13F
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Polaris Capital Management, LLC

13F equity value
$1.2B
Positions
84
Top 10 concentration
44.0%
Quarters / total new picks
28 / 104
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 28 quarters, returned +1.9% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 46.4% of quarters (excess t = -0.19, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.5%
t-stat
-0.19
Quarterly win rate
46%
Annualized excess
-5.5%
$1 → follow vs universe
$1.20 vs $1.73
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190630: universe 1.02020191231: universe 0.82320200331: universe 0.99220200630: universe 1.09520200930: universe 1.34420201231: universe 1.40520210331: universe 1.41720210630: universe 1.53120210930: universe 1.37420211231: universe 1.16920220331: universe 1.25520220630: universe 1.16320220930: universe 1.24920221231: universe 1.16020230331: universe 1.22320230630: universe 1.17920230930: universe 1.33820231231: universe 1.39820240331: universe 1.42920240930: universe 1.41720241231: universe 1.32320250331: universe 1.44220250630: universe 1.48720250930: universe 1.67220251231: universe 1.730 20180331: follow 1.04220180630: follow 0.87420181231: follow 0.80220190630: follow 1.07120191231: follow 0.87320200331: follow 1.11520200630: follow 1.11320200930: follow 1.30620201231: follow 1.55720210331: follow 1.44920210630: follow 1.86920210930: follow 1.39320211231: follow 1.28020220331: follow 1.28820220630: follow 1.07120220930: follow 1.07620221231: follow 0.82620230331: follow 1.00020230630: follow 0.98020230930: follow 1.16520231231: follow 1.30820240331: follow 1.21320240930: follow 1.16920241231: follow 1.13220250331: follow 1.12920250630: follow 1.03920250930: follow 1.26920251231: follow 1.203 0.74 1.38 2.02 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 84 · 2026 Q1

Ticker Value Weight QoQ
BPOP $87M
7.1%
TRIM
JAZZ $79M
6.4%
TRIM
LIN $62M
5.1%
TRIM
UTHR $57M
4.7%
TRIM
SW $54M
4.5%
TRIM
LNTH $47M
3.8%
ADD
ARW $41M
3.4%
TRIM
MPC $38M
3.1%
TRIM
CVS $37M
3.0%
HOLD
EMN $36M
2.9%
NEW
GILD $35M
2.9%
TRIM
JPM $35M
2.8%
HOLD
WBS $34M
2.8%
TRIM
IBOC $31M
2.5%
TRIM
MKSI $31M
2.5%
TRIM
SLM $31M
2.5%
ADD
ALSN $30M
2.5%
TRIM
GD $30M
2.5%
TRIM
WMB $29M
2.4%
TRIM
TSN $29M
2.4%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

EMNHNI

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.