Views & Commentary

Nasgovitz Notes Video Series

Chairman, CIO, and Portfolio Manager Bill Nasgovitz and CEO and Portfolio Manager Will Nasgovitz address timely topics related to value investing, market trends, long-term investing, active management, and the Heartland Funds.

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If This Were Baseball ... It'd be the 7th Inning

4/2014 - 4:08

Skeptics worry small-caps are in the 9th inning of their multi-year rally, but we believe the fundamentals and history indicate there’s more room to run.

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Portfolio Manager Will Nasgovitz

Cramming for Midterms: Education Companies in our Portfolios

3/2014 - 3:42

Unemployment, America's skills gap, and education have more to do with Heartland than you may think. Our Portfolio Managers have been interested in publicly traded education service stocks for some time, and CEO and Portfolio Manager Will Nasgovitz uses this group as an example of how an idea works its way into a portfolio.

Portfolio Manager Will Nasgovitz

How the Polar Vortex Could Heat Up Your Portfolio

2/2014 - 3:41

The colder-than-norm winter could benefit natural gas companies, names we’ve been intrigued by for some time. CEO and Portfolio Manager Will Nasgovitz outlines our thesis on natural gas and uses it to illustrate the “macro overlay” in our investing process.

Portfolio Manager Perspective

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A Second Leg to Our Economic Outlook

3/2014

Much attention is being paid to the role of the consumer in driving the economic recovery. Here’s why we think capex spending could also be a major factor.

Industrials: Four Reasons a Not-So-Pretty Sector Looks Good to Us

2/2014

Value Plus Fund Portfolio Manager Adam J. Peck, CFA, shares four reasons we believe the Industrials sector is attractive today.

Exploring the Trends Fueling Global Opportunities

2/2014

International Value Fund Portfolio Manager Robert C. Sharpe shares four trends we believe are shaping international investing.

Market Update Letter to Shareholders

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Discipline Still Matters

3/31/2014

IPOs have grabbed the headlines, but after a long winter Energy offers value.

Our Focus: Valuations and Solid Businesses

12/31/2013

After double-digit returns in 2013, do stocks have any more room to run? We think so—and here’s why.

Fund Performance Commentary

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Heartland Select Value Fund 1Q14 Portfolio Manager Commentary

3/31/2014

We saw a continuation of the trend toward lower-quality stocks outperforming higher quality, which was a headwind for the Fund. Signs of positive change emerged late in the quarter, however.

Heartland Value Plus Fund 1Q14 Portfolio Manager Commentary

3/31/2014

Momentum stocks led the markets for much of the three months, but eventually investors gave more consideration to valuations—a shift that contributed to the Fund’s outperformance.

Heartland Value Fund 1Q14 Portfolio Manager Commentary

3/31/2014

Portfolio holdings benefited from mergers and acquisitions (M&A) activity. We believe conditions could support more such transactions in the months to come.

Heartland International Value Fund 1Q14 Portfolio Manager Commentary

3/31/2014

After a strong run in 2013, most Japanese indices retreated in the first quarter. We believe the country still offers compelling value, reflected in low price/book ratios.

Heartland in the News

Heartland portfolio managers and analysts frequently share their contrarian value investing knowledge and insights with the media. Team members have been interviewed by market news outlets such as CNBC, Bloomberg, Barron's, Forbes, Kiplingers, and The Wall Street Journal.

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Heartland Advisors Portfolio Manager Colin McWey

Opportunities in the Mid-Cap Space, says Portfolio Manager Colin McWey

3/29/2014

Pent-up demand resulting from a long period of “bunker mentality” for small- and mid-size companies is showing itself. Heartland Portfolio Manager Colin McWey, CFA, shares why we see good reasons for companies to begin spending more.

Heartland Advisors Portfolio Manager Robert Sharpe

Heartland Portfolio Manager Discusses Achieving International Exposure

2/27/2014

International value exposure is better achieved by going across borders than through U.S. multi-nationals, says International Value Fund Portfolio Manager Robert C. Sharpe. He shared how we apply our value investing process to international companies and why we emphasize dividends with daily financial talk show host Chuck Jaffe.

Heartland Advisors Portfolio Manager Bradford Evans

Column by Portfolio Manager Bradford A. Evans in Milwaukee BizTimes

2/3/2014

Portfolio Manager Bradford A. Evans, CFA, explains how the enterprise multiple metric can be used to help identify true discounted companies.

Insight Briefs

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How to Leverage a Multi-Cap Strategy in a Style-Driven Asset Allocation

2/2014

To enhance efficiency, the Select Value Fund provides exposure to multiple asset classes with a single portfolio.

How to Leverage a Multi-Cap Value Strategy in a Core/Satellite Portfolio

2/2014

This popular investment structure can benefit from an allocation to the Select Value Fund.

How to Leverage a Multi-Cap Strategy in a Top-Down Portfolio Model

2/2014

The Select Value Fund can help provide a buffer against the impact of market volatility.

How an Active Multi-Cap Value Strategy Can Enhance a Passive Portfolio

2/2014

Adding an element of active management with the Select Value Fund can complement a diversified, index-based allocation.

White Papers

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Dividends: A Review of Historical Returns

2/2014

We examine historical evidence to consider how the risk/return profiles of dividend paying stocks compare with those of non-dividend paying stocks over various holding periods, during down markets, and during recoveries. We share the findings and summarize some of the potential pitfalls associated with various dividend-focused investment strategies.

An Investor's Opportunity to Cover the Bases

1/2014

We challenge the assumption that allocation decisions should be constrained within narrow capitalization ranges.

The Role Dividends Can Play in International Equity Investing

11/2013

Domestic equity investors have long understood the importance of dividends, but their value when investing globally is often overlooked. In this paper, we explore the return and risk profiles of small- and mid-cap international stocks based on their dividend yields.

Videos

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Nasgovitz Notes Value Investing Video Series

4/2014

Chairman, CIO, and Portfolio Manager Bill Nasgovitz and CEO and Portfolio Manager Will Nasgovitz address timely topics related to value investing, market trends, long-term investing, and the Heartland Funds.

Video Series: Portfolio Manager Perspectives

3/2014

Portfolio Managers provide their perspective on a variety of topics.

Video Series: Heartland's 10 Principles of Value Investing

2/2014

Investment Team members explain our investing process.

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Quarterly Fund factsheets and commentary

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©2014 Heartland Funds
789 N. Water Street, Suite 500, Milwaukee, WI 53202
Business Office: 414-347-7777
Shareholders: 800-432-7856
The Heartland Funds are distributed by ALPS Distributors, Inc.

 

Past performance does not guarantee future results. Performance represents past performance; current returns may be lower or higher. Performance information for institutional class shares prior to 5/1/2008, is based on the performance of investor class shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. All returns reflect reinvested dividends and capital gains distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Subject to certain exceptions, shares of a Fund redeemed or exchanged within 10 days (90 days for the International Value Fund) of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return.

In the Heartland Funds prospectus (pdf) dated 5/1/2013 and Heartland International Value Fund prospectus (pdf) dated 7/19/2013, the gross expense ratios for the Heartland Funds investor class shares were 1.21% for the Select Value Fund, 1.16% for the Value Plus Fund, and 1.09% for the Value Fund; and the total annual Fund operating expense after fee waiver and/or expense reimbursement for the International Value Fund was 1.49%. The gross expense ratios for the Heartland Funds institutional class shares were 0.89% for the Select Value Fund, 0.90% for the Value Plus Fund, and 0.93% for Value Fund; the International Value Fund has no institutional class. Heartland Advisors has contractually agreed to waive its management fees and/or reimburse expenses of the International Value Fund to ensure that total annual Fund operating expenses for the Fund do not exceed 1.49% of the Fund’s average net assets, through at least 5/1/2016, and subject thereafter to annual reapproval of the agreement by the Board of Directors. Without such waiver and/or reimbursements, the total annual Fund operating expenses would be 2.06%. As of 5/31/13, without waivers and/or reimbursements, the total annual Fund operating expenses of the predecessor Fund was 2.36%. Also, through 11/30/2001, the Advisor voluntarily waived a portion of the Select Value Fund's expenses. Without such waivers, total returns would have been lower.

An investor should consider the Funds’ investment objectives, risks, charges, and expenses carefully before investing. This and other important information may be found in the prospectus. To obtain a print prospectus, call 800-432-7856.

Until 10/1/2013, the International Value Fund was a series of the Trust for Professional Managers.

The Heartland International Value Fund is another mutual fund managed by Heartland Advisors, Inc. It is a series of the Trust for Professional Managers and is distributed by ALPS Distributors, Inc.

Economic predictions are based on estimates and are subject to change.

An active investment approach involves continually monitoring and modifying holdings through ongoing buying and selling activities designed to exploit profitable conditions. A passive investment approach involves limited buying and selling actions. Investments are purchased with the intention of long-term appreciation and limited maintenance.

Heartland’s investing glossary provides definitions for several terms used on this page.

Sector classifications are generally determined by referencing the Global Industry Classification Standard Codes developed by Standard & Poor’s and Morgan Stanley Capital International. Sector allocations are a percent of equity investments and subject to change.

The statements and opinions expressed herein are those of the presenter. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date of the video, and are subject to change without notice. All information is historical, not indicative of future results, and subject to change. The audience should not assume that an investment in the securities mentioned was or would be profitable in the future. This information is not a recommendation to buy or sell.

The above individuals are Registered Representatives of ALPS Distributors, Inc.

CFA is a trademark owned by CFA Institute.

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