Heartland Advisors

Heartland Small Cap Value

Overview

Investment Focus

Pursues long-term capital appreciation by investing in micro- and small-cap companies

Distinguishing Characteristics

The Heartland Small Cap Value Strategy seeks long-term capital appreciation by investing in undervalued micro and small cap stocks. The Strategy utilizes Heartland’s 10 Principles of Value Investing™ for stock analysis along with a collection of rules and tools designed to construct the overall portfolio such that stock selection is the primary driver of relative performance. This approach helps navigate the asset class and may increase the likelihood of potential outperformance relative to the Russell 2000® Value Index.

Investment Process

The 10 Principles of Value Investing™

Learn more about our process

Investment Minimum & Standard Fee Schedule

Minimum: $1 million

Account Size Annual Rate (%)
First $5 million 1.00
Next $10 million 0.85
Above $15 million Negotiable

Performance*

Average Annual Total Returns
  • Quarter-End
  • Annual
6/30/2025

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Since Inception (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD (%)QTD (%)
Small Cap Value Composite (Net of Advisory Fees)**11.067.1816.7415.4232.6711.1014.71
Small Cap Value Composite (Net of Bundled Fees)9.626.8316.4015.1032.2810.9314.63
Russell 2000® Value9.716.7212.477.455.54-3.164.97

 

2024 (%)

2023 (%)

2022 (%)

2021 (%)

2020 (%)

2019 (%)

2018 (%)

2017 (%)

2016 (%)

2015 (%)

2014 (%)

2013 (%)

2012 (%)

2011 (%)

2010 (%)

2009 (%)

2008 (%)

2007 (%)

2006 (%)

2005 (%)

Small Cap Value Composite (Net of Advisory Fees)**

23.29 10.31 -11.13 18.85 20.09 24.46 -14.74 -2.20 11.51

-13.41

-2.96

19.72

6.51

-4.32

23.54

73.03

-44.18

-10.54

20.09

1.99

Small Cap Value Composite (Net of Bundled Fees)

22.93 9.99 -11.40 18.50 19.74 24.10 -15.01 -2.49 11.19 -14.27

-3.92

18.54

5.45

-5.27

22.37

71.35

-44.75

-11.78

17.77

-0.01

Russell 2000® Value

8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47

4.22

34.52

18.05

-5.50

24.50

20.58

-28.92

-9.78

23.48

4.71

 

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

YTD and QTD returns are not annualized. The Strategy's inception date is 10/1/1988.

**Shown as supplemental information.

Portfolio Composition

Characteristics
6/30/2025

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Weighted Average Market Cap ($)Median Market Cap ($)Trailing 1-Year Turnover (%)
Small Cap Value Composite2.1 billion1.1 billion108.9
Russell 2000® Value2.7 billion699 million-

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

Sector Allocation

6/30/2025

Heartland Advisors Small Cap Value Strategy Sector Charts 2

Source: FactSet Research Systems Inc., and Russell Investment Group
Composite statistics shown as percentage of equity investmentsty investments

Top 10 Holdings in a Representative Account
6/30/2025

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TickerHolding% of AccountIndustry
SIMOSilicon Motion Technology Corp. (ADR)4.8Semiconductors & Semiconductor Equipment
ARAYAccuray, Inc.4.6Health Care Equipment & Supplies
CCSCentury Communities, Inc.4.0Household Durables
ECPGEncore Capital Group, Inc.3.8Consumer Finance
XRAYDENTSPLY SIRONA, Inc.3.8Health Care Equipment & Supplies
PLABPhotronics, Inc.3.7Semiconductors & Semiconductor Equipment
CGAUCenterra Gold, Inc3.6Metals & Mining
CMCOColumbus McKinnon Corporation3.5Machinery
EGOEldorado Gold Corp.3.5Metals & Mining
CVGWCalavo Growers, Inc.3.3Food Products
% of Total Net Assets38.6

5-Year Risk Analysis

6/30/2025

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Small Cap Value Composite (Net of Advisory Fees)6.1219.450.810.480.7191.9978.1283.7498.17
Russell 2000® Value0.0021.951.000.000.44100.00100.00100.000.00

*Annualized
Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 2000® Value Index.

Certain performance, portfolio composition, and/or risk analysis data may be preliminary.

Portfolio Management Team

 

99 years of industry experience
74 years of experience at Heartland

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Heartland Advisors Value Investing Portfolio Manager Will Nasgovitz

Will Nasgovitz

CEO and Portfolio Manager

Heartland Advisors Value Investing Portfolio Manager Bill Nasgovitz

Bill Nasgovitz

Chairman and Portfolio Manager

Heartland Advisors Value Investing Research Analyst Michael Warecki

Michael Warecki

Associate Portfolio Manager

Heartland Advisors Value Investing Associate Portfolio Manager Jacob Westphal

Jacob Westphal

Associate Portfolio Manager

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©2025 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

Past performance does not guarantee future results. Performance represents past performance, and current returns may differ.

Heartland Advisors, Inc. (the "Firm") claims compliance with the Global Investment Performance Standards (GIPS®). The Firm is a wholly owned subsidiary of Heartland Holdings, Inc., and is registered with the Securities and Exchange Commission. For a complete list and description of Heartland Advisors composites and/or a presentation that adheres to the GIPS® standards, contact the Institutional Sales Team at Heartland Advisors, Inc. at the address listed below.

The U.S. dollar is the currency used to express performance.

The inception date for the Small Cap Value Strategy is 10/1/1988.

The Small Cap Value Strategy 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.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.

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.

Representative account chosen based on composite membership, not on performance-based criteria. Other accounts within the strategy may have different holdings.

Representative account holdings are preliminary, may not be reconciled, and may be updated when reconciled.

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

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.

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

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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