Bernard Horn

Bernard Horn Premium Guru

Last Update: 02-26-2016

Number of Stocks: 88
Number of New Stocks: 2

Total Value: $354 Mil
Q/Q Turnover: 11%

Countries: USA ITA NOR GBR BEL FIN HKG DEU KOR FRA SWE CHE JPN CAN THA AUS
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bernard Horn' s Profile & Performance

Profile

Polaris Global Value Fund

Investing Philosophy

Our philosophy is based on two basic beliefs: (i) country and industry factors are important determinants of security prices, and (ii) global market fluctuations produce mispriced stocks. Global markets have proven generally efficient over time, but investor behavior creates volatility that leads to inefficiency somewhere in the world. During these periods, the stock price may not reflect a company’s long-term fundamental valuation and/or future cash flows. We seek to buy such undervalued companies worldwide.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Polaris Global Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20151.551.190.4
20143.6813.69-10.0
201336.9432.394.5
3-Year Cumulative44.2 (13%/year)52.3 (15.1%/year)-8.1 (-2.1%/year)
201221165.0
2011-8.162.11-10.3
5-Year Cumulative60.2 (9.9%/year)80.4 (12.5%/year)-20.2 (-2.6%/year)
201020.6415.065.6
200935.4626.469.0
2008-46.19-37-9.2
2007-3.975.49-9.5
200624.5715.798.8
10-Year Cumulative68.5 (5.4%/year)102 (7.3%/year)-33.5 (-1.9%/year)
200510.524.915.6
200423.6310.8812.7
200347.0628.6818.4
20023.82-22.125.9
20012.21-11.8914.1
15-Year Cumulative259.4 (8.9%/year)107.5 (5%/year)151.9 (3.9%/year)
2000-5.82-9.13.3
199916.521.04-4.5
1998-8.8528.58-37.4
199734.5533.361.2
199623.3422.960.4
20-Year Cumulative496.4 (9.3%/year)381.4 (8.2%/year)115 (1.1%/year)
199531.8237.58-5.8
1994-2.781.32-4.1
199325.710.0815.6
19929.787.622.2
199117.1830.47-13.3
25-Year Cumulative1136 (10.6%/year)937.3 (9.8%/year)198.7 (0.8%/year)
1990-11.74-3.1-8.6

Top Ranked Articles

Bernard Horn Comments on Greencore Group Guru stock highlight
In consumer staples, the Irish convenience food producer Greencore Group (LSE:GNC) was up more than 15% before calendar year end. The company rebounded strongly from the third quarter, when it faced cost pressures and one-off start-up facility charges. In the U.K. market, Greencore noted sales growth amongst grocery retailers, including players such as Sainsbury’s and Marks & Spencer. In the U.S., Greencore expanded capacity to service Starbucks and 7-Eleven. Japanese dairy, confectionery and pharmaceutical manufacturer Meiji Holdings’ stock rose markedly following news of a drug licensing agreement. Optimistic market sentiment drove the stock price to the upper end of our valuation target, and we sold Meiji at a profit earlier in the year. Read more...
Bernard Horn Comments on Duni AB Guru stock highlight
Previously owned government and industrial sites have opened for sale, allowing homebuilders to purchase those sites that are more difficult to remediate and develop. Duni AB (OSTO:DUNI), a Swedish supplier of paper goods and tableware, was up on earnings news, growth in its core table top disposables, efficient operation of its paper mill and favorable exchange rates. Read more...
Bernard Horn Comments on REXLot Holdings Ltd. Guru stock highlight
Chinese lottery company REXLot Holdings, Ltd. (HKSE:00555) diminished sector returns, as the trading suspension continued due to accusations of accounting irregularities. REXLot Holdings also faces bond repayment demands due to the suspension in its stock trading and reported limited ability to withdraw cash recently invested to expand its China operations. Read more...
Bernard Horn Comments on Allergan PLC Guru stock highlight
In healthcare, pharmaceutical maker Allergan PLC (NYSE:AGN) was expected to achieve 80% of an estimated $1.8 billion in synergies stemming from recent acquisitions by the end of the first quarter of 2016. With valuable drugs like Botox and a rich R&D pipeline, Allergan was approached by Pfizer. Pfizer held preliminary and friendly discussions to acquire Allergan, which will offer Pfizer a low tax domicile in Dublin. Read more...
Bernard Horn Comments on Anthem Inc. Guru stock highlight
M&A activity was also heating up in the health insurer industry, with the CFO of Anthem Inc. (NYSE:ANTM) suggesting the company could make a “meaningful” acquisition. Thereafter, Anthem entered negotiations to buy Cigna. In addition to this strategy, Anthem also announced strong earnings, deploying capital in the form of share buybacks and dividends. Read more...
» More Bernard Horn Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn's 1st Quarter 2016 Polaris Global Value Fund Review of holdings Bernard Horn - Bernard Horn's 1st Quarter 2016 Polaris Global Value Fund
Dear Fellow Shareholder, More...

  • Currently 0.00/5

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Bernard Horn Comments on Rexam Guru stock highlight
The year was marked by volatility in commodity prices, which had a negative effect on some materials and energy companies. Better performance was noted amongst materials companies whose products ultimately sell into more defensive end markets, like German flavors and fragrance producer Symrise and beverage can supplier Rexam (LSE:REX). The stock price of Rexam also rose as it entered talks regarding a possible sale to U.S. competitor Ball Corp. More...

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Rating: 5.0/5 (1 vote)

Bernard Horn Comments on Teva Pharmaceutical Guru stock highlight
Teva Pharmaceutical (NYSE:TEVA) achieved strong profits, noting better-than-expected Copaxone sales. The company’s strategic initiatives, including the takeover of Allergan’s Actavis generic drug business and the joint venture with Takeda in Japan, were well received. This will further cement Teva’s position as the global leader in generics and help the company negotiate with its customers. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn Comments on Anthem Inc. Guru stock highlight
M&A activity was also heating up in the health insurer industry, with the CFO of Anthem Inc. (NYSE:ANTM) suggesting the company could make a “meaningful” acquisition. Thereafter, Anthem entered negotiations to buy Cigna. In addition to this strategy, Anthem also announced strong earnings, deploying capital in the form of share buybacks and dividends. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn Comments on Allergan PLC Guru stock highlight
In healthcare, pharmaceutical maker Allergan PLC (NYSE:AGN) was expected to achieve 80% of an estimated $1.8 billion in synergies stemming from recent acquisitions by the end of the first quarter of 2016. With valuable drugs like Botox and a rich R&D pipeline, Allergan was approached by Pfizer. Pfizer held preliminary and friendly discussions to acquire Allergan, which will offer Pfizer a low tax domicile in Dublin. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bernard Horn Comments on REXLot Holdings Ltd. Guru stock highlight
Chinese lottery company REXLot Holdings, Ltd. (HKSE:00555) diminished sector returns, as the trading suspension continued due to accusations of accounting irregularities. REXLot Holdings also faces bond repayment demands due to the suspension in its stock trading and reported limited ability to withdraw cash recently invested to expand its China operations. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn Comments on Duni AB Guru stock highlight
Previously owned government and industrial sites have opened for sale, allowing homebuilders to purchase those sites that are more difficult to remediate and develop. Duni AB (OSTO:DUNI), a Swedish supplier of paper goods and tableware, was up on earnings news, growth in its core table top disposables, efficient operation of its paper mill and favorable exchange rates. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn Comments on Greencore Group Guru stock highlight
In consumer staples, the Irish convenience food producer Greencore Group (LSE:GNC) was up more than 15% before calendar year end. The company rebounded strongly from the third quarter, when it faced cost pressures and one-off start-up facility charges. In the U.K. market, Greencore noted sales growth amongst grocery retailers, including players such as Sainsbury’s and Marks & Spencer. In the U.S., Greencore expanded capacity to service Starbucks and 7-Eleven. Japanese dairy, confectionery and pharmaceutical manufacturer Meiji Holdings’ stock rose markedly following news of a drug licensing agreement. Optimistic market sentiment drove the stock price to the upper end of our valuation target, and we sold Meiji at a profit earlier in the year. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Polaris Global Value Fund Annual Letter 2015 Shareholder review of economy and holdings Bernard Horn - Polaris Global Value Fund Annual Letter 2015
Dear Fellow Shareholder, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Polaris Global Value Sells 3 Oil Holdings Due to Low Commodity Prices Fund led by Bernard Horn lags index in 4th quarter Bernard Horn - Polaris Global Value Sells 3 Oil Holdings Due To Low Commodity Prices
During the fourth quarter, the Polaris Global Value Fund led by Bernard Horn (Trades, Portfolio) purchased two new holdings and closed out four positions, including three in the oil industry. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn's Polaris Global Value Fund 4th Quarter Letter Holdings and market review Bernard Horn - Bernard Horn's Polaris Global Value Fund 4th Quarter Letter
Dear Fellow Shareholder, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bernard Horn Adds to Existing Stakes in 3rd Quarter Guru raises positions in companies across the globe Bernard Horn - Bernard Horn Adds To Existing Stakes In 3rd Quarter
As is often the case, Bernard Horn (Trades, Portfolio) of Polaris Global Value Fund added to many of his existing stakes in the third quarter. What was unusual was that nearly all of his transactions were additions. More...

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Bernard Horn Comments on Solvay SA Guru stock highlight
Early in the year, global urea prices fell to multi - year lows below $260 a ton, and China continued a torrid pace of urea exports. Although Solvay SA (XBRU:SOLB) reported admirable second quarter earnings and margin improvement, the stock dropped based on weak results in the company’s Novecare business line. Three of Solvay’s four main business lines executed well for the quarter with increased sales and volumes, yet all focus surrounded Novecare. The contraction in the U.S. oil and gas industry supply chain dampened Novecare’s sales. Demand diminished for stimulation, drilling and cementing activities. In a case of inopportune timing, Solvay announced just prior to the earnings release that it had recently built a state-of-the-art oil and gas lab in Singapore intended to internationalize Novecare’s business. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bernard Horn Comments on Duni AB Guru stock highlight
Duni AB (OSTO:DUNI), a Swedish supplier of paper goods and table settings, was up on earnings news. The company noted increasing net sales for the 3- and 6-month periods ending June 2015, as well as decreased net debt. Duni AB shuttered the hygiene production business, and reinvested capital to upgrade paper machines for increased capacity. The on-going initiatives contributed to better profitability of operations. Homebuilders experienced consistent sales progress in a more favorable regulatory environment than we have seen in years, which allowed the stocks to hold up in a volatile market. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bernard Horn Comments on Deutsche Telekom Guru stock highlight
Deutsche Telekom (XTER:DTE)’s stock price ticked up, after reporting double-digit growth for the second quarter of 2015. Net revenues rose by more than 15% and free cash flow improved to nearly $1.6 billion. Deutsche Telekom’s retail broadband customers increased in Germany and subsidiary T-Mobile U.S. continued to outpace peers in capturing new subscribers. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bernard Horn Comments on Infosys Ltd. Guru stock highlight
Information technology company Infosys, Ltd. (NYSE:INFY) was among the top contributors for the quarter, as it announced stellar quarterly results and notable growth rates. Issues that previously plagued Infosys, Ltd. dissipated. Attrition declined due to targeted measures by management to provide employees with better training and salaries. Legal battles over the visa program concluded, with no findings of misuse by Infosys, Ltd. The stock price responded, up approximately 20% during the quarter. More...

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Bernard Horn Comments on Guangdong Investment Ltd. Guru stock highlight
Hong Kong water utility Guangdong Investment, Ltd. (HKSE:00270) intends to deploy capital to acquire further earning assets from its parent company, including toll roads and water treatment facilities. Investors were excited about the prospects for the water treatment plant, which is a burgeoning theme in water-constrained China. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bernard Horn's Polaris Global Value Fund Q3 Letter Fund discussed many of its holdings in its Q3 letter Bernard Horn - Bernard Horn's Polaris Global Value Fund Q3 Letter
The Polaris Global Value Fund (“the Fund”) underperformed the MSCI World Index, net benchmark in the quarter, at -8.80%, while the Index dropped -8.45%. The quarter was marked by volatility in commodity prices, which had a negative short-term effect on some materials and energy companies. Ultimately, we believe lower oil prices will have a positive effect on consumer purchasing power worldwide; however, we must first weather this current spate of volatility. More...

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Bernard Horn Sells Stake in Japanese Confectionary Company Guru's acquisitions of stakes in Capital One, Kia Motors among his most valuable Bernard Horn - Bernard Horn Sells Stake In Japanese Confectionary Company
Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund looks for undervalued stocks in which to invest. The Fund has been pretty good at it, too, producing returns of nearly 37% in 2013 and 21% the year before. More...

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Bernard Horn Comments on Marathon Petroleum
One bright spot was Marathon Petroleum (MPC). The company differentiates itself from competitors with a business model that focuses on domestic refining and gas station franchises. Refining margins are up and refiners, like Marathon Petroleum, are increasing throughput ahead of expected additions to production in 2015. In the past year, Marathon Petroleum’s division Speedway acquired Hess, expanding its retail station presence from nine to 23 states throughout the East Coast and Southeast. Recent lower gas prices may spur on more travel and subsequently more stops at gas stations. More...

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