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Heartland Advisors

Dec 2024 → Sep 2026 · Publishes quarterly · 7 funds

Our archive holds 34 letters from Heartland Advisors, behind 46 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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34
Letters
22
Companies
8
Moves
46
Theses

6 strategies

Heartland Advisors publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Heartland Mid Cap Value Plus Fund.

What they bought and sold · 8 moves

  • New positionBentley Systems
    September 2026
    “Bentley Systems (BSY) , a newly initiated position during the quarter, is an example of a stock getting heavily discounted by a negative top-down industry narrative, with defensible and compelling long-term prospects.”
    Read the letter
  • New positionHillman Solutions Corporation
    September 2026
    “A recently added holding is Hillman Solutions (HLMN) .”
    Read the letter
  • AddedAcademy Sports and Outdoors, Inc.
    September 2026
    “In the summer, we added to our position in this $6 billion in sales retailer, after rival Dick’s Sporting Goods missed badly on its second quarter earnings.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter

Companies held · 22

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

Theses · 46

  • Integer Holdings
    September 2026

    Integer Holdings is a global medical device CDMO that the manager liked for its research-backed conviction, insider buying, and strategic optionality that ultimately led to a sale at a premium.

    Read the full thesis
  • Academy Sports and Outdoors
    September 2026

    Academy Sports and Outdoors is a $6 billion retailer with outdoor-recreation exposure, multiple operational catalysts, and an inexpensive valuation supported by aggressive share repurchases.

    Read the full thesis
  • Hillman Solutions
    September 2026

    Hillman Solutions supplies and manages fasteners for hardware retailers, with sticky partnerships, margin benefits, growth in the Pro channel and industrial fasteners, and a low valuation.

    Read the full thesis
  • Quaker Houghton
    September 2026

    Quaker Houghton supplies mission-critical metalworking fluids and is seen as a high-quality, undervalued beneficiary of improving industrial production, with a new CEO, share buybacks, and a long dividend-growth record.

    Read the full thesis
  • The Hanover Insurance Group, Inc.
    September 2026

    The Hanover Insurance Group serves small- to medium-sized businesses and is highlighted for disciplined capital allocation, steady premium and volume growth, and an attractive valuation.

    Read the full thesis
  • Tyler Technologies
    September 2026

    Tyler Technologies provides software to public sector customers and is seen as a long-term beneficiary of AI, supported by high switching costs, domain expertise, insider buying, and buybacks.

    Read the full thesis
  • Primo Brands Corp
    September 2026

    Primo Brands is a U.S. hydration company and the fund remains committed because of improving fundamentals, insider buying, buybacks, dividend growth, and a depressed valuation.

    Read the full thesis
  • Bentley Systems
    September 2026

    Bentley Systems provides critical infrastructure engineering software and is viewed as having a strong moat, high switching costs, and long-term sales and free cash flow upside.

    Read the full thesis
  • Watsco
    September 2026

    Watsco is the largest U.S. HVAC and refrigeration distributor, with management-driven technology investments, acquisition growth, and margin expansion potential.

    Read the full thesis
  • MarketAxess Holdings
    September 2026

    MarketAxess Holdings operates a leading corporate bond e-trading platform and was attractive due to operating leverage, market share gains, and takeout value.

    Read the full thesis
  • MarketAxess Holdings
    September 2026

    MarketAxess Holdings runs the largest U.S. corporate bond e-trading platform, and the fund stayed committed despite temporary volume headwinds and a takeover offer premium.

    Read the full thesis
  • 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

Letter archive · 34

2026

2025

2024

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