Heartland Advisors

Heartland Value Plus Fund

HRVIX, HNVIX

Overview

Investment Focus

Invests in undervalued small companies and seeks to reduce volatility through strong balance sheets and dividends

Distinguishing Characteristics

The Heartland Value Plus Fund seeks long-term capital appreciation by investing in a high-conviction portfolio (40-70 holdings) of undervalued small cap stocks with strong balance sheets, the majority of which pay dividends. 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. The narrow focus on specific catalysts to unlock value adds discipline and consistency.

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 HRVIXHNVIX
CUSIP 422352500422352849
Inception Date 10/26/199305/01/2008
Assets $233 million$113 million
  Investor
Class ($)
Institutional
Class ($)
Initial Investment 1,000 500,000
IRA Initial Investment 500 500,000
Subsequent Investments 100 100

 

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 0.70 0.70
12b-1 Distribution Fee 0.25 0.00
Other Expenses 0.23 0.22
Total Annual Fund Operating Expenses 1.18 0.92


*As stated in the prospectus dated 5/1/2024The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class, to the extent necessary to maintain the institutional class’ “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Without such waivers and/or reimbursements, total returns may have been lower.

Overall Morningstar Rating™ in Small Value Category

  • Investor Class
  • Institutional Class
2Overall Morningstar Rating™ as of 5/31/2024, out of 449 Small Value funds, based on risk-adjusted performance for investor class shares
2Overall 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 Plus
Investor Class
9.337.378.904.848.80-3.114.85-3.43-4.89
Value Plus
Institutional Class
9.477.589.175.079.06-2.875.13-3.32-4.85
Russell 2000® Value9.237.5810.706.878.77-0.1721.760.85-1.99
*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 Plus
Investor Class
9.577.3910.375.088.860.593.061.541.54
Value Plus
Institutional Class
9.717.6010.635.329.110.833.331.611.61
Russell 2000® Value9.367.4712.106.878.172.2218.752.902.90
*Not annualized
  2023 (%) 2022 (%) 2021 (%) 2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%) 2012 (%) 2011 (%) 2010 (%) 2009 (%) 2008 (%)
Value Plus Investor Class 1.83 -4.95 24.85 12.64 26.02 -13.13 9.81 26.77 -17.41 -2.70 34.15 11.38 -5.37 28.50 26.37 -17.88
Value Plus Institutional Class 2.11 -4.75 25.11 12.93 26.29 -12.95 10.07 26.89 -17.20 -2.45 34.53 11.67 -5.07 28.85 26.70 -17.71
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 Plus Fund Growth of 10000 Chart

Since inception of the investor class, 10/26/1993 to 3/31/2024
Chart represents a hypothetical example of an investment in the Value Plus Fund representing historical returns

Morningstar Ratings™ in Small Value Category
  • Investor Class
  • Institutional Class
Morningstar Ratings TM
5/31/2024
RatingTotal Funds
Overall2449
10-Year2329
5-Year3419
3-Year1449
Morningstar Ratings TM
5/31/2024
RatingTotal Funds
Overall2449
10-Year2329
5-Year3419
3-Year1449

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 class of the Value Plus Fund are 1.18% and 0.92%, respectively. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class, to the extent necessary to maintain the institutional class’ “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. This voluntary waiver/reimbursement may be discontinued at any time. Without such waivers and/or reimbursements, total returns may have been lower.

The inception date for the Value Plus Fund is 10/26/1993 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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CharacteristicValue PlusRussell 2000® Value
Holdings 39-
Assets $346 million-
Assets in Dividend-Paying Companies 79.5% -
Median Market Cap $2.8 billion$812 million
Weighted Average Market Cap $3.8 billion$2.9 billion
Trailing 1-Year Turnover 56.7% -

Capitalization Breakdown
3/31/2024
Cap Range% of Equities in Portfolio
>$15 billion0.0
$2.5-15 billion60.9
$500 million-2.5 billion29.1
<$500 million10.0

The above breakdown does not include short-term investments.

Sector Allocation

3/31/2024

Heartland Value Plus Fund Sector Allocation Chart

 

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

Top 10 Holdings
5/31/2024

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TickerHolding% of Net AssetsIndustry
MHKMohawk Industries, Inc.5.15Household Durables
APAMArtisan Partners Asset Management, Inc. Class A5.15Capital Markets
MURMurphy Oil Corp4.87Oil Gas & Consumable Fuels
PCHPotlatchDeltic Corp. 4.86Specialized REITs
SBCFSeacoast Banking Corp. of Florida4.23Banks
TCBITexas Capital Bancshares, Inc.4.21Banks
THGThe Hanover Insurance Group Inc.3.86Insurance
PKEPark Aerospace Corp3.85Aerospace & Defense
GBCIGlacier Bancorp, Inc.3.65Banks
FBKFB Financial Corp.3.61Banks
% of Total Net Assets43.44

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
Value Plus2.0820.400.770.080.3383.4282.5487.3795.81
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
Value Plus2.3220.410.770.100.3583.9082.3187.3995.81
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   0.32742 - 0.20363
12/27/2022 12/28/2022   0.17469 - 0.65643
12/28/2021 12/29/2021   0.27336 3.14654 6.30187
12/28/2020 12/29/2020   0.18135 0.22560 -
12/26/2019 12/27/2019   0.52086 - -
12/27/2018 12/28/2018   0.32280 - -
12/27/2017 12/28/2017   0.04556 - -
12/28/2016 12/29/2016   0.19593 - -
12/28/2015 12/29/2015   0.20797 - 1.90702
12/29/2014 12/30/2014   0.06825 0.30014 2.84734
12/26/2013 12/27/2013   0.16431 0.54157 3.30825
12/26/2012 12/27/2012   0.35668 0.20864 0.60760
12/28/2011 12/29/2011   0.183006 - 0.319936
12/30/2010 12/31/2010   0.078769 - -
12/28/2010 12/29/2010   - - 0.160541
  3/30/2010   3/31/2010   0.019995 - -
  3/30/2010   3/31/2010   0.001223 - -
12/30/2009 12/31/2009   0.081006 - -
  9/29/2009   9/30/2009   0.016893 - -
  6/29/2009   6/30/2009   0.013335 - -
  3/30/2009   3/31/2009   0.074305 - -
  9/29/2008   9/30/2008   0.023100 - -
  6/27/2008   6/30/2008   0.031991 - -
  3/28/2008   3/31/2008   0.048473 - -
12/26/2007 12/27/2007   - 0.366103 3.707176
  9/27/2007   9/28/2007   0.218534 0.213593 0.602828
  6/28/2007   6/29/2007   0.047600 - -
  3/29/2007   3/30/2007   0.154655 - -

 

Record
Date
Payable
Date
   Ordinary Dividend
($/share)
Short-Term Capital
Gain ($/share)
Long-Term Capital
Gain ($/share)
12/26/2023 12/27/2023   0.42851 - 0.20363
12/27/2022 12/28/2022   0.26708 - 0.65643
12/28/2021 12/29/2021   0.39348 3.14654 6.30187
12/28/2020 12/29/2020   0.27869 0.22560 -
12/26/2019 12/27/2019   0.59788 - -
12/27/2018 12/28/2018   0.40925 - -
12/27/2017 12/28/2017   0.12164 - -
12/28/2016 12/29/2016   0.22625 - -
12/28/2015 12/29/2015   0.31363 - 1.90702
12/29/2014 12/30/2014   0.18133 0.30014 2.84734
12/26/2013 12/27/2013   0.28097 0.54157 3.30825
12/26/2012 12/27/2012   0.45243 0.20864 0.60760
12/28/2011 12/29/2011   0.284872 - 0.319936
12/30/2010 12/31/2010   0.138722 - -
12/28/2010 12/29/2010   - - 0.160541
  3/30/2010   3/31/2010   0.032692 - -
  3/30/2010   3/31/2010   0.013036 - -
12/30/2009 12/31/2009   0.093645 - -
  9/29/2009   9/30/2009   0.026711 - -
  6/29/2009   6/30/2009   0.022818 - -
  3/30/2009   3/31/2009   0.118031 - -
  9/29/2008   9/30/2008   0.038800 - -
  6/27/2008   6/30/2008   0.039712 - -

 

Heartland Advisors Value Investing Team Icon

Additional Historical Distributions

Contact a Relationship Manager for historical NAVs.

Portfolio Management Team

Heartland Value Plus Fund Portfolio Management Team

14 years of industry experience
11 years of experience at Heartland

 

 

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Andrew J. Fleming

Director of Research, Vice President, and Portfolio Manager

 

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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 Plus Fund invests in small companies that are generally less liquid and more volatile than large companies. The Fund also invests in a smaller number of stocks (generally 40 to 70) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund’s returns. There is no assurance that dividened paying stocks will mitigate volatility. 

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

There is no assurance that dividend-paying stocks will mitigate volatility.

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.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.

Portfolio holdings exclude cash, cash equivalents, options, and futures.

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 Plus 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 1 stars, respectively.
As of 5/31/2024 Morningstar Ratings™: The Heartland Value Plus 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 2, 3, and 1 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®.

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.

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

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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