Exploring the Latest N-PORT Filing for Q2 2025

Bernard Horn (Trades, Portfolio) recently submitted the N-PORT filing for the second quarter of 2025, providing insights into his investment moves during this period. The Polaris team has over 150 years of collective industry expertise, led by Bernard Horn (Trades, Portfolio), who has been in investment management since the early 1980s. The Boston-based firm boasts one of the longest global and international track records of any firm presently in operation and continuously managed by the same individuals. The Polaris Global Value Fund (PGVFX) is a diversified no-load global mutual fund that aims to provide above-average returns by investing in companies with potentially strong sustainable free cash flow or undervalued assets. Polaris' 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.

Warning! GuruFocus has detected 5 Warning Signs with NVDA.Bernard Horn's Strategic Moves: Capgemini SE Leads the Portfolio Additions

Summary of New Buy

Bernard Horn (Trades, Portfolio) added a total of 6 stocks, among them:

The most significant addition was Capgemini SE (XPAR:CAP), with 33,200 shares, accounting for 1.28% of the portfolio and a total value of 5.67 million. The second largest addition to the portfolio was Mitsubishi UFJ Financial Group Inc (TSE:8306), consisting of 396,000 shares, representing approximately 1.23% of the portfolio, with a total value of ?5,453,060. The third largest addition was Endesa SA (XMAD:ELE), with 167,600 shares, accounting for 1.2% of the portfolio and a total value of 5.31 million.

Key Position Increases

Bernard Horn (Trades, Portfolio) also increased stakes in a total of 6 stocks, among them:

The most notable increase was Lundin Mining Corp (TSX:LUN), with an additional 141,600 shares, bringing the total to 578,000 shares. This adjustment represents a significant 32.45% increase in share count, a 0.34% impact on the current portfolio, with a total value of C$6,078,180. The second largest increase was Mondi PLC (LSE:MNDI), with an additional 7,690 shares, bringing the total to 246,402. This adjustment represents a significant 3.22% increase in share count, with a total value of 4,023,170.

Story Continues

Summary of Sold Out

Bernard Horn (Trades, Portfolio) completely exited 3 of the holdings in the second quarter of 2025, as detailed below:

LG Electronics Inc (XKRX:066570): Bernard Horn (Trades, Portfolio) sold all 70,500 shares, resulting in a -0.91% impact on the portfolio. Flatex AG (XTER:FTK): Bernard Horn (Trades, Portfolio) liquidated all 138,941 shares, causing a -0.78% impact on the portfolio.

Key Position Reduces

Bernard Horn (Trades, Portfolio) also reduced positions in 5 stocks. The most significant changes include:

Reduced SpareBank 1 Sor Norge ASA (OSL:SB1NO) by 163,400 shares, resulting in a -49.58% decrease in shares and a -0.65% impact on the portfolio. The stock traded at an average price of kr172.41 during the quarter and has returned 2.31% over the past 3 months and 27.68% year-to-date. Reduced Allison Transmission Holdings Inc (NYSE:ALSN) by 26,800 shares, resulting in a -33.29% reduction in shares and a -0.63% impact on the portfolio. The stock traded at an average price of $96.61 during the quarter and has returned -12.89% over the past 3 months and -16.52% year-to-date.

Portfolio Overview

At the second quarter of 2025, Bernard Horn (Trades, Portfolio)'s portfolio included 92 stocks, with top holdings including 2.17% in SK Hynix Inc (XKRX:000660), 1.75% in Next PLC (LSE:NXT), 1.73% in JPMorgan Chase & Co (NYSE:JPM), 1.71% in Shinhan Financial Group Co Ltd (XKRX:055550), and 1.69% in SLM Corp (NASDAQ:SLM).

The holdings are mainly concentrated in 11 industries: Financial Services, Consumer Cyclical, Industrials, Healthcare, Technology, Consumer Defensive, Basic Materials, Energy, Communication Services, Utilities, and Real Estate.Bernard Horn's Strategic Moves: Capgemini SE Leads the Portfolio Additions

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

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