Heartland Advisors, an investment management company, released its “Heartland Value Plus Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In one aspect, it was a difficult quarter for small-cap investors as the Russell 2000 Index fell 3.28% while the S&P 500 Index gained 4.28%. The strategy was down 7.37% compared to the Russell 2000 Small-Cap Value Index’s 3.64% returns. The underperformance was due to the stock selection in the Consumer...
