Heartland Opportunistic Value Equity Strategy


Investment Focus

Dynamically pursues the best opportunities across the full equity universe

Distinguishing Characteristics

  • Portfolio that typically invests in stocks with market capitalization of $500 million or greater
  • Designed for investors who seek additional latitude in the pursuit of attractive valuations
  • Benchmarked to the Russell 3000® Value Index
  • Typically holds 40-60 stocks
  • Inception date: 1999

Investment Minimum & Standard Fee Schedule

Minimum: $500,000

Account Size Annual Rate (%)
First $5 million 1.00
Next $10 million 0.85
Above $15 million Negotiable


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

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Portfolio Management Team

Heartland Opportunistic Value Equity Strategy Portfolio Managers

34 years of industry experience
21 years of experience at Heartland

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Colin McWey

Vice President and Portfolio Manager

Troy McGlone

Vice President and Portfolio Manager

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News & Investing Perspectives

Water & Wells

Re-discovering the Market’s Sweet Spot

After riding the S&P 500 bandwagon for years, investors are less exposed to mid-cap value stocks than they’ve historically been and seem to be missing out on the market’s sweet spot.

Water & Wells

The Wrong Path for a Hike?

As investors gear up for rate hikes the past may offer some lessons for what’s to come.

Heartland in the News

Making Fundamentals a Focal Point

Mid Cap Value Fund Portfolio Manager Colin McWey, CFA, tells Business Insider how he combines a bottom-up approach with fundamental analysis when seeking opportunities.


Average Annual Total Returns
  • Quarter-End
  • Annual

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Since Inception (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD (%)QTD (%)
Opportunistic Value Equity Composite (Net of Advisory Fees)**9.519.737.295.57-3.55-8.97-7.98
Opportunistic Value Equity Composite (Net of Bundled Fees)7.467.685.353.77-5.00-9.63-8.32
Russell 3000® Value7.0710.397.016.82-7.46-13.15-12.41


2021 (%)

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%)

2015 (%)

2014 (%)

2013 (%)

2012 (%)

2011 (%)

2010 (%)

2009 (%)

2008 (%)

2007 (%)

2006 (%)

2005 (%)

Opportunistic Value Equity Composite (Net of Advisory Fees)**

25.80 -1.79 19.04 -4.13 13.63 18.83 -4.05











Opportunistic Value Equity Composite (Net of Bundled Fees)

23.78 -3.59 16.73 -6.01 11.40 16.52 -5.92











Russell 3000® Value

25.37 2.87 26.26 -8.58 13.19 18.40 -4.13












*Source: FactSet Research Systems, Inc., Russell Investment Group, and Heartland Advisors, Inc. Performance data is preliminary. YTD and QTD returns are not annualized. The Strategy's inception date is 9/30/1999.
**Shown as supplemental information.

Portfolio Composition


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Weighted Average Market Cap ($)Median Market Cap ($)Trailing 1-Year Turnover (%)
Opportunistic Value Equity Composite107.5 billion10.3 billion42.7
Russell 3000® Value136.7 billion1.9 billion-

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

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


Heartland Advisors Opportunistic Value Equity Strategy Valuation Analysis Charts 2

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

Sector Allocation


Heartland Advisors Opportunistic Value Equity Strategy Sector Charts 2

Source: FactSet Research Systems Inc., Russell Investment Group.
Composite statistics shown as percentage of equity investments

Top 10 Holdings in a Representative Account

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TickerHolding% of AccountIndustry
JNJJohnson & Johnson4.07Pharmaceuticals
KMBKimberly-Clark Corporation3.91Household Products
BDXBecton, Dickinson & Company3.54Health Care Equipment & Supplies
PSBPS Business Parks, Inc.3.29Equity Real Estate Investment Trusts (REITs)
DGXQuest Diagnostics, Inc.3.07Health Care Providers & Services
CASSCass Information Systems, Inc. 3.02IT Services
BRK/BBerkshire Hathaway, Inc. (Class B)3.00Diversified Financial Services
ULUnilever PLC2.95Personal Products
EHCEncompass Health Corp.2.67Health Care Providers & Services
IBKRInteractive Brokers Group Inc.2.64Capital Markets
% of Total Net Assets32.16

5-Year Risk Analysis


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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Opportunistic Value Equity Composite (Net of Advisory Fees)0.7116.600.930.070.3796.8995.4095.3386.06
Russell 3000® Value0.0017.451.000.000.34100.00100.00100.000.00

Source: FactSet Research Systems Inc., Russell Investment Group
Alpha, beta, and information ratio are versus the Russell 3000® Value Index.

The above performance, portfolio composition, and risk analysis data is preliminary.


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©2022 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

Past performance does not guarantee future results. Performance represents past performance, and current returns may differ.

Heartland Advisors, Inc. (the "Firm") claims compliance with the Global Investment Performance Standards (GIPS®). The Firm is a wholly owned subsidiary of Heartland Holdings, Inc., and is registered with the Securities and Exchange Commission. For a complete list and description of Heartland Advisors composites and/or a presentation that adheres to the GIPS® standards, contact the Institutional Sales Team at Heartland Advisors, Inc. at the address listed below.

The U.S. dollar is the currency used to express performance.

The inception date for the Opportunistic Value Equity Strategy is 9/30/1999.

In addition to stocks of large companies, the Opportunistic Value Equity Strategy invests in stocks of small- and mid-cap companies that are generally less liquid than large companies. The performance of these holdings generally will increase the volatility of the strategy’s returns.

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. Current and future portfolio holdings are subject to risk.

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.

Representative account chosen based on composite membership, not on performance-based criteria. Other accounts within the strategy may have different holdings.

Representative account holdings are preliminary, may not be reconciled, and may be updated when reconciled.

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.

Economic predictions are based on estimates and are subject to change.

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

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

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.