Heartland Value Plus Fund’s Q1 2026 Investor Letter

Heartland Advisors, an investment management company, released its first-quarter 2026 investor letter for the “Heartland Value Plus Fund”. Improving market breadth was noted in the first quarter, with the Russell 2000® Index rising by 0.89%, while the S&P 500 Index declined by 4.33%. However, the onset of military conflict in Iran has negatively impacted both the broad market and small-cap companies since late February. Historical trends suggest that reactions to such short-term geopolitical events should be tempered, emphasizing the importance of focusing on long-term market drivers, offering optimism. Against this backdrop, the strategy appreciated 4.95% in the first quarter, compared with the 4.96% gain for the Russell 2000® Value Index. The first quarter was challenging for artificial intelligence stocks, while it proved to be strong for small-cap tech stocks. In addition, you can check the Fund’s top 5 holdings to determine its best picks for 2026.

A copy of Heartland Value Plus Fund’s Q1 2026 investor letter can be downloaded here.