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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Viewer Discretion Advised

3/2015 - 1:50

One of the most-volatile and worst-performing sectors so far this year has been a group of stocks usually associated with stability. CEO and Portfolio Manager Will Nasgovitz explains what’s going on in Utilities, how it may foreshadow volatility to come, and the reminder it provides about the importance of fundamentals.

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Value investing Portfolio Manager Will Nasgovitz

'Show Me the Money!'

2/2015 - 3:01

The U.S. dollar has strengthened relative to other currencies, but the heightened systemic risk we see in the broader markets today makes answering the question, “Is this a good thing?” more difficult.

What’s Good for Main Street may not be Good for Wall Street

1/2015 - 3:51

We consider the current status of five of our favorite economic indicators for determining whether a recession is lurking in the shadows.

Portfolio Manager Perspective

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Heartland Advisors Value Investing Portfolio Manager Colin McWey

Why Catalysts and Context Matter

4/2015

The difference between an unloved laggard and an attractive investment opportunity often begins with perception. Here is a look at internal catalysts and their importance in changing investors’ views and company results.

Why We Expect Japan to Regain Favor with Investors

4/2015

Despite the consensus view that Japanese stocks are inexpensive, investors have generally avoided the space, perhaps because Japan has disappointed in the past. We think the tide is about to change, and Portfolio Manager of the Heartland International Value Fund Robert C. Sharpe explains why.

How Micro-Caps Add Value to a Small-Cap Value Strategy

3/2015

Value Fund Portfolio Managers Bradford A. Evans, CFA, and Bill Nasgovitz share why they emphasize exposure to micro-caps as part of a small-cap strategy.

Market Update Letter to Shareholders

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Safety: The Missing Variable in Today’s Investing Equation

3/31/2015

Benjamin Graham’s view that safety is key to a true investment provides a much needed counterweight to some of the distortions in today’s environment. We view recent market movements as another sign that fundamental analysis is essential in identifying investment opportunities.

Fund Performance Commentary

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Heartland Select Value Fund 1Q15 Portfolio Manager Commentary

3/31/2015

Allocation decisions in multiple sectors helped the Fund beat its benchmark for the quarter. It benefited from stock selection in Information Technology, Materials, and Industrials—three areas where we are overweight and finding attractive exposure to economic growth at reasonable valuations.

Heartland Mid Cap Value Fund 1Q15 Portfolio Manager Commentary

3/31/2015

Stock selection in Materials and several areas of Information Technology helped bolster returns and led the Fund to outperform its benchmark.

Heartland Value Plus Fund 1Q15 Portfolio Manager Commentary

3/31/2015

Our bottom-up stock analysis is focused on companies that are able to improve margins regardless of macro factors. In light of the challenging quarter for the Fund and momentum-driven market environment, we continue to see value in Consumer Discretionary, Industrials, Materials, and Energy—areas where we believe valuations are low and the risk–reward dynamic is favorable.

Heartland Value Fund 1Q15 Portfolio Manager Commentary

3/31/2015

The Fund was up for the quarter, yet lagged its benchmark. We believe small-cap stocks are poised to benefit from the strength of the U.S. dollar and are finding compelling ideas in areas tied to consumer spending.

Heartland International Value Fund 1Q15 Portfolio Manager Commentary

3/31/2015

U.S. dollar strength had a significant impact on overseas markets and the portfolio this quarter, which trailed its benchmark. We believe the Eurozone will keep pace with or exceed U.S. economic growth in the coming quarters and remain constructive on Japan.

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 Value Fund Portfolio Management Team

Forbes Features the Heartland Value Fund

5/4/2015

“The Guy With The Kitty Litter Stock” highlights reasons to look at the Heartland Value Fund now, during this late-stage bull market. The author highlights some of the Fund’s “unglamorous” holdings and interviews Portfolio Managers Bill Nasgovitz and Bradford A. Evans, CFA.

Heartland Advisors Value Investing Manager Robert Sharpe

International Value Fund PM Interviewed About Aerospace & Defense Stock

4/9/2015

Portfolio Manager Robert C. Sharpe was asked to comment about leadership changes impacting a company within the Aerospace & Defense industry.

Heartland Advisors value investing Portfolio Manager Bradford Evans

Bradford A. Evans Interviewed on Bloomberg Surveillance

3/19/2015

Tom Keene and Michael McKee interview Portfolio Manager Bradford A. Evans, CFA. In the radio interview, Evans explains the dynamics creating tough conditions for small-cap value and provides examples of how Heartland’s 10 Principles of Value Investing are applied in today’s market.

Insight Briefs

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

4/2015

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

4/2015

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

4/2015

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

4/2015

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

2/2015

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

1/2015

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

The Role Dividends Can Play in International Equity Investing

8/2014

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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Video Series: Portfolio Manager Perspectives

4/2015

Portfolio Managers provide their perspective on a variety of topics.

Nasgovitz Notes Value Investing Video Series

3/2015

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: Heartland's 10 Principles of Value Investing

5/2014

Investment Team members explain our investing process.

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Quarterly Fund factsheets and commentary

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©2015 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 of Funds that existed 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.

Utilities' performance 3/6/2015 is measured by the S&P 500 Utilities Sector.

In the prospectus (pdf) dated 5/1/2015, the gross expense ratios for investor class shares were 1.20% for the Select Value Fund, 1.14% for the Value Plus Fund, and 1.07% for the Value Fund; the gross expense ratios for institutional class shares were 0.88% for the Select Value Fund, 0.89% for the Value Plus Fund, and 0.91% for Value Fund. The Advisor has voluntarily agreed to waive fees and/or reimburse expenses with respect to the institutional class, to the extent necessary to maintain the institutional class “Net Annual Operating Expenses” at a ratio not to exceed 0.99% of average daily net assets. 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. In the prospectus (pdf) dated 5/1/2015, the total annual Fund operating expenses after fee waiver and/or expense reimbursement for the Mid Cap Value Fund is 1.25% for investor class shares and 0.99% for institutional class shares. The Advisor has contractually agreed to waive its management fees and/or reimburse expenses of the Mid Cap Value Fund to ensure that total annual Fund operating expenses for the Fund do not exceed 1.25% of the Fund’s average net assets for investor class shares and 0.99% for institutional class shares, through at least 10/31/2017, 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 9.62% for investor class shares and 9.36% for institutional class shares. In the prospectus (pdf) dated 5/1/2015, the total annual Fund operating expense after fee waiver and/or expense reimbursement for the International Value Fund was 1.49%. 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 1.76%.

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing. This and other important information may be found in the prospectus (pdf). 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.

On 5/1/2014, the International Value Fund’s benchmark changed from the MSCI AC World Index ex USA Small Cap Value to the Russell Global® ex-U.S. Small Cap Value Index. The primary reason for the change is this benchmark’s definition of value is based on the fundamental attributes of individual securities, which better aligns with the Fund’s investment strategy.

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

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

Industry and 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 portfolios' investments and portfolio managers' views as of the date produced, 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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