HEARTLAND ADVISORS INC

CIK

937394

Location

MILWAUKEE, WI

Portfolio Value

Mid $1,954,093,374

Diversification

Diversified

Filing Date

Global Rank

#1,220 / 8,621 ▲ 66 · as of Mar 2026

Top Industry

Banks - Regional 10.8%

3Y Alpha vs SPY

-5.1%

Period ended 4 months ago

Filed May 6, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+49.7%

SPY

+67.5%

Annualised alpha

-4.4%

Max drawdown

−20.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

238 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

2.0%

+0.3 pts

Top 5

7.8%

−0.3 pts

Top 10

14.1%

−0.4 pts

HHI

Diversified−2

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	19.2%	$375,998,856	41
Industrials	16.2%	$316,813,629	45
Technology	11.9%	$231,595,902	33
Healthcare	10.0%	$194,981,344	29
Consumer Cyclical	9.7%	$190,000,850	24
Real Estate	7.5%	$147,381,220	11
Energy	6.8%	$132,848,852	12
Basic Materials	6.7%	$130,144,466	11
Consumer Defensive	5.6%	$110,067,694	14
Utilities	5.2%	$101,897,442	14
Communication Services	1.1%	$22,363,119	4

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
AQN	Algonquin Power & Utilities Corp.	+892,030	1,392,030	$8,547,064
XRAY	DENTSPLY SIRONA Inc.	+791,850	953,250	$11,057,700
PRMB	Primo Brands Corp	+398,311	875,411	$16,483,989
CTOS	Custom Truck One Source, Inc.	+300,000	1,000,000	$6,570,000
LYFT	Lyft, Inc.	+259,450	823,200	$10,948,560
TTI	Tetra Technologies Inc	+250,650	613,800	$5,229,576
NRC	Nrc Health	+187,147	237,147	$4,026,756
COLM	Columbia Sportswear Co	+156,402	235,091	$12,885,337
GWRS	Global Water Resources, Inc.	+144,600	831,100	$6,308,049
AUDC	Audiocodes Ltd	+131,934	965,734	$8,121,822
TFX	Teleflex Inc	+112,071	215,998	$25,835,520
INVX	Innovex International, Inc.	+107,332	407,332	$9,934,827
NOV	NOV Inc.	+105,142	1,194,332	$22,465,384
KMI	Kinder Morgan, Inc.	+100,693	282,733	$9,480,037
DNOW	DNOW Inc.	+100,000	550,000	$6,550,500
CMCO	Columbus Mckinnon Corp	+98,950	694,050	$10,084,546
INBK	First Internet Bancorp	+96,305	384,900	$7,844,262
PZZA	Papa Johns International Inc	+83,350	239,850	$7,773,538
RHI	Robert Half Inc.	+80,953	172,644	$4,385,157
CNC	Centene Corp	+74,564	125,754	$4,117,185
CPT	Camden Property Trust	+64,255	187,125	$18,274,627
GTES	Gates Industrial Corp plc	+63,195	803,365	$18,164,082
FIS	Fidelity National Information Services, Inc.	+61,248	82,174	$3,854,782
OXM	Oxford Industries Inc	+61,093	211,093	$8,129,191
IIIV	i3 Verticals, Inc.	+60,400	606,950	$13,571,402
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ARAY	Accuray Inc	−1,350,857	1,977,450	$771,205
STKL	SunOpta Inc.	−1,148,050	1,000,000	$6,480,000
LINC	Lincoln Educational Services Corp	−932,735	357,265	$14,533,540
LTRX	Lantronix Inc	−700,000	900,000	$4,716,000
NSA	National Storage Affiliates Trust	−282,125	200,000	$7,548,000
MTG	Mgic Investment Corp	−125,035	450,000	$11,812,500
ICHR	Ichor Holdings, Ltd.	−100,000	200,000	$9,322,000
ARMK	Aramark	−84,251	159,926	$6,483,400
CVGW	Calavo Growers Inc	−76,975	400,000	$10,316,000
PRGO	PERRIGO Co plc	−73,764	150,219	$1,613,352
DCI	DONALDSON Co INC	−62,187	132,607	$11,254,356
MTDR	Matador Resources Co	−57,896	152,283	$9,621,239
NWPX	NWPX Infrastructure, Inc.	−45,000	200,000	$15,572,000
NTRS	Northern Trust Corp	−39,456	67,779	$9,459,915
ORI	Old Republic International Corp	−33,208	172,092	$6,866,470
PINE	Alpine Income Property Trust, Inc.	−32,400	431,920	$7,774,560
EGO	Eldorado Gold Corp /Fi	−30,625	702,750	$24,125,407
PNC	Pnc Financial Services Group, Inc.	−30,498	38,460	$8,003,141
TEL	TE Connectivity plc	−29,960	18,330	$3,831,336
FE	Firstenergy Corp	−26,936	262,586	$13,302,606
MHK	Mohawk Industries Inc	−26,693	147,668	$14,539,391
FNB	Fnb Corp/Pa/	−26,663	590,362	$9,870,852
NVST	Envista Holdings Corp	−26,644	402,353	$10,207,695
BHE	Benchmark Electronics Inc	−25,000	100,000	$5,606,000
LRCX	Lam Research Corp	−24,038	8,712	$1,861,405
No positions match the current search.

New Positions

Positions the filer opened this quarter

22 positions

Ticker	Company	Shares	Value
MUSA	Murphy USA Inc.	24,049	$11,879,484
GTY	Getty Realty Corp /Md/	350,000	$11,130,000
LXP	LXP Industrial Trust	231,400	$10,704,564
ADTN	ADTRAN Holdings, Inc.	750,000	$9,435,000
SAH	Sonic Automotive Inc	123,225	$8,449,538
NIC	Nicolet Bankshares Inc	55,758	$8,286,753
UTL	Unitil Corp	150,000	$7,836,000
SHLS	Shoals Technologies Group, Inc.	1,056,175	$6,949,631
SLB	Slb Limited/Nv	129,428	$6,651,304
CHH	Choice Hotels International Inc /De	62,336	$6,451,776
QNST	Quinstreet, Inc	500,000	$6,005,000
MLR	Miller Industries Inc /Tn/	120,000	$5,466,000
SANM	Sanmina Corp	40,000	$5,185,600
MSA	MSA Safety Inc	29,129	$4,775,699
WAT	Waters Corp /De/	12,461	$3,710,885
IEX	Idex Corp /De/	16,108	$3,053,271
CLB	Core Laboratories Inc. /DE/	150,000	$2,518,500
ARCT	Arcturus Therapeutics Holdings Inc.	256,000	$1,976,320
BCHT	Birchtech Corp.	1,000,000	$1,900,000
TYL	Tyler Technologies Inc	4,562	$1,561,937
NVDA	Nvidia Corp	1,330	$231,952
ORCL	Oracle Corp	300	$44,133
No positions match the current search.

Sold Out

Positions the filer fully exited

20 positions

Ticker	Company	Shares	Value
UGI	Ugi Corp /Pa/	319,000	$11,940,170
RDN	Radian Group Inc	300,000	$10,797,000
KMB	Kimberly Clark Corp	97,860	$9,873,095
SNN	Smith & Nephew PLC	300,567	$9,861,603
THR	Thermon Group Holdings, Inc.	255,533	$9,495,606
ESS	Essex Property Trust, Inc.	26,855	$7,027,416
QRVO	Qorvo, Inc.	67,392	$5,695,297
KDP	Keurig Dr Pepper Inc.	200,483	$5,615,528
SUI	Sun Communities Inc	42,367	$5,249,694
NGD	New Gold Inc. /FI	550,000	$4,790,500
WD	Walker & Dunlop, Inc.	75,000	$4,511,250
ADT	ADT Inc.	403,092	$3,252,952
MAMA	Mama's Creations, Inc.	200,000	$2,698,000
HSTM	Healthstream Inc	50,906	$1,174,401
KMX	Carmax Inc	29,485	$1,139,300
WT	WisdomTree, Inc.	89,400	$1,089,786
MICC	Magnum Ice Cream Co N.V.	13,447	$213,134
STRR	Star Equity Holdings, Inc.	12,461	$140,186
IP	International Paper Co /New/	1,306	$51,443
SOLS	Solstice Advanced Materials Inc.	262	$12,727
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

238 positions · $1,954,093,374 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 238 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CGAU	Centerra Gold Inc. Basic Materials	Added	2,216,216	+14,766	$39,426,482	+24.6%	2.02%
TCBI	Texas Capital Bancshares Inc/Tx Financial Services	Reduced	333,275	-16,437	$31,621,132	−0.1%	1.62%
SIMO	Silicon Motion Technology CORP Technology	Reduced	252,084	-20,314	$28,306,512	+12.1%	1.45%
ECPG	Encore Capital Group Inc Financial Services	Added	388,425	+2,595	$27,236,361	+29.9%	1.39%
CCS	Century Communities, Inc. Real Estate	Reduced	454,587	-677	$26,084,202	−3.5%	1.33%
TFX	Teleflex Inc Healthcare	Added	215,998	+112,071	$25,835,520	+103.7%	1.32%
TDY	Teledyne Technologies Inc Technology	Reduced	41,805	-8,290	$25,292,443	−1.1%	1.29%
VNOM	Viper Energy, Inc. Energy	Added	530,479	+16,253	$24,927,208	+25.5%	1.28%
EGO	Eldorado Gold Corp /Fi Basic Materials	Reduced	702,750	-30,625	$24,125,407	−8.4%	1.23%
ASB	Associated Banc-Corp Financial Services	Reduced	875,879	-2,835	$22,650,230	+0.1%	1.16%
NOV	NOV Inc. Energy	Added	1,194,332	+105,142	$22,465,384	+32.0%	1.15%
ITGR	Integer Holdings Corp Healthcare	Added	247,977	+5,262	$21,821,976	+14.6%	1.12%
CCBG	Capital City Bank Group Inc Financial Services	Held	500,000	0	$21,730,000	+2.1%	1.11%
EXC	Exelon Corp Utilities	Added	437,424	+35,700	$21,442,524	+22.5%	1.10%
PSA	Public Storage Real Estate	Reduced	78,922	-2,071	$21,378,391	+1.7%	1.09%
EOG	Eog Resources Inc Energy	Reduced	146,790	-6,889	$21,221,430	+31.5%	1.09%
CASS	Cass Information Systems Inc Industrials	Added	470,524	+5,485	$20,712,466	+7.3%	1.06%
MGY	Magnolia Oil & Gas Corp Energy	Reduced	630,475	-20,774	$19,904,095	+39.6%	1.02%
JBHT	Hunt J B Transport Services Inc Industrials	Added	90,900	+312	$19,261,710	+9.4%	0.99%
SBCF	Seacoast Banking Corp Of Florida Financial Services	Reduced	622,000	-10,052	$18,840,380	−5.1%	0.96%
WSO	Watsco Inc Industrials	Added	51,593	+6,442	$18,769,017	+23.4%	0.96%
ASO	Academy Sports & Outdoors, Inc. Consumer Cyclical	Added	329,350	+4,103	$18,591,807	+14.4%	0.95%
HSY	Hershey Co Consumer Defensive	Reduced	88,864	-8,314	$18,473,936	+4.5%	0.95%
BDX	Becton Dickinson & Co Healthcare	Added	116,344	+16,087	$18,292,767	+19.6%	0.94%
CPT	Camden Property Trust Real Estate	Added	187,125	+64,255	$18,274,627	+35.1%	0.94%
GTES	Gates Industrial Corp plc Industrials	Added	803,365	+63,195	$18,164,082	+14.3%	0.93%
EZPW	Ezcorp Inc Financial Services	Held	705,906	0	$17,915,894	+30.7%	0.92%
PHIN	Phinia Inc. Consumer Cyclical	Added	257,333	+333	$17,611,870	+9.3%	0.90%
GBCI	Glacier Bancorp, Inc. Financial Services	Added	372,023	+495	$16,618,267	+1.5%	0.85%
PRMB	Primo Brands Corp Consumer Defensive	Added	875,411	+398,311	$16,483,989	+111.3%	0.84%
KWR	Quaker Chemical Corp Basic Materials	Added	129,793	+5,715	$16,124,184	−5.4%	0.83%
COO	Cooper Companies, Inc. Healthcare	Added	221,656	+34,393	$15,848,404	+3.3%	0.81%
NWPX	NWPX Infrastructure, Inc. Basic Materials	Reduced	200,000	-45,000	$15,572,000	+1.7%	0.80%
PLAB	Photronics Inc Technology	Reduced	370,675	-14,475	$14,978,976	+21.5%	0.77%
ALGT	Allegiant Travel CO Industrials	Reduced	184,005	-23,275	$14,911,765	−15.6%	0.76%
XRN	Chiron Real Estate Inc. Real Estate	Added	444,085	+20,625	$14,690,331	+2.8%	0.75%
THO	Thor Industries Inc Consumer Cyclical	Added	183,540	+20,723	$14,663,010	−12.3%	0.75%
MHK	Mohawk Industries Inc Consumer Cyclical	Reduced	147,668	-26,693	$14,539,391	−23.7%	0.74%
LINC	Lincoln Educational Services Corp Consumer Defensive	Reduced	357,265	-932,735	$14,533,540	−53.3%	0.74%
SYY	Sysco Corp Consumer Defensive	Added	190,561	+35,438	$13,592,716	+18.9%	0.70%
IIIV	i3 Verticals, Inc. Technology	Added	606,950	+60,400	$13,571,402	−1.4%	0.69%
HXL	Hexcel Corp /De/ Industrials	Added	166,315	+28	$13,459,872	+9.5%	0.69%
FE	Firstenergy Corp Utilities	Reduced	262,586	-26,936	$13,302,606	+2.6%	0.68%
BBSI	Barrett Business Services Inc Industrials	Held	450,000	0	$13,131,000	−19.4%	0.67%
COLM	Columbia Sportswear Co Consumer Cyclical	Added	235,091	+156,402	$12,885,337	+197.2%	0.66%
FOR	Forestar Group Inc. Real Estate	Reduced	505,090	-1,360	$12,344,399	−1.0%	0.63%
ASTE	Astec Industries Inc Industrials	Reduced	228,925	-350	$12,325,322	+24.1%	0.63%
TCBK	Trico Bancshares / Financial Services	Held	250,000	0	$11,885,000	+0.4%	0.61%
MUSA	Murphy USA Inc. Consumer Cyclical	NEW	24,049	NEW	$11,879,484	NEW	0.61%
CUBI	Customers Bancorp, Inc. Financial Services	Reduced	170,775	-12,100	$11,853,492	−11.4%	0.61%