Navigating Risky Terrain

WTR? (Where's the Risk)


At Heartland, our 10 Principles of Value Investing™ remains the bedrock of how we go about constructing portfolios—identifying attractive ideas, whether it’s a micro cap or mega cap, or a Consumer Staple or an Energy company.

But, I think starting with a good company, a good balance sheet, a good strategy is a great first step in terms of mitigating risk. I think the financial crisis and the subsequent volatility that we’ve seen since then has exposed how intertwined a lot of businesses are.

So, we want to continue to look for those great companies, but bad things happen to great companies. Unforeseen things pop up ...

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Knowing When the Price is Right


Beyond thinking about the broader risk management umbrella—whether it’s the guardrails from a sector perspective, or looking at factor analysis, or stress testing—we’ve dug deeper from a security selection standpoint. I think we've always done this, but we’ve institutionalized it.

We’ve always put in place price targets. What’s a business worth, perhaps to a strategic or financial buyer? Or, if they achieve this level of earnings, what kind of multiple should they enjoy based on some historical context or broader analysis that we’ve put in place?

But what we've done more thoroughly here is look at the downside as well ...

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Heartland Advisors Value Investing Portfolio Manager Will Nasgovitz

Will Nasgovitz

Nasgovitz is CEO and Portfolio Manager of the Select Value, Mid Cap Value, and Value Funds and their corresponding separately managed account strategies. He also is CEO of Heartland Funds. He has 19 years of industry experience, 15 at Heartland.

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