Polaris Capital Management, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| POPULAR INC | BPOP | $86.9M | 529,241 | +1.07pp | 31q | -18.3%-$19.5M | |
| JAZZ PHARMACEUTICALS PLC | JAZZ | $79.3M | 328,966 | +1.04pp | 21q | -20.8%-$20.8M | |
| SMURFIT WESTROCK PLC | SW | $75.7M | 1,635,802 | +2.67pp | 7q | +19.7%+$12.5M | |
| LINDE PLC | LIN | $51.7M | 99,716 | -0.18pp | 14q | -20.0%-$12.9M | |
| LANTHEUS HLDGS INC | LNTH | $47.1M | 424,500 | +0.61pp | 4q | -31.2%-$21.4M | |
| ARROW ELECTRS INC | ARW | $41.8M | 195,700 | +0.57pp | 26q | -31.7%-$19.4M | |
| CVS HEALTH CORP | CVS | $37.8M | 365,200 | +0.52pp | 23q | -29.5%-$15.8M | |
| JPMORGAN CHASE & CO | JPM | $29.6M | 90,291 | -0.04pp | 31q | -23.2%-$8.9M | |
| UNITED THERAPEUTICS CORP DEL | UTHR | $29.0M | 53,450 | -1.96pp | 22q | -44.7%-$23.4M | |
| SLM CORP | SLM | $28.0M | 1,077,700 | +0.13pp | 18q | -24.6%-$9.1M | |
| INTERNATIONAL BANCSHARES COR | IBOC | $24.4M | 321,100 | -0.25pp | 31q | -30.6%-$10.8M | |
| MARATHON PETE CORP | MPC | $23.9M | 93,482 | -0.86pp | 31q | -40.0%-$15.9M | |
| EASTMAN CHEM CO | EMN | $22.8M | 340,300 | -0.80pp | 2q | -27.8%-$8.8M | |
| CYTOKINETICS INC | CYTK | $22.7M | 266,900 | - | new | NEW | |
| INGREDION INC | INGR | $21.4M | 226,300 | -0.10pp | 24q | -1.4%-$312.5K | |
| WEBSTER FINL CORP | WBS | $21.1M | 276,538 | -0.80pp | 31q | -43.8%-$16.5M | |
| CULLEN FROST BANKERS INC | CFR | $20.6M | 133,300 | -0.35pp | 13q | -34.7%-$10.9M | |
| BOOKING HOLDINGS INC | BKNG | $20.0M | 112,010 | - | new | NEW | |
| NOMAD FOODS LTD | NOMD | $19.5M | 1,783,500 | +0.19pp | 18q | -15.2%-$3.5M | |
| GILEAD SCIENCES INC | GILD | $19.4M | 153,300 | -1.05pp | 16q | -39.2%-$12.5M | |
| CHUBB LIMITED | CB | $18.8M | 55,038 | -0.54pp | 31q | -36.4%-$10.7M | |
| ALLISON TRANSMISSION HLDGS I | ALSN | $18.6M | 164,900 | -0.73pp | 19q | -36.2%-$10.6M | |
| WILLIAMS COS INC | WMB | $18.5M | 248,800 | -0.63pp | 23q | -37.6%-$11.2M | |
| M & T BK CORP | MTB | $18.2M | 76,400 | -0.36pp | 26q | -37.7%-$11.0M | |
| ABBVIE INC | ABBV | $17.9M | 71,264 | -0.39pp | 25q | -38.9%-$11.4M | |
| NEXTERA ENERGY INC | NEE | $17.7M | 201,957 | -0.55pp | 31q | -30.8%-$7.9M | |
| GENERAL DYNAMICS CORP | GD | $17.7M | 49,927 | -0.79pp | 31q | -42.8%-$13.3M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $16.9M | 43,824 | -0.12pp | 31q | -38.8%-$10.8M | |
| ADOBE INC | ADBE | $16.9M | 82,200 | - | new | NEW | |
| TYSON FOODS INC | TSN | $16.5M | 288,400 | -0.81pp | 31q | -36.1%-$9.3M | |
| GAMING & LEISURE P | GLPI | $14.9M | 335,100 | -0.56pp | 8q | -38.0%-$9.1M | |
| CAPITAL ONE FINL CORP | COF | $14.3M | 71,220 | -0.35pp | 31q | -37.3%-$8.5M | |
| LKQ CORP | LKQ | $11.1M | 420,800 | -0.60pp | 10q | -38.4%-$6.9M | |
| NORTHEAST BK PORTLAND ME | NBN | $6.1M | 45,800 | +0.14pp | 12q | -1.7%-$106.0K | |
| SOUTH PLAINS FINANCIAL INC | SPFI | $5.4M | 126,000 | +0.12pp | 29q | +11.1%+$542.9K | |
| HOMETRUST BANCSHARES INC | HTB | $5.4M | 107,700 | +0.14pp | 7q | +2.6%+$134.7K | |
| OFG BANCORP | OFG | $5.3M | 108,100 | +0.14pp | 31q | HELD | |
| COMMERCIAL BANCGROUP INC | CBK | $3.1M | 95,100 | +0.14pp | 3q | +35.1%+$797.6K | |
| PEOPLES BANCORP INC | PEBO | $3.1M | 79,800 | +0.11pp | 18q | +23.3%+$580.0K | |
| BUSINESS FIRST BANCSHARES IN | BFST | $3.0M | 98,200 | +0.10pp | 6q | +19.2%+$485.5K | |
| BAR HBR BANKSHARES | BHB | $3.0M | 79,900 | +0.10pp | 31q | +14.1%+$373.8K | |
| COVENANT LOGISTICS GROUP INC | CVLG | $3.0M | 67,282 | +0.11pp | 6q | -12.0%-$406.5K | |
| CITY HLDG CO | CHCO | $3.0M | 22,295 | +0.09pp | 31q | +16.8%+$424.4K | |
| INDEPENDENT BK CORP MASS | INDB | $3.0M | 35,239 | +0.08pp | 29q | +8.6%+$234.4K | |
| SOUTHSTATE BK CORP | SSB | $2.9M | 29,161 | - | new | NEW | |
| ACUITY INC | AYI | $2.7M | 7,200 | +0.11pp | 12q | +16.1%+$376.7K | |
| AVNET INC | AVT | $2.6M | 29,300 | +0.08pp | 4q | -9.0%-$257.6K | |
| BANK OF N T BUTTERFIELD & SO | NTB | $2.6M | 43,700 | +0.05pp | 7q | -4.2%-$113.0K | |
| NETSTREIT CORP | NTST | $2.5M | 118,600 | +0.07pp | 7q | +9.9%+$226.1K | |
| SOUTHSIDE BANCSHARES INC | SBSI | $2.5M | 70,158 | +0.07pp | 13q | +11.5%+$253.9K | |
| V2X INC | VVX | $2.5M | 33,000 | +0.04pp | 26q | -3.5%-$89.5K | |
| APPLIED INDL TECHNOLOGIES IN | AIT | $2.4M | 7,200 | +0.06pp | 26q | -5.3%-$135.3K | |
| BOK FINL CORP | BOKF | $2.4M | 17,364 | +0.04pp | 31q | -4.4%-$111.1K | |
| CABOT CORP | CBT | $2.4M | 26,273 | +0.05pp | 31q | -7.7%-$199.8K | |
| EPLUS INC | PLUS | $2.3M | 27,700 | +0.05pp | 6q | HELD | |
| NMI HLDGS INC | NMIH | $2.3M | 55,700 | +0.07pp | 3q | +13.9%+$279.4K | |
| INGLES MKTS INC | IMKTA | $2.3M | 25,783 | +0.02pp | 8q | -4.4%-$106.3K | |
| LAUREATE ED INC | LAUR | $2.2M | 61,500 | +0.01pp | 6q | -14.3%-$374.1K | |
| ENNIS INC | EBF | $2.2M | 105,100 | +0.03pp | 16q | HELD | |
| BLACK HILLS CORP | BKH | $2.2M | 29,800 | +0.02pp | 4q | -11.6%-$290.2K | |
| SABRA HEALTH CARE REIT INC | SBRA | $2.2M | 112,800 | +0.04pp | 5q | +7.4%+$152.2K | |
| PHILLIPS EDISON & CO INC | PECO | $2.2M | 52,600 | +0.04pp | 5q | -1.7%-$37.5K | |
| EAGLE MATLS INC | EXP | $2.2M | 9,600 | +0.07pp | 26q | +7.9%+$157.5K | |
| ESSENTIAL PPTYS RLTY TR INC | EPRT | $2.0M | 68,400 | +0.04pp | 8q | +8.2%+$155.2K | |
| CARLISLE COS INC | CSL | $2.0M | 5,544 | +0.06pp | 14q | +12.5%+$224.2K | |
| BUCKLE INC | BKE | $2.0M | 46,583 | +0.04pp | 12q | +30.5%+$460.0K | |
| PERDOCEO ED CORP | PRDO | $1.9M | 60,600 | flat | 22q | HELD | |
| BARRETT BUSINESS SVCS INC | BBSI | $1.9M | 54,100 | +0.11pp | 26q | +75.6%+$827.6K | |
| ITRON INC | ITRI | $1.9M | 22,200 | - | new | NEW | |
| DIAMONDBACK ENERGY INC | FANG | $1.9M | 10,670 | flat | 31q | HELD | |
| CVR ENERGY INC | CVI | $1.8M | 67,000 | -0.01pp | 22q | HELD | |
| HNI CORP | HNI | $1.8M | 44,500 | +0.06pp | 2q | +12.9%+$206.1K | |
| BELDEN INC | BDC | $1.8M | 14,600 | - | new | NEW | |
| DNOW INC | DNOW | $1.7M | 130,400 | +0.04pp | 11q | +7.8%+$121.9K | |
| PDD HOLDINGS INC | PDD | $1.6M | 21,400 | +0.04pp | 3q | +57.4%+$595.0K | |
| EXELIXIS INC | EXEL | $1.4M | 26,300 | +0.04pp | 17q | HELD | |
| HARMONY BIOSCIENCES HLDGS IN | HRMY | $1.3M | 36,100 | +0.04pp | 21q | HELD | |
| AVIDIA BANCORP INC | AVBC | $1.3M | 62,600 | +0.06pp | 4q | +56.5%+$474.4K | |
| ANI PHARMACEUTICALS INC | ANIP | $1.3M | 15,600 | +0.02pp | 4q | HELD | |
| SUPERNUS PHARMACEUTICALS | SUPN | $1.0M | 22,500 | flat | 21q | HELD | |
| AURA MINERALS INC | AUGO | $975.7K | 15,500 | - | new | NEW | |
| AMPHASTAR PHARMACEUTICALS IN | AMPH | $872.4K | 43,232 | +0.01pp | 7q | HELD | |
| PROGRESS SOFTWARE CORP | PRGS | $785.8K | 23,400 | +0.02pp | 6q | HELD | |
| CREDICORP LTD | BAP | $662.3K | 1,700 | +0.01pp | 26q | -15.0%-$116.9K |
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 | $289.5M | 27.3% |
| Biotech & Pharma | $221.3M | 20.9% |
| Chemicals | $78.9M | 7.4% |
| Industrials | $77.4M | 7.3% |
| Wholesale & Distribution | $60.2M | 5.7% |
| Food, Drink & Tobacco | $57.5M | 5.4% |
| Energy | $46.1M | 4.3% |
| Insurance | $38.0M | 3.6% |
| Healthcare Services | $37.8M | 3.6% |
| Autos & Aerospace | $36.3M | 3.4% |
| Real Estate | $23.9M | 2.2% |
| Transport & Logistics | $22.9M | 2.2% |
| Other sectors | $65.6M | 6.2% |
| Not classified | $6.1M | 0.6% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| 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 | 14 | 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.