# EDGAR Filing Document

**Accession Number:** 0001316926
**File Stem:** 0001144969-23-000001
**Filing Date:** 2023-2
**Character Count:** 13986
**Document Hash:** abde8583406904b400c255be232589ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001144969-23-000001.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001144969-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polaris Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001316926
- **IRS NUMBER:** 043269043
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11073
- **FILM NUMBER:** 23605658

**BUSINESS ADDRESS:**
- **STREET 1:** 121 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110-2475
- **BUSINESS PHONE:** 617-951-1365

**MAIL ADDRESS:**
- **STREET 1:** 121 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110-2475

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Polaris Capital Management, Inc.
- **DATE OF NAME CHANGE:** 20050207

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Polaris Capital Management LLC<br>**Address:** 121 HIGH STREET<br>BOSTON, MA 02110-2475

**Form 13F File Number:** 028-11073

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Bernard R. Horn Jr.<br>**Title:** President<br>**Phone:** 6179511365

**Signature, Place, and Date of Signing:**

Bernard R. Horn Jr.  Boston, MA  02-09-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 96

**Form 13F Information Table Value Total:** $2872545521

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                   | Form 13F File Number   |
|:---|:---|:---|
|  | PEAR TREE ADVISORS INC |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | CommonStock | 00287Y109 |  | 67966378 | 420558 | SH |  | SOLE |  | 359354 | 0 | 0 |
| AIR LEASE CORP | CommonStock | 00912X302 |  | 1663586 | 43300 | SH |  | SOLE |  | 43300 | 0 | 0 |
| ALLISON TRANSMISSION HOLDING | CommonStock | 01973R101 |  | 57720000 | 1387500 | SH |  | SOLE |  | 1171700 | 0 | 0 |
| AMCOR PLC | CommonStock | G0250X107 |  | 183682833 | 15422572 | SH |  | SOLE |  | 13075772 | 0 | 0 |
| APPLIED INDUSTRIAL TECH INC | CommonStock | 03820C105 |  | 1487154 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| ARROW ELECTRONICS INC | CommonStock | 042735100 |  | 52902277 | 505903 | SH |  | SOLE |  | 423603 | 0 | 0 |
| AVNET INC | CommonStock | 053807103 |  | 46911304 | 1128218 | SH |  | SOLE |  | 948818 | 0 | 0 |
| BAR HARBOR BANKSHARES | CommonStock | 066849100 |  | 1390536 | 43400 | SH |  | SOLE |  | 43400 | 0 | 0 |
| BARRETT BUSINESS SVCS INC | CommonStock | 068463108 |  | 2583856 | 27700 | SH |  | SOLE |  | 27700 | 0 | 0 |
| BERRY GLOBAL GROUP INC | CommonStock | 08579W103 |  | 52997110 | 877000 | SH |  | SOLE |  | 767200 | 0 | 0 |
| BGSF INC | CommonStock | 05601C105 |  | 435088 | 28400 | SH |  | SOLE |  | 28400 | 0 | 0 |
| BOK FINANCIAL CORPORATION | CommonStock | 05561Q201 |  | 2061685 | 19864 | SH |  | SOLE |  | 19864 | 0 | 0 |
| BROOKLINE BANCORP INC | CommonStock | 11373M107 |  | 15736017 | 1112086 | SH |  | SOLE |  | 963648 | 0 | 0 |
| CABOT CORP | CommonStock | 127055101 |  | 1709299 | 25573 | SH |  | SOLE |  | 25573 | 0 | 0 |
| CAMBRIDGE BANCORP | CommonStock | 132152109 |  | 14573458 | 175457 | SH |  | SOLE |  | 157757 | 0 | 0 |
| CAPITAL ONE FINANCIAL CORP | CommonStock | 14040h105 |  | 43059816 | 463208 | SH |  | SOLE |  | 389208 | 0 | 0 |
| CARLYLE GROUP INC THE | CommonStock | 14316J108 |  | 30183160 | 1011500 | SH |  | SOLE |  | 856300 | 0 | 0 |
| CARTER'S INC | CommonStock | 146229109 |  | 40842484 | 547413 | SH |  | SOLE |  | 459213 | 0 | 0 |
| CENTRAL PACIFIC FINANCIAL CO | CommonStock | 154760409 |  | 587775 | 28983 | SH |  | SOLE |  | 28983 | 0 | 0 |
| CFSB BANCORP INC | CommonStock | 12530C107 |  | 80900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CHUBB LTD | CommonStock | H1467J104 |  | 60631689 | 274849 | SH |  | SOLE |  | 229069 | 0 | 0 |
| CITY HOLDING CO | CommonStock | 177835105 |  | 390513 | 4195 | SH |  | SOLE |  | 4195 | 0 | 0 |
| COLONY BANKCORP INC | CommonStock | 19623P101 |  | 5888795 | 464050 | SH |  | SOLE |  | 464050 | 0 | 0 |
| COMPUTER PROGRAMS  SYSTEMS | CommonStock | 205306103 |  | 771687 | 28350 | SH |  | SOLE |  | 28350 | 0 | 0 |
| CREDICORP LTD | CommonStock | G2519Y108 |  | 244188 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| CROCS INC | CommonStock | 227046109 |  | 79740073 | 735406 | SH |  | SOLE |  | 628354 | 0 | 0 |
| CSG SYSTEMS INTL INC | CommonStock | 126349109 |  | 1372800 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| CURTISS WRIGHT CORP | CommonStock | 231561101 |  | 1736696 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| CVR ENERGY INC | CommonStock | 12662P108 |  | 1504320 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| CVS HEALTH CORP | CommonStock | 126650100 |  | 61775651 | 662900 | SH |  | SOLE |  | 573500 | 0 | 0 |
| DIAMONDBACK ENERGY INC | CommonStock | 25278X109 |  | 1459443 | 10670 | SH |  | SOLE |  | 10670 | 0 | 0 |
| DIME COMMUNITY BANCSHARES INC | CommonStock | 25432X102 |  | 17788227 | 558851 | SH |  | SOLE |  | 493015 | 0 | 0 |
| DRIL QUIP INC | CommonStock | 262037104 |  | 1353066 | 49800 | SH |  | SOLE |  | 49800 | 0 | 0 |
| EAGLE MATERIALS INC | CommonStock | 26969P108 |  | 2138885 | 16100 | SH |  | SOLE |  | 16100 | 0 | 0 |
| EASTERN BANKSHARES INC | CommonStock | 27627N105 |  | 3450000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| ELEVANCE HEALTH INC | CommonStock | 036752103 |  | 63726776 | 124231 | SH |  | SOLE |  | 102969 | 0 | 0 |
| ENNIS INC | CommonStock | 293389102 |  | 1732912 | 78200 | SH |  | SOLE |  | 78200 | 0 | 0 |
| EURONET WORLDWIDE INC | CommonStock | 298736109 |  | 490776 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| EVERTEC INC | CommonStock | 30040P103 |  | 1612524 | 49800 | SH |  | SOLE |  | 49800 | 0 | 0 |
| EXELIXIS INC | CommonStock | 30161Q104 |  | 1281596 | 79900 | SH |  | SOLE |  | 79900 | 0 | 0 |
| FNB CORP | CommonStock | 302520101 |  | 808839 | 61980 | SH |  | SOLE |  | 61980 | 0 | 0 |
| GENERAL DYNAMICS CORP. | CommonStock | 369550108 |  | 55351604 | 223093 | SH |  | SOLE |  | 187564 | 0 | 0 |
| GILEAD SCIENCES INC | CommonStock | 375558103 |  | 56781190 | 661400 | SH |  | SOLE |  | 557200 | 0 | 0 |
| GRAPHIC PACKAGING HOLDING CO | CommonStock | 388689101 |  | 2038100 | 91600 | SH |  | SOLE |  | 91600 | 0 | 0 |
| HARMONY BIOSCIENCES HOLDINGS | CommonStock | 413197104 |  | 1752180 | 31800 | SH |  | SOLE |  | 31800 | 0 | 0 |
| HERCULES CAPITAL INC. | CommonStock | 427096508 |  | 1398650 | 105798 | SH |  | SOLE |  | 105798 | 0 | 0 |
| HORIZON THERAPEUTICS PLC | CommonStock | G46188101 |  | 67927220 | 596900 | SH |  | SOLE |  | 495400 | 0 | 0 |
| INDEPENDENT BANK CORP/MA | CommonStock | 453836108 |  | 644961 | 7639 | SH |  | SOLE |  | 7639 | 0 | 0 |
| INGREDION INC | CommonStock | 457187102 |  | 48632038 | 496600 | SH |  | SOLE |  | 427100 | 0 | 0 |
| INTEL CORP | CommonStock | 458140100 |  | 20126947 | 761519 | SH |  | SOLE |  | 647619 | 0 | 0 |
| INTERNATIONAL BANCSHARES CORP | CommonStock | 459044103 |  | 53095603 | 1160306 | SH |  | SOLE |  | 981808 | 0 | 0 |
| INTERPUBLIC GROUP OF COS INC | CommonStock | 460690100 |  | 27557363 | 827300 | SH |  | SOLE |  | 708600 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | CommonStock | G50871105 |  | 199672782 | 1253360 | SH |  | SOLE |  | 1034500 | 0 | 0 |
| JOHNSON OUTDOORS INC-A | CommonStock | 479167108 |  | 945516 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| JPMORGAN CHASE  CO | CommonStock | 46625H100 |  | 63342269 | 472351 | SH |  | SOLE |  | 393151 | 0 | 0 |
| KFORCE INC | CommonStock | 493732101 |  | 1617156 | 29494 | SH |  | SOLE |  | 29494 | 0 | 0 |
| KIMBALL ELECTRONICS INC | CommonStock | 49428J109 |  | 1135035 | 50245 | SH |  | SOLE |  | 50245 | 0 | 0 |
| KNIGHT-SWIFT TRANSPORTATION | CommonStock | 499049104 |  | 990235 | 18894 | SH |  | SOLE |  | 18894 | 0 | 0 |
| LINDE PLC (US SHARES) | CommonStock | G5494J103 |  | 210188109 | 644393 | SH |  | SOLE |  | 539805 | 0 | 0 |
| M  T BANK CORP | CommonStock | 55261F104 |  | 37831358 | 260798 | SH |  | SOLE |  | 223798 | 0 | 0 |
| MARATHON PETROLEUM CORP | CommonStock | 56585A102 |  | 42179038 | 362394 | SH |  | SOLE |  | 361694 | 0 | 0 |
| MAXIMUS INC | CommonStock | 577933104 |  | 1217278 | 16600 | SH |  | SOLE |  | 16600 | 0 | 0 |
| METHODE ELECTRONICS INC | CommonStock | 591520200 |  | 261783 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| MICROSOFT CORP | CommonStock | 594918104 |  | 44684701 | 186326 | SH |  | SOLE |  | 156626 | 0 | 0 |
| MKS INSTRUMENTS INC | CommonStock | 55306N104 |  | 49278968 | 581600 | SH |  | SOLE |  | 491200 | 0 | 0 |
| NEXTERA ENERGY INC | CommonStock | 65339F101 |  | 47155750 | 564064 | SH |  | SOLE |  | 471164 | 0 | 0 |
| NOMAD FOODS LTD | CommonStock | G6564A105 |  | 124583136 | 7226400 | SH |  | SOLE |  | 6317200 | 0 | 0 |
| NORTHERN TRUST CORP | CommonStock | 665859104 |  | 47864241 | 540900 | SH |  | SOLE |  | 454100 | 0 | 0 |
| NOV INC | CommonStock | 62955J103 |  | 52461934 | 2511342 | SH |  | SOLE |  | 2174035 | 0 | 0 |
| NOVARTIS AG ADR | ADR | 66987V109 |  | 9072 | 100 | SH |  | SOLE |  | 0 | 0 | 0 |
| OFG BANCORP | CommonStock | 67103X102 |  | 5068284 | 183900 | SH |  | SOLE |  | 183900 | 0 | 0 |
| FIRST SEACOAST BANCORP | CommonStock | 33631P102 |  | 143250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| OSHKOSH CORP | CommonStock | 688239201 |  | 1490411 | 16900 | SH |  | SOLE |  | 16900 | 0 | 0 |
| PACIRA BIOSCIENCES INC | CommonStock | 695127100 |  | 976833 | 25300 | SH |  | SOLE |  | 25300 | 0 | 0 |
| PEOPLES BANCORP INC | CommonStock | 709789101 |  | 1420975 | 50300 | SH |  | SOLE |  | 50300 | 0 | 0 |
| PERDOCEO EDUCATION CORP | CommonStock | 71363P106 |  | 1651320 | 118800 | SH |  | SOLE |  | 118800 | 0 | 0 |
| POPULAR INC | CommonStock | 733174700 |  | 188075429 | 2835878 | SH |  | SOLE |  | 2288112 | 0 | 0 |
| PREMIER FINANCIAL CORP | CommonStock | 74052F108 |  | 12651169 | 469083 | SH |  | SOLE |  | 407883 | 0 | 0 |
| REGAL REXNORD CORP | CommonStock | 758750103 |  | 814544 | 6789 | SH |  | SOLE |  | 6789 | 0 | 0 |
| SALLY BEAUTY HOLDINGS INC | CommonStock | 79546E104 |  | 32216777 | 2573225 | SH |  | SOLE |  | 2134425 | 0 | 0 |
| SAMSUNG ELECTRONICS COMMON-GDR | ADR | 796050888 |  | 135915 | 123 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCIENCE APPLICATIONS INTE | CommonStock | 808625107 |  | 52480983 | 473100 | SH |  | SOLE |  | 403400 | 0 | 0 |
| SLM CORP | CommonStock | 78442P106 |  | 43493660 | 2620100 | SH |  | SOLE |  | 2207200 | 0 | 0 |
| SOUTH PLAINS FINANCIAL INC | CommonStock | 83946P107 |  | 4487390 | 163000 | SH |  | SOLE |  | 163000 | 0 | 0 |
| SOUTH STATE CORP | CommonStock | 840441109 |  | 1127150 | 14761 | SH |  | SOLE |  | 14761 | 0 | 0 |
| STANDARD MOTOR PRODS | CommonStock | 853666105 |  | 1482480 | 42600 | SH |  | SOLE |  | 42600 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | CommonStock | 868459108 |  | 1515975 | 42500 | SH |  | SOLE |  | 42500 | 0 | 0 |
| TECNOGLASS INC | CommonStock | G87264100 |  | 20805566 | 676164 | SH |  | SOLE |  | 676164 | 0 | 0 |
| TYSON FOODS INC CL A | CommonStock | 902494103 |  | 45651847 | 733363 | SH |  | SOLE |  | 630963 | 0 | 0 |
| UNITED THERAPEUTICS CORP | CommonStock | 91307C102 |  | 89378126 | 321400 | SH |  | SOLE |  | 265400 | 0 | 0 |
| UNITEDHEALTH GROUP INC | CommonStock | 91324P102 |  | 58561562 | 110456 | SH |  | SOLE |  | 92352 | 0 | 0 |
| V2X INC | CommonStock | 92242T101 |  | 1366699 | 33100 | SH |  | SOLE |  | 33100 | 0 | 0 |
| WABASH NATIONAL CORP | CommonStock | 929566107 |  | 2266780 | 100300 | SH |  | SOLE |  | 100300 | 0 | 0 |
| WEBSTER FINANCIAL CORP  CT | CommonStock | 947890109 |  | 55707866 | 1176761 | SH |  | SOLE |  | 962195 | 0 | 0 |
| WILLIAMS COS INC | CommonStock | 969457100 |  | 59397660 | 1805400 | SH |  | SOLE |  | 1525600 | 0 | 0 |
| WINNEBAGO INDUSTRIES | CommonStock | 974637100 |  | 978481 | 18567 | SH |  | SOLE |  | 18567 | 0 | 0 |

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