Heartland Advisors
Heartland Advisors Value Strategy
US Mid-cap Value
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 13 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Heartland Advisors for every strategy.
What it bought and sold
Earlier this year, we reduced our stake in PLAB, a leading manufacturer of photomasks that are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication process.
We reinitiated our position, paying a compelling single digit price-to-earnings multiple for a unique, growing, $15 billion industry leader.
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, benefiting from high barriers to entry, robust leading-edge and rebounding trailing-edge demand, and an attractive valuation with strong cash and margin potential.
- i3 VerticalsJun 2026i3 Verticals provides public-sector enterprise software, with durable workflow relationships, AI as a potential benefit, recurring revenue growth, margin expansion, and an undemanding valuation.
- Sonic Automotive, Inc.Jun 2026Sonic Automotive’s EchoPark used-car business has turned profitable, offers lower prices and nationwide growth, and is supported by buybacks, insider buying, and a low valuation.
- Unitil CorporationJun 2026Unitil is an interstate gas and electric utility benefiting from natural-gas conversion trends in Maine and New Hampshire, with an attractive valuation versus peers.
- Photronics, Inc.Jun 2026Photronics is the largest merchant photomask maker, benefiting from barriers to entry, AI-linked leading-edge demand, a rebound in trailing-edge demand, and an attractive valuation with strong cash generation potential.
- i3 Verticals, Inc.Jun 2026i3 Verticals provides public-sector enterprise software with sticky workflows, data and domain expertise advantages, improving earnings and margins, and a discounted valuation that could attract a strategic buyer.
- Sonic Automotive, Inc.Jun 2026Sonic Automotive owns a profitable EchoPark used-car business, benefits from a consumer-friendly value proposition and buybacks, and trades at a compelling single-digit earnings multiple.
- Unitil CorporationJun 2026Unitil is a regulated gas and electric utility benefiting from customer switching from heating oil to natural gas, supportive conversion programs, and an attractive valuation versus peers.
- Columbus McKinnon CorporationDec 2025Columbus McKinnon Corporation is an industrial material handling company with a transformative acquisition, margin expansion and deleveraging targets, and potential rerating toward peer valuations.
- Dentsply Sirona, Inc.Jun 2025Dentsply Sirona, Inc. is a leading dental equipment supplier undergoing a management-led turnaround despite challenges in the global market, with recent Q1 results indicating early signs of improved performance.