Heartland Advisors
Heartland Advisors Mid Cap Value Strategy
US Mid-cap Value
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 9 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Heartland Advisors for every strategy.
What it bought and sold
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.
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.
After more than doubling in price by early June, the stock reached our price target, and we reduced our weighting.
Its investment theses
- ON Semiconductor CorporationJun 2026ON Semiconductor is a power-management and image-sensing semiconductor company benefiting from silicon-carbide leadership, margin improvement, EV share gains, and AI datacenter tailwinds.
- MarketAxess HoldingsJun 2026MarketAxess operates the largest U.S. corporate bond e-trading platform and offers operating leverage, market-share gains, scale advantages, and an attractive valuation.
- International Flavors & Fragrances Inc.Jun 2026International Flavors & Fragrances is a specialty ingredient producer undergoing portfolio streamlining, margin improvement, and valuation re-rating potential versus Givaudan.
- J.B. Hunt Transport Services, Inc.Dec 2025J.B. Hunt Transport Services is a scaled intermodal freight operator with cost and scale advantages, improving margins, strong cash flow and balance sheet, active buybacks, and a valuation discount to the industrial sector.
- MarketAxess Holdings Inc.Dec 2025MarketAxess Holdings is the leading U.S. electronic corporate bond trading platform with strong margins, renewed share gains under new leadership, international growth opportunities, and a valuation discount relative to exchange peers.
- Lam Research CorporationSep 2025Lam is well-positioned to capitalize on the structurally profitable SemiCap industry, leveraging its dominance in the Etch market and strong relationships with Memory customers to gain market share amid a recent upcycle.
- Everest Group LTDJun 2025Everest Group LTD is a Deep Value global insurer trading at a heavily discounted valuation due to previous management's poor underwriting decisions, now being repositioned by new leadership through a shrink-to-grow strategy.
- Hubbell IncJun 2025Hubbell Inc is a leading electrical component manufacturer now attractively priced after a strategic shift towards utility markets, benefiting from ongoing demand for infrastructure upgrades.
- SyscoDec 2024Sysco is leveraging a transformative self-help strategy with enhanced digital capabilities and specialty services to capture market share and drive growth in the fragmented food service distribution industry.