Bill Nasgovitz

Value investing has been a lifelong passion for Bill Nasgovitz, Chairman and CIO, and Portfolio Manager of the Heartland Value Fund and 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. Nasgovitz developed Heartland’s proprietary 10 Principles of Value Investing™, which is the foundation for evaluating every security in all portfolios.

Under his leadership, Heartland's Value Fund has been noted by Forbes as having “done both bear and bull markets over two market cycles.”* Long-term performance also earned the Fund a spot on the 2014 Mutual Fund Honor Roll, an acknowledgement of its attractive returns during stellar years and keeping losses in check during down periods.

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
  • The Milwaukee Company and affiliates, 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


Please wait while we gather your results.

Investing Perspectives

4/17 - 8:05

Why Value? Why Heartland? Why Now?

An interview with Founder and CIO Bill Nasgovitz.

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.

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.

Email Sign Up

  • I am a financial professional or institutional investor
  • I am an individual investor
Financial Professionals & Institutional Investors
Individual Investors




Heartland Perspectives

Heartland Perspectives

Product Insights

Select Value Fund

Mid Cap Value Fund

Value Plus Fund

Value Fund

International Value Fund

Opportunistic Value Equity Strategy

Mid Cap Value Strategy

Small Cap Value Plus Strategy

Small Cap Value Strategy

Terms of Use
These email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of Heartland Advisors, Heartland Funds, or any of their affiliates. The information contained in these emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Heartland’s terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.
I agree to the Terms of Use and confirm that I am a financial professional

Monthly enews

©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

*William Baldwin, “Smart Guys Own 24 Stocks,” Forbes, 5/26/2014
**Ryan Leggio, “This mutual fund is still a top choice,” Morningstar, 6/28/2011

Past performance does not guarantee future results.

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information may be found in the prospectus (pdf). To obtain a print prospectus, call 800-432-7856. Please read the prospectus carefully before investing.

The Value Fund primarily invests in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies.

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 above individuals are registered representatives of ALPS Distributors, Inc.

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.