Bernard Horn

Bernard Horn

Last Update: 2014-08-21

Number of Stocks: 83
Number of New Stocks: 0

Total Value: $256 Mil
Q/Q Turnover: 5%

Countries: USA FRA FIN GBR HKG THA DEU JPN NOR KOR SWE CAN ITA CHE BEL
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 (%)
201336.9431.555.4
20122115.45.6
2011-8.162.08-10.2
3-Year Cumulative52.2 (15%/year)55 (15.7%/year)-2.8 (-0.7%/year)
201020.6415.065.6
200935.4626.469.0
5-Year Cumulative148.7 (20%/year)125.5 (17.7%/year)23.2 (2.3%/year)
2008-46.19-37-9.2
2007-3.975.61-9.6
200624.5715.798.8
200510.524.915.6
200423.631211.6
10-Year Cumulative118.7 (8.1%/year)104.1 (7.4%/year)14.6 (0.7%/year)
200347.0628.718.4
20023.82-22.125.9
20012.21-11.914.1
2000-5.82-9.13.3
199916.521-4.5
15-Year Cumulative274.5 (9.2%/year)98.3 (4.7%/year)176.2 (4.5%/year)
1998-8.8528.6-37.5
199734.5533.41.1
199623.34230.3
199531.8237.6-5.8
1994-2.781.3-4.1
20-Year Cumulative626 (10.4%/year)483.2 (9.2%/year)142.8 (1.2%/year)
199325.710.115.6
19929.787.62.2
199117.1830.5-13.3
1990-11.74-3.1-8.6

Top Ranked Articles

Bernard Horn Comments on Valassis Communications
Only one consumer discretionary stock was sold during the six-month period. Valassis Communications (VCI), a U.S. direct mail/geography targeted advertising company, was originally added to the Fund in October 2013. By mid-February 2014, the company was acquired by Harland Clarke Holdings Corp. at a 20% premium over Valassis’ closing price as of December 17, 2013. Read more...
Bernard Horn Comments on Greencore Group
Performance in consumer staples holdings was spearheaded by Irish convenience food producer Greencore Group (LSE:GNC). Greencore made a strategic acquisition of Lettieri’s, a U.S. manufacturer of food-to-go products for convenience stores like 7-Eleven. The company also announced plans to build a greenfield sandwich manufacturing facility in Rhode Island, which is expected to service New England and New York. Read more...
Bernard Horn Comments on Forest Laboratories
Pharmaceutical maker Forest Laboratories (FRX) had double digit returns on news of its acquisition by Actavis PLC, the world’s second largest generic drug maker. Prior to this transaction, Forest Labs conducted a company restructuring, increased its product pipeline and initiated a stock buyback, all of which helped boost the stock valuation at the time of Actavis’ $25 billion acquisition bid. Read more...
Bernard Horn’s Polaris Global Value Fund 2Q 2014 Message to Our Shareholders
Dear Fellow Shareholder, Read more...
Bernard Horn Comments on GTECH
At the other end of the spectrum, Italian lottery/gaming operator GTECH (MIL:GTK)’s stock price dropped after rumors emerged of a potentially expensive acquisition of a casino machine equipment manufacturer, which would add more debt to GTECH’s balance sheet. In addition, U.K. homebuilders were weak due to concerns that regulators were trying to dampen the housing market. However, at quarter end, the Bank of England came out with relatively benign lending guidelines already being followed by the banks, and share prices rebounded. Read more...
» More Bernard Horn Articles

Commentaries and Stories

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Bernard Horn Comments on Valassis Communications
Only one consumer discretionary stock was sold during the six-month period. Valassis Communications (VCI), a U.S. direct mail/geography targeted advertising company, was originally added to the Fund in October 2013. By mid-February 2014, the company was acquired by Harland Clarke Holdings Corp. at a 20% premium over Valassis’ closing price as of December 17, 2013. More...

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Bernard Horn Comments on Greencore Group
Performance in consumer staples holdings was spearheaded by Irish convenience food producer Greencore Group (LSE:GNC). Greencore made a strategic acquisition of Lettieri’s, a U.S. manufacturer of food-to-go products for convenience stores like 7-Eleven. The company also announced plans to build a greenfield sandwich manufacturing facility in Rhode Island, which is expected to service New England and New York. More...

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Bernard Horn Comments on Forest Laboratories
Pharmaceutical maker Forest Laboratories (FRX) had double digit returns on news of its acquisition by Actavis PLC, the world’s second largest generic drug maker. Prior to this transaction, Forest Labs conducted a company restructuring, increased its product pipeline and initiated a stock buyback, all of which helped boost the stock valuation at the time of Actavis’ $25 billion acquisition bid. More...

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Bernard Horn’s Polaris Global Value Fund 2Q 2014 Message to Our Shareholders
Dear Fellow Shareholder, More...

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Bernard Horn Comments on GTECH
At the other end of the spectrum, Italian lottery/gaming operator GTECH (MIL:GTK)’s stock price dropped after rumors emerged of a potentially expensive acquisition of a casino machine equipment manufacturer, which would add more debt to GTECH’s balance sheet. In addition, U.K. homebuilders were weak due to concerns that regulators were trying to dampen the housing market. However, at quarter end, the Bank of England came out with relatively benign lending guidelines already being followed by the banks, and share prices rebounded. More...

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Bernard Horn Comments on Regal Entertainment
Regal Entertainment (RGC) also posted double-digit returns for the quarter, benefiting from summer blockbusters, and the recently introduced “Regal Super Ticket” for the $100 million opening debut of Transformers. More...

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Bernard Horn Comments on Duni
Swedish table napkin maker Duni (OSTO:DUNI)’s stock price was up more than 20%, which helped offset subpar performance among other consumer discretionary holdings. Duni’s operating profitability improved in the first quarter of 2014, and the company was able to gain market share in the moribund European market. Duni also announced the acquisition of Paper+Design Group, a German company with a dominant position in designer napkins sold in consumer markets throughout Europe. More...

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Bernard Horn Comments on Wincor Nixdorf
Many of the Fund’s U.S. information technology companies posted healthy results, including Xerox Corp. (XRX), Hewlett- Packard (HPQ), Western Union (WU) and Microsoft Corp (MSFT). These returns couldn’t mitigate declines at Wincor Nixdorf (XTER:WIN), as the company announced lower revenues due to slowing emerging European market (Turkey, Russia) sales. Nevertheless, the CEO reassured investors that 2014 growth targets were still attainable. More...

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Bernard Horn Comments on Trevi Finanziaria
Detracting from industrial returns was Italian engineering firm Trevi Finanziaria (MIL:TFI), as it reported lackluster earnings and lower profit margins for the first quarter of 2014, while increasing spending for new rigs. Although short-term performance looks weak, Trevi announced a 24% increase in new orders during the quarter, which bodes well for further business development. More...

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Bernard Horn Comments on General Dynamics
General Dynamics (GD) was up on positive earnings news, with growth in the aerospace sector and a hefty backlog in combat and marine systems. More...

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Bernard Horn Comments on Loomis AB
Loomis AB (OSTO:LOOM B) was the top contributor to industrial sector results, up more than 20%, on good earnings, increasing margins and a new contract with Bank of America. The agreement states that Loomis will manage cash processing and check imaging services for 30 locations in the U.S., which is expected to generate more than $20 million in annual revenue for Loomis, while lowering costs for Bank of America. More...

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Bernard Horn Comments on Guangdong Investment
The Fund’s utility holdings outperformed the sector benchmark, led by double-digit returns in Hong Kong water utility Guangdong Investment (HKSE:00270). The company instituted quarterly reporting, signaling greater transparency for investors, and announced wastewater expansion initiatives. Water tariff increases are also anticipated during upcoming contract renegotiations. More...

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Bernard Horn Comments on Ameris Bancorp
Similar to IBOC, Ameris Bancorp (ABCB) reported improved net income, higher interest margins and additional revenues from the acquisition of The Prosperity Banking Co. The company also reinstituted the dividend that they eliminated during the 2008- 2009 credit crisis, repaid TARP and completed another acquisition. Yet, the stock price dropped more than 7%; we can’t ascertain any fundamental reason for the decline. More...

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Bernard Horn Comments on DNB
DNB (OSL:DNB), Norway’s largest bank, posted positive first quarter results with lower loan losses from shipping, deposit growth and increased lending in the Baltics and Poland. More...

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Bernard Horn Comments on International Bancshares
Among financials, Texas-based International Bancshares (IBOC) reported healthy first quarter 2014 results, with a 55% rise in net income and 54.8% increase in diluted earnings per share compared to the prior year period. The banking institution pointed to rising net interest margins, attributable to higher net interest income from its investment portfolio, an increase in outstanding high quality loans, and a decrease in interest expense on securities sold under repurchase agreements. More...

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Bernard Horn Comments on Deutsche Telekom
Outperformance in the telecom sector was due to Deutsche Telekom (XTER:DTE), which continued to gain traction on speculation that Softbank may acquire DT’s T-Mobile USA subsidiary, and KDDI Corp., the Japanese telecom carrier which is expected to introduce flat rate plans. More...

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Bernard Horn Comments on Transgene
Transgene (XPAR:TNG) dropped after Novartis declined to exercise an option to fund Transgene’s TG4010 targeted cancer immunotherapy for treatment of metastatic non-small cell lung cancer. Transgene is attempting to form another partnership by year-end, as there are three other interested parties. More...

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Bernard Horn Comments on Quest Diagnostics
The world’s largest provider of medical testing services, Quest Diagnostics (DGX), saw its share price rise after announcing its partnership with Memorial Sloan Kettering in New York to screen patients’ cancer genes for genetic mutations. More...

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Bernard Horn Comments on WellPoint
Expanded Medicaid enrollment and premiums gave a boost to managed care companies including WellPoint (WLP), which posted strong first quarter results and raised full year guidance. More...

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Bernard Horn Comments on Forest Laboratories
Forest Laboratories (FRX) continued to benefit from the news of its acquisition by Actavis PLC, the world’s second largest generic drug maker. More...

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