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.

Polaris Capital Management, LLC
"Visit Polaris At The 2010 Morningstar® Investment Conference"
May 28, 2010
To view more details, click here

The Boston Globe
"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.

Ticker Magazine
"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.

Associated Press
"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.

BusinessWeek
"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.

Polaris Capital Management, LLC
"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 Management, LLC
"Polaris Capital Hires Eleanor Marsh"
January 12, 2010
To view the press release, click here
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.

Investment Management Weekly
"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.

Louis Rukeyser's Mutual Funds
"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.

Kiplinger's Personal Finance
"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.

The Asian Banker
"Investors Put Executives And Boards Under The Spotlight"
October 28, 2009
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.

Bloomberg News
"Taylor Better With Debt Than Share Sale, Polaris Says"
April 16, 2009
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 market have improved, commented Bernard Horn.

Bloomberg News
"Taylor Wimpey Lenders Support Rescue, Polaris Says"
March 2, 2009
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.

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