Heartland Value Plus Fund

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

HRVIX, HNVIX

Overview

Investment Focus

Invests in undervalued small companies and seeks to reduce volatility through strong balance sheets and dividends

Distinguishing Characteristics

  • Invests in stocks with market capitalization between $250 million and $4 billion
  • Designed for investors who seek a portfolio of small company stocks that may produce modest dividend income
  • Benchmarked to the Russell 2000® Value Index
  • Typically holds 40-70 stocks
  • Inception date: 1993

Investment Process

All stocks are evaluated based on our proprietary, consistent, and time-tested 10 Principles of Value Investing™. These criteria are central to Heartland’s value investing philosophy and provide a framework for evaluating securities.

The Investment Team applies a bottom-up research approach, combining traditional fundamental analysis and meetings with more than 1,000 company management teams in a typical year. The 10 Principles™ are designed to help the Team assess a company's valuation, but also focus on metrics associated with financial soundness, management team strength, and future outlook.

Learn more about our process

  • Basics
  • Minimums
  • Fees
  • Expenses

3/31/2016

Benchmark: Russell 2000® Value Index

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Investor Class Institutional Class
Ticker HRVIXHNVIX
CUSIP 422352500422352849
Inception Date 10/26/199305/01/2008
Assets $463 million$157 million

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

New investor restrictions may apply.

Shareholder Fees

Paid directly from total investment


Investor
Class (%)
Institutional
Class (%)
Load00
Sales Charge00
Exchange Fee00
Redemption Fee*22

*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 Fee0.700.70
12b-1 Distribution Fee0.250.00
Other Expenses0.190.19
Total Expense Ratio1.140.89

*As stated in the prospectus (pdf) dated 5/1/2015

Overall Morningstar Rating™

  • Investor Class
  • Institutional Class
2Overall Morningstar Rating™ as of 4/30/2016, out of 383 Small Value funds, based on risk-adjusted performance for investor class shares
1Overall Morningstar Rating™ as of 4/30/2016, out of 383 Small Value funds, based on risk-adjusted performance for institutional class shares

Portfolio Management Team

Heartland Value Plus Fund Portfolio Management Team

26 years of industry experience
20 years of experience at Heartland

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Bradford A. Evans

Evans, CFA, is Senior Vice President and Portfolio Manager of the Value Plus Fund and its corresponding separately managed account strategy. He has 20 years of industry experience, 17 at Heartland.

Andrew J. Fleming

Fleming, CFA, is Vice President and Portfolio Manager of the Value Plus Fund and its corresponding separately managed account strategy. He has 6 years of industry experience, 3 at Heartland.

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Investing Perspectives

Water & Wells
5/3/16
Heartland Advisors Value Investing Portfolio Manager Andrew Fleming

Inflation: Hiding in Plain Sight?

While Consumer Price Index readings have been mild, a look at raw materials suggests inflation may be lurking and could affect profit margins in the near-term.

Water & Wells
3/8/16
Heartland Advisors Value Investing Portfolio Manager Bradford Evans

Borrowing from Peter to Pay Paul

Companies that boosted earnings per share through financial engineering may feel an extra pinch as credit markets tighten.

Water & Wells
2/23/16
Heartland Advisors Value Investing Portfolio Manager Andrew Fleming

When Momentum Loses its Mojo

History suggests surges for momentum stocks often end abruptly.

PM Perspective
1/16
Heartland Advisors Value Investing Portfolio Manager Bradford Evans

How Do We Know When a Stock is Truly Cheap?

Using EV/EBITDA helps us develop a complete picture of when a company is truly undervalued as opposed to simply inexpensive.

Water & Wells
12/1/15
Heartland Advisors Value Investing Research Analyst Andrew Fleming

Follow the Spending

An overlooked contributor to declining global trade growth.

Water & Wells
6/9/15
Heartland Advisors Value Investing Research Analyst Andrew Fleming

Don't Fear the Hike

History shows equity investors shouldn’t fear the prospect of the first rate hike in nine years.

Performance

Average Annual Total Returns
  • Month-End
  • Quarter-End
  • Annual
4/30/2016

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value Plus
Investor Class
9.518.959.405.251.100.93-14.850.961.29
Value Plus
Institutional Class
9.619.079.565.471.341.16-14.740.921.21
Russell 2000® Value9.499.098.054.616.776.50-3.713.862.12
*Not annualized
3/31/2016

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value Plus
Investor Class
9.489.149.555.361.12-0.84-15.47-0.33-0.33
Value Plus
Institutional Class
9.599.259.705.591.39-0.58-15.26-0.29-0.29
Russell 2000® Value9.439.128.224.426.675.73-7.721.701.70
*Not annualized

2015 (%)2014 (%)2013 (%)2012 (%)2011 (%)2010 (%)2009 (%)2008 (%)
Value Plus Investor Class-17.41-2.7034.1511.38-5.3728.5026.37-17.88
Value Plus Institutional Class-17.20-2.4534.5311.67-5.0728.8526.70-17.71
Russell 2000® Value-7.474.2234.5218.05-5.5024.5020.58-28.92
Growth of a Hypothetical $10,000 Investment

3/31/2016

Since inception of the investor class, 10/26/1993 to 3/31/2016
Chart represents a hypothetical example of an investment in the Value Plus Fund representing historical returns

Heartland Value Plus Fund Growth of 10000 Chart

Morningstar Ratings™
  • Investor Class
  • Institutional Class
Morningstar Ratings TM
4/30/2016
RatingTotal Funds
Overall2383
10-Year3219
5-Year1332
3-Year1383
Morningstar Ratings TM
4/30/2016
RatingTotal Funds
Overall1383
10-Year4219
5-Year1332
3-Year1383

Based on risk-adjusted performance

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 5/1/2008, 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.

In the prospectus (pdf) dated 5/1/2016, the gross expense ratios for the investor and institutional class of the Value Plus Fund are 1.16% and 0.90%, respectively. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class, to the extent necessary to maintain the institutional class “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Without such waivers and/or reimbursements, total returns may have been lower.

The inception date for the Value Plus Fund is 10/26/1993 for the investor class and 5/1/2008 for the 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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3/31/16
Heartland Value Plus Fund Portfolio Manager Commentary

Heartland Value Plus Fund 1Q16 Portfolio Manager Commentary

Strong performance in Consumer Discretionary and Financials couldn’t overcome weakness in Industrials and Materials, and the Fund lagged its benchmark.

Portfolio Composition

Characteristics

3/31/2016

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CharacteristicValue PlusRussell 2000® Value
Holdings 40-
Assets $620 million-
Assets in Dividend-Paying Companies 87.0% -
Median Market Cap $1.1 billion$595 million
Weighted Average Market Cap $1.2 billion$1.7 billion
Trailing 1-Year Turnover 55.0% -

Capitalization Breakdown
3/31/2016
Cap Range% of Equities in Portfolio
Large-Cap (>$15 billion)0.0
Mid-Cap ($2-15 billion)8.3
Small-Cap ($300 million-2 billion)86.9
Micro-Cap (<$300 million)4.8

The above breakdown does not include short-term investments.

Valuation Analysis
Equity securities only, weighted median unless otherwise noted

3/31/2016

*Weighted average

Heartland Value Plus Fund Valuation Analysis Charts 1Heartland Value Plus Fund Valuation Analysis Charts 2

Sector Allocation

3/31/2016

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

Heartland Value Plus Fund Sector Charts 1Heartland Value Plus Fund Sector Charts 2

Top 10 Holdings
3/31/2016

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TickerHolding% of Net AssetsIndustry
RGSRegis Corporation6.72Diversified Consumer Services
HSIIHeidrick & Struggles International, Inc.5.53Professional Services
WPXWPX Energy, Inc.5.06Oil Gas & Consumable Fuels
PKEPark Electrochemical Corp.4.83Electronic Equipment & Instruments
MANTManTech International Corporation (Class A)4.48IT Services
MDCM.D.C. Holdings, Inc.4.44Household Durables
RECNResources Connection, Inc.4.01Professional Services
MTRNMaterion Corp.3.83Metals & Mining
CSFLCenterstate Banks, Inc.3.77Commercial Banks
UBSHUnion First Market3.47Commercial Banks
% of Total Net Assets46.14

Sector-Level Attribution

3/31/2016

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Security-Level Attribution & Contribution

3/31/2016

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5-Year Risk Analysis

  • Investor Class
  • Institutional Class
3/31/2016

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value Plus-5.4217.971.08-0.930.0695.39120.3389.3994.71
Russell 2000® Value0.0015.791.000.000.42100.00100.00100.000.00

*Annualized
Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 2000® Value. Depiction is for investor class shares.

3/31/2016

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value Plus-5.1617.961.08-0.880.0796.02119.7689.3194.71
Russell 2000® Value0.0015.791.000.000.42100.00100.00100.000.00

*Annualized
Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 2000® Value. Depiction is for institutional class shares.

Distributions

  • Investor Class
  • Institutional Class
Record
Date
Payable
Date
   Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/28/201512/29/2015
0.20797-1.90702
12/29/201412/30/2014
0.068250.300142.84734
12/26/201312/27/2013
0.164310.541573.30825
12/26/201212/27/2012
0.356680.208640.60760
12/28/201112/29/2011
0.183006-0.319936
12/30/201012/31/2010
0.078769--
12/28/201012/29/2010
--0.160541
  3/30/2010  3/31/2010
0.019995--
  3/30/2010  3/31/2010
0.001223--
12/30/200912/31/2009
0.081006--
  9/29/2009  9/30/2009
0.016893--
  6/29/2009  6/30/2009
0.013335--
  3/30/2009  3/31/2009
0.074305--
  9/29/2008  9/30/2008
0.023100--
  6/27/2008  6/230/2008
0.031991--
  3/28/2008  3/31/2008
0.048473--
12/26/200712/27/2007
-0.3661033.707176
  9/27/2007  9/28/2007
0.2185340.2135930.602828
  6/28/2007  6/29/2007
0.047600--
  3/29/2007  3/30/2007
0.154655--
Record
Date
Payable
Date
  Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/28/201512/29/2015
0.31363-1.90702
12/29/201412/30/2014
0.181330.300142.84734
12/26/201312/27/2013
0.280970.541573.30825
12/26/201212/27/2012
0.452430.208640.60760
12/28/201112/29/2011
0.284872-0.319936
12/30/201012/31/2010
0.138722--
12/28/201012/29/2010
--0.160541
  3/30/2010  3/31/2010
0.032692--
  3/30/2010  3/31/2010
0.013036--
12/30/200912/31/2009
0.093645--
  9/29/2009  9/30/2009
0.026711--
  6/29/2009  6/30/2009
0.022818--
  3/30/2009  3/31/2009
0.118031--
  9/29/2008  9/30/2008
0.038800--
  6/27/2008  6/30/2008
0.039712--
Heartland Advisors Value Investing Team Icon

Additional Historical Distributions

Contact a Relationship Manager for historical NAVs.

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Quarterly Fund factsheets and commentary

©2016 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

The Value Plus Fund invests in small 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 70) 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.

There is no assurance that dividend-paying stocks will mitigate volatility.

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

Portfolio holdings are subject to change without notice. Current and future portfolio holdings are subject to risk.

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

Information about Morningstar Ratings™ are ©2015 Morningstar, Inc. All rights reserved. The information contained herein is (1) proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed, and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance—including the effects of sales charges, loads, and redemption fees—placing greater emphasis on downward variations, and rewards consistent performance. The top 10% of funds in a category receive 5 stars, next 22.5% receive 4 stars, next 35% receive 3 stars, next 22.5% receive 2 stars, and bottom 10% receive 1 star. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentages. The Morningstar Ratings™ are for the specified share class. Classes have a common portfolio, different expense structures, and may have different performance characteristics. For periods prior to the inception date of the institutional class, ratings are calculated using the investor class.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics.

As of 4/30/2016 Morningstar Ratings™: The Heartland Value Plus Fund investor class was rated against 219, 332, and 383 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 1, and 1 stars, respectively.
As of 4/30/2016 Morningstar Ratings™: The Heartland Value Plus Fund institutional class was rated against 219, 332, and 383 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 4, 1, and 1 stars, respectively.

Heartland Advisors defines market cap ranges by the following indices: micro-cap by the Russell MicroCap®, small-cap by the Russell 2000®, mid-cap by the Russell MidCap®, large-cap by the Russell Top 200®.

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.

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 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.

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