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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Heartland Value Fund | 8.9% | 2.7% | KWR, PLAB, XRAY | earnings growth, liquidity, small caps, stock selection, Valuation Discount | The letter makes a strong case for small-cap value driven by improving earnings growth, steep valuation discounts, and supportive liquidity conditions. Management argues that misconceptions about small companies have created mispricings in profitable, well-established businesses. Active stock selection and valuation discipline are key to capturing the opportunity. | XRAY PLAB KWR |
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| 2025 Q3 | Oct 9, 2025 | Heartland Value Fund | 10.0% | 13.0% | CVGW, PBPB, XRAY | Food, Mergers and acquisitions, small caps, turnaround, Value Investing | Heartland Value Fund posted double-digit gains as small-cap earnings and sentiment rebounded. The fund highlights bottom-up stock selection in mispriced small caps, such as Potbelly and Calavo, while maintaining discipline through its four-scenario valuation framework. The team remains optimistic on small-cap values recovery, supported by improving fundamentals and M&A opportunities. | XRAY CVGW PBPB |
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| 2025 Q4 | Jan 18, 2026 | Ariel Fund | 3.2% | 14.2% | ATGE, CLB, GNTX, MHK, MSGE, SPHR, XRAY | Autos, Entertainment, healthcare, industrials, Oil Services, small caps, value | Live entertainment companies like Sphere Entertainment and Madison Square Garden Entertainment showed strong performance driven by robust consumer demand for concerts and live shows. The success of The Wizard of Oz at Sphere demonstrates the venue's potential for scalable franchise opportunities both domestically and internationally. Core Laboratories delivered sequential revenue growth propelled by strong global demand for its proprietary services and products. The company strengthened its financial position by reducing leverage to a nine-year low while expanding internationally through acquisitions, positioning for long-term growth in energy development cycles. Gentex Corporation faced headwinds from mix-shift towards lower-end vehicle production due to tariff impacts in Europe and China. However, the Ford Bronco launch marked an important milestone for Full Display Mirror technology, which remains the company's most reliable growth driver as automakers increasingly adopt advanced technologies. The fund maintains a disciplined value approach, focusing on companies with robust balance sheets, durable fundamentals, and valuation discipline. This positioning aims to capture attractive upside as market leadership evolves and opportunities broaden beyond the current concentration in large-cap stocks. | XRAY GNTX MHK ATGE CLB |
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| 2024 Q4 | Jan 13, 2025 | Heartland Value Fund | 2.0% | 15.7% | DK, HSIC, PDCO, SEE, XRAY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | John W. Rogers | Dentsply Sirona Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Dental, innovation, Margins, Secular, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Will Nasgovitz | Dentsply Sirona, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | cloud, Dental, Margins, turnaround, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Will Nasgovitz | Dentsply Sirona Inc. | Health Care | Health Care Supplies | Bull | NASDAQ | Dental, Execution, Free Cash Flow, leadership, Margins, turnaround, 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. | ||||||||