CNNfn: The Money Show
"TELEVISION TRANSCRIPT: The Money Show"
November 16, 2004
Bernie Horn of Polaris Capital Management describes the firm's research infrastructure and competitive advantages of "scrubbing down" financial statements for top global values.  Among the management team's recent stock picks are: PacificCare Health, which is improving care system efficiencies and controlling costs; Portugal Telecom, which dominates Portugal's fixed line, mobile phone, cable franchise and Internet business; and BHP Billiton, a diversified resources firm that benefits from strong price increase across commodities.

Pensions & Investments
"Tried Strategies Still Winning: Top-Performing Managers"
November 15, 2004
Polaris President Bernard Horn says the best strategy for investing is to take positions in undervalued areas of the institutional marketplace, such as utility companies.  This sector has appeared on Polaris' research screens as undervalued because utilities purchase energy in the form of coal, gas and oil.  As those input costs increase, investors express concern about utility companies' cash flow. Currently, Polaris' management team favors Kansai Electric Power Co. Inc. and Tokyo Electric Power Co. In. -- both of which will are well positioned to prosper on the back of a stronger yen against the dollar and an expected decline in oil prices when supply returns.

PBS: Wall Street Week With Fortune
"Successful Small Funds"
October 22, 2004
Smaller investment managers may outperform large competitors due to unrestricted investing options (ability to invest in multi-caps worldwide without certain index requirements), according to Bernie Horn, manager at Polaris Capital Management. These options are tempered by Polaris' strict investment discipline -- that may be contrary to current market trends.  A prime example: during the dotcom bubble, many investors chased companies with very little value and no long-term business plans.  According to Mr. Horn, Polaris didn't chase this market which proved beneficial to the Fund. Currently, the firm's management team is investing extensively in foreign markets, as they view the U.S. market as "richly valued".

BottomLine Personal
"The World's Best Stock Bargains -- From A Top Global Stock Picker"
September 1, 2004
Bernard Horn Jr., portfolio manager at Polaris Capital Management, has built a reputation for finding bargain stocks from around the globe. According to Mr. Horn, the U.S. stock market currently trades at a price-to-free cash flow ratio of 13, while the rest of the world trades at only 9.  To justify the current U.S. market multiple, earnings of U.S. companies would have to grow 50% faster than companies in other markets.  Mr. Horn believes U.S. growth is likely to outpace that of Europe and Japan but not by 50%, and Asian economies are growing faster than the U.S.  Polaris' management team sees better values in the United Kingdom, Japan, other Asian economies and South Africa.

The Washington Post
"Think Globally"
June 27, 2004
Although the world is more integrated than in the past, there remain considerable differences in the pace of growth in different countries.  Bernard Horn Jr., portolio manager at Polaris Capital Management, says Americans should take advantage of booming Asia.  Over the next few decades, Asian competition may hold down U.S. wages.  One Asian company he recommends: Hong Kong-based ASM Pacific Technology Ltd., the world's largest supplier of assembly and packaging equipment for the semiconductor industry.

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.

U.S. News & World Report
"Money & Business: Time for an Accent?"
May 3, 2004
Bernard R. Horn, portfolio manager of Polaris Capital Management, 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.

The Boston Globe
"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.

Financial Advisor
"The Road to Recovery"
February 2004
Bernie Horn, portfolio manager of Polaris Capital Management, 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.

Entrepreneur
"World Class: Diversity Pays Off For This Global Fund"
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.