Fund Commentary

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12/31/17
Heartland Select Value Fund Portfolio Manager Commentary

Heartland Select Value Fund 4Q17 Portfolio Manager Commentary

Strong employment and economic data, and new tax legislation led the major indices to new highs during the period.

12/31/17
Heartland Mid Cap Value Fund Portfolio Manager Commentary

Heartland Mid Cap Value Fund 4Q17 Portfolio Manager Commentary

An improving energy market, progress on pro-growth tax legislation, and forecasts for a jump in business investment convinced many that the recent surge for equities had staying power.

12/31/17
Heartland Value Plus Fund Portfolio Manager Commentary

Heartland Value Plus Fund 4Q17 Portfolio Manager Commentary

The investing-by-consensus approach that has dominated the past several years began to fray.

12/31/17
Heartland Value Fund Portfolio Manager Commentary

Heartland Value Fund 4Q17 Portfolio Manager Commentary

For the past several years, many investors have come to believe the old rules of investing no longer apply. As disciplined value investors, we see it differently.

12/31/17
Heartland International Value Fund Portfolio Manager Commentary

Heartland International Value Fund 4Q17 Portfolio Manager Commentary

Investors looked past geopolitical flare ups during the period, and instead focused on positive economic data.

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9/30/17

Heartland Select Value Fund 3Q17 Portfolio Manager Commentary

Faced with a murky economic outlook, investors gravitated toward growth-oriented names, defensive areas, and larger businesses.

9/30/17

Heartland Mid Cap Value Fund 3Q17 Portfolio Manager Commentary

Investors focused on headlines instead of valuations and stuck with the familiar—and momentum, growth, and perceived safe havens continued to propel the major indices to new heights.

9/30/17

Heartland Value Plus Fund 3Q17 Portfolio Manager Commentary

Positive economic data and improving Energy sector fundamentals were overshadowed by geopolitical tensions and the headlines of the day.

9/30/17

Heartland Value Fund 3Q17 Portfolio Manager Commentary

Investors reacted to new challenges by sticking with their love affair of momentum and big cap growth stocks.

9/30/17

Heartland International Value Fund 3Q17 Portfolio Manager Commentary

Economic optimism and easy money from central banks around the globe boosted international equities.

6/30/17

Heartland Select Value Fund 2Q17 Portfolio Manager Commentary

An uncertain economic outlook prompted investors to flock to growth-oriented names, defensive areas, and larger businesses.

6/30/17

Heartland Mid Cap Value Fund 2Q17 Portfolio Manager Commentary

Investors stayed with familiar themes, as momentum, growth, and perceived safe havens continued to lead the market higher.

6/30/17

Heartland Value Plus Fund 2Q17 Portfolio Manager Commentary

Bond proxies, perceived safe havens, and companies with potential top-line growth drove the markets to new highs during the quarter.

6/30/17

Heartland Value Fund 2Q17 Portfolio Manager Commentary

Investors spent the quarter balancing a mixed economic outlook against fears of being left behind from the ongoing equity market surge.

6/30/17

Heartland International Value Fund 2Q17 Portfolio Manager Commentary

Continued signs of improvement in many developed economies provided a broad boost for international equities.

3/31/17

Heartland Select Value Fund 1Q17 Portfolio Manager Commentary

Security selection was positive in several sectors, but weakness in the portfolio’s Health Care and Energy names caused the Fund to lag.

3/31/17

Heartland Mid Cap Value Fund 1Q17 Portfolio Manager Commentary

Growth-oriented businesses and less-volatile names were in favor as investors hedged some of their bullishness about the economy.

3/31/17

Heartland Value Plus Fund 1Q17 Portfolio Manager Commentary

Large companies and less volatile names were in favor as investors tempered their enthusiasm.

3/31/17

Heartland Value Fund 1Q17 Portfolio Manager Commentary

The current indexation mania is setting up distortions and mispricing of many businesses, which the portfolio's managers intend to capitalize on.

3/31/17

Heartland International Value Fund 1Q17 Portfolio Manager Commentary

A temporary pause in the impact of macro influences abroad, improving economic numbers in Europe and China, and attractive valuations provided broad strength for international equities.

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©2018 Heartland Advisors | 789 N. Water Street, Suite 500, Milwaukee, WI 53202 | Business Office: 414-347-7777 | Financial Professionals: 888-505-5180 | Individual Investors: 800-432-7856

View detailed Fund performance as of the most recent quarter and month end

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. The International Value Fund invests in foreign securities which have additional risks, including but not limited to, exchange rate changes, political and economic upheaval, and relatively low market liquidity. These risks are magnified in emerging markets. 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.

Sector and industry classifications as determined by Heartland Advisors may reference data from sources such as FactSet Research Systems Inc. or the Global Industry Classification Codes (GICS) developed by Standard & Poor’s and Morgan Stanley Capital International.

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.

Heartland’s investing glossary provides definitions for several terms used on this page.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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