Heartland Mid Cap Value Fund’s Q3 2025 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” third-quarter 2025 investor letter. The portfolio increased 1.63% in the quarter, lagging behind the Russell Midcap® Value Index’s 6.18% gain. Stock selection was the primary contributor to the underperformance. The market witnessed the trends from Q2 accelerate, with optimism about the AI boom and rising electricity demand pushing large- and mid-cap growth stocks to new highs regardless of business model quality or valuation. Thus, the third quarter is a period when focusing on valuations can be detrimental. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of Heartland Mid Cap Value Fund’s Q3 2025 investor letter can be downloaded here.