Heartland Advisors
Heartland Advisors Small Cap Value Strategy
Small-cap Value
Jun 2025 → Sep 2026
Our archive holds 3 letters from this strategy, behind 2 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years · follow all of Heartland Advisors for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Small Cap Value Composite (Net of Advisory Fees)
- YTD+13.3%index +17.0%
- 1Y+16.8%index +20.8%
- 3Y · /yr+24.5%index +17.9%
- 5Y · /yr+13.9%index +7.8%
- 10Y · /yr+10.5%index +9.4%
- Inception · /yr+11.5%index +10.3%
Index: Russell 2000 Value
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Heartland Advisors Small Cap Value Strategy | +13.3% | +16.8% | +24.5% | +13.9% | +10.5% | +11.5% |
| Russell 2000 Value | +17.0% | +20.8% | +17.9% | +7.8% | +9.4% | +10.3% |
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
A recently added holding is Hillman Solutions (HLMN) .
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.
We reinitiated our position, paying a compelling single digit price-to-earnings multiple for a unique, growing, $15 billion industry leader.
Also held
Its investment theses
- i3 VerticalsJun 2026i3 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.
- Sonic AutomotiveJun 2026Sonic Automotive runs a profitable used-car platform with nationwide growth, consumer value appeal, strong buybacks, and an attractive single-digit valuation.