Polaris Global Equity FundSeeking to uncover the world's most undervalued companies

Key features

Macquarie Professional Series
Enabling local access to global specialists

The Polaris Global Equity Fund is proudly brought to you by Macquarie Professional Series. We search the world to uncover differentiated investment solutions, enabling local investors to access strategies from world-class fund managers. We leverage our insights into the local investment landscape, seeking to anticipate investment needs and identify relevant opportunities currently overlooked in the market.

Broad diversified exposure

To some of the world’s most undervalued companies across a range of industries, countries and market capitalisations

Unique brand of value investing

A strong focus on cash flow, the key indicator of value

Long-term returns

Potential for attractive performance

Our philosophy

Polaris believes investor behaviour creates volatility that leads to temporary inefficiency in specific segments of global markets. During these periods, stock prices may not reflect a company’s long-term fundamental valuation and/or future cash flows. Polaris searches the globe to uncover such undervalued companies, regardless of benchmark inclusion, domicile or market capitalisation to build a diversified portfolio with an emphasis on value.

What does the opportunity represent?

Potential for capital growth

  • Polaris seeks to uncover companies with the most undervalued streams of free cash flow worldwide, through a time-tested approach that has consistently met its investment objective.
  • Global market fluctuations produce mispriced stocks. Where prices do not reflect a company’s long-term fundamental valuation, Polaris will seek to buy such undervalued companies.

Access to what Polaris believes are the best value opportunities globally

  • Polaris has the flexibility to uncover "hidden gems," regardless of country, industry or company size.
  • Polaris' unique approach to value investing filters thousands of companies across the investment universe into a high conviction portfolio of value opportunities.

Potential all-capitalisation, all-country diversification

  • The MSCI World Index provides exposure to only developed markets1, and is composed of 87% large companies and 13% mid-size companies, excluding small companies altogether.2
  • Polaris provides broad, diversified exposure to countries and companies of any size by remaining benchmark-unaware.

Access to Polaris’ expertise in value investing

  • Polaris is an experienced boutique team, based in Boston, United States, boasting a highly credible performance track record and one of the longest among global equity fund managers.
  • The team is led by Bernard R. Horn, Jr, the founder of Polaris, who has extensive experience managing global equity portfolios.

1MSCI, as at 30 April 2019.

2Style Analytics, as at 31 January 2019.

Our process

Polaris believes cash flow is the key indicator of a company's value.

The companies that typically enter the portfolio generate strong sustainable free cash flows, have conservative balance sheets, and meet Polaris' stringent valuation metrics.

Process strategy

The research process begins with Polaris' valuation screens, which provide a starting point to Polaris' fundamental, research-driven approach. The team regularly screens a database of approximately 40,000 companies, which produces a list of those that appear to be the most undervalued.

The focus of the investment process is on sustainable free cash flow, and Polaris use their unique discount rate (Polaris Global Cost of Equity) to determine if an investment offers a sufficiently attractive rate of return.

Polaris then conducts fundamental, bottom-up research on the resulting names to verify assumptions about a company's intrinsic value. This includes researching suppliers, customers, and competitors, as well as visiting company management.

Management team

Bernard Horn

Bernard Horn 

Sumanta Biswas

Sumanta Biswas 

Bin Xiao

Bin Xiao 

Jason Crawshaw

Jason Crawshaw 

Resources