NEWS & EVENTS
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MAY 2024: INTERNATIONAL EQUITIES: SHIFTING PERSPECTIVES
A CITYWIRE LIVESTREAM REPLAY
When gazing at a world of equity market opportunities, what focuses the eye beyond home shores? Citywire’s latest Due Diligence Report panel includes international investing insights from Polaris founder Bernard R. Horn Jr.
WATCH THE CITYWIRE REPLAY OF THE COMPLETE PANEL DISCUSSION
2024 NEWS & EVENTS – HIGHLIGHTS
International diversification - why it still makes sense
In November 1983, Bernie Horn wrote an article about the benefits of international diversification. At the time, very few investors even considered international diversification as an investment option. In the nearly 40 years since that article was written the world has changed dramatically. In 1983 there were about 23 investable markets; in 2024 there are nearly 100. Countries that were not part of the market economy (Brazil, India, China) are not only market economies but arguably drivers of the fortunes of many companies worldwide. In the ensuing years, many investors have come to embrace a global portfolio, but during times of macroeconomic uncertainty, investors often revert to a home bias and question the benefits of global diversification. But the benefits of an international portfolio are still relevant. We revisited this topic in 2010, and again here in May 2024. READ THE COMPLETE INTERNATIONAL INVESTING ARTICLE FROM BERNIE HORN
IMPORTANT INFORMATION:This article is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. The opinions and analyses expressed in this article were those of Polaris portfolio manager Bernard Horn as of the article's publication date (May 2, 2024) and may be subject to change. Views and opinions of Mr. Horn expressed herein do not necessarily state or reflect those of Polaris Capital Management, LLC, and are not, nor shall be, used for advertising or product endorsement purposes. Information, particularly facts and figures, are dated and in many cases, outdated. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future results, nor is intended to speak to any future periods. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. This does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product, nor does it constitute a recommendation to invest in any particular security. Polaris Capital Management, LLC makes no warranty or representation, expressed or implied; nor does Polaris accept any liability, with respect to the information and data set forth herein, and Polaris specifically disclaims any duty to update any of the information and data contained in the commentary. This information and data does not constitute legal, tax, account, investment or other professional advice. Polaris Capital Management, LLC is an investment adviser registered with the Securities and Exchange Commission.
Strategies For Investing In China
On the backdrop of a weaker-than-expected recovery in China, questions have emerged about the best investment opportunities in the region. Bin Xiao, Portfolio Manager with Polaris Capital, discussed the investment potential and pitfalls, highlighting over-competition and corporate governance concerns. He referenced interest in local tech companies, especially software and hardware in high-tech sectors and manufacturing within China. Bin shared more in the interview, available at CNN Underscored.
Copper Is A Hot Commodity: Bidding War For Anglo American
In an article discussing BHP Group's $40 billion bid for Anglo American, Jason Crawshaw of Polaris Capital discussed the copper industry's scramble for assets, with many new companies seeking to get exposure to copper. One reason copper acquisitions are so attractive, per Jason, is that building new copper mines from scratch is expensive and time consuming. The process is even more difficult in certain countries, where permitting is tightly controlled. READ MORE ABOUT BHP'S BID FOR ANGLO AMERICAN
How To Invest in Copper: Your Essential Guide To Mining The Market
Jason Crawshaw, EVP at Polaris, discussed the supply/demand constraints in the copper market that favor the incumbent miners. He talked about declining production rates and with few projects coming online, the copper market should be tight for the next decade. While there are numerous ways to play the copper market, Jason prefers investment in publicly-traded copper mining companies. He states: If you pick the right company, that miner can deliver a couple of things...1) if the copper price goes higher, you get a lot more economic leverage and investment return leverage vs. holding physical metal, and 2) if you pick a company that is not only a good current copper operator, but has the opportunity to grow capacity, that can be optimal. READ ALL ABOUT COPPER AT CNN UNDERSCORED
Russia says broker will take bids from March 25 for frozen assets swap
Bernard Horn, President and Portfolio Manager with Polaris Capital, discussed Russia's frozen asset swap move as "more of the fog of war and investing" and suggested that U.S. investors should continue operating fully under all sanctions. Mr. Horn referenced the move as a "backdoor way" for Russia to skirt sanctions. READ MORE ABOUT RUSSIAN SANCTIONS AT REUTERS
Nikkei average stock price exceeds 40,000 yen; overseas investors are bullish, saying it's still cheap
Ken Kim, senior investment analyst at Polaris Capital, discussed three main reasons for the rise in Japanese stocks: 1) the Tokyo Stock Exchange's efforts to improve corporate governance; 2) the movement of overseas investors moving away from China to invest in Japanese stocks; and 3) the fact that Japanese stocks have lower valuations than U.S. stocks. Ken went on to discuss the two stages of the Japanese stock market movement, current Polaris investments in Japanese trading companies, and volatility metrics that favor Japan over the U.S. To read the complete article, please visit the Nikkei Asia website.
Polaris' Horn: The End of 'Free Money' Favors Value Investing For The Future
Money Life With Chuck Jaffe
Bernie Horn of Polaris Capital says that international value bested growth for several years now and expects the U.S. to follow suit as central banks keep interest rates higher, creating positive real returns for fixed income and ending some of the bubbles caused in equity sectors from years of borrowing at near-zero interest rates. While he expects the change to be global, Bernie favors international stocks now because their valuations are more attractive.
Listen in as Bernie speaks with Chuck Jaffe from the Money Life Show: THE END OF 'FREE MONEY' FAVORS VALUE INVESTING
2023 NEWS & EVENTS – HIGHLIGHTS
Polaris Capital Hires Investment Analyst Kevin Xu
(BOSTON, MA., DECEMBER 01, 2023) Polaris Capital Management, LLC, today announced the hiring of Kevin Xu as an investment analyst. Mr. Xu will collaborate with an experienced team of portfolio managers and analysts, all of whom are considered generalists and perform fundamental analysis of potential investment opportunities.
A recent MBA graduate from the MIT Sloan School of Management, Mr. Xu has nearly 10 years of industry experience, starting with his work as an equity research analyst at Bank of America Merrill Lynch. He subsequently served as a research associate for fundamental long/short hedge fund Coatue Management, before taking on various operating roles at Jet/Walmart.com and Yamibuy.com.
In 2023, Mr. Xu received his master’s degree in business administration from MIT. He graduated summa cum laude with an undergraduate degree in operations research and financial engineering from Princeton University.
NEWS APPEARED IN: Yahoo Finance, MarketWatch, HedgeWeek, ABL Advisor
Polaris Capital Appoints Jason Crawshaw as EVP
(BOSTON, MA., OCTOBER 09, 2023) Polaris Capital Management, LLC, today announced the promotion of Jason Crawshaw to Executive Vice President, where he will serve in an executive management position concurrent with his role as a Portfolio Manager at the firm.
"This new leadership role will enhance firm-wide operational and technological efficiency without compromising Polaris’ focus in research and investing. We get the best of both worlds by having a tenured professional like Jason in this position," said Polaris President & Portfolio Manager Bernie Horn.
Jason Crawshaw joined the Polaris team as an Analyst in January 2014, became an LLC Member in 2015, and was promoted to Assistant Portfolio Manager in early 2016. In January 2021, he was promoted to Portfolio Manager, alongside colleagues Sumanta Biswas and Bin Xiao. All three portfolio managers are considered generalists, conducting fundamental analysis of potential investment opportunities and driving portfolio management decisions.
An overheated U.S. market has investors looking abroad
POLARIS BYLINE: Market dynamics shifted with the onset of the Federal Reserve’s aggressive rate hike campaign in 2022. In today’s “higher-for-longer” interest rate environs, some of the largest technology stocks continue to face untenable growth projections. This has given investors pause to reevaluate, noting the pronounced disparity between U.S. and international stock market valuations. International value stocks are cheaper still, with the MSCI EAFE Value Index sitting near 10-year low valuation multiples. Many industry pundits are advocating to broaden their foreign exposure… with good reason. To read the complete advertorial from Portfolio Manager Jason Crawshaw, please visit the POLARIS GLOBAL VALUE FUND WEBSITE.
Bernard Horn Exits Hyundai Mobis, Boosts Horizon Therapeutics
GuruFocus describes Polaris' efforts as "seeking to generate strong risk-adjusted returns and capital appreciation" by investing in discounted but high-quality stocks in developed as well as emerging markets. Among the the latest quarterly buys and sells from Polaris Capital Management and Bernard Horn (who was the featured speaker at the 2023 GuruFocus Seminar), were Teleperformance, Tecnoglass, TotalEnergies and Cullen/Frost Bankers, while Polaris also added to its position in Horizon Therapeutics and select other potentially undervalued holdings. The company exited Hyundai Mobis. For more information, please visit the gurufocus.com website.
Talking Stocks On MoneyLife Market Call
Bernie Horn, President & Portfolio Manager of Polaris Capital, was the featured speaker on a July radio spot with MoneyLife. He discussed travels worldwide, investing discipline and value methodologies. In particular, Mr. Horn talked about strong cost of capital and strong cash flows as the "recipe" for finding good values. Discussion turned to supply/demand and inventory, with specific companies garnering Polaris' attention. SK Hynix and Samsung are capitalizing on the rebound in semiconductors (on the back of Nvidia and AI frenzy); Kia Corp, Magna International and Michelin are benefiting from a ramp-up in auto production post COVID; and packaging companies in the portfolio have done well as a low-cost way of investing in higher priced stocks (like Walmart, etc.). To listen to the 18-minute Market Call radio segment, please visit THE MONEYLIFE SHOW.
The Largest Money Managers of 2023 - Pensions & Investments
Polaris Capital Management, LLC, a leading global equity manager headquartered in Boston, was named among the largest money money managers in 2023. Managers were ranked by total worldwide institutional assets under management through December 31, 2022.
7 Best Mining Stocks for the Energy Transition
In an article discussing the new era of energy production (renewable energy, electric vehicles and decentralized electricity grid), much depends on the mining metals -- the elements that make clean energy possible.
Sam Horn, senior investment analyst with Polaris, talks about a number of copper stocks that take advantage of the energy transition. "Copper is at the core of all types of renewable energy initiatives: EVs, wind farms, turbines and fuel-efficient airplane engines," he notes. But extracting copper is hard work, with mountainside mines and limited water sources in far-flung locations. The few dominant players in the copper industry are primed for success, taking advantage of the supply-demand constraints, he notes.
Polaris Global Value Fund Named to IBD's Best Mutual Funds 2023 Ranking
Polaris Capital Management, LLC, a leading global equity manager headquartered in Boston, announced today that the Polaris Global Value Fund (PGVFX) was ranked among the Best Mutual Funds of 2023, in the eighth annual ranking by Investor's Business Daily (IBD). IBD listed PGVFX in the top 20 Best International Stock Funds 2023 based on a 10-year record of performance through December 31, 2022. PGVFX also made IBD's list of Best International Stocks Funds in 2022.
For more information, please visit: www.polarisfunds.com
A Look At Bernard Horn's Top Holdings Ahead of Value Conference
The guru will be one of the keynote speakers during the annual event in May 2023
Bernie Horn, portfolio manager for Polaris Capital, seeks to generate strong risk-adjusted returns and capital appreciation by investing in discounted but high-quality stocks in developed and emerging markets. To learn more about Polaris' current holdings in its global and international portfolios, please visit www.gurufocus.com.
10 Best Energy Stocks to Buy in 2023
Energy investors may want to consider both traditional oil and gas companies, as well as pure-play renewable energy companies in the current market. Yet, renewable energy (solar, wind) sources (and the accompanying battery storage) can’t power current needs. Sam Horn, senior investment analyst with Polaris Capital, discussed the issue at length, pointing out the hurdles and expenses involved in renewable electricity storage capacity, while highlighting liquified natural gas as a transition fuel. He subsequently discussed a number oil/gas companies in the U.S. that are working to make their production greener.
The views in the global value investing 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 Equity Composite or Global Equity Composite recent quarter end performance and related information. Excerpts/hyperlinks reference individual securities that may or may not currently be held in the global value investing portfolios.
