Forum Funds - Polaris Global Value Fund 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 21.47%, top 10 39.13%, top 20 69.61%, with UTHR 5.90%, GILD 3.97%, BPOP 3.92%, JPM 3.87%, LNTH 3.81%, CVS 3.75%. The baseline result is return 7.61%, alpha -1.40%, beta 0.70, Sharpe 0.57, Sortino 0.69, max drawdown -34.81%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 29.54%, Health Care 27.34%, Consumer Discretionary 7.39%, Consumer Staples 6.63%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-12-31 (-1.52% vs SPY -3.63%, excess 2.11%, turnover 8.21%); the weakest was 2025-03-31 (1.25% vs SPY 9.22%, excess -7.97%, turnover 16.24%). The latest rows (2025-03-31 (1.25% vs SPY 9.22%, excess -7.97%, turnover 16.24%); 2025-06-30 (1.63% vs SPY 4.20%, excess -2.57%, turnover 7.41%); 2025-09-30 (1.70% vs SPY 1.49%, excess 0.21%, turnover 10.34%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether UTHR 5.90%, GILD 3.97%, BPOP 3.92%, JPM 3.87% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -34.81% is acceptable for the user's risk budget.