Bernard Horn’s Polaris Global Value Fund 2020 Annual Report

Dear Fellow Shareholder,

No one could have expected 2020 to be the year of a pandemic, replete with country lockdowns, rising unemployment, trade wars, political turmoil and volatile oil prices. Yet, each of these developments rippled through the global economy, with investor optimism souring as the first effects of COVID-19 took hold. Governments and central banks initiated unprecedented monetary and fiscal policies, hoping to boost industries hardest hit. Still, many companies cratered in the first quarter of 2020, falling into bear market territory, only to begin their slow climb out of the trough in the second quarter. The third and fourth quarters heated up. For the year ending 2020, the MSCI World Index (the “benchmark”) rose 15.90%, while the Polaris Global Value Fund (the “Fund”) was up 6.68%. Underperformance was attributable to lackluster results in the overweight…