The views in these article excerpts and hyperlinks were those of the Fund manager as of each article's publication date and may be subject to change. For the period ending December 31, 2007 the Fund's 1-, 5-, 10-year and since inception (7/1/89) average annual returns were -3.97%, 19.17%, 9.82% and 11.68%, respectively. 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 click here for the Fund's most recent month end performance and related information. The article excerpts and hyperlinks 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.  Furthermore, please see additional disclosure at the end of this section.

International Herald Tribune
"Take Advantage of Global Boom"
June 26, 2004

Bernard Horn Jr., president and portfolio manager of Polaris Capital Management, has concentrated on foreign markets for about a quarter of a century.  He points to the apparent correlation between foreign and U.S. stocks in the late 1990s and early 2000s as a fluke, resulting from a run-up in the telecom, media and technology sector.  According to Mr. Horn, high-tech stocks worldwide rose so much that they distorted the broader country indexes. As examples, Mr. Horn notes that Nortel became one-third of the Canadian market and Nokia became one-half of the Finnish market.  As a result of the sector rise, the indexes appeared more correlated.  But this shouldn't discourage investors from considering international investing, he says.

May 3, 2004

Bernard R. Horn, manager of the Polaris Global Value Fund, has grown optimistic about Japan's domestic economy.  He describes how many export companies already have high valuations, but many low-price opportunities exist in the smaller domestic-oriented companies.  Mr. Horn mentions Maruichi Steel Tube, a maker of steel pipes and tubes, as one of his picks in the region.  Elsewhere around the globe, Mr. Horn points to an upbeat U.K. market, where Polaris invests in homebuilders including Barrett Developments and George Wimpey.

April 14, 2004

Future wages will soon be undercut by lower-cost employees around the world, according to Bernard R. Horn Jr., portfolio manager of the Polaris Global Value Fund.  He believes a coming wage slide in the U.S. is one reason investors should seek returns from international markets.

Seeking to offset loss of human wages by increases in wealth, Polaris scours the globe looking for value plays.  Polaris recently added positions in electrical utilities in Japan and the U.S.  Another sector where Mr. Horn has seen success is in United Kingdom homebuilders.  Finally, Mr. Horn highlights what he considers well-valued companies in the global paper and metals industries.  

"Stocks Plummet in Wake of Bombing in Spain"

March 12, 2004

Bernard R. Horn, Jr., president of Polaris Capital Management, comments on U.S. market reactions and the vulnerability of the U.S.  The threat of terrorist attacks continues to cause world markets' volatility. 

The Spain bombing allowed investors to sell, coming down off the stock valuations reached at the end of 2003, Mr. Horn says. Now that large and small stocks have shed gains, some prices are beginning to look more attractive to bargain-hunting shops like Polaris. A value-oriented firm with $235 million under its management, Polaris has been sitting on a larger-than-usual pile of cash, waiting to take advantage of lower stock prices. 

February 2004

Bernie Horn, manager of the Polaris Global Value Fund, discusses strong U.S. investment plays as the economy recovers.  He mentions telecom operators, which are generating free cash flow, as very strong competitors in the economic up cycle.  Verizon Communications likely will profit, according to Mr. Horn, as the company has a very strong fixed line and wireless network. 

Mr. Horn also expresses optimism with U.S. healthcare companies (insurers and HMOs).  He predicts that the growing collection of demutualized Blue Cross/Blue Shield plans could allow for Anthem Inc. to become one of the biggest healthcare providers in the country. Anthem's proposed merger with Wellpoint also leads to this conclusion, according to Mr. Horn.

January 2004

When shopping for new company investments, Polaris combines a number of investing strategies seeking positive fund performance.  Polaris uses a combination of high-tech quantitative analysis, old-fashioned bottom-up stock picking, and a proprietary value calculation to determine stocks for the Fund's portfolio.  Polaris' portfolios typically are well-diversified, holding at least 15 industries in 15 different countries.  Portfolios typically have a low turnover rate, as the manager doesn't mind holding onto stocks evidencing potential, such as British homebuilders. 

SmartMoney Magazine
"Goodbye U.S.A., Hello World"
January 2004

Bernie Horn, fund manager of the Polaris Global Value Fund, spends a significant amount of time reviewing countries, industry sectors and companies that offer the best opportunities worldwide.  Mr. Horn has serious concerns about the U.S., finding that most stocks and the market are overpriced, even considering recent strong economic growth. As a result, Mr. Horn cut back his U.S. stock positions in the past year, trimming back on Amkor Technologies, Sears Roebuck, Ametek and others -- but not before getting great returns on all of these stocks.

Mr. Horn's philosophy/process is worth consideration, as he has been one of the most consistently good world-equity managers of the past five years.  If not the U.S., then where does Mr. Horn see good opportunities? He mentions Japan utilities, UK homebuilders, Scandinavian basic-materials and industrial equipment firms and Swedish papermaker Svenska Cellulosa, among others. 

Physician's Money Digest

"Review Appealing International Valuations"

November 15, 2003

(Byline Highlights -- Author Bernard R. Horn Jr.)

• International investments outperformed U.S. investments for most of the '60s, '70s and '80s based on the S&P 500 and Morgan Stanley EAFE index.  In the past 20 years, the directions of foreign markets have not all moved in lock step with the U.S.  By combining foreign and U.S. stocks, an investor's portfolio is more diversified and less volatile.
   
• Data on the price/cash earnings ratio suggests that overseas stocks are inexpensive on a relative and absolute basis.  The current P/CE ratio can determine how far a market is from "normal"-- thereby providing some helpful market valuation calls over the past 20 years.
   
• A review of the average P/CE performance in the U.S. from 1975 to date indicates that, at the time of the 1987 crash, the P/CE z-statistic exceeded 2 standard deviations.  In 1999's tech bubble, the P/CE z-statistic was more than 3 standard deviations. Today, the U.S. P/CE z-statistic indicates that the U.S. market is still vulnerable for further corrections

The Street.com

"Going Global The Safe Way"

November 11, 2003

The Polaris Global Value Fund is one of the better global performers of the past five years.  The tenured manager, Bernard R. Horn, Jr., spots undervalued stocks at home and abroad.  Mr. Horn discussed his deep-value philosophy, which seeks to perform admirably in all market cycles. 

Overseas valuations look most appealing to Mr. Horn, who has been putting money into Japan, and dropping many of the pricey U.S. tech stocks.  Mr. Horn also looks to Germany's Continental AG and Britain's George Wimpey as two additional picks.  As Mr. Horn analyzes stocks around the world, he has noticed a collision trend between Eastern and Western capitalism.  

Business Week Online

"Cross-Border Bargain Hunting"

October 22, 2003

Bernard R. Horn, Jr., president of Polaris Capital Management and portfolio manager of the Polaris Global Value Fund, seeks out stocks that are under priced and can sustain cash flow -- regardless of region, industry or market-cap.  Mr. Horn attributes his stock picking success to 1) the growing optimism that global economies will recover, and 2) Polaris' valuation models that show more compelling companies overseas. Mr. Horn discussed his European picks, the illiquid markets of Eastern Europe and the burgeoning opportunities in Japan.   China is also part of Mr. Horn’s equity analysis due to its position as a low-cost manufacturing center.  

Financial Planning Interactive

"Squabbling Over Euro Underscores Need For Fiscal Reform In Europe"

September 26, 2003

Bernie Horn, president and portfolio manager of Polaris Capital Management, discussed the European Union's national interests taking precedence over industrial reform.  Structural reforms in productivity have not occurred, and as a result, Mr. Horn has been reducing his exposure to Europe and shifting to emerging markets, Scandinavia and the U.K. 

Business Week Online

"Investing Q&A: Japan Blooms Again?"

September 23, 2003

Japan has become an investment opportunity, according to Bernard R. Horn, Jr., who runs the Polaris Global Value Fund.  Mr. Horn singles out utilities as a "value" industry in Japan, while he also peruses Asian neighbors, Korea and Malaysia.  

Better values generally exist in developed markets, where stocks can throw off free cash flow -- one of the most important metrics used in determining undervalued companies.  For the first time in almost a decade, Mr. Horn has spotted good companies with strong free-cash flow in Japan.

CNNfn -- The Financial Network

"The Money Gang: Bernie Horn, President of Polaris Capital Management"

September 15, 2003

Bernie Horn, president of Polaris Capital Management, discussed individual investors' difficulties in picking good stocks.  Investors generally don't spot companies that will make money in a down market.  How does Mr. Horn find these opportunities?  He looks for companies with free cash flow and good management teams.  According to Mr. Horn, a global fund manager's responsibility is to find the best pockets of value worldwide.  Among Mr. Horn's picks:  Parmalat, Svenska Cellulosa and WPP Group.

Foundations & Endowments Money Management

"Nonprofits See Bright Spot In Global Equity"

September 2003

Nonprofits are beginning to notice the benefits of a global equity portfolio: diversification and exposure to a variety of sectors and countries in a single portfolio.  To further discuss the parameters of a global portfolio, Bernie Horn of Polaris Capital Management and fellow investment managers, participated in a Q&A.  Points addressed by Mr. Horn included:

Boston Business Journal

"Bay State Companies Can't Ignore China Syndrome"

August 29-September 4, 2003

Bernard Horn, manager of the Polaris Global Value Fund, said a continued flow of jobs to Asia could force lower prices for goods in the U.S. and contribute to a sustained fall in prices.  As an example, Teradyne Inc. previously dismissed manufacturing in China, but opened an office in Shanghai in 2003, finding the quality of work every bit as good as in the U.S.

United Media

"Opportunities Abound Worldwide"

August 21, 2003

Managed by Bernard Horn, the Polaris Global Value Fund has outpaced the average Lipper World Equity Fund over the past five years.  The Fund's investment strategy blends model-driven quantitative analysis with bottom-up stock picking.

Mr. Horn mentioned the firm's leverage of investment technology to ensure that most time is spent on fundamental research.  The first step of the process is a global valuation model; the second step is a screen on stocks. Following this model, the Fund has been shifting away from the U.S. market (mainly large caps), in favor of overseas investments like Continental AG, Barratt Development and Peugeot.

Ticker Magazine

"It's Free World Cash"

June 23 – July 23, 2003

The road to mitigated risk high returns is paved with the world's undervalued free cash flows, according to Bernard R. Horn Jr., manager of the Polaris Global Value Fund.  Mr. Horn discussed the collision course between Eastern/Western capitalism, and the different stakeholder/shareholder structures that limit free cash flow in China.

In what does the Fund invest?  Mr. Horn points to resurgence in U.S. financials and healthcare, Irish paper companies, Canadian methanol producers and many others.  The Fund has a strong weighting in Northeast banks (particularly Banknorth), as they provide tremendous alpha.  Alpha is the difference between a stock's actual returns and its expected performance, given its level of risk as measured by Beta (volatility).

Financial Advisor

"Worth Banking On?"

June 2003

Tenuous stock markets and low money fund yields aid banks and thrifts, says Bernard Horn, manager of the Polaris Global Value Fund.  Lending activity is on the rise as investors buy real estate instead of stocks, and simultaneously, allocate cash to higher yielding bank products. What banks will capitalize on this trend?  Mr. Horn looks to California banks that are filling the gaps created by consolidation.  Some of his picks include:  Pacific Crest Capital and Hawthorne Financial Corp.

Bloomberg Television
"Contrarian Plays: Bernie Horn"
April 25, 2003

Bernie Horn, fund manager of the Polaris Global Value Fund, picks contrarian plays - unpopular stocks that historically have exhibited positive returns. One of his top choices has been Methanex, a company that supplies 26% of the world's supply of menthanol. According to Mr. Horn, Methanex is characteristic of the companies in which the Fund invests, as it has a high amount of free cash flow and low debt level.

One contrarian play for which Mr. Horn holds out hope: Parmalat, an Italian company that specializes in ultra pasteurized milk and diversifies along other food lines. Mr. Horn commented about the company's decision to issue debt and subsequent decision to pull it. He believes the stock has recovered quite well since Parmalat's decision to forego the issuance of debt.

Physician's Money Digest
"Portfolios Need International Infusions"
April 15, 2003

(Byline Highlights - Author Bernard R. Horn Jr.)

When the U.S. stock market retreats, some foreign exchanges tend to shift to a lesser degree - proof that international and U.S. markets are not perfectly correlated.

There is no question that foreign markets can outperform the United States and vice versa. For instance, according to Lipper Inc., for the year ending 1/31/03 foreign stock funds faired significantly better, declining 14.41% vs. a drop of 22.86% for the average U.S. fund.

If the dollar weakens further, foreign stocks held by U.S. investors tend to rise in value because the underlying foreign currencies appreciate.

Many foreign stocks now have significantly cheaper price/cash earnings ratios than their U.S. counterparts. Countries like Germany, France and South Africa are trading at a little less than 8 times the expected 2003 cash earnings, while U.S. stocks remain overvalued.

CNBC on MSN
"Tech And Growth Are Hot - Again"
March 25, 2003

Bernie Horn, manager of the Polaris Global Value Fund, is not sanguine about the recovery of the market. He has reduced his U.S stock exposure in the past few months, and he remains concerned about the revival of corporate profits.

Looking overseas, Mr. Horn likes Italy's Parmalat, a company which makes ultra pasteurized milk and other foods. The company's shares are down due to a misstep in their financial structure, says Mr. Horn, but they have plenty of cash flow to pay down debt accumulated through acquisitions.

Time Magazine
"Float Your Bucks"
February 24, 2003

A weakening dollar and a multitude of inexpensive foreign stock picks have encouraged U.S. investors to start buying overseas. In the 12 months ended 1/31/03, stocks in the U.S. fell an average of 23%, while European stocks dropped 32%. But because the dollar weakened - down 20% against the Euro - U.S. investors would have fared better in European stocks, which in dollar terms lost only 18%.

One manager who continues to look overseas is Bernard Horn, manager of the Polaris Global Value Fund. He is overweighting resource-rich countries like South Africa and is buying material company stocks around the globe. Mr. Horn's picks include paper firms Sappi in South Africa and Svenska Cellulosa in Sweden. According to Mr. Horn, Australia and Canada, two countries rich in natural resources, are also poised to benefit.

Financial Times
"Manager Thrives And Has Fun Amid The Panic"
November 13, 2002

As a deep value investor, Bernie Horn of Polaris Capital Management is finding many opportunities in the market right now. Good values have been sought across the board - in both sector and in multi-cap stocks - although Mr. Horn believes large-cap stocks remain generally overvalued.

Mr. Horn runs the Polaris Global Value Fund with a disciplined value philosophy, focusing on a company's free cash flow and healthy balance sheets rather than looking at earnings. He also visits with companies and "scrubs them down" by looking at how companies rate relative to their competitors in terms of products and skills.

Currently, Mr. Horn is looking at TXU, a Texas energy company whose shares had been sold on concerns about the company's European operations. Overseas, Horn sees value in UK homebuilding companies, French carmaker Peugeot, South African pulp and paper company Sappi and Korea's Samsung. He is also keeping an eye on companies that have set up manufacturing operations in China.

CNNfn Television
"Markets Impact: Analyst's Fund Picks"
October 10, 2002

During his last CNNfn television appearance in July 2002, Polaris Capital Management's Bernard R. Horn Jr. discussed three stocks that played prominently in the Polaris Global Value Fund (PGVFX), which has outperformed its benchmark year-to-date.

Two of Mr. Horn's stock picks are in positive territory, while one is down slightly. European car manufacturer Peugeot's stock price dropped primarily due to turmoil in the car business. However, Mr. Horn believes that Peugeot will rebound, pointing to the company's excellent free cash flow enabling it to enjoy a stronger competitive position.

The other two stocks that contributed to the Fund's performance include: Sasol Limited, the South African coal and energy company, and Anthem Healthcare. According to Mr. Horn, Sasol has a reasonably protected market and the company utilizes technology that converts wasted gas into diesel and chemicals.

Anthem Healthcare, which Mr. Horn purchased early in the third quarter, has also experienced solid performance. Health insurance premiums are rising and, as a result, are providing operating leverage to health providers. Mr. Horn expects to see further promising developments in this sector.

One new pick for the fourth quarter: chipmaker Samsung Electronics. Mr. Horn believes that Samsung is positioned well in the wireless area, creating code division multiple access and dynamic random access memory handsets for cell phones, as well as maintaining a strong position in DRAM manufacturing.

Mutual Funds Magazine
"Category Champ: Polaris Global Value"
October 2002

Bargain seeking has helped the no-load Polaris Global Value Fund since early 2000. In fact, the Fund has placed well in the rankings of Morningstar's world stock funds for the past three years (as of 9/30/2002). Specifically, the Fund received a three-year and overall Morningstar rating^TM of 4 stars based upon a universe of 241 World stock funds. Fund manager Bernard Horn Jr. has about half of the Fund's assets in U.S. securities and 8% in South African commodity plays. With profits taken last fall in Japan, he has added positions in Europe, notably to mid-cap British and Finnish industrial companies that became unfavorable with many investors during the switch to the Euro currency.

Please click here   for the Fund's most recent calendar quarter Morningstar rating and Morningstar's rating methodology.

CBS Marketwatch
"Shopping Small Banks And Health Care, Polaris Global Value Manager Likes Anthem, Banknorth"
September 10, 2002

Bernie Horn, manager of the Polaris Global Value Fund, has become attracted to smaller banking and health-care companies with impressive cash flow. In this volatile market, the fund has avoided large-cap companies, which Mr. Horn still considers overvalued.

Mr. Horn has been bottom fishing, seeking to find good values not in pharmaceuticals, but in health maintenance organizations such as Anthem. Anthem has been buying up former Blue Cross/Blue Shield divisions, and more consolidation in the industry could boost the company's revenue, comments Mr. Horn. 

In the banking sector, Mr. Horn gives merit to California - based Hawthorne Financial for its strong loan originations. In the Northeast, Mr. Horn likes Banknorth Corp., which he believes is a model for the way banks are going to develop as deregulation continues to encourage firms to enter insurance and financial services.

Click here to view article

Financial Advisor
"The Search For Value Gets Tricky"
September 2002

Despite the stock market's nosedive, many value managers aren't finding a wealth of stocks that fit their criteria. For example, Bernard R. Horn, Jr., president of Polaris Capital Management, uses operating cash flow as his primary valuation metric. Unfortunately, as stock prices fell at many companies worldwide, so too did their cash flow - creating shares that are still overvalued in these volatile markets. However, there are some value pockets worth exploring including U.S. healthcare companies. According to Mr. Horn, efficient providers who can deliver service at below-average cost while charging the market price generally net an earnings premium and strong cash flow.

When asked about the value vs. growth debate, Mr. Horn stated that he believes value will likely outperform this year - as it has done for the last couple of years. Many investors are expecting more growth than the economy can deliver, and in that kind of environment, Mr. Horn thinks value securities are well positioned to thrive.

Kiplinger.com
"Fund Focus: Go-Anywhere Funds"
August 12, 2002

Conventional wisdom dictated that when the U.S. stock market falters, foreign securities tend to perform better. However, this hasn't held true recently as U.S. and international indices declined simultaneously. Staying diversified while seeking to post above average returns now requires a fund with flexibility to invest in multiple markets worldwide. One such strategy is to invest in global funds - and one of the historically better performing funds is the Polaris Global Value Fund.

The Fund has weathered many a market storm by sticking to its disciplined, value-oriented philosophy. Fund manager, Bernard R. Horn Jr., pores over financial statements and footnotes seeking to ensure that that the companies in which he invests have strong free cash flow.

Investor's Business Daily
"Foreign Funds Fueled By Cheap Valuations"
August 9, 2002

Many managers of funds that hold foreign securities were pleased with July's performance - not because of the market rally late in the month - but because many believe the market may be closer to the bottom. According to fund manager Bernard R. Horn, Jr., we still have some downside before the whole market presents a good value. Even though stock prices are down, multiples haven't changes as much as they should have.

Mr. Horn believes the market could reach a balance between share prices and earning by the end of August, at which time a broader selection of good buys will potentially exist across the globe.

The New York Times
"Investing With Bernard R. Horn Jr.: Polaris Global Value Fund"
Sunday, June 9, 2002

Investing overseas was more challenging 20 years ago, when making telephone calls and getting annual reports from global companies was difficult, states Bernard R. Horn Jr., fund manager for the Polaris Global Value Fund.

Upon this principle, Horn manages the Polaris Global Value Fund which has compared quite favorably with the MSCI EAFE Index. Horn picks 55-75 stocks on average in the Fund, choosing from multi-cap companies around the world with no limit on the amount he can invest in companies located in any one country. In making investments, Horn utilizes a multi-step screening process seeking to find companies with free cash flow, growth in operation margins and revenue, and little debt. Horn spends about 90% of his time poring over financial statements of the approximately 250 companies that make up his watch list, paying attention to any indicators that might dilute shareholder value.

Currently, Horn sees much value among the US financial services companies, British homebuilders and national resources companies in South Africa.

Financial Times
"How The Patient Approach Can Pay Off"
January 2, 2002

Value investing is gaining popularity, as the high-fliers of previous markets (growth and momentum strategies) struggle under the strains of the new economy. One fund manager who embodies the value philosophy is Bernard R. Horn Jr. who runs the Polaris Global Value Fund (the "Fund").

Mr. Horn believes that a patient approach to investing serves as the best method for accruing profits in the long run. He warns investors against basing objectives on short-term experiences and believes that short-term statistical samples (3- or 5-year performance) can be misleading.

This same patience has helped the Fund outperform the MSCI World Index benchmark for the 1-, 3-, 5-, 10-year and since inception (7/31/89) periods ending December 31, 2001. The Fund's outperformance has resulted from Mr. Horn's unique stock picks--basic industry companies that he believes are well positioned to dramatically increase in value in five years. Of the 50-odd stocks in the portfolio, two favorites are South African: Sasol, an oil and chemical producer, and Sappi, a book-paper maker. Other favorite companies include: Norske Skog Industirer of Norway, a newsprint maker; Astoria Financial Corp, a U.S. savings & loan; Dal-Tile International, a U.S. maker of ceramic tiles; KCI Konecranes of Finland, maker of digitized cranes; and ST Microelectronics of France--to name just a few.

MaxFunds.com
"Global Crisis?"
October 1, 2001

Bernard Horn, manager of the Polaris Global Value Fund and Quant Foreign Value Fund, discusses value opportunities in the wake of the Sept. 11th tragedy. Many companies worldwide are generating significant free cash flows despite the economic downturn. While tempted to invest in industries hardest hit, such as travel and insurance sectors, Horn will remain steadfast to his investment strategy -- finding the most undervalued streams of cash flow with management records that show value potential. Horn reminds investors of the importance of diversification - across sector and country. He seeks to buy only a few top companies within each sector and country, explaining that economies will be driven differently at certain times. In summary, Horn relays his market forecast for 2001- 2002 in which he predicts further losses in the fourth quarter of this year, while expecting a rebound in the latter part of 2002.

Bloomberg
"Personal Funds: Horn Relies On Graham And Dodd Way"
February 16, 2001

Only those companies that pass the Graham and Dodd tests make it into the Polaris Global Value Fund portfolio, according to fund manager Bernard Horn.   Mr. Horn's reliance on fundamental stock analysis, as derived from Benjamin Graham and David Dodd, has resulted in excellent fund performance. As of March 31, 2001, the Polaris Global Value Fund has gained 1.64% this year, while the benchmark MSCI World Index was -12.85%. Mr. Horn's success can be attributed, in part, to his bottom-up investing philosophy and to an intensive screening process.

Sticking to his discipline, Mr. Horn pulled out of high-tech stocks in mid 1998 on the grounds that high growth, high valuations stocks didn't fit the fund's strategy. Instead, he found other promising sectors in the market: domestic deposit-taking institutions and basic materials.

Brill's Mutual Funds Interactive
Profile: Bernard Horn
Polaris Global Value Fund
September 29, 2000

In the past year, the Polaris Global Value Fund has fallen from favor as global growth stocks' performance soared. However, Polaris Global Value Fund manager Bernard Horn remains optimistic - having witnessed the recent dips in the market. He is patiently waiting for a return to normal volatility, at which time he will seek to select stocks at prices below fair value when others may be panicking. Horn seeks "fallen angels" that haven't had much investor play, but which have a history of generating substantial cash flow. Some of these include: Ipswich Savings Bank, Sappi Ltd., Impala Platinum.

Forbes Global
"High-Tech and Tires"
May 15, 2000

Bernard Horn, portfolio manager for the Polaris Global Value Fund, looks at Pirelli as a bargain. The well-know tire company has launched an automated manufacturing process that will cut production costs, but more impressively it has become known as a major player in the fiber-optic cable marketplace.

Investment News
"Often, Finishing Second Pays"
May 1, 2000

First-mover companies have never been of particular interest to Bernard Horn, portfolio manager at Polaris Capital Management. In fact, he shuns the Internet companies in favor of "second-comers" - the blue chip companies like Sears Roebuck & Co. that Mr. Horn believes will benefit from the technology positioned by the first movers.

Boston Herald
"For Value Stocks Fan, the Waiting is Hardest Part"
March 25, 1999

Bernard Horn waits patiently for the market trend to turn from growth to value - a platform on which he has based his investment firm. Mr. Horn scours the world for the often foreign, wallflower value stocks, shying away from the big motor vehicle companies and computer conglomerates. This investing philosophy has proven successful as evidenced by his long-term track record.

He continues to find success by watching the demutualizations around the world, from South African insurers to French banks. "My value discipline and analysis are spot-on," Mr. Horn says. "We tend to be right on the overall trend. But it's incredibly difficult to be right on the timing."

Business Week
"A Pedigreed Fund Goes Retail"
August 10, 1998

The Polaris Global Value Fund has gone retail, converting from a limited partnership to a no-load mutual fund with a $2,500 minimum. Much of this fund's success can be attributed to the value investing philosophy of manager Bernard Horn. Mr. Horn searches a database of more than 16,000 companies worldwide, looking for those companies that will generate at least an 8% annual return, after inflation, in cash flow. And the process continues until he whittles the list to only 50 stocks. Mr. Horn has invested in North American and European companies, and continues to find value opportunities within the Asian and South African markets.

For the complete story, go to www.businessweek.com/1998/32/b3590120.htm

Boston Globe
"New Global Value Fund Finds Jewels Among Asian Rubble"
July 6, 1998

Although the Asian markets have taken a drubbing, some investors see a brighter future. Case in point: Bernard Horn, portfolio manager of Polaris Global Value Fund, predicts a shift in competitive forces to Asia's favor. In this vein, his Fund's portfolio seeks to incorporate successful Asian companies selling at extremely low prices. Mr. Horn also mentions a number of other neglected, lesser-known markets with value opportunities, some of which include: Thailand's Total Access Communications and South Africa's Sappi Ltd.

Business Week
"Europe Is The Bright Spot In World Markets"
June 15, 1998

As the Asian market continues its roller coaster of highs and lows, only a few seek to invest in the market - among them is Bernard Horn. To Mr. Horn, this type of market volatility spells opportunity, one of which is found in the form of Total Access Communication, a cell phone provider in Thailand.

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.

The Fund invests in securities of foreign issuers, including issuers located in countries with emerging capital markets. Investments in such securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.

The MSCI World Index ("MSCI") measures the performance of a diverse range of global stock markets in the United States, Canada, Europe, Australia, New Zealand and the Far East. The MSCI is unmanaged and does include the reinvestment of dividends, net of withholding taxes. Price to cash flow is the ratio of a stock's latest closing price divided by cash flow per share for the past 12 months.