Shareholder Letter

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Finding Opportunity in an Uncertain Market

By focusing on dubious growth projections instead of compelling valuations, investors are setting the stage for potential pain.

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The Value of Taking the Long View

Strong performance during the period was welcomed, but we remain frustrated by the persistence of what we see as a bear market in logic.


Not the Time for Fear

After a humbling 2018 for price-sensitive investors, will we remember the 4th quarter as marking the rebirth of value?


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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©2019 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.