Bernard Horn

Bernard Horn Premium Guru

Last Update: 10-30-2017

Number of Stocks: 85
Number of New Stocks: 0

Total Value: $496 Mil
Q/Q Turnover: 11%

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 Comments on Asahi Group Holdings Guru stock highlight
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. Read more...
Bernard Horn Comments on Samsung Electronics Guru stock highlight
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. Read more...
Bernard Horn Comments on Anthem Guru stock highlight
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. Read more...
Bernard Horn Comments on Web.com Group Guru stock highlight
Website services provider, Web.com Group (NASDAQ:WEB), gained as reports surfaced that the company was in early-stage talks with private equity firms regarding a potential leveraged buyout. The price is purported to be substantially higher than where it is currently trading, but as of now, this is purely market speculation. The company also reported earnings that exceeded guidance on revenue and profitability. Read more...
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. Read more...
» More Bernard Horn Articles

Commentaries and Stories

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Bernard Horn Comments on Greencore Group Guru stock highlight
Greencore Group (LSE:GNC) executed seamlessly in the U.K., as their food-to-go offerings retained strong growth. U.S. operations were similarly well positioned, backed by the timely integration of the Peacock Foods acquisition and new business wins. Yet the stock price fell when the firm announced it would change production at its Jacksonville facility from frozen sandwiches to fresh food. Investors were concerned this signaled difficulty with its Starbucks business. At only 2% of Greencore’s revenues, the Starbucks contract was far from substantial, but the market extrapolated that other legacy contracts may be at risk. More...

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Bernard Horn Comments on Quest Diagnostics Guru stock highlight
Another health care sector holding, Quest Diagnostics (NYSE:DGX) reported solid quarterly revenues, attributable to their expanding book of business and healthy operating cash flow position. The company raised full-year guidance, confident in its business fundamentals and outlook. The stock price was stable until September 22, when the Centers for Medicare & Medicaid Services introduced proposed Medicare payment rates for clinical diagnostic laboratory tests. Draft rates called for a 10% rate cut in 2018 with heftier cuts from 2019-2021. Quest Diagnostics’ stock reacted negatively to this news and management intends to challenge the proposal. More...

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Bernard Horn Comments on Teva Pharmaceutical Guru stock highlight
Teva Pharmaceutical (NYSE:TEVA), the Israeli drug company, dropped materially during the quarter. The company faced a perfect storm of industry pressures and self-inflicted missteps. Pricing pressure in the U.S. generics market was worse than normal. The resultant lower cash flow, and a high debt load from the Allergan acquisition, forced the company to cut its dividend and warn that debt covenants may be violated. Management planned asset sales to help alleviate cash requirements. Generic drug competition also impacted Allergan, as the stock declined nearly 15% on concerns of a 2018 generic alternative to Allergan’s flagship Alzheimer’s drug, Namenda. However, Allergan’s current drug portfolio remains resilient, led by advances in Botox and the introduction of Namzaric. Company management also signaled its intention to add new medicines and expand via acquisitions. More...

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Bernard Horn Comments on Thai Oil Guru stock highlight
In the energy sector, Thai Oil (BKK:TOP) gained more than 20% on the back of better pricing, decent volumes and higher refining margins related to tightening refined product supply after Hurricane Harvey’s impact on Houston. WorleyParsons, the Australian energy consulting firm, reported respectable annual results with improved cash collections and a 20% increase in backlog across nearly all divisions (hydrocarbons, mining and infrastructure). Despite low energy prices, WorleyParsons’ clients have adapted their cost structures to the new reality and are beginning to revive capital investment projects. Additionally, a Middle East-based consulting firm took at 19% stake in the company with a view toward a takeover. More...

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Bernard Horn Comments on Thai Oil Guru stock highlight
In the energy sector, Thai Oil (BKK:TOP) gained more than 20% on the back of better pricing, decent volumes and higher refining margins related to tightening refined product supply after Hurricane Harvey’s impact on Houston. WorleyParsons, the Australian energy consulting firm, reported respectable annual results with improved cash collections and a 20% increase in backlog across nearly all divisions (hydrocarbons, mining and infrastructure). Despite low energy prices, WorleyParsons’ clients have adapted their cost structures to the new reality and are beginning to revive capital investment projects. Additionally, a Middle East-based consulting firm took at 19% stake in the company with a view toward a takeover. More...

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Bernard Horn Comments on Kia Motors Guru stock highlight
South Korea’s Kia Motors (XKRX:000270) and Hyundai Motors battled sales slumps in China amid regional tensions; both also had weaker U.S. sales. A South Korean court ruled Kia owes workers back wages related to prior bonus calculations in a long-running legal case. The cumulative unpaid wages amounted to $400 million. Additional labor costs and wage adjustments arising from the ruling will more than double that amount; Kia provisioned another $400 million in estimated payments. As a result, the company is expected to post an operating loss in the next quarter. More...

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Bernard Horn Comments on Regal Entertainment Guru stock highlight
Regal Entertainment (NYSE:RGC), a U.S. theater operator, detracted from consumer discretionary sector results after missing consensus estimates. The lower-than-expected revenue was primarily due to softer box office attendance, although average ticket pricing trends increased. Markets were also wary about the shorter exclusivity period from theater to DVD/on-demand and a new “movie pass” subscription service. We believe the $10 per month unlimited pass will actually be a net positive for theaters, as more visitors equate to more money spent at concessions, a major profit source for theaters. Additionally, Regal made a $173 million acquisition of theaters in Houston, Kansas and Oklahoma that are expected to be immediately accretive to earnings and free cash flow. More...

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Bernard Horn Comments on Xerox Corp Guru stock highlight
Elsewhere in the information technology sector, U.S. business service/printing company, Xerox Corp. (NYSE:XRX), reported decent sales, market share gains in managed printing services and competitive product developments. In addition to top-line growth, Xerox reduced operating expenses and projected $1.5 billion in cost cuts by 2020. The market rewarded Xerox for its proactivity, as the stock price ticked up more than 15% by quarter end. More...

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Bernard Horn Comments on NEXON Co. Guru stock highlight
NEXON Co. (TSE:3659) was the top contributor to Fund returns, up more than 30% for the quarter. The Japanese gaming company reported good second quarter results, driven by the success of their flagship game in China, Dungeon & Fighter. The recent release of Lawbreakers for the Western market, as well as some of their other titles, should help diversify their product portfolio. The company also launched MMORPG AxE in September; it became an immediate best seller in the Korean Apple store. More...

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Bernard Horn Comments on Methanex Corp Guru stock highlight
Supply-demand constraints also contributed to Methanex Corp. (NASDAQ:MEOH)’s performance for the quarter. Availability of Gulf Coast methanol was in question following Hurricane Harvey, causing prices to jump nearly 10%. About 75% of Methanex’s capacity is outside the U .S., and their Gulf Coast assets actually continued to operate normally. A large methanol-to-olefins (MTO) plant in China resumed production adding to methanol demand, which looks promising for the foreseeable future. According to a research report, one in five tons of global methanol production will be utilized for MTO production to satisfy expanding Chinese chemical demand by 2021. More...

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Bernard Horn Comments on BHP Billiton Guru stock highlight
Global demand for iron ore was strong, backed by Chinese steel production; BHP Billiton (NYSE:BHP) benefitted from rising prices of both iron ore and copper. The company also responded to an activist investor, enacting numerous asset allocation, operational and management measures most of which were in process already. Finally, BHP released robust fiscal year 2018 guidance across iron ore, copper, and coal but remained cautious on the petroleum business outlook. They decided to sell U.S. onshore (shale) oil properties. More...

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Bernard Horn's 3rd Quarter Polaris Global Value Fund Shareholder Letter Commentary on holdings and market Bernard Horn - Bernard Horn's 3rd Quarter Polaris Global Value Fund Shareholder Letter
October 5, 2017 More...

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Bernard Horn Comments on Infosys Guru stock highlight
Western Union (NYSE:WU) dipped approximately 6% on concerns about compliance costs and disruptive competition. The company announced flat revenues, but noted continued growth in its online money transfer transaction and consumer bill payment business. The company returned more than $300 million to shareholder through share buybacks and dividends during the first quarter of 2017. More...

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Bernard Horn Comments on Infosys Guru stock highlight
Infosys (NYSE:INFY) began transitioning its business to more value-added projects, which require skilled employees with higher salaries. The original Infosys founders, no longer affiliated with the company, complained about this strategy and management pay hikes in the media. This negative news, in combination with concerns surrounding U.S. H-1B visas, depressed the stock price. More...

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Bernard Horn Comments on Samsung Electronics Guru stock highlight
Samsung Electronics (XKRX:005930) had two consecutive quarters of double-digit gains, driven by its DRAM and NAND flash memory chips. Total semiconductor sales were up 40% year over year, and the division generated $5.6 billion in operating income, doubling from 2016 comparable period. Management anticipates accelerated sales in the mobile phone business upon the launch of the Galaxy S8 in the second half of the year. Select information technology sector holdings detracted. More...

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Bernard Horn Comments on Samsung Electronics Guru stock highlight
Samsung Electronics (XKRX:005930) had two consecutive quarters of double-digit gains, driven by its DRAM and NAND flash memory chips. Total semiconductor sales were up 40% year over year, and the division generated $5.6 billion in operating income, doubling from 2016 comparable period. Management anticipates accelerated sales in the mobile phone business upon the launch of the Galaxy S8 in the second half of the year. Select information technology sector holdings detracted. More...

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Bernard Horn Comments on Web.com Group Guru stock highlight
Website services provider, Web.com Group (NASDAQ:WEB), gained as reports surfaced that the company was in early-stage talks with private equity firms regarding a potential leveraged buyout. The price is purported to be substantially higher than where it is currently trading, but as of now, this is purely market speculation. The company also reported earnings that exceeded guidance on revenue and profitability. More...

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Bernard Horn Comments on Solvay AG Guru stock highlight
Solvay AG (XTER:SOL), announced impressive first quarter numbers, with net sales up nearly 10%, margins at 21% and free cash flow from operations at nearly $181 million. Solvay has been actively transforming its portfolio to become the market leader in specialty polymers and other high performance chemicals, divesting non-core business lines. The business strategy appeared to be reaping rewards. More...

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Bernard Horn Comments on Linde AG Guru stock highlight
Linde AG (XTER:LIN), posted good results, with revenues and profits that beat analyst consensus. Positive trends were attributable to sales in EMEA (Europe, Middle East & Africa) and Asia/Pacific countries, as well as higher revenues in the engineering division. On June 1, Linde’s supervisory board signed off on the $73 billion merger with U.S. rival Praxair, combining forces to create the world’s largest supplier of industrial gases. News of the merger, which reunites a global Linde group split apart by World War I, sent Linde shares higher. By the end of June 2017, the stock price was up more than 15%. Belgian multi-specialty chemical company, More...

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Bernard Horn's 2nd Quarter Shareholder Letter Update on stocks and quarter Bernard Horn - Bernard Horn's 2nd Quarter Shareholder Letter
Dear Fellow Shareholder, July 11, 2017 More...

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