GLOBAL MEDIA ARCHIVES

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

2015 GLOBAL MEDIA ARCHIVES

DEC. 2015: ZACKS
The 4 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.

JULY 2015: INVESTOR'S BIZ DAILY
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.
JULY 2015: FORTUNE MAGAZINE
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.
JUNE 2015: FORBES
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).
JUNE 2015: INVESTOR'S BIZ DAILY
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.
MAY 2015: VALUE INVESTOR INSIGHT
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.
MAY 2015: MONEYLIFE RADIO
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.
MAY 2015: ZACKS
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.
APRIL 2015: SEEKING ALPHA
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.
APRIL 2015: LIPPER AWARDS
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 3- and 5-Year Periods
Polaris Capital Management, LLC, a leading global and international equity manager headquartered in Boston, announced 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

MARCH 2015: GURU FOCUS
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.

For the complete article, visit GURU FOCUS at http://www.gurufocus.com/news/321620/an-exclusive-interview-with-bernard-horn-

2014 GLOBAL MEDIA ARCHIVES

DEC. 2014: MUTUAL FUND OBSERVER
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
NOV. 2014: MONEYLIFE RADIO
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.
SEPT. 2014: MORNINGSTAR

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.
JUNE 2014: INVESTOR'S BIZ DAILY
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.
JUNE 2014: CNBC
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. To watch part of the segment, please visit the CNBC website at: http://video.cnbc.com/gallery/?video=3000286063&play=1
MAY 2014: MONEYLIFE RADIO
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.
MAY 2014: MORNINGSTAR REPORT
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.

To read the complete article, please visit: http://quotes.morningstar.com/fund/pgvfx/f?t=pgvfx

MAY 2014: ZACKS FUND RANKING
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.

MAY 2014: GURU FOCUS
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.
APRIL 2014: MONEY MGMT EXECUTIVE
9 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.
MARCH 2014: LIPPER AWARDS
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 3- and 5-Year Periods
Polaris Capital Management, LLC, a leading global and international equity manager headquartered in Boston, announced 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 MEDIA ARCHIVES

DEC. 2013: FUND LOWERS EXPENSE RATIO
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

DEC. 2013: MONEYLIFE RADIO
MoneyLife Radio Show – Market Call With Bernie Horn

Currently available as a PODCAST on iTunes.com or at MoneyLifeShow.com

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.

NOV. 2013: AAII CONFERENCE
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.
AUG. 2013: WALL STREET TRANSCRIPT
The Wall Street Transcript – 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.
VIEW THE COMPLETE ARTICLE HERE

AUG. 2013: MONEYLIFE RADIO
MoneyLife Radio Show – Market Call With Bernie Horn

Currently available as a PODCAST on iTunes.com or at MoneyLifeShow.com

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.

AUG. 2013: MORNINGSTAR
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. To read the full article, please go to Fund Spy at Morningstar.com to read the August 6, 2013 article: An Intriguing International Fund Shines Outside the Spotlight.

APRIL 2013: MONEYLIFE RADIO
MoneyLife Radio Show – Market Call With Bernie Horn

Currently available as a PODCAST on iTunes.com

Polaris Capital’s Bernie Horn conducted a radio interview with MoneyLife’s Chuck Jaffe (www.moneylife.com). 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 MEDIA ARCHIVES

SEPT. 2012: REUTERS
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.”

JUNE 2012: WALL STREET JOURNAL
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.
JUNE 2012: ASSOCIATED PRESS
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
MAY 2012: 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.

FEB. 2012: BLOOMBERG PM MASH-UP
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 MEDIA ARCHIVES

OCT. 2011: VALUE INVEST CONGRESS
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.
OCT. 2011: BENZINGA
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.
SEPT. 2011: WALL STREET JOURNAL
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.
AUG. 2011: BLOOMBERG BUSINESSWEEK
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.
JULY 2011: BLOOMBERG NEWS
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.”
APRIL 2011: THE BOSTON GLOBE
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.
JAN. 2011: MORNINGSTAR
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 MEDIA ARCHIVES

DEC. 2010: AMERICAN ASSOCIATION OF INDIVIDUAL INVESTORS
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
JULY 2010: VALUE INVESTOR INSIGHT
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
JULY 2010: MORNINGSTAR
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.
MAY 2010: THE BOSTON GLOBE
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.
MAY 2010: TICKER MAGAZINE
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.
MAY 2010: ASSOCIATED PRESS
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.
MAY 2010: MORNINGSTAR
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.
MARCH 2010: BUSINESSWEEK
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.
JAN. 2010: MORNINGSTAR
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.
JAN. 2010: RUKEYSER'S MUTUAL FUNDS
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 MEDIA ARCHIVES

NOV. 2009: MORNINGSTAR
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.
OCT. 2009: THE ASIAN BANKER
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.
JULY 2009: MORNINGSTAR
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.

APRIL 2009: BLOOMBERG NEWS
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.
MARCH 2009: BLOOMBERG NEWS
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 MEDIA ARCHIVES

OCT. 2008: CNN MONEY
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.
OCT. 2008: BOSTON GLOBE
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.
SEPT. 2008: MORNINGSTAR
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.
SEPT. 2008: DOW JONES
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.
JULY 2008: BUSINESSWEEK
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.
JUNE 2008: CNN MONEY
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.
APRIL 2008: MORNINGSTAR
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.
FEB. 2008: WALL STREET JOURNAL
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.
JAN. 2008: THE MOTLEY FOOL
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 MEDIA ARCHIVES

DEC. 2007: FORTUNE MAGAZINE
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.
DEC. 2007: INDEPENDENT ADVISER FOR VANGUARD INVESTORS
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.
NOV. 2007: NIGHTLY BUSINESS REPORT
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.
OCT. 2007: BUSINESSWEEK
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.
AUG. 2007: SMARTMONEY MAGAZINE
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.
JULY 2007: INVESTMENT ADVISOR
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.
JUNE 2007: KIPLINGER'S PERSONAL FINANCE
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.
JUNE 2007: WALL STREET JOURNAL
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.

MAY 2007: MORNINGSTAR
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.
MAY-JUNE 2007: BULL & BEAR'S MONETARY DIGEST
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.
APRIL 2007: EQUITY FUND OUTLOOK
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.
FEB. 2007: WEALTH MANAGER
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.
FEB. 2007: SMARTMONEY
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.

JAN. 2007: MARKETWATCH
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 article excerpts and audios/videos were those of the Fund manager as of each article’s publication date and may be subject to change. Numerous article excerpts and audios/videos reference individual securities that may or may not currently be held by the Fund. CLICK HERE to view a recent listing of the Fund’s top 10 holdings. Polaris Capital Management, LLC oversees $10.4 billion as of 09/30/17.

On June 1, 1998, a limited partnership managed by the adviser reorganized into the Fund. The predecessor limited partnership maintained an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The Fund’s performance for the periods before June 1, 1998 is that of the limited partnership and includes the expenses of the limited partnership. If the limited partnership’s performance had been readjusted to reflect the first year expenses of the Fund, the Fund’s performance for all the periods would have been lower. The limited partnership was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.