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Heartland Advisors

Dec 2024 → Jun 2026 · Publishes quarterly · 7 funds

Our archive holds 26 letters from Heartland Advisors, behind 39 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.

Heartland Advisors’s own letters page
26
Letters
12
Companies
5
Moves
39
Theses

What they bought and sold · 5 moves

  • New positionMarketAxess Holdings Inc.
    June 2026
    “While ON was one of the Fund's top contributor last quarter, the biggest detractor to our Strategy's performance was MarketAxess Holdings (MKTX) , a position we initiated in the first quarter and built in the second quarter.”
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  • New positionInternational Flavors & Fragrances Inc.
    June 2026
    “A new deep-value holding is International Flavors and Fragrances (IFF) , a specialty ingredient producer that sells flavors, fragrances, and enzymes to food, beverage, personal care, household products, and human health product manufacturers.”
    Read the letter
  • TrimmedPhotronics, Inc.
    June 2026
    “Earlier this year, we reduced our stake in PLAB, a leading manufacturer of photomasks that are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication process.”
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  • New positionSonic Automotive
    June 2026
    “We reinitiated our position, paying a compelling single digit price-to-earnings multiple for a unique, growing, $15 billion industry leader.”
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  • TrimmedON Semiconductor Corporation
    June 2026
    “After more than doubling in price by early June, the stock reached our price target, and we reduced our weighting.”
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Companies held · 12

Every company Heartland Advisors has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 39

  • Photronics
    June 2026

    Photronics is the largest merchant photomask maker, benefiting from high barriers to entry, robust leading-edge and rebounding trailing-edge demand, and an attractive valuation with strong cash and margin potential.

    Read the full thesis
  • i3 Verticals
    June 2026

    i3 Verticals provides public-sector enterprise software, with durable workflow relationships, AI as a potential benefit, recurring revenue growth, margin expansion, and an undemanding valuation.

    Read the full thesis
  • Sonic Automotive, Inc.
    June 2026

    Sonic Automotive’s EchoPark used-car business has turned profitable, offers lower prices and nationwide growth, and is supported by buybacks, insider buying, and a low valuation.

    Read the full thesis
  • Unitil Corporation
    June 2026

    Unitil is an interstate gas and electric utility benefiting from natural-gas conversion trends in Maine and New Hampshire, with an attractive valuation versus peers.

    Read the full thesis
  • Century Communities, Inc.
    June 2026

    Century Communities is a single-family homebuilder trading below book value, with long-term upside from housing recovery and disciplined capital allocation through buybacks and dividends.

    Read the full thesis
  • ON Semiconductor Corporation
    June 2026

    ON Semiconductor is a power-management and image-sensing semiconductor company benefiting from silicon-carbide leadership, margin improvement, EV share gains, and AI datacenter tailwinds.

    Read the full thesis
  • MarketAxess Holdings
    June 2026

    MarketAxess operates the largest U.S. corporate bond e-trading platform and offers operating leverage, market-share gains, scale advantages, and an attractive valuation.

    Read the full thesis
  • International Flavors & Fragrances Inc.
    June 2026

    International Flavors & Fragrances is a specialty ingredient producer undergoing portfolio streamlining, margin improvement, and valuation re-rating potential versus Givaudan.

    Read the full thesis
  • Photronics
    June 2026

    Photronics is the largest merchant photomask maker, with barriers to entry, exposure to both leading-edge and trailing-edge semiconductor demand, and an attractive valuation with strong cash generation potential.

    Read the full thesis
  • i3 Verticals
    June 2026

    i3 Verticals provides public-sector enterprise software with embedded relationships, data and domain expertise, and potential for earnings acceleration, margin expansion, and strategic value at a discounted valuation.

    Read the full thesis
  • Sonic Automotive
    June 2026

    Sonic Automotive runs a profitable used-car platform with nationwide growth, consumer value appeal, strong buybacks, and an attractive single-digit valuation.

    Read the full thesis
  • Photronics, Inc.
    June 2026

    Photronics is the largest merchant photomask maker, benefiting from barriers to entry, AI-linked leading-edge demand, a rebound in trailing-edge demand, and an attractive valuation with strong cash generation potential.

    Read the full thesis

Letter archive · 26

2026

2025

2024

Funds · 7

  • Heartland Advisors Mid Cap Value Strategy7
  • Heartland Advisors Value Strategy6
  • Heartland Advisors Value Plus Fund5
  • Heartland Advisors Opportunistic Value Equity Strategy4
  • Heartland Advisors Small Cap Value Plus Strategy2
  • Heartland Advisors Small Cap Value Strategy2
  • Heartland Mid Cap Value Plus Fund0

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