Polaris Capital Management, LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| POPULAR INC | BPOP | $78.8M | 506,941 | +0.08pp | 32q | -4.2%-$3.5M | |
| Jazz Pharmaceuticals PLC | JAZZ | $74.2M | 320,466 | +0.31pp | 22q | -2.6%-$2.0M | |
| SMURFIT WESTROCK PLC | SW | $65.7M | 1,490,202 | -0.24pp | 8q | -8.9%-$6.4M | |
| LINDE PLC | LIN | $47.4M | 99,816 | +0.09pp | 15q | HELD | |
| ARROW ELECTRS INC | ARW | $41.8M | 184,200 | +0.45pp | 27q | -5.9%-$2.6M | |
| LANTHEUS HLDGS INC | LNTH | $39.4M | 395,900 | -0.30pp | 5q | -6.7%-$2.8M | |
| MARATHON PETE CORP | MPC | $34.2M | 86,482 | +1.33pp | 32q | -7.5%-$2.8M | |
| CVS HEALTH CORP | CVS | $29.6M | 345,600 | -0.45pp | 24q | -5.4%-$1.7M | |
| JPMORGAN CHASE & CO | JPM | $28.6M | 86,391 | +0.21pp | 32q | -4.3%-$1.3M | |
| UNITED THERAPEUTICS CORP DEL | UTHR | $26.5M | 48,950 | +0.05pp | 23q | -8.4%-$2.4M | |
| SLM CORP | SLM | $23.3M | 1,030,800 | -0.19pp | 19q | -4.4%-$1.1M | |
| CYTOKINETICS INC | CYTK | $22.8M | 346,100 | +0.25pp | 2q | +29.7%+$5.2M | |
| INGREDION INC | INGR | $20.9M | 218,600 | +0.18pp | 25q | -3.4%-$737.7K | |
| INTERNATIONAL BANCSHARES COR | IBOC | $20.9M | 305,400 | -0.10pp | 32q | -4.9%-$1.1M | |
| CULLEN FROST BANKERS INC | CFR | $19.1M | 125,300 | +0.07pp | 14q | -6.0%-$1.2M | |
| REGENERON PHARMACEUTICALS | REGN | $19.0M | 25,040 | - | new | NEW | |
| ADOBE INC | ADBE | $18.3M | 76,160 | +0.33pp | 2q | -7.3%-$1.4M | |
| ALLISON TRANSMISSION HLDGS I | ALSN | $17.6M | 155,600 | +0.10pp | 20q | -5.6%-$1.1M | |
| GENPACT LIMITED | G | $17.6M | 541,200 | - | new | NEW | |
| ABBVIE INC | ABBV | $17.4M | 66,394 | +0.13pp | 26q | -6.8%-$1.3M | |
| BOOKING HOLDINGS INC | BKNG | $17.0M | 104,200 | -0.10pp | 2q | -7.0%-$1.3M | |
| CHUBB LIMITED | CB | $16.7M | 51,458 | -0.01pp | 32q | -6.5%-$1.2M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $16.0M | 41,124 | +0.08pp | 32q | -6.2%-$1.0M | |
| EASTMAN CHEM CO | EMN | $15.9M | 245,300 | -0.48pp | 3q | -27.9%-$6.2M | |
| GENERAL DYNAMICS CORP | GD | $15.7M | 47,227 | -0.02pp | 32q | -5.4%-$895.9K | |
| WILLIAMS COS INC | WMB | $15.6M | 230,200 | -0.10pp | 24q | -7.5%-$1.3M | |
| M & T BK CORP | MTB | $15.4M | 70,900 | -0.10pp | 27q | -7.2%-$1.2M | |
| NEXTERA ENERGY INC | NEE | $14.5M | 191,257 | -0.15pp | 32q | -5.3%-$810.4K | |
| TYSON FOODS INC | TSN | $13.8M | 273,200 | -0.11pp | 32q | -5.3%-$768.1K | |
| CAPITAL ONE FINL CORP | COF | $13.1M | 67,720 | +0.03pp | 32q | -4.9%-$675.7K | |
| GAMING & LEISURE P | GLPI | $7.8M | 205,000 | -0.59pp | 9q | -38.8%-$4.9M | |
| NOMAD FOODS LTD | NOMD | $7.0M | 674,200 | -1.11pp | 19q | -62.2%-$11.5M | |
| LKQ CORP | LKQ | $5.9M | 259,600 | -0.42pp | 11q | -38.3%-$3.7M | |
| NORTHEAST BK PORTLAND ME | NBN | $5.5M | 44,400 | flat | 13q | -3.1%-$173.1K | |
| OFG BANCORP | OFG | $5.4M | 107,500 | +0.06pp | 32q | -0.6%-$30.0K | |
| SOUTH PLAINS FINANCIAL INC | SPFI | $5.0M | 121,000 | +0.02pp | 30q | -4.0%-$208.6K | |
| HOMETRUST BANCSHARES INC | HTB | $4.7M | 103,200 | -0.01pp | 8q | -4.2%-$206.0K | |
| CITY HLDG CO | CHCO | $3.1M | 22,295 | +0.05pp | 32q | HELD | |
| BAR HBR BANKSHARES | BHB | $3.1M | 79,900 | +0.04pp | 32q | HELD | |
| BUSINESS FIRST BANCSHARES IN | BFST | $3.0M | 98,200 | +0.03pp | 7q | HELD | |
| COMMERCIAL BANCGROUP INC | CBK | $2.9M | 93,900 | +0.02pp | 4q | -1.3%-$37.6K | |
| PEOPLES BANCORP INC | PEBO | $2.9M | 79,800 | +0.02pp | 19q | HELD | |
| SOUTHSTATE BK CORP | SSB | $2.9M | 29,161 | +0.03pp | 2q | HELD | |
| INDEPENDENT BK CORP MASS | INDB | $2.7M | 35,239 | +0.01pp | 30q | HELD | |
| PDD HOLDINGS INC | PDD | $2.7M | 35,000 | +0.13pp | 4q | +63.6%+$1.1M | |
| CVR ENERGY INC | CVI | $2.7M | 52,000 | +0.10pp | 23q | -22.4%-$764.9K | |
| AVNET INC | AVT | $2.6M | 26,000 | +0.03pp | 5q | -11.3%-$329.8K | |
| EPLUS INC | PLUS | $2.5M | 27,700 | +0.04pp | 7q | HELD | |
| APPLIED INDL TECHNOLOGIES IN | AIT | $2.4M | 7,200 | +0.02pp | 27q | HELD | |
| WAYSTAR HLDG CORP | WAY | $2.4M | 93,500 | - | new | NEW | |
| LAUREATE ED INC | LAUR | $2.3M | 61,500 | +0.04pp | 7q | HELD | |
| LIMBACH HLDGS INC | LMB | $2.2M | 45,600 | - | new | NEW | |
| ACUITY INC | AYI | $2.2M | 7,200 | -0.02pp | 13q | HELD | |
| BANK OF N T BUTTERFIELD & SO | NTB | $2.2M | 37,800 | -0.02pp | 8q | -13.5%-$341.4K | |
| INGLES MKTS INC | IMKTA | $2.2M | 25,783 | +0.01pp | 9q | HELD | |
| V2X INC | VVX | $2.2M | 30,700 | flat | 27q | -7.0%-$162.8K | |
| BLACK HILLS CORP | BKH | $2.2M | 31,000 | +0.02pp | 5q | +4.0%+$84.1K | |
| SOUTHSIDE BANCSHARES INC | SBSI | $2.1M | 70,158 | -0.01pp | 14q | HELD | |
| BOK FINL CORP | BOKF | $2.1M | 16,564 | -0.01pp | 32q | -4.6%-$101.1K | |
| NMI HLDGS INC | NMIH | $2.1M | 55,700 | flat | 4q | HELD | |
| HNI CORP | HNI | $2.0M | 44,500 | +0.04pp | 3q | HELD | |
| DIAMONDBACK ENERGY INC | FANG | $2.0M | 10,670 | +0.03pp | 32q | HELD | |
| ITRON INC | ITRI | $1.9M | 22,200 | +0.02pp | 2q | HELD | |
| COVENANT LOGISTICS GROUP INC | CVLG | $1.8M | 57,182 | -0.09pp | 7q | -15.0%-$326.4K | |
| DNOW INC | DNOW | $1.8M | 118,000 | +0.03pp | 12q | -9.5%-$192.2K | |
| CARLISLE COS INC | CSL | $1.8M | 5,544 | flat | 15q | HELD | |
| CABOT CORP | CBT | $1.8M | 23,073 | -0.04pp | 32q | -12.2%-$246.1K | |
| BARRETT BUSINESS SVCS INC | BBSI | $1.8M | 58,100 | flat | 27q | +7.4%+$121.0K | |
| EAGLE MATLS INC | EXP | $1.6M | 9,600 | -0.03pp | 27q | HELD | |
| BELDEN INC | BDC | $1.6M | 15,100 | +0.01pp | 2q | +3.4%+$54.0K | |
| PERDOCEO ED CORP | PRDO | $1.6M | 50,500 | -0.02pp | 23q | -16.7%-$312.5K | |
| BUCKLE INC | BKE | $1.5M | 35,083 | -0.03pp | 13q | -24.7%-$493.9K | |
| PHILLIPS EDISON & CO INC | PECO | $1.4M | 38,700 | -0.05pp | 6q | -26.4%-$519.0K | |
| AURA MINERALS INC | AUGO | $1.4M | 18,200 | +0.06pp | 2q | +17.4%+$212.4K | |
| NETSTREIT CORP | NTST | $1.4M | 79,400 | -0.09pp | 8q | -33.1%-$693.1K | |
| AVIDIA BANCORP INC | AVBC | $1.4M | 62,600 | +0.02pp | 5q | HELD | |
| HARMONY BIOSCIENCES HLDGS IN | HRMY | $1.3M | 34,000 | +0.02pp | 22q | -5.8%-$82.4K | |
| EXELIXIS INC | EXEL | $1.3M | 22,700 | flat | 18q | -13.7%-$210.3K | |
| HCI GROUP INC | HCI | $1.2M | 7,000 | - | new | NEW | |
| SABRA HEALTH CARE REIT INC | SBRA | $1.2M | 60,500 | -0.08pp | 6q | -46.4%-$1.0M | |
| ESSENTIAL PPTYS RLTY TR INC | EPRT | $1.2M | 45,400 | -0.07pp | 9q | -33.6%-$593.6K | |
| AMPHASTAR PHARMACEUTICALS IN | AMPH | $1.1M | 43,232 | +0.03pp | 8q | HELD | |
| SUPERNUS PHARMACEUTICALS | SUPN | $968.4K | 22,500 | flat | 22q | HELD | |
| PROGRESS SOFTWARE CORP | PRGS | $935.3K | 23,400 | +0.02pp | 7q | HELD | |
| ANI PHARMACEUTICALS INC | ANIP | $777.4K | 10,700 | -0.04pp | 5q | -31.4%-$356.0K | |
| CREDICORP LTD | BAP | $569.8K | 1,500 | flat | 27q | -11.8%-$76.0K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $243.4M | 25.5% |
| Biotech & Pharma | $204.8M | 21.5% |
| Industrials | $67.5M | 7.1% |
| Chemicals | $66.8M | 7.0% |
| Wholesale & Distribution | $55.2M | 5.8% |
| Energy | $54.5M | 5.7% |
| Food, Drink & Tobacco | $41.7M | 4.4% |
| Insurance | $36.0M | 3.8% |
| Autos & Aerospace | $33.3M | 3.5% |
| Healthcare Services | $29.6M | 3.1% |
| Business Services | $28.2M | 3.0% |
| Software & IT Services | $21.6M | 2.3% |
| Other sectors | $65.3M | 6.8% |
| Not classified | $5.5M | 0.6% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -3.3% | +2.1% | -5.5% | 98% |
| Q2 2026 | +14.2% | +14.8% | -0.6% | 100% |
| Q1 2026 | +6.5% | -4.6% | +11.1% | 100% |
| Q4 2025 | +1.7% | +2.4% | -0.7% | 100% |
| Q3 2025 | +6.6% | +7.8% | -1.2% | 100% |
| Q2 2025 | +1.0% | +10.5% | -9.5% | 100% |
| Q1 2025 | +0.2% | -4.6% | +4.8% | 100% |
| Q4 2024 | -2.1% | +2.1% | -4.2% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $953.4M | 86 | 5 | 6 | 52 | 3 | 48.9% | 21 |
| Q2 2026 | $1.1B | 84 | 7 | 23 | 42 | 7 | 47.7% | 27 |
| Q1 2026 | $1.2B | 84 | 2 | 23 | 39 | 7 | 44.0% | 27 |
| Q4 2025 | $1.2B | 89 | 3 | 13 | 41 | 4 | 42.6% | 29 |
| Q3 2025 | $1.5B | 90 | 5 | 15 | 38 | 7 | 43.9% | 27 |
| Q2 2025 | $1.5B | 92 | 4 | 11 | 48 | 3 | 41.8% | 21 |
| Q1 2025 | $1.7B | 91 | 5 | 18 | 53 | 10 | 46.2% | 44 |
| Q4 2024 | $2.1B | 96 | 7 | 23 | 47 | 3 | 43.8% | 29 |
| Q3 2024 | $2.0B | 92 | 4 | 42 | 24 | 4 | 43.4% | 44 |
| Q2 2024 | $1.9B | 92 | 1 | 13 | 39 | 1 | 45.3% | 26 |
| Q1 2024 | $2.0B | 92 | 1 | 9 | 40 | 2 | 46.3% | 24 |
| Q4 2023 | $2.1B | 93 | 2 | 20 | 34 | 1 | 43.6% | 38 |
| Q3 2023 | $1.9B | 92 | 3 | 4 | 47 | 3 | 44.5% | 30 |
| Q2 2023 | $2.7B | 92 | 2 | 5 | 36 | 5 | 41.0% | 31 |
| Q1 2023 | $2.7B | 95 | 5 | 14 | 22 | 6 | 42.3% | 33 |
| Q4 2022 | $2.9B | 96 | 3 | 33 | 22 | 7 | 44.4% | 40 |
| Q3 2022 | $2.5B | 100 | 2 | 1 | 95 | 3 | 47.3% | 41 |
| Q2 2022 | $5.7B | 101 | 3 | 88 | 8 | 5 | 43.2% | 41 |
| Q1 2022 | $3.1B | 103 | 7 | 6 | 62 | 8 | 46.2% | 41 |
| Q4 2021 | $3.1B | 104 | 5 | 8 | 49 | 3 | 46.0% | 32 |
| Q3 2021 | $3.1B | 102 | 2 | 15 | 17 | 3 | 50.0% | 40 |
| Q2 2021 | $3.1B | 103 | 4 | 25 | 15 | 3 | 48.8% | 41 |
| Q1 2021 | $3.0B | 102 | 11 | 13 | 52 | 9 | 45.3% | 41 |
| Q4 2020 | $2.7B | 100 | 6 | 26 | 18 | 6 | 45.1% | 42 |
| Q3 2020 | $2.0B | 100 | 7 | 31 | 11 | 9 | 48.3% | 43 |
| Q2 2020 | $2.0B | 102 | 6 | 28 | 39 | 6 | 53.0% | 43 |
| Q1 2020 | $1.7B | 102 | 22 | 21 | 42 | 8 | 51.0% | 45 |
| Q4 2019 | $2.4B | 88 | 8 | 32 | 18 | 3 | 55.3% | 44 |
| Q3 2019 | $2.2B | 83 | 3 | 22 | 13 | 3 | 55.1% | 46 |
| Q2 2019 | $2.4B | 83 | 5 | 12 | 18 | 6 | 57.3% | 43 |
| Q1 2019 | $2.4B | 84 | 4 | 22 | 21 | 6 | 55.9% | 44 |
| Q4 2018 | $2.2B | 86 | 0 | 0 | 0 | 0 | 57.3% | 38 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.