Insight into Polaris Global Value Fund's Latest Portfolio Adjustments

Bernard Horn (Trades, Portfolio), a seasoned investment manager since the early 1980s, leads the Polaris Global Value Fund (PGVFX), renowned for its long-standing global and international investment track record. Based in Boston, the fund is managed by a team with over 150 years of collective industry experience. Polaris aims to generate above-average returns by investing in undervalued assets and companies with strong sustainable free cash flow. The fund's investment philosophy capitalizes on global market inefficiencies caused by investor behavior, focusing on mispriced stocks that do not reflect the company’s long-term fundamental valuation.

Summary of New Buys

Bernard Horn (Trades, Portfolio) strategically expanded his portfolio by adding a total of 5 new stocks in the third quarter of 2024. Noteworthy new positions include:

• Smurfit WestRock PLC (SW, Financial), with 141,352 shares, making up 1.58% of the portfolio and valued at $6.99 million.
• Gaming and Leisure Properties Inc (GLPI, Financial), holding 114,600 shares, which represent about 1.34% of the portfolio, totaling $5.90 million.
• ORIX Corp (TSE:8591, Financial), with 221,400 shares, accounting for 1.16% of the portfolio and valued at ¥5,111,190.

Key Position Increases

During the same period, Bernard Horn (Trades, Portfolio) also increased his stakes in three stocks, notably:

• Bellway PLC (LSE:BWY, Financial), with an additional 958 shares, bringing the total to 156,879 shares. This adjustment increased the share count by 0.61% and impacted the portfolio by 0.01%, with a total value of £6,531,290.
• Canadian Tire Corp Ltd (TSX:CTC.A, Financial), with an additional 538 shares, bringing the total to 48,158 shares. This adjustment represents a 1.13% increase in share count, valued at C$5,771,700.

Summary of Sold Out Positions

In a significant portfolio adjustment, Bernard Horn (Trades, Portfolio) completely exited three holdings in the third quarter of 2024:

• Smurfit Kappa Group PLC (DUB:SK3, Financial), where all 141,352 shares were sold, impacting the portfolio by -1.5%.
• The Toronto-Dominion Bank (TSX:TD, Financial), with all 79,611 shares liquidated, causing a -1.04% impact on the portfolio.

Key Position Reductions

Additionally, Bernard Horn (Trades, Portfolio) reduced his positions in 12 stocks, with significant reductions in:

• SK Hynix Inc (XKRX:000660, Financial) by 15,400 shares, resulting in a -28.15% decrease in shares and a -0.63% impact on the portfolio. The stock traded at an average price of ₩189,831 during the quarter and has returned 23.97% over the past 3 months and 37.16% year-to-date.
• UnitedHealth Group Inc (UNH, Financial) by 4,500 shares, resulting in a -41.41% reduction in shares and a -0.55% impact on the portfolio. The stock traded at an average price of $565.61 during the quarter and has returned -0.26% over the past 3 months and 8.87% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Bernard Horn (Trades, Portfolio)'s portfolio included 95 stocks. The top holdings were:

• Allison Transmission Holdings Inc (ALSN, Financial) at 1.89%
• United Therapeutics Corp (UTHR, Financial) at 1.72%
• NextEra Energy Inc (NEE, Financial) at 1.62%
• Shinhan Financial Group Co Ltd (XKRX:055550, Financial) and Williams Companies Inc (WMB, Financial) both at 1.60%

The portfolio is primarily concentrated across 11 industries, including Financial Services, Consumer Cyclical, and Technology, among others.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.