9AT: POLARIS CAPITAL MANAGEMENT, LLC

other names

POLARIS CAPITAL MANAGEMENT, LLC
POLARIS CAPITAL MANAGEMENT INC

Adviser Profile

As of Date	01/30/2026
ADV Location	BOSTON, MA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	18 -10%
of those in investment advisory functions	10 11%
Registration	SEC, Approved, 02/03/1993

AUM^*	5,452,307,694 -54%
of that, discretionary	5,452,307,694 -54%
Private Fund GAV^*	200,264,784 -17%
Avg Account Size	227,179,487 -34%
SMA’s	Yes
Private Funds	5 1
Contact Info	617 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Other

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count2	GAV$
Fund TypeOther Private Fund	Count3	GAV$200,264,784

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.3m	Total Private Fund GAV3.3m	AUM15.9b	#Funds1
Adviser SECOR INVESTMENT ADVISORS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV1.4b	AUM12.7b	#Funds2
Adviser MYCIO WEALTH PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.1b	Total Private Fund GAV1.1b	AUM14.4b	#Funds6
Adviser FONDSMAEGLERSELSKABET MAJ INVEST A/S	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund145.5m	Total Private Fund GAV145.5m	AUM10.7b	#Funds1
Adviser MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund100.8m	Total Private Fund GAV100.8m	AUM6.9b	#Funds3
Adviser AUSBIL INVESTMENT MANAGEMENT LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund261.4m	Total Private Fund GAV261.4m	AUM12.6b	#Funds3
Adviser MERGANSER CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund649.0m	Total Private Fund GAV649.0m	AUM17.1b	#Funds4
Adviser LETKO, BROSSEAU & ASSOCIATES INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.8b	Total Private Fund GAV1.8b	AUM18.8b	#Funds7
Adviser ROYCE INVESTMENT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund25.0m	Total Private Fund GAV25.0m	AUM12.4b	#Funds1
Adviser CLIFFWATER LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund241.9m	Total Private Fund GAV241.9m	AUM35.1b	#Funds6

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker733174700	Stock NamePOPULAR INC	$ Position$84,963,732	% Position7.00%	$ Change-25.00%	# Change-23.00%
Stck TickerG50871105	Stock NameJAZZ PHARMACEUTICALS PLC	$ Position$73,519,220	% Position6.00%	$ Change9.00%	# Change-16.00%
Stck TickerG54950103	Stock NameLINDE PLC	$ Position$57,086,372	% Position5.00%	$ Change-29.00%	# Change-20.00%
Stck TickerG8267P108	Stock NameSMURFIT WESTROCK PLC	$ Position$55,980,626	% Position5.00%	$ Change-25.00%	# Change-17.00%
Stck Ticker55306N104	Stock NameMKS INC	$ Position$42,362,980	% Position4.00%	$ Change-15.00%	# Change-34.00%
Stck Ticker91307C102	Stock NameUNITED THERAPEUTICS CORP	$ Position$50,503,462	% Position4.00%	$ Change-1.00%	# Change-15.00%
Stck Ticker78442P106	Stock NameSLM CORP	$ Position$33,705,936	% Position3.00%	$ Change-14.00%	# Change-12.00%
Stck Ticker947890109	Stock NameWEBSTER FINANCIAL CORP - CT	$ Position$32,489,691	% Position3.00%	$ Change-10.00%	# Change-15.00%
Stck Ticker516544103	Stock NameLANTHEUS HOLDINGS INC	$ Position$35,803,900	% Position3.00%	$ Change10.00%	# Change-16.00%
Stck Ticker46625H100	Stock NameJPMORGAN CHASE & CO	$ Position$37,781,906	% Position3.00%	$ Change-12.00%	# Change-14.00%

Brochure Summary

Overview

Item 5 Additional Compensation ...................................................................................................... 20 Item 6 Supervision ............................................................................................................................ 21 Item 7 Requirements for State-Registered Advisors ......................................................................... 21 Brochure Supplement – Sumanta Biswas Item 1 Cover Page ............................................................................................................................. 22 Item 2 Educational Background and Business Experience ............................................................... 23 Item 3 Disciplinary Information......................................................................................................... 23 Item 5 Additional Compensation ....................................................................................................... 24 Item 6 Supervision.............................................................................................................................. 24 Item 7 Requirements for State-Registered Advisors ......................................................................... 24 Brochure Supplement – Bin Xiao Item 1 Cover Page ............................................................................................................................. 25 Item 2 Educational Background and Business Experience ............................................................... 26 Item 3 Disciplinary Information......................................................................................................... 26 Item 5 Additional Compensation ....................................................................................................... 27 Item 6 Supervision.............................................................................................................................. 27 Item 7 Requirements for State-Registered Advisors .......................................................................... 27 Brochure Supplement – Jason Crawshaw Item 1 Cover Page .............................................................................................................................. 28 Item 2 Educational Background and Business Experience ................................................................ 29 Item 3 Disciplinary Information......................................................................................................... 29 Item 5 Additional Compensation ....................................................................................................... 30 Item 6 Supervision.............................................................................................................................. 30 Item 7 Requirements for State-Registered Advisors .......................................................................... 30 Brochure Supplement – Kenneth D. Kim Item 1 Cover Page ............................................................................................................................. 31 Item 2 Educational Background and Business Experience ............................................................... 32 Item 3 Disciplinary Information......................................................................................................... 32 Item 5 Additional Compensation

....................................................................................................... 33 Item 6 Supervision.............................................................................................................................. 33 Item 7 Requirements for State-Registered Advisors ......................................................................... 33 Brochure Supplement – Samuel J. Horn Item 1 Cover Page ............................................................................................................................. 34 Item 2 Educational Background and Business Experience ............................................................... 35 Item 3 Disciplinary Information......................................................................................................... 35 Item 5 Additional Compensation ....................................................................................................... 35 Item 6 Supervision.............................................................................................................................. 36 Item 7 Requirements for State-Registered Advisors ......................................................................... 36 CFA Institute Financial Advisor Statement ................................................................................... 37 Firm Description A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). Polaris Capital Management, LLC ("PCM") is a global and international value equity manager, serving the investment needs of institutions and individuals since 1995. Principal Owners Bernard R. Horn, Jr. is President of Polaris Capital Management, LLC and the Principal Owner. Advisory Services B. Describe the types of advisory services you offer. Polaris offers global and international equity asset management services for institutions and high-net-worth individuals. Investment strategies are offered through a variety of vehicles, including but not limited to separate accounts, U.S. registered mutual funds, limited partnerships, collective investment trusts and an Irish domiciled ICAV. C. Explain whether (and, if so, how) the firm tailors advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Clients may impose investment guidelines for their portfolios such as a limit on exposure in emerging markets or restrictions on types of investments like derivatives. In general portfolios are all managed based on the designated Equity strategy. D. If the firm participates in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how the firm manages wrap fee accounts and how it manages other accounts, and (2) explain that the firm receives a portion of the wrap fee for its services. Not applicable. Client Assets E. In your managed client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non- discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2023, the firm managed approximately $11.8 billion on a discretionary basis.

POLARIS CAPITAL MANAGEMENT, LLC

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