Heartland Advisors, an investment management firm, published its “Heartland Value Plus Fund” fourth-quarter 2021 investor letter – a copy of which can be seen here. According to the fund, the migration into large-cap companies that started midyear continued during the quarter but shares of smaller businesses still posted solid returns for the period. Stock selection for the portfolio was mixed, and the strategy was up on an absolute basis but modestly lagged its benchmark, the Russell...
