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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% | CAT, CVGW, PBPB, XRAY | earnings, Fed, rates, Restaurants, small caps, turnaround, value | Small cap stocks rebounded smartly in the quarter with earnings growth gaining momentum. The Federal Reserve's interest rate cuts and improving earnings for S&P 600 companies provide historical tailwinds for small stocks, though mixed economic signals create uncertainty. | XRAY CVGW PBPB XRAY PLAB KWR |
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| 2025 Q3 | Oct 9, 2025 | Heartland Value Fund | 10.0% | 13.0% | CAT, CVGW, PBPB, XRAY | earnings, Fed Cuts, Restaurants, small caps, Turnarounds, value | Small cap stocks rebounded smartly in the quarter with earnings growth gaining momentum. The fund focuses on small value investing with the Russell 2000 Value Index as benchmark, emphasizing bottoms-up research and the 10 Principles of Value Investing. | 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 Q3 | Sep 30, 2024 | Hardman Johnston Large Cap Equity | 4.9% | 18.8% | 7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY | aerospace, AI, healthcare, large cap, rates, technology | The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway. | View | |
| 2024 Q4 | Jan 13, 2025 | Heartland Value Fund | 2.0% | 15.7% | AAPL, AMZN, DK, GOOGL, HSIC, PDCO, SEE, TSLA, XRAY | active management, contrarian, materials, Refiners, small caps, value | The fund focuses on attractively priced, well-managed businesses guided by their 10 Principles of Value Investing. They seek companies with earnings yields approaching 8% or more based on low price/earnings ratios. The manager believes value investing will outperform in the current environment where valuation is being ignored. | XRAY PDCO DK SEE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Heartland Value Fund | Dentsply Sirona Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Dental Equipment, healthcare, Management Transition, margin expansion, Medical devices, Sales improvement, turnaround, valuation discount | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Value Fund | Dentsply Sirona Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | contrarian, cost savings, Dental Equipment, healthcare, Management Change, turnaround, undervalued | View Pitch |
| 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. | ||||||||