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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Heartland Mid Cap Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return to value fundamentals as economic and labor market risks rise."
In 3Q25, the Heartland Mid Cap Value Fund returned 1.63% (Investor Class), underperforming the Russell Midcap Value Index's 6.18%. This was primarily due to the fund not owning the highly priced, AI-driven cyclical and momentum stocks that dominated the quarter. Despite the market's current speculative posture, the managers point to warning signs in the labor market (such as rising jobless claims) and maintain strong conviction in their value style. D.R. Horton (DHI) and Lam Research (LRCX) were key positive contributors, while Centene (CNC) was the primary detractor but shows signs of recovery.
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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: The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Growth Outlook
Market outlook remains moderate conviction: The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Risk Appetite
Risk appetite posture is low conviction: The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Forward Guidance
Forward guidance signal: The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Language Signal
Tone analysis indicates above average conviction language: The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return t...
