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

The Heartland Value Fund seeks long-term capital appreciation by investing in undervalued micro and small cap stocks. The Fund utilizes Heartland’s 10 Principles of Value Investing™ for stock analysis along with a collection of rules and tools designed to construct the overall portfolio such that stock selection is the primary driver of relative performance. This approach helps navigate the asset class and may increase the likelihood of potential outperformance relative to the Russell 2000® Value Index.

Investment Process

The 10 Principles of Value Investing™

Learn more about our process

  • Basics
  • Minimums
  • Fees
  • Expenses

3/31/2024

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 $652 million$89 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 0.14 0.00
Other Expenses 0.18 0.14
Total Annual Fund Operating Expenses 1.07 0.89


*As stated in the prospectus dated 5/1/2024

Overall Morningstar Rating™ in Small Value Category

  • Investor Class
  • Institutional Class
3Overall Morningstar Rating™ as of 5/31/2024, out of 449 Small Value funds, based on risk-adjusted performance for investor class shares
3Overall Morningstar Rating™ as of 5/31/2024, out of 449 Small Value funds, based on risk-adjusted performance for institutional class shares

Performance

Average Annual Total Returns
  • Month-End
  • Quarter-End
  • Annual
5/31/2024

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value
Investor Class
11.096.569.655.7810.443.8023.694.40-2.17
Value
Institutional Class
11.176.719.835.9410.593.9423.904.50-2.13
Russell 2000® Value10.427.5810.706.878.77-0.1721.760.85-1.99
*Not annualized
3/31/2024

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Since Inception (%)20-Year (%)15-Year (%)10-Year (%)5-Year (%)3-Year (%)1-Year (%)YTD* (%)QTD* (%)
Value
Investor Class
11.216.4411.575.8910.006.7421.666.716.71
Value
Institutional Class
11.296.5811.756.0510.156.8821.866.786.78
Russell 2000® Value10.527.4712.106.878.172.2218.752.902.90
*Not annualized
  2023 (%) 2022 (%) 2021 (%) 2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%) 2012 (%) 2011 (%) 2010 (%) 2009 (%) 2008 (%)
Value Investor Class 17.13 -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 17.31 -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 14.65 -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

3/31/2024

Heartland Value Fund Growth of 10000 Chart

Since inception of the investor class, 12/28/1984 to 3/31/2024
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
5/31/2024
RatingTotal Funds
Overall3449
10-Year2329
5-Year3419
3-Year4449
Morningstar Ratings TM
5/31/2024
RatingTotal Funds
Overall3449
10-Year3329
5-Year3419
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 5/1/2024, the Gross Fund Operating Expenses for the investor and institutional classes of the Value Fund are 1.07% and 0.89%, 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.

Portfolio Composition

Characteristics

3/31/2024

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CharacteristicValueRussell 2000® Value
Holdings 87-
Assets $741 million-
Median Market Cap $1.4 billion$812 million
Weighted Average Market Cap $2.7 billion$2.9 billion
Trailing 1-Year Turnover 41.5% -

Capitalization Breakdown
3/31/2024
Cap Range% of Equities in Portfolio
>$15 billion0.0
$2.5-15 billion46.9
$500 million-2.5 billion33.9
<$500 million19.2

The above breakdown does not include short-term investments.

Sector Allocation

3/31/2024

Heartland Value Fund Sector Allocations Chart

 

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

Top 10 Holdings
5/31/2024

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TickerHolding% of Net AssetsIndustry
SIMOSilicon Motion Technology Corporation (ADR)2.88Semiconductors & Semiconductor Equipment
LINCLincoln Educational Services Corp.2.61Diversified Consumer Services
VNOMViper Energy Inc2.41Oil Gas & Consumable Fuels
BBSIBarrett Business Services, Inc.2.40Professional Services
TCBITexas Capital Bancshares, Inc.2.31Banks
RDNRadian Group Inc.2.29Financial Services
GTLSChart Industries Inc2.19Machinery
MHKMohawk Industries, Inc.2.12Household Durables
PRGOPerrigo Co. PLC2.11Pharmaceuticals
CCBGCapital City Bank Group, Inc.2.08Banks
% of Total Net Assets23.40

5-Year Risk Analysis

  • Investor Class
  • Institutional Class
3/31/2024

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value2.5022.940.890.270.3590.6386.5292.7996.13
Russell 2000® Value0.0024.701.000.000.25100.00100.00100.000.00

*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.

3/31/2024

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Alpha*Standard Deviation (%)*BetaInfo RatioSharpe RatioUpside Capture (%)*Downside Capture (%)*R-
Squared (%)
Active Share
Value2.6422.940.890.300.3590.8986.3892.7896.13
Russell 2000® Value0.0024.701.000.000.25100.00100.00100.000.00

*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)
12/26/2023 12/27/2023   0.33420 - 2.20840
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)
12/26/2023 12/27/2023   0.41519 - 2.20840
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.

Portfolio Management Team

Heartland Value Fund Portfolio Management Team

78 years of industry experience
61 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

Heartland in the News
12/28/23
Heartland Advisors CEO and Portfolio Manager William Nasgovitz

The Silver Lining in the Market's Narrow Breadth

Heartland’s CEO and Portfolio Manager Will Nasgovitz wrote about the opportunities for small-cap value investors in a narrow market in WealthManagement.com’s 2024 outlook.

 

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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

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 ©2024 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 5/31/2024 Morningstar Ratings™: The Heartland Value Fund investor class was rated against 329, 419, and 449 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 2, 3, and 4 stars, respectively.
As of 5/31/2024 Morningstar Ratings™: The Heartland Value Fund institutional class was rated against 329, 419, and 449 U.S.-domiciled Small Value funds over the 10-, 5-, and 3-year periods and received 3, 3, 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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