The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
Heartland Mid Cap Value Fund fell 4.77% net of fees in the third quarter of 2026, lagging its benchmark, the Russell Midcap Value Index, which declined 1.98%, while the S&P 500 gained 2.30%. Year-to-date, the strategy has generated an 8.94% net return compared to 15.25% for the benchmark index. Underperformance was predominantly driven by negative stock selection effects across the Technology and Health Care sectors, while the strategy maintained its disciplined positioning of investing across 40 to 60 mid-sized holdings and remaining underweight Deep Value in favor of high-quality value compounders. The investment team observes that corporate earnings are currently experiencing one of the strongest cycles in history, with widespread over-earning supported by front-loaded artificial intelligence infrastructure capital expenditures. While acknowledging the transformative nature of AI, the team warns that historical capital cycles frequently outpace technological adoption, highlighting frothy public and private debt issuance and rising capital intensity. In response to wide valuation spreads across mid-caps and volatile interest rate and energy environments, the fund focuses on durable business models evaluated across four rigorous valuation scenarios. Portfolio activity featured initiating a position in vertical infrastructure software provider Bentley Systems (BSY), capitalizing on an overly pessimistic industry narrative. Watsco (WSO) experienced short-term demand lulls in residential HVAC but remains an attractive core position due to technology differentiation and accretive M&A. Finally, patience in MarketAxess Holdings (MKTX) paid off following an announced acquisition by Intercontinental Exchange for $167 per share in cash.
Disciplined fundamental value investing targeting 40 to 60 high-quality mid-cap companies with defensible business models, strong balance sheets, and mispriced long-term earnings power evaluated across four distinct valuation scenarios.
Heartland believes investors should adopt the perspective of long-term business owners rather than reacting excessively to short-term headlines. The managers note that rapid industry changes, especially regarding AI deployment, make long-term forecasting difficult because capacity can expand, customer bases can consolidate, and exceptional margins can normalize. Consequently, Heartland emphasizes establishing four distinct price targets across varying economic scenarios, prioritizing strong balance sheets, earnings resilience, and attractive entry valuations.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Heartland Mid Cap Value Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.