Bernard Horn

Bernard Horn Premium Guru

Last Update: 05-22-2015

Number of Stocks: 89
Number of New Stocks: 0

Total Value: $293 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 (%)
20143.6813.69-10.0
201336.9432.394.5
201221165.0
3-Year Cumulative71.8 (19.8%/year)74.6 (20.4%/year)-2.8 (-0.6%/year)
2011-8.162.11-10.3
201020.6415.065.6
5-Year Cumulative90.3 (13.7%/year)105.1 (15.5%/year)-14.8 (-1.8%/year)
200935.4626.469.0
2008-46.19-37-9.2
2007-3.975.49-9.5
200624.5715.798.8
200510.524.915.6
10-Year Cumulative83.4 (6.3%/year)109.4 (7.7%/year)-26 (-1.4%/year)
200423.6310.8812.7
200347.0628.6818.4
20023.82-22.125.9
20012.21-11.8914.1
2000-5.82-9.13.3
15-Year Cumulative233.3 (8.4%/year)86.4 (4.2%/year)146.9 (4.2%/year)
199916.521.04-4.5
1998-8.8528.58-37.4
199734.5533.361.2
199623.3422.960.4
199531.8237.58-5.8
20-Year Cumulative674.2 (10.8%/year)554.6 (9.8%/year)119.6 (1%/year)
1994-2.781.32-4.1
199325.710.0815.6
19929.787.622.2
199117.1830.47-13.3
1990-11.74-3.1-8.6
25-Year Cumulative974.2 (10%/year)893.3 (9.6%/year)80.9 (0.4%/year)

Top Ranked Articles

An Exclusive Interview with Bernard Horn
I recently had the opportunity to interview Bernard Horn (Trades, Portfolio), portfolio manager of the Polaris Global Value Fund, who added four new positions to his portfolio during the fourth quarter of 2014. He currently owns 89 stocks, valued at $275 million and a quarter over quarter turnover rate of 4%. Read more...
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. Read more...
Bernard Horn Comments on Linde AG
Linde (XTER:LIN) is a German multi national industrial gases and engineering company. The company appears attractive, as it is a dominant player in a consolidated industry, with low downside risk, many long-term contracts and strong visible cash flows. Read more...
Bernard Horn Comments on Methanex
By contrast, Methanex (MEOH) has been hampered by natural gas supply constraints, causing reduced production at one Trinidad plant and restricted activity in Chile and Egypt. Lower commodity prices have also been at issue, both with methanol at Methanex and iron ore and oil at Australia’s BHP Billiton. Read more...
Bernard Horn Comments on Deutsche Telekom
Deutsche Telekom (XTER:DTE)’s stock price was up on news of merger & acquisition transactions, including BT Group’s potential purchase of British wireless venture EE, currently owned by DT and Orange S.A. DT’s T-Mobile remained an attractive asset for potential suitors, with Dish Network Corp. expressing interest. T-Mobile gained the most subscribers in the U.S. for 2014, although it is still struggling to turn a profit. Read more...
» More Bernard Horn Articles

Commentaries and Stories

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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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Bernard Horn Comments on Linde AG
Linde (XTER:LIN) is a German multi national industrial gases and engineering company. The company appears attractive, as it is a dominant player in a consolidated industry, with low downside risk, many long-term contracts and strong visible cash flows. More...

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Bernard Horn Comments on Methanex
By contrast, Methanex (MEOH) has been hampered by natural gas supply constraints, causing reduced production at one Trinidad plant and restricted activity in Chile and Egypt. Lower commodity prices have also been at issue, both with methanol at Methanex and iron ore and oil at Australia’s BHP Billiton. More...

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Bernard Horn Comments on Deutsche Telekom
Deutsche Telekom (XTER:DTE)’s stock price was up on news of merger & acquisition transactions, including BT Group’s potential purchase of British wireless venture EE, currently owned by DT and Orange S.A. DT’s T-Mobile remained an attractive asset for potential suitors, with Dish Network Corp. expressing interest. T-Mobile gained the most subscribers in the U.S. for 2014, although it is still struggling to turn a profit. More...

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Bernard Horn Comments on Trevi Finanziaria Industriale
Italian ground engineering firm Trevi (MIL:TFI) continued its downward trajectory. We believe that the company’s stock depreciation is overdone. The company conducted a capital raise in the second half of 2014 to expand its oil drilling business. While lower oil prices may cause less drilling in certain locations, Trevi has yet to have any order cancellations. Company management recently announced all- time high order books for oil drilling and improved financial metrics for the nine months ended September 2014. More...

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Bernard Horn Comments on Kone OYJ
Finnish elevator/escalator manufacturer Kone OYJ (OHEL:KNEBV) was the top industry contributor, with double-digit gains after generating healthy results and order intakes. With an established foothold in China, Kone is expected to capitalize on relaxed Chinese real estate policies and the announcement of another 7 million affordable housing units. More...

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Bernard Horn Comments on Allete
Allete (ALE)’s third quarter earnings were up, due to cost recovery revenue related to wind energy expansion and retrofit of an electric unit. In addition to capital expenditure projects coming to fruition, the company announced strong demand from its important industrial customers in the region. More...

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Bernard Horn Comments on Samsung Electronics
At Samsung Electronics (XKRX:005930), Lee Jae Yong has taken the reins of the company since his father’s hospitalization. During his short tenure, he has already proposed a $2 billion buyback and disposed of stakes in chemicals and defense businesses. The market is optimistic that such restructuring will also lead to better corporate governance and a renewed focus on core markets, including consumer televisions, smartphones and smart home software. We look to new cell phone models from Samsung’s research & development labs to lead its low-cost competitors. More...

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Bernard Horn Comments on Hewlett-Packard Co
Hewlett-Packard Co. (HPQ) was the sector’s top performer, after announcing plans to split into two publicly traded companies: one that will focus on enterprise technology, storage, service and cloud platforms and one that will focus on consumer-driven products and printers. More...

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Bernard Horn Comments on Sparebank 1 SR & DNB ASA
Norwegian banks, Sparebank 1 SR (OSL:SRBANK) and DNB Bank ASA (OSL:DNB), declined on oil-related concerns, although neither institution holds more than 10% of loan books in direct oil- and gas-related businesses. We believe that the stock price drops are more magnified than warranted. Although Norway is an oil-producing country, it has a very different structure for oil proceeds. In most OPEC countries, oil is the only resource and money from oil revenues is spent on current government programs. In Norway, oil revenues collected by the government are sequestered in an oil fund, which is explicitly banned from use to bolster the domestic economy. In our opinion, the Norwegian economy is fairly insulated by declines in oil prices, but might be affected at the margins. More...

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Bernard Horn Comments on MEIJI Holdings Co Ltd
In Japan, MEIJI Holdings Co Ltd. (TSE:2269) reported healthier margins and rising profitability. The integration of the 2009 merger of its dairy and pharmaceutical divisions is finally achieving better results. The company has successfully reorganized the business, implemented structural reforms and increased overseas operations. With an aging population eating more probiotics, MEIJI’s dairy division more than offset Japanese drug price cuts impacting the pharmaceutical division. We expect that the decrease in oil prices will have a beneficial effect on disposable income, leading to further consumer demand in Japan, and in all non-oil producing countries. More...

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Bernard Horn Comments on Greencore Group
Consumer staples holding Greencore (LSE:GNC) reversed course from last quarter’s decline, adding double-digit gains after reporting results that reflected its participation in food-to-go (FTG) business, the fastest growing segment in UK grocery sales. The company also announced plans to build out its U.S. FTG business with the acquisition of Lettieri’s LLC and new site construction in Rhode Island and Washington State More...

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Bernard Horn Comments on Michelin
French tire maker Michelin (XPAR:ML) was added to the consumer discretionary sector during the quarter. With lower gas prices, increased driving mileage may boost the demand for replacement tires More...

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Bernard Horn Comments on Duni AB
Encouraging sales and profit numbers at Duni (OSTO:DUNI) were attributable to organic growth, recent product launches, the completion of a recent acquisition and efficiency programs that have effectively strengthened margins. More...

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Bernard Horn’s Polaris Global Value Fund Q4 2014 Shareholder Letter
Dear Fellow Shareholder, January 12, 2015 More...

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An Exclusive Interview with Bernard Horn Bernard Horn - An Exclusive Interview With Bernard Horn
I recently had the opportunity to interview Bernard Horn (Trades, Portfolio), portfolio manager of the Polaris Global Value Fund, who added four new positions to his portfolio during the fourth quarter of 2014. He currently owns 89 stocks, valued at $275 million and a quarter over quarter turnover rate of 4%. More...

POLARIS GLOBAL VALUE FUND, INTERVIEW, STOCK, INTERNATIONAL, Bernard Horn


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Bernard Horn's Most Heavily Weighted Stocks Bernard Horn - Bernard Horn's Most Heavily Weighted Stocks
Bernard Horn (Trades, Portfolio) of Polaris Global Value Fund currently owns 89 stocks, valued at $275 million, with a quarter over quarter turnover of 4%. More...

INTERNATIONAL STOCK, Bernard Horn, Polaris Global Value Fund


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Bernard Horn Purchases Half a Dozen International Stocks in Fourth Quarter
Guru Bernard Horn (Trades, Portfolio), manager of Polaris Capital Management, made seven transactions in the fourth quarter of 2014, and six involved international stocks. Four are new to Horn’s portfolio, and two are expansions of existing stakes. More...

INTERNATIONAL, STOCK


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Bernard Horn Comments on Methanex
One bright spot in the sector was Methanex (MEOH), which was the third largest individual contributor to overall performance this quarter. Methanex saw its stock price rebound from June quarter lows, while simultaneously benefitting from stabilizing methanol prices. More...

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Bernard Horn Comments on Basf SE
Higher geopolitical risk and lower energy prices caused contraction at BASF (MIL:BASF), where nearly half of its energy business as well as its energy sourcing are Russian-based. More...

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