With no clear narrative in place for what the economy holds in the near term, investors sought to hedge their bets.
Fund Strategy
An uncertain outlook led to a volatile quarter for equities, yet the major indices ended the period up modestly.
The ongoing rush to perceived defensive and momentum names has created a crowded trade in those areas and drove significant swings in performance for the indices throughout the period.
This is only the third time in the past 35 years that the gap in valuations between large and small stocks has reached this level.
Fund Commentary Archive
Fund Performance
Strategy Commentary Archive
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
Why small caps may be the answer to the large-cap bubble.
Investors may be missing some key warning signs in their pursuit of low volatility.
Will the economy sputter or thrive? Yes.
Are share buybacks as bad as Washington D.C says? Maybe not.
More Market Insights
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.
Cash flow helps us evaluate opportunities on an apples to apples basis regardless of industry or debt.
A look at the fundamental approach that guides every investment we make.
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.
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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.