SRCL - Heartland Mid Cap Value Fund Q2 2024 Portfolio Manager Commentary

2024-07-19 09:50:00 ET

Summary

• Heartland Advisors is a boutique, independent investment firm in Milwaukee, WI. Our value-focused, actively managed product suite includes distinct U.S. and international investing strategies, which are offered through five mutual funds and four separately managed accounts.
• At the end of an up-and-down quarter, investors seemed to become more aware of the risks ahead, including demand destruction spreading across the economy.
• Our underperformance was driven as much by the stocks we are avoiding — because of speculative business models and/or extended valuations — as the companies we own.
• The mixed quarter demonstrated the importance of being confident in your holdings regardless of which direction the market takes, by focusing on attractively priced companies with internal catalysts that can drive appreciation.

It has been challenging to reflect on how the market has behaved lately because so far this year, every month has felt different. The second quarter was no exception....

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