Heartland Advisors


4Q23 Quarterly Commentary

Opportunistic Value

Even as market breadth is finally broadening out, we beleive it is important for investors to focus on their margin of safety.


Mid-Cap Value

With conventional wisdom convinced of a Goldilocks scenario, investors would be wise to get back to investing basics.

Fund Strategy

Small-Cap Value

While it's impossible to ignore today's speculative environment, it's imperative to stay true to one's principles and process.

Fund Strategy

Small- and Micro-Cap Value

Even after small value stepped out of the shadows of giant tech stocks in the quarter, they seem historically cheap relative to large caps.

Fund Strategy

Portfolio Perspective

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Market Insight

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Investment Approach

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11/23 - 1:50
Heartland Advisors Value Investing Vice President and Portfolio Manager Colin McWey

Dividend Yield

A look at how dividend payers play a role in our investment process.

10/23 - 1:32
Heartland Advisors Value Investing CEO and Portfolio Manager Will Nasgovitz

Insider Ownership

A glance at insider buying and how it opens investment opportunities for clients and shareholders.


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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 Funds' prospectus. To obtain a prospectus, please call 800-432-7856 or visit heartlandadvisors.com. 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 Mid Cap Value and Value Plus Funds invest in a smaller number of stocks (generally 40 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. 

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.

The above individuals are registered representatives of ALPS Distributors, Inc.

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.