PCM | In The News:2006

Polaris Capital Management, LLC

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In The News: 2006

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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.

Forbes Magazine
"Global Bargain Hunter"
June 5, 2006
Mexican cement manufacturers. Belgian chemical producers. Pulp-and-paper makers. Dull as dishwater to most investors. "People don't like them. They have low expectations for them," says Bernard R. Horn, head of Polaris Capital Management. But such unglamorous businesses have handsomely rewarded Polaris' portfolios. From offices in Boston, the Polaris team scours the globe, from Scandinavia to Mexico, in search of dull stocks that happen to be cheap. The first thing the team looks for in a company is not net earnings but free cash flow, defined as cash flow from operations minus maintenance-level capital expenditures.

MarketWatch From Dow Jones
Pedal Off the Metal: Investors Advised to Tread Cautiously With Mining, Energy Stocks
May 3, 2006
Polaris Capital Management President Bernard R. Horn, Jr. says the market is pricing many energy companies at unsustainable levels, nearer to the pricing of oil. Energy companies, according to Mr. Horn, can be great businesses but won't necessarily be good purchases until their stocks are cheaper. Instead of the likes of Chevron and Chesapeake Energy, Mr. Horn prefers the long-term potential of Russia's Lukoil. In addition, Mr. Horn warns investors to be cautious in metal stocks, though he likes copper.

The Boston Globe
"With Oil, A Slippery Situation"
February 21, 2006
Bernard Horn, portfolio manager of Polaris Capital Management, divides the world's markets into camps of oil producers and consumers. With some exceptions, the flow of money paying for oil has boosted entire markets in producing nations and put a drag on those in countries spending big money for their crude. In the U.S., the difference between $25-per barrel and $65-per barrel of oil costs the U.S. an additional $200 billion a year - a major effect on the economy.

International Herald Tribune
AROUND ASIA'S MARKETS: Retailing in China Is Drawing Bigger Bets"
January 17, 2006
Bernard Horn of Polaris Capital Management questions whether Chinese consumers' spending power can be sustained. The country urgently needs to replace inefficient steel mills and paper plants, according to Mr. Horn. In that vein, he has sought out companies (including Finnish paper-equipment maker Metso and Impala Platinum Holdings of South Africa) that will benefit from China's efforts to control pollution and clean up the air.

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