Bernard Horn

Bernard Horn Premium Guru

Last Update: 12-06-2016

Number of Stocks: 85
Number of New Stocks: 2

Total Value: $370 Mil
Q/Q Turnover: 3%

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 (%)
201611.6711.96-0.3
20151.551.380.2
20143.6813.69-10.0
3-Year Cumulative17.6 (5.5%/year)29 (8.9%/year)-11.4 (-3.4%/year)
201336.9432.394.5
201221165.0
5-Year Cumulative94.8 (14.3%/year)98.2 (14.7%/year)-3.4 (-0.4%/year)
2011-8.162.11-10.3
201020.6415.065.6
200935.4626.469.0
2008-46.19-37-9.2
2007-3.975.49-9.5
10-Year Cumulative51.1 (4.2%/year)95.7 (6.9%/year)-44.6 (-2.7%/year)
200624.5715.798.8
200510.524.915.6
200423.6310.8812.7
200347.0628.6818.4
20023.82-22.125.9
15-Year Cumulative292.6 (9.5%/year)164.2 (6.7%/year)128.4 (2.8%/year)
20012.21-11.8914.1
2000-5.82-9.13.3
199916.521.04-4.5
1998-8.8528.58-37.4
199734.5533.361.2
20-Year Cumulative440 (8.8%/year)339.2 (7.7%/year)100.8 (1.1%/year)
199623.3422.960.4
199531.8237.58-5.8
1994-2.781.32-4.1
199325.710.0815.6
19929.787.622.2
25-Year Cumulative1077.9 (10.4%/year)791.8 (9.1%/year)286.1 (1.3%/year)
199117.1830.47-13.3
1990-11.74-3.1-8.6

Top Ranked Articles

Bernard Horn's 5 New Buys All Undervalued by Lynch Earnings Line Polaris' new investments confirmed by Peter Lynch method of valuation
The Polaris Global Fund headed by Bernard Horn (Trades, Portfolio) picked up five new holdings during the first quarter although only one was an international company, according to data reported by GuruFocus' Real Time Picks. 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...
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 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. Read more...
» More Bernard Horn Articles

Commentaries and Stories

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Bernard Horn Comments on Asahi Group Holdings Guru stock highlight
Already impacted by a weaker Yen, Japan’s Asahi Group Holdings (TSE:2502) dropped further on the acquisition of European beer brands from Anheuser-Busch InBev. Asahi defended the $7.8 billion deal, citing cost benefits and the ability to boost international sales. However, the stock price fell on concerns about the price paid and how the deal would be financed. More...

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Bernard Horn Comments on Greencore Group Guru stock highlight
Similar to U.K. homebuilders, Irish convenience foods producer Greencore Group (LSE:GNC) retreated, as its share price decline was amplified by the British Pound depreciation. During the quarter, the company announced it would acquire U.S.-based Peacock Foods in a deal funded by an equity rights issue and new debt. This acquisition is expected to quadruple Greencore’s U.S. revenues. More...

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Bernard Horn Comments on Christian Dior Guru stock highlight
French luxury goods company, Christian Dior (XPAR:CDI), was up approximately 18% during the quarter, rebounding from a two-year slump due to China’s economic slowdown and the government’s anti-corruption movement to dissuade displays of wealth. In the second half of 2016, China’s penchant for fashion and leather goods renewed, with sales at the fastest pace in more than a year. LVMH, of which Christian Dior owns 41%, successfully took control of family-owned luxury luggage maker Rimowa in Germany. International Gaming Technology (IGT), the Italian gaming and lottery company, continued its winning streak, recording good gaming revenues on the back of lottery license extensions in Georgia and Texas. More...

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Bernard Horn Comments on Marathon Petroleum Corp Guru stock highlight
The share price of Marathon Petroleum Corp. (NYSE:MPC) was up nearly 25% during the quarter, after activist investors campaigned for a company spin-off to supposedly unlock greater value. Marathon Petroleum currently works in three arenas: refining operations, pipeline transportation and retail (Speedway chain of gasoline and convenience stores). Activists, including Jana Partners (Trades, Portfolio), Corvex Management and Elliott Management, called on Marathon to follow its industry peers in separating its businesses, with a raft of suggestions ranging from the spin-off of just Speedway to accelerating the drop down of assets into Marathon’s master limited partnership. More...

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Bernard Horn Comments on UnitedHealth Group Inc. Guru stock highlight
Three of the five largest U.S. health insurers, including UnitedHealth Group Inc. (NYSE:UNH), have pulled out of some Affordable Care Act (ACA) state exchanges. UnitedHealth Group, which lost $850 million on the state exchanges in 2016, made the decision to exit much of this business to reduce losses. Anthem echoed similar resolve. Both companies had double-digit gains, due partially to the ACA decisions as well as other initiatives. UnitedHealth announced a new drug distribution partnership with CVS. Anthem’s prospects for the Cigna merger, previously opposed by the Department of Justice, looked more favorable under the new administration. More...

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Bernard Horn Comments on Xerox Guru stock highlight
Xerox (NYSE:XRX) was the main detractor in the IT sector. Early in 2016, the company stated it was splitting off the services division it acquired a bit more than five years earlier. Xerox separated into two publicly-traded entities: an $11 billion document technology company based around the namesake copier and scanner hardware; and a $7 billion business-services company, Conduent Inc. In October, Xerox’s largest individual shareholder filed a lawsuit to block the spin-off, creating an overhang on the stock during the fourth quarter. The deal proceeded nevertheless, with a distribution date of December 31, 2016. More...

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Polaris Global Value Fund 4th Quarter Shareholder Letter Review of holdings and economy Bernard Horn - Polaris Global Value Fund 4th Quarter Shareholder Letter
Dear Fellow Shareholder, More...

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Bernard Horn Gains 2 Holdings, Cuts 3 Others Guru releases 3rd quarter portfolio Bernard Horn,HOTCHKIS & WILEY,Diamond Hill Capital - Bernard Horn Gains 2 Holdings, Cuts 3 Others
Bernard Horn (Trades, Portfolio) of the Polaris Global Value Fund purchased two new holdings and exited three others in the third quarter. More...

POLARIS, HORN, BUYS, SELLS, TRADES, 3Q


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Bernard Horn's Polaris Global Value Fund 3rd Quarter Commentary Review of holdings and economy Bernard Horn - Bernard Horn's Polaris Global Value Fund 3rd Quarter Commentary
October 4, 2016 More...

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Bernard Horn Adds to Holdings in Homebuilders Guru's top 4 transactions in 2nd quarter were in construction companies Bernard Horn - Bernard Horn Adds To Holdings In Homebuilders
Bernard Horn (Trades, Portfolio) of Polaris Global Value Fund added to seven positions in the portfolio in the second quarter. The top five were his most noteworthy transactions; the top four were British-based homebuilding companies. More...

BREXIT,HOMEBUILDERS


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Bernard Horn Comments on Carter's Inc. Guru stock highlight
Children’s clothing manufacturer Carter (NYSE:CRI)’s Inc. noted good quarterly results with swelling revenues driven by e-commerce. The company announced encouraging 2016 guidance, increased their dividend by 50% and committed to further share buybacks. More...

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Bernard Horn Comments on International Game Technology PLC Guru stock highlight
In addition to Carter’s Inc., other notable contributors in the consumer discretionary sector included International Game Technology PLC (NYSE:IGT) and Regal Entertainment Group. IGT’s Italy-based Lottomatica subsidiary is leading a consortium bid on an Italian lottery concession, after which a joint venture will be arranged. The announcement came just ahead of IGT’s positive fourth quarter earnings report. Regal reported a record 2015 across most financial metrics, partially due to a strong fourth quarter of blockbuster film releases, investment in premium amenities and consistent focus on operational execution. The company also got a tangential boost from the AMC-Carmike Cinemas acquisition. A consolidating market is good for the movie theater industry and opens up the possibility of a similar merger & acquisition (M&A) transaction for Regal. More...

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Bernard Horn Comments on Infosys Guru stock highlight
Infosys (NYSE:INFY), the Indian outsourced technology consultant, rallied after raising 2016 revenue forecasts to 9%. Business momentum is back on track after a less than stellar December 2015 quarter, which was impacted by sluggish year-end corporate technology planning and weaker currency. More...

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Bernard Horn Comments on Marathon Petroleum Corp Guru stock highlight
Marathon Petroleum Corp. (NYSE:MPC) was a significant detractor to Fund performance, as the company lowered the 2016 distribution expectations of its master limited partnership (MPLX) and cut capital expenditures as commodity prices declined. The company is expected to provide further financial support to MPLX by injecting its inland marine business in exchange for units, along with a potential private placement of up to $1 billion. More...

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Bernard Horn's Polaris Global Value Fund 2nd Quarter Letter Commentary on portfolio activity and market Bernard Horn - Bernard Horn's Polaris Global Value Fund 2nd Quarter Letter
Dear Fellow Shareholder, April 8, 2016 More...

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Bernard Horn's 5 New Buys All Undervalued by Lynch Earnings Line Polaris' new investments confirmed by Peter Lynch method of valuation Bernard Horn,Joel Greenblatt,Richard Pzena,David A - Bernard Horn's 5 New Buys All Undervalued By Lynch Earnings Line
The Polaris Global Fund headed by Bernard Horn (Trades, Portfolio) picked up five new holdings during the first quarter although only one was an international company, according to data reported by GuruFocus' Real Time Picks. More...

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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
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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...

  • Currently 5.00/5

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...

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