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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Home is Where the Grown Kids Are

8/2014 - 3:30

There seems to be consensus in the idea that younger Americans will never leave their parents’ basements or rental apartments to become first-time homeowners. In situations like this, when the crowd is looking one way, sometimes looking in the opposite direction provides attractive long-term investment ideas.

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Heartland Advisors Portfolio Manager Will Nasgovitz

2014 Comebacks: Michael Phelps, Monica Lewinsky … and Treasury Yields?

7/2014 - 3:19

What’s happening with the two-year Treasury yield may not be as interesting or sensational as other comebacks, but we think it may bode well for our portfolios. CEO and Portfolio Manager Will Nasgovitz explains.

Heartland Advisors Portfolio Manager Will Nasgovitz

Throwing in the Towel? Not so Fast.

6/2014 - 2:57

Many market commentators have written off Millennials as a “lost generation of investors,” but from our contrarian and long-range viewpoint, we think some patience is warranted.

Portfolio Manager Perspective

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The Value in Banks

8/2014

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.

Putting Macro Trends in Context: What do They Mean to a Bottom-Up Investor?

7/2014

Select Value Fund Portfolio Manager Will Nasgovitz discusses how macroeconomic trends factor into the fundamental, bottom-up stock selection process used to manage our our multi-cap strategy.

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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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.

Discipline Still Matters

3/31/2014

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

Fund Performance Commentary

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Heartland Select Value Fund 2Q14 Portfolio Manager Commentary

6/30/2014

Within our benchmark, small-cap stocks are not only posting unfavorable returns, they are also significantly underperforming their mid- and large-cap counterparts, resulting in a headwind for the Fund on a relative basis as it is overweight small-caps.

Heartland Value Plus Fund 2Q14 Portfolio Manager Commentary

6/30/2014

Energy was our strongest contributor for the quarter and, looking forward, a wide range of economic indicators appear to be at positive inflection points.

Heartland Value Fund 2Q14 Portfolio Manager Commentary

6/30/2014

Strong contributions from Health Care and Industrial sector names lead the Fund to outperform its benchmark, while a stealth bear market in small-caps presented our research team with new value opportunities to explore.

Heartland International Value Fund 2Q14 Portfolio Manager Commentary

6/30/2014

Market conditions came to favor our portfolio this quarter as emerging markets shook off the bad news associated with geo-political headlines to soundly beat the developed markets within the benchmark.

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 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.

Heartland Advisors Portfolio Manager Robert C. Sharpe

We’re Finding Value in Emerging Markets, Says International Fund Manager

6/27/2014

Portfolio Manager Robert C. Sharpe describes how he applies the 10 Principles of Value Investing on an international scale during an interview with daily financial talk show host Chuck Jaffe. He also explains why we think the Heartland International Value Fund is attractively valued today.

Insight Briefs

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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.

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

7/2014

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

7/2014

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

7/2014

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

7/2014

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

White Papers

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An Investor's Opportunity to Cover the Bases

7/2014

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

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.

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

8/2014

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

5/2014

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 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, 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.

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.

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 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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