History of the Firm

Heartland Advisors Value Investors Historical PhotoHeartland Advisors’ roots date to its predecessor firm, which was organized in 1983 as an investment advisory subsidiary of a regional broker, The Milwaukee Company.

1984: Birth of the Value Fund

Heartland's founder, Bill Nasgovitz, was part owner of The Milwaukee Company. He purchased a majority interest of the investment advisory subsidiary from his partners and began managing the Firm’s first mutual fund, the Heartland Value Fund.

The Fund was designed with a singular focus on value investing, with the 10 Principles of Value Investing™ as the framework for continual security evaluation.

1988: New Identity as Heartland Advisors

Nasgovitz changed the name of the investment advisory subsidiary of The Milwaukee Company to Heartland Advisors after acquiring the remaining shares. The transition was part of a transaction that also sold The Milwaukee Company to Dain Bosworth.

1988: First Separately Managed Account Strategy

Heartland Advisors launched the small-cap separately managed account strategy.

1993: Value Plus Fund and a Mid-Cap Strategy Launch

The Value Plus Fund launched.

Heartland Advisors’ separately managed account business also expanded with the addition of a mid-cap strategy.

1996: Select Value Fund Launches

The Select Value Fund was offered for the first time.

Heartland Advisors Value Investors Historical Photo Outdoors

1999: Opportunistic Strategy Launches

A new separately managed account product designed to seek value irrespective of market capitalization constraints was added.

2000: New Structure Retains Independent, Employee-Owned Status

Heartland Advisors was reorganized into a wholly owned subsidiary of Heartland Holdings, Inc. The reorganization retained the Firm’s structure as independent and entirely employee owned, with Nasgovitz as the principal shareholder.

2007: Additional Small-Cap Strategy Launches

A new small-cap separately managed account product was offered. It was designed to emphasize dividend-paying companies.

2008: Introduction of Institutional Class Shares

The Select Value, Value Plus, and Value Funds began offering institutional share classes.

2010: International Value Fund Takes Investing Process Worldwide

The International Value Fund, designed to extend Heartland’s 10 Principles of Value Investing™ to stocks outside the U.S., launched.

2013: Will Nasgovitz Becomes CEO of Heartland Advisors

Keeping with the Firm's long-term succession plan, Will Nasgovitz, a Heartland veteran since 2003, assumed the role of CEO. Former Heartland Advisors CEO Bill Nasgovitz began focusing full-time on his duties as Chairman, CIO, and Portfolio Manager.

2014: Mid Cap Value Fund Broadens the Heartland Funds Product Suite

The Mid Cap Value Fund launched with both investor and institutional share classes.

©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

The inception dates for the Select Value, Mid Cap Value, Value Plus, Value, and International Value Funds investor class shares are 10/11/1996, 10/31/2014, 10/26/1993, 12/28/1984, and 10/1/2010, respectively. 

The inception dates for the Select Value, Mid Cap Value, Value Plus, and Value Funds institutional class shares are 5/1/2008, 10/31/2014, 5/1/2008, and 5/1/2008, respectively.

Separately managed accounts and related investment advisory services are provided by Heartland Advisors, Inc., a federally registered investment advisor. ALPS Distributors, Inc., is not affiliated with Heartland Advisors, Inc.

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