Heartland Mid Cap Value Fund’s Q4 2025 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” fourth-quarter 2025 investor letter. As the overall stock market continues to widen, mid-caps are not experiencing the same. The high-quality value stocks continue to underperform, while speculative, low-quality, and momentum-driven sections of the market have received significant attention, and the valuation gaps are widening further. Against this backdrop, the Fund’s portfolio lost 1.92% in the quarter, versus the Russell Midcap® Value Index’s 1.42% return. The underperformance of its Quality Value holdings hit the performance of the strategy in the quarter. 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 Q4 2025 investor letter can be downloaded here.