Heartland Advisors

Bill Nasgovitz

Value investing has been a lifelong passion for Bill Nasgovitz, Chairman and Portfolio Manager of the Heartland Value Fund and its corresponding Small Cap Value Strategy

Disciplined investing has been central to Heartland Advisor’s investment philosophy since he founded the Firm in 1983. Nasgovitz developed Heartland’s proprietary 10 Principles of Value Investing™, which is the foundation for evaluating every security in all portfolios.

Under his leadership, Heartland's Value Fund has been noted by Forbes as having “done well...in both bear and bull markets over two market cycles.”* InvestmentNews recognized the Fund as being one of the 10 best performing funds for the 30 years following the 1987 crash.** Long-term performance also earned the Fund a spot on the 2014 Mutual Fund Honor Roll, an acknowledgement of its attractive returns during stellar years and keeping losses in check during down periods.

Nasgovitz is a seasoned small-cap value investor with 55 years of experience, and he has been recognized by Morningstar as “a veteran micro-cap stock-picker.”*** He also has been featured in The New York Times, The Wall Street Journal, Barron’s, and Money.

He graduated from the University of Wisconsin-Madison with a bachelor’s in business in 1966.

Nasgovitz has been married for 54 years to the love of his life, Marian, with 5 grown children and 7 grandchildren. He's an avid gardener, which he admits he's better at than golf. 

Investment Experience

  • Heartland Advisors, 1983-present
  • The Milwaukee Company and affiliates, 1978-1982
  • Dean Witter Reynolds, 1968-1978


  • B.A. in Business, University of Wisconsin–Madison, 1966

Community Service

  • YPO, Gold Member for Wisconsin Chapter
  • Secure Futures, Advisory Council Member

Military Service

  • Highest rank attained: Captain, U.S. Air Force, 1968-1972

Portfolio Manager


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©2024 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

*William Baldwin, “Smart Guys Own 24 Stocks,” Forbes, 5/26/2014
**John Waggoner, “Best Performing funds since ‘87 crash,” InvestmentNews, 10/19/2017

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 heartlandadvisors.com. Please read the prospectus carefully before investing.

The Value Fund primarily invests in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies.

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

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

The above individuals are registered representatives of ALPS Distributors, Inc.

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.