Polaris Capital Management, LLC

Name: Polaris Capital Management, LLC 13F holdings, Q4 2024
Creator: Polaris Capital Management, LLC
Published: 2025-01-29

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 29, 2025), Polaris Capital Management, LLC reported 96 stock positions worth $2.1 billion. Its top holding was Smurfit Westrock (SW) at 7.8% of the portfolio, followed by Popular (BPOP, 7.1%) and Linde (LIN, 6.5%). Compared with Q3 2024, it opened 7 new positions, sold out of 3, added to 24 and reduced 50. The biggest buy was a new position in Smurfit Westrock (SW) and the biggest sale Linde (LIN, shares −20%).

Most Recent 13F: Q2 2026
Location: BOSTON, MA
CIK: 0001316926
Portfolio Value: $2.1B (Q4 2024)
SEC Filing: 0001144969-25-000001 ↗ filed Jan 29, 2025

Holdings Value

Holdings 96 stocks · $2.1B


SW Smurfit Westrock PLC	7.85%	3,020,764	$162.7M	New
BPOP Popular Inc.	7.10%	1,565,478	$147.2M	Reduce -8.5%
LIN Linde PLC	6.52%	322,676	$135.1M	Reduce -20.1%
JAZZ Jazz Pharmaceuticals PLC	6.45%	1,085,860	$133.7M	Reduce -16.8%
TGLS Tecnoglass Holdings Inc.	3.29%	860,964	$68.3M	Add +2.5%
VIPS Vipshop Holdings Ltd. - ADR	3.04%	4,684,100	$63.1M	New
ALSN Allison Transmission Holding	2.86%	548,200	$59.2M	Reduce -8.1%
JPM JPMorgan Chase & Co.	2.26%	195,851	$46.9M	Reduce -9.1%
UTHR United Therapeutics Corp.	2.24%	131,850	$46.5M	Reduce -7.1%
NOMD Nomad Foods Ltd.	2.15%	2,661,800	$44.7M	Reduce -15.2%
SLM SLM Corp.	2.12%	1,590,000	$43.9M	Reduce -4.1%
IBOC International Bancshares CRP	2.07%	677,808	$42.8M	Reduce -4.2%
CFR Cullen/Frost Bankers Inc.	1.99%	307,800	$41.3M	Reduce -3.3%
ABBV Abbvie Inc.	1.95%	227,879	$40.5M	Reduce -3.2%
INGR Ingredion Inc.	1.94%	292,400	$40.2M	Reduce -5.3%
WBS Webster Financial Corp.	1.93%	725,695	$40.1M	Reduce -5.6%
COF Capital One Financial Corp.	1.93%	224,508	$40.0M	Reduce -3.6%
MSFT Microsoft Corp.	1.93%	94,826	$40.0M	Reduce -6.7%
NTRS Northern Trust Corp.	1.90%	383,800	$39.3M	Reduce -3.7%
GILD Gilead Sciences Inc.	1.86%	417,600	$38.6M	Reduce -2.5%
CG The Carlyle Group Inc.	1.81%	745,000	$37.6M	Reduce -3.4%
CROX Crocs Inc.	1.81%	343,177	$37.6M	Reduce -3.2%
TSN Tyson Foods Inc. Class A	1.78%	641,263	$36.8M	Add +0.6%
MKSI MKS Inc. filed as MKS INSTRS INC	1.77%	352,400	$36.8M	Reduce -0.5%
MTB M & T Bank Corp. filed as M & T BK CORP	1.72%	189,294	$35.6M	Reduce -1.4%
CB Chubb Ltd.	1.70%	127,469	$35.2M	Reduce -3.5%
GD General Dynamics Corp.	1.70%	133,564	$35.2M	Reduce -2.8%
GLPI Gaming and Leisure Propertie	1.68%	721,400	$34.7M	Reduce -3.9%
NEE Nextera Energy Inc.	1.65%	475,764	$34.1M	Reduce -5.3%
WMB Williams Cos Inc.	1.57%	601,900	$32.6M	Reduce -41.3%
IPG Interpublic Group of Cos Inc.	1.49%	1,105,800	$31.0M	Add +0.2%
UNH Unitedhealth Group Inc.	1.43%	58,552	$29.6M	Reduce -1.0%
ARW Arrow Electronics Inc.	1.43%	261,203	$29.5M	Add +1.1%
MPC Marathon Petroleum Corp.	1.42%	210,994	$29.4M	Reduce -0.2%
SAIC Science Applications Inte	1.37%	254,600	$28.5M	Reduce -2.3%
ELV Elevance Health Inc.	1.30%	73,169	$27.0M	Add +0.6%
NOV Nov Inc.	1.29%	1,831,193	$26.7M	Reduce -0.8%
LKQ LKQ Corp.	1.25%	705,700	$25.9M	Add +3.7%
SBH Sally Beauty Holdings Inc.	1.21%	2,392,129	$25.0M	Reduce -0.2%
CVS CVS Health Corp.	1.06%	489,500	$22.0M	Add +7.6%
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC	0.59%	397,680	$12.2M	Reduce -3.0%
EBC Eastern Bankshares Inc.	0.54%	654,366	$11.3M	Reduce -11.7%
PFC Premier Financial Corp.	0.44%	357,483	$9.1M	Add +3.1%
OFG Ofg Bancorp	0.30%	145,200	$6.1M	Reduce -13.5%
SPFI South Plains Financial Inc.	0.24%	140,300	$4.9M	Reduce -10.8%
NBN Northeast Bank	0.22%	49,600	$4.5M	Add +3.5%
HTB Hometrust Bancshares Inc.	0.20%	120,800	$4.1M	New
BBSI Barrett Business SVCS Inc.	0.12%	59,000	$2.6M	Reduce -21.8%
CBAN Colony Bankcorp	0.10%	133,179	$2.1M	Add +7.0%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.10%	44,400	$2.1M	No change
IMKTA Ingles Markets Inc. Class A	0.10%	32,800	$2.1M	Add +24.7%
EVTC Evertec Inc.	0.10%	60,500	$2.1M	No change
NTB Bank of N.T. Butterfield&son	0.10%	55,800	$2.0M	New
KFRC Kforce Inc.	0.10%	35,694	$2.0M	Add +8.2%
EBF Ennis Inc.	0.10%	95,500	$2.0M	Add +16.0%
HRMY Harmony Biosciences Holdings	0.10%	58,300	$2.0M	Add +29.6%
SBSI Southside Bancshares Inc.	0.09%	61,500	$2.0M	No change
BOKF Bok Financial Corporation	0.09%	18,164	$1.9M	Reduce -6.7%
MMS Maximus Inc.	0.09%	25,200	$1.9M	Add +15.6%
EPRT Essential Properties Realty	0.09%	58,200	$1.8M	No change
HEES H&E Equipment Services Inc.	0.09%	37,000	$1.8M	No change
VVX V2X Inc.	0.09%	37,600	$1.8M	No change
NTST Netstreit Corp.	0.09%	125,600	$1.8M	New
FANG Diamondback Energy Inc.	0.08%	10,670	$1.7M	No change
SSB Southstate Bank Corp.	0.08%	17,561	$1.7M	No change
WGO Winnebago Industries	0.08%	36,467	$1.7M	Add +47.2%
EXP Eagle Materials Inc.	0.08%	7,000	$1.7M	Reduce -16.7%
SUPN Supernus Pharmaceuticals Inc.	0.08%	47,000	$1.7M	Add +10.6%
CSL Carlisle Cos Inc.	0.08%	4,600	$1.7M	No change
CSGS CSG Systems Intl Inc.	0.08%	33,000	$1.7M	Add +10.7%
AIT Applied Industrial Tech Inc.	0.08%	7,000	$1.7M	Reduce -24.7%
WNC Wabash National Corp.	0.08%	97,800	$1.7M	Add +28.4%
CBT Cabot Corp.	0.08%	18,273	$1.7M	Reduce -17.2%
CHCO City Holding Co. filed as CITY HLDG CO	0.08%	13,895	$1.6M	Add +71.7%
INDB Independent Bank Corp.	0.08%	25,339	$1.6M	Add +123.5%
GPK Graphic Packaging Holding Co.	0.08%	58,700	$1.6M	Reduce -35.9%
PEBO Peoples Bancorp Inc.	0.08%	50,300	$1.6M	No change
CVI CVR Energy Inc.	0.08%	84,500	$1.6M	Add +33.7%
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES	0.07%	50,000	$1.5M	Add +15.2%
EXEL Exelixis Inc.	0.07%	45,000	$1.5M	Reduce -27.3%
AYI Acuity Inc.	0.07%	5,000	$1.5M	No change
PRDO Perdoceo Education Corp.	0.07%	54,800	$1.5M	Add +26.0%
DNOW Dnow Inc.	0.06%	101,700	$1.3M	No change
KNX Knight-Swift Transportation	0.06%	23,494	$1.2M	Reduce -7.5%
BKE The Buckle Inc.	0.06%	23,500	$1.2M	Reduce -29.9%
TBRG Trubridge Inc.	0.05%	57,000	$1.1M	Reduce -50.9%
RRX Regal Rexnord Corp.	0.05%	6,789	$1.1M	No change
AEO American Eagle Outfitters	0.05%	62,400	$1.0M	New
CW Curtiss-Wright Corp.	0.05%	2,800	$994K	Reduce -64.1%
AMPH Amphastar Pharmaceuticals Inc.	0.04%	24,500	$910K	New
XRN Global Medical REIT Inc.	0.04%	109,200	$843K	Reduce -47.0%
FSEA First Seacoast Bancorp Inc.	0.03%	70,637	$709K	No change
BAP Credicorp Ltd.	0.03%	3,600	$660K	Reduce -5.3%
KE Kimball Electronics Inc.	0.03%	34,935	$654K	Reduce -12.8%
EEFT Euronet Worldwide Inc.	0.03%	5,400	$555K	Reduce -34.9%
CFSB CFSB Bancorp Inc.	0.01%	24,300	$164K	No change

Portfolio Sells Q3 2024 → Q4 2024


LIN Linde PLC	Reduce -20.1%	6.52%	−2.97
BPOP Popular Inc.	Reduce -8.5%	7.10%	−1.35
NOMD Nomad Foods Ltd.	Reduce -15.2%	2.15%	−0.79
WMB Williams Cos Inc.	Reduce -41.3%	1.57%	−0.74
CROX Crocs Inc.	Reduce -3.2%	1.81%	−0.72
JAZZ Jazz Pharmaceuticals PLC	Reduce -16.8%	6.45%	−0.71
NEE Nextera Energy Inc.	Reduce -5.3%	1.65%	−0.45
SAIC Science Applications Inte	Reduce -2.3%	1.37%	−0.41
SBH Sally Beauty Holdings Inc.	Reduce -0.2%	1.21%	−0.40
GD General Dynamics Corp.	Reduce -2.8%	1.70%	−0.35
ABBV Abbvie Inc.	Reduce -3.2%	1.95%	−0.34
MPC Marathon Petroleum Corp.	Reduce -0.2%	1.42%	−0.28
UNH Unitedhealth Group Inc.	Reduce -1.0%	1.43%	−0.28
UTHR United Therapeutics Corp.	Reduce -7.1%	2.24%	−0.26
GLPI Gaming and Leisure Propertie	Reduce -3.9%	1.68%	−0.23
MSFT Microsoft Corp.	Reduce -6.7%	1.93%	−0.23
CB Chubb Ltd.	Reduce -3.5%	1.70%	−0.18
NOV Nov Inc.	Reduce -0.8%	1.29%	−0.16
INGR Ingredion Inc.	Reduce -5.3%	1.94%	−0.15
MKSI MKS Inc.	Reduce -0.5%	1.77%	−0.12
CW Curtiss-Wright Corp.	Reduce -64.1%	0.05%	−0.08
OFG Ofg Bancorp	Reduce -13.5%	0.30%	−0.07
JBI Janus International Group Inc.	Sold out	0.00%	−0.06
XRN Global Medical REIT Inc.	Reduce -47.0%	0.04%	−0.06
GPK Graphic Packaging Holding Co.	Reduce -35.9%	0.08%	−0.06
EBC Eastern Bankshares Inc.	Reduce -11.7%	0.54%	−0.05
FNB FNB Corp.	Sold out	0.00%	−0.04
CBT Cabot Corp.	Reduce -17.2%	0.08%	−0.04
EXP Eagle Materials Inc.	Reduce -16.7%	0.08%	−0.04
INVX Innovex International Inc.	Sold out	0.00%	−0.03
SPFI South Plains Financial Inc.	Reduce -10.8%	0.24%	−0.03
AIT Applied Industrial Tech Inc.	Reduce -24.7%	0.08%	−0.02
IBOC International Bancshares CRP	Reduce -4.2%	2.07%	−0.02
BBSI Barrett Business SVCS Inc.	Reduce -21.8%	0.12%	−0.02
BKE The Buckle Inc.	Reduce -29.9%	0.06%	−0.01
TBRG Trubridge Inc.	Reduce -50.9%	0.05%	−0.01
EEFT Euronet Worldwide Inc.	Reduce -34.9%	0.03%	−0.01
KNX Knight-Swift Transportation	Reduce -7.5%	0.06%	−0.01
BOKF Bok Financial Corporation	Reduce -6.7%	0.09%	−0.01
EXEL Exelixis Inc.	Reduce -27.3%	0.07%	−0.01
KE Kimball Electronics Inc.	Reduce -12.8%	0.03%	−0.01
BAP Credicorp Ltd.	Reduce -5.3%	0.03%	−0.00
DCOM Dime Commercial Bancshares I	Reduce -3.0%	0.59%	+0.01
JPM JPMorgan Chase & Co.	Reduce -9.1%	2.26%	+0.03
MTB M & T Bank Corp.	Reduce -1.4%	1.72%	+0.03
ALSN Allison Transmission Holding	Reduce -8.1%	2.86%	+0.03
GILD Gilead Sciences Inc.	Reduce -2.5%	1.86%	+0.09
NTRS Northern Trust Corp.	Reduce -3.7%	1.90%	+0.13
WBS Webster Financial Corp.	Reduce -5.6%	1.93%	+0.17
CG The Carlyle Group Inc.	Reduce -3.4%	1.81%	+0.18

Portfolio Buys Q3 2024 → Q4 2024


SW Smurfit Westrock PLC	New	7.85%	+7.85
VIPS Vipshop Holdings Ltd. - ADR	New	3.04%	+3.04
TGLS Tecnoglass Holdings Inc.	Add +2.5%	3.29%	+0.45
HTB Hometrust Bancshares Inc.	New	0.20%	+0.20
NTB Bank of N.T. Butterfield&son	New	0.10%	+0.10
NTST Netstreit Corp.	New	0.09%	+0.09
AEO American Eagle Outfitters	New	0.05%	+0.05
INDB Independent Bank Corp.	Add +123.5%	0.08%	+0.05
AMPH Amphastar Pharmaceuticals Inc.	New	0.04%	+0.04
PFC Premier Financial Corp.	Add +3.1%	0.44%	+0.04
NBN Northeast Bank	Add +3.5%	0.22%	+0.04
CHCO City Holding Co.	Add +71.7%	0.08%	+0.03
PRDO Perdoceo Education Corp.	Add +26.0%	0.07%	+0.02
SUPN Supernus Pharmaceuticals Inc.	Add +10.6%	0.08%	+0.02
WGO Winnebago Industries	Add +47.2%	0.08%	+0.01
CSGS CSG Systems Intl Inc.	Add +10.7%	0.08%	+0.01
WNC Wabash National Corp.	Add +28.4%	0.08%	+0.01
CBAN Colony Bankcorp	Add +7.0%	0.10%	+0.01
HRMY Harmony Biosciences Holdings	Add +29.6%	0.10%	+0.01
BHB Bar Harbor Bankshares	Add +15.2%	0.07%	+0.01
IMKTA Ingles Markets Inc. Class A	Add +24.7%	0.10%	+0.01
CVI CVR Energy Inc.	Add +33.7%	0.08%	+0.00
EBF Ennis Inc.	Add +16.0%	0.10%	−0.00
KFRC Kforce Inc.	Add +8.2%	0.10%	−0.00
MMS Maximus Inc.	Add +15.6%	0.09%	−0.01
LKQ LKQ Corp.	Add +3.7%	1.25%	−0.09
TSN Tyson Foods Inc. Class A	Add +0.6%	1.78%	−0.09
IPG Interpublic Group of Cos Inc.	Add +0.2%	1.49%	−0.23
ARW Arrow Electronics Inc.	Add +1.1%	1.43%	−0.27
CVS CVS Health Corp.	Add +7.6%	1.06%	−0.35
ELV Elevance Health Inc.	Add +0.6%	1.30%	−0.56

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	84	$1.1B	BPOP, JAZZ, SW, LIN, LNTH
Q1 2026	84	$1.2B	BPOP, JAZZ, LIN, UTHR, SW
Q4 2025	89	$1.2B	BPOP, JAZZ, LIN, SW, UTHR
Q3 2025	90	$1.5B	BPOP, VIPS, LIN, SW, JAZZ
Q2 2025	92	$1.5B	BPOP, VIPS, LIN, SW, JAZZ
Q1 2025	91	$1.7B	BPOP, VIPS, SW, LIN, JAZZ
Q4 2024	96	$2.1B	SW, BPOP, LIN, JAZZ, TGLS
Q3 2024	92	$2.0B	LIN, BPOP, JAZZ, NOMD, TGLS
Q2 2024	92	$1.9B	LIN, BPOP, JAZZ, CROX, NOMD
Q1 2024	92	$2.0B	LIN, BPOP, JAZZ, NOMD, CROX