Bernard Horn

Bernard Horn Premium Guru

Last Update: 08-24-2016

Number of Stocks: 86
Number of New Stocks: 0

Total Value: $346 Mil
Q/Q Turnover: 2%

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 Adds to Holdings in Homebuilders Guru's top 4 transactions in 2nd quarter were in construction companies
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. Read more...
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. Read more...
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. Read more...
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. Read more...
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. Read more...
» More Bernard Horn Articles

Commentaries and Stories

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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...

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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...

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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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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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