Heartland Advisors
Heartland Advisors Opportunistic Value Equity Strategy
Large-cap Value
Dec 2024 → Sep 2026
Our archive holds 5 letters from this strategy, behind 6 investment theses and positions in 11 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years · follow all of Heartland Advisors for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Opportunistic Value Equity Composite (Net of Advisory Fees)
- YTD+14.2%index +19.2%
- 1Y+15.5%index +23.7%
- 3Y · /yr+14.4%index +20.0%
- 5Y · /yr+10.5%index +11.7%
- 10Y · /yr+10.7%index +11.3%
- Inception · /yr+10.2%index +8.4%
Index: Russell 3000® Value
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Heartland Advisors Opportunistic Value Equity Strategy | +14.2% | +15.5% | +14.4% | +10.5% | +10.7% | +10.2% |
| Russell 3000® Value | +19.2% | +23.7% | +20.0% | +11.7% | +11.3% | +8.4% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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.
While TXN was one of our top contributors 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.
Also held
Its investment theses
- MarketAxess HoldingsSep 2026MarketAxess 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.
- MSA SafetyJun 2026MSA Safety makes firefighting and industrial safety equipment, with margin expansion expected from higher-margin gas detectors and SCBAs, a subscription transition, and an attractive valuation versus peers.
- AmazonSep 2025Amazon.com is currently undervalued given its dominant e-commerce business and high-margin investments in areas like AWS and advertising, trading at a discount to the S&P 500 and Walmart despite strong cash flow potential.
- Applied Materials, Inc.Jun 2025Applied Materials is poised for growth due to its dominant position in semiconductor manufacturing, favorable market trends, and strong insider support.
- Becton DickinsonJun 2025BDX is undervalued at a 20% discount to healthcare peers, despite its strong position in the market and potential for growth amid recent challenges.
- Hexcel CorporationDec 2024Hexcel Corporation (HXL) is a promising investment opportunity due to its potential for growth in the recovering commercial aerospace market and attractive valuation relative to cash flow.