HEARTLAND ADVISORS INC

CIK

937394

Location

MILWAUKEE, WI

Portfolio Value

Small $130,144,466

Diversification

Diversified

Filing Date

Global Rank

#1,010 / 8,232 ▲ 126

Top Industry

Banks - Regional 10.8%

3Y Alpha vs SPY

-4.8%

Period ended 2 months ago

Filed May 6, 2026 · 39d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+56.3%

SPY

+76.3%

Annualised alpha

-4.8%

Max drawdown

−20.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. 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%	$316,802,055	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

11 positions · $130,144,466 total · Basic Materials only · as of Mar 31, 2026

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

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%	30.29%
EGO	Eldorado Gold Corp /Fi Basic Materials	Reduced	702,750	-30,625	$24,125,407	−8.4%	18.54%
KWR	Quaker Chemical Corp Basic Materials	Added	129,793	+5,715	$16,124,184	−5.4%	12.39%
NWPX	NWPX Infrastructure, Inc. Basic Materials	Reduced	200,000	-45,000	$15,572,000	+1.7%	11.97%
NUE	Nucor Corp Basic Materials	Reduced	45,155	-1,474	$7,635,710	+0.4%	5.87%
MTRN	MATERION Corp Basic Materials	Reduced	48,352	-2,507	$6,994,116	+10.6%	5.37%
PPG	Ppg Industries Inc Basic Materials	Added	64,765	+26,884	$6,922,083	+78.3%	5.32%
SXT	Sensient Technologies Corp Basic Materials	Reduced	67,784	-5,070	$5,859,248	−14.4%	4.50%
KNF	Knife River Corp Basic Materials	Held	60,000	0	$4,899,000	+16.1%	3.76%
NFGC	New Found Gold Corp. Basic Materials	Added	900,700	+25,500	$1,747,358	−32.8%	1.34%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Added	4,888	+43	$838,878	+7.2%	0.64%