Security selection was strong and the portfolio beat its benchmark, the Russell 3000® Value Index, for both the quarter and full year.
Fund Strategy
A focus on potential economic pitfalls resulted in a jump in volatility, a move toward more defensive areas of the market, and a heightened focus on valuations.
We remain confident that while the pace of earnings growth may slow in 2019, underlying economic fundamentals remain relatively solid.
Economic uncertainty could cause investors to seek more reasonably valued businesses over high-flying glamor names.
Fund Commentary Archive
Fund Performance
Strategy Commentary Archive
Why we see opportunities in the usually sleepy Utilities sector.
The Portfolio Management Team provides an overview.
Micro-caps can be an overlooked source of opportunities in a small-cap strategy. Portfolio Manager Bill Nasgovitz explores the advantages and our approach to the group.
More Portfolio Perspectives
It’s not just the stock market that’s seen a spike in volatility.
A look at how inflecting profit margins may ratchet up risk for borrowers.
Why yields on the 10-year Treasury may be welcome news to value investors.
How low interest rates have led to a surge of money losing companies, and what that may mean as interest rates move higher.
More Market Insights
Bad things happen to great companies. Here’s how we seek to mitigate unforeseen risks while focusing on company strengths.
Cash flow helps us evaluate opportunities on an apples to apples basis regardless of industry or debt.
The difference between an unloved laggard and an attractive investment opportunity often begins with perception. Here is a look at internal catalysts and their importance in changing investors’ views and company results.
More Investment Approaches
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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 prospectus (pdf). To obtain a print prospectus, call 800-432-7856. 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 Select Value, Mid Cap Fund, and Value Plus Funds invest in a smaller number of stocks (generally 40 to 60, 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. There can be no assurance that the Mid Cap Value Fund will grow to or maintain an economically viable size, in which case the Board of Directors may determine to liquidate the Fund.
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.