Heartland Advisors
Heartland Advisors Value Strategy
US Mid-cap Value
Dec 2024 → Sep 2026
Our archive holds 8 letters from this strategy, behind 14 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years · follow all of Heartland Advisors for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+17.2%index +17.0%
- 1Y+20.4%index +20.8%
Index: Russell 2000® Value
| YTD | 1Y | |
|---|---|---|
| Heartland Advisors Value Strategy | +17.2% | +20.4% |
| Russell 2000® Value | +17.0% | +20.8% |
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.
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
- Integer HoldingsSep 2026Integer Holdings is a global medical device CDMO that the manager liked for its research-backed conviction, insider buying, and strategic optionality that ultimately led to a sale at a premium.
- Academy Sports and OutdoorsSep 2026Academy Sports and Outdoors is a $6 billion retailer with outdoor-recreation exposure, multiple operational catalysts, and an inexpensive valuation supported by aggressive share repurchases.
- Hillman SolutionsSep 2026Hillman Solutions supplies and manages fasteners for hardware retailers, with sticky partnerships, margin benefits, growth in the Pro channel and industrial fasteners, and a low valuation.
- 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.
- 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.