Heartland Advisors
Heartland Advisors Small Cap Value Strategy
Small-cap Value
Jun 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 3 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years — follow all of Heartland Advisors for every strategy.
What it bought and sold
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
- PhotronicsJun 2026Photronics is the largest merchant photomask maker, with barriers to entry, exposure to both leading-edge and trailing-edge semiconductor demand, and an attractive valuation with strong cash generation potential.
- 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.