Polaris Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Polaris Capital Management, LLC reported 92 stock positions worth $1.5 billion. Its top holding was Popular (BPOP) at 7.0% of the portfolio, followed by Vipshop Holdings Ltd. - ADR (VIPS, 5.6%) and Linde (LIN, 5.3%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 11 and reduced 48. The biggest buy was a new position in Sabra Health Care REIT (SBRA) and the biggest sale Jazz Pharmaceuticals (JAZZ, shares −28%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001316926
Portfolio Value
$1.5B (Q2 2025)
SEC Filing
0001144969-25-000005 ↗ filed Jul 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.0B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $2.0B Q3 2024 Q4 2024: $2.1B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.5B $1.5B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 92 stocks · $1.5B
BPOP Popular Inc. 7.03% 959,330 $105.7M Reduce -28.1%
VIPS Vipshop Holdings Ltd. - ADR 5.60% 5,593,300 $84.2M Reduce -27.4%
LIN Linde PLC 5.25% 168,269 $78.9M Reduce -29.2%
SW Smurfit Westrock PLC 5.10% 1,778,060 $76.7M Reduce -28.0%
JAZZ Jazz Pharmaceuticals PLC 4.48% 634,160 $67.3M Reduce -27.9%
TGLS Tecnoglass Holdings Inc. 3.22% 625,464 $48.4M Reduce -20.2%
SLM SLM Corp. 3.19% 1,460,300 $47.9M Reduce -6.8%
JPM JPMorgan Chase & Co. 2.91% 150,744 $43.7M Reduce -6.3%
IBOC International Bancshares CRP 2.54% 573,604 $38.2M Reduce -6.5%
UTHR United Therapeutics Corp. 2.44% 127,650 $36.7M Reduce -6.9%
GILD Gilead Sciences Inc. 2.40% 324,900 $36.0M Reduce -9.7%
ARW Arrow Electronics Inc. 2.39% 282,103 $35.9M Reduce -2.7%
MKSI MKS Inc. 2.39% 361,400 $35.9M Reduce -3.3%
WBS Webster Financial Corp. 2.27% 623,701 $34.1M Reduce -5.4%
CVS CVS Health Corp. 2.24% 487,100 $33.6M Reduce -4.0%
CROX Crocs Inc. 2.22% 329,901 $33.4M Reduce -2.2%
CFR Cullen/Frost Bankers Inc. 2.17% 254,100 $32.7M Reduce -5.3%
INGR Ingredion Inc. 2.15% 238,100 $32.3M Reduce -6.8%
CG The Carlyle Group Inc. 2.15% 627,700 $32.3M Reduce -4.0%
GD General Dynamics Corp. 2.14% 110,254 $32.2M Reduce -5.9%
WMB Williams Cos Inc. 2.06% 493,200 $31.0M Reduce -7.1%
COF Capital One Financial Corp. 2.03% 143,465 $30.5M Reduce -27.1%
CB Chubb Ltd. 2.01% 104,449 $30.3M Reduce -6.6%
MPC Marathon Petroleum Corp. 1.97% 177,832 $29.5M Reduce -5.2%
ALSN Allison Transmission Holding 1.95% 308,700 $29.3M Reduce -37.5%
MTB M & T Bank Corp. filed as M & T BK CORP 1.93% 149,594 $29.0M Reduce -10.0%
ABBV Abbvie Inc. 1.89% 152,644 $28.3M Reduce -6.7%
GLPI Gaming and Leisure Propertie 1.86% 597,800 $27.9M Reduce -5.7%
NEE Nextera Energy Inc. 1.79% 387,487 $26.9M Reduce -6.6%
SAIC Science Applications Inte 1.78% 237,500 $26.7M Reduce -3.5%
TSN Tyson Foods Inc. Class A 1.68% 451,348 $25.2M Reduce -6.1%
NOMD Nomad Foods Ltd. 1.63% 1,441,500 $24.5M Reduce -29.1%
ELV Elevance Health Inc. 1.58% 61,141 $23.8M Reduce -6.1%
LKQ LKQ Corp. 1.54% 624,300 $23.1M Reduce -3.3%
SBH Sally Beauty Holdings Inc. 1.30% 2,116,929 $19.6M Reduce -6.3%
NOV Nov Inc. 1.08% 1,303,660 $16.2M Reduce -5.8%
UNH Unitedhealth Group Inc. 1.05% 50,512 $15.8M Reduce -1.9%
SPFI South Plains Financial Inc. 0.32% 134,600 $4.9M Reduce -2.4%
OFG Ofg Bancorp 0.32% 112,100 $4.8M No change
NBN Northeast Bank 0.30% 50,800 $4.5M Reduce -1.9%
HTB Hometrust Bancshares Inc. 0.28% 113,300 $4.2M Reduce -5.1%
CHCO City Holding Co. filed as CITY HLDG CO 0.19% 22,895 $2.8M Reduce -3.4%
SSB Southstate Bank Corp. 0.17% 28,361 $2.6M No change
NTB Bank of N.T. Butterfield&son 0.15% 50,700 $2.2M Reduce -7.1%
PRGS Progress Software Corp. 0.15% 34,600 $2.2M No change
PLUS Eplus Inc. 0.15% 30,600 $2.2M Add +10.9%
NTST Netstreit Corp. 0.14% 125,600 $2.1M No change
IMKTA Ingles Markets Inc. Class A 0.14% 32,583 $2.1M Reduce -42.1%
INDB Independent Bank Corp. 0.14% 32,439 $2.0M Add +5.5%
CBAN Colony Bankcorp 0.13% 122,079 $2.0M No change
PRDO Perdoceo Education Corp. 0.13% 60,600 $2.0M Reduce -14.9%
PEBO Peoples Bancorp Inc. 0.13% 64,700 $2.0M No change
EVTC Evertec Inc. 0.13% 53,900 $1.9M No change
EPRT Essential Properties Realty 0.13% 60,700 $1.9M No change
LAUR Laureate Education Inc. 0.13% 81,300 $1.9M Add +18.5%
BFST Business First Bancshares 0.13% 77,000 $1.9M Add +18.5%
CSGS CSG Systems Intl Inc. 0.13% 29,000 $1.9M No change
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES 0.13% 62,700 $1.9M No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.12% 32,000 $1.9M Reduce -15.6%
CVLG Covenant Logistics Group Inc. 0.12% 77,600 $1.9M Reduce -27.1%
SBRA Sabra Health Care REIT Inc. 0.12% 101,400 $1.9M New
SBSI Southside Bancshares Inc. 0.12% 61,500 $1.8M No change
CVI CVR Energy Inc. 0.12% 67,000 $1.8M No change
BOKF Bok Financial Corporation 0.12% 18,164 $1.8M No change
EBF Ennis Inc. 0.12% 97,300 $1.8M Add +12.1%
BBSI Barrett Business SVCS Inc. 0.12% 41,700 $1.7M Reduce -16.3%
VVX V2X Inc. 0.11% 33,800 $1.6M Add +57.9%
AIT Applied Industrial Tech Inc. 0.11% 7,000 $1.6M No change
PECO Phillips Edison & Company Inc. 0.11% 46,200 $1.6M New
DNOW Dnow Inc. 0.11% 107,800 $1.6M Add +6.0%
CBT Cabot Corp. 0.10% 20,973 $1.6M No change
FANG Diamondback Energy Inc. 0.10% 10,670 $1.5M No change
EXP Eagle Materials Inc. 0.09% 7,000 $1.4M No change
WNC Wabash National Corp. 0.09% 132,100 $1.4M Add +35.1%
AYI Acuity Inc. 0.09% 4,700 $1.4M No change
SUPN Supernus Pharmaceuticals Inc. 0.09% 43,100 $1.4M No change
BKE The Buckle Inc. 0.09% 29,300 $1.3M No change
CSL Carlisle Cos Inc. 0.09% 3,500 $1.3M No change
GPK Graphic Packaging Holding Co. 0.08% 58,700 $1.2M No change
EXEL Exelixis Inc. 0.08% 26,300 $1.2M Reduce -37.5%
HRMY Harmony Biosciences Holdings 0.08% 36,100 $1.1M No change
WGO Winnebago Industries 0.07% 36,467 $1.1M No change
ANF Abercrombie & Fitch Co. Class A 0.07% 12,500 $1.0M New
FSEA First Seacoast Bancorp Inc. 0.07% 90,537 $1.0M Add +28.2%
RRX Regal Rexnord Corp. 0.07% 6,789 $984K No change
KFRC Kforce Inc. 0.06% 22,894 $942K No change
MMS Maximus Inc. 0.06% 12,700 $892K No change
AEO American Eagle Outfitters 0.06% 89,600 $862K Add +8.7%
AMPH Amphastar Pharmaceuticals Inc. 0.05% 35,100 $806K Add +14.0%
BAP Credicorp Ltd. 0.05% 3,600 $805K No change
EEFT Euronet Worldwide Inc. 0.04% 5,400 $547K No change
NONE filed as AVIDIA BANCORP INC 0.03% 40,000 $400K New

Portfolio Sells Q1 2025 → Q2 2025
JAZZ Jazz Pharmaceuticals PLC Reduce -27.9% 4.48% −1.76
VIPS Vipshop Holdings Ltd. - ADR Reduce -27.4% 5.60% −1.31
SW Smurfit Westrock PLC Reduce -28.0% 5.10% −1.26
LIN Linde PLC Reduce -29.2% 5.25% −1.07
ALSN Allison Transmission Holding Reduce -37.5% 1.95% −0.75
NOMD Nomad Foods Ltd. Reduce -29.1% 1.63% −0.65
UNH Unitedhealth Group Inc. Reduce -1.9% 1.05% −0.49
NOV Nov Inc. Reduce -5.8% 1.08% −0.13
ABBV Abbvie Inc. Reduce -6.7% 1.89% −0.08
TSN Tyson Foods Inc. Class A Reduce -6.1% 1.68% −0.07
IMKTA Ingles Markets Inc. Class A Reduce -42.1% 0.14% −0.07
XRN Global Medical REIT Inc. Sold out 0.00% −0.04
ELV Elevance Health Inc. Reduce -6.1% 1.58% −0.04
LKQ LKQ Corp. Reduce -3.3% 1.54% −0.03
KE Kimball Electronics Inc. Sold out 0.00% −0.01
BPOP Popular Inc. Reduce -28.1% 7.03% −0.01
EXEL Exelixis Inc. Reduce -37.5% 0.08% −0.01
CFSB CFSB Bancorp Inc. Sold out 0.00% −0.01
CVLG Covenant Logistics Group Inc. Reduce -27.1% 0.12% −0.01
BBSI Barrett Business SVCS Inc. Reduce -16.3% 0.12% −0.00
GLPI Gaming and Leisure Propertie Reduce -5.7% 1.86% +0.01
TGLS Tecnoglass Holdings Inc. Reduce -20.2% 3.22% +0.01
COF Capital One Financial Corp. Reduce -27.1% 2.03% +0.01
AL Sumisho Air Lease Corp. Reduce -15.6% 0.12% +0.02
UTHR United Therapeutics Corp. Reduce -6.9% 2.44% +0.02
CHCO City Holding Co. Reduce -3.4% 0.19% +0.03
NTB Bank of N.T. Butterfield&son Reduce -7.1% 0.15% +0.03
PRDO Perdoceo Education Corp. Reduce -14.9% 0.13% +0.03
NBN Northeast Bank Reduce -1.9% 0.30% +0.03
HTB Hometrust Bancshares Inc. Reduce -5.1% 0.28% +0.05
SPFI South Plains Financial Inc. Reduce -2.4% 0.32% +0.06
CB Chubb Ltd. Reduce -6.6% 2.01% +0.08
GILD Gilead Sciences Inc. Reduce -9.7% 2.40% +0.09
NEE Nextera Energy Inc. Reduce -6.6% 1.79% +0.11
SBH Sally Beauty Holdings Inc. Reduce -6.3% 1.30% +0.14
INGR Ingredion Inc. Reduce -6.8% 2.15% +0.17
CROX Crocs Inc. Reduce -2.2% 2.22% +0.17
SAIC Science Applications Inte Reduce -3.5% 1.78% +0.20
MTB M & T Bank Corp. Reduce -10.0% 1.93% +0.23
WMB Williams Cos Inc. Reduce -7.1% 2.06% +0.25
CFR Cullen/Frost Bankers Inc. Reduce -5.3% 2.17% +0.25
CVS CVS Health Corp. Reduce -4.0% 2.24% +0.27
GD General Dynamics Corp. Reduce -5.9% 2.14% +0.31
WBS Webster Financial Corp. Reduce -5.4% 2.27% +0.32
IBOC International Bancshares CRP Reduce -6.5% 2.54% +0.33
MPC Marathon Petroleum Corp. Reduce -5.2% 1.97% +0.40
CG The Carlyle Group Inc. Reduce -4.0% 2.15% +0.52
SLM SLM Corp. Reduce -6.8% 3.19% +0.55
JPM JPMorgan Chase & Co. Reduce -6.3% 2.91% +0.65
ARW Arrow Electronics Inc. Reduce -2.7% 2.39% +0.67

Portfolio Buys Q1 2025 → Q2 2025
SBRA Sabra Health Care REIT Inc. New 0.12% +0.12
PECO Phillips Edison & Company Inc. New 0.11% +0.11
ANF Abercrombie & Fitch Co. Class A New 0.07% +0.07
PLUS Eplus Inc. Add +10.9% 0.15% +0.05
VVX V2X Inc. Add +57.9% 0.11% +0.05
LAUR Laureate Education Inc. Add +18.5% 0.13% +0.05
BFST Business First Bancshares Add +18.5% 0.13% +0.04
WNC Wabash National Corp. Add +35.1% 0.09% +0.03
NONE New 0.03% +0.03
INDB Independent Bank Corp. Add +5.5% 0.14% +0.03
FSEA First Seacoast Bancorp Inc. Add +28.2% 0.07% +0.02
EBF Ennis Inc. Add +12.1% 0.12% +0.02
DNOW Dnow Inc. Add +6.0% 0.11% +0.01
AEO American Eagle Outfitters Add +8.7% 0.06% +0.00
AMPH Amphastar Pharmaceuticals Inc. Add +14.0% 0.05% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 84$1.1BBPOP, JAZZ, SW, LIN, LNTH
Q1 2026 84$1.2BBPOP, JAZZ, LIN, UTHR, SW
Q4 2025 89$1.2BBPOP, JAZZ, LIN, SW, UTHR
Q3 2025 90$1.5BBPOP, VIPS, LIN, SW, JAZZ
Q2 2025 92$1.5BBPOP, VIPS, LIN, SW, JAZZ
Q1 2025 91$1.7BBPOP, VIPS, SW, LIN, JAZZ
Q4 2024 96$2.1BSW, BPOP, LIN, JAZZ, TGLS
Q3 2024 92$2.0BLIN, BPOP, JAZZ, NOMD, TGLS
Q2 2024 92$1.9BLIN, BPOP, JAZZ, CROX, NOMD
Q1 2024 92$2.0BLIN, BPOP, JAZZ, NOMD, CROX