Heartland Advisors

Heartland Value Fund

HRTVX, HNTVX

Overview

Investment Focus

Pursues long-term capital appreciation by investing in micro- and small-cap companies

Distinguishing Characteristics

  • Invests in stocks with a market capitalization of less than the largest securities in the Russell 2000® Value Index and can have a significant allocation to micro-cap names
  • Designed for investors who seek a portfolio with micro-cap exposure and additional liquidity provided by small cap stocks
  • Benchmarked to the Russell 2000® Value Index
  • Typically holds 100-150 stocks
  • Inception date: 1984

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

3/31/2023

Benchmark: Russell 2000® Value Index

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Investor Class Institutional Class
Ticker HRTVXHNTVX
CUSIP 422359109422352831
Inception Date 12/28/198405/01/2008
Assets $589 million$62 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 10 days of purchase

Annual Fund Operating Expenses

Paid annually as a percentage of total investment value*

  Investor
Class (%)
Institutional
Class (%)
Management Fee 0.75 0.75
12b-1 Distribution Fee 0.25 0.00
Other Expenses 0.09 0.23
Total Annual Fund Operating Expenses 1.09 0.98


*As stated in the prospectus dated 5/1/2023

Overall Morningstar Rating™ in Small Value Category

  • Investor Class
  • Institutional Class
3Overall Morningstar Rating™ as of 4/30/2023, out of 449 Small Value funds, based on risk-adjusted performance for investor class shares
4Overall Morningstar Rating™ as of 4/30/2023, out of 449 Small Value funds, based on risk-adjusted performance for institutional class shares

Value Fund Quick Links

Factsheet

 

Download PDF

Commentary

 

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Attribution & Contribution Reports

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Holdings

 

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Portfolio Management Team

Heartland Value Fund Portfolio Management Team

76 years of industry experience
59 years of experience at Heartland

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Will Nasgovitz

CEO and Portfolio Manager

Bill Nasgovitz

Chairman and Portfolio Manager

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News & Investing Perspectives

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Performance

Average Annual Total Returns
  • Month-End
  • Quarter-End
  • Annual
4/30/2023

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value
Investor Class
10.908.325.886.615.4118.621.882.07-0.65
Value
Institutional Class
10.988.466.066.775.5618.782.012.14-0.63
Russell 2000® Value10.228.606.846.963.6615.44-7.99-3.13-2.49
*Not annualized
3/31/2023

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value
Investor Class
10.958.866.266.385.8325.44-4.912.742.74
Value
Institutional Class
11.029.006.456.545.9825.60-4.792.792.79
Russell 2000® Value10.319.247.247.224.5521.01-12.96-0.66-0.66
*Not annualized
  2022 (%) 2021 (%) 2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%) 2012 (%) 2011 (%) 2010 (%) 2009 (%) 2008 (%)
Value Investor Class -9.99 21.81 13.14 17.96 -12.15 8.42 16.31 -11.04 2.22 32.11 13.83 -6.92 21.28 44.49 -39.53
Value Institutional Class -9.91 21.96 13.31 18.14 -11.98 8.59 16.52 -10.90 2.38 32.37 13.98 -6.73 21.50 44.86 -39.38
Russell 2000® Value -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50 20.58 -28.92

 

Growth of a Hypothetical $10,000 Investment

3/31/2023

Heartland Value Fund Growth of 10000 Chart

Since inception of the investor class, 12/28/1984 to 3/31/2023
Chart represents a hypothetical example of an investment in the Value Fund representing historical returns

Morningstar Ratings™ in Small Value Category
  • Investor Class
  • Institutional Class
Morningstar Ratings TM
4/30/2023
RatingTotal Funds
Overall3449
10-Year3324
5-Year4425
3-Year3449
Morningstar Ratings TM
4/30/2023
RatingTotal Funds
Overall4449
10-Year3324
5-Year4425
3-Year4449

Based on risk-adjusted performance

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance for institutional class shares prior to their initial 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. To obtain performance through the most recent month end, call 800-432-7856 or visit heartlandadvisors.com.

In the prospectus dated 5/1/2023, the Gross Fund Operating Expenses for the investor and institutional classes of the Value Fund are 1.09% and 0.98%, respectively.

The inception date for the Value Fund is 12/28/1984 for the investor class and 5/1/2008 for the institutional class.

Heartland Advisors Value Investing Team IconHistorical NAVs

Contact a Relationship Manager for historical NAVs.

Historical NAVs also are available from third party websites, such as Bloomberg, Yahoo! Finance, or Google Finance.

Commentary

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3/31/23

Heartland Value Fund 1Q23 Portfolio Manager Commentary

Balance sheets and business strategies finally seem to matter again following recent bank failures, giving active and fundamentally driven investors a decided advantage.

Portfolio Composition

Characteristics

3/31/2023

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CharacteristicValueRussell 2000® Value
Holdings 82-
Assets $651 million-
Median Market Cap $996 million$811 million
Weighted Average Market Cap $2.2 billion$2.4 billion
Trailing 1-Year Turnover 38.1% -

Capitalization Breakdown
3/31/2023
Cap Range% of Equities in Portfolio
>$15 billion0.0
$2.5-15 billion35.3
$300 million-2.5 billion39.0
<$300 million25.7

The above breakdown does not include short-term investments.

Valuation Analysis
Equity securities only, weighted harmonic average unless otherwise noted

3/31/2023

Heartland Value Fund Valuation Analysis Charts 2

Source: FactSet Research Systems Inc., Russell Investment Group, and Heartland Advisors
*Weighted average

Sector Allocation

3/31/2023

Heartland Value Fund Sector Allocations Chart

Source: FactSet Research Systems Inc., Russell Investment Group.

Top 10 Holdings
4/30/2023

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TickerHolding% of Net AssetsIndustry
RDNRadian Group Inc.2.82Financial Services
CCSCentury Communities, Inc.2.61Household Durables
ALEAllete, Inc.2.42Electric Utilities
EHCEncompass Health Corp.2.39Health Care Providers & Services
CCBGCapital City Bank Group, Inc.2.36Banks
PRGOPerrigo Co. PLC2.30Pharmaceuticals
TCBITexas Capital Bancshares, Inc.2.14Banks
SHYFShyft Group, Inc.1.94Machinery
CGAUCenterra Gold, Inc1.88Metals & Mining
NOVNOV Inc.1.82Energy Equipment & Services
% of Total Net Assets22.68

5-Year Risk Analysis

  • Investor Class
  • Institutional Class
3/31/2023

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value1.6222.790.900.200.1988.2886.5693.0996.19
Russell 2000® Value0.0024.491.000.000.13100.00100.00100.000.00

*Annualized
Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 2000® Value. Depiction is for investor class shares.

3/31/2023

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value1.7622.790.900.220.2088.5786.4193.0796.19
Russell 2000® Value0.0024.491.000.000.13100.00100.00100.000.00

*Annualized
Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 2000® Value. Depiction is for institutional class shares.

Distributions

  • Investor Class
  • Institutional Class
Record
Date
Payable
Date
    Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/27/2022 12/28/2022   0.16583 - 1.05268
12/28/2021 12/29/2021   0.07773 1.52971 4.66088
12/28/2020 12/29/2020   0.13920 - 0.18973
12/26/2019 12/27/2019   0.11058 - 1.09276
12/27/2018 12/28/2018   0.06214 0.28550 2.09926
12/27/2017 12/28/2017   0.04117 - 2.60800
12/28/2016 12/29/2016   - - 1.43802
12/28/2015 12/29/2015   0.13994 - 2.82914
12/29/2014 12/30/2014   0.22288 1.11429 4.12240
12/26/2013 12/27/2013   0.42958 1.17103 3.98433
12/26/2012 12/27/2012   - 0.17740 2.74405
12/28/2011 12/29/2011   - 0.675954 1.798273
12/28/2010 12/29/2010   - 0.058470 -
  3/28/2008   3/31/2008   - - 0.084234
12/26/2007 12/27/2007   0.239182 0.710262 5.923943

No distributions were paid in 2009.
 

Record
Date
Payable
Date
    Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/27/2022 12/28/2022   0.21142 - 1.05268
12/28/2021 12/29/2021   0.13924 1.52971 4.66088
12/28/2020 12/29/2020   0.19383 - 0.18973
12/26/2019 12/27/2019   0.17769 - 1.09276
12/27/2018 12/28/2018   0.13454 0.28550 2.09926
12/27/2017 12/28/2017   0.12267 - 2.60800
12/28/2016 12/29/2016   - - 1.43802
12/28/2015 12/29/2015   0.20977 - 2.82914
12/29/2014 12/30/2014   0.30599 1.11429 4.12240
12/26/2013 12/27/2013   0.50608 1.17103 3.98433
12/26/2012 12/27/2012   - 0.17740 2.74405
12/28/2011 12/29/2011   - 0.675954 1.798273
12/28/2010 12/29/2010   - 0.058470 -

No distributions were paid in 2008 and 2009.
 

 
Heartland Advisors Value Investing Team IconAdditional Historical Distributions

Contact a Relationship Manager for historical NAVs.

 

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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

The Value Fund primarily invests in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies.

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 portfolio may lose value in various market conditions and an investor could have a loss of principal.

Portfolio holdings are subject to change. 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.

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 4/30/2023 Morningstar Ratings™: The Heartland Value Fund investor class was rated against 324, 425, and 449 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 4, and 3 stars, respectively.
As of 4/30/2023 Morningstar Ratings™: The Heartland Value Fund institutional class was rated against 324, 425, and 449 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 4, and 4 stars, respectively.

Heartland Advisors defines market cap ranges by the following indices: micro-cap by the Russell Microcap®, small-cap by the Russell 2000®, mid-cap by the Russell Midcap®, large-cap by the Russell Top 200®.

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.

Unless noted with an asterisk (*), 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.

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