Polaris Capital Management, Llc
SEC-registered
Mutual Fund / Asset Manager · Mid-sized ($1B–$10B)
CRD 106278
· SEC file 801-43216
· Boston, MA
· WWW.POLARISCAPITAL.COM
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ADV data as of Jan 30, 2026
- Regulatory AUM
- $5.5B
- Discretionary
- $5.5B
- Clients
- 24
- Avg AUM / client
- $227M
- Accounts
- 24
- Employees
- 18
AUM over time
$3.7B
$16.2B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Jan 30, 2026
Investments (13F portfolio — 84 positions, $1,222,190,003)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Popular Inc | CommonStock | $86,959,602 | 648,130 | 7.12% | 1.59% |
| 2 | Jazz Pharmaceuticals Plc | CommonStock | $78,524,942 | 415,366 | 6.42% | 1.44% |
| 3 | Linde Plc | CommonStock | $61,763,268 | 124,583 | 5.05% | 1.13% |
| 4 | United Therapeutics Corp | CommonStock | $57,311,517 | 96,650 | 4.69% | 1.05% |
| 5 | Smurfit Westrock Plc | CommonStock | $54,457,017 | 1,366,550 | 4.46% | 1.0% |
| 6 | Lantheus Holdings Inc | CommonStock | $46,799,450 | 617,000 | 3.83% | 0.86% |
| 7 | Arrow Electronics Inc | CommonStock | $41,101,736 | 286,603 | 3.36% | 0.75% |
| 8 | Marathon Petroleum Corp | CommonStock | $38,051,058 | 155,832 | 3.11% | 0.7% |
| 9 | Cvs Health Corp | CommonStock | $37,181,214 | 517,700 | 3.04% | 0.68% |
| 10 | Eastman Chemical Co | CommonStock | $35,992,512 | 471,600 | 2.94% | 0.66% |
| 11 | Gilead Sciences Inc | CommonStock | $35,149,114 | 252,200 | 2.88% | 0.64% |
| 12 | Jpmorgan Chase & Co | CommonStock | $34,579,096 | 117,552 | 2.83% | 0.63% |
| 13 | Webster Financial Corp Ct | CommonStock | $34,168,593 | 492,201 | 2.8% | 0.63% |
| 14 | International Bancshares Corp | CommonStock | $31,155,539 | 463,004 | 2.55% | 0.57% |
| 15 | Mks Inc | CommonStock | $30,955,407 | 134,700 | 2.53% | 0.57% |
| 16 | Slm Corp | CommonStock | $30,597,031 | 1,429,100 | 2.5% | 0.56% |
| 17 | Allison Transmission Holding | CommonStock | $30,271,716 | 258,600 | 2.48% | 0.56% |
| 18 | General Dynamics Corp. | CommonStock | $29,981,640 | 87,354 | 2.45% | 0.55% |
| 19 | Williams Cos Inc | CommonStock | $29,031,942 | 398,900 | 2.38% | 0.53% |
| 20 | Tyson Foods Inc Cl A | CommonStock | $28,917,866 | 451,348 | 2.37% | 0.53% |
| 21 | Chubb Ltd | CommonStock | $28,201,093 | 86,525 | 2.31% | 0.52% |
| 22 | Cullen/Frost Bankers Inc | CommonStock | $27,964,320 | 204,000 | 2.29% | 0.51% |
| 23 | Nextera Energy Inc | CommonStock | $27,090,867 | 291,676 | 2.22% | 0.5% |
| 24 | Ingredion Inc | CommonStock | $25,866,736 | 229,600 | 2.12% | 0.47% |
| 25 | Abbvie Inc | CommonStock | $25,376,081 | 116,677 | 2.08% | 0.47% |
Top 25 of 84 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 5 | $2.7B | 50.1% |
| Pooled investment vehicles (non-investment companies) | 7 | $944M | 17.3% |
| Pension and profit sharing plans | 5 | $939M | 17.2% |
| Charitable organizations | 1 | $49.0M | 0.9% |
| State or municipal government entities | 1 | $322M | 5.9% |
| Other | 5 | $469M | 8.6% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $230M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Polaris Capital International Value Limited Partnership | Other Private Fund | Massachusetts | $173M | 27 |
| Thrift Investors Limited Partnership | Other Private Fund | Massachusetts | $29.4M | 21 |
| The Cheyenne Fund, A Massachusetts Limited Partnership | Other Private Fund | Massachusetts | $27.3M | 18 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Pension Plan Of The Pacific Northwest Laboratories Battelle Memorial Institute Battelle Memorial Institute | Columbus, OH | 2024 |
| American Electric Power System Retirement Plan American Electric Power Service Corporation | 2024 | |
| Toyota Motor Sales, U.S.A., Inc. Pension Plan Toyota Motor North America, Inc. | 2024 | |
| Pension Plan For Employees At Ornl Ut Battelle, Llc | 2024 |
People (17)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bernard Robert Horn | President/Treasurer | Apr 1995 (31y) | ≈ 56.25% – 100% via Polaris Capital Management Holdings, Llp | |
| Horn, Lorraine, B | Board Of Managers | Jun 2004 (22y) | Less than 5% | |
| Mcleod, Christopher, K. | Board Of Managers | Jun 2004 (22y) | Less than 5% | |
| Sumanta Biswas | Vice President, Portfolio Manager | CFA | Sep 2005 (21y) | 5% – 10% |
| Jacobs, Kathleen, S. | Corporate Secretary/Vice President/Business Manager/Director Of Hr | Dec 2006 (20y) | Less than 5% | |
| Fitzsimmons, Kelly, Marie | Outside Pr | Dec 2009 (17y) | Less than 5% | |
| Sutanto, Andry, A | Chief Technology Officer | Dec 2010 (16y) | Less than 5% | |
| Bin Xiao | Vice President, Portfolio Manager | CFA | Dec 2012 (14y) | Less than 5% |
| Maitai, Bernard, K | Business Development And Relationship Manager | Jan 2013 (14y) | Less than 5% | |
| Jason M Crawshaw | Executive Vice President, Portfolio Manager | Oct 2014 (12y) | Less than 5% | |
| Ramirez, Roberto, E. | Chief Financial Officer | Dec 2017 (9y) | Less than 5% | |
| Myer, John, A. | Board Of Managers | Oct 2021 (5y) | Less than 5% | |
| Horn, Samuel, J. | Senior Investment Analyst | Jan 2022 (5y) | Less than 5% | |
| Horn Snyder, Alexis | Member | Jan 2022 (5y) | Less than 5% | |
| Kim, Kenneth, D. | Senior Investment Analyst | Jan 2022 (5y) | Less than 5% | |
| Murray, Elizabeth, Soule | Chief Compliance Officer | Jan 2022 (5y) | Less than 5% | |
| Rogers, Erin, Michaela | Senior Client Service Associate | Jan 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Polaris Capital Management Holdings, Llp | Limited Liability Partnership | Dec 2007 | A | 75% or more |
Undisclosed: 0% – 20% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Bernard Robert Horn: 75% – 100% of Polaris Capital Management Holdings, Llp × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $230M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Polaris Capital International Value Limited Partnership | Other Private Fund | $173M | $1.0M | 27 |
| Thrift Investors Limited Partnership | Other Private Fund | $29.4M | $100K | 21 |
| The Cheyenne Fund, A Massachusetts Limited Partnership | Other Private Fund | $27.3M | $500K | 18 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (4)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Pension Plan Of The Pacific Northwest Laboratories Battelle Memorial Institute | Battelle Memorial Institute | 5,379 | $1.9B | 07/01/2024 |
| American Electric Power System Retirement Plan | American Electric Power Service Corporation | 15,217 | $4.1B | 01/01/2024 |
| Toyota Motor Sales, U.S.A., Inc. Pension Plan | Toyota Motor North America, Inc. | 4,646 | $4.6B | 01/01/2024 |
| Pension Plan For Employees At Ornl | Ut Battelle, Llc | 6,785 | $2.4B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 01/30/2026 | 1.55 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- Fidelity Investments $677M (6% of AUM) Mar 2024
- State Street $481M (9% of AUM) Jan 2026
- BNY Mellon $397M (7% of AUM) Jan 2026
- Northern Trust $360M (7% of AUM) Jan 2026
- J.P. Morgan $297M (5% of AUM) Jan 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jan 30, 2026.
View current Form ADV (SEC/IAPD) ↗