Heartland International Value Fund Sector Attribution

2Q17

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International ValueRussell Global® ex-US Small CapVariationAttribution Analysis
Economic SectorAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAllocation EffectSelection EffectInteraction EffectTotal Effect
Consumer Discretionary11.751.950.2017.884.080.75-6.12-2.13-0.550.08-0.370.10-0.19
Consumer Staples8.622.950.296.937.490.511.69-4.55-0.230.03-0.30-0.05-0.32
Energy5.05-10.37-0.483.31-5.85-0.201.73-4.52-0.28-0.18-0.15-0.06-0.40
Financials8.239.970.779.867.400.73-1.622.570.04-0.030.25-0.080.13
Health Care7.829.020.686.665.730.381.163.290.300.000.210.020.23
Industrials25.826.391.6719.177.501.436.65-1.110.240.12-0.18-0.06-0.12
Information Technology9.522.380.2111.227.730.85-1.71-5.35-0.64-0.05-0.550.08-0.52
Materials11.59-16.86-2.1110.663.750.390.93-20.62-2.50-0.03-2.30-0.23-2.56
Real Estate9.509.830.8810.956.570.72-1.443.260.17-0.020.36-0.090.25
Telecommunication Services------0.967.640.07-0.96-7.64-0.07-0.02-----0.02
Utilities2.094.230.092.393.150.07-0.301.080.02-0.020.13-0.090.02
Total100.002.202.20100.005.705.70---3.50-3.50-0.13-2.91-0.47-3.50
Source: FactSet Research Systems lnc., holdings data as of 3/31/2017 to 6/29/2017 for International Value, 4/3/2017 to 6/30/2017 for Russell Global® ex-US Small Cap

 

1-Year

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International ValueRussell Global® ex-US Small CapVariationAttribution Analysis
Economic SectorAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAllocation EffectSelection EffectInteraction EffectTotal Effect
Consumer Discretionary14.4132.654.3418.1117.233.18-3.7015.421.160.112.42-0.631.90
Consumer Staples5.3515.280.956.9915.231.03-1.640.04-0.080.210.19-0.240.17
Energy4.88-9.08-0.033.517.980.361.37-17.06-0.390.09-0.57-0.14-0.62
Financials10.7648.564.979.6531.612.911.1116.952.060.181.400.221.81
Health Care7.57-5.93-0.756.768.960.570.81-14.89-1.32-0.01-0.91-0.60-1.52
Industrials28.3238.1110.0518.8526.184.819.4711.935.250.522.001.123.64
Information Technology7.4013.841.3510.8427.912.91-3.44-14.07-1.56-0.12-1.260.46-0.92
Materials10.68-15.40-1.9710.8221.412.40-0.14-36.81-4.37-0.02-3.97-0.36-4.35
Real Estate8.3627.322.2111.1411.341.24-2.7815.980.970.331.83-0.641.52
Telecommunication Services------0.9618.330.17-0.96-18.33-0.170.01----0.01
Utilities2.27173.992.842.3618.900.46-0.09155.092.38-0.012.56-0.272.28
Total100.0023.9823.98100.0020.0520.05--3.933.931.303.69-1.073.93
Source: FactSet Research Systems lnc., holdings data as of 6/30/2016 to 6/29/2017 for International Value, 7/1/2016 to 6/30/2017 for Russell Global® ex-US Small Cap

 

3-Year

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International ValueRussell Global® ex-US Small CapVariationAttribution Analysis
Economic SectorAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAverage WeightTotal ReturnContrib. to ReturnAllocation EffectSelection EffectInteraction EffectTotal Effect
Consumer Discretionary18.6722.872.1218.858.581.35-0.1714.290.770.412.15-1.381.17
Consumer Staples4.9816.331.377.0129.192.04-2.03-12.86-0.66-0.030.28-0.140.11
Energy5.03-69.11-5.413.16-56.70-3.371.87-12.41-2.03-1.06-0.89-0.15-2.09
Financials11.86-15.25-1.399.6010.680.812.25-25.93-2.200.27-2.36-0.21-2.30
Health Care8.86-11.43-1.136.8023.221.462.07-34.66-2.590.85-1.90-1.56-2.61
Industrials23.452.893.3319.3510.161.624.10-7.261.710.32-1.250.54-0.40
Information Technology8.28-21.26-3.0510.7919.192.19-2.51-40.45-5.23-0.19-5.341.06-4.47
Materials9.96-27.00-2.009.9811.971.66-0.02-38.97-3.660.20-3.50-0.57-3.86
Real Estate7.0922.121.0411.1515.842.03-4.066.28-0.99-0.260.50-0.88-0.64
Telecommunication Services------1.0511.270.10-1.05-11.27-0.100.05----0.05
Utilities1.81108.832.722.2612.280.31-0.4596.552.410.082.82-0.482.42
Total100.00-2.40-2.40100.0010.2010.20---12.60-12.600.64-9.48-3.76-12.60
Source: FactSet Research Systems lnc., holdings data as of 6/30/2014 to 6/29/2017 for International Value, 7/1/2014 to 6/30/2017 for Russell Global® ex-US Small Cap

 

View detailed Fund performance as of the most recent quarter and month end

©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

In the prospectus (pdf) dated 5/1/2017, the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the investor and institutional classes of the International Value Fund are 1.25% and 0.99%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for the investor class shares and 0.99% for the institutional class shares, through at least 5/1/2019, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the total annual fund operating expenses would be 1.89% for the investor class shares and 1.63% for the institutional class shares.

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance information for institutional class shares of Funds that existed prior to their initial public 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 (90 days for the International Value Fund) of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.

Performance attribution does not incorporate the effects of cash, cash equivalents, options, futures, unclassified securities, or expenses. The total impact may not equal the Fund’s returns. Holdings are subject to change. Data represents the equity portion of portfolio.

Sector and industry classifications as determined by Heartland Advisors may reference data from sources such as FactSet Research Systems, Inc. or the Global Industry Classification Codes (GICS) developed by Standard & Poor’s and Morgan Stanley Capital International.

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.

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

The Heartland Funds are distributed by ALPS Distributors, Inc.

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