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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Heartland Value Fund continues to capitalize on the early stages of a small-cap value resurgence, executing selective buy-the-dip additions in ITGR and CMCO while benefiting from strong private takeout activity."
In 4Q25, the Heartland Value Fund posted a 2.61% gain (Investor Class), slightly underperforming its Russell 2000 Value Index benchmark (3.26%) due to a lack of exposure to speculative, profitless biotech stocks. However, the Fund continues to outpace its benchmark across 1-, 3-, 5-, and 10-year trailing periods. The team leveraged market dislocations during the quarter to increase holdings in high-conviction names like Integer Holdings (ITGR) and Columbus McKinnon (CMCO). Meanwhile, portfolio holding Alexander & Baldwin (ALEX) agreed to a take-private acquisition at a 40% premium, bringing the total take-private count in the portfolio to 14 over the past year. Heartland remains highly constructive on small-cap value amid strengthening underlying fundamentals and improving market breadth.
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