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Livermore
Livermore
ZHEN

Polaris Capital Management, LLC

SEC CIK
0001316926
Latest filing
Jul 27, 2026

The latest 13F from Polaris Capital Management, LLC covers Q2 2026 (filed Jul 27, 2026): 84 long positions worth $1.06B. The top 10 holdings make up 47.7% of the portfolio, and the largest is Popular, Inc. (BPOP) at 8.2%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
7
Est. +$67.1M
Added
24
Est. +$20.5M
Reduced
42
Est. −$353.4M
Sold out
7
Est. −$37.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. BPOPPopular, Inc.
    8.2%$86.9MHistory
  2. JAZZJazz Pharmaceuticals plc
    7.5%$79.3MHistory
  3. SWSmurfit Westrock plc
    7.1%$75.7MHistory
  4. LINLinde PLC
    4.9%$51.7MHistory
  5. LNTHLantheus Holdings, Inc.
    4.4%$47.1MHistory

Share of portfolio

Top 5 holdings and the other 79 positions, by share of portfolio value

  1. BPOP8.2%
  2. JAZZ7.5%
  3. SW7.1%
  4. LIN4.9%
  5. LNTH4.4%
  6. Other 79 positions67.9%

Biggest buys

New and added positions, by estimated amount bought

  1. CYTKCytokinetics Inc
    +$22.7MNewHistory
  2. BKNGBooking Holdings Inc.
    +$20.0MNewHistory
  3. ADBEAdobe Inc.
    +$16.9MNewHistory
  4. SWSmurfit Westrock plc
    +$12.5MAddedHistory
  5. SSBSouthState Bank Corp
    +$2.91MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SWSmurfit Westrock plc
    +2.67 pp4.5% → 7.1%History
  2. CYTKCytokinetics Inc
    +2.14 pp0.0% → 2.1%History
  3. BKNGBooking Holdings Inc.
    +1.88 pp0.0% → 1.9%History
  4. ADBEAdobe Inc.
    +1.59 pp0.0% → 1.6%History
  5. SSBSouthState Bank Corp
    +0.27 pp0.0% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MKSIMKS Inc
    −$31.0MSold outHistory
  2. UTHRUnited Therapeutics Corp
    −$23.4MReducedHistory
  3. LNTHLantheus Holdings, Inc.
    −$21.4MReducedHistory
  4. JAZZJazz Pharmaceuticals plc
    −$20.8MReducedHistory
  5. BPOPPopular, Inc.
    −$19.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MKSIMKS Inc
    −2.53 pp2.5% → 0.0%History
  2. UTHRUnited Therapeutics Corp
    −1.96 pp4.7% → 2.7%History
  3. GILDGilead Sciences, Inc.
    −1.05 pp2.9% → 1.8%History
  4. MPCMarathon Petroleum Corp
    −0.86 pp3.1% → 2.3%History
  5. TSNTyson Foods, Inc.
    −0.81 pp2.4% → 1.6%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.06B
−$160.8M (−13.2%) vs. prior quarter
Positions
84
0 vs. prior quarter
Top 10 concentration
47.7%
Top 10 as share of value
Turnover
7.7%
Q2 2026, one quarter
Average holding period
16.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.15B (Q1 2022)

Q1 2021: $3.05BQ2 2021: $3.10BQ3 2021: $3.14BQ4 2021: $3.10BQ1 2022: $3.15BQ2 2022: $2.80BQ3 2022: $2.55BQ4 2022: $2.87BQ1 2023: $2.68BQ2 2023: $2.66BQ3 2023: $1.86BQ4 2023: $2.07BQ1 2024: $2.01BQ2 2024: $1.87BQ3 2024: $2.03BQ4 2024: $2.07BQ1 2025: $1.75BQ2 2025: $1.50BQ3 2025: $1.52BQ4 2025: $1.21BQ1 2026: $1.22BQ2 2026: $1.06B
Q1 2021Q2 2026
13F filings of Polaris Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 27, 202684$1.06BBPOPJAZZSWvs. Q1 2026SEC
Q1 2026Apr 27, 202684$1.22BBPOPJAZZLINvs. Q4 2025SEC
Q4 2025Jan 29, 202689$1.21BBPOPJAZZLINvs. Q3 2025SEC
Q3 2025Oct 27, 202590$1.52BBPOPVIPSLINvs. Q2 2025SEC
Q2 2025Jul 21, 202592$1.50BBPOPVIPSLINvs. Q1 2025SEC
Q1 2025May 14, 202591$1.75BBPOPVIPSSWvs. Q4 2024SEC
Q4 2024Jan 29, 202596$2.07BSWBPOPLINvs. Q3 2024SEC
Q3 2024Nov 13, 202492$2.03BLINBPOPJAZZvs. Q2 2024SEC
Q2 2024Jul 26, 202492$1.87BLINBPOPJAZZvs. Q1 2024SEC
Q1 2024Apr 24, 202492$2.01BLINBPOPJAZZvs. Q4 2023SEC
Q4 2023Feb 7, 202493$2.07BLINBPOPJAZZvs. Q3 2023SEC
Q3 2023Oct 30, 202392$1.86BLINJAZZBPOPvs. Q2 2023SEC
Q2 2023Jul 31, 202392$2.66BLINJAZZBPOPvs. Q1 2023SEC
Q1 2023May 3, 2023Amended95$2.68BLINJAZZAMCRvs. Q4 2022SEC
Q4 2022Feb 9, 202396$2.87BLINJAZZBPOPvs. Q3 2022SEC
Q3 2022Nov 10, 2022100$2.55BBPOPJAZZLINvs. Q2 2022SEC
Q2 2022Aug 12, 2022Amended101$2.80BBPOPJAZZAMCRvs. Q1 2022SEC
Q1 2022May 11, 2022103$3.15BBPOPJAZZLINvs. Q4 2021SEC
Q4 2021Feb 1, 2022104$3.10BBPOPLININFYvs. Q3 2021SEC
Q3 2021Nov 9, 2021102$3.14BBPOPJAZZCCEPvs. Q2 2021SEC
Q2 2021Aug 10, 2021103$3.10BBPOPJAZZCCEPvs. Q1 2021SEC
Q1 2021May 11, 2021102$3.05BBPOPCCEPLIN–SEC