Andrew J. Fleming

Andrew J. Fleming, CFA, is Vice President and Portfolio Manager for the Value Plus Fund and its corresponding Small Cap Value Plus Strategy.

He began at Heartland as a research intern during the summer of 2011 while he was an MBA student in the Applied Security Analysis Program (ASAP) at the University of Wisconsin−Madison. He joined the Investment Team on a full-time basis as a Research Analyst in June 2012 and was promoted to Portfolio Manager in 2015.

Before ASAP, Fleming was an Associate at McKinley Reserve, a Wisconsin−based family office. He supported the private investment activities of the firm and helped raise capital for its portfolio companies.

In addition to his MBA, Fleming earned a law degree from Marquette University in 2007 and a bachelor’s in finance from Georgetown University in 2004, where he was a wide receiver on the football team.

Investment Experience

  • Heartland Advisors, 2012-present
  • McKinley Reserve, 2006-2010

Honors and Recognition*

  • Named a "Rising Star" by the Fund Intelligence Mutual Fund Industry Awards
  • Recognized as a "Category King" manager by The Wall Street Journal
  • Designated as a "Top Guns" manager by Informa Investment Solutions' PSN Manager Database


  • M.B.A. in Applied Securities Analysis, University of Wisconsin–Madison, 2012
  • J.D., Marquette University Law School, 2007
  • B.S. in Finance, Georgetown University, 2004

Certification and Licensing

  • CFA Charterholder
  • Licensed Member of the Wisconsin State Bar

Community Service

  • Betty Brinn Children's Museum, Board Member
  • Georgetown Alumni Admissions Program Committee, Member

Heartland Advisors Value Investing Portfolio Manger Andy Fleming

Portfolio Manager

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News & Investing Perspectives


The Case for Quality Stocks Now

Historically, stocks exhibiting "quality" factors such as low leverage are likely to outperform in a rising-rate environment.

11/21 - 2:03

Importance of Financial Soundness

Why a detailed analysis of balance sheet strength can be key to identifying attractive opportunities.


Value Plus Strategy Repeats With Top Guns Recognition

Heartland’s Small Cap Value Plus Strategy garners more accolades from PSN for its long-term performance.


Value Plus Strategy Earns Repeat Top Guns Recognition

Heartland’s Small Cap Value Plus Strategy earns repeat honors from PSN for its long-term performance.


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©2022 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

*Honors and recognition during the following years, respectively: 2020; 2018; and 2018, 2019, 2020, and 2021

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 Funds' prospectus. To obtain a prospectus, please call 800-432-7856 or visit Please read the prospectus carefully before investing.

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

The above individual is a registered representative 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.