Forerunners in global value investment, our team members have been interviewed by BusinessWeek, Forbes, Fortune, NYT, SmartMoney, Wall Street Journal and other media.

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Cost of Capital Beaters
Companies generating profits exceed their cost of capital, display healthier business profiles, and are also attractive investments, especially if their stocks are out of favor for temporary reasons, according to Bernard R. Horn, Jr., president of Polaris Capital Management, LLC. He and his team build a portfolio from this narrow list of stocks discovered from around the world.

Read the complete article about the Polaris Global Value Fund here.

5 New Morningstar Medalists You Might Like To Know
One of the funds sub-advised by Polaris Capital Management was named a medalist by Morningstar. The success of the fund can be attributed to a unique investment path, with unusual country weightings. For more information about the Morningstar medalist, please visit
Foreign Stocks Look Attractive To Mutual Fund Managers
The IBD article referenced May as a unique month with a mix of technology stocks and defensive industries outperforming. According to Bernie Horn of Polaris Capital, the tech sector did well because of interest in cell phones, mobile devices and software. Mr. Horn went on to discuss “defensive” precious metals, which inched up due to investor jitters over U.S.-Russia relations. However, in the months ahead, Mr. Horn expects stocks markets to benefit from improving economic growth and diminished political uncertainty (wrought from BREXIT and the U.S. and French elections). He referenced a number of attractively valued stocks in the U.S. and foreign markets. For the complete article, visit
Back To Basics: Talking with Bernard R. Horn Jr. and Sumanta Biswas
There are many ways to sort through the more than 40,000 stocks listed on international exchanges. But the folks at Polaris Capital Management find there’s nothing like packing their bags, talking to management, and getting a feel for the potential problems and opportunities you can uncover only by visiting a company. Bernard R. Horn Jr., the head of the Boston-based global investment firm, has been managing international portfolios since 1980, including numerous mutual funds. Visit to read the complete, in-depth interview.
Mutual Fund Managers Look For Winners in Industrials, Materials, Tech, Banks
Bernie Horn of Polaris Capital Management noted that the stock market perked up as corporate earnings reports topped expectations. In fact, he said that the U.S. economy is ramping up after years of stagnation. He discussed the supply/demand constraints in the market, positively impacting the materials sector. Mr. Horn went on to name materials/chemical companies he currently likes, including BASF, Methanex and Praxair.
Allete Powers Up: Duluth-Based Company Thriving As It Renews Focus On All Things Energy
Jason Crawshaw, an assistant portfolio manager at Polaris Capital Management Inc., discussed dynamics at energy company, ALLETE Inc. He referenced ALLETE’s ability to invest cash flow into other energy venues, like wind, transmission and water. Mr. Crawshaw went on to commend the company on its management and capital allocation strategy, which not only generates high-return projects for shareholders but has also diversified the company away from just coal-fired power generation.
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 5-Year Period
For more information about this award, please read the complete press release at:
Bernie Horn Discusses The Deep Dive To Find Value Investments
During an interview with Chuck Jaffe of MoneyLife Market Call, Bernie Horn of Polaris Capital discussed the pursuit of value investments across the globe. In picking companies to add to the 75+/- stock portfolio, Polaris looks at a company’s future cash flows, balanced with conservative expectations for future growth. If the company is out-of-favor, priced attractively, with a fundamentally strong business model, it may be a candidate for investment. The difficulty in this process, according to Mr. Horn, is that markets are generally efficient and priced accordingly. However, there is always volatility somewhere in the world that creates mispriced stocks ripe for a value investor. In recent months, materials companies have recovered; many have begun raising prices due to strong demand in end markets. British homebuilders have also been of interest, as the industry declined in the wake of BREXIT, but rebounded as U.K. housing market concerns abated. Mr. Horn discussed one worry in the current market: the capital flight from China.
With Stocks Hot and Trump In Power, This Could Be The Year For MASS. Bank Mergers
According to the Boston Business Journal, no billion-dollar bank has been acquired in Massachusetts since 2011. The BBJ contends that conditions at the start of 2017 suggest that this could be a year that the local banking industry potentially sees another large deal. The BBJ says that stock prices for publicly traded banks are higher than they have been in years, making an acquisition more attractive to investors. Bernard Horn, president and portfolio manager of Polaris Capital, stated that “if you were going to sell a bank, you can’t think of a better time in the last 15 to 20 years, with bank stocks up so much.”


Value Fund Buys Stocks on Sale After Bad News
Bernard Horn, lead manager of the Polaris Global Value Fund, applies a value-investing strategy to markets here and abroad to take advantage of pricing inefficiencies. He looks for opportunities to buy good stocks on the cheap when a negative event occurs. Mr. Horn notes that markets are generally pretty efficient, but there are times when investors react predictably to certain stimuli. The flight response to fear encoded in our DNA plays out day in and day out in security markets worldwide. It is Mr. Horn’s job is to lean into that fear. spoke with Mr. Horn to get his take on currently mispriced stocks and potential bargains. To read the in-depth interview, with salient stock prices and outlook, please visit the Polaris Global Value Fund website.
Stock Markets Will Freak Out If Trump Wins, But You Probably Shouldn’t
Financial markets historically haven’t gotten too carried away on the day after U.S. presidential elections. That’s because investors spend weeks — even months — placing bets in advance of the outcome. By the time the votes are in, the margin of error usually is pretty narrow. But this year might be different. Investors have been trying to gauge the possibility of a Trump vs. Clinton win. Either way, global markets are expected to steady after the U.S. presidential race is no longer fodder for constant speculation, said Bernard R. Horn, President of Polaris Capital Management, a nearly $7 billion investment manager in Boston. “The fact that the election’s over and we can start looking ahead, I think that will be a great relieve to the entire world,” Mr. Horn stated.
International Trader – Growing Irish Sandwich Giant’s Tasty Shares
An article that appeared in Barron’s and Dow Jones Institutional News referenced the efforts of Greencore Group to expand in the U.S. market and strengthen its marketshare in the UK. Greencore’s products cater to consumers seeking healthy convenience foods. According to Bernard Horn Jr. of Polaris Capital, Greencore’s sales are strong due to the company’s model of providing cost-saving consumer staples products. He believes the company is an “interesting deflationary story.”
Bernie Horn Discusses Polaris’ Value Perspective and More
In a recent MoneyLife Radio program, Bernard Horn Jr. discussed Polaris’ value definition, the focus on cash flows and the search for undervalued stocks in a field of more than 40,000 companies globally. He subsequently addressed the Brexit vote and Polaris’ effort to buy attractively valued stocks in the face of negative news. He referenced opportunities in British homebuilders focused on domestic production, as well as a number of recent buys and sells throughout the portfolios.
Bumps In The Road – Linde
According to Value Investor Insight, there are plenty of positives in the industrial-gas business. Plants are built with a majority of the capacity already committed under long-term contracts, providing leverage in signing up nearby customers and a defense against competitive incursion. The industry also benefits from outsourcing by large manufacturers of industrial-gas production. These trends helped make Munich-based Linde AG a top pick of Bernard Horn’s Polaris Capital last year. For more information on Mr. Horn’s views of Linde, please visit
Comments on the British Vote to Exit from the European Union
June 24, 2016

There are a couple of points that we think may help to explain the exit vote. We were expecting a vote to “remain” but felt a vote to leave would ultimately be a healthy development to an increasingly problematic union. We expected a vote to remain on the theory that in federalist systems the economic and social benefits appear more tangible than the costs borne to collectively support those programs. The social benefits, in the form of transfer payments, tend to be dispersed broadly so that most member states see some benefits. However, the costs of such systems are often greater than what any individual state would spend on their own and as the federal, or in this case the European Union (EU), controls an ever larger budget there becomes a question of balance. In elections regarding membership, most voters tend to be reluctant to give up benefits that they perceive someone else is paying for and so votes tend to be in favor of staying with whatever union provides the benefits. This was the case with the Scottish vote last year. In the EU, however, there appears to be more separation among those member states that are benefitting from membership and those that are paying for it…

Read the complete Polaris commentary on this issue here.apple_opt

Investors Aim For Stable Growers That Can Thrive Despite Volatility
According to IBD, mutual fund managers expect more volatility and many are looking for stocks with stable growth that can thrive without a tailwind from a robust economy. In particular, Polaris Capital’s Bernard Horn is concerned about the impact of sluggish economic growth. However, he has used recent market volatility to buy shares in larger financial institutions, as well as technology companies, as the valuations became compelling.
Portfolio Manager Bernard Horn On MoneyLife Radio
In an interview with Chuck Jaffe of MoneyLife Market Call, Portfolio Manager Bernard Horn discusses Polaris’ definition of value. He references the importance of a company’s free cash flow, that is typically delivered back to investors. According to Mr. Horn, markets are generally efficient over time, but human behavior can cause periods of volatility. It is during those periods that Polaris often finds opportunities.
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 3- and 5-Year Periods
For more information about this award, please read the complete press release at:
The views in article excerpts/hyperlinks were those of portfolio management 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 to the INTERNATIONAL COMPOSITE or GLOBAL COMPOSITE recent quarter end performance and related information. Excerpts/hyperlinks reference individual securities that may or may not currently be held in the portfolios.

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