BOOMING DEMAND AND MUTED SUPPLY: WHY TOP MANAGERS BACK EAGLE MATERIALS
Eagle Materials is attracting big bets from top investors keen to profit from strong prospects in the U.S. construction industry. In an article from Citywire’s Algy Hall, Senior Investment Analyst Sam Horn discusses Eagle’s footprint in booming state markets like Texas, New Mexico and Colorado, plus the infrastructure incentives stemming from federally-back plans.
THE FUTURE OF INVESTING IN INTERNATIONAL MARKETS
Jason Crawshaw talks about international plays, whether it’s developed or emerging markets. The conversation steers into fundamental analysis, maintenance cash flow, value opportunities in non-U.S. markets, the importance of capital allocation and how management decisions drive stock performance. The broad-ranging hour long podcast can be heard at the MoneyTree podcast website or on Apple iTunes, Spotify or Stitcher.
THIS GEARBOX MANUFACTURER IS SET TO BOOM – DESPITE THE EV REVOLUTION
The energy transition has created uncertainty for investors. That’s thrown up both risks and opportunities. This column believes U.S.-listed Allison Transmission falls squarely in the later category. Read the full article by Citywire’s Algy Hall, where he quotes Polaris’ Sam Horn about on why Allison remains a value play amid business line development.
LIVESTREAM REPLAY: INTERNATIONAL EQUITIES: SHIFTING PERSPECTIVES
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.
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.
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, discussed the investment potential and pitfalls, highlighting over-competition and corporate governance concerns. He referenced interest in software and hardware in high-tech sectors and manufacturing within China.
COPPER IS A HOT COMMODITY: BIDDING WAR FOR ANGLO AMERICAN
In an article on BHP Group’s $40 billion bid for Anglo American, Jason Crawshaw 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. In certain countries, permitting is tightly controlled.
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.
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.
NIKKEI AVERAGE STOCK PRICE EXCEEDS 40,000 YEN; OVERSEAS INVESTORS ARE BULLISH
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.
POLARIS’ HORN: THE END OF ‘FREE MONEY’ FAVORS VALUE INVESTING FOR THE FUTURE
Bernie Horn of Polaris 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.
POLARIS CAPITAL HIRES INVESTMENT ANALYST KEVIN XU
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. READ MORE ABOUT KEVIN XU
POLARIS CAPITAL APPOINTS JASON CRAWSHAW AS EVP
Polaris 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’ Bernie Horn. READ THE RELEASE
BERNARD HORN EXITS HYUNDAI MOBIS, BOOSTS HORIZON THERAPEUTICS
GuruFocus describes Polaris’ efforts 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 and Bernard Horn (who was the featured speaker at the 2023 GuruFocus Seminar), were Teleperformance, Tecnoglass, TotalEnergies and Cullen/Frost Bankers. The company exited Hyundai Mobis.
TALKING STOCKS ON MONEYLIFE MARKET CALL
Bernie Horn talked about 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; Kia Corp, Magna International are benefiting from a ramp-up in auto production; and packaging companies have done well. Listen to the 18-minute segment at THE MONEYLIFE SHOW.
THE LARGEST MONEY MANAGERS OF 2023
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
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. Dominant players in the copper industry are primed for success, taking advantage of the supply-demand constraints.
POLARIS GLOBAL VALUE FUND NAMED TO IBD’S BEST MUTUAL FUNDS 2023 RANKING
Polaris Capital Management, LLC 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
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.
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