Heartland Advisors Value Fund’s Q4 2023 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 11.7% in the quarter, trailing the 15.3% gains for the Russell 2000 Value Index. The underperformance was attributed to security selection in addition to the strong rally in early cycle sectors where the fund was underweighted. For the full year, the fund returned 17.1% versus 14.7% for the benchmark, stock selection led to the outperformance of the fund in 2023. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.