Bernard Horn’s Strategic Moves: Exiting The Carlyle Group Inc with a -1.68% Impact

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Tue, February 24, 2026 at 6:01 AM GMT+9 4 min read

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This article first appeared on GuruFocus.

Exploring the Investment Decisions of a Seasoned Guru

Bernard Horn (Trades, Portfolio) recently submitted the N-PORT filing for the fourth quarter of 2025, providing insights into his investment moves during this period. The Polaris team boasts over 150 years of collective industry expertise, led by Bernard Horn (Trades, Portfolio), who has been in investment management since the early 1980s. The Boston-based firm has one of the longest global and international track records of any firm presently in operation and continuously managed by the same individuals. The Polaris Global Value Fund (PGVFX) is a diversified no-load global mutual fund that aims to provide above-average returns by investing in companies with potentially strong sustainable free cash flow or undervalued assets. Polaris’ philosophy is based on two basic beliefs: (i) country and industry factors are important determinants of security prices, and (ii) global market fluctuations produce mispriced stocks. Global markets have proven generally efficient over time, but investor behavior creates volatility that leads to inefficiency somewhere in the world. During these periods, the stock price may not reflect a company’s long-term fundamental valuation and/or future cash flows. We seek to buy such undervalued companies worldwide.

Is XKRX:000660 fairly valued? Test your thesis with our free DCF calculator.

Summary of New Buy

Bernard Horn (Trades, Portfolio) added a total of 5 stocks, among them:

The most significant addition was Ping An Insurance (Group) Co. of China Ltd (HKSE:02318), with 790,500 shares, accounting for 1.39% of the portfolio and a total value of HK$6,617,380 million.

The second largest addition to the portfolio was AIA Group Ltd (HKSE:01299), consisting of 576,800 shares, representing approximately 1.24% of the portfolio, with a total value of HK$5,921,640.

The third largest addition was Alibaba Group Holding Ltd (HKSE:09988), with 268,800 shares, accounting for 1.04% of the portfolio and a total value of HK$4,932,050.

Key Position Increases

Bernard Horn (Trades, Portfolio) also increased stakes in a total of 5 stocks, among them:

The most notable increase was LKQ Corp (NASDAQ:LKQ), with an additional 105,000 shares, bringing the total to 148,100 shares. This adjustment represents a significant 243.62% increase in share count, a 0.67% impact on the current portfolio, with a total value of $4,472,620.

The second largest increase was Tyson Foods Inc (NYSE:TSN), with an additional 16,200 shares, bringing the total to 104,000. This adjustment represents a significant 18.45% increase in share count, with a total value of $6,096,480.

 






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Summary of Sold Out

Bernard Horn (Trades, Portfolio) completely exited 5 of the holdings in the fourth quarter of 2025, as detailed below:

The Carlyle Group Inc (NASDAQ:CG): Bernard Horn (Trades, Portfolio) sold all 121,300 shares, resulting in a -1.68% impact on the portfolio.

Vipshop Holdings Ltd (NYSE:VIPS): Bernard Horn (Trades, Portfolio) liquidated all 332,700 shares, causing a -1.44% impact on the portfolio.

Key Position Reduces

Bernard Horn (Trades, Portfolio) also reduced positions in 7 stocks. The most significant changes include:

Reduced Barry Callebaut AG (XSWX:BARN) by 2,953 shares, resulting in a -39.89% decrease in shares and a -0.89% impact on the portfolio. The stock traded at an average price of CHF1,199.38 during the quarter and has returned 17.97% over the past 3 months and 13.81% year-to-date.

Reduced Teleperformance SE (XPAR:TEP) by 35,091 shares, resulting in a -40.53% reduction in shares and a -0.58% impact on the portfolio. The stock traded at an average price of 61.25 during the quarter and has returned -10.16% over the past 3 months and -15.91% year-to-date.

Portfolio Overview

At the fourth quarter of 2025, Bernard Horn (Trades, Portfolio)'s portfolio included 87 stocks, with top holdings including 2.92% in SK Hynix Inc (XKRX:000660), 2.42% in United Therapeutics Corp (NASDAQ:UTHR), 2.34% in Samsung Electronics Co Ltd (XKRX:005930), 1.66% in Marubeni Corp (TSE:8002), and 1.66% in International Consolidated Airlines Group SA (LSE:IAG).

The holdings are mainly concentrated in all 11 industries: Financial Services, Industrials, Healthcare, Technology, Consumer Cyclical, Consumer Defensive, Basic Materials, Energy, Communication Services, Utilities, and Real Estate.

Bernard Horn’s Strategic Moves: Exiting The Carlyle Group Inc with a -1.68% Impact

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