Value Driven.
Diversified.
Invested.

Our Global Fund

The Polaris Global Value Fund (PGVFX) is a no-load mutual fund that has been advised by Polaris Capital Management since its inception in 1998. Through multiple market cycles across many decades, we have remained committed to our long-term, value-oriented approach.

At Polaris Capital, we have one of the longest global track records of any firm presently in operation and continuously managed by the same individuals.*

Statistically Patient, Actively Engaged

Polaris’ “statistically patient” global investment philosophy strongly emphasizes valuation over growth, and our investment team capitalizes on normal market fluctuations to opportunistically buy undervalued companies on our radar. We want growth but don’t want to pay for it.

Learn more about us

Fundamentals: Boots on the Ground

It is not enough to look at screens or read reports. Our analysts travel the world to meet with potential investment candidates, while assessing industry conditions, competitors, financial metrics and the quality of company management. We are true bottom-up stock pickers.

Understand our process

We Are Fellow Shareholders

As fellow shareholders, we hold ourselves to the highest standards of commitment, transparency and work ethic. We are dedicated to the success of the Fund, as our team has invested personal assets in Polaris products. Very simply, our interests are aligned with our fellow Fund shareholders.

Our team bios

Polaris Global Fund Headlines

First Quarter 2026 Global Fund Commentary

2026 started out well, with global growth tracking slightly above expectations. The U.S. Federal Reserve held its
benchmark rate at 3.5%–3.75% following a December cut, and several other G20 central banks maintained or reduced rates… March brought a decisive turn. The war in Iran and the closure of the Strait of Hormuz sent energy prices higher. The European Central Bank and Bank of Japan held rates steady but cautioned that the ongoing conflict poses risks… The pivot reshuffled sector leadership — lifting energy and defensive positions while tamping down AI-adjacent cyclicals… The Polaris Global Value Fund gained 5.74% (net of fees), outperforming the MSCI World Index, which declined -3.57%. Read the 1Q 2026 commentary here.

Rates, Rolling Conflicts & Return to Value Investing

2023 started with economists calling for a recession; by summer, the consensus shifted to “higher for longer”; but by November, the temperature changed to cooling inflation, rate cuts and a “soft landing” scenario. The early anticipated recession did not materialize; in fact, just the opposite occurred with the S&P 500 Index up 26.29% for the year, leveraging gains from a concentrated group of mega-cap tech stocks (Mag 7). But “time might be up” for growth stocks…

MoneyLife Market Call: The End of Free Money Favors Value

Bernie Horn of Polaris Capital says that international value bested growth for several years now and expects the U.S. to follow suit as central banks keep interest rates higher, creating positive real returns for fixed income and ending some of the bubbles caused in equity sectors from years of borrowing at near-zero interest rates. Listen in as Bernie speaks with Chuck Jaffe from the Money Life Show… www.moneylifeshow.com

*Source: Polaris Global GIPS & Polaris International GIPS