Polaris Capital Management, LLC
A leading global & international money manager
In The News
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The views in these article excerpts and hyperlinks were those of the portfolio manager as of each article's publication date and may be subject to change. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Please refer the composite's most recent quarter end performance and related information. The article excerpts and hyperlinks reference individual securities that may or may not currently be held by the portfolios.
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"Bernie Horn To Speak at 7th Annual New York Value Investing Congress"
October 17 & 18, 2011
Bernard R. Horn Jr., president and portfolio manager with Polaris Capital Management, LLC, a leading Boston-based global and international value investment management firm, will be a featured speaker at the 7th Annual New York Value Investing Congress. Mr. Horn is joined by a number of other leading investors at the two-day conference, held October 17 and 18, 2011, at the Marriott Marquis in New York's Times Square.
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 will discuss global market inefficiencies, Polaris investment process and a wealth of currently undervalued stocks picks.
The Value Investing Congress was established in 2004, by Whitney Tilson and John L. Schwartz. The conference allows for passionate value investors -- disciples of Graham, Dodd, Buffett and Munger -- to learn from one another and experienced money managers. More information is available at ValueInvestingCongress.com.
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"Stocks Fall On Negative Outlook For U.S. Debt"
April 19, 2011
Stocks fell more than 1 percent yesterday after a major US bond rating agency took a dim view of the nation’s budget deficits and said the political path to addressing the problem was unclear. ... President Obama and House Republicans have introduced differing plans to cut the deficit by about $4 trillion over the next 10 to 12 years. But Standard & Poor’s yesterday said that agreements could take time, and implementation of any program could take years, given how unpopular some of the expense reductions are likely to be... The US Department of the Treasury’s assistant secretary for financial markets, Mary Miller, in a statement took issue with S&P’s negative outlook, saying it “underestimates the ability of America’s leaders to come together to address the difficult fiscal challenges facing the nation.’’
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.
"International Diversification: Why It Still Makes Sense"
December 2010
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"Polaris Capital Hires Randy Grossman"
December 6, 2010
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Polaris Capital Management, LLC, a leading Boston-based global and international value investment management firm, today announced that Randy Grossman has joined the firm as a Technology and Business Development Manager. In this newly-developed role, Mr. Grossman will manage the implementation of operations and investment technologies to increase efficiencies in Polaris’ trading and investment processes.
"Around The Horn - Profile on Polaris Capital Management"
July 30, 2010
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"Better Credit Quality Should Boost Banks' Q2 Earnings"
July 8, 2010
The declining pace of loan delinquencies over the past couple of quarters has bought banks time to work through their problem loans, but the threat of nonperforming loans is far from over, according to Bernie Horn, President of Polaris Capital Management. Horn believes banks have not addressed a lot of the underwater commercial loans they hold, auguring more write-offs in the future. The biggest pressure on bank profits right now is high premiums required by the Federal Deposit Insurance Corp to insure deposits, according to Horn. That is hurting the smaller banks that fundamentally didn’t get into trouble and didn’t have problems, but are picking up the tab for the larger banks that did, he notes. Another major challenge stems from the fact that the federal government is effectively controlling the residential mortgage market, notes Horn.
"People On The Move: Eleanor Marsh"
June 20, 2010
Polaris Capital Management has hired Eleanor Marsh as a research analyst focusing on global and international equities. Previously she was an equity analyst with State Street Global Advisors, where she was part of the global strategy team and covered such industries as transportation, real estate, office and consumer electronics and Japanese financials.
"Visit Polaris At The 2010 Morningstar® Investment Conference"
May 28, 2010
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"Stocks Rebound, Up Nearly 4%; EU Bailout Assures Investors"
May 11, 2010
Rioting may stop in the streets of Greece, said Bernard Horn, president and portfolio manager for Polaris Capital Management, 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"
May 11, 2010
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"
May 5, 2010
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.
"STOCKS & MARKETS: Why Bank Stocks Could Vault Even Higher"
March 17, 2010
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 of most undervalued investments in the world.
"Two Polaris Subadvised Funds Top 2009 Morningstar Rankings"
February 24, 2010
Polaris Capital Management, LLC, a Boston-based global and international money manager, today announced that two funds subadvised by the firm achieved top 2009 calendar year rankings from Morningstar Inc.
"Polaris Capital Hires Eleanor Marsh"
January 12, 2010
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Polaris Capital Management, LLC, a Boston-based global and international money manager, today announced that Eleanor H. Marsh has joined the firm as a research analyst. In this role, Ms. Marsh will focus her research efforts on global and international equities, capitalizing on her experience and tenure in Asian markets.
"Polaris Capital Enhances Analyst Team"
January 12, 2010
Eleanor Marsh has joined Polaris Capital Management, where she has been given the task of focusing on global and international equities in her role as research analyst. Ms. Marsh joins a five-member team, which uses quantitative and traditional fundamental research seeking to identify the most undervalued companies worldwide. Prior to joining Polaris, Ms. Marsh was an equity analyst at State Street Global Advisors.
"Something Special? Back From The Dead: This Global Value Fund Has Built A Record Of Long Term Success..."
January 1, 2010
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.
"An Overseas Fund Comes On Strong"
January 1, 2010
Polaris Capital’s fund management uses computers to thin the universe of 24,000 foreign stocks to about 1000 candidates that appear cheap based on estimates of how much cash the businesses generate. At that point, manager Bernard Horn and his four analysts turn to good old-fashioned company analysis, traveling the globe to find about 50 stocks (for the international portfolio) that they think have the best prospects over the next three to five years. Horn does not hedge the currency exposure or restrict how many stocks the portfolio can own in a particular country or industry…. A big bet on British homebuilders hurt returns during the bear market, but has paid off big in 2009.
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