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Heartland Value Fund’s Q3 2025 Investor Letter

Heartland Advisors, an investment management company, released its “Heartland Value Fund” third-quarter 2025 investor letter. Small-cap companies started to rebound in the quarter, with the Heartland Value Fund gaining 10.04% compared to a 12.60% return for the Russell 2000® Value Index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

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