GLOBAL MULTI-CAP

Our global equity products are diversified across market capitalizations, countries and industries — the ultimate go-anywhere portfolio of approximately 65 to 85 stocks.

In managing our global equity products, our research team conducts monthly screens on a universe of 40,000+ global companies that are narrowed down to a selection of about 500 stocks with the greatest potential for undervalued streams of sustainable cash flow or assets. Then fundamental bottom-up stock research ensues. Part of the research includes the use of real bond yields as a component of the Polaris’ Global Cost of Equity. Real bond yields provide a simple method of ensuring adequate compensation for currency risk in an non-U.S. stock, and influences how much we are willing to pay for a stock in a country where currency risk is high.

The majority of fundamental research covers financial analyses of companies including: in-depth review of financial statements, research on suppliers, customers and competitors and meetings with company management. Polaris analysts travel the world, assessing industry conditions, competitive advantages, profitability, operating and financial leverage, and the quality of management — in an effort to identify new companies that will enhance the performance of the global portfolios.

We will invest in any country or sector that meets our investment criteria. Diversification is generally broad within the global equity portfolios, comprised of more than 15 different industry groups and 15 countries. While we strive to have a broad range of market caps, we do not attempt to override the results of the bottom-up research. We typically hold investments for three to five years, and portfolio turnover averages 30% or less annually. We believe that our proprietary process has led to the success of our global equity portfolios, as evidenced by our long-term performance.


GLOBAL EQUITY COMPOSITE

*Annualized Returns (Data as of 12/31/23). Fourth quarter 2023 composite returns are preliminary. Past performance is not indicative of future results. October 1, 1984-March 31, 1995 represent the portfolio track record established by Portfolio Manager Bernard Horn while affiliated with a prior firm. ** The MSCI World Index is an unmanaged capitalization-weighted index of publicly traded companies. The reported Index results include returns of securities that U.S. residents may not invest in and also include gross dividends, while Polaris results include dividends net of withholding taxes. Information presented is supplemental to the annual disclosure presentation. Composite performance and a fully compliant presentation can be found below.

Data as of 12/31/2023. Information presented is supplemental to the annual disclosure presentation. For composite performance and a fully compliant presentation, see below. Past performance is not indicative of future results. October 1, 1984-March 31, 1995 represents the portfolio track record established by Portfolio Manager Bernard Horn while affiliated with a prior firm. The MSCI World Index is an unmanaged capitalization-weighted index of publicly traded companies. The reported Index results include returns of securities which U.S. residents may not invest in and also include gross dividends, while Polaris results include dividends net of withholding taxes. One cannot invest directly in an index.


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