Investment objective & strategy
As of April 29, 2025 · prospectusObjective. The Value Fund seeks long-term capital appreciation through investing in small companies.
Strategy. The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000 Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase. As of April 30, 2024, the largest market capitalization of a company in the Russell 2000 Value Index was $7.1 billion. The Fund utilizes Heartland Advisors disciplined and time-tested 10 Principles of Value Investing TM framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing are: catalyst for recognition, low price in relation to … The Value Fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000 Value Index, and may invest a portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase. As of April 30, 2024, the largest market capitalization of a company in the Russell 2000 Value Index was $7.1 billion. The Fund utilizes Heartland Advisors disciplined and time-tested 10 Principles of Value Investing TM framework to identify securities with the potential for appreciation and a potential margin of safety to limit downside risk. The 10 Principles of Value Investing are: catalyst for recognition, low price in relation to earnings, low price in relation to cash flow, low price in relation to book value, financial soundness, positive earnings dynamics, sound business strategy, capable management and insider ownership, value of the company, and positive technical analysis.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| CENTERRA GOLD IN | — | $32.02M | 3.29% |
| TEXAS CAPITAL BANCSHARES INC | — | $26.09M | 2.68% |
| TELEFLEX INC | — | $22.85M | 2.35% |
| CAPITAL CITY BANK GROUP INC | — | $21.73M | 2.23% |
| Silicon Motion Technology Corp. SPONSORED ADR | SIMO | $21.34M | 2.19% |
| VIPER ENERGY INC A | — | $21.15M | 2.17% |
| ENCORE CAPITAL G | — | $21.04M | 2.16% |
| ELDORADO GOLD | — | $20.60M | 2.12% |
| EZCORP INC CL A NON VTG | — | $17.77M | 1.83% |
| CENTURY COMMUNITIES INC | — | $15.78M | 1.62% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Heartland Value Plus Fund · HRVIX, HNVIX | 19% | 0.94% |
| Perritt MicroCap Opportunities Fund · PRCGX | 10% | 1.73% |
| GMO U.S. Small Cap Value Fund · GCAVX | 9% | 0.48% |
Advisers
| Firm | Role |
|---|---|
| Heartland Advisors | Adviser |
Footnotes
- Expense ratio as of April 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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