Heartland Advisors, Inc.

Heartland's 4Q25 Mid Cap Value Commentary

Michael Kops joins Troy McGlone and Colin McWey to break down a fourth quarter shaped by the AI narrative, stark valuation gaps in mid-cap value, and insider activity pointing to mispriced opportunities.
 
Disclosures:
Past performance does not guarantee future results.
The Mid Cap Value Strategy seeks long-term capital appreciation by investing in mid-size companies as defined by the market capitalization range of the Russell Midcap® Index. This focused portfolio seeks companies with strong underlying business franchises priced at a discount to their intrinsic worth that have temporarily fallen out of favor.
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.
Composite statistics and holdings are based on 12/31/2025 composite members’ account data as of 12/31/2025. Not all accounts in the strategy are included in the composite.
As of 12/31/2025, Heartland Advisors on behalf of its clients held approximately 0.10%, 0.03%, and 0.08% of the total shares outstanding of JB Hunt Transport Services (JBHT), Kimberly-Clark Corp (KMB) and MarketAccess Holding Inc. (MKTX) respectively.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
Performance information refers to preliminary Composite data. Final quarterly performance information can be found here: Mid Cap Value.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
In certain cases, dividends and earnings are reinvested.
 
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
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.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
There is no assurance that dividend-paying stocks will mitigate volatility. 
CFA® is a registered trademark owned by the CFA Institute.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 4Q25 Value Plus Commentary

Michael Kops sits down with Portfolio Managers, Mike Warecki and Andy Fleming, to unpack the Value Plus Strategy’s Q4 results. They discuss renewed momentum in small-cap value, key stock contributors, and why the strategy’s lack of biotech exposure weighed on performance. The discussion closes with cautious optimism for 2026.
 
Disclosures:
Past performance does not guarantee future results.
The Small Cap Value Plus Strategy primarily invests in companies that have a market capitalization consistent with the capitalization range of the Russell 2000 Value Index, with a majority of its assets invested in companies that pay dividends. The Strategy intends to capture the long-term appreciation of small-caps, while minimizing the volatility of returns inherent in the small-cap market.
The Small Cap Value Plus Strategy 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.
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.
Composite statistics and holdings are based on 12/31/2025 composite members’ account data as of 12/31/2025. Not all accounts in the strategy are included in the composite.
As of 12/31/2025, Heartland Advisors, Inc. on behalf of its clients held approximately 0.05%, 0.09%, and 0.04% of the total shares outstanding of Builders FirstSource (BLDR), Lamar Advertising Co. (Class A) (LAMR), and WESCO International, Inc. (WCC), respectively. 
Performance information refers to preliminary Composite data. Final quarterly performance information can be found here: Small Cap Value Plus.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
In certain cases, dividends and earnings are reinvested.
There is no assurance that dividend-paying stocks will mitigate volatility. 
CFA® is a registered trademark owned by the CFA Institute.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
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.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 4Q25 Value Fund Commentary

What powered the Value Fund's strong Q4 and what could come next?
Michael Kops is joined by Portfolio Manager, Will Nasgovitz, to explore performance drivers, sector winners and laggards, and why an under-allocated small-cap market could offer compelling opportunities in 2026.
 
Disclosures:
In the prospectus dated 5/1/2025, the Gross Fund Operating Expenses for the investor and institutional classes of the Value Fund are 1.06% and 0.91%, respectively.
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.
An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information may be found in the Funds' prospectus. To obtain a prospectus, please call 800-432-7856 or visit heartlandadvisors.com. Please read the prospectus carefully before investing.
As of 12/31/2025, Alexander & Baldwin, Inc. (ALEX), Integer Holdings Corporation (ITGR), and Plymouth Industrial REIT, Inc. (PLYM) represented 0.93%,1.55%, and 0.74% of the Value Fund’s net assets, respectively. 
The Fund’s performance information included in regulatory filings includes a required index that represents an overall securities market (Regulatory Benchmark). In addition, the Fund's regulatory filings may also include an index that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). The Fund's performance included in marketing and advertising materials and information other than regulatory filings is generally compared only to the Strategy Benchmark.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
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.
The Value Fund seeks long-term capital appreciation through investing in small companies.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
In certain cases, dividends and earnings are reinvested.
The Heartland Funds are distributed by ALPS Distributors, Inc.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
There is no assurance that dividend-paying stocks will mitigate volatility. 
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 3Q25 Value Plus Commentary

Small caps are showing signs of strength, but not all are created equal. Michael Kops is joined by Andy Fleming and Michael Warecki to share where they’re finding opportunity, what’s driving performance, and how disciplined stock picking keeps them cautiously optimistic.
 
Disclosures:
Past performance does not guarantee future results.
The Small Cap Value Plus Strategy primarily invests in companies that have a market capitalization consistent with the capitalization range of the Russell 2000 Value Index, with a majority of its assets invested in companies that pay dividends. The Strategy intends to capture the long-term appreciation of small-caps, while minimizing the volatility of returns inherent in the small-cap market.
The Small Cap Value Plus Strategy 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.
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.
Composite statistics and holdings are based on 6/30/2025 composite members’ account data as of 6/30/2025. Not all accounts in the strategy are included in the composite.
As of 9/30/2025, Heartland Advisors on behalf of its clients held approximately 0.31%, 0.39%, 0.66%, and 0.13% of the total shares outstanding of Brady Corp. (Class A) (BRC), Materion Corp. (MTRN), Phinia Inc. (PHIN), and Prestige Consumer Healthcare (PBH), respectively. 
Performance information refers to preliminary Composite data. Final quarterly performance information can be found here: Small Cap Value Plus.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
In certain cases, dividends and earnings are reinvested.
There is no assurance that dividend-paying stocks will mitigate volatility. 
CFA® is a registered trademark owned by the CFA Institute.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
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.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 3Q25 Mid Cap Value Commentary

Amid an AI-driven rally and wide valuation gaps, how do disciplined investors find opportunity?
Michael Kops joins Troy McGlone and Colin McWey to explore Heartland’s Mid Cap Value Strategy, balancing optimism with fundamentals through their four-price target framework and long-term focus.
 
Disclosures:
Past performance does not guarantee future results.
The Mid Cap Value Strategy seeks long-term capital appreciation by investing in mid-size companies as defined by the market capitalization range of the Russell Midcap® Index. This focused portfolio seeks companies with strong underlying business franchises priced at a discount to their intrinsic worth that have temporarily fallen out of favor.
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.
Composite statistics and holdings are based on 6/30/2025 composite members’ account data as of 6/30/2025. Not all accounts in the strategy are included in the composite.
As of 9/30/2025, Heartland Advisors on behalf of its clients held approximately 0.08%, 0.03%, and >0.01% of the total shares outstanding of Centene Corp. (CNC), D.R. Horton, Inc. (DHI), and Lam Research Corp. (LRCX) respectively.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
Performance information refers to preliminary Composite data. Final quarterly performance information can be found here: Mid Cap Value.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
In certain cases, dividends and earnings are reinvested.
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
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.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
There is no assurance that dividend-paying stocks will mitigate volatility. 
CFA® is a registered trademark owned by the CFA Institute.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 3Q25 Value Fund Commentary

Markets are sending mixed signals and AI is driving the headlines, but value opportunities may be quietly building. Michael Kops and Will Nasgovitz discuss why small-cap optimism still matters, how price targets are set, and the timeless 10 Principles of Value Investing™ that shape their investing playbook.
 
Disclosures:
In the prospectus dated 5/1/2025, the Gross Fund Operating Expenses for the investor and institutional classes of the Value Fund are 1.06% and 0.91%, respectively.
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.
An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information may be found in the Funds' prospectus. To obtain a prospectus, please call 800-432-7856 or visit heartlandadvisors.com. Please read the prospectus carefully before investing.
As of 9/30/2025, Calavo Growers, Inc. (CVGW) and Potbelly Corp. (PBPB), represented 0.82% and 0.79% of the Value Fund’s net assets, respectively. 
The Fund’s performance information included in regulatory filings includes a required index that represents an overall securities market (Regulatory Benchmark). In addition, the Fund's regulatory filings may also include an index that more closely aligns to the Fund's investment strategy (Strategy Benchmark(s)). The Fund's performance included in marketing and advertising materials and information other than regulatory filings is generally compared only to the Strategy Benchmark.
Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.
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.
The Value Fund seeks long-term capital appreciation through investing in small companies.
The future performance of any specific investment or strategy (including the investments discussed above) should not be assumed to be profitable or equal to past results. The performance of the holdings discussed above may have been the result of unique market circumstances that are no longer relevant. The holdings identified above do not represent all of the securities purchased, sold or recommended for the Advisor’s clients.
Statements regarding securities are not recommendations to buy or sell.
Portfolio holdings are subject to change. Current and future holdings are subject to risk.
Investing involves risk, including the potential loss of principal.
In certain cases, dividends and earnings are reinvested.
The Heartland Funds are distributed by ALPS Distributors, Inc.
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.
Economic predictions are based on estimates and are subject to change.
There is no guarantee that a particular investment strategy will be successful.
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 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®.
Because of ongoing market volatility, performance may be subject to substantial short-term changes.
Dividends are not guaranteed and a company’s future ability to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time. 
There is no assurance that dividend-paying stocks will mitigate volatility. 
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell® is a trademark of the Frank Russell Investment Group.
The above individuals are registered representatives of ALPS Distributors, Inc.
Heartland’s investing glossary provides definitions for several terms used on this page.

Heartland's 2Q25 Mid Cap Commentary

Join Michael Kops, Vice President at Heartland Advisors, as he discusses market trends and investment strategies with Troy McGlone and Colin McWey, Co-Managers for the Heartland Mid Cap Value Strategy. Explore how recent market sentiment shifts, trade war de-escalation, and tariff impacts are influencing investment decisions.

Heartland's 2Q25 Value Fund Commentary

Despite a challenging quarter for small stocks, the Heartland Value Fund has shown resilience and growth, with small caps poised to climb by double digits over the next six months. Join Michael Kops, Vice President, and Will Nasgovitz, Portfolio Manager for the Heartland Value Fund, as they discuss the Fund's outperformance against its benchmark.

Heartland's 2Q25 Value Plus Commentary

Michael Kops, Vice President at Heartland Advisors, and Andy Fleming, Portfolio Manager for the Heartland Value Plus Strategy, discuss the optimistic outlook for small stocks despite challenging conditions in the second quarter. Tune in to this quarter’s Value Plus Commentary podcast to hear how positive earnings calls and strategic shifts are driving this optimism.

Heartland's 1Q25 Mid Cap Value Commentary

Heartland's 1Q25 Value Plus Commentary

The importance of maintaining a balanced investment approach across various sectors, retaining both offensive and defensive positions, while sticking to Heartland's value investing process is highlighted by Michael Kops, Vice President of Heartland Advisors, and Andy Fleming, Portfolio Manager of the Value Plus Strategy it this quarters Value Plus podcast.

Heartland's 1Q25 Value Fund Commentary

Listen in to hear Michael Kops, Vice President at Heartland Advisors, and Will Nasgovitz, Portfolio Manager for the Heartland Value Fund, discuss economic uncertainty on markets and explain how a focus on micro-level investing can unveil hidden opportunities.