Shareholder Letter

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9/30/18

Rational Concerns and Irrational Excesses

The rush into growth and momentum continued a familiar trend and further stretched already elevated valuations.

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Archive

6/30/18

Why Small May be the Next Big Thing

The knee-jerk rush into large caps has left major swaths of small cap equities out of favor and trading at attractive levels.

3/31/18

Is a Change in Leadership Underway?

The short-sighted focus on Information Technology has created a very narrow market, which is not normal, nor healthy.

12/31/17

Unusual Lessons From Unusual Times

While following the crowd in an era of momentum has worked, we sense a change is coming.

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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 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.

The Heartland Funds are distributed by ALPS Distributors, Inc.

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