Polaris Capital Management
Bernard HornBOSTON, MAfiles as Polaris Capital Management, LLC
$1.1bn in 84 US stocks at the end of 30 June 2026. The top 10 are 47.7% of the money. It changed about 15.9% of the portfolio this quarter.
Value
$1.1bn
Stocks
84
Top 10 share
47.7%
Turnover
15.9%
What changed this quarter
New
Bought for the first time this quarter.
- CytokineticsCYTK2.1% of the fund
- Booking HoldingsBKNG1.9% of the fund
- AdobeADBE1.6% of the fund
- SouthState BankSSB0.3% of the fund
- ItronITRI0.2% of the fund
- BeldenBDC0.2% of the fund
- Aura MineralsAUGO<0.1% of the fund
Added
Bought more of a stock they already held.
- Smurfit WestrockSW7.1% of the fund+20%
- South Plains FinancialSPFI0.5% of the fund+11%
- HomeTrust BancsharesHTB0.5% of the fund+3%
- Commercial BancgroupCBK0.3% of the fund+35%
- Peoples BancorpPEBO0.3% of the fund+23%
- Business First BancsharesBFST0.3% of the fund+19%
- BAR Harbor BanksharesBHB0.3% of the fund+14%
- City HoldingCHCO0.3% of the fund+17%
- Independent BankINDB0.3% of the fund+9%
- Acuity Inc. (de)AYI0.3% of the fund+16%
- NetstreitNTST0.2% of the fund+10%
- Southside BancsharesSBSI0.2% of the fund+11%
- NMI HoldingsNMIH0.2% of the fund+14%
- Sabra Health Care REITSBRA0.2% of the fund+7%
- Eagle MaterialsEXP0.2% of the fund+8%
- Essential Properties Realty TrustEPRT0.2% of the fund+8%
- Carlisle CompaniesCSL0.2% of the fund+13%
- BuckleBKE0.2% of the fund+31%
- Barrett Business ServicesBBSI0.2% of the fund+76%
- HNIHNI0.2% of the fund+13%
- DnowDNOW0.2% of the fund+8%
- PDD HoldingsPDD0.2% of the fund+57%
- Avidia BancorpAVBC0.1% of the fund+56%
Cut
Sold some of their stake.
- PopularBPOP8.2% of the fund-18%
- Jazz PharmaceuticalsJAZZ7.5% of the fund-21%
- LindeLIN4.9% of the fund-20%
- Lantheus HoldingsLNTH4.4% of the fund-31%
- Arrow ElectronicsARW3.9% of the fund-32%
- CVS HealthCVS3.6% of the fund-29%
- JPMorgan ChaseJPM2.8% of the fund-23%
- United TherapeuticsUTHR2.7% of the fund-45%
- SLMSLM2.6% of the fund-25%
- International BancsharesIBOC2.3% of the fund-31%
- Marathon PetroleumMPC2.3% of the fund-40%
- Eastman ChemicalEMN2.1% of the fund-28%
- Webster FinancialWBS2.0% of the fund-44%
- Cullen/frost BankersCFR1.9% of the fund-35%
- Nomad FoodsNOMD1.8% of the fund-15%
- Gilead SciencesGILD1.8% of the fund-39%
- ChubbCB1.8% of the fund-36%
- Allison Transmission HoldingsALSN1.8% of the fund-36%
- Williams CompaniesWMB1.7% of the fund-38%
- M&T BankMTB1.7% of the fund-38%
- AbbVieABBV1.7% of the fund-39%
- NextEra EnergyNEE1.7% of the fund-31%
- General DynamicsGD1.7% of the fund-43%
- Elevance HealthELV1.6% of the fund-39%
- Tyson FoodsTSN1.6% of the fund-36%
Sold out
Sold their entire stake.
- MKSMKSI-100%
- Southstate-100%
- Wabash NationalWNC-100%
- Winnebago IndustriesWGO-100%
- First Seacoast BancorpFSEA-100%
- KforceKFRC-100%
- Euronet WorldwideEEFT-100%
Holdings
- Webster FinancialWBS
- Share
- 2.0%
- Value
- $21m
- Shares
- 276,538
-44%
- Northeast BK Portland MENBN
- Share
- 0.6%
- Value
- $6m
- Shares
- 45,800
Held
- PDD HoldingsPDD
- Share
- 0.2%
- Value
- $2m
- Shares
- 21,400
+57%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| PopularBPOP | 8.2% | $87m | 529,241 | -18% |
| Jazz PharmaceuticalsJAZZ | 7.5% | $79m | 328,966 | -21% |
| Smurfit WestrockSW | 7.1% | $76m | 1,635,802 | +20% |
| LindeLIN | 4.9% | $52m | 99,716 | -20% |
| Lantheus HoldingsLNTH | 4.4% | $47m | 424,500 | -31% |
| Arrow ElectronicsARW | 3.9% | $42m | 195,700 | -32% |
| CVS HealthCVS | 3.6% | $38m | 365,200 | -29% |
| JPMorgan ChaseJPM | 2.8% | $30m | 90,291 | -23% |
| United TherapeuticsUTHR | 2.7% | $29m | 53,450 | -45% |
| SLMSLM | 2.6% | $28m | 1,077,700 | -25% |
| International BancsharesIBOC | 2.3% | $24m | 321,100 | -31% |
| Marathon PetroleumMPC | 2.3% | $24m | 93,482 | -40% |
| Eastman ChemicalEMN | 2.1% | $23m | 340,300 | -28% |
| CytokineticsCYTK | 2.1% | $23m | 266,900 | New |
| IngredionINGR | 2.0% | $21m | 226,300 | Held |
| Webster FinancialWBS | 2.0% | $21m | 276,538 | -44% |
| Cullen/frost BankersCFR | 1.9% | $21m | 133,300 | -35% |
| Booking HoldingsBKNG | 1.9% | $20m | 112,010 | New |
| Nomad FoodsNOMD | 1.8% | $20m | 1,783,500 | -15% |
| Gilead SciencesGILD | 1.8% | $19m | 153,300 | -39% |
| ChubbCB | 1.8% | $19m | 55,038 | -36% |
| Allison Transmission HoldingsALSN | 1.8% | $19m | 164,900 | -36% |
| Williams CompaniesWMB | 1.7% | $18m | 248,800 | -38% |
| M&T BankMTB | 1.7% | $18m | 76,400 | -38% |
| AbbVieABBV | 1.7% | $18m | 71,264 | -39% |
| NextEra EnergyNEE | 1.7% | $18m | 201,957 | -31% |
| General DynamicsGD | 1.7% | $18m | 49,927 | -43% |
| Elevance HealthELV | 1.6% | $17m | 43,824 | -39% |
| AdobeADBE | 1.6% | $17m | 82,200 | New |
| Tyson FoodsTSN | 1.6% | $17m | 288,400 | -36% |
| Gaming & Leisure PropertiesGLPI | 1.4% | $15m | 335,100 | -38% |
| Capital One FinancialCOF | 1.3% | $14m | 71,220 | -37% |
| LKQLKQ | 1.0% | $11m | 420,800 | -38% |
| Northeast BK Portland MENBN | 0.6% | $6m | 45,800 | Held |
| South Plains FinancialSPFI | 0.5% | $5m | 126,000 | +11% |
| HomeTrust BancsharesHTB | 0.5% | $5m | 107,700 | +3% |
| OFG BancorpOFG | 0.5% | $5m | 108,100 | Held |
| Commercial BancgroupCBK | 0.3% | $3m | 95,100 | +35% |
| Peoples BancorpPEBO | 0.3% | $3m | 79,800 | +23% |
| Business First BancsharesBFST | 0.3% | $3m | 98,200 | +19% |
| BAR Harbor BanksharesBHB | 0.3% | $3m | 79,900 | +14% |
| Covenant Logistics GroupCVLG | 0.3% | $3m | 67,282 | -12% |
| City HoldingCHCO | 0.3% | $3m | 22,295 | +17% |
| Independent BankINDB | 0.3% | $3m | 35,239 | +9% |
| SouthState BankSSB | 0.3% | $3m | 29,161 | New |
| Acuity Inc. (de)AYI | 0.3% | $3m | 7,200 | +16% |
| AvnetAVT | 0.2% | $3m | 29,300 | -9% |
| Bank of N.T. Butterfield & SonNTB | 0.2% | $3m | 43,700 | -4% |
| NetstreitNTST | 0.2% | $3m | 118,600 | +10% |
| Southside BancsharesSBSI | 0.2% | $2m | 70,158 | +11% |
| V2XVVX | 0.2% | $2m | 33,000 | -4% |
| Applied Industrial TechnologiesAIT | 0.2% | $2m | 7,200 | -5% |
| BOK FinancialBOKF | 0.2% | $2m | 17,364 | -4% |
| CabotCBT | 0.2% | $2m | 26,273 | -8% |
| EplusPLUS | 0.2% | $2m | 27,700 | Held |
| NMI HoldingsNMIH | 0.2% | $2m | 55,700 | +14% |
| Ingles MarketsIMKTA | 0.2% | $2m | 25,783 | -4% |
| Laureate EducationLAUR | 0.2% | $2m | 61,500 | -14% |
| EnnisEBF | 0.2% | $2m | 105,100 | Held |
| Black HillsBKH | 0.2% | $2m | 29,800 | -12% |
| Sabra Health Care REITSBRA | 0.2% | $2m | 112,800 | +7% |
| Phillips Edison & CompanyPECO | 0.2% | $2m | 52,600 | Held |
| Eagle MaterialsEXP | 0.2% | $2m | 9,600 | +8% |
| Essential Properties Realty TrustEPRT | 0.2% | $2m | 68,400 | +8% |
| Carlisle CompaniesCSL | 0.2% | $2m | 5,544 | +13% |
| BuckleBKE | 0.2% | $2m | 46,583 | +31% |
| Perdoceo EducationPRDO | 0.2% | $2m | 60,600 | Held |
| Barrett Business ServicesBBSI | 0.2% | $2m | 54,100 | +76% |
| ItronITRI | 0.2% | $2m | 22,200 | New |
| Diamondback EnergyFANG | 0.2% | $2m | 10,670 | Held |
| CVR EnergyCVI | 0.2% | $2m | 67,000 | Held |
| HNIHNI | 0.2% | $2m | 44,500 | +13% |
| BeldenBDC | 0.2% | $2m | 14,600 | New |
| DnowDNOW | 0.2% | $2m | 130,400 | +8% |
| PDD HoldingsPDD | 0.2% | $2m | 21,400 | +57% |
| ExelixisEXEL | 0.1% | $1m | 26,300 | Held |
| Harmony Biosciences HoldingsHRMY | 0.1% | $1m | 36,100 | Held |
| Avidia BancorpAVBC | 0.1% | $1m | 62,600 | +56% |
| ANI PharmaceuticalsANIP | 0.1% | $1m | 15,600 | Held |
| Supernus PharmaceuticalsSUPN | <0.1% | $1m | 22,500 | Held |
| Aura MineralsAUGO | <0.1% | $975,725 | 15,500 | New |
| Amphastar PharmaceuticalsAMPH | <0.1% | $872,422 | 43,232 | Held |
| Progress SoftwarePRGS | <0.1% | $785,772 | 23,400 | Held |
| CredicorpBAP | <0.1% | $662,286 | 1,700 | -15% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 29.4% since 30 June 2025.
Where the money is
Financial services29.3%
Health care26.0%
Materials14.7%
Industrials6.2%
Technology6.2%
Everyday goods5.6%
Energy4.3%
Retail & consumer2.6%
Real estate2.2%
Utilities1.9%
Media & telecom0.2%
Other0.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.