Heartland Advisors

The Value of Active Management

Heartland Advisors Value Investing Portfolio Manager Bradford EvansWe are providing a link to MarketWatch's recent article, "This fund's active management has worked well through a rough stock-market cycle," because it features the strengths of Heartland's Value Plus Fund and includes comments from Portfolio Manager Bradford A. Evans.

Neither Heartland Advisors, nor ALPS Distributors, Inc., control the website hosting this article, its content, or its privacy practices. 

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©2023 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

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

Past performance does not guarantee future results.

As of 4/30/2023, Heartland Advisors Inc.on behalf of its clients held approximately 2.10% and 4.82% of the total shares outstanding of Dril-Quip, Inc. (DRQ) and Park Aerospace Corp. (PKE), respectively. Apple Computer Inc. (AAPL) and Standard & Poor Dep Rec Tru Unit Ser 1 B (SPY) were unowned by Heartland Advisors, Inc.

Information about Morningstar Ratings™ are ©2023 Morningstar, Inc. All rights reserved. The information contained herein is (1) proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed, and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 8/31/2023 Morningstar Ratings™: The Heartland Value Plus Fund institutional class was rated against 326, 420, and 446 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 4, and 2 stars, respectively.
As of 8/31/2023 Morningstar Ratings™: The Heartland Value Plus Fund investor class was rated against 326, 420, and 446 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 4, and 2 stars, respectively.

CFA® is a registered trademark owned by the CFA Institute.

ALPS Distributors, Inc., is not affiliated with Heartland Advisors.

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