Investment Team

  • Organizational Structure
  • Investment Professionals
  • Trading Professionals
  • Investing Perspectives

Heartland Advisors Value Investing Team IconThe Investment Team includes portfolio managers, research analysts, and traders. The Team applies Heartland’s value investing philosophy and disciplined investment process, the 10 Principles of Value Investing™, to manage the four domestic and one international Heartland Funds and four separately managed account strategies.

The team collectively has almost 225 years of industry experience, with 160 of those years obtained at Heartland, as of September 30, 2019.

Portfolio managers and research analysts work side-by-side to apply a bottom-up approach that combines traditional fundamental analysis and meetings with management, competitors, and end clients of the businesses we consider for investment. Collaboration allows the Investment Team to cross-cover sectors and companies, generate a significant amount of internal research, and challenge investment ideas from multiple perspectives.

We believe the Investment Team’s interests are aligned with our clients because the Team, along with other Heartland team members, collectively owned about $26 million in the Heartland Funds as of September 30, 2019.

Organizational Structure


Heartland Advisors Value Investing Portfolio Management Team Org Chart

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Investment Professionals

Heartland Advisors Value Investing Portfolio Manager Bradford A. Evans

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 23 years of industry experience, 20 at Heartland.

Heartland Advisors Value Investing Research Analyst Andrew Fleming

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 10 years of industry experience, 7 at Heartland.

Heartland Advisors Value Investing Research Analyst Troy McGlone

Troy McGlone

McGlone, CFA, is Vice President and Portfolio Manager of the Opportunistic Value Equity Strategy. He has 11 years of industry experience, 5 at Heartland.

Heartland Advisors Value Investing Portfolio Manager Colin McWey

Colin McWey

McWey, CFA, is Vice President and Portfolio Manager of the Select Value and Mid Cap Value Funds and their corresponding separately managed account strategies. He has 17 years of industry experience, 10 at Heartland.

Heartland Advisors Value Investing Research Analyst Eric Miller

Eric Miller

Miller is Vice President and Portfolio Manager of the Heartland Value Fund and its corresponding separately managed account strategy. He has 25 years of industry experience, 16 at Heartland.

Heartland Advisors Value Investing Portfolio Manager Bill Nasgovitz

Bill Nasgovitz

Nasgovitz is Chairman and Portfolio Manager of the Value Fund and its corresponding separately managed account strategy. He also is President and Director of Heartland Funds. He has 51 years of industry experience, 36 at Heartland.

Heartland Advisors Value Investing Portfolio Manager Will Nasgovitz

Will Nasgovitz

Nasgovitz is CEO and Portfolio Manager of the Select Value, Mid Cap Value, and Value Funds and their corresponding separately managed account strategies. He also is CEO of Heartland Funds. He has 19 years of industry experience, 15 at Heartland.

Heartland Advisors Value Investing Research Analyst Nathaniel Penn

Nathaniel Penn

Penn* is a Research Analyst. He has 3 years of industry experience, all at Heartland.

Heartland Advisors Value Investing Research Analyst Michael Warecki

Michael Warecki

Warecki* is a Research Analyst. He has 2 years of industry experience and started at Heartland in 2019.

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Trading Professionals

Heartland Advisors Value Investing Equity Trading Team Kevin Clark

Kevin D. Clark

Clark is Senior Vice President of Equity Trading. He has 34 years of industry experience, 26 at Heartland.

Heartland Advisors Value Investing Equity Trading Team Matthew Miner

Matthew Miner

Miner, CFA, is Vice President, Chief Risk Officer, and Director of Trading. He has 27 years of industry experience, 22 at Heartland.

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Investing Perspectives

Water & Wells
9/12/19
Heartland Advisors Value Investing Portfolio Manager Bill Nasgovitz

The Small Long

Why small caps may be the answer to the large-cap bubble.

Water & Wells
7/23/19
Heartland Advisors Value Investing Portfolio Manager Colin McWey

A Tale of Two Tapes

Will the economy sputter or thrive? Yes.

Heartland in the News
6/27/19
Heartland Advisors Value Investing Portfolio Manager Colin McWey

Worth More than the Price of Admission?

Colin McWey, CFA, offers his take on a low-priced stock that is leveraging its regional dominance as it strives to compete on a global stage.

Press Release
6/13/19
Heartland Advisors Mid Cap Value and Opportunistic Value Strategies Portfolio Management Team

Mid Cap, Opportunistic, Earn Repeat Recognition as “Top Guns”

Two Heartland Strategies continue to earn accolades relative to peers.

PM Perspective
5/19
Heartland Advisors Value Investing Portfolio Manager Colin McWey

Why Catalysts and Context Matter

The difference between an unloved laggard and an attractive investment opportunity often begins with perception. Here is a look at internal catalysts and their importance in changing investors’ views and company results.

PM Perspective
5/19
Heartland Advisors value investing portfolio manager Colin McWey

Cash Flow: An Equalizing Force in Analysis

Cash flow helps us evaluate opportunities on an apples to apples basis regardless of industry or debt.

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©2019 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

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

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.

Organizational chart reflects intended team structure, and all positions may not currently be filled.

Sector and Industry classifications are sourced from GICS®.The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global Market Intelligence (“S&P”).  Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose.  The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

The statements and opinions expressed in the articles or appearances are those of the presenter. Any discussion of investments and investment strategies represents the presenters' views as of the date created and are subject to change without notice. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations for any individual. Any forecasts may not prove to be true.

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

There is no guarantee that a particular investment strategy will be successful.

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

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.

Unless noted with an asterisk (*), the above individuals are registered representatives of ALPS Distributors, Inc.

CFA® is a registered trademark owned by the CFA Institute.

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