1Q22 Quarterly Commentary

Opportunistic Value

Investors focused on economic challenges that just a few months prior they were willing to overlook.


Mid-Cap Value

The broad pullback in equities to start the year has created short-term pain but has helped rein in historically high valuations. 

Fund Strategy

Small-Cap Value

Investors turned cautious as the Federal Reserve began to raise interest rates in an attempt to tamp down inflation.

Fund Strategy

Small- and Micro-Cap Value

After a shift in the markets began to take place last year, investors have continued to pay attention to attractively valued, profitable, well managed businesses.

Fund Strategy

Portfolio Perspective

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Market Insight

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Water & Wells

The Case for Quality Stocks Now

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

Water & Wells

Is Common Sense Returning to the Markets?

As the Federal Reserve is ending the era of “easy money,” rational thinking may be making a comeback.

Water & Wells

The Wrong Path for a Hike?

As investors gear up for rate hikes the past may offer some lessons for what’s to come.

Investment Approach

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11/21 - 2:03

Importance of Financial Soundness

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

5/21 - 2:07

Quality at Heartland

Meaning What We Say and Saying What We Mean


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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 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 30 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.