We invite you to peruse our literature, from blogs to commentaries to press interviews, which may provide some insight as to Polaris’ global investment strategies, current research and stock picks. We hope you will find the content both informative and useful in making sound investment decisions. Historical interviews and dated media materials are available upon request.
In an interview with CITYWIRE: Bernie Horn thinks investors may want to prepare themselves for further market disruption as tech advances bleed into new areas. That doesn’t discount the ability of well-run companies to change in an evolving world – it just means separating out those that can adapt from those that will falter.
‘We need to distinguish between technological disruption and just normal competitive behavior. Sometimes, that competitive behavior is because there’s a cyclical downturn in the economy. If we think that that’s going to recover, then that’ll be fine and we hope to be able to see through that because we try to take a longer-term view,’ says Mr. Horn.
April 15, 2026: The Case for Active Insight In An Increasingly Herd-Drive Market
Passive now commands the majority of assets under management… But that dominance has quietly introduced some distortions, ones that don’t show up in expense ratios or fund fact sheets. At its core, index investing is institutionalized herd behavior… When the herd was small, that didn’t matter much. Now that the herd is the market, those distortions are harder to ignore. Here are three passive pitfalls every investor should understand, and where disciplined active management may help fill in the gaps.
March 03, 2026: Finding Value Opportunities In An Overhyped Market
The promise of artificial intelligence consumed investor interest over the past few years, sending many tech stocks soaring beyond rational valuation levels – and leaving most other sectors in the dust. … But it appears the buying frenzy has abated in early 2026, as AI stocks suffered a sharp correction. Investors finally questioned the massive capital investments and the ROI. More discriminating analysis is emerging – and this is where we step into the fray.
September 30, 2025: We Outline Some International Markets That May Be Bargains Now
Even before this performance whipsaw, there was a strong argument to dial back on U.S. stocks and adopt a more global portfolio. We could outline all the reasons for a potential rebound in international equities (cyclicality of leadership, lower interest rates/inflation, cheaper valuations), but that has been regurgitated ad nauseum in the media. Instead, we wanted to take a different tact and talk about the rotation at a granular level, outlining some promising international markets that look like bargains in this new cycle.
August 19, 2025: Sticky Inflation Creates A Bifurcated Economic Landscape
Sticky inflation creates a bifurcated economic landscape, not only by country, but also by sector: some face demand destruction and pricing pressure while others… are able sustain higher prices, pass those along to the consumer and/or maintain demand despite reduced consumer purchasing power. Without going into detail on every MSCI World Index sector, we outline a few potential winners and losers facing a “sticky situation”.
May 27, 2025: Reprinted from Citywire: U.S. small cap investors may want to consider active strategies
If the shiny Magnificent Seven lose their luster, investors may rotate back to small caps – yet far too many will flock to passively managed strategies with suboptimal returns. The heterogenous nature of the US small cap market (wide dispersion in valuation, quality and performance drivers) and sparse analyst coverage highlight the need for active management – potentially selecting the best and the brightest out of nearly 2,000 based in the Russell 2000.
May 27, 2025: Asset Class May be prime for a rebound on macro trends, tariffs and more
While academics debate the validity of the “small cap effect”, the practical answer is simple: if the small cap effect existed, it has now seemingly vanished. The Russell 1000 outperformed the Russell 2000 counterpart by more than 1000 and 800 basis points for the one- and three-year periods respectively ending March 31, 2025. But don’t write off U.S. small caps just yet … history, valuation and macro conditions suggest a comeback in 2025.
February 19, 2025: Martial Law Causes SK Market Decline, Recovery Likely in 2025
South Korea’s stock market plunged in the latter half of 2024 due to Black Monday in August, Donald Trump’s U.S. presidential victory, and the martial law fallout in December. South Korean stocks declined indiscriminately. Even companies not reliant on the local economy were hurt. So where does that leave the market in 2025? A lot depends on the political climate.
January 07, 2025: Banks Optimistic About Reg Trends, Rate Cuts and the U.S. Economy
The U.S. banking industry had a standout 2024, as many regional and large bank stocks were up more than +30% year-to-date (through 12/24/24). So where does the industry go from here? Executives from the country’s biggest banks sound optimistic about 2025. Read a perspective on the current state of the U.S. banking system and expectations, within the context of Federal Reserve actions and presidential election results.
October 22, 2024: What Trends To Look For In The Lead-Up To The 2024 Election
It is common for investors to grow timid about investing in equities, believing the U.S. presidential election will have a significant impact on the stock market. Historically, the U.S. stock market tends to grow during election years, opposite to the doomsayers pointing to selloffs. We discuss how equities actually performed in U.S. presidential election years, examining indices across market cap and sector.
September 24, 2024: Past Precedent Suggests Small Caps Are Worth A Closer Look
Small cap stocks have been a profitable asset class over time, as they benefit from what academics refer to as the “small cap premium”. In recent years, this small cap premium has vanished; there has been a significant divergence in performance… with global large cap stocks significantly outperforming. Will the trend reverse?
April 10, 2024: Why Invest in U.S. Small Cap Equities
There are thousands of small, publicly-traded firms across the U.S. and they all seemingly have the potential to make it big. Many promise that they have the next hot technology or the latest drug to cure a disease. On the surface, these companies seem like great investments. However, not all are what they seem; research helps identify the quality businesses from the herd.
February 20, 2024: Time Might Be Up For Growth Stocks
Discussion on inflation and interest rates dominated 2023. No recession was in sight; conversely the S&P 500 Index gained 26.29% for the year. A key driver of returns was accommodative monetary policy. While low-cost capital spurred growth, the unintended consequences were market excess and over-inflated asset values… none of which are healthy for long-term capital market stability. “Time might be up” for growth stocks…
January 8, 2024: Skip The Craze In Favor Of Value Plays In AI
Instead of playing into the hype with a riskier startup, look at companies with concrete products that can serve the AI market behind the scenes. Nvidia certainly qualifies, although it is massively overpriced. Strong alternatives capitalizing on AI momentum are companies like SK Hynix and Samsung Electronics (Polaris owns both companies as of 01/08/24).
We have compiled a comprehensive listing of global and international value investment commentaries that our clients may find relevant. We want to provide unfettered access and understanding to Polaris’ fundamental investment approach: from our global investing philosophy… to our bottom-up research… to our decision making process… to stock buy/sell discipline… to our outlook for coming quarters. There is no better way to offer this information than through the commentaries for the current year. The commentaries detail quarterly performance via country and sector, as well as high-level analysis surrounding individual holdings. Each report ends with an outlook for coming quarters, and how Polaris is positioning portfolios to potentially maximize both short- and long-term success.
TALKING STOCKS IN THE MONEY LIFE MARKET CALL
Bernie Horn of Polaris Capital returns to the MoneyLife Market Call to discuss stocks and international markets in the face of current events. He talks about how value investing suffered while the stock market was in hot-growth mode led by the Magnificent Seven. Now, however, market valuations are high, which is setting up a rotation that he believes will favor value-minded investors moving forward. Listen to the full audio at moneylifeshow.com
AMERICAN EQUITY CERTIFICATE INVESTOR FOLLOWS WORK OF SAVINGS BANK COMMITEE
In a wide-ranging interview with FinansWatch, Polaris Portfolio Manager Bin Xiao talks about the firm’s investments in Norwegian savings banks, drawn by the sector’s strong capital adequacy, stable earnings and attractive valuations. Mr. Xiao says equity certificates are well understood within Polaris, though he acknowledges some international investors struggle with the structure’s departure from the standard one-share-one-vote model. With Norway’s Ministry of Finance now weighing the Savings Bank Committee’s proposals — including potential changes to how losses are distributed — Xiao is watching closely.
IS THERE AN ACTIVE EDGE IN U.S. SMALL CAPS?
If the shiny Magnificent Seven lose their luster, investors may rotate back to small caps – yet far too many will flock to passively managed strategies with suboptimal returns. The heterogenous nature of the US small cap market (wide dispersion in valuation, quality and performance drivers) and sparse analyst coverage highlight the need for active management – potentially selecting the best and the brightest out of nearly 2,000 based in the Russell 2000.
TALKING STOCKS IN THE MONEY LIFE MARKET CALL
Bernard Horn, President and PM of Polaris, discussed the firm’s value methodology and screening approach to find companies throwing off excess cash flow. He discussed the appeal of international equities from a valuation standpoint (vs. the overheated Mag 7) before discussion turned to tariffs. Mr. Horn discussed how many companies diversified their supply chains post-COVID… hence the tarriff impact could be mitigated. Listen in June 11th: moneylifeshow.com
MAINTAINING FOCUS: THE POLARIS TEAM PROFILE
Bernard Horn, Jason Crawshaw, Samuel Horn, Kenneth Kim, Meredith Winsor, Bin Xiao and Kevin Xu, of Polaris Capital Management describe how they’re processing tariff-related turmoil, how they surface potentially mispriced ideas, and what they think the market is missing today in Loomis, Barry Callebaut, Endesa, Tecnoglass and LATAM Airlines.
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IMPORTANT INFO: RETIREMENT CALCULATOR
The retirement calculator is a model or tool intended for informational and educational purposes only, and does not constitute professional, financial or investment advice. This model may be helpful in formulating your future plans, but does not constitute a complete financial plan. We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. We, at Polaris Capital, do not serve in this role for you. We also encourage you to review your investment strategy periodically as your financial circumstances change.
This model is provided as a rough approximation of future financial performance that you may encounter in reaching your retirement goals. The results presented by this model are hypothetical and may not reflect the actual growth of your own investments. Polaris strives to keep its information and tools accurate and up-to-date.
The information presented is based on objective analysis, but may not be the same that you find at a particular financial institution, service provider or specific product’s site. Polaris Capital and its employees are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool. Polaris is not responsible for any human or mechanical errors or omissions. All content, calculations, estimates, and forecasts are presented without express or implied warranties, including, but not limited to, any implied warranties of merchantability and fitness for a particular purpose or otherwise.
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