WMT - Heartland Value Fund Q1 2024 Portfolio Manager Commentary

2024-04-17 11:05:00 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.
• In a challenging quarter for small caps, the Heartland Value Fund returned 6.7%, outpacing the 2.9% gain for the benchmark. (For Fund).
• This is a classic value investor’s market, with the Russell 2000® Index trading at historic discounts to large stocks.
• While it’s impossible to tell when market leadership will broaden out, historically small caps have been strong beneficiaries of interest rate cuts.

"It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart."

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