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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 12, 2026 | Heartland Value Fund | 2.6% | 16.0% | ALEX, CMCO, ITGR | fundamentals, rates, Russell 2000, small caps, Takeouts, value | Small-cap stocks are experiencing strengthening fundamentals with profit growth on track to surpass large caps for the first time in 13 quarters. The Russell 2000 Value Index outperformed the S&P 500 in Q4, and small stocks nearly pulled even with large caps in 2025, marking their best relative performance since the pandemic. Attractively priced small stocks are finally gaining investor attention, with four portfolio holdings taken private in the quarter and 14 takeouts over the past year. The fund applies rigorous fundamental analysis focusing on low valuations, high-quality balance sheets, and positive earnings dynamics through their 10 Principles of Value Investing. Federal Reserve rate cuts are expected to benefit emerging businesses more than giant multinationals, contributing to the improving outlook for small-cap stocks. Lower interest rates historically favor smaller companies over large corporations. | View | |
| 2024 Q3 | Sep 30, 2024 | Heartland Value Fund | 9.8% | 13.5% | ALEX, NGD, OR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Will Nasgovitz | Alexander & Baldwin, Inc. | Real Estate | Diversified REITs | Bull | New York Stock Exchange | Balance_Sheet, Patience, realestate, Takeprivate, valuation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||