Heartland Advisors
Heartland Advisors Opportunistic Value Equity Strategy
Large-cap Value
Dec 2024 → Jun 2026
Our archive holds 4 letters from this strategy, behind 6 investment theses and positions in 7 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years — follow all of Heartland Advisors for every strategy.
What it bought and sold
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
- 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.
- MarketAxess HoldingsJun 2026MarketAxess operates the largest U.S. corporate bond e-trading platform and is seen as attractively valued with operating leverage, market share gains, and scale advantages supporting a multi-year profit growth cycle.
- 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.