Polaris Capital Management, LLC

Name: Polaris Capital Management, LLC 13F holdings, Q1 2025
Creator: Polaris Capital Management, LLC
Published: 2025-05-14

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Polaris Capital Management, LLC reported 91 stock positions worth $1.7 billion. Its top holding was Popular (BPOP) at 7.0% of the portfolio, followed by Vipshop Holdings Ltd. - ADR (VIPS, 6.9%) and Smurfit Westrock (SW, 6.4%). Compared with Q4 2024, it opened 5 new positions, sold out of 10, added to 18 and reduced 53. The biggest buy was Vipshop Holdings Ltd. - ADR (VIPS, shares +65%) and the biggest sale an exit from Microsoft (MSFT).

Most Recent 13F: Q2 2026
Location: BOSTON, MA
CIK: 0001316926
Portfolio Value: $1.7B (Q1 2025)
SEC Filing: 0001144969-25-000004 ↗ filed May 14, 2025

Holdings Value

Holdings 91 stocks · $1.7B


BPOP Popular Inc.	7.05%	1,334,348	$123.3M	Reduce -14.8%
VIPS Vipshop Holdings Ltd. - ADR	6.91%	7,705,700	$120.8M	Add +64.5%
SW Smurfit Westrock PLC	6.37%	2,470,323	$111.3M	Reduce -18.2%
LIN Linde PLC	6.33%	237,620	$110.6M	Reduce -26.4%
JAZZ Jazz Pharmaceuticals PLC	6.24%	879,160	$109.1M	Reduce -19.0%
TGLS Tecnoglass Holdings Inc.	3.21%	783,964	$56.1M	Reduce -8.9%
ALSN Allison Transmission Holding	2.70%	493,800	$47.2M	Reduce -9.9%
SLM SLM Corp.	2.63%	1,567,400	$46.0M	Reduce -1.4%
UTHR United Therapeutics Corp.	2.42%	137,050	$42.2M	Add +3.9%
GILD Gilead Sciences Inc.	2.30%	359,700	$40.3M	Reduce -13.9%
NOMD Nomad Foods Ltd.	2.28%	2,031,800	$39.9M	Reduce -23.7%
JPM JPMorgan Chase & Co.	2.26%	160,944	$39.5M	Reduce -17.8%
IBOC International Bancshares CRP	2.21%	613,804	$38.7M	Reduce -9.4%
CROX Crocs Inc.	2.05%	337,401	$35.8M	Reduce -1.7%
COF Capital One Financial Corp.	2.02%	196,865	$35.3M	Reduce -12.3%
INGR Ingredion Inc.	1.98%	255,600	$34.6M	Reduce -12.6%
CVS CVS Health Corp.	1.97%	507,400	$34.4M	Add +3.7%
ABBV Abbvie Inc.	1.96%	163,644	$34.3M	Reduce -28.2%
WBS Webster Financial Corp.	1.94%	659,401	$34.0M	Reduce -9.1%
CB Chubb Ltd.	1.93%	111,849	$33.8M	Reduce -12.3%
CFR Cullen/Frost Bankers Inc.	1.92%	268,400	$33.6M	Reduce -12.8%
GLPI Gaming and Leisure Propertie	1.85%	634,000	$32.3M	Reduce -12.1%
GD General Dynamics Corp.	1.83%	117,154	$31.9M	Reduce -12.3%
WMB Williams Cos Inc.	1.81%	530,800	$31.7M	Reduce -11.8%
TSN Tyson Foods Inc. Class A	1.75%	480,648	$30.7M	Reduce -25.1%
ARW Arrow Electronics Inc.	1.72%	289,803	$30.1M	Add +10.9%
MKSI MKS Inc. filed as MKS INSTRS INC	1.71%	373,600	$29.9M	Add +6.0%
MTB M & T Bank Corp. filed as M & T BK CORP	1.70%	166,294	$29.7M	Reduce -12.2%
NEE Nextera Energy Inc.	1.68%	414,912	$29.4M	Reduce -12.8%
CG The Carlyle Group Inc.	1.63%	653,900	$28.5M	Reduce -12.2%
ELV Elevance Health Inc.	1.62%	65,141	$28.3M	Reduce -11.0%
SAIC Science Applications Inte	1.58%	246,000	$27.6M	Reduce -3.4%
LKQ LKQ Corp.	1.57%	645,900	$27.5M	Reduce -8.5%
MPC Marathon Petroleum Corp.	1.56%	187,532	$27.3M	Reduce -11.1%
UNH Unitedhealth Group Inc.	1.54%	51,512	$27.0M	Reduce -12.0%
NOV Nov Inc.	1.20%	1,384,260	$21.1M	Reduce -24.4%
SBH Sally Beauty Holdings Inc.	1.17%	2,258,429	$20.4M	Reduce -5.6%
NBN Northeast Bank	0.27%	51,800	$4.7M	Add +4.4%
SPFI South Plains Financial Inc.	0.26%	137,900	$4.6M	Reduce -1.7%
OFG Ofg Bancorp	0.26%	112,100	$4.5M	Reduce -22.8%
HTB Hometrust Bancshares Inc.	0.23%	119,400	$4.1M	Reduce -1.2%
IMKTA Ingles Markets Inc. Class A	0.21%	56,283	$3.7M	Add +71.6%
CHCO City Holding Co. filed as CITY HLDG CO	0.16%	23,695	$2.8M	Add +70.5%
SSB Southstate Bank Corp.	0.15%	28,361	$2.6M	Add +61.5%
CVLG Covenant Logistics Group Inc.	0.14%	106,400	$2.4M	New
NTB Bank of N.T. Butterfield&son	0.12%	54,600	$2.1M	Reduce -2.1%
BBSI Barrett Business SVCS Inc.	0.12%	49,800	$2.0M	Reduce -15.6%
NTST Netstreit Corp.	0.11%	125,600	$2.0M	No change
EVTC Evertec Inc.	0.11%	53,900	$2.0M	Reduce -10.9%
EPRT Essential Properties Realty	0.11%	60,700	$2.0M	Add +4.3%
CBAN Colony Bankcorp	0.11%	122,079	$2.0M	Reduce -8.3%
INDB Independent Bank Corp.	0.11%	30,739	$1.9M	Add +21.3%
PEBO Peoples Bancorp Inc.	0.11%	64,700	$1.9M	Add +28.6%
BOKF Bok Financial Corporation	0.11%	18,164	$1.9M	No change
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES	0.11%	62,700	$1.8M	Add +25.4%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.10%	37,900	$1.8M	Reduce -14.6%
PRDO Perdoceo Education Corp.	0.10%	71,200	$1.8M	Add +29.9%
PRGS Progress Software Corp.	0.10%	34,600	$1.8M	New
SBSI Southside Bancshares Inc.	0.10%	61,500	$1.8M	No change
CSGS CSG Systems Intl Inc.	0.10%	29,000	$1.8M	Reduce -12.1%
EBF Ennis Inc.	0.10%	86,800	$1.7M	Reduce -9.1%
CBT Cabot Corp.	0.10%	20,973	$1.7M	Add +14.8%
DNOW Dnow Inc.	0.10%	101,700	$1.7M	No change
FANG Diamondback Energy Inc.	0.10%	10,670	$1.7M	No change
PLUS Eplus Inc.	0.10%	27,600	$1.7M	New
BFST Business First Bancshares	0.09%	65,000	$1.6M	New
AIT Applied Industrial Tech Inc.	0.09%	7,000	$1.6M	No change
EXEL Exelixis Inc.	0.09%	42,100	$1.6M	Reduce -6.4%
EXP Eagle Materials Inc.	0.09%	7,000	$1.6M	No change
GPK Graphic Packaging Holding Co.	0.09%	58,700	$1.5M	No change
SUPN Supernus Pharmaceuticals Inc.	0.08%	43,100	$1.4M	Reduce -8.3%
LAUR Laureate Education Inc.	0.08%	68,600	$1.4M	New
CVI CVR Energy Inc.	0.07%	67,000	$1.3M	Reduce -20.7%
WGO Winnebago Industries	0.07%	36,467	$1.3M	No change
AYI Acuity Inc.	0.07%	4,700	$1.2M	Reduce -6.0%
HRMY Harmony Biosciences Holdings	0.07%	36,100	$1.2M	Reduce -38.1%
CSL Carlisle Cos Inc.	0.07%	3,500	$1.2M	Reduce -23.9%
BKE The Buckle Inc.	0.06%	29,300	$1.1M	Add +24.7%
KFRC Kforce Inc.	0.06%	22,894	$1.1M	Reduce -35.9%
WNC Wabash National Corp.	0.06%	97,800	$1.1M	No change
VVX V2X Inc.	0.06%	21,400	$1.0M	Reduce -43.1%
AEO American Eagle Outfitters	0.05%	82,400	$957K	Add +32.0%
AMPH Amphastar Pharmaceuticals Inc.	0.05%	30,800	$893K	Add +25.7%
MMS Maximus Inc.	0.05%	12,700	$866K	Reduce -49.6%
FSEA First Seacoast Bancorp Inc.	0.05%	70,637	$823K	No change
RRX Regal Rexnord Corp.	0.04%	6,789	$773K	No change
XRN Global Medical REIT Inc.	0.04%	76,600	$670K	Reduce -29.9%
BAP Credicorp Ltd.	0.04%	3,600	$670K	No change
EEFT Euronet Worldwide Inc.	0.03%	5,400	$577K	No change
KE Kimball Electronics Inc.	0.01%	15,500	$255K	Reduce -55.6%
CFSB CFSB Bancorp Inc.	0.01%	24,300	$185K	No change

Portfolio Sells Q4 2024 → Q1 2025


MSFT Microsoft Corp.	Sold out	0.00%	−1.93
NTRS Northern Trust Corp.	Sold out	0.00%	−1.90
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−1.49
SW Smurfit Westrock PLC	Reduce -18.2%	6.37%	−1.48
DCOM Dime Commercial Bancshares I	Sold out	0.00%	−0.59
EBC Eastern Bankshares Inc.	Sold out	0.00%	−0.54
PFC Premier Financial Corp.	Sold out	0.00%	−0.44
JAZZ Jazz Pharmaceuticals PLC	Reduce -19.0%	6.24%	−0.21
LIN Linde PLC	Reduce -26.4%	6.33%	−0.19
CG The Carlyle Group Inc.	Reduce -12.2%	1.63%	−0.18
ALSN Allison Transmission Holding	Reduce -9.9%	2.70%	−0.16
HEES H&E Equipment Services Inc.	Sold out	0.00%	−0.09
TGLS Tecnoglass Holdings Inc.	Reduce -8.9%	3.21%	−0.09
NOV Nov Inc.	Reduce -24.4%	1.20%	−0.08
CFR Cullen/Frost Bankers Inc.	Reduce -12.8%	1.92%	−0.07
KNX Knight-Swift Transportation	Sold out	0.00%	−0.06
BPOP Popular Inc.	Reduce -14.8%	7.05%	−0.06
TBRG Trubridge Inc.	Sold out	0.00%	−0.05
CW Curtiss-Wright Corp.	Sold out	0.00%	−0.05
MMS Maximus Inc.	Reduce -49.6%	0.05%	−0.04
OFG Ofg Bancorp	Reduce -22.8%	0.26%	−0.04
SBH Sally Beauty Holdings Inc.	Reduce -5.6%	1.17%	−0.04
KFRC Kforce Inc.	Reduce -35.9%	0.06%	−0.03
HRMY Harmony Biosciences Holdings	Reduce -38.1%	0.07%	−0.03
VVX V2X Inc.	Reduce -43.1%	0.06%	−0.03
TSN Tyson Foods Inc. Class A	Reduce -25.1%	1.75%	−0.02
KE Kimball Electronics Inc.	Reduce -55.6%	0.01%	−0.02
MTB M & T Bank Corp.	Reduce -12.2%	1.70%	−0.02
CSL Carlisle Cos Inc.	Reduce -23.9%	0.07%	−0.01
JPM JPMorgan Chase & Co.	Reduce -17.8%	2.26%	−0.01
BBSI Barrett Business SVCS Inc.	Reduce -15.6%	0.12%	−0.01
XRN Global Medical REIT Inc.	Reduce -29.9%	0.04%	−0.00
CVI CVR Energy Inc.	Reduce -20.7%	0.07%	−0.00
SUPN Supernus Pharmaceuticals Inc.	Reduce -8.3%	0.08%	−0.00
AYI Acuity Inc.	Reduce -6.0%	0.07%	+0.00
AL Sumisho Air Lease Corp.	Reduce -14.6%	0.10%	+0.00
EBF Ennis Inc.	Reduce -9.1%	0.10%	+0.00
ABBV Abbvie Inc.	Reduce -28.2%	1.96%	+0.01
CBAN Colony Bankcorp	Reduce -8.3%	0.11%	+0.01
WBS Webster Financial Corp.	Reduce -9.1%	1.94%	+0.01
EVTC Evertec Inc.	Reduce -10.9%	0.11%	+0.01
EXEL Exelixis Inc.	Reduce -6.4%	0.09%	+0.02
CSGS CSG Systems Intl Inc.	Reduce -12.1%	0.10%	+0.02
NTB Bank of N.T. Butterfield&son	Reduce -2.1%	0.12%	+0.02
SPFI South Plains Financial Inc.	Reduce -1.7%	0.26%	+0.03
INGR Ingredion Inc.	Reduce -12.6%	1.98%	+0.04
NEE Nextera Energy Inc.	Reduce -12.8%	1.68%	+0.04
HTB Hometrust Bancshares Inc.	Reduce -1.2%	0.23%	+0.04
COF Capital One Financial Corp.	Reduce -12.3%	2.02%	+0.09
UNH Unitedhealth Group Inc.	Reduce -12.0%	1.54%	+0.11

Portfolio Buys Q4 2024 → Q1 2025


VIPS Vipshop Holdings Ltd. - ADR	Add +64.5%	6.91%	+3.87
CVS CVS Health Corp.	Add +3.7%	1.97%	+0.91
ARW Arrow Electronics Inc.	Add +10.9%	1.72%	+0.30
UTHR United Therapeutics Corp.	Add +3.9%	2.42%	+0.17
CVLG Covenant Logistics Group Inc.	New	0.14%	+0.14
IMKTA Ingles Markets Inc. Class A	Add +71.6%	0.21%	+0.11
PRGS Progress Software Corp.	New	0.10%	+0.10
PLUS Eplus Inc.	New	0.10%	+0.10
BFST Business First Bancshares	New	0.09%	+0.09
LAUR Laureate Education Inc.	New	0.08%	+0.08
CHCO City Holding Co.	Add +70.5%	0.16%	+0.08
SSB Southstate Bank Corp.	Add +61.5%	0.15%	+0.07
NBN Northeast Bank	Add +4.4%	0.27%	+0.05
PEBO Peoples Bancorp Inc.	Add +28.6%	0.11%	+0.03
PRDO Perdoceo Education Corp.	Add +29.9%	0.10%	+0.03
BHB Bar Harbor Bankshares	Add +25.4%	0.11%	+0.03
INDB Independent Bank Corp.	Add +21.3%	0.11%	+0.03
EPRT Essential Properties Realty	Add +4.3%	0.11%	+0.03
CBT Cabot Corp.	Add +14.8%	0.10%	+0.02
AMPH Amphastar Pharmaceuticals Inc.	Add +25.7%	0.05%	+0.01
BKE The Buckle Inc.	Add +24.7%	0.06%	+0.01
AEO American Eagle Outfitters	Add +32.0%	0.05%	+0.00
MKSI MKS Inc.	Add +6.0%	1.71%	−0.06

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