GLOBAL PHILOSOPHY

Market volatility has an upside, especially for global value managers like us. When market fluctuations produce mispriced stocks, we pinpoint great buying opportunities.

Our global value investment philosophy is based on two basic beliefs: (i) country and industry factors are important determinants of security prices, and (ii) global market fluctuations produce mispriced stocks. Global markets have proven generally efficient over time, but investor behavior creates volatility that leads to inefficiency somewhere in the world. During these periods, the stock price may not reflect a company’s long-term fundamental valuation and/or future cash flows; this is the opportune time to buy such companies.

Polaris’ “statistically patient” investment philosophy strongly emphasizes valuation over growth, and the team capitalizes on normal market fluctuations to opportunistically buy undervalued companies. Select companies that enter the portfolios typically generate strong sustainable free cash flows and have conservative balance sheets. These companies are capable of performing well in difficult economic environments.

Our global value investment philosophy was developed more than 30 years ago under the guidance of Bernard Horn and has been consistently applied by the same manager since inception. Today, our entire investment management team is dedicated to this philosophy, producing historically strong long-term risk-adjusted returns for investors.

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