INTERNATIONAL MULTI-CAP

We seek to uncover unloved, undervalued companies in non-U.S. markets, building portfolios of 40 to 60 international equity stocks that have strong business models.

Our research team screens a universe of approximately 24,000 international (non-U.S.) stocks to produce a list of 300-500 companies with the greatest potential for undervalued streams of sustainable cash flow or assets. Intensive fundamental research is applied to each international stock “buy candidate” identified in the screening process. 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 international stock, and influences how much we are willing to pay for an international stock in a country where currency risk is high. Then our research team takes it one step further, gaining marketplace insight from suppliers, customers and competitors.

When we purchase a new international stock for the portfolio, we typically hold the investment for three to five years, and portfolio turnover averages 30% or less annually. We have one of the longest international equity track records of any firm presently in operation and continuously managed by the same individuals.


INTERNATIONAL 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. July 1, 1984-March 31, 1995 represent the portfolio track record established by Portfolio Manager Bernard Horn while affiliated with a prior firm. ** The MSCI EAFE 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. July 1, 1984-March 31, 1995 represents the portfolio track record established by Portfolio Manager Bernard Horn while affiliated with a prior firm. The MSCI Europe, Australasia, Far East Index (EAFE) 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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