Polaris Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), Polaris Capital Management, LLC reported 90 stock positions worth $1.5 billion. Its top holding was Popular (BPOP) at 7.4% of the portfolio, followed by Vipshop Holdings Ltd. - ADR (VIPS, 6.5%) and Linde (LIN, 5.3%). Compared with Q2 2025, it opened 5 new positions, sold out of 7, added to 16 and reduced 38. The biggest buy was a new position in Lantheus (LNTH) and the biggest sale an exit from Tecnoglass (TGLS).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001316926
Portfolio Value
$1.5B (Q3 2025)
SEC Filing
0001144969-25-000010 ↗ filed Oct 27, 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 Q2 2025 Q3 2025: $1.5B $1.5B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 90 stocks · $1.5B
BPOP Popular Inc. 7.40% 886,530 $112.6M Reduce -7.6%
VIPS Vipshop Holdings Ltd. - ADR 6.54% 5,068,000 $99.5M Reduce -9.4%
LIN Linde PLC 5.26% 168,369 $80.0M Add +0.1%
SW Smurfit Westrock PLC 4.87% 1,742,660 $74.2M Reduce -2.0%
JAZZ Jazz Pharmaceuticals PLC 4.45% 513,466 $67.7M Reduce -19.0%
UTHR United Therapeutics Corp. 3.36% 122,050 $51.2M Reduce -4.4%
MKSI MKS Inc. 3.26% 401,300 $49.7M Add +11.0%
CVS CVS Health Corp. 2.99% 602,600 $45.4M Add +23.7%
NOMD Nomad Foods Ltd. 2.97% 3,441,900 $45.3M Add +138.8%
JPM JPMorgan Chase & Co. 2.83% 136,455 $43.0M Reduce -9.5%
ARW Arrow Electronics Inc. 2.68% 336,903 $40.8M Add +19.4%
SLM SLM Corp. 2.57% 1,411,300 $39.1M Reduce -3.4%
IBOC International Bancshares CRP 2.47% 546,004 $37.5M Reduce -4.8%
MPC Marathon Petroleum Corp. 2.46% 194,332 $37.5M Add +9.3%
CG The Carlyle Group Inc. 2.38% 578,600 $36.3M Reduce -7.8%
WBS Webster Financial Corp. 2.37% 607,101 $36.1M Reduce -2.7%
GD General Dynamics Corp. 2.33% 103,854 $35.4M Reduce -5.8%
GILD Gilead Sciences Inc. 2.28% 312,400 $34.7M Reduce -3.9%
SBH Sally Beauty Holdings Inc. 2.20% 2,060,029 $33.5M Reduce -2.7%
ABBV Abbvie Inc. 2.16% 141,944 $32.9M Reduce -7.0%
LNTH Lantheus Holdings Inc. 2.15% 637,300 $32.7M New
CFR Cullen/Frost Bankers Inc. 2.07% 247,900 $31.4M Reduce -2.4%
WMB Williams Cos Inc. 2.00% 479,700 $30.4M Reduce -2.7%
CB Chubb Ltd. 1.97% 105,949 $29.9M Add +1.4%
TSN Tyson Foods Inc. Class A 1.94% 543,248 $29.5M Add +20.4%
INGR Ingredion Inc. 1.93% 240,800 $29.4M Add +1.1%
MTB M & T Bank Corp. filed as M & T BK CORP 1.93% 148,394 $29.3M Reduce -0.8%
COF Capital One Financial Corp. 1.91% 136,687 $29.1M Reduce -4.7%
NEE Nextera Energy Inc. 1.85% 372,512 $28.1M Reduce -3.9%
ELV Elevance Health Inc. 1.78% 83,941 $27.1M Add +37.3%
GLPI Gaming and Leisure Propertie 1.75% 570,600 $26.6M Reduce -4.5%
ALSN Allison Transmission Holding 1.69% 303,100 $25.7M Reduce -1.8%
LKQ LKQ Corp. 1.40% 695,700 $21.2M Add +11.4%
UNH Unitedhealth Group Inc. 1.12% 49,312 $17.0M Reduce -2.4%
SPFI South Plains Financial Inc. 0.33% 131,500 $5.1M Reduce -2.3%
NBN Northeast Bank 0.32% 49,200 $4.9M Reduce -3.1%
OFG Ofg Bancorp 0.32% 112,100 $4.9M No change
HTB Hometrust Bancshares Inc. 0.28% 105,000 $4.3M Reduce -7.3%
CHCO City Holding Co. filed as CITY HLDG CO 0.19% 22,895 $2.8M No change
SSB Southstate Bank Corp. 0.18% 28,361 $2.8M No change
CVI CVR Energy Inc. 0.16% 67,000 $2.4M No change
LAUR Laureate Education Inc. 0.16% 75,300 $2.4M Reduce -7.4%
PRDO Perdoceo Education Corp. 0.15% 60,600 $2.3M No change
IMKTA Ingles Markets Inc. Class A 0.15% 32,283 $2.2M Reduce -0.9%
INDB Independent Bank Corp. 0.15% 32,439 $2.2M No change
BKH Black Hills Corp. 0.15% 36,400 $2.2M New
EVTC Evertec Inc. 0.14% 64,700 $2.2M Add +20.0%
PLUS Eplus Inc. 0.14% 30,600 $2.2M No change
NTST Netstreit Corp. 0.14% 116,000 $2.1M Reduce -7.6%
CBAN Colony Bankcorp 0.14% 122,079 $2.1M No change
PECO Phillips Edison & Company Inc. 0.13% 59,600 $2.0M Add +29.0%
BOKF Bok Financial Corporation 0.13% 18,164 $2.0M No change
VVX V2X Inc. 0.13% 33,800 $2.0M No change
PRGS Progress Software Corp. 0.13% 44,200 $1.9M Add +27.8%
PEBO Peoples Bancorp Inc. 0.13% 64,700 $1.9M No change
EBF Ennis Inc. 0.13% 105,100 $1.9M Add +8.0%
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES 0.13% 62,700 $1.9M No change
SBRA Sabra Health Care REIT Inc. 0.12% 101,400 $1.9M No change
NTB Bank of N.T. Butterfield&son 0.12% 44,000 $1.9M Reduce -13.2%
CSGS CSG Systems Intl Inc. 0.12% 29,000 $1.9M No change
AVT Avnet Inc. 0.12% 35,600 $1.9M New
AIT Applied Industrial Tech Inc. 0.12% 7,000 $1.8M No change
BFST Business First Bancshares 0.12% 77,000 $1.8M No change
CBT Cabot Corp. 0.12% 23,773 $1.8M Add +13.3%
EPRT Essential Properties Realty 0.12% 60,700 $1.8M No change
SBSI Southside Bancshares Inc. 0.11% 61,500 $1.7M No change
BBSI Barrett Business SVCS Inc. 0.11% 38,800 $1.7M Reduce -7.0%
DNOW Dnow Inc. 0.11% 107,800 $1.6M No change
EXP Eagle Materials Inc. 0.11% 7,000 $1.6M No change
AYI Acuity Inc. 0.11% 4,700 $1.6M No change
FANG Diamondback Energy Inc. 0.10% 10,670 $1.5M No change
BKE The Buckle Inc. 0.09% 24,100 $1.4M Reduce -17.8%
SUPN Supernus Pharmaceuticals Inc. 0.08% 25,800 $1.2M Reduce -40.1%
CSL Carlisle Cos Inc. 0.08% 3,500 $1.2M No change
GPK Graphic Packaging Holding Co. 0.08% 58,700 $1.1M No change
EXEL Exelixis Inc. 0.07% 26,300 $1.1M No change
ANF Abercrombie & Fitch Co. Class A 0.07% 12,500 $1.1M No change
FSEA First Seacoast Bancorp Inc. 0.07% 90,537 $1.0M No change
MMS Maximus Inc. 0.07% 10,900 $996K Reduce -14.2%
HRMY Harmony Biosciences Holdings 0.07% 36,100 $995K No change
BAP Credicorp Ltd. 0.06% 3,600 $959K No change
AEO American Eagle Outfitters 0.06% 52,700 $902K Reduce -41.2%
ANIP Ani Pharmaceuticals Inc. 0.06% 9,700 $889K New
WNC Wabash National Corp. 0.05% 76,870 $759K Reduce -41.8%
KFRC Kforce Inc. 0.05% 22,894 $686K No change
WGO Winnebago Industries 0.04% 18,467 $618K Reduce -49.4%
AVBC Avidia Bancorp Inc. 0.04% 40,000 $598K New
EEFT Euronet Worldwide Inc. 0.03% 5,400 $474K No change
AMPH Amphastar Pharmaceuticals Inc. 0.02% 13,100 $349K Reduce -62.7%
CVLG Covenant Logistics Group Inc. 0.01% 4,882 $106K Reduce -93.7%

Portfolio Sells Q2 2025 → Q3 2025
TGLS Tecnoglass Holdings Inc. Sold out 0.00% −3.22
CROX Crocs Inc. Sold out 0.00% −2.22
SAIC Science Applications Inte Sold out 0.00% −1.78
NOV Nov Inc. Sold out 0.00% −1.08
SLM SLM Corp. Reduce -3.4% 2.57% −0.62
ALSN Allison Transmission Holding Reduce -1.8% 1.69% −0.26
SW Smurfit Westrock PLC Reduce -2.0% 4.87% −0.23
AL Sumisho Air Lease Corp. Sold out 0.00% −0.12
COF Capital One Financial Corp. Reduce -4.7% 1.91% −0.12
GILD Gilead Sciences Inc. Reduce -3.9% 2.28% −0.12
CVLG Covenant Logistics Group Inc. Reduce -93.7% 0.01% −0.12
GLPI Gaming and Leisure Propertie Reduce -4.5% 1.75% −0.11
CFR Cullen/Frost Bankers Inc. Reduce -2.4% 2.07% −0.11
JPM JPMorgan Chase & Co. Reduce -9.5% 2.83% −0.08
IBOC International Bancshares CRP Reduce -4.8% 2.47% −0.07
RRX Regal Rexnord Corp. Sold out 0.00% −0.07
WMB Williams Cos Inc. Reduce -2.7% 2.00% −0.06
WNC Wabash National Corp. Reduce -41.8% 0.05% −0.04
AMPH Amphastar Pharmaceuticals Inc. Reduce -62.7% 0.02% −0.03
JAZZ Jazz Pharmaceuticals PLC Reduce -19.0% 4.45% −0.03
WGO Winnebago Industries Reduce -49.4% 0.04% −0.03
NONE Sold out 0.00% −0.03
NTB Bank of N.T. Butterfield&son Reduce -13.2% 0.12% −0.03
SUPN Supernus Pharmaceuticals Inc. Reduce -40.1% 0.08% −0.01
NTST Netstreit Corp. Reduce -7.6% 0.14% −0.00
MTB M & T Bank Corp. Reduce -0.8% 1.93% −0.00
BBSI Barrett Business SVCS Inc. Reduce -7.0% 0.11% −0.00
HTB Hometrust Bancshares Inc. Reduce -7.3% 0.28% +0.00
AEO American Eagle Outfitters Reduce -41.2% 0.06% +0.00
BKE The Buckle Inc. Reduce -17.8% 0.09% +0.00
MMS Maximus Inc. Reduce -14.2% 0.07% +0.01
IMKTA Ingles Markets Inc. Class A Reduce -0.9% 0.15% +0.01
SPFI South Plains Financial Inc. Reduce -2.3% 0.33% +0.01
NBN Northeast Bank Reduce -3.1% 0.32% +0.02
LAUR Laureate Education Inc. Reduce -7.4% 0.16% +0.03
NEE Nextera Energy Inc. Reduce -3.9% 1.85% +0.06
UNH Unitedhealth Group Inc. Reduce -2.4% 1.12% +0.07
WBS Webster Financial Corp. Reduce -2.7% 2.37% +0.11
GD General Dynamics Corp. Reduce -5.8% 2.33% +0.19
CG The Carlyle Group Inc. Reduce -7.8% 2.38% +0.24
ABBV Abbvie Inc. Reduce -7.0% 2.16% +0.27
BPOP Popular Inc. Reduce -7.6% 7.40% +0.36
SBH Sally Beauty Holdings Inc. Reduce -2.7% 2.20% +0.90
UTHR United Therapeutics Corp. Reduce -4.4% 3.36% +0.92
VIPS Vipshop Holdings Ltd. - ADR Reduce -9.4% 6.54% +0.94

Portfolio Buys Q2 2025 → Q3 2025
LNTH Lantheus Holdings Inc. New 2.15% +2.15
NOMD Nomad Foods Ltd. Add +138.8% 2.97% +1.34
MKSI MKS Inc. Add +11.0% 3.26% +0.87
CVS CVS Health Corp. Add +23.7% 2.99% +0.75
MPC Marathon Petroleum Corp. Add +9.3% 2.46% +0.50
ARW Arrow Electronics Inc. Add +19.4% 2.68% +0.29
TSN Tyson Foods Inc. Class A Add +20.4% 1.94% +0.26
ELV Elevance Health Inc. Add +37.3% 1.78% +0.20
BKH Black Hills Corp. New 0.15% +0.15
AVT Avnet Inc. New 0.12% +0.12
ANIP Ani Pharmaceuticals Inc. New 0.06% +0.06
AVBC Avidia Bancorp Inc. New 0.04% +0.04
PECO Phillips Edison & Company Inc. Add +29.0% 0.13% +0.03
EVTC Evertec Inc. Add +20.0% 0.14% +0.01
CBT Cabot Corp. Add +13.3% 0.12% +0.01
EBF Ennis Inc. Add +8.0% 0.13% +0.01
LIN Linde PLC Add +0.1% 5.26% +0.00
PRGS Progress Software Corp. Add +27.8% 0.13% −0.02
CB Chubb Ltd. Add +1.4% 1.97% −0.05
LKQ LKQ Corp. Add +11.4% 1.40% −0.14
INGR Ingredion Inc. Add +1.1% 1.93% −0.22

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