Fund Commentary Archive

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03/31/20

Heartland Select Value Fund 1Q20 Portfolio Manager Commentary

We’ve been patient during the market sell off and let our process guide our buy and sell decisions.

03/31/20

Heartland Mid Cap Value Fund 1Q20 Portfolio Manager Commentary

Coronavirus drove selling pressure, but other factors added to the decline.

03/31/20

Heartland Value Plus Fund 1Q20 Portfolio Manager Commentary

Stimulus out of Washington D.C. may not be enough to sustain poorly run companies with excessive debt.

03/31/20

Heartland Value Fund 1Q20 Portfolio Manager Commentary

A long-term perspective can serve as a basis for a brighter, more rational tomorrow.

12/31/19

Heartland Select Value Fund 4Q19 Portfolio Manager Commentary

The mood on Wall Street was bullish, but optimism was guarded.

12/31/19

Heartland Mid Cap Value Fund 4Q19 Portfolio Manager Commentary

A generally positive outlook spurred the major indices to end the year near record highs.

12/31/19

Heartland Value Plus Fund 4Q19 Portfolio Manager Commentary

An upbeat tone on Wall Street was a boon for lower quality businesses.

12/31/19

Heartland Value Fund 4Q19 Portfolio Manager Commentary

Market activity of the past several months has us optimistic that a return to common sense may be taking root.

9/30/19

Heartland Select Value Fund 3Q19 Portfolio Manager Commentary

With no clear narrative in place for what the economy holds in the near term, investors sought to hedge their bets.

9/30/19

Heartland Mid Cap Value Fund 3Q19 Portfolio Manager Commentary

An uncertain outlook led to a volatile quarter for equities, yet the major indices ended the period up modestly.

9/30/19

Heartland Value Plus Fund 3Q19 Portfolio Manager Commentary

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.

9/30/19

Heartland Value Fund 3Q19 Portfolio Manager Commentary

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.

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©2020 Heartland Advisors | 790 N. Water Street, Suite 1200, 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. 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 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.

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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