Heartland Advisors

Heartland Mid Cap Value

Overview

Investment Focus

Seeks long-term appreciation by investing in mid-cap, dividend paying companies

Distinguishing Characteristics

The Heartland Mid Cap Value Strategy is designed to provide mid cap value exposure by investing in two distinct baskets of stocks (40-60 holdings), value and deep value. This approach helps potentially mitigate the risk of underperformance resulting from the inherent cyclicality of each basket and may increase the likelihood of potential consistent outperformance relative to the Russell Midcap®  Value Index. A collection of rules and tools are used to construct the overall portfolio such that stock selection is the primary driver of relative performance. The narrow focus on specific catalysts that may unlock value adds discipline and consistency.

Mid-sized companies are defined as companies with a market cap range consistent with the Russell Midcap® Value Index.

Investment Process

The 10 Principles of Value Investing™

Learn more about our process

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

Performance*

Average Annual Total Returns
  • Quarter-End
  • Annual
3/31/2024

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Since Inception (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD (%)QTD (%)
Mid Cap Value Composite (Net of Advisory Fees)11.5710.0712.619.1216.735.765.76
Russell Midcap® Value10.308.579.946.8020.408.238.23

 

2023 (%)

2022 (%)

2021 (%)

2020 (%)

2019 (%)

2018 (%)

2017 (%)

2016 (%)

2015 (%)

2014 (%)

2013 (%)

2012 (%)

2011 (%)

2010 (%)

2009 (%)

2008 (%)

2007 (%)

2006 (%)

2005 (%)

Mid Cap Value Composite (Net of Advisory Fees)

13.83 -2.64 28.41 8.72 25.43 -8.26 8.55 28.25

-6.64

10.78

39.46

10.49

-7.72

25.29

35.14

-22.19

5.13

24.10

18.41

Russell Midcap® Value

12.71 -12.03 28.34 4.96 27.06 -12.29 13.34 20.00

-4.78

14.75

33.46

18.51

-1.38

24.75

34.21

-38.44

-1.42

20.22

12.65

 

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

YTD and QTD returns are not annualized. The Strategy's inception date is 9/30/1996.

Portfolio Composition

Characteristics
3/31/2024

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Weighted Average Market Cap ($)Median Market Cap ($)Trailing 1-Year Turnover (%)
Mid Cap Value Composite21.2 billion13.7 billion79.9
Russell Midcap® Value26.0 billion10.7 billion-

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

Sector Allocation
3/31/2024

Heartland Advisors Mid Cap Value Strategy Sector Charts 2

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

Top 10 Holdings in a Representative Account
3/31/2024

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TickerHolding% of AccountIndustry
NTRSNorthern Trust Co4.51Capital Markets
NOVNOV Inc.4.15Energy Equipment & Services
DGXQuest Diagnostics, Inc.3.51Health Care Providers & Services
JBHTJ B Hunt Transport Services Inc3.35Ground Transportation
CNCCentene Corporation3.31Health Care Providers & Services
PSAPublic Storage3.22Specialized REITs
FAFFirst American Financial Corporation2.99Insurance
FEFirstEnergy Corp.2.97Electric Utilities
LDOSLeidos Holdings, Inc.2.73Professional Services
PRGOPerrigo Co. PLC2.71Pharmaceuticals
% of Total Net Assets33.45

5-Year Risk Analysis

3/31/2024

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Mid Cap Value Composite (Net of Advisory Fees)3.1220.640.920.520.5199.0190.5194.3893.82
Russell Midcap® Value0.0021.731.000.000.36100.00100.00100.000.00

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

Certain performance, portfolio composition, and/or risk analysis data may be preliminary.

Portfolio Management Team

Heartland Advisors Mid Cap Value Strategy Portfolio Management Team

59 years of industry experience
43 years of experience at Heartland

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Will Nasgovitz

CEO and Portfolio Manager

Colin McWey

Vice President and Portfolio Manager

Troy McGlone

Vice President and Portfolio Manager

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News & Investing Perspectives

Heartland in the News
1/18/24
Heartland Advisors CEO and Portfolio Manager Will Nasgovitz

Opportunities in Small Cap and Mid Cap Value

CEO and Portfolio Manager Will Nasgovitz discussed his thoughts on the market outlook for 2024, as well as provide some commentary on Heartland's investing process on Bloomberg Radio.

Heartland in the News
11/13/23
Heartland Advisors Vice President and Portfolio Manager Colin McWey

The Value of Consistency

Vice President and Portfolio Manager Colin McWey discussed his thoughts on equities amidst market uncertainties, as well as provide some commentary on what makes Heartland different on Bloomberg Radio.

 

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©2024 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 Mid-Cap Value Strategy is 9/30/1996.

The Mid Cap Value Strategy invests in mid–sized companies on a value basis. Mid-sized 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.

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.

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