Our Multi-Cap Approach

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Presenter

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.

The Select Value Fund pursues the best opportunities in the marketplace regardless of market capitalization.

We’re benchmarked against the Russell 3000® Value Index.

It’s a focused portfolio—anywhere between 40 and 60 holdings—and we’re focused on the long-term, so we generally think about a market cycle, five years for instance.

Two things that really stick out to me when it comes to the differentiating of the Select Value Fund: First it really gets down to the process. We think our 10 Principles of Value Investing™ is unique. It’s stood the test of time. It’s worked in both bull markets and bear markets, and we think the consistent application is a great way to help limit the operational and financial risk of the portfolio. So, we’re looking at every company—whether it’s a mega-cap or a micro-cap—the same way. So, that consistent application helps us really understand the bull case and the bear case around a stock and helps us identify those best opportunities for the Select Value Fund.

The second element that really sticks out to me as it relates to the differentiation for this product is the team. Everyone on this team started their research careers focused on small- and even micro-cap companies. And many of those companies that we worked on don’t have the luxury of institutional sell-side coverage, so you really had to roll up your sleeves and understand the drivers behind a particular business. And we take that same energy and enthusiasm and apply it to larger companies today.

Flexibility with Discipline

Heartland’s multi-cap strategy is able to pursue value wherever it exists in the market

We generally own very high quality businesses in our portfolio.

And they perhaps fall out of favor for whatever reason—they miss earnings, guidance disappoints, there’s some type of operational delay, who knows what it is—but to have that flexibility to capitalize on a dislocation in a high quality business that has fallen out-of-favor with the broader investment community is a real plus for our shareholders.

Heartland Select Value Fund Portfolio Management TeamFrom left:
Colin McWey, CFA - 14 years of experience, 7 at Heartland
Will Nasgovitz - 16 years of experience, 13 at Heartland
Dave Fondrie, CPA - 22 years of experience, all at Heartland

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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.

In addition to stocks of large companies, the Select Value Fund invests in small- and mid-sized companies that are generally less liquid and more volatile than large companies. The Fund also 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.

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

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