Quarterly Letters to Shareholders

Communicating from the Heartland

Our quarterly letters provide a review of recent fund performance and market insight. Our philosophy and process for value investing, and often contrarian views, are frequently featured in these letters.

Most Recent Shareholder Letter

• Safety in the Stock of Quality Companies? - 4th Quarter 2011 
  As fund flows return from bonds to equities as they have historically, we believe the patient, value-oriented investors will be compensated for their perseverance. Read more. 

Archived Shareholder Letters

• Staying True to Value Investing - 3rd Quarter 2011 
  We strongly believe there is no substitute for active management, grounded in intensive fundamental research. Read more. 

• Focusing in on Fundamentals - 2nd Quarter 2011 
  Amongst the market chaos, we believe there is opportunity for value investors.  Read more. 

• Finding Opportunites in Difficult Markets - 1st Quarter 2011 
  At Heartland, we continue to adhere to our 10 Principles of Value Investing™ to find great businesses selling at value prices.  Read more. 

• Following 2010, What are the Investment Implications for the New Year? - 4th Quarter 2010 
  We offer reasons for an optimistic outlook, as well as issues that concern us.  Read more. 

• Active Stock Pickers Can Flourish in Closely Correlated Market - 3rd Quarter 2010 
  A closely correlated market can create more opportunities for research minded investors.  Read more. 

• Why We Believe Today is a Great Time to be Hunting for Value - 2nd Quarter 2010 
  Historically, one of the most reliable economic indicators has been the yield curve, or the difference between long and short-term interest rates. Investors may be pessimistic, but in our opinion today is a great time to be hunting for value. Read more.

• Is Now the Time to Invest in Equities? - 1st Quarter 2010 
  Withdrawing from the market, or sitting on cash, may cause an investor to miss those critical few days of market vibrancy. Our chart shows S&P 500 performance if you take a long-term investment approach vs. withdrawing from the market during bear markets. Read more.

• Panic Presented Opportunity for the Heartland Shareholder - 4th Quarter 2009 
  Through in-depth research and meetings with hundreds of management teams each year, Heartland strives to uncover solid businesses selling at a fraction of their true worth, as we believe these companies will not only survive, but thrive in difficult economic environments.  Read more.

• Heartland Funds Outpace the S&P - 3rd Quarter 2009 
  At Heartland, we interpret cash on the sidelines and fund flow data as bullish for stocks, as investor avoidance of equities is, in our view, a contrarian indicator of future flows. Read more.

• National Attention for the Heartland Funds - 2nd Quarter 2009 
  Forbes names Heartland as a top-performing fund family; Morningstar writes "Heartland Value remains solid"; and the Heartland Select Value Fund received 3 Lipper awards. Read more.

• Reasons to Maintain a Long-Term Perspective - 1st Quarter 2009 
  Among a minefield of inexpensive stocks, we rely on our time-tested 10 Principles of Value Investing™ to find what we consider worthy investments. We encourage you to maintain a long-term perspective. Read more.