Bill Nasgovitz

Value investing has been a lifelong passion for Bill Nasgovitz, Chairman and CIO, and Portfolio Manager of the Heartland Value Fund its corresponding Small Cap Value Strategy. He is also President and Director of Heartland Funds.

Heartland Advisors Value Investing Portfolio Manager Bill NasgovitzDisciplined investing has been central to Heartland Advisor’s investment philosophy since he founded the Firm in 1983. He developed Heartland’s proprietary 10 Principles of Value Investing™, which is the foundation for evaluating every security in all portfolios.

Nasgovitz is a seasoned small-cap value investor with 48 years of experience, and he has been recognized by Morningstar as “a veteran micro-cap stock-picker.”* He also has been featured in The New York Times, The Wall Street Journal, Barron’s, and Money.

He graduated from the University of Wisconsin-Madison with a bachelor’s in business in 1966.

Investment Experience

  • Heartland Advisors, 1983-present
  • Dain Bosworth/The Milwaukee Company, 1978-1982
  • Dean Witter Reynolds, 1968-1978


  • B.A. in Business, University of Wisconsin–Madison, 1966

Community Service

  • Milwaukee College Preparatory School, Board Member
  • Junior Achievement of Wisconsin, Board Member
  • Milwaukee Symphony Orchestra, Endowment and Foundation Trustee
  • YPO/WPO, Member

Military Service

  • Highest rank attained: Captain, U.S. Air Force, 1968-1972

Heartland Advisors Value Investing Team IconPortfolio Manager


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Investing Perspectives

Water & Wells

An Active Approach to Finding Value

Should investors look to the Russell 2000® Value rebalance for insights into compelling opportunities? Portfolio Manager Bill Nasgovitz doesn’t think so.

Heartland in the News

The Unattractiveness of Low Valuations Based on Financial Engineering

Debt-financed share buybacks may be a short-sighted tactic, says Portfolio Manager Bill Nasgovitz. He explains why we believe businesses with low debt and the ability to improve earnings through sales growth will be poised to outperform in the years ahead.

PM Perspective

How Micro-Caps Add Value to a Small-Cap Value Strategy

Micro-caps can be an overlooked source of opportunities in a small-cap strategy. Portfolio Manager Bill Nasgovitz explores the advantages and our approach to the group.

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©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

*Ryan Leggio, “This mutual fund is still a top choice,” Morningstar, 6/28/2011

Past performance does not guarantee future results.

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

There is no guarantee that a particular investment strategy will be successful.

The inception date for the Value Fund is 12/28/1984 for the investor class and 5/1/2008 for the institutional class.

The above individuals are registered representatives of ALPS Distributors, Inc.

CFA is a trademark owned by CFA Institute.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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.