Polaris Capital Management, LLC

Polaris Capital Management put $36.0 million into a new EMN position while cutting MKSI by an estimated $30.0 million. That near-dollar-for-dollar pivot was the quarter's defining change, but it sat inside a much broader harvest: 29 continuing positions were reduced and six were sold outright, versus only five increases and six new stakes. The portfolio still edged up to $1.2 billion because market-value gains masked many of those sales.

The contrast is clearest among the largest holdings. Polaris trimmed BPOP, UTHR and Jazz Pharmaceuticals even as all three positions rose in reported value, and sold MPC shares while that stake gained $11.4 million. These were reductions, not purchases. Meanwhile, LNTH received the largest add to an existing holding and SLM was increased despite a falling position value. The quarter preserved a diversified financials-and-healthcare core while reallocating capital from MKSI, Sally Beauty and UNH toward EMN and a smaller set of targeted additions.