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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-quality value companies with proactive capital allocation."
In 3Q25, small-cap earnings grew year-over-year for the first time since 2021, providing a solid demand backdrop. The Heartland Value Plus Fund gained 8.51% (Investor Class) in the third quarter, underperforming the Russell 2000 Value Index which rose 12.39%. Positive stock selection was led by Financials, Information Technology, Utilities, and Materials, while Health Care, Energy, and Consumer Discretionary lagged. Portfolio highlights included strong performance from Materion Corp. (MTRN) and positive outlooks for self-help holdings like Brady Corp. (BRC) and Phinia (PHIN). Conversely, Prestige Consumer Healthcare (PBH) detracted from performance due to eye care supply chain disruptions, which the company addressed by acquiring its supplier. Heartland remains constructively focused on finding companies with strong balance sheets and active capital allocation plans as rate cuts and economic green shoots begin to materialize.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Growth Outlook
Market outlook remains above average conviction: Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Risk Appetite
Risk appetite posture is moderate conviction: Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Forward Guidance
Forward guidance signal: Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Language Signal
Tone analysis indicates above average conviction language: Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
Time Horizon
Investment time horizon reflects a high conviction orientation. Heartland Value Plus Fund posted an 8.51% gain in 3Q25, benefiting from the first year-over-year small-cap earnings growth since 2021, while maintaining a strict focus on high-qual...
