# Polaris Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1316926. Source: https://holderbook.com/funds/1316926-polaris-capital-management-llc/

- Reported value: $1.1B
- Positions: 84
- Weight of the ten largest: 47.7%
- Filed: 2026-07-27

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| POPULAR INC | [BPOP](https://holderbook.com/stocks/BPOP/) | $86.9M | 529,241 | 8.2% | 31 |
| JAZZ PHARMACEUTICALS PLC | [JAZZ](https://holderbook.com/stocks/JAZZ/) | $79.3M | 328,966 | 7.5% | 21 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $75.7M | 1,635,802 | 7.1% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $51.7M | 99,716 | 4.9% | 14 |
| LANTHEUS HLDGS INC | [LNTH](https://holderbook.com/stocks/LNTH/) | $47.1M | 424,500 | 4.4% | 4 |
| ARROW ELECTRS INC | [ARW](https://holderbook.com/stocks/ARW/) | $41.8M | 195,700 | 3.9% | 26 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $37.8M | 365,200 | 3.6% | 23 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $29.6M | 90,291 | 2.8% | 31 |
| UNITED THERAPEUTICS CORP DEL | [UTHR](https://holderbook.com/stocks/UTHR/) | $29.0M | 53,450 | 2.7% | 22 |
| SLM CORP | [SLM](https://holderbook.com/stocks/SLM/) | $28.0M | 1,077,700 | 2.6% | 18 |
| INTERNATIONAL BANCSHARES COR | [IBOC](https://holderbook.com/stocks/IBOC/) | $24.4M | 321,100 | 2.3% | 31 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $23.9M | 93,482 | 2.3% | 31 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $22.8M | 340,300 | 2.1% | 2 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $22.7M | 266,900 | 2.1% | 1 |
| INGREDION INC | [INGR](https://holderbook.com/stocks/INGR/) | $21.4M | 226,300 | 2.0% | 24 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $21.1M | 276,538 | 2.0% | 31 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $20.6M | 133,300 | 1.9% | 13 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $20.0M | 112,010 | 1.9% | 1 |
| NOMAD FOODS LTD | [NOMD](https://holderbook.com/stocks/NOMD/) | $19.5M | 1,783,500 | 1.8% | 18 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $19.4M | 153,300 | 1.8% | 16 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $18.8M | 55,038 | 1.8% | 31 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $18.6M | 164,900 | 1.8% | 19 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $18.5M | 248,800 | 1.7% | 23 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $18.2M | 76,400 | 1.7% | 26 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $17.9M | 71,264 | 1.7% | 25 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $17.7M | 201,957 | 1.7% | 31 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $17.7M | 49,927 | 1.7% | 31 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $16.9M | 43,824 | 1.6% | 31 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $16.9M | 82,200 | 1.6% | 1 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $16.5M | 288,400 | 1.6% | 31 |
| GAMING & LEISURE P | [GLPI](https://holderbook.com/stocks/GLPI/) | $14.9M | 335,100 | 1.4% | 8 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $14.3M | 71,220 | 1.3% | 31 |
| LKQ CORP | [LKQ](https://holderbook.com/stocks/LKQ/) | $11.1M | 420,800 | 1.0% | 10 |
| NORTHEAST BK PORTLAND ME | [NBN](https://holderbook.com/stocks/NBN/) | $6.1M | 45,800 | 0.6% | 12 |
| SOUTH PLAINS FINANCIAL INC | [SPFI](https://holderbook.com/stocks/SPFI/) | $5.4M | 126,000 | 0.5% | 29 |
| HOMETRUST BANCSHARES INC | [HTB](https://holderbook.com/stocks/HTB/) | $5.4M | 107,700 | 0.5% | 7 |
| OFG BANCORP | [OFG](https://holderbook.com/stocks/OFG/) | $5.3M | 108,100 | 0.5% | 31 |
| COMMERCIAL BANCGROUP INC | [CBK](https://holderbook.com/stocks/CBK/) | $3.1M | 95,100 | 0.3% | 3 |
| PEOPLES BANCORP INC | [PEBO](https://holderbook.com/stocks/PEBO/) | $3.1M | 79,800 | 0.3% | 18 |
| BUSINESS FIRST BANCSHARES IN | [BFST](https://holderbook.com/stocks/BFST/) | $3.0M | 98,200 | 0.3% | 6 |
| BAR HBR BANKSHARES | [BHB](https://holderbook.com/stocks/BHB/) | $3.0M | 79,900 | 0.3% | 31 |
| COVENANT LOGISTICS GROUP INC | [CVLG](https://holderbook.com/stocks/CVLG/) | $3.0M | 67,282 | 0.3% | 6 |
| CITY HLDG CO | [CHCO](https://holderbook.com/stocks/CHCO/) | $3.0M | 22,295 | 0.3% | 31 |
| INDEPENDENT BK CORP MASS | [INDB](https://holderbook.com/stocks/INDB/) | $3.0M | 35,239 | 0.3% | 29 |
| SOUTHSTATE BK CORP | [SSB](https://holderbook.com/stocks/SSB/) | $2.9M | 29,161 | 0.3% | 1 |
| ACUITY INC | [AYI](https://holderbook.com/stocks/AYI/) | $2.7M | 7,200 | 0.3% | 12 |
| AVNET INC | [AVT](https://holderbook.com/stocks/AVT/) | $2.6M | 29,300 | 0.2% | 4 |
| BANK OF N T BUTTERFIELD & SO | [NTB](https://holderbook.com/stocks/NTB/) | $2.6M | 43,700 | 0.2% | 7 |
| NETSTREIT CORP | [NTST](https://holderbook.com/stocks/NTST/) | $2.5M | 118,600 | 0.2% | 7 |
| SOUTHSIDE BANCSHARES INC | [SBSI](https://holderbook.com/stocks/SBSI/) | $2.5M | 70,158 | 0.2% | 13 |
| V2X INC | [VVX](https://holderbook.com/stocks/VVX/) | $2.5M | 33,000 | 0.2% | 26 |
| APPLIED INDL TECHNOLOGIES IN | [AIT](https://holderbook.com/stocks/AIT/) | $2.4M | 7,200 | 0.2% | 26 |
| BOK FINL CORP | [BOKF](https://holderbook.com/stocks/BOKF/) | $2.4M | 17,364 | 0.2% | 31 |
| CABOT CORP | [CBT](https://holderbook.com/stocks/CBT/) | $2.4M | 26,273 | 0.2% | 31 |
| EPLUS INC | [PLUS](https://holderbook.com/stocks/PLUS/) | $2.3M | 27,700 | 0.2% | 6 |
| NMI HLDGS INC | [NMIH](https://holderbook.com/stocks/NMIH/) | $2.3M | 55,700 | 0.2% | 3 |
| INGLES MKTS INC | [IMKTA](https://holderbook.com/stocks/IMKTA/) | $2.3M | 25,783 | 0.2% | 8 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $2.2M | 61,500 | 0.2% | 6 |
| ENNIS INC | [EBF](https://holderbook.com/stocks/EBF/) | $2.2M | 105,100 | 0.2% | 16 |
| BLACK HILLS CORP | [BKH](https://holderbook.com/stocks/BKH/) | $2.2M | 29,800 | 0.2% | 4 |
| SABRA HEALTH CARE REIT INC | [SBRA](https://holderbook.com/stocks/SBRA/) | $2.2M | 112,800 | 0.2% | 5 |
| PHILLIPS EDISON & CO INC | [PECO](https://holderbook.com/stocks/PECO/) | $2.2M | 52,600 | 0.2% | 5 |
| EAGLE MATLS INC | [EXP](https://holderbook.com/stocks/EXP/) | $2.2M | 9,600 | 0.2% | 26 |
| ESSENTIAL PPTYS RLTY TR INC | [EPRT](https://holderbook.com/stocks/EPRT/) | $2.0M | 68,400 | 0.2% | 8 |
| CARLISLE COS INC | [CSL](https://holderbook.com/stocks/CSL/) | $2.0M | 5,544 | 0.2% | 14 |
| BUCKLE INC | [BKE](https://holderbook.com/stocks/BKE/) | $2.0M | 46,583 | 0.2% | 12 |
| PERDOCEO ED CORP | [PRDO](https://holderbook.com/stocks/PRDO/) | $1.9M | 60,600 | 0.2% | 22 |
| BARRETT BUSINESS SVCS INC | [BBSI](https://holderbook.com/stocks/BBSI/) | $1.9M | 54,100 | 0.2% | 26 |
| ITRON INC | [ITRI](https://holderbook.com/stocks/ITRI/) | $1.9M | 22,200 | 0.2% | 1 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $1.9M | 10,670 | 0.2% | 31 |
| CVR ENERGY INC | [CVI](https://holderbook.com/stocks/CVI/) | $1.8M | 67,000 | 0.2% | 22 |
| HNI CORP | [HNI](https://holderbook.com/stocks/HNI/) | $1.8M | 44,500 | 0.2% | 2 |
| BELDEN INC | [BDC](https://holderbook.com/stocks/BDC/) | $1.8M | 14,600 | 0.2% | 1 |
| DNOW INC | [DNOW](https://holderbook.com/stocks/DNOW/) | $1.7M | 130,400 | 0.2% | 11 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $1.6M | 21,400 | 0.2% | 3 |
| EXELIXIS INC | [EXEL](https://holderbook.com/stocks/EXEL/) | $1.4M | 26,300 | 0.1% | 17 |
| HARMONY BIOSCIENCES HLDGS IN | [HRMY](https://holderbook.com/stocks/HRMY/) | $1.3M | 36,100 | 0.1% | 21 |
| AVIDIA BANCORP INC | [AVBC](https://holderbook.com/stocks/AVBC/) | $1.3M | 62,600 | 0.1% | 4 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $1.3M | 15,600 | 0.1% | 4 |
| SUPERNUS PHARMACEUTICALS | [SUPN](https://holderbook.com/stocks/SUPN/) | $1.0M | 22,500 | 0.1% | 21 |
| AURA MINERALS INC | [AUGO](https://holderbook.com/stocks/AUGO/) | $975.7K | 15,500 | 0.1% | 1 |
| AMPHASTAR PHARMACEUTICALS IN | [AMPH](https://holderbook.com/stocks/AMPH/) | $872.4K | 43,232 | 0.1% | 7 |
| PROGRESS SOFTWARE CORP | [PRGS](https://holderbook.com/stocks/PRGS/) | $785.8K | 23,400 | 0.1% | 6 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $662.3K | 1,700 | 0.1% | 26 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| 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% |
| Q3 2024 | +9.0% | +5.4% | +3.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.1B | 84 |
| Q1 2026 | $1.2B | 84 |
| Q4 2025 | $1.2B | 89 |
| Q3 2025 | $1.5B | 90 |
| Q2 2025 | $1.5B | 92 |
| Q1 2025 | $1.7B | 91 |
| Q4 2024 | $2.1B | 96 |
| Q3 2024 | $2.0B | 92 |
| Q2 2024 | $1.9B | 92 |
| Q1 2024 | $2.0B | 92 |
| Q4 2023 | $2.1B | 93 |
| Q3 2023 | $1.9B | 92 |