Heartland Advisors


1Q23 Quarterly Commentary

Opportunistic Value

With the emerging banking crisis, conventional wisdom says to play defense. But, in our opinion, this is time for a balanced approach.


Mid-Cap Value

The market’s newfound respect for risk, after recent bank failures, is creating opportunities for fundamental investors.

Fund Strategy

Small-Cap Value

In this environment, balance sheet strength should be paramount for small-cap investors. 

Fund Strategy

Small- and Micro-Cap Value

Balance sheets and business strategies finally seem to matter again following recent bank failures, giving active and fundamentally driven investors a decided advantage. aluations and quality traits finally seem to be rewarded by this market.

Fund Strategy

Portfolio Perspective

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Water & Wells
Heartland Advisors Value Investing Portfolio Manager Colin McWey

Re-discovering the Market’s Sweet Spot

After riding the S&P 500 bandwagon for years, investors are less exposed to mid-cap value stocks than they’ve historically been and seem to be missing out on the market’s sweet spot.

Market Insight

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Water & Wells
Heartland Advisors Value Investing Vice President and Partner, Michael Kops

Are Investors Poised to Repeat the Mistake of 2000?

By confusing value investing with buying growth stocks on the dip, Impatient Investors may be giving up too soon on the market's real bargains.

Water & Wells
Heartland Advisors Value Investing Chairman and Portfolio Manager Bill Nasgovitz

Yes, Value Outperformed Growth. But By How Much?

To enjoy value investing’s advantages over growth requires significant discipline. But even we were surprised by the results over the long run.

Water & Wells
Heartland Advisors Value Investing Vice President of Sales Michael Kops

What the Mood of Consumers Says About Small Value Stocks

Consumers haven’t been this pessimistic in more than 40 years, but history says this might actually be a tailwind for small value stocks.

Investment Approach

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5/23 - 2:07
Heartland Advisors Value Investing Vice President of Sales Michael Kops

Quality at Heartland

Meaning What We Say and Saying What We Mean

5/23 - 1:40
Heartland Advisors Value Investing Vice President Michael Kops

Our 10 Principles of Value Investing

A look at our disciplined process developed through experience.


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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.

In addition to stocks of large companies, the Funds invest in small- and mid-sized companies that are generally less liquid and more volatile than large companies. The Mid Cap Value and Value Plus Funds invest in a smaller number of stocks (generally 40 to 60 and 40 to 70, respectively) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Funds’ returns. 

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

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.

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.

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 above individuals are registered representatives 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.