Heartland International Value Fund

  • Overview
  • Portfolio Manager
  • Performance
  • Commentary
  • Distributions

HINVX, HNNVX

Please note: The International Value Fund is no longer available for purchase due to a proposed liquidation of the Fund. See the Prospectus Supplement (pdf) for additional information.
 

Overview

Investment Focus

Seeks long-term capital appreciation by investing in small- and mid-cap international companies, with an emphasis on dividends

Distinguishing Characteristics

  • Invests in dividend paying stocks with a market capitalization of less than $5 billion with no more than 35% of assets held in any one country
  • Designed for investors who seek a portfolio of small- to medium-sized international companies
  • Benchmarked to the Russell Global® ex-US Small Cap Index
  • Typically aims to hold 40-60 stocks
  • Inception date: 2010

Investment Process

All stocks are evaluated based on our proprietary, consistent, and time-tested 10 Principles of Value Investing™. These criteria are central to Heartland’s value investing philosophy and provide a framework for evaluating securities.

The Investment Team applies a bottom-up research approach, combining traditional fundamental analysis and meetings with more than 1,000 company management teams in a typical year. The 10 Principles™ are designed to help the Team assess a company's valuation, but also focus on metrics associated with financial soundness, management team strength, and future outlook.

Learn more about our process

  • Basics
  • Minimums
  • Fees
  • Expenses

6/30/2018

Benchmark: Russell Global® ex-US Small Cap Index

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Investor Class Institutional Class
Ticker HINVXHNNVX
CUSIP 422352823422352823
Inception Date 10/01/201010/01/2010
Assets $7 million$19 million

Investor
Class ($)
Institutional
Class ($)
Initial Investment1,000500,000
IRA Initial Investment500500,000
Subsequent Investments100100

Shareholder Fees

Paid directly from total investment

  Investor Class (%) Institutional Class (%)
Load 0 0
Sales Charge 0 0
Exchange Fee 0 0
Redemption Fee* 2 2


*If shares are redeemed or exchanged within 90 days of purchase

Annual Fund Operating Expenses

Paid annually as a percentage of total investment value*

  Investor
Class (%)
Institutional
Class (%)
Management Fee 0.85 0.85   
12b-1 Distribution Fee 0.25 0.00   
Other Expenses 0.74 0.60   
Total Annual Fund Operating Expenses 1.84 1.45   
Fee Waiver and/or Expense Reimbursement -0.59 -0.46   
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement** 1.25 0.99   


*As stated in the prospectus (pdf) dated 5/1/2018
**Pursuant to an operating expense limitation agreement between the Fund’s investment advisor, Heartland Advisors, and Heartland Group, Inc., on behalf of the International Value Fund, Heartland Advisors has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses or extraordinary expenses) do not exceed 1.25% of the Fund’s average daily net assets for the Investor Class Shares and 0.99% for the Institutional Class Shares through at least May 1, 2019, and subject to annual re-approval of the agreement by the Funds' Board of Directors, thereafter. The operating expense limitation agreement may be terminated only by, or with the consent of, the Funds’ Board of Directors.

Portfolio Manager

Heartland International Value Fund Portfolio Management Team

34 years of industry experience
5 years of experience at Heartland

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Robert C. Sharpe

Sharpe is Vice President and Portfolio Manager of the International Value Fund. He has 34 years of industry experience, 5 at Heartland.

Performance

Average Annual Total Returns
  • Month-End
  • Quarter-End
  • Annual
8/31/2018

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
International Value
Investor Class
1.73---1.202.99-7.36-11.34-1.55
International Value
Institutional Class
1.78---1.293.13-7.16-11.16-1.55
Russell Global® ex-US Small Cap6.12---7.4010.344.10-4.20-0.43
*Not annualized
6/30/2018

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
International Value
Investor Class
1.97---2.21-0.38-3.87-9.94-6.01
International Value
Institutional Class
2.02---2.29-0.24-3.57-9.77-5.92
Russell Global® ex-US Small Cap6.31---8.037.159.17-3.78-3.45
*Not annualized
  2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%) 2012 (%) 2011 (%)
International Value Investor Class 19.04 9.54 -12.09 -3.76 12.05 26.97 -22.37
International Value Institutional Class  19.29 9.54 -12.19 -3.76 12.05 26.97 -22.37
Russell Global® ex-US Small Cap 30.49 5.04 0.50 -3.63 17.21 18.84 -18.68

 

Based on risk-adjusted performance

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance information for institutional class shares of Funds that existed prior to their initial public offering is based on the performance of investor class shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.

In the prospectus (pdf) dated 5/1/2018, the Net Fund Operating Expenses for the investor and institutional classes of the International Value Fund are 1.25% and 0.99%, respectively. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Net Fund Operating Expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for the investor class shares and 0.99% for the institutional class shares, through at least 5/1/2019, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the Gross Fund Operating Expenses would be 1.84% for the investor class shares and 1.45% for the institutional class shares.

The inception date for the International Value Fund is 10/1/2010 and 5/1/2017 for the institutional class.

Performance data quoted for periods prior to 10/1/2013 for the International Value Fund is that of the predecessor Fund (the Heartland International Value Fund a series of Trust for Professional Managers).

Commentary

Please note: The International Value Fund is no longer available for purchase due to a proposed liquidation of the Fund. See the Prospectus Supplement (pdf) for additional information.

Distributions

  • Investor Class
  • Institutional Class
Record
Date
Payable
Date
                 Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/27/2017 12/28/2017   0.09617 - -
12/28/2016 12/29/2016   0.13541 - -
12/28/2015 12/29/2015   0.05090 - 0.08892
12/29/2014 12/23/2014   0.65792 - 0.11684
12/26/2013 12/27/2013   0.48676 - -
12/26/2012 12/27/2012   0.17798 - -
12/26/2011 12/28/2011   0.03972 - -

 

Record
Date
Payable
Date
                 Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/27/2017 12/28/2017   0.12896 - -

 

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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

The International Value Fund invests primarily in small foreign companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies. Foreign securities have additional risk, including but not limited to exchange rate changes, political and economic upheaval, and relatively low market liquidity. These risks are magnified in emerging markets.

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

Portfolio holdings are subject to change without notice. Current and future portfolio holdings are subject to risk.

Portfolio holdings exclude cash, cash equivalents, options, and futures.

Certain security valuations and forward estimates are based on Heartland Advisors' calculations. Certain outliers may be excluded. Any forecasts may not prove to be true.

Foreign country classifications are generally determined by referencing country of risk sourced from FactSet Research Systems Inc. and Heartland Advisors, Inc.

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

Sector and industry classifications as determined by Heartland Advisors may reference data from sources such as FactSet Research Systems Inc.

The above individual is a registered representative of ALPS Distributors, Inc.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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