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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Why Value Investing Isn't Going the Way of Bellbottoms and Tie Dye

12/2014 - 2:58

Long-term value investing seems to be out of fashion in today's market. Yet, as the Heartland Value Fund celebrates its 30th year, its founding Portfolio Manager Bill Nasgovitz discusses his commitment to the style and to small- and micro-cap stocks.

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Heartland Advisors Portfolio Manager Will Nasgovitz

Don’t Accuse Us of Jumping on a Bandwagon

11/2014 - 2:49

Like others, we think holiday season spending should be strong and benefit Consumer Discretionary stocks. But, as recently as January, we were actually quite cautious about this group. CEO and Portfolio Manager Will Nasgovitz explains why we were hesitant then, and what has changed to cause us to warm up to the sector.

Heartland Advisors Portfolio Manager Will Nasgovitz

Is November 1 the Small-Cap Tipping Point?

10/2014 - 4:40

CEO and Portfolio Manager Will Nasgovitz considers why small-caps have underperformed, when it could change, and what it means for Heartland.

Portfolio Manager Perspective

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Why We Expect Japan to Regain Favor with Investors

12/2014

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.

The Value in Banks

10/2014

Banks have not fully participated in market advances, but we believe they stand to benefit from growth in loan demand, rising short rates, or both. Portfolio Manager of the Value Fund and Value Plus Fund Bradford A. Evans, CFA, shares why we see opportunity for both earnings growth and multiple expansion.

Heartland Advisors Portfolio Manager Adam Peck

Small-Cap Valuations: Way Too High or Room to Run?

4/2014

Small-company stocks have posted strong performance for many quarters. Does that mean they’ve run out of steam? We don’t believe so—and here are a few reasons why.

Market Update Letter to Shareholders

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‘There are no new eras -- excesses are never permanent.’

9/30/2014

The quote above is the third of Bob Farrell’s 10 Market Rules to Remember. It is timely, as value investors struggle to keep up with what’s hot: momentum-driven sectors. The market has moved against small-cap stocks, resulting in increased opportunity to find attractively valued businesses.

Bullish on America and Long-Term Investing

6/30/2014

U.S. businesses are generally stronger and more profitable today than before one of the most severe financial crises in our country's history. We expect continuing economic expansion.

Fund Performance Commentary

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Heartland Select Value Fund 3Q14 Portfolio Manager Commentary

9/30/2014

The market shift away from perceived risk to larger stocks was especially costly to the Fund relative to its benchmark, yet we believe our small-cap holdings have greater upside opportunity given their moderate exposure to challenged international economies.

Heartland Value Plus Fund 3Q14 Portfolio Manager Commentary

9/30/2014

Our Energy names took a step back this quarter after a very strong run in the first half of the year, yet year-to-date our selection effect remains positive. We continue to hold the long-term view that the value inherent in our names has not changed and will be recognized.

Heartland Value Fund 3Q14 Portfolio Manager Commentary

9/30/2014

Year-to-date, the Fund is outpacing its benchmark by over 200 basis points, although it underperformed for the quarter. Our holdings in Energy, a sector broadly hurt by declining commodity prices, Financials, and Health Care dampened returns; stock selection within Industrials was a bright spot.

Heartland International Value Fund 3Q14 Portfolio Manager Commentary

9/30/2014

The Fund outperformed its benchmark for the quarter and is also outpacing on a year-to-date basis. Holdings in Japan and emerging markets, two areas where we are overweight, have driven the outperformance.

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 Bradford A. Evans

PM Demonstrates How Heartland Evaluates Management and Insider Ownership

11/16/2014

Senior Vice President and Portfolio Manager Bradford A. Evans, CFA, applies several criteria from Heartland’s 10 Principles of Value Investing to weigh in on an out-of-favor stock.

Heartland Advisors CEO Will Nasgovitz

Heartland CEO Will Nasgovitz Featured as NAPFA Magazine’s July Cover Story

7/2014

From the origins of our 10 Principles of Value Investing, to our outlook for a variety of market sectors today, the National Association of Personal Financial Advisors inquires about several topics in this in-depth Q&A with Will Nasgovitz.

Heartland Advisors CEO Will Nasgovitz

Heartland CEO Gives His Take on Small-Cap Valuations

7/18/2014

It’s mostly the lower-quality, more speculative subset of small-caps that are making the whole category appear overvalued, says Will Nasgovitz.

Insight Briefs

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

10/2014

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

10/2014

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

10/2014

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

10/2014

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

Free Cash Flow Yield Tops 10-Year Treasury

8/2014

Free cash flow can be an indicator of a company’s fundamental value and the potential for increased stock price. We believe stocks today are attractive because of this appreciation potential, as well as their high yield as compared to the 10-year Treasury.

White Papers

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An Investor's Opportunity to Cover the Bases

10/2014

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.

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.

Videos

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Nasgovitz Notes Value Investing Video Series

12/2014

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

11/2014

Portfolio Managers provide their perspective on a variety of topics.

Video Series: Heartland's 10 Principles of Value Investing

5/2014

Investment Team members explain our investing process.

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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 prospectus (pdf) dated 5/1/2014, the gross expense ratios for investor class shares were 1.20% for the Select Value Fund, 1.14% for the Value Plus Fund, and 1.08% for the Value Fund; the gross expense ratios for institutional class shares were 0.88% for the Select Value Fund, 0.84% 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 10/31/2014, 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 1.99% for investor class shares and 1.74% for institutional class shares. In the prospectus (pdf) dated 5/1/2014, 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 2.00%.

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 Heartland Funds prospectus (pdf) or Heartland Mid Cap Value Fund 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.

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 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.

As of 9/30/2014, the Heartland Value Fund's cumulative return was 3,332.49% since the Fund's inception. Over the same time period, the Russell 2000® Value Index returned 2,361.85%.

View full performance as of the most recent month end

The Value Fund primarily invests in small companies selected on a value basis. Such securities generally are more volatile and less liquid than those of larger companies.

Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market.

Security valuations are based on Heartland Advisors’ estimates as calculations.

As of 9/30/2014, Badger Meter Inc. represented 0.00% of the Value Fund’s total net assets.

Portfolio holdings are subject to change without notice. Current and future portfolio holdings are subject to risk.

Heartland Advisors considers large-caps to be larger than $15 billion in market cap, mid-caps to be $2 billion to $15 billion, small-caps to be $300 million to $2 billion, and micro-caps to be less than $300 million. This breakdown does not include short-term investments. Portfolio holdings are subject to change without notice.

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