Heartland Advisors, Inc.

Heartland Advisors, Inc. provides discretionary investment management primarily to pooled vehicles and institutional clients and also serves a range of other clients, including wrap/UMA program sponsors and other ànancial intermediaries. The Firm is also the investment adviser to Heartland Group, Inc. and its series mutual funds (the HGI Funds), and it offers separately managed account strategies based on its value-oriented mandates.

Heartland’s investment approach is bottom-up fundamental value investing, guided by a structured 10-Principles framework used to screen, research and monitor positions, with portfolio decisions typically implemented on a discretionary basis. The Firm describes a consistent process of detailed company analysis, watch lists and periodic screens, and it may in limited circumstances employ covered options or futures and offer customized portfolio management to meet client needs.

Compared with many peers, Heartland combines traditional institutional and pooled vehicle management with a broader client mix that includes charitable organizations, pension and profit-sharing plans, corporate clients, other investment advisers, and both high-net-worth and non-high-net-worth individual accounts. The brochure also discloses a past SEC administrative proceeding resolved in 2017 (a cease-and-desist order and a $180,000 civil penalty, with no admission or denial), and it notes Heartland’s active role as subadviser and program participant in wrap and UMA arrangements and as adviser to the HGI mutual fund complex.