Heartland Advisors Mid Cap Value Fund’s Q3 2022 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Mid Cap Value Investor Class returned -5.06% and Mid Cap Value Institutional Class returned -5.03% compared to a -4.93% return for the Russell Midcap Value Index. Initially, in the third quarter, the fund lagged behind its benchmark, the Russell Mid Cap Value Index. But at the end of the third quarter, the fund was able to close the gap compared to the benchmark index and outperformed year-to-date. Security selection contributed to the fund’s performance in the quarter. Financials and Utility sectors outperformed, while Consumer Discretionary, Consumer Staples, and Energy sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.