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Insights from Bernard Horn (Trades, Portfolio)'s First Quarter 2026 N-PORT Filing

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Bernard Horn (Trades, Portfolio) recently submitted the N-PORT filing for the first quarter of 2026, offering a glimpse into his strategic investment decisions. As the founder of Polaris Capital Management, Horn has been a prominent figure in investment management since the early 1980s. His Boston-based firm is renowned for its long-standing global and international track records, managed consistently by the same team. The Polaris Global Value Fund (PGVFX) is a diversified no-load global mutual fund that aims to deliver above-average returns by investing in companies with strong sustainable free cash flow or undervalued assets. Polaris' investment philosophy hinges on the belief that country and industry factors significantly influence security prices, and global market fluctuations often lead to mispriced stocks. This approach allows them to capitalize on undervalued opportunities worldwide.

Summary of New Buy

Bernard Horn (Trades, Portfolio) added a total of two stocks to his portfolio, with the most significant addition being Eastman Chemical Co (NYSE:EMN). This purchase involved 82,300 shares, accounting for 1.28% of the portfolio, with a total value of $6,281,140. The second largest addition was Ryanair Holdings PLC (DUB:RYA), consisting of 227,600 shares, representing approximately 1.28% of the portfolio, with a total value of 6,279,520.

Key Position Increases

Horn also increased stakes in two stocks. The most notable increase was in LATAM Airlines Group SA (XSGO:LTM), with an additional 142,817,300 shares, bringing the total to 275,167,800 shares. This adjustment represents a significant 107.91% increase in share count, impacting the portfolio by 0.72%, with a total value of CLP6,776,260. The second largest increase was in JPMorgan Chase & Co (NYSE:JPM), with an additional 114 shares, bringing the total to 23,549. This adjustment represents a 0.49% increase in share count, with a total value of $6,927,170.

Summary of Sold Out

Bernard Horn (Trades, Portfolio) completely exited four holdings in the first quarter of 2026. Notably, he sold all 33,200 shares of Capgemini SE (XPAR:CAP), resulting in a -1.17% impact on the portfolio. Additionally, he liquidated all 351,529 shares of Sally Beauty Holdings Inc (NYSE:SBH), causing a -1.05% impact on the portfolio.

Story Continues

Key Position Reduces

Horn also reduced positions in four stocks. The most significant changes include a reduction of 108,200 shares in Lundin Mining Corp (TSX:LUN), resulting in a -46.84% decrease in shares and a -0.49% impact on the portfolio. The stock traded at an average price of C$35.06 during the quarter and has returned -8.77% over the past three months and 14.92% year-to-date. Additionally, he reduced MKS Inc (NASDAQ:MKSI) by 14,300 shares, resulting in a -33.18% reduction in shares and a -0.48% impact on the portfolio. The stock traded at an average price of $226.13 during the quarter and has returned 14.65% over the past three months and 68.90% year-to-date.

Portfolio Overview

As of the first quarter of 2026, Bernard Horn (Trades, Portfolio)'s portfolio included 85 stocks. The top holdings were 2.97% in Samsung Electronics Co Ltd (XKRX:005930), 2.85% in SK Hynix Inc (XKRX:000660), 2.84% in United Therapeutics Corp (NASDAQ:UTHR), 2.04% in Marubeni Corp (TSE:8002), and 1.8% in Marathon Petroleum Corp (NYSE:MPC).

The holdings are primarily concentrated in 11 industries: Financial Services, Industrials, Healthcare, Technology, Consumer Cyclical, Consumer Defensive, Energy, Basic Materials, Communication Services, Utilities, and Real Estate.

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