has received Lipper Awards for the 3- and 5-year periods, following on its earlier award recognition dating back to 2006 and 2007.
Read the complete press release here

The views in this material are intended to assist readers in understanding certain investment methodologies and do not constitute investment or tax advice. The views in these article excerpts and audios/videos were those of the Fund manager as of each article’s publication date and may be subject to change. Numerous article excerpts and audios/videos 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. Polaris Capital Management, LLC oversees $8.5 billion as of 03/31/17.

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.