Heartland Advisors
Heartland Advisors Value Plus Fund
US Mid-cap Value
Dec 2024 → Sep 2026
Our archive holds 6 letters from this strategy, behind 10 investment theses and positions in 13 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.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Class
- YTD+15.0%index +17.0%
- 1Y+14.7%index +20.8%
- 3Y · /yr+7.6%index +17.9%
- 5Y · /yr+3.3%index +7.8%
- 10Y · /yr+8.6%index +9.4%
- Inception · /yr+9.4%index +9.7%
Index: Russell 2000 Value
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Heartland Advisors Value Plus Fund | +15.0% | +14.7% | +7.6% | +3.3% | +8.6% | +9.4% |
| Russell 2000 Value | +17.0% | +20.8% | +17.9% | +7.8% | +9.4% | +9.7% |
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 →Also held
Its investment theses
- Quaker HoughtonSep 2026Quaker Houghton supplies mission-critical metalworking fluids and is seen as a high-quality, undervalued beneficiary of improving industrial production, with a new CEO, share buybacks, and a long dividend-growth record.
- The Hanover Insurance Group, Inc.Sep 2026The Hanover Insurance Group serves small- to medium-sized businesses and is highlighted for disciplined capital allocation, steady premium and volume growth, and an attractive valuation.
- Tyler TechnologiesSep 2026Tyler Technologies provides software to public sector customers and is seen as a long-term beneficiary of AI, supported by high switching costs, domain expertise, insider buying, and buybacks.
- Primo Brands CorpSep 2026Primo Brands is a U.S. hydration company and the fund remains committed because of improving fundamentals, insider buying, buybacks, dividend growth, and a depressed valuation.
- Century Communities, Inc.Jun 2026Century Communities is a single-family homebuilder trading below book value, with long-term upside from housing recovery and disciplined capital allocation through buybacks and dividends.
- Builders FirstSource, Inc.Dec 2025Builders FirstSource is the largest building products distributor with value-added components, insider alignment and buybacks, and significant EPS and EBITDA upside in a housing recovery at an attractive sub-11x EBITDA valuation.
- WESCO International, Inc.Dec 2025WESCO International is a logistics and supply chain solutions provider poised for recovery and margin expansion from automation savings, offering potential double-digit EPS growth while trading at low sales and EBITDA multiples.
- Envista Holdings Corp.Jun 2025Envista Holdings Corp. is a resilient dental equipment supplier showing better-than-expected demand and positive management initiatives despite recent economic concerns, trading at a significant discount to its historical earnings multiple.
- Gates Industrial Corporation plcJun 2025Gates Industrial Corporation plc (GTES) is a well-positioned small-cap manufacturer benefiting from strong replacement demand and ongoing cost optimization, making it an attractive investment despite recent tariff concerns.
- Silicon Motion Technology Corp.Jun 2025Silicon Motion Technology Corp. is a promising investment due to its transition toward higher-margin data center products and potential undervaluation despite recent market fluctuations.