GLOBAL MEDIA ARCHIVES

The Polaris Global Value Fund has been featured in the press over the years… review a few select excerpts from our global media archives.

2021 MEDIA HIGHLIGHTS

Bernie Horn Discusses Polaris' Global Investment Outlook On MoneyLife Radio

Bernie Horn, President & Portfolio Manager with Polaris Capital, was a featured guest on daily financial talk show, “Money Life with Chuck Jaffe” on July 20, 2021, where he talked about Polaris’ current investing strategy. Please visit that MoneyLifeShow.com website for more details; replay of the radio program is currently available.

Bernard Horn’s Top 5 Trades Of The 1st Quarter: Global value-oriented fund releases quarterly portfolio

The article discusses the Polaris Global Value Fund's (PGVFX) investment philosophy, detailing market efficiency and investor behavior that leads to volatility. The article goes on to outline the Fund's assets, portfolio stock count, portfolio composition by sector and new buys and sells.

Bernard Horn Featured On The Acquirers Podcast – Value Investing Special

In the June 28th episode of The Acquirers Podcast, host Tobias Carlisle chats with Bernard Horn, founder and principal at Polaris Capital Management. During the interview, Mr. Horn provided some great insights into:

  • When Value Investing Was Like Shooting Fish In A Barrel
  • Building A Low-Correlation Global Portfolio
  • Knowing When To Sell Made Easy
  • Value Investing Comeback
  • Moore's Law & Inflation
  • How To Filter 40,000 Global Companies To Find The Best Investments
  • Value Investing Globally Before The Internet
  • Building Global Portfolios In An Interconnected World
  • Global Accounting Standards Are Not All The Same
  • When Low-Correlation Global Assets Yielded 14% Dividend Yield

Watch the complete podcast at The Acquirers Podcast channel on YouTube.com.

Morningstar World-Stock Categories Get Some Style

Morningstar recently broke out its world-stock categories by style to provide better comparisons amongst funds. The Morningstar rating for funds and category performance ranking as of April 30, 2021 reflects the new groups – world large-stock value, world large-stock blend and world large-stock growth. Morningstar then outlines where some prominent funds landed on this new spectrum, referencing the Polaris Global Value Fund as having among the biggest value tilts relative to the Morningstar Global Markets Large Cap Index.

Jason Crawshaw Featured on GuruFocus Value Investing Live – Reversion to Value

Portfolio Manager Jason Crawshaw was the guest speaker on GuruFocus Value Investing Live where he discussed not only the Polaris investment philosophy and process, but provide some real-world examples of the work leading up to a new stock investment. He also discussed the possible reversion to value, after a long period of growth stock outperformance, based on current market returns and trends. Watch and listen to this very informative livestream at the GuruFocus Value Investing Live channel on YouTube.com

Bernard Horn’s Polaris Global Fund Reveals Top 4th Quarter Trades

The article offers a recap of the Fund’s fourth quarter commentary, with focus on Polaris Global Value Fund’s top five trades. The Fund’s basic philosophy is outlined, along with the general view about how investor behavior may engender volatility that could result in market inefficiency. It is upon this inefficiency that Polaris capitalizes, buying fundamentally strong stocks at undervalued prices. The Fund components are outlined with weightings on sector. More detail about the recent buys and sells is provided.

Polaris Global Value Fund Wins Lipper Award – Best in Category for 10-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 2021 Refinitiv Lipper Fund Award in the global multi-cap value fund category. The Polaris Global Value Fund posted the strongest risk-adjusted returns for the 10-year period through November 30, 2020 relative to its peers. In the Lipper Global Multi-Cap Value Fund Universe, a total of 62 funds over a 10-year period were eligible for this category distinction. The Fund has been recognized by Lipper many times in the past, including 2014, 2015, 2016, 2017, 2018, 2019 and 2020, entering the rankings for 3-, 5- and 10-year periods. Read the complete press release here.

Bernie Horn Discusses Polaris Capital Investing Strategies and Navigating COVID-19

Bernie Horn discusses the methodology for the Polaris Capital investment strategies, including the Polaris Global Value Fund. He discussed Polaris’ focus on “cash, cash and more cash”, noting that the value of any investment is dependent on the amount of cash flow. So the Polaris team searches the world to find companies that generate enough cash to reinvest back into the business, pay down debt, buy back stock and provide the leftover to shareholders. Currently, analysts are finding companies that fit this “free cash flow” metric in China, Korea and the U.S. (small/mid-cap range in the U.S.). At the sector level, Mr. Horn pointed to financials, materials and industrials as attractive. He also described how COVID-19 impacted stock decisions, as Polaris invested in countries like China, which had a head start on recovery. Positions in materials were heavily weighted on the premise that as the world restarts, companies will need to start buying raw materials to do business. Conversation also steered to the value opportunities in 2020, as Polaris buying activity ramped up.

2020 GLOBAL PRESS ARCHIVES

An Appealing Global Value Option

Morningstar Analyst Nicholas Goralka referenced the Polaris Global Value Fund’s experienced team and rigorous process, contributing to a Morningstar Analyst Rating of Bronze for the fund. The analyst went on to discuss Bernard Horn’s strong leadership since the strategy’s inception in 1998, with additional portfolio managers and analysts as assets have grown. Further discussion revolves around Polaris’ long-term absolute value approach, as well as the basics of portfolio construction from initial screening to 90% bottom-up fundamental research. The Fund continues to be benchmark agnostic, with far less U.S. equities in favor of European and Asian markets. The analyst report goes on to discuss the firm’s investing process, people, parent company and performance, all of which lead to the Morningstar Analyst Rating of Bronze. (Please note that such rating is accurate as of the date of this report on December 16, 2021.)

The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar,Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission.The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflect the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/. The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. © 2022 Morningstar . All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Analyst rating shown is as of 12/16/21.

Top 5 Buys of Bernard Horn’s Firm In the 2nd Quarter

(also appeared in GuruFocus.com) Polaris Capital Management’s philosophy is based on the belief that global market fluctuations produce mispriced stocks. Investor behavior may create volatility that leads to inefficiencies in certain global markets, resulting in stock prices that do not reflect a company’s long-term fundamental valuation or future cash flows. It is upon these inefficiencies that Polaris seeks to capitalize. As such, in the second quarter of 2020, management for the Polaris Global Value Fund (PGVFX) initiated a number of new purchases, including two Chinese companies and a U.S. electronics supplier.

Money Life with Chuck Jaffe: Market Call

Bernie Horn, portfolio manager of the Polaris Global Value Fund, discussed the difficulties of “boots-on-the-ground” research in a COVID-19 closed world. He discussed methods and targets for gleaning information about potential investments, doubling the time spent on the phones with company management teams. He noted that companies are very forthcoming about their business prospects, and have detailed developments in local markets and trends. He details how the Polaris research team has been “working their tails off” learning as much as possible in a rapidly changing economy. At the core of company analysis is cash flow. Mr. Horn says that is the topic upon which Polaris “zeros in”, and there is even better transparency about cash flows now as companies are keenly focused on that topic. They are bolstering balance sheets, building capital structure, paying off debt, cutting costs and trying to generate sales – all in an effort to successfully navigate this short-term pandemic.

Top 6 Buys of Bernard Horn’s Polaris Fund in the 1st Quarter

Bernard Horn, president of Polaris Capital Management, disclosed this week in the shareholder letter that Polaris Global Value Fund’s top buys during the first quarter included an increased bet in a poultry/protein supplier as well as new positions in the U.S. and overseas including a cement manufacturer, laboratory/testing company and some undervalued opportunities in travel/leisure companies hampered by COVID-19. Mr. Horn also discussed in the first quarter 2020 commentary that the Polaris Global Value Fund underperformed, partially due to weakness in foreign currencies relative to the U.S. dollar. Mr. Horn also mentioned that while the Fund trimmed its weight in cyclical sectors during the quarter, the Fund remained overweight in financial services, consumer cyclical, industrials and materials, which detracted from absolute returns.

Polaris Global Value Fund Wins Lipper Award – Best in Category for 10-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 2020 Refinitiv Lipper Fund Award in the global multi-cap value fund category. The Polaris Global Value Fund posted the strongest risk-adjusted returns for the 10-year period through November 30, 2019 relative to its peers. In the Lipper Global Multi-Cap Value Fund Universe, a total of 51 funds over a 10-year period were eligible for this category distinction. The Fund has been recognized by Lipper many times in the past, including 2014, 2015, 2016, 2017, 2018 and 2019, entering the rankings for 3-, 5- and 10-year periods. Read the complete press release here.

3 Newly Rated Standouts

Polaris Global Value earned its first Morningstar Analyst Rating. Lead manager Bernie Horn has led the strategy since its 1998 inception, over which time he’s slowly built up a supporting cast to now include three co-managers and five analysts. Each member on the team is a generalist as Mr. Horn thinks it’s important for everyone to have their own macro view of how the global economy operates. This team has done well to execute their strategy with discipline over the years, focusing on sustainable cash flows, which has resulted in strong performance over the strategy’s history.

Fund Spy: Morningstar Medalist Edition – December Analyst Ratings Upgrades, Downgrades and More

Polaris Global Value received an analyst rating for the first time. Firm founder and veteran investor Bernard Horn has run this fund since its 1998 inception, but he has groomed a decent support team of three assistant managers, and potential successors, in recent years. They now implement Horn’s conservative value approach as a unit, using screens and bottom-up research to locate solid companies whose share prices lowball their historical ability to generate cash over the long term. It’s a diversified, but distinctive, portfolio that doesn’t ape the MSCI World Index’s region, country, or sector weightings. Its value style has been out of favor in recent years, but long-term results have remained strong.

2019 GLOBAL PRESS ARCHIVES

On The Road

A special report discussed whether today’s auto-related stocks are attractive bargains, or classic value traps. Bernie Horn of Polaris Capital was interviewed for the article, in which he pointed to auto-related companies showing up on Polaris screens often as having cash-flow streams that appear undervalued. He mentioned some stocks of particular interest, including Hyundai Motors and Kia Motors, which have been steadily gaining global market share as a result of having produc­ed higher-quality cars, moving upmarket and expanding geographically. Mr. Horn also referenced French tire manufacturer, Michelin, which may be a beneficiary of the move to electric vehicles. Further discuss centered around U.K.-based Inchcape, a multinational automotive distribution, retail and services company that works with original equipment manufacturers.

A Strong Global Value Option

Morningstar Analyst Nicholas Goralka discussed the Polaris Global Value Fund (PGVFX) and its recent upgraded Morningstar Analyst Rating, seasoned leadership and time-tested, disciplined investment process. The article pointed out the long-term track record and the build-out of the Polaris team, which now includes three assistant managers and five analysts. Using conservative assumptions, the Polaris team has designed a stock portfolio that scarcely resembles its MSCI World benchmark. The team has consistently allocated less to U.S. equities, with a heavier weighting in European and Asian markets. Sector weightings also deviate from the benchmark– in September 2019, the PGVFX Fund was overweight financials and underweight tech. According to Goralka, the Polaris team has consistently shown a strong ability to identify value in longer-term investments.

Money Life with Chuck Jaffe: Market Call

Bernie Horn, portfolio manager of the Polaris Global Value Fund, discusses his methodology, screening and on-the-ground research to identify potentially undervalued companies. Since the 2008 financial crisis, U.S. markets have rebounded dramatically, with an extended growth period. While Polaris invests in U.S. markets, the Fund analysts have found greater value opportunities in international locales. Mr. Horn goes on to discuss Moore’s Law and disruptive technology, pointing to a declining price environment. That is where the Polaris process vets potential cash-flow rich companies: they identify companies that can grow these cash flows over time vs. companies that may ultimately face disruption.

A Steady Lodestar: The world has changed, but the Polaris approach remains constant.

The Polaris Global Value Fund was featured in the Spring 2019 edition of Morningstar Magazine, with portfolio manager Bernie Horn discussing the Fund’s investment philosophy and approach. The in-depth “Undiscovered Managers” article delves into the Fund’s research process, while listing a number of recent portfolio purchases. Read the complete article here.

Low-Cost Stocks With Improving Outlooks

Syndicated columnist John Dorfman pointed out one investment method that focused on finding companies whose stocks seemed cheap but whose profits were improving. One such stock was International Bancshares Corp., which has 200 bank branches in Texas, with much of its business tied to U.S.-Mexico trade. Despite U.S.-Mexico trade salvos, the stock held up well with quarterly earnings (through September 30, 2018) up 30% from the previous year period. Dorfman noted: “My friend Bernie Horn’s firm, Polaris Capital, owns more than a million shares of the stock, which adds somewhat to my conviction here. I regard Horn as an astute international manager.”

Bernard Horn’s Top 5 Buys In 4th Quarter 2018

In managing the Polaris Global Value Fund (of approximately 80 stocks), Portfolio Manager Bernie Horn seeks to buy undervalued companies based on two beliefs: country and industry factors are important determinants of security prices, and global market fluctuations produce mispriced stocks. During the fourth quarter of 2018, the Polaris Global Value Fund’s added to holdings in Linde PLC, SKF AB, Taylor Wimpey PLC, KDDI Corp. and Kia Motors Corp., among others.

Polaris Global Value Fund Wins Lipper Award – Best in Category for 10-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 2019 Refinitiv Lipper Fund Award in the global multi-cap value fund category. The Polaris Global Value Fund posted the strongest trend of returns for the 10-year period, through November 30, 2018. In the Lipper Universe, a total of 33 funds over a 10-year period were eligible for this category distinction. The Fund has been recognized by Lipper many times in the past, including 2014, 2015, 2016, 2017 and 2018, entering the rankings for 3-, 5- and 10-year periods. Read the complete press release here.

2018 GLOBAL PRESS ARCHIVES

Bernard Horn’s Top 3 Buys in 2nd Quarter

GuruFocus reporter James Li detailed how Polaris’ investment philosophy derives from two basic beliefs: country and industry factors are important determinants of security prices and global market fluctuations produce mispriced stocks. As such, Polaris conducts bottom-up research to find these attractively valued investment opportunities. In the second quarter of 2018, Polaris purchased stocks from three regions: Publicis Groupe (France), Shinhan Financial Group (South Korea) and Inchcape (United Kingdom). The article went on to cite the Polaris quarterly commentary, outlining top contributors and detractors to performance.

Bernard Horn’s Polaris Global Value Fund Leans British in 1st Quarter

The Guru Focus article references Polaris’ first quarter 2018 commentary, highlighting the Fund’s performance, investment approach and recent buys/sells. The value oriented Fund seeks out companies with strong free cash flows and conservative balance sheets. New buys are typically made when the market presents mispriced opportunities. During the quarter, the Polaris Global Value Fund opted to buy new stock, NEXT Plc, while bolstering other positions in the portfolio, many of which were based in the United Kingdom.

MoneyLife With Chuck Jaffe

During the MoneyLife radio interview, Bernie Horn discussed the Polaris Global Value Fund methodology. He referenced the strategy of seeking out companies with streams of cash flow undervalued to the point that they may be priced to give returns that beat the benchmark. This strategy has been in play since the inception of the Fund, which has contributed to long-term strong performance. Mr. Horn went on to discuss current macro-economic volatility that is helping uncover buying opportunities in a variety of sectors and regions. In particular, Mr. Horn discusses the Fund’s overweight position in South Korea with the purchase of six stocks, all of which were undervalued due to regional turmoil. At a sector level, he referenced attractive companies in industrials, information technology, retail and materials. Mr. Horn went on to highlight a number of current portfolio holdings, and then turned his attention to the “Hold It or Fold It” section of the interview.

Mutual Fund Observer – Briefly Noted…

Mutual Fund Observer highlighted notable funds that received Lipper Fund Awards for 2018. Among those mentioned was the Polaris Global Value Fund, which received the five-year award* for posting the strongest trend of returns in the global multi-cap value category.

*Polaris also received the 10-year award in the global multi-cap value category, but this wasn’t mentioned in the article. In the Lipper Universe, a total of 58 funds over a five-year period, and 37 funds over a 10-year period, through November 30, 2017 were eligible for this category distinction. For more information, read the Polaris press release here.

Global Investing – Balkan Time…

Vivian Lewis, editor for Global Investing, discussed global macro-economic trends related to the Balkans. She also highlighted upward trajectory in U.S. markets largely due to positive job metrics and the hope that the U.S. and North Korea can make progress in denuclearization. Ms. Lewis referenced findings from 2017 corporate reports at a number of companies in Ireland, Canada, Spain, Latin American countries and more. She noted that the Polaris Global Value Fund is invested in Irish convenience food producer, Greencore Group, referencing comments from Polaris’ fourth quarter 2017 performance update. Ms. Lewis also pointed out that Polaris likes other consumer staples stocks, including Asahi Group and Tyson Foods.

Polaris Global Value Fund Wins Lipper Awards – Best in Category for 5- and 10-Year Periods

Polaris Capital Management, LLC, a leading global and international equity manager headquartered in Boston, announced that the Polaris Global Value Fund (PGVFX) received two 2018 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- and 10-year periods through November 30, 2017. In the Lipper Universe, a total of 58 funds over a five-year period, and 37 funds over a 10-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 and 2017, entering the rankings for 3-, 5- and 10-year periods. Read the complete press release here.

2017 GLOBAL PRESS ARCHIVES

Rearranging The Deck Chairs…

Mutual Fund Observer author Ed Studzinski discussed how managers often comment about “eating their own cooking”. But this can be a relative statement, if a manager is investing only a million dollars in one of his funds, but has been compensated $30M a year for the last few years. By contrast, Ed points to the Polaris Global Value Fund, whereby lead portfolio manager Bernard Horn and his wife own 15% of the Fund – making quite the statement.

Cost of Capital Beaters: Polaris Global Value Fund

Companies generating profits exceed their cost of capital, display healthier business profiles, and are also attractive investments, especially if their stocks are out of favor for temporary reasons, according to Bernard R. Horn, Jr., president of Polaris Capital Management, LLC and portfolio manager of the Polaris Global Value Fund (PGVFX). He and his team build a portfolio from this narrow list of stocks discovered from around the world. Read the complete article here.

Bernard Horn Buys Magna International, Tyson Foods, Kansai Electric and more…

A report in Guru Focus recapped second quarter 2017 buys and sells of the Polaris Global Value Fund. Among the new holdings added to the portfolio were Canadian auto parts supplier, Magna International; Tyson Foods in the U.S.; Colombian banking institution, Bancolombia; and a number of positions in Asian markets. Sales included IGT, Konecranes, Christian Dior, Showa Denko and others, a number of which were the focus of acquisitions. For a listing of the stocks referenced, as well as buying and selling prices, please visit the Guru Focus website.

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.

A Financial Investing Aficionado Sours On These Bank Stocks

Guru Focus discussed the Polaris Global Value Fund’s investment in financial services companies. Frequently an overweight position in the Fund, financials continue to dominate screens. However, in the first quarter of 2017, Polaris exited one bank holding and decreased positions in three other small bank stocks. In late 2016, valuations of U.S. bank stocks rose in anticipation of reduced federal regulations and lower taxes within a new Administration. Polaris management raised concern about increasing valuations premised on expectations instead of tangible results. The concern proved prescient. As those metrics didn’t materialize, banks’ valuations returned to more normalized levels.

An Unusual Approach That Has Worked Well…

In a Morningstar analyst report about a sub-advised fund, the Polaris investment strategy (which is used for all of its mutual funds, including the Polaris Global Value Fund) was reviewed. The Morningstar article referenced Polaris’ focus on cash flow and valuation, with the investment team seeking good prices on well-managed companies. Most of Polaris’ work is fundamental company analysis. The article goes on to outline the Polaris process, which strives to have equal weightings among holdings, agnostic to sector or country. While the Polaris team doesn’t specifically look for companies that will become takeover targets, it has been common for several of their undervalued holdings to attract takeover bids in a single year.

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.

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.

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.

2016 GLOBAL PRESS ARCHIVES

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

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.

Three 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 Guru Focus, 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.

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”.

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.

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.

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.

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.

Polaris Global Value Sells Three 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.

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.

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.

2015 GLOBAL PRESS ARCHIVES

The Four Best-Rated Global Mutual Funds For Portfolio Diversification

According to Zacks, global mutual funds are excellent options for investors looking to widen exposure across countries. Zacks points to recent efforts by European and Asian central banks to provide economic stimulus to their respective economics. The publication also references the recent U.S. Federal Reserve moves which seemingly indicated future U.S. economic growth. Zacks concludes that a portfolio having exposure to both domestic and foreign securities will likely help in reducing risk and enhancing returns. Zacks shares the four top-rated global mutual funds, each of which earned a Zacks #1 Rank, with expectations that such funds may outperform their peers in the future. Among those funds was the Polaris Global Value Fund (PGVFX). The Polaris Global Value Fund utilizes a value oriented approach to invest in common stocks of both U.S. and non-U.S. companies, which also includes firms from emerging nations.

The Zacks Mutual Fund ranking system covers nearly 19,000 mutual funds. These funds are ranked on a scale from one to five with one being the best funds to own for the future and five being the worst. Zacks has two different fund systems to create the best mutual fund ratings. One system is exclusively applied to U.S. stock-based mutual funds, and the other is used for all other funds. U.S. Stock-Based Mutual Fund Ranking System: The key to this ranking system is that Zacks evaluates the average Zacks Rank for the stocks owned by the fund. Zacks blends this with other criteria that Zacks’ studies show are beneficial in finding funds that appear likely to outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank. Second Mutual Fund Ranking System: The Zacks Quantitative Research Department has isolated a number of key factors that will help find funds that have the potential to outperform. Each mutual fund category is measured independently by performance and quality ratings. The top funds for each category are identified with a #1 Zacks Mutual Fund Rank.

Dialing For Dollars: Investors See Hope In Telecom

The telecommunications sector, which lagged most others over the past few months, is starting to attract new looks per a recent article in IBD. Bernie Horn, lead manager of the Polaris Global Value Fund, expressed more interest in certain telecom operators – especially those that provide wireless, landline and Ethernet internet services – than in hardware and software vendors. Mr. Horn discussed various U.S. communications companies, as well as offerings in Japan and Germany.

The Greek Debt Crisis Turned These European Stocks Into Even Better Buys

The article discusses how global managers – who can invest in stocks anywhere in the world – are focusing on companies that can withstand Europe’s geopolitical dysfunction. The reporter pointed to Polaris Global Value Fund Manager Bernie Horn, who takes advantage of swoons generated by sour headlines about Greece and Ukraine to buy more stock in undervalued European companies, including some on France, Germany and Norway.

Mutual Fund Honor Roll

Very few funds beat their peers in both up and down markets. Forbes reporters looked back across full market cycles and graded mutual funds separately for bull-market and bear-market results. Only a few funds have managed to do well in both market environments. Using return numbers from Morningstar, Forbes graded funds on a curve over two up-and-down market cycles that go back to 2000 (April 30, 2000 – May 31, 2015 for global funds). To land on the Forbes Mutual Fund Honor Roll, a fund had to 1) come out in the top quartile in both bull and bear markets, 2) deliver a compound annual return over the last two market cycles of at least 9% and 3) have a portfolio team with an average tenure of at least five years. One of the few funds to make Forbes’ Mutual Fund Honor Roll was the Polaris Global Value Fund (PGVFX).

Interest Rate Hike: Stocks Poised to Benefit

Bernie Horn, lead manager for the Polaris Global Value Fund, discussed current interest rates in the context of banking stocks. In particular, Mr. Horn believes that smaller banks and life insurers have more room to run because of valuations that remain low compared with the broad S&P 500. Mr. Horn also noted another potential advantage for smaller banks: a lighter regulatory burden. He goes on to reference a bank that appears likely to benefit from more consumer spending due to lower energy costs and a strengthening economy.

Far And Wide: “Investor behavior almost always leads to market inefficiency somewhere in the world.”

Polaris Global Value Fund Portfolio Manager Bernard Horn, and assistant portfolio managers, Sumanta Biswas and Bin Xiao, describe how they cull their 40,000-company universe, why they believe an all-cap strategy is best suited to today’s world, why their global team consists of generalists based in the same office, and why they see mispriced value in Linde, WorleyParsons, Capital One, Rexlot Holdings and Thai Oil. Click here to read the complete story.

Assistant Portfolio Manager Bin Xiao On MoneyLife Radio

In an interview with Chuck Jaffe of MoneyLife Market Call, Assistant Portfolio Manager Bin Xiao discussed Polaris’ methodology and the basic buy/sell discipline. As a value manager, Polaris seeks out companies generating free cash flow, but remain undervalued by the market. A number of current portfolio holdings are referenced. Visit www.moneylifeshow.com to hear the complete audio.

Four Best Rated Mutual Funds To Enhance Your Return

According to Zacks, studies have shown that investing in both domestic equities and foreign stocks may reduce portfolio risk while potentially enhancing returns. In addition, the primacy of the U.S. equity markets has diminished with its share of global stock market capitalization declining. According to Zacks, this is why investors should no longer limit themselves to domestic investments. By holding widely diversified portfolios, selected after careful research, global mutual funds may offer an attractive opportunity for investors. Zacks names the four best rated global mutual funds, each of which earned a Zacks #1 Rank, with expectations that such funds may outperform their peers in the future. Among those funds was the Polaris Global Value Fund (PGVFX). The Polaris Global Value Fund utilizes a value oriented approach to invest in common stocks of both U.S. and non-U.S. companies, which also includes firms from emerging nations.

The Zacks Mutual Fund ranking system covers nearly 19,000 mutual funds. These funds are ranked on a scale from one to five with one being the best funds to own for the future and five being the worst. Zacks has two different fund systems to create the best mutual fund ratings. One system is exclusively applied to U.S. stock-based mutual funds, and the other is used for all other funds. U.S. Stock-Based Mutual Fund Ranking System: The key to this ranking system is that Zacks evaluates the average Zacks Rank for the stocks owned by the fund. Zacks blends this with other criteria that Zacks’ studies show are beneficial in finding funds that appear likely to outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank. Second Mutual Fund Ranking System: The Zacks Quantitative Research Department has isolated a number of key factors that will help find funds that have the potential to outperform. Each mutual fund category is measured independently by performance and quality ratings. The top funds for each category are identified with a #1 Zacks Mutual Fund Rank.

Konecranes Shares Have Been Picked Up

In an article about Konecranes, a Finnish manufacturer of industrial cranes, the Polaris Global Value Fund’s recent quarterly report is referenced. The online publication specifically cited the following: “(Konecranes) highlighted growing order books for both equipment and services businesses. Konecranes Oyj is confident in its 2015 guidance, expecting better revenues and profitability than in prior years.” Seeking Alpha also referenced Polaris’ outlook on rising global shipping in the wake of lower commodity prices.

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 today that Polaris Global Value Fund (PGVFX) received two 2015 Lipper Fund Awards in the global multi-cap value fund category. The Fund posted the strongest trend of returns for the 3- and 5-year periods through December 31, 2014. In the Lipper Universe, a total of 75 funds over a three-year period, and 57 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, entering the rankings for 3-, 5- and 10-year periods. Read the press release here.

An Exclusive Interview With Bernard Horn

In a recent interview, Mr. Horn discussed the beginning of his career, founded on education and experience at real companies learning about cash flow creation. He was inspired by one of his professors to launch his first global value portfolio in 1980. Mr. Horn went on to discuss the Polaris Global Value Fund’s current investment weightings as well as buys and sells. Future additions to the portfolio might include “deflation beaters”, which are defined as companies that offer a fixed-price product that saves a consumer money. Mr. Horn ended the conversation with some salient thoughts regarding investment decision making.

2014 GLOBAL PRESS ARCHIVES

Observer Fund Profiles: PGVFX

The Mutual Fund Observer recently penned an article about the Polaris Global Value Fund, noting that the Fund sports one of the longer records among global stock funds, low expenses, excellent tax efficiency, dogged independence and positive long term returns (since inception as of 7/31/89). The article continues to outline the Fund strategy, management and expenses. The MFO editor details four areas that make the Fund attractive, while also addressing the 6-quarter downturn that impinged on the Fund. In summary, the editor highlighted Polaris’ research strategy and pursuit to find new stocks to further benefit the portfolio. To read the complete article, please visit the Mutual Fund Observer site at: www.mutualfundobserver.com

Bernie Horn On MoneyLife Radio

In an interview with Chuck Jaffe of MoneyLife Market Call, Bernie Horn discussed the Polaris’ definition of value, current research and portfolio stocks. There are more than 800 stocks attractively priced in Polaris’ research screens, with many opportunities in both developed and emerging markets. In the U.S., good values can be found among financials, technology and consumer discretionary companies. Mr. Horn went on to discuss a number of current portfolio holdings including Norwegian fertilizer manufacturer Yara and U.S.-based General Dynamics. At the end of the interview, Mr. Horn participated in the “Hold It or Fold It” stock analysis.

FUND SPY: Keep An Open Mind On Open-Ended Funds

According to Morningstar, there are many funds, both active and passive, that don’t limit themselves to owning just one type of asset, or don’t fit neatly and consistently into one portion of the style box, and yet are worthy of consideration. These include the most wide-ranging, go-anywhere funds, like Polaris Global Value. While the Fund’s 10-year return is so-so, its five and 15-year figures each top about 90% of the world stock-category and its three-year return beats nearly all of them. The same manager who racked up that long record remains in charge, using the same strategy. Yet the Fund only has $279 million in assets (all data as of 9/22/14). Read the complete article at the Morningstar website, www.morningstar.com.

Fund Industry Stars At Morningstar Confab

Bernie Horn, manager of the Polaris Global Value Fund, currently likes small and midcap stocks, especially in Japan, China, Taiwan and Hong Kong. Many valuations in those parts of Asia remain attractive vs. stocks in developed markets, particularly the U.S., that have enjoyed large run-ups, he said. Many stocks in Japan appear to be benefiting from low valuations after years of economic doldrums, combined with a new government stimulus program and a post-tsunami rebound. In Thailand, Mr. Horn likes Thai Oil, a stock whose price has been hurt by concerns over domestic political turmoil. The energy and transportation conglomerate’s refinery lets them convert petroleum to complex, higher value products.

CNBC Power Lunch

Bernie Horn was one of two featured commentators in the “All-Star Investors” segment of CNBC Power Lunch. In the TV interview, Mr. Horn discussed the Polaris investment philosophy, referencing the recent PGVFX weighting between domestic and international stocks. He discussed Fund holding Forest Labs, highlighting the drug pipeline and pending acquisition of Forest by another generic pharmaceutical maker.

Bernie Horn On MoneyLife Radio

During an interview with Chuck Jaffe of MoneyLife Market Call, PGVFX Fund Manager Bernie Horn discussed basic concepts of value and the disciplined approach to stock picking. Companies that might be considered typically have sustainable cash flows, healthy business models and positive industry prospects. As part of the investment process, Polaris screens a database of more than 35,000 companies, finding 600-800 companies that meet initial requirements. Before the bull market rally, there were a wealth of value opportunities; fewer exist today. However, Bernie pointed to a few pockets of “value” in small to mid-cap companies, Asian economies and financial sector stocks. *Discussion of cost of capital requirement is based on the goals of the Fund and should not be considered part of the overall strategy or objective of the Fund.

An Intriguing Option for Patient Investors

According to Morningstar, the Polaris Global Value Fund gained further appeal after reducing its annual expense ratio from January 1, 2014 until April 30, 2015. This drops the Fund into the second-cheapest quintile of direct sold world stock funds in the Morningstar database. This matters, according to Morningstar Analyst Gregg Wolper, because the Fund has been noteworthy for many reasons. The Fund has had top quartile performance for the three-, five and 15 year periods, and it continues to do well in the first quarter of 2014. The Fund stands out as a true all-cap portfolio and often has uncommon exposure in sectors or countries – making it a fund that likely won’t be duplicated in investors’ portfolios. Equally important is the Fund’s investment experience: Bernard R. Horn has run the fund since its 1998 inception, and three of the six analysts have been on board eight years or longer.

Zacks #1 Ranked Global Mutual Funds

According to Zacks, studies have shown that investing in both domestic equities and foreign stocks may reduce portfolio risk while potentially enhancing returns. By holding widely diversified portfolios selected after careful research, global mutual funds may offer an attractive opportunity for investors. Zacks ranked their top five global mutual funds, based on expectations to outperform in the future. Among those funds was the Polaris Global Value Fund (PGVFX).

The Zacks Mutual Fund ranking system covers nearly 19,000 mutual funds. These funds are ranked on a scale from one to five with one being the best funds to own for the future and five being the worst. Zacks has two different fund systems to create the best mutual fund ratings. One system is exclusively applied to U.S. stock-based mutual funds, and the other is used for all other funds. U.S. Stock-Based Mutual Fund Ranking System: The key to this ranking system is that Zacks evaluates the average Zacks Rank for the stocks owned by the fund. Zacks blends this with other criteria that Zacks’ studies show are beneficial in finding funds that appear likely to outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank. Second Mutual Fund Ranking System: The Zacks Quantitative Research Department has isolated a number of key factors that will help find funds that have the potential to outperform. Each mutual fund category is measured independently by performance and quality ratings. The top funds for each category are identified with a #1 Zacks Mutual Fund Rank.

International Guru Bernard Horn Reports His Top Five In The First Quarter

Bernie Horn, manager of the Polaris Global Value Fund, reported first quarter holdings for the fund. Mr. Horn focuses his investments on two philosophies: 1) country and industry factors are important determinants of security prices and 2) global market fluctuations produce mispriced stocks. During the quarter, the Fund added four new stocks, bringing the portfolio total to 83. The top five stocks in the PGVFX portfolio as of March 31, 2014 were: Greencore Group, Forest Laboratories, Methanex, Ameris Bancorp and Duni AB.

Nine Mutual Fund Winners With Long-Term Performance

Almost 300 Lipper U.S. Fund Awards were distributed for the 3-, 5- and 10-year periods (based on November 2013 data) within their peer group classifications. But only nine funds won awards for all of the eligible time periods within their respective peer groups — reflecting strong long-term performance and time-tested investment processes. Among those who made the cut: Polaris Global Value Fund, which won the 3- and 5-year awards (10-year not awarded) in the global multi-cap fund category. As the manager for PGVFX, Polaris’ Bernie Horn and team focus on companies with the potential for strong sustainable free cash flows and conservative balance sheets. Polaris recognizes that such companies may grow stronger in difficult economic times, while performing admirably in growth cycles too.

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 today that Polaris Global Value Fund (PGVFX) received two 2014 Lipper Fund Awards in the global multi-cap value fund category. The Polaris Global Value Fund posted the strongest trend of returns for the 3- and 5-year periods through December 31, 2013. In the Lipper Universe, a total of 60 funds over a three-year period, and 47 funds over a five-year period, were eligible for this category distinction. The Fund has been recognized by Lipper many times in the past, entering the rankings for 3-, 5- and 10-year periods. Read the press release here.

2013 GLOBAL PRESS ARCHIVES

Polaris Global Value Fund Lowers Expense Ratio

Polaris Capital Management, LLC, a leading global value investment management firm with $4 billion in managed assets as of 11/30/13, today announced it will reduce the expense ratio on its Polaris Global Value Fund, effective January 1, 2014. The actively managed $200 million Polaris Global Value Fund (PGVFX) will reduce the expense ratio to 0.99%. Through a contractual agreement, the Adviser will waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses to 0.99% for the period January 1, 2014 through April 30, 2015. That’s a welcome savings on the Fund, which has charged a total expense ratio of 1.36% for its investor shares. Read the announcement here.

MoneyLife Radio Show – Market Call With Bernie Horn

Bernie Horn discusses Polaris’ value philosophy in examining the more than 35,000 stocks in global markets. When the deep value discipline is applied, there is approximately 1000 stocks on the Polaris screens, at which time the research team conducts its bottom-up analysis. Geographically, the developed world economies (namely the U.S.) performed strongly this year, while emerging markets faltered. As a result, the Polaris team identified a wealth of investment opportunities in Asia. Good values were evident in almost every sector ranging from financials to real estate construction, as well as some basic materials and consumer staples.

2013 AAII Investor Conference

Bernard R. Horn of Polaris Capital Management discussed interesting insights he has gained from his research in the U.S. and around the world. He referenced global markets in the context of three traditional investment theories: market efficiency, correlations and probability distributions of stock returns.

Investing Globally Across Industries and Market Caps

Bernard Horn Jr., portfolio manager of the Polaris Global Value Fund, discusses some of the advantages of global investing and how his outlook has evolved over recent decades. The Polaris Global Value Fund has holdings in at least 15 different countries and industry groups across market caps, and Mr. Horn explains where he sees additional opportunities. He also walks through the stock selection process and names key holdings. Read the complete article here.

MoneyLife Radio Show – Market Call With Bernie Horn

Bernie Horn discussed Polaris’ definition of value during a radio interview with Chuck Jaffe of MoneyLife. Polaris believes that companies exist to generate cash flow for their shareholders; as a result, Polaris looks at company cash flows to determine which are trading at the highest expected return. In making Polaris Global Value Fund investment decisions, the investment and analyst teams screen more than 35,000 companies, whittled down to about 1500 companies that might meet the Polaris’ objectives. From there, Polaris conducts fundamental research to determine the approximate 75 companies in the Fund. Currently, Polaris is finding the most value opportunities in the U.S., Japan and other Asian countries. Although the U.S. economy is on an upswing, Polaris sees lots of pockets where business is not yet robust – and thus presents good values. On a sector basis, consumer discretionary stocks have been prominent in the screens and subsequent research.

Morningstar Fund Spy – An Intriguing International Fund Shines Outside the Spotlight

According to Morningstar, long-term investors who are willing to hold on or even add to their stakes during downturns might be interested in the Polaris Global Value Fund. Bernie Horn, who favors underpriced companies with solid market positions and strong long-term potential, builds portfolios that differ considerably from all major indexes, and he moves at a very measured pace. Indeed, the Fund’s country weightings, sector exposure, and individual holdings all stand out. Meanwhile, Horn’s investment approach will appeal to those who want their active managers to show true conviction.

MoneyLife Radio Show – Market Call With Bernie Horn

Polaris Capital’s Bernie Horn conducted a radio interview with MoneyLife’s Chuck Jaffe. Mr. Horn discusses his nearly 30-year history of global investing and the competitive and diversification resolve of this approach. He describes the Polaris’ methodology and analysis of companies as “streams of cash flow”. The Polaris investment team looks globally for values, noting a very mixed world market. Some companies — in European countries affected by political turmoil — have proven good values, including banks. Many companies in China and Japan have looked appealing on the surface, but have been rejected on fundamental grounds. Mr. Horn chatted with Chuck about various companies in the Polaris’ portfolios and then participated in the MoneyLife “Hold It or Fold It” segment, discussing the merits of individual stocks.

2012 GLOBAL PRESS ARCHIVES

Fund Managers Realize Big Gains From Small Bank Stocks

Portfolio manager Bernard Horn can go anywhere in the world to find a stock for his global value fund. But some of Horn’s best stock picks have been small banks gathering deposits and making loans right in his own back yard. Shares of Independent Bank and other small-cap bank stocks soared as they increased their assets and set aside less money for problem loans. They’ve also capitalized on the woes of their big bank brethren, picking up some of their dissatisfied customers and key lending teams. “Small losses (of business) for big banks can be big gains for smaller banks,” Horn said. “Smaller banks also tell me they get loan officers leaving bigger banks, bringing with them healthy customer relationships. That’s real earnings growth at very little cost.”

Upside: BRICs Are Sinking Like a Stone; It Might Be Time to Buy

A better approach than buying into a BRIC fund is to find one that shops in many emerging markets for companies that look cheap based on measures like cash flow, dividends and yields on local government bonds, says Bernard Horn, founder of Polaris Capital Management in Boston, which oversees $2 billion. Such funds can scoop up BRIC bargains as they arise, without being confined there.

Investment Experts Bullish on Natural Resources Funds, High-Yield Bonds, Real Estate

“Invest in companies that run lotteries or provide technology for them. Governments are going to have to rely more on lotteries and other new ways of getting revenue. We own Lottomatica, the world’s largest operator of lotteries.” — Bernie Horn, president and portfolio manager of Polaris Capital Management

PBS' Consuelo Mack Wealthtrack

Video Disclosure: 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.

Bloomberg Portfolio Manager Mash-Up Presentation

Bernard R. Horn Jr., president and portfolio manager with Polaris Capital Management, LLC, a leading Boston-based global and international value investment management firm, was a featured speaker at the inaugural Bloomberg Portfolio Manager Mash-Up Conference. Mr. Horn was joined by a number of other leading investors at the February 16, 2012 conference, hosted at the Union Square Ballroom in New York. Mr. Horn discussed Emerging Markets: Old and New, with emphasis on the deepening euro zone crisis, general malaise in developed markets, frontier markets to succeed the BRIC and emerging market debt.

2011 GLOBAL PRESS ARCHIVES

Bernie Horn Spoke At 7th Annual New York Value Investing Congress

Bernard R. Horn Jr., president and portfolio manager with Polaris Capital Management, LLC, a Boston-based global and international value investment management firm, was a featured speaker at the 7th Annual New York Value Investing Congress. Polaris believes markets have returned to normal patterns of volatility and that investor pessimism has resulted in fundamentally strong companies trading at extraordinarily compelling stock prices — ripe for a value manager like Polaris. At the conference, Mr. Horn discussed global market inefficiencies, Polaris investment process and a wealth of currently undervalued stock picks.

Finding Value Spanning The Globe

Bernard Horn of Polaris Capital Management spoke at the Value Investing Congress, where he referenced value opportunities around the world, including Europe. He uses a discounted cash flow method as his primary methodology for making investment decision. Horn, who manages $4 billion in assets, mentioned that equities historically have had a 6% real rate of return after inflation over the past 50 to 75 years. Horn described his style of investing as fundamental analysis, specifically Graham and Dodd style analysis. Horn looks for companies with sustainable free cash flow.

Late-Day Rally Pushes Stocks Into The Black

“Many banks, if they truly write down their Greek debt to where it probably should be, may have a capital problem,” said Bernard Horn, president of Polaris Capital Management in Boston.

Chinese Protest $5 Billion Losses Tied To U.S Reverse Mergers

Evidence of Xilan’s dispute with domestic shareholders and a high turnover of chief financial officers pushed Polaris Capital Management LLC, a $4.2 billion investment manager, to sell all of its shares in China Natural Gas this year, according to Bin Xiao, an analyst at Boston-based Polaris. “Our big concern was on the corporate-governance issues,” said Xiao, who visited the company in April 2010.

Brazil Set To Battle China Over Copper Bid In Africa

Copper and cobalt are in strong demand in China, noted Bernard Horn Jr., president of Boston-based Polaris Capital Management LLC, which manages over $4 billion. “So it certainly doesn’t surprise me that some Chinese buyers are potentially interested.”

Stocks Fall On Negative Outlook For U.S. Debt

Bernard R. Horn Jr., president of Polaris Capital Management Inc., a Boston investment firm, said the current low cost of debt is part of the problem fueling government spending. Much like home buyers stretching when mortgage rates were at rock bottom, the government has spent freely because borrowing has been inexpensive, Mr. Horn said. The problem I have with free money or free capital is that it leads to horrible decisions by everybody in the economy, he noted.

Polaris Global Value Doesn’t Settle For The Commonplace

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. Its record since inception is strong, according to Morningstar.

2010 GLOBAL PRESS ARCHIVES

International Diversification: Why It Still Makes Sense

A few quick article highlights: 1) The past few years have masked performance data: U.S. and foreign stocks are not highly correlated over the long term. 2) U.S. and foreign stocks become more correlated during times of crisis and less correlated afterward. 3)Including foreign stocks in your portfolio could potentially increase returns and decrease risk. Read the complete article now.

Around The Horn – Profile on Polaris Capital Management

Bernard Horn, Sumanta Biswas and Bin Xiao of Polaris Capital describe the “purist” aspects of their value approach, what they consider some of the most undervalued sectors in the world, why less volatile stocks can often be more mispriced, and why they see upside in certain stocks. Read the complete article now.

PGVFX: This Mutual Fund Is No Index-Tracker

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.

Stocks Rebound, Up Nearly 4%; EU Bailout Assures Investors

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.

Fundamental Discount

Companies generating free cash flows are likely to sustain their growth rates in the long term. Bernard R. Horn, Jr., president of Polaris Capital Management, looks for such names worldwide, using a rigorous investment selection process that identifies companies trading at a discount to their intrinsic values.

Why Investors Should Care About The Greek Crisis

Bernie Horn, president of Polaris Capital Management, 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.

Five-Star Investor: International Investments For Bargain-Hunters

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.

STOCKS & MARKETS: Why Bank Stocks Could Vault Even Higher

Not everyone is wary of smaller bank stocks. Polaris Capital Management President 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. He thinks midsize banks may be among the most undervalued investments in the world.

Polaris Global Value’s Distinctive Strategy Gives It An Advantage

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.

Something Special? Back From The Dead: This Global Value Fund Has Built A Record Of Long Term Success…

Management’s attention to fundamentals and dogged conviction in the eventual recovery of several beaten down sectors hurt near-term returns, but the Polaris Global Value Fund is worth another look as many of the manager’s deep value plays appear to be turning the corner, according to reporter Peter Staas.

2009 GLOBAL PRESS ARCHIVES

Long-Term Winners With A Lid On Taxes

The Polaris Global Value Fund boasts strong long-term fundamentals, but has suffered due to last year’s loss. Manager Bernie Horn has run this world-stock offering since its 1998 inception and has shown that a patient and contrarian process can win over longer time periods. The Fund’s recent stake in British homebuilders – which struggled in 2008 only to come roaring back in 2009 – is a case in point.

Investors Put Executives And Boards Under The Spotlight

In their due diligence efforts, investment companies interested in buying into financial institutions have been scrutinizing banks both in terms of their balance sheets as well as management’s view on credit. Because these are highly leveraged companies, small mistakes can have a disastrous effect on shareholder value, so we tend to spend a lot of time getting to know the management team and their credit culture, said Bernie Horn, president and portfolio manager of Polaris Capital Management based in the US. Polaris manages a portfolio of more than $2.1 billion and has stakes in Asian banks such as State Bank of India, the country’s largest. The firm is increasingly looking to invest in other markets such as Japan, Korea and Thailand, currently, having invested about 20% of its total funds in Asia. Polaris prefers financial institutions with more conservative culture and slower growth than ones with much faster growth compared to its peers or sector, even if the bank looks to be of great value.

Polaris Global Value Deserves Consideration Even Though Its Record Won’t Impress On First Look

Mutual Fund Analyst Report: The Fund had a rough time in both 2007 and 2008. It struggled in early 2009 as the bear market continued. However, prior to this stretch, the Fund had regularly outperformed for years. And so far this year it is taking solid advantage of the rally; its return through July 27 puts it ahead of roughly two thirds of its category peers. It would be hasty to dismiss the Fund. The prior success wasn’t a brief fluke–manager Bernard Horn has been at the helm since the fund’s 1998 inception, and for the 10 year time period, the Fund has experienced strong results. That was achieved with a patient, contrarian process and a portfolio quite different from indexes. Such an approach has a chance of providing long-term outperformance… This Fund’s approach is sound. The Fund may be a rewarding long-term holding. But it may require patience at times.

Taylor Better With Debt Than Share Sale, Polaris Says

Taylor Wimpey, the U.K. homebuilder negotiating a financial rescue, can generate enough cash to meet repayments without a rights offering if it can maintain and increase sales, according to Polaris Capital Management. Polaris supports a share sale only when funds are needed or if Taylor Wimpey issued warrants or preferred stock prices at a future date when markets have improved, commented Bernard Horn.

Taylor Wimpey Lenders Support Rescue, Polaris Says

Taylor Wimpey investor Polaris Capital Management says banks are very supporting of a financial rescue package, a sign that the risk of a debt-for-equity swap is diminishing. Polaris favors a refinancing deal and opposes boosting Taylor Wimpey’s cash through a share sale or direct investment from the Middle East.

2008 GLOBAL PRESS ARCHIVES

Banks Surge On $250B Investment Plan

In an article referencing the U.S. government’s capital injection plan for the financial sector: Banks that have done an effective job of riding out the current market turmoil so far may not see the value in selling stakes to the government, noted Bernard Horn Jr., president and portfolio manager at the Boston-based Polaris Capital Management, which operates the Polaris Global Value Fund. The majority of medium sized institutions are still reasonably healthy, said Horn, whose firm manages about $3 billion.

With Eyes On Washington, Investors Reclaim Ground

News of the Irish government taking action to shore up its financial institutions was received positively in Europe and may have had a positive effect in the U.S., according to Bernie Horn, president of Polaris Capital Management in Boston. Ireland said it would guarantee the deposits and debts of all its major banks, after an index of Irish stocks dropped 13% on Monday, Sept. 29th. Mr. Horn stated that such action settled Europe down a fair amount, and it provided a very well thought out, good example of how governments can actually play a role in fixing a big problem, which is a crisis in confidence.

Don’t Give Up On Polaris Global Value

After years of outperforming the bulk of the competition in the world stock category, the Polaris Global Value Fund came up short in 2007 and much of 2008 according to Morningstar fund analysis. The Fund’s overall strengths remain intact. The portfolio is unusual as Mr. Horn searches for overlooked opportunities, particularly in midsize stocks and less-popular areas. It’s encouraging that the Fund didn’t own those stocks or insurers that became involved in the worst aspects of the credit crisis. Based on Morningstar analyst reports, the Fund’s approach can lead it into difficult situations at times, but its approach should pay off for patient shareholders over time.

Polaris Capital’s Horn Hangs On In Rough Market

As he attempts to ride out the storm in the turbulent stock market, Polaris Capital Management’s Bernard Horn, who has much of his own personal fortune tied up in the firm’s portfolios, says he remains confident that the stock picks may eventually win out. Many years of admirable returns in Polaris portfolios are backed by the tried and true tenets of value investing: invest in companies producing stable, diversified and undervalued streams of unencumbered cash. But with the collapse of the U.S. housing market and global credit crunch, traditional value picks have been hampered. Mr. Horn talks about his contrarian picks in U.S. and overseas financials as well as British homebuilders. He plans to hold on to his picks, which he calls the product of Yankee thrift, until other investors begin to look past their “emotional sense” and start looking at the companies themselves.

On The Lookout For Survivors

While many investors search for the next skyrocketing technology or hot-selling product, the best opportunities may lie in industries beaten down by the weakening economy, high oil prices and the credit crunch. Companies that outperform in tough times tend to be great investments when conditions improve, according to Bernie Horn of Polaris Capital Management.

Six Bank Stocks Worth Buying

Bernie Horn of Polaris Capital discusses Sovereign Bancorp, its branch network and the bank’s efforts to raise capital. Mr. Horn appreciates the hands-on approach of Sovereign’s management team in tackling the credit crisis.

Polaris Global Value Isn’t Always Easy To Own, But It’s Likely To Be Worth The Effort In The Long Run

Polaris Global Value Fund manager Bernard Horn has been using the same value-based, low-turnover strategy that has served the fund well since 1989. The Fund had little exposure to banks tied into the subprime-loan crisis, but the Fund’s remaining banks stocks fell nonetheless. The Fund may have periods when it’s out of step with market favor, for Mr. Horn pays little attention to index weightings and tries to buy stocks when they’re being dismissed. According to Morningstar analyst Gregg Wolper, there’s reason to think 2007 isn’t a faithful indication of the Fund’s true potential.

Overseas Stocks Lose Their Magic

According to Bernard Horn, manager of the Polaris Global Value Fund, international stocks are a better buy than the U.S., but they are still subject to further declines. Mr. Horn’s preference for non-U.S. shares is reflected in the Fund’s portfolio, with approximately 30% of assets in U.S. shares – less than the U.S. share of global market value, which is roughly two-fifths.

Talking Global Investing With Bernie Horn

In an e-mail interview, Mr. Bernie Horn shares his views about value investing, new investment opportunities, and concerns regarding China. He discussed the firm’s unconstrained pure value equity selection process that is characterized as an active, all-capitalization investment approach. Polaris is considered a deep value manager; management believes that the best way to generate above average risk-adjusted returns is to wait for market fluctuations to produce undervalued companies. Although Polaris is coined as a “value investor,” the firm’s real strategy is to invest in companies that management believes are priced to give us a proper rate of return. From Polaris’ perspective, this is not just value investing: it is correct investing.

2007 GLOBAL PRESS ARCHIVES

Investor’s Guide 2008 – Harvesting The Top Foreign Stocks

Smart value hounds continue to sift through the battered financial sector, looking for stocks that have been unfairly punished for the sins of others. The Bank of Ireland is one such name, suggests Bernard Horn, manager at Polaris Capital Management. The stock has taken a hit as Ireland suffers through its own housing slump, but Mr. Horn argues that the long-term picture for the Bank of Ireland remains solid, largely because favorable corporate tax rates could result in a continuing flow of businesses and immigrants into the country. The bank also has little exposure to structured investment vehicles or collateralized debt obligations.

Overseas Values

In September, Bernie Horn, 52, did another of his trademark round-the-world research trips to check in on many of the companies in the Polaris Global Value Fund portfolio as well as to look for new companies in which to invest. In a Q&A with Independent Adviser, Mr. Horn discussed recent performance, top stock picks and new global investment strategies.

Of Mutual Interest – Polaris Global Value Fund

With the recent market volatility, many investors are looking for a mutual fund that can show consistent performance over the long term. Bernard Horn, Jr., manager of the Polaris Global Value Fund, looks for companies that are poised to generate good, strong sustainable free cash flow and Fund management is willing to consider investments in virtually any sector anywhere in the world. Currently, Mr. Horn thinks that the American market is still a bit overvalued relative to the rest of the world. The Fund has approximately two-thirds of the portfolio outside of the U.S., and the U.S. exposure is a bit below its benchmark weighting.

Stocks Drop On Profit, Oil Concerns

Major U.S. stock indexes ended lower on continued worries about fourth-quarter corporate profits and the inflation implications of surging oil prices. Downbeat news on the housing sector also weighed on equities. This is the first quarter where the negative fallout is being seen from the upward adjustment of interest rates on the riskier loans the more aggressive banks began to make once credit spreads flattened, said Bernard Horn, Jr., a portfolio manager at Polaris Capital Management in Boston. The more aggressive banks may not have sufficient reserves to back the loans they’ve made, while the banks backed by deposits, on which the interest rates have come down since the Federal Reserve interest rate cut, should have a fair amount of [higher-quality] capital that should allow them to easily weather the storm, commented Mr. Horn.

Fishing for Values In Foreign Markets

A homebuilder based in Helsinki, Finland, YIT has discovered a profitable niche: building Western-style housing in Russia. Thousands of middle-class Russians are moving out of rundown Soviet-era apartments into modern, amenity-laden homes, and YIT is building those units as fast as it can. According to Bernard Horn of Polaris Capital Management: People are lifting themselves up in Russia and YIT is benefiting. You can’t buy into that trend with a U.S. company.

Travel The World, While Staying Home

Global equity funds differ from international stock funds in that they have the latitude to invest in U.S. stocks as well as foreign companies. Indeed, the majority of global stock portfolios are mandated to keep most of their assets in U.S. holdings, while the international segment typically is allocated to issues from the developed countries of Western Europe and Asia-Pacific. The sector has closely matched the performance of the S&P 500 Index (“Index”) over the past year, while significantly outperforming the Index over the longer three- and five-year terms. The Polaris Global Value Fund typically invests in a portfolio of 50-100 companies and is diversified across 15 countries and 15 industries. Portfolio manager Bernard R. Horn, Jr. espouses a “pure value” investment philosophy, with special emphasis on seeking out companies with the most undervalued streams of sustainable cash flow.

Screening The World’s Bargain Bins

Polaris Capital Management illustrates one of the advantages of a quantitative approach to stock picking: Computers are immune to pressure from fads and indexes. Not to mention they can crank through thousands of stocks like it’s nobody’s business — sometimes with marvelous results. Horn’s computers focus foremost on free cash flow, basically the amount of cash profits left after the capital expenditures needed to maintain a business. His quantitative models identify 24,000 companies around the globe on the basis of free-cash generation. The screens churn out about 500 names that merit further attention. Horn and his four analysts develop financial models of each company and in many cases meet with executives of potential investments, as well as officials from rival corporations. Horn brings a cautious eye to the table — he likes companies that appear to be good buys regardless of future growth.

Global Investing: One-Stop Shopping

The case for buying a world stock fund can be pretty simple: The globe is your oyster. Managers of world-stock funds can pool the best ideas of analysts across their firms, regardless of where the companies those analysts follow are based. To get a look at the world funds category, The Wall Street Journal turned to three managers who Morningstar says represent different and smart ways of approaching a world fund – one of whom is Bernard Horn Jr. at Polaris Capital Management. At Polaris Capital Management, stock selection begins with data crunching. Using proprietary software, computers continually screen thousands of stocks from around the world, zeroing in on free cash flow, a measure of a company’s available cash. Currency risk and country-specific data like economic growth and demographics are incorporated. Of the several hundred stocks that emerge from that process as candidates for investment, dozens end up in the portfolio at any one time based on further research. Historically, stock selections typically span about 15 countries and 15 industries and are held for three to five years.

Four Ideas For Exposure To Foreign Small Caps

The Polaris Global Value Fund isn’t all small caps and it isn’t all foreign, but it still has a big chunk of its portfolio in small caps. It actually follows an all-cap strategy and has a fair amount in large, mid-, and small caps. The Fund’s asset base is modest and costs are reasonable, according to Morningstar. Manager Bernard Horn Jr. seeks to blend quantitative screens with fundamental value analysis. He equally weights roughly 75 stocks that make up the portfolio in much the way other quant funds will because such funds have faith in their process more than any one stock. The Fund has performed well since its 1998 inception through 2006.

The World In Two Small Packages

One way to invest in global growth is through world equity funds. Managers of these funds have the difficult task of not only selecting countries where they think best investment opportunities lie, but also seek to choose attractive stocks in those markets. This area has attracted many talented managers, and has produced several interesting choices, one among them being the Polaris Global Value Fund. This multi-cap value fund with global ambitions has a great pedigree. Managed by Bernard Horn since its inception in 1998, Polaris Global Value has outperformed its benchmark, the MSCI World Index, in every calendar year through 2006, except 1999.

Newly Added Funds

The Fund manager from the Polaris Global Value Fund has developed a selection process over the Fund’s 18 years that seeks firms that are undervalued with respect to their cash flow. The process excluded technology firms for several years, but included lots of business and consumer services firms. The Polaris Fund manager goes wherever his process leads, so the country allocations may not resemble those of the indexes. The Polaris Fund manager has found more opportunities abroad in the last year; only a third of the Polaris Global Value Fund is currently invested domestically.

Foreign Bazaars – Foreign Value Gets Exciting Returns From Dull Companies

Portfolio Manager Bernard Horn screens for companies with low prices and strong cash flows. Many of the holdings grow at modest rates, but they are in unglamorous industries that rarely skyrocket into the headlines.

The 35 Best Mutual Funds

Before the Polaris Global Value Fund investment team leaves the office, they use technical screens to winnow the field. Then they “kick the tires”, traveling to the far reaches of the earth to uncover good investments. Fund management is looking for the 75 most undervalued companies, regardless of size, country or sector. As of December 31, 2006, 33% of the portfolio was invested in U.S. stocks — slightly below the weight in the global market. The team looks for high free cash flow, good management and strong financials. Lately, Japanese companies have looked attractive, and the team has invested 13% of the Fund in companies that primarily serve Japan’s domestic market, including a dairy, a brewery and a regional railroad. Returns, meanwhile, have been strong, comparing very well among global funds. Historically low turnover has minimized tax consequences.

Bernard Horn Jr. Is Marketwatch’s Mutual Fund Manager of the Year

Mr. Horn has shown historically how wordly investors may profit in both developed and emerging stock markets without shouldering excessive risk. To potentially achieve strong risk-adjusted returns, Polaris identifies countries and industries from the most undervalued to the least attractive. Rigorous tire-kicking (methodical stock picking) partially led to Mr. Horn’s recognition in Marketwatch. He passed a touch test in which about 2300 U.S., global and international stock-fund managers were assessed on the performance, expenses and tax efficiency of portfolios. Ironically, the Polaris portfolio has excelled by investing in stocks that haven’t met others’ expectations.

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 global media archives (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 for THE TOP 10 HOLDINGS to view a recent listing of the Fund’s top 10 holdings. Polaris Capital Management, LLC oversees approximately $12 billion as of 03/31/24.

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.

global value mutual fund