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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A Steady Lodestar
The world has changed, but the Polaris approach remains constant.

The Polaris Global Value Fund (advised by Polaris Capital) was featured in the Spring 2019 edition of Morningstar Magazine, with portfolio manager Bernie Horn discussing the Fund’s investment philosophy and approach.  The in-depth “Undiscovered Managers” article delves into the Fund’s research process, while listing a number of recent Fund purchases.

To read the article, please visit the Polaris Global Value Fund website.


Bernard Horn’s Top 3 Buys in 2nd Quarter
GuruFocus reporter James Li detailed how Polaris’ investment philosophy derives from two basic beliefs: country and industry factors are important determinants of security prices and global market fluctuations produce mispriced stocks. As such, Polaris conducts bottom-up research to find these attractively valued investment opportunities. In the second quarter of 2018, Polaris purchased stocks from three regions: Publicis Groupe (France), Shinhan Financial Group (South Korea) and Inchcape (United Kingdom). The article went on to cite the Polaris quarterly commentary, outlining top contributors and detractors to performance.
Institutional Money – Ranking By AUM
The German trade magazine for institutional investors discussed relatively low volatility in 2017, at least on the equity side. The benefits were reflected in the managed assets of a vast majority of fund companies, according to reporting. The magazine tracked the evolution of global assets under management, separating data out between private and institutional clients. Polaris Capital made the list of “classic boutique” firms managing between 1-10 billion Euros (as of December 2017).
MoneyLife With Chuck Jaffe
During the MoneyLife radio interview, Bernie Horn discussed the Polaris investment methodology. He referenced the strategy of seeking out companies with streams of cash flow undervalued to the point that they may be priced to give returns that beat the benchmark. This strategy has been in play since the inception of Polaris’ global and international portfolios, which has contributed to long-term strong performance.

Mr. Horn went on to discuss current macro-economic volatility that is helping uncover buying opportunities in a variety of sectors and regions. In particular, Mr. Horn discusses positions in South Korea with the purchase of six stocks, all of which were undervalued due to regional turmoil. At a sector level, he referenced attractive companies in industrials, information technology, retail and materials. Mr. Horn went on to highlight a number of current portfolio holdings, and then turned his attention to the “Hold It or Fold It” section of the interview.

Mutual Fund Observer – Briefly Noted
Mutual Fund Observer highlighted notable funds that received Lipper Fund Awards for 2018. Among those mentioned was the Polaris Global Value Fund, which received the five-year award* for posting the strongest trend of returns in the global multi-cap value category.

*Polaris also received the 10-year award in the global multi-cap value category, but this wasn’t mentioned in the article. In the Lipper Universe, a total of 58 funds over a five-year period, and 37 funds over a 10-year period, through November 30, 2017 were eligible for this category distinction.

For more information about this award, please read the complete press release at:

Capital Edge Newsletter – Value Investing
Author Chris Flanagan discusses the long-term benefits of value investing. He states that identifying undervalued companies can be difficult, but fundamental research and due diligence can reveal attractively priced stocks. An interview with Samuel Horn, analyst at Polaris Capital, outlined the firm’s value-oriented investment philosophy and process. Mr. Horn laid out the investment process at Polaris: “Companies exist to produce a stream of cash flow and deliver returns to its shareholders. When you discount the future cash flows to the present, this is ultimately the current value of the company. What we try to do is purchase these cash flows at a discount.” Mr. Horn went on to discuss Polaris’ risk management strategy and efforts to find attractively valued stocks across the globe.
Global Investing – Balkan Time
Vivian Lewis, editor for Global Investing, discussed global macro-economic trends related to the Balkans. She also highlighted upward trajectory of U.S. markets largely due to positive job metrics and the hope that the U.S. and North Korea can make progress in denuclearization. Ms. Lewis referenced findings from 2017 corporate reports at a number of companies in Ireland, Canada, Spain, Latin American countries and more. She noted that Polaris is invested in Irish convenience foods producer, Greencore Group, referencing comments from Polaris’ fourth quarter 2017 performance update. Ms. Lewis also pointed out that Polaris likes other consumer staples stocks, including Asahi Group and Tyson Foods.
Polaris Global Value Fund Wins Lipper Awards – Best in Category for 5- and 10-Year Periods
For more information about this award, please read the complete press release at:


Bernie Horn Discusses Polaris’ Methodology and Deflation Beaters
Bernie Horn, President of Polaris Capital Management, spoke with Chuck Jaffe of MoneyLife Market Call about current investment methodology and Polaris’ admirable long-term track record. Polaris maintains a disciplined investment approach, patiently seeking out undervalued companies generating good sustainable cash flows. The team seeks out companies that can thrive in a deflationary environment, which is in evidence time and again from industry to industry. Not all countries are in a deflationary state, but for the most part the developed world has been in a sustained deflationary period driven by technology diffusion. Mr. Horn references items like DRAM and personal computers, which have seen prices dropping for a decade.

During the radio interview with Chuck Jaffe, Mr. Horn pointed to select companies in Asian countries that still presented good value opportunities, even in a heated global economy. In the “Hold It or Fold It” section, Mr. Horn discussed the low betas and cheap valuations of Korean stocks, as well as problems within Chinese large cap companies.

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.
An Unusual Approach That Has Worked Well
In a Morningstar analyst report about a sub-advised fund, the Polaris investment strategy (which is used for all of its mutual funds) was reviewed. The Morningstar article referenced Polaris’ focus on cash flow and valuation, with the investment team seeking good prices on well-managed companies. Most of Polaris’ work is fundamental company analysis. The article goes on to outline the Polaris process, which strives to have equal weightings among holdings, agnostic to sector or country. While the Polaris team does not specifically look for companies that will become takeover targets, it has been common for several of their undervalued holdings to attract takeover bids in a single year.
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.”
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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