Investment Strategy

• Step One: Employ a proprietary five factor global valuation model that produces a ranking of
  countries and industries from the most undervalued to the least attractive. Polaris believes
  country and industry factors are important influences on security prices.
  
  
• Step Two: Screen a database of more than 30,000 companies to come up with a list of
  approximately 500 securities with potential for undervalued streams of sustainable
  cash flow or undervalued assets.
  
  
• Step Three: Conduct rigorous fundamental research on the companies identified throughout
  the investment process. The result is a portfolio of 50-100 companies that are equally
  weighted, and typically diversified across 15 countries and 15 industries. Most investments are
  held for three-to-five years and portfolio turnover averages 30 percent per year. If a
  company’s valuation falls below target returns or below the rank of an alternative company,
  it is sold and replaced by a company on Polaris’ “watch-list” of approximately 250 companies.

Of Note

Polaris' commitment to a
pure value investment style has achieved consistent returns for investors for more than a decade.