Heartland Advisors Value Plus Fund’s Q3 2023 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Value Plus Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy was down approximately 5% underperforming the Russell 2000 Small-Cap Value Index’s -2.96% returns. The outperformance of the strategy over the past five years was attributed to the stock selection. However, this was not the case in the third quarter, the selection effect detracted in most sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.