Bernard Horn

Bernard Horn Premium Guru

Last Update: 03-01-2017

Number of Stocks: 85
Number of New Stocks: 2

Total Value: $382 Mil
Q/Q Turnover: 4%

Details: Top Buys | Top Sales | Top Holdings  Embed:

Bernard Horn Watch

  • Bernard Horn Comments on Verizon Communications

    Verizon Communications (NYSE:VZ) missed fourth quarter earnings estimates, as it added significantly fewer mobile subscribers, even after heavy price cuts and promotions. The company is slated to adopt unlimited data plans to meet competitive threats, which may further erode margins in the near-term. To reinvigorate business, Verizon approached Liberty Media about a merger with Liberty’s Charter Communications, which would create a behemoth with the biggest wireless and internet subscriber base, as well as the third largest television customer base.

    From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.   

  • Bernard Horn Comments on Anthem

    From the outset, investors and analysts raised concerns about the proposed merger between U.S. health insurers, Anthem, Inc. and Cigna. In early January 2017, a federal judge blocked the proposed merger, siding with the Department of Justice. Anthem (NYSE:ANTM) stock rose in the ensuing three months, up more than 15% at the end of March, as investors were relieved about the deal cancellation. In February, the Centers for Medicare & Medicaid Services proposed rules aimed at stabilizing the Affordable Care Act (ACA) individual and small group insurance markets. This bodes well for Anthem Inc., and other health insurers, as the rule may help stem the tide of financial losses currently associated with ACA participation.

    From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.   

  • Bernard Horn Comments on VINCI SA

    The stock price of global concession and construction firm, VINCI SA (XPAR:DG), increased more than 15% for the quarter, due to successes in its two main business lines: airport concessions in Portugal and Japan and toll road ownership in France. In March 2017, VINCI was awarded the concessions (operations, maintenance and extension upgrading of the terminals and runways) for a Brazilian airport, following on recent entries in other Latin American countries.

    From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.   

  • Bernard Horn Comments on Asahi Group Holdings

    Japanese brewery and soft drink company, Asahi Group Holdings (TSE:2502), had double-digit gains after beating fourth quarter earnings expectations and announcing plans to increase its overseas business. Asahi’s acquisition of SABMiller’s central and eastern European brands in 2016 and its pending stake in Vietnam’s biggest bear maker, Saigon Beer, may drive this expansion. Asahi also signaled intentions to sell its 20% stake in China’s Tsingtao Brewery, worth about $1 billion, as the asset had proven to be a disappointment. The market lauded this strategic development.

    From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.   

  • Bernard Horn Comments on Samsung Electronics

    Samsung Electronics (XKRX:005930) was up more than 25% during the quarter after reporting strong results backed by rising prices and volumes for semiconductor chips and TV panels. As the dominant player and price leader in semiconductors, Samsung eased off price competition, effectively increasing cash flow in that business line. Management anticipated accelerated sales in the mobile phone business upon the launch of the Galaxy S8. Samsung committed to shareholder- friendly actions, including raising its dividend, conducting a share repurchase and returning 50% of 2017 free cash flow to investors.

    From Bernard Horn (Trades, Portfolio)'s Polaris Global Fund first quarter 2017 shareholder letter.   

  • Bernard Horn's 1st Quarter 2017 Polaris Global Fund Commentary

    April 4, 2017

    Dear Fellow Shareholder,


  • Some of the Most Undervalued Stocks With Rising Prices

    According to the GuruFocus All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair values are far above the current price. The following stocks are trading with wide margins of safety and have positive performances over the past 12 months.

    Goldfield Corp. (GV) is trading around $6.7 per share. The Peter Lynch value gives the stock a fair price of $10.61 so the stock is undervalued with a margin of safety of 40%. Twelve weeks ago the stock started its positive upward trend; it now registers a positive performance of 129%.


  • Bernard Horn Comments on Asahi Group Holdings

    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.


  • Bernard Horn Comments on Greencore Group

    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.


  • Bernard Horn Comments on Christian Dior

    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.


  • Bernard Horn Comments on Marathon Petroleum Corp

    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.


  • Bernard Horn Comments on UnitedHealth Group Inc.

    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.


  • Bernard Horn Comments on Xerox

    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.


  • Polaris Global Value Fund 4th Quarter Shareholder Letter

    Dear Fellow Shareholder,

    January 11, 2016


  • 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.

    Horn founded Polaris Capital Management in 1995. The firm invests in discounted but high-quality stocks in developed and emerging markets. All trades are managed on a team basis using a consistent process and approach. The investment philosophy is based on two basic beliefs: country and industry are important factors in price, and global market fluctuations produce mispriced stocks.


  • Bernard Horn's Polaris Global Value Fund 3rd Quarter Commentary

    October 4, 2016

    Dear Fellow Shareholder,


  • Elliott Management Picks New Fight With Samsung

    Paul Singer (Trades, Portfolio)’s Elliott Management is seeking change at Samsung Electronics Co. (XKRX:005930)(SSNLF). The American hedge fund is urging the company to reshape and simplify its ownership structure.

    In a letter to Samsung’s board of governors, Elliott argued the company had “failed for years to deliver proper shareholder value” and challenged it to split the company into two parts and provide a special dividend payout. In addition, the firm encouraged Samsung to list its resulting company on a U.S. exchange such as the Nasdaq.


  • 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.

    City A.M., a London-based, business-oriented publication, reported this week that, while homebuilders struggled initially after June’s Brexit vote, most have been thriving recently.  

  • Bernard Horn Comments on Carter's Inc.

    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.

    From Bernard Horn (Trades, Portfolio)'s second quarter 2016 Polaris Global Fund Commentary.   

  • Bernard Horn Comments on International Game Technology PLC

    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.

    From Bernard Horn (Trades, Portfolio)'s second quarter 2016 Polaris Global Fund Commentary.   

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