The Heartland Value Fund is managed by the Nasgovitz family team, with Will Nasgovitz serving as CEO and Portfolio Manager alongside Bill Nasgovitz as Chairman and Portfolio Manager. Will joined Heartland Advisors in 2003 and became CEO in 2013, bringing over 25 years of industry experience and a B.B.A. from the University of Wisconsin–Madison. Bill founded Heartland Advisors in 1983 and developed the firm's proprietary investment methodology, bringing 56+ years of investment experience as a University of Wisconsin–Madison graduate who served as a Captain in the U.S. Air Force from 1968-1972. The management team demonstrates significant personal alignment with investors, with Bill owning over $10 million in Heartland Funds shares as of December 31, 2025. Both managers frequently appear in national financial media and maintain direct engagement with portfolio companies to drive long-term value creation.

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The Heartland Value Fund seeks long-term capital appreciation by investing primarily in undervalued micro- and small-cap companies using Heartland's proprietary '10 Principles of Value Investing™' methodology. The fund employs a bottom-up fundamental analysis approach that integrates direct engagement with company management and stakeholders. Portfolio construction emphasizes downside risk mitigation while maintaining a consistent, repeatable investment process designed to make stock selection the primary driver of performance. The strategy targets companies with market capitalizations typically below those of the largest companies in the Russell 2000® Value Index, focusing on businesses trading below intrinsic value with potential for long-term capital appreciation. The fund maintains concentrated positions through patient, long-term holding periods consistent with traditional value investing principles while incorporating modern risk management techniques.

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