Heartland Advisors

Heartland Mid Cap Value Fund

  • Overview
  • Materials
  • Portfolio Management Team
  • Performance
  • Commentary
  • Portfolio Composition
  • Distributions

HRMDX, HNMDX

Overview

Investment Focus

Seeks long-term appreciation by investing in mid-cap, dividend paying companies

Distinguishing Characteristics

The Heartland Mid Cap Value Fund is designed to provide mid cap value exposure by investing in two distinct baskets of stocks (40-60 holdings), value and deep value. This approach helps potentially mitigate the risk of underperformance resulting from the inherent cyclicality of each basket and may increase the likelihood of potential consistent outperformance relative to the Russell Midcap®  Value Index. A collection of rules and tools are used to construct the overall portfolio such that stock selection is the primary driver of relative performance. The narrow focus on specific catalysts that may unlock value adds discipline and consistency.

Mid-sized companies are defined as companies with a market cap range consistent with the Russell Midcap® Value Index.

Investment Process

The 10 Principles of Value Investing™

Learn more about our process

  • Basics
  • Minimums
  • Fees
  • Expenses

12/31/2023

Benchmark: Russell Midcap® Value Index

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Investor Class Institutional Class
Ticker HRMDXHNMDX
CUSIP 422352815422352799
Inception Date 10/31/201410/31/2014
Assets $245 million$383 million

Investor
Class ($)
Institutional
Class ($)
Initial Investment1,000500,000
IRA Initial Investment500500,000
Subsequent Investments100100

Shareholder Fees

Paid directly from total investment

  Investor
Class (%)
Institutional
Class (%)
Load 0 0
Sales Charge 0 0
Exchange Fee 0 0
Redemption Fee* 2 2


*If shares are redeemed or exchanged within 10 days of purchase

Annual Fund Operating Expenses

Paid annually as a percentage of total investment value*

  Investor Class (%) Institutional
Class (%)
Management Fee 0.75 0.75
12b-1 Distribution Fee 0.25 0.00
Other Expenses 0.16 0.29
Total Annual Fund Operating Expenses 1.16 1.04
Fee Waiver and/or Expense Reimbursement -0.06 -0.19
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** 1.10 0.85


*As stated in the prospectus dated 5/1/2023
**Pursuant to an operating expense limitation agreement between Heartland Advisors and Heartland Group, Inc., on behalf of the Fund, Heartland Advisors has agreed to waive its management fees and/or pay expenses of the Fund to ensure that the Fund’s total annual fund operating expenses (excluding frontend or contingent deferred sales loads, taxes, leverage, interest, brokeragecommissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses, or extraordinary expenses) do not exceed 1.10% of the Fund’s average daily net assets for the Investor Class Shares and 0.85% for the Institutional Class Shares through at least April 5, 2025, and subject to the annual renewal of the agreement by the Board of Directors thereafter. This operating expense limitation agreement can be terminated only with the consent of the Board of Directors.

A Look at Our Mid Cap Value Strategy



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Mid Cap Value Fund Quick Links

Factsheet

 

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Commentary

 

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Attribution & Contribution Reports

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Holdings

 

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Portfolio Management Team

Heartland Mid Cap Value Fund Portfolio Management Team

30 years of industry experience
20 years of experience at Heartland

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Will Nasgovitz

CEO and Portfolio Manager

Colin McWey

Vice President and Portfolio Manager

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Investing Perspectives

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Performance

Average Annual Total Returns
  • Month-End
  • Quarter-End
  • Annual
2/29/2024

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Mid Cap Value
Investor Class
9.18---10.669.197.950.070.07
Mid Cap Value
Institutional Class
9.45---10.939.488.240.070.07
Russell Midcap® Value7.90---8.946.8010.872.902.90
*Not annualized
12/31/2023

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Mid Cap Value
Investor Class
9.34---13.5512.1013.3713.377.55
Mid Cap Value
Institutional Class
9.61---13.8212.3913.7213.727.58
Russell Midcap® Value7.72---11.168.3612.7112.7112.11
*Not annualized
  2023 (%) 2022 (%) 2021 (%) 2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014* (%)
Mid Cap Value Investor Class 13.37 -3.01 28.12 6.93 25.30 -8.58 8.11 28.67 -7.08 1.61
Mid Cap Value Institutional Class 13.72 -2.78 28.39 7.18 25.58 -8.28 8.37 28.97 -6.89 1.73
Russell Midcap® Value 12.71 -12.03 28.34 4.96 27.06 -12.29 13.34 20.00 -4.78 2.54

*Performance is from 10/31/2014 to 12/31/2014 and is not annualized

Growth of a Hypothetical $10,000 Investment

12/31/2016

Since inception of the investor class, 10/31/2014 to 12/31/2016
Chart represents a hypothetical example of an investment in the Mid Cap Value Fund representing historical returns

Heartland Mid Cap Value Fund Growth of 10000 Chart

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance for institutional class shares prior to their initial offering is based on the performance of investor class shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain performance through the most recent month end, call 800-432-7856 or visit heartlandadvisors.com.

In the prospectus dated 5/1/2023, the Net Fund Operating Expenses for the investor and institutional classes of the Mid Cap Value Fund are 1.10% and 0.85%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Net Fund Operating Expenses for the Fund do not exceed 1.10% of the Fund’s average net assets for the investor class shares and 0.85% for the institutional class shares, through at least 4/5/2025, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the Gross Fund Operating Expenses would be 1.16% for the investor class shares and 1.04% for the institutional class shares.

The inception date for the Mid Cap Value Fund is 10/31/2014 for the investor and institutional class.

Heartland Advisors Value Investing Team IconHistorical NAVs

Contact a Relationship Manager for historical NAVs.

Historical NAVs also are available from third party websites, such as Bloomberg, Yahoo! Finance, or Google Finance.

Commentary

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Archive

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Portfolio Composition

Characteristics

12/31/2023

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CharacteristicMid Cap ValueRussell Midcap® Value
Holdings 48-
Assets $628 million-
Assets in Dividend-Paying Companies 75.5% -
Median Market Cap $13.5 billion$10.1 billion
Weighted Average Market Cap $18.5 billion$23.0 billion
Trailing 1-Year Turnover 84.0% -

Capitalization Breakdown
12/31/2023
Cap Range% of Equities in Portfolio
>$15 billion46.2
$2.5-15 billion50.0
$500 million-2.5 billion3.8
<$500 million0.0

The above breakdown does not include short-term investments.

Valuation Analysis
Equity securities only, weighted median unless otherwise noted

12/31/2016

*Weighted average
**Weighted average, and Dun & Bradstreet is excluded because its open market stock repurchases have made the company’s total equity negative, resulting in an excessively high debt ratio that is not reflective of D&B’s investment grade credit rating based on Heartland Advisors’ beliefs

Heartland Mid Cap Value Fund valuation bar charts 1Heartland Mid Cap Value Fund Valuation Analysis Charts 2

Sector Allocation

12/31/2016

Source: FactSet Research Systems Inc., and Russell Investment Group

Heartland Mid Cap Value Fund Sector Charts 1Heartland Mid Cap Value Fund Sector Charts 2

Top 10 Holdings
2/29/2024

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TickerHolding% of Net AssetsIndustry
NTRSNorthern Trust Co4.39Capital Markets
CNCCentene Corporation4.14Health Care Providers & Services
JBHTJ B Hunt Transport Services Inc3.82Ground Transportation
NOVNOV Inc.3.79Energy Equipment & Services
DGXQuest Diagnostics, Inc.3.53Health Care Providers & Services
QRVOQorvo, Inc.3.28Semiconductors & Semiconductor Equipment
PSAPublic Storage3.21Specialized REITs
FAFFirst American Financial Corporation3.00Insurance
FEFirstEnergy Corp.2.97Electric Utilities
LDOSLeidos Holdings, Inc.2.84Professional Services
% of Total Net Assets34.97

Sector-Level Attribution

12/30/2016

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Security-Level Attribution & Contribution

12/30/2016

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Distributions

  • Investor Class
  • Institutional Class
Record
Date
Payable
Date
             Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/26/2023 12/27/2023   0.09453 0.00757 0.16370
12/27/2022 12/28/2022   0.06945 - 0.60608
12/28/2021 12/29/2021   0.12058 1.00490 2.10121
12/28/2020 12/29/2020   0.05786 - -
12/26/2019 12/27/2019   0.09830 - 0.17885
12/27/2018 12/28/2018   0.13413 0.28817 0.54456
12/27/2017 12/28/2017   0.09048 0.19499 0.50601
12/28/2016 12/29/2016   0.08174 - -
12/28/2015 12/29/2015   0.06589 0.09823 0.00205
12/29/2014 12/30/2014   0.03173 - -

 

Record
Date
Payable
Date
             Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/26/2023 12/27/2023   0.12707 0.00757 0.16370
12/27/2022 12/28/2022   0.09909 - 0.60608
12/28/2021 12/29/2021   0.15995 1.00490 2.10121
12/28/2020 12/29/2020   0.06968 - -
12/26/2019 12/27/2019   0.10873 - 0.17885
12/27/2018 12/28/2018   0.15843 0.28817 0.54456
12/27/2017 12/28/2017   0.12172 0.19499 0.50601
12/28/2016 12/29/2016   0.08442 - -
12/28/2015 12/29/2015   0.12479 0.09823 0.00205
12/29/2014 12/30/2014   0.02329 - -

 

 

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©2024 Heartland Advisors | 790 N. Water Street, Suite 1200, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856

The Mid Cap Value Fund invests in a smaller number of stocks (generally 40 to 60) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund’s returns. The Fund also invests in mid–sized companies on a value basis. Mid-sized 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 assurance that dividend-paying stocks will mitigate volatility.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.

Portfolio holdings exclude cash, cash equivalents, options, and futures.

Certain security valuations and forward estimates are based on Heartland Advisors' calculations. Certain outliers may be excluded. Any forecasts may not prove to be true.

Economic predictions are based on estimates and are subject to change.

Heartland’s investing glossary provides definitions for several terms used on this page.

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

CFA® is a registered trademark owned by the 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.

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