Polaris Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Polaris Capital Management, LLC reported 89 stock positions worth $1.2 billion. Its top holding was Popular (BPOP) at 7.0% of the portfolio, followed by Jazz Pharmaceuticals (JAZZ, 6.1%) and Linde (LIN, 4.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 4, added to 14 and reduced 41. The biggest buy was LKQ (LKQ, shares +2%) and the biggest sale an exit from Vipshop Holdings Ltd. - ADR (VIPS).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001316926
Portfolio Value
$1.2B (Q4 2025)
SEC Filing
0001144969-26-000002 ↗ filed Jan 29, 2026

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 Q3 2025 Q4 2025: $1.2B $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 89 stocks · $1.2B
BPOP Popular Inc. 7.05% 682,330 $85.0M Reduce -23.0%
JAZZ Jazz Pharmaceuticals PLC 6.10% 432,466 $73.5M Reduce -15.8%
LIN Linde PLC 4.74% 133,883 $57.1M Reduce -20.5%
SW Smurfit Westrock PLC 4.64% 1,447,650 $56.0M Reduce -16.9%
UTHR United Therapeutics Corp. 4.19% 103,650 $50.5M Reduce -15.1%
MKSI MKS Inc. 3.51% 265,100 $42.4M Reduce -33.9%
CVS CVS Health Corp. 3.46% 525,300 $41.7M Reduce -12.8%
JPM JPMorgan Chase & Co. 3.13% 117,255 $37.8M Reduce -14.1%
LNTH Lantheus Holdings Inc. 2.97% 538,000 $35.8M Reduce -15.6%
SLM SLM Corp. 2.80% 1,245,600 $33.7M Reduce -11.7%
ARW Arrow Electronics Inc. 2.70% 295,403 $32.5M Reduce -12.3%
GILD Gilead Sciences Inc. 2.70% 265,100 $32.5M Reduce -15.1%
WBS Webster Financial Corp. 2.69% 516,201 $32.5M Reduce -15.0%
IBOC International Bancshares CRP 2.63% 477,304 $31.7M Reduce -12.6%
GD General Dynamics Corp. 2.50% 89,454 $30.1M Reduce -13.9%
NOMD Nomad Foods Ltd. 2.42% 2,329,600 $29.1M Reduce -32.3%
CB Chubb Ltd. 2.36% 91,125 $28.4M Reduce -14.0%
COF Capital One Financial Corp. 2.31% 115,044 $27.9M Reduce -15.8%
TSN Tyson Foods Inc. Class A 2.30% 472,248 $27.7M Reduce -13.1%
ABBV Abbvie Inc. 2.27% 119,777 $27.4M Reduce -15.6%
CFR Cullen/Frost Bankers Inc. 2.25% 214,500 $27.2M Reduce -13.5%
MPC Marathon Petroleum Corp. 2.21% 163,932 $26.7M Reduce -15.6%
ALSN Allison Transmission Holding 2.18% 268,600 $26.3M Reduce -11.4%
ELV Elevance Health Inc. 2.15% 73,941 $25.9M Reduce -11.9%
MTB M & T Bank Corp. filed as M & T BK CORP 2.11% 125,994 $25.4M Reduce -15.1%
SBH Sally Beauty Holdings Inc. 2.07% 1,747,829 $24.9M Reduce -15.2%
NEE Nextera Energy Inc. 2.06% 309,276 $24.8M Reduce -17.0%
WMB Williams Cos Inc. 2.05% 411,500 $24.7M Reduce -14.2%
INGR Ingredion Inc. 2.03% 221,700 $24.4M Reduce -7.9%
GLPI Gaming and Leisure Propertie 1.87% 505,300 $22.6M Reduce -11.4%
LKQ LKQ Corp. 1.77% 707,500 $21.4M Add +1.7%
UNH Unitedhealth Group Inc. 1.22% 44,712 $14.8M Reduce -9.3%
NBN Northeast Bank 0.41% 47,500 $4.9M Reduce -3.5%
SPFI South Plains Financial Inc. 0.39% 121,000 $4.7M Reduce -8.0%
HTB Hometrust Bancshares Inc. 0.37% 105,000 $4.5M No change
OFG Ofg Bancorp 0.37% 108,000 $4.4M Reduce -3.7%
CHCO City Holding Co. filed as CITY HLDG CO 0.21% 20,795 $2.5M Reduce -9.2%
SSB Southstate Bank Corp. 0.20% 25,761 $2.4M Reduce -9.2%
LAUR Laureate Education Inc. 0.20% 71,800 $2.4M Reduce -4.7%
INDB Independent Bank Corp. 0.20% 32,439 $2.4M No change
BKH Black Hills Corp. 0.19% 33,700 $2.3M Reduce -7.4%
PLUS Eplus Inc. 0.19% 26,100 $2.3M Reduce -14.7%
NTB Bank of N.T. Butterfield&son 0.19% 45,600 $2.3M Add +3.6%
IMKTA Ingles Markets Inc. Class A 0.18% 32,283 $2.2M No change
BHB Bar Harbor Bankshares filed as BAR HBR BANKSHARES 0.18% 70,000 $2.2M Add +11.6%
BFST Business First Bancshares 0.18% 82,400 $2.2M Add +7.0%
BOKF Bok Financial Corporation 0.18% 18,164 $2.2M No change
PECO Phillips Edison & Company Inc. 0.18% 59,600 $2.1M No change
CBK Commercial Bancgroup Inc. 0.17% 83,500 $2.1M New
NTST Netstreit Corp. 0.17% 116,000 $2.0M No change
PEBO Peoples Bancorp Inc. 0.16% 64,700 $1.9M No change
SBRA Sabra Health Care REIT Inc. 0.16% 101,400 $1.9M No change
EBF Ennis Inc. 0.16% 105,100 $1.9M No change
SBSI Southside Bancshares Inc. 0.16% 62,227 $1.9M Add +1.2%
EVTC Evertec Inc. 0.16% 64,700 $1.9M No change
VVX V2X Inc. 0.15% 33,800 $1.8M No change
ANF Abercrombie & Fitch Co. Class A 0.15% 14,400 $1.8M Add +15.2%
EPRT Essential Properties Realty 0.15% 60,700 $1.8M No change
AIT Applied Industrial Tech Inc. 0.15% 7,000 $1.8M No change
PRDO Perdoceo Education Corp. 0.15% 60,600 $1.8M No change
AVT Avnet Inc. 0.14% 35,600 $1.7M No change
CVI CVR Energy Inc. 0.14% 67,000 $1.7M No change
AYI Acuity Inc. 0.14% 4,700 $1.7M No change
FANG Diamondback Energy Inc. 0.13% 10,670 $1.6M No change
CBT Cabot Corp. 0.13% 23,773 $1.6M No change
AEO American Eagle Outfitters 0.12% 54,900 $1.4M Add +4.2%
EXP Eagle Materials Inc. 0.12% 7,000 $1.4M No change
DNOW Dnow Inc. 0.12% 107,800 $1.4M No change
BBSI Barrett Business SVCS Inc. 0.12% 38,800 $1.4M No change
PRGS Progress Software Corp. 0.11% 31,600 $1.4M Reduce -28.5%
HRMY Harmony Biosciences Holdings 0.11% 36,100 $1.4M No change
BKE The Buckle Inc. 0.11% 25,000 $1.3M Add +3.7%
SUPN Supernus Pharmaceuticals Inc. 0.11% 25,800 $1.3M No change
WNC Wabash National Corp. 0.10% 144,670 $1.3M Add +88.2%
CVLG Covenant Logistics Group Inc. 0.10% 56,682 $1.2M Add +1061.0%
WGO Winnebago Industries 0.10% 30,067 $1.2M Add +62.8%
FSEA First Seacoast Bancorp Inc. 0.10% 90,537 $1.2M No change
EXEL Exelixis Inc. 0.10% 26,300 $1.2M No change
CSL Carlisle Cos Inc. 0.09% 3,512 $1.1M Add +0.3%
AMPH Amphastar Pharmaceuticals Inc. 0.08% 35,532 $952K Add +171.2%
MMS Maximus Inc. 0.08% 10,900 $941K No change
GPK Graphic Packaging Holding Co. 0.07% 58,700 $884K No change
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC 0.07% 20,400 $832K New
EEFT Euronet Worldwide Inc. 0.07% 10,800 $822K Add +100.0%
BAP Credicorp Ltd. 0.06% 2,700 $775K Reduce -25.0%
ANIP Ani Pharmaceuticals Inc. 0.06% 9,700 $766K No change
KFRC Kforce Inc. 0.06% 22,894 $708K No change
AVBC Avidia Bancorp Inc. 0.06% 40,000 $672K No change
PDD PDD Holdings Inc. 0.05% 5,700 $646K New

Portfolio Sells Q3 2025 → Q4 2025
VIPS Vipshop Holdings Ltd. - ADR Sold out 0.00% −6.54
CG The Carlyle Group Inc. Sold out 0.00% −2.38
NOMD Nomad Foods Ltd. Reduce -32.3% 2.42% −0.56
LIN Linde PLC Reduce -20.5% 4.74% −0.52
BPOP Popular Inc. Reduce -23.0% 7.05% −0.35
MPC Marathon Petroleum Corp. Reduce -15.6% 2.21% −0.25
SW Smurfit Westrock PLC Reduce -16.9% 4.64% −0.23
CBAN Colony Bankcorp Sold out 0.00% −0.14
SBH Sally Beauty Holdings Inc. Reduce -15.2% 2.07% −0.14
CSGS CSG Systems Intl Inc. Sold out 0.00% −0.12
PRGS Progress Software Corp. Reduce -28.5% 0.11% −0.01
BAP Credicorp Ltd. Reduce -25.0% 0.06% +0.00
SSB Southstate Bank Corp. Reduce -9.2% 0.20% +0.02
CHCO City Holding Co. Reduce -9.2% 0.21% +0.02
ARW Arrow Electronics Inc. Reduce -12.3% 2.70% +0.02
LAUR Laureate Education Inc. Reduce -4.7% 0.20% +0.04
BKH Black Hills Corp. Reduce -7.4% 0.19% +0.05
OFG Ofg Bancorp Reduce -3.7% 0.37% +0.05
PLUS Eplus Inc. Reduce -14.7% 0.19% +0.05
WMB Williams Cos Inc. Reduce -14.2% 2.05% +0.05
SPFI South Plains Financial Inc. Reduce -8.0% 0.39% +0.06
NBN Northeast Bank Reduce -3.5% 0.41% +0.09
INGR Ingredion Inc. Reduce -7.9% 2.03% +0.10
UNH Unitedhealth Group Inc. Reduce -9.3% 1.22% +0.11
ABBV Abbvie Inc. Reduce -15.6% 2.27% +0.11
GLPI Gaming and Leisure Propertie Reduce -11.4% 1.87% +0.13
IBOC International Bancshares CRP Reduce -12.6% 2.63% +0.16
GD General Dynamics Corp. Reduce -13.9% 2.50% +0.17
MTB M & T Bank Corp. Reduce -15.1% 2.11% +0.18
CFR Cullen/Frost Bankers Inc. Reduce -13.5% 2.25% +0.19
NEE Nextera Energy Inc. Reduce -17.0% 2.06% +0.21
SLM SLM Corp. Reduce -11.7% 2.80% +0.23
MKSI MKS Inc. Reduce -33.9% 3.51% +0.25
JPM JPMorgan Chase & Co. Reduce -14.1% 3.13% +0.31
WBS Webster Financial Corp. Reduce -15.0% 2.69% +0.32
TSN Tyson Foods Inc. Class A Reduce -13.1% 2.30% +0.36
ELV Elevance Health Inc. Reduce -11.9% 2.15% +0.37
CB Chubb Ltd. Reduce -14.0% 2.36% +0.39
COF Capital One Financial Corp. Reduce -15.8% 2.31% +0.40
GILD Gilead Sciences Inc. Reduce -15.1% 2.70% +0.42
CVS CVS Health Corp. Reduce -12.8% 3.46% +0.47
ALSN Allison Transmission Holding Reduce -11.4% 2.18% +0.49
LNTH Lantheus Holdings Inc. Reduce -15.6% 2.97% +0.82
UTHR United Therapeutics Corp. Reduce -15.1% 4.19% +0.83
JAZZ Jazz Pharmaceuticals PLC Reduce -15.8% 6.10% +1.65

Portfolio Buys Q3 2025 → Q4 2025
LKQ LKQ Corp. Add +1.7% 1.77% +0.38
CBK Commercial Bancgroup Inc. New 0.17% +0.17
CVLG Covenant Logistics Group Inc. Add +1061.0% 0.10% +0.10
ANF Abercrombie & Fitch Co. Class A Add +15.2% 0.15% +0.08
NMIH Nmi Holdings Inc. New 0.07% +0.07
NTB Bank of N.T. Butterfield&son Add +3.6% 0.19% +0.06
AEO American Eagle Outfitters Add +4.2% 0.12% +0.06
WGO Winnebago Industries Add +62.8% 0.10% +0.06
BFST Business First Bancshares Add +7.0% 0.18% +0.06
AMPH Amphastar Pharmaceuticals Inc. Add +171.2% 0.08% +0.06
BHB Bar Harbor Bankshares Add +11.6% 0.18% +0.05
WNC Wabash National Corp. Add +88.2% 0.10% +0.05
PDD PDD Holdings Inc. New 0.05% +0.05
SBSI Southside Bancshares Inc. Add +1.2% 0.16% +0.04
EEFT Euronet Worldwide Inc. Add +100.0% 0.07% +0.04
BKE The Buckle Inc. Add +3.7% 0.11% +0.02
CSL Carlisle Cos Inc. Add +0.3% 0.09% +0.02

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