Polaris Capital Management, LLC

BOSTON, MA · CIK 1316926 · 13F filing filed 2026-07-27

SEC-registered investment adviser since 1993 · limited liability company

Assets managed$5.5bn
Staff18 · 10 in investment roles
Main clients (by assets)Mutual funds and ETFs 50%, Private funds 17%, Pension plans 17%
Private funds3 · $200.3m gross assets
Websitepolariscapital.com
Form ADV · 2026-01-30SEC adviser record

Legal entityPOLARIS CAPITAL MANAGEMENT, LLC (US)

Kindmutual funds
Others nearbyBoston, MA, Salem, NH

As an employer

Offices in1 country
Private fundsother private 3

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Boston, MA (main office)United States	United States	about 9
Salem, NHUnited States	United States	1

US visa salary filings

Filings FY20251
Median salary offered$200,000
Middle half$200,000 – $200,000
Job titles1

Job title	Filings	Median	Range
Investment AnalystBoston, MA	1	$200,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Polaris Capital Management, LLC.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$1.1bn reported value -13.2% vs Q1 2026

84positions

47.7%in top 10

7 new 24 added 42 reduced 7 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

PEAR TREE ADVISORS INC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	POPULAR INC COM NEW BPOP	BPOP	529,241	$86.9m8.19%	8.19%	Reduced -118.9k	-118,889 -18.3%
2	JAZZ PHARMACEUTICALS PLC SHS USD JAZZ	JAZZ	328,966	$79.3m7.47%	7.47%	Reduced -86.4k	-86,400 -20.8%
3	SMURFIT WESTROCK PLC SHS SW	SW	1,635,802	$75.7m7.13%	7.13%	Added +269.3k	+269,252 19.7%
4	LINDE PLC SHS LIN	LIN	99,716	$51.7m4.88%	4.88%	Reduced -24.9k	-24,867 -20.0%
5	LANTHEUS HLDGS INC COM LNTH	LNTH	424,500	$47.1m4.44%	4.44%	Reduced -192.5k	-192,500 -31.2%
6	ARROW ELECTRS INC COM ARW	ARW	195,700	$41.8m3.93%	3.93%	Reduced -90.9k	-90,903 -31.7%
7	CVS HEALTH CORP COM CVS	CVS	365,200	$37.8m3.56%	3.56%	Reduced -152.5k	-152,500 -29.5%
8	JPMORGAN CHASE & CO COM JPM	JPM	90,291	$29.6m2.78%	2.78%	Reduced -27.3k	-27,261 -23.2%
9	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	53,450	$29.0m2.73%	2.73%	Reduced -43.2k	-43,200 -44.7%
10	SLM CORP COM SLM	SLM	1,077,700	$28.0m2.63%	2.63%	Reduced -351.4k	-351,400 -24.6%
11	INTERNATIONAL BANCSHARES COR COM IBOC	IBOC	321,100	$24.4m2.30%	2.30%	Reduced -141.9k	-141,904 -30.6%
12	MARATHON PETE CORP COM MPC	MPC	93,482	$23.9m2.25%	2.25%	Reduced -62.4k	-62,350 -40.0%
13	EASTMAN CHEM CO COM EMN	EMN	340,300	$22.8m2.15%	2.15%	Reduced -131.3k	-131,300 -27.8%
14	CYTOKINETICS INC COM NEW CYTK	CYTK	266,900	$22.7m2.14%	2.14%	New
15	INGREDION INC COM INGR	INGR	226,300	$21.4m2.02%	2.02%	Reduced -3.3k	-3,300 -1.4%
16	WEBSTER FINL CORP COM WBS	WBS	276,538	$21.1m1.99%	1.99%	Reduced -215.7k	-215,663 -43.8%
17	CULLEN FROST BANKERS INC COM CFR	CFR	133,300	$20.6m1.94%	1.94%	Reduced -70.7k	-70,700 -34.7%
18	BOOKING HOLDINGS INC COM BKNG	BKNG	112,010	$20.0m1.88%	1.88%	New
19	NOMAD FOODS LTD USD ORD SHS NOMD	NOMD	1,783,500	$19.5m1.84%	1.84%	Reduced -319.3k	-319,300 -15.2%
20	GILEAD SCIENCES INC COM GILD	GILD	153,300	$19.4m1.82%	1.82%	Reduced -98.9k	-98,900 -39.2%
21	CHUBB LIMITED COM CB	CB	55,038	$18.8m1.77%	1.77%	Reduced -31.5k	-31,487 -36.4%
22	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	164,900	$18.6m1.75%	1.75%	Reduced -93.7k	-93,700 -36.2%
23	WILLIAMS COS INC COM WMB	WMB	248,800	$18.5m1.74%	1.74%	Reduced -150.1k	-150,100 -37.6%
24	M & T BK CORP COM MTB	MTB	76,400	$18.2m1.71%	1.71%	Reduced -46.2k	-46,194 -37.7%
25	ABBVIE INC COM ABBV	ABBV	71,264	$17.9m1.69%	1.69%	Reduced -45.4k	-45,413 -38.9%
26	NEXTERA ENERGY INC COM NEE	NEE	201,957	$17.7m1.67%	1.67%	Reduced -89.7k	-89,719 -30.8%
27	GENERAL DYNAMICS CORP COM GD	GD	49,927	$17.7m1.67%	1.67%	Reduced -37.4k	-37,427 -42.9%
28	ELEVANCE HEALTH INC COM ELV	ELV	43,824	$16.9m1.60%	1.60%	Reduced -27.8k	-27,817 -38.8%
29	ADOBE INC COM ADBE	ADBE	82,200	$16.9m1.59%	1.59%	New
30	TYSON FOODS INC CL A TSN	TSN	288,400	$16.5m1.56%	1.56%	Reduced -162.9k	-162,948 -36.1%
31	GAMING & LEISURE PPTYS INC COM GLPI	GLPI	335,100	$14.9m1.41%	1.41%	Reduced -205.2k	-205,200 -38.0%
32	CAPITAL ONE FINL CORP COM COF	COF	71,220	$14.3m1.35%	1.35%	Reduced -42.4k	-42,424 -37.3%
33	LKQ CORP COM LKQ	LKQ	420,800	$11.1m1.04%	1.04%	Reduced -262.2k	-262,200 -38.4%
34	NORTHEAST BK PORTLAND ME COM NBN	NBN	45,800	$6.1m0.57%	0.57%	Reduced -800	-800 -1.7%
35	SOUTH PLAINS FINANCIAL INC COM SPFI	SPFI	126,000	$5.4m0.51%	0.51%	Added +12.6k	+12,600 11.1%
36	HOMETRUST BANCSHARES INC COM HTB	HTB	107,700	$5.4m0.51%	0.51%	Added +2.7k	+2,700 2.6%
37	OFG BANCORP COM OFG	OFG	108,100	$5.3m0.50%	0.50%	Added +100	+100 0.1%
38	COMMERCIAL BANCGROUP INC COM CBK	CBK	95,100	$3.1m0.29%	0.29%	Added +24.7k	+24,700 35.1%
39	PEOPLES BANCORP INC COM PEBO	PEBO	79,800	$3.1m0.29%	0.29%	Added +15.1k	+15,100 23.3%
40	BUSINESS FIRST BANCSHARES IN COM BFST	BFST	98,200	$3.0m0.28%	0.28%	Added +15.8k	+15,800 19.2%
41	BAR HBR BANKSHARES COM BHB	BHB	79,900	$3.0m0.28%	0.28%	Added +9.9k	+9,900 14.1%
42	COVENANT LOGISTICS GROUP INC CL A CVLG	CVLG	67,282	$3.0m0.28%	0.28%	Reduced -9.2k	-9,200 -12.0%
43	CITY HLDG CO COM CHCO	CHCO	22,295	$3.0m0.28%	0.28%	Added +3.2k	+3,200 16.8%
44	INDEPENDENT BK CORP MASS COM INDB	INDB	35,239	$3.0m0.28%	0.28%	Added +2.8k	+2,800 8.6%
45	SOUTHSTATE BK CORP COM SSB	SSB	29,161	$2.9m0.27%	0.27%	New
46	ACUITY INC COM AYI	AYI	7,200	$2.7m0.26%	0.26%	Added +1.0k	+1,000 16.1%
47	AVNET INC COM AVT	AVT	29,300	$2.6m0.25%	0.25%	Reduced -2.9k	-2,900 -9.0%
48	BANK OF NT BUTTERFIELD&SON L SHS NEW NTB	NTB	43,700	$2.6m0.24%	0.24%	Reduced -1.9k	-1,900 -4.2%
49	NETSTREIT CORP COM NTST	NTST	118,600	$2.5m0.24%	0.24%	Added +10.7k	+10,700 9.9%
50	SOUTHSIDE BANCSHARES INC COM SBSI	SBSI	70,158	$2.5m0.23%	0.23%	Added +7.2k	+7,214 11.5%
51	V2X INC COM VVX	VVX	33,000	$2.5m0.23%	0.23%	Reduced -1.2k	-1,200 -3.5%
52	APPLIED INDL TECHNOLOGIES IN COM AIT	AIT	7,200	$2.4m0.23%	0.23%	Reduced -400	-400 -5.3%
53	BOK FINL CORP COM NEW BOKF	BOKF	17,364	$2.4m0.23%	0.23%	Reduced -800	-800 -4.4%
54	CABOT CORP COM CBT	CBT	26,273	$2.4m0.22%	0.22%	Reduced -2.2k	-2,200 -7.7%
55	EPLUS INC COM PLUS	PLUS	27,700	$2.3m0.22%	0.22%	Unchanged
56	NMI HLDGS INC COM NMIH	NMIH	55,700	$2.3m0.22%	0.22%	Added +6.8k	+6,800 13.9%
57	INGLES MKTS INC CL A IMKTA	IMKTA	25,783	$2.3m0.22%	0.22%	Reduced -1.2k	-1,200 -4.5%
58	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	61,500	$2.2m0.21%	0.21%	Reduced -10.3k	-10,300 -14.3%
59	ENNIS INC COM EBF	EBF	105,100	$2.2m0.21%	0.21%	Unchanged
60	BLACK HILLS CORP COM BKH	BKH	29,800	$2.2m0.21%	0.21%	Reduced -3.9k	-3,900 -11.6%
61	SABRA HEALTH CARE REIT INC COM SBRA	SBRA	112,800	$2.2m0.21%	0.21%	Added +7.8k	+7,800 7.4%
62	PHILLIPS EDISON & CO INC COMMON STOCK PECO	PECO	52,600	$2.2m0.21%	0.21%	Reduced -900	-900 -1.7%
63	EAGLE MATLS INC COM EXP	EXP	9,600	$2.2m0.20%	0.20%	Added +700	+700 7.9%
64	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	68,400	$2.0m0.19%	0.19%	Added +5.2k	+5,200 8.2%
65	CARLISLE COS INC COM CSL	CSL	5,544	$2.0m0.19%	0.19%	Added +618	+618 12.6%
66	BUCKLE INC COM BKE	BKE	46,583	$2.0m0.19%	0.19%	Added +10.9k	+10,900 30.6%
67	PERDOCEO ED CORP COM PRDO	PRDO	60,600	$1.9m0.18%	0.18%	Unchanged
68	BARRETT BUSINESS SVCS INC COM BBSI	BBSI	54,100	$1.9m0.18%	0.18%	Added +23.3k	+23,300 75.7%
69	ITRON INC COM ITRI	ITRI	22,200	$1.9m0.18%	0.18%	New
70	DIAMONDBACK ENERGY INC COM FANG	FANG	10,670	$1.9m0.18%	0.18%	Unchanged
71	CVR ENERGY INC COM CVI	CVI	67,000	$1.8m0.17%	0.17%	Unchanged
72	HNI CORP COM HNI	HNI	44,500	$1.8m0.17%	0.17%	Added +5.1k	+5,100 12.9%
73	BELDEN INC COM BDC	BDC	14,600	$1.8m0.16%	0.16%	New
74	DNOW INC COM DNOW	DNOW	130,400	$1.7m0.16%	0.16%	Added +9.4k	+9,400 7.8%
75	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	21,400	$1.6m0.15%	0.15%	Added +7.8k	+7,800 57.4%
76	EXELIXIS INC COM EXEL	EXEL	26,300	$1.4m0.13%	0.13%	Unchanged
77	HARMONY BIOSCIENCES HLDGS IN COM HRMY	HRMY	36,100	$1.3m0.12%	0.12%	Unchanged
78	AVIDIA BANCORP INC COMMON STOCK AVBC	AVBC	62,600	$1.3m0.12%	0.12%	Added +22.6k	+22,600 56.5%
79	ANI PHARMACEUTICALS INC COM ANIP	ANIP	15,600	$1.3m0.12%	0.12%	Unchanged
80	SUPERNUS PHARMACEUTICALS INC COM SUPN	SUPN	22,500	$1.0m0.10%	0.10%	Unchanged
81	AURA MINERALS INC SHS NEW AUGO	AUGO	15,500	$975.7k0.09%	0.09%	New
82	AMPHASTAR PHARMACEUTICALS IN COM AMPH	AMPH	43,232	$872.4k0.08%	0.08%	Unchanged
83	PROGRESS SOFTWARE CORP COM PRGS	PRGS	23,400	$785.8k0.07%	0.07%	Unchanged
84	CREDICORP LTD COM BAP	BAP	1,700	$662.3k0.06%	0.06%	Reduced -300	-300 -15.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MKS INC. MKSI	MKSI	134,700	$31.0m134.7k shares
SOUTHSTATE CORPORATION SSB	SSB	25,761	$2.4m25.8k shares
WABASH NATL CORP WNC	WNC	158,070	$1.4m158.1k shares
WINNEBAGO INDS INC WGO	WGO	38,067	$1.2m38.1k shares
FIRST SEACOAST BANCORP INC		90,537	$1.1m90.5k shares
KFORCE INC KFRC	KFRC	16,557	$484.1k16.6k shares
EURONET WORLDWIDE INC EEFT	EEFT	4,500	$298.7k4.5k shares