In The Press: 2009

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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.

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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