Board of Directors & Firm Governance

The investment management, trading and operational functions of Heartland Advisors are governed by comprehensive policies, procedures, and oversight bodies.

Heartland Funds Board of Directors

Heartland Funds Value Mutual Funds Board of DirectorsAn independent Board of Directors is responsible for the management of the Heartland Funds, as well as providing broad supervision of business operations.

The Board meets quarterly to review the investments, performance, and expenses of the Funds. It also establishes, monitors, and reviews numerous policies and procedures governing the business conduct of Heartland.

The Statement of Additional Information (pdf) provides further information about the Board and its Directors.

Directors

Ward D. Armstrong
Armstrong has been a Director since February 2008. He has extensive experience in developing, evaluating, and monitoring asset management portfolios. He has a strong background and knowledge base in selling, marketing, and distributing mutual fund shares, and he previously served as a director on the boards of two other asset management firms.

Experience:

  • NorthRock Partners, Managing Partner, 2010-present
  • Ameriprise Trust Company, Chairman, 1996-2007
  • Ameriprise Financial, Senior Vice President, 1984-2007
  • American Express Asset Management Group, President, 2002-2004


Kenneth A. Kavajecz
Kavajecz has been a Director since February 2008. He helps balance the experience of the Board and its committees by lending his investment-related academic and governmental experience. He has in-depth knowledge of economics and financial matters.

Experience:

  • Syracuse University, Professor of Finance, 2016-present
  • Martin J. Whitman School of Management at Syracuse University, Dean, 2013-2016
  • University of Wisconsin–Madison Wisconsin School of Business, Chair of the Department of Finance, Investment, and Banking, 2012-2013
  • University of Wisconsin–Madison Wisconsin School of Business, Bill Nygren Chair of Investments, 2011- 2013
  • University of Wisconsin–Madison Wisconsin School of Business, Associate Dean of Undergraduate Programs, 2008-2011
  • University of Wisconsin–Madison Wisconsin School of Business, Associate Professor of Finance, 2004-2011
  • University of Wisconsin–Madison Wisconsin School of Business, Associate Dean of MBA Programs, 2006-2011
  • The Wharton School at the University of Pennsylvania, Assistant Professor of Finance, 2003-2004
  • Board of Governors of the Federal Reserve System, Assistant Economist, 1988-1992


Dale J. Kent
Kent has been a Director since August 2003, and he is Chair of the Audit Committee. He has strong knowledge of accounting, compliance, and risk assessment in the mutual fund industry. He has supervised numerous audits of mutual funds and hedge funds, as well as provided audit and related services to asset managers and securities firms.

Experience:

  • West Bend Mutual Insurance of Wisconsin, Executive Vice President and CFO, 2002-present
  • Arthur Anderson, Partner, 1986-2002
  • Arthur Anderson, various capacities, 1974-1985
     
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Bill Nasgovitz

Nasgovitz is Chairman and CIO, and Portfolio Manager of the Value Fund and its corresponding separately managed account strategy. He also is President and Director of Heartland Funds. He has 48 years of industry experience, 34 at Heartland.


Robert A. Rudell
Rudell has been a Director since February 2005, and is Chair of the Board. His experience in the asset management industry includes responsibility for systems, operations, and financial reporting. He brings a strong knowledge of operations, compliance, and risk assessment in the mutual fund industry.

Experience:

  • Optimum Funds, Board Director, 2003-present
  • Medtox Scientific, Board Director, 2002-2012
  • Vantagepoint Funds, 2007-2011
  • Zurich Scudder Investments, COO, 1998-2002
  • Scudder Retirement Services, President, 1996-1998
  • IDS/American Express, President of Institutional Retirement Services and other capacities, 1973-1996
     

Board Committees

Audit Committee

  • Selects the independent registered public accounting firm
  • Oversees preparation of financial statements
  • Reviews compliance policies and procedures
  • Evaluates risk assessment and risk management policies

Nominating Committee

  • Suggests candidates for appointment to the Board in the event of vacancies and re-election, when required
  • Accepts recommendations from shareholders

Firm Officers

Officers manage the daily business operations of the Funds under the Board’s direction and supervision.

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Heartland Advisors Value Investing Firm Nicole Best

Nicole J. Best

Best, CPA, is Senior Vice President, Chief Financial Officer, and Chief Administrative Officer. She is also Vice President, Principal Accounting Officer, and Treasurer of the Heartland Funds. She has 21 years of industry experience, 16 at Heartland.

Heartland Advisors Value Investing Portfolio Manager Bill Nasgovitz

Bill Nasgovitz

Nasgovitz is Chairman and CIO, and Portfolio Manager of the Value Fund and its corresponding separately managed account strategy. He also is President and Director of Heartland Funds. He has 48 years of industry experience, 34 at Heartland.

Heartland Advisors Value Investing Portfolio Manager Will Nasgovitz

Will Nasgovitz

Nasgovitz is CEO and Portfolio Manager of the Select Value and Mid Cap Value Funds and their corresponding separately managed account strategies. He also is CEO of Heartland Funds. He has 16 years of industry experience, 13 at Heartland.

Heartland Advisors Value Investing Firm Vinita Paul

Vinita K. Paul

Paul is Vice President, Chief Compliance Officer, General Counsel, and Secretary. She is also Vice President, Chief Compliance Officer, Secretary, and AML Officer of the Heartland Funds. She has 12 years of industry experience, 8 at Heartland.

Heartland Advisors Committees

Brokerage Committee

  • Reviews trade execution and allocation to ensure a fair and equitable process
  • Reviews commissions paid for research and other services provided for the benefit of clients

Business Conduct and Rules Committee

  • Monitors compliance with the Firm's Business Conduct Rules and Code of Ethics
  • Produces interpretive guidance regarding the Rules
  • Takes remedial actions in response to violations

Disclosure Controls Committee

  • Maintains and evaluates effectiveness of procedures for releasing regulatory information and financial reports
  • Ensures accuracy of regulatory and financial reports

Investment Management Team

  • Meets weekly to discuss various issues related to investment concepts, including cash management

Investment Policy Committee

  • Reviews portfolio and market risks
  • Reviews operational and procedural risks

Pricing Committee

  • Ensures security valuations are consistent with Heartland’s policies and procedures

Firm Operating Policies

©2017 Heartland Advisors | 789 N. Water Street, Suite 500, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856

CIPM is a registered trademark owned by CFA Institute.

Nicole J. Best, Paul Beste, Bill Nasgovitz, Will Nasgovitz, and Vinita K. Paul are registered representatives of ALPS Distributors, Inc.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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