Heartland Advisors Mid Cap Value Fund’s Q4 2023 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the portfolio moved up more than 7.5% compared to a 12.1% increase in the Russell Midcap Value Index. Due in part to the large increase in value that highly leveraged and speculative equities have seen since late October, part of the underperformance was due to the companies that the fund doesn’t own. The Fund posted 13.4% in 2023 versus 12.7% gains for the benchmark. Stock selection led the outperformance in the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.