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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Mar 31, 2026 | Heartland Value Fund | 7.4% | 7.4% | ALEX, ALGT, CVGW, IIIV, PLYM, STKL, XRN | Airlines, Geopolitical, oil, REITs, small caps, value | XRN IIIV ALGT |
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| 2023 Q4 | Dec 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | ALEX, AMD, APA, CACI, CCJ, CRC, FCNCA, HNST, LEGN, PINS, PRGO, SGH, TAP, THC, VICI | Biotechnology, contrarian, energy, semiconductors, small caps, turnaround, value | AMD positioned as stronger competitor to Nvidia with compelling technology and superior products to Intel. The company unveiled details about upcoming GPU products for the AI market, with expectations that AMD's GPU servers will be a viable alternative to Nvidia. | PINS HNST AMD ADNT|APA|BPOP|FLR|KOS|OLN LEGN SGH |
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| 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.TO | financials, gold, materials, Rate Cuts, real estate, small caps, value | Small value stocks should benefit from further rate cuts but may take time. The economic concerns that drove the Federal Reserve to act may continue to pressure emerging businesses in the short term. Small caps have performed poorly over the past three years, setting a low bar for the group. | NGD ALEX |
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| 2023 Q3 | Sep 30, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ALEX, CACI, CCJ, DBRG, FCNCA, PRGO, SGH, TAP, TRMB, VICI | contrarian, energy, financials, small caps, technology, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Heartland Value Fund | Alexander & Baldwin, Inc. | Real Estate | Retail REITs | Bull | NYSE | dividend yield, Hawaii, industrial properties, office properties, Real Estate, REIT, retail properties, Value | View Pitch |
| 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. | ||||||||