HEARTLAND ADVISORS INC

CIK

937394

Location

MILWAUKEE, WI

Portfolio Value

Small $231,595,902

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

33 positions · $231,595,902 total · Technology 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
SIMO	Silicon Motion Technology CORP Technology	Reduced	252,084	-20,314	$28,306,512	+12.1%	12.22%
TDY	Teledyne Technologies Inc Technology	Reduced	41,805	-8,290	$25,292,443	−1.1%	10.92%
PLAB	Photronics Inc Technology	Reduced	370,675	-14,475	$14,978,976	+21.5%	6.47%
IIIV	i3 Verticals, Inc. Technology	Added	606,950	+60,400	$13,571,402	−1.4%	5.86%
KEYS	Keysight Technologies, Inc. Technology	Added	40,676	+28,676	$11,485,682	+371.1%	4.96%
LYFT	Lyft, Inc. Technology	Added	823,200	+259,450	$10,948,560	+0.3%	4.73%
ADTN	ADTRAN Holdings, Inc. Technology	NEW	750,000	NEW	$9,435,000	NEW	4.07%
ICHR	Ichor Holdings, Ltd. Technology	Reduced	200,000	-100,000	$9,322,000	+68.6%	4.03%
LFUS	Littelfuse Inc /De Technology	Reduced	26,835	-2,615	$9,106,457	+22.3%	3.93%
ON	On Semiconductor Corp Technology	Added	140,942	+32,989	$8,727,128	+49.3%	3.77%
ST	Sensata Technologies Holding plc Technology	Added	233,325	+28,825	$8,217,706	+20.7%	3.55%
AUDC	Audiocodes Ltd Technology	Added	965,734	+131,934	$8,121,822	+11.6%	3.51%
EVTC	EVERTEC, Inc. Technology	Added	250,000	+12,500	$7,055,000	+2.1%	3.05%
SHLS	Shoals Technologies Group, Inc. Technology	NEW	1,056,175	NEW	$6,949,631	NEW	3.00%
CTS	Cts Corp Technology	Reduced	134,196	-15,934	$6,409,200	−0.4%	2.77%
LDOS	Leidos Holdings, Inc. Technology	Reduced	39,517	-4,209	$6,145,683	−22.1%	2.65%
LSCC	Lattice Semiconductor Corp Technology	Reduced	64,367	-5,187	$5,970,682	+16.7%	2.58%
BHE	Benchmark Electronics Inc Technology	Reduced	100,000	-25,000	$5,606,000	+4.9%	2.42%
SANM	Sanmina Corp Technology	NEW	40,000	NEW	$5,185,600	NEW	2.24%
LTRX	Lantronix Inc Technology	Reduced	900,000	-700,000	$4,716,000	−49.7%	2.04%
SMTC	Semtech Corp Technology	Reduced	56,253	-8,079	$4,325,293	−8.8%	1.87%
FIS	Fidelity National Information Services, Inc. Technology	Added	82,174	+61,248	$3,854,782	+177.2%	1.66%
TEL	TE Connectivity plc Technology	Reduced	18,330	-29,960	$3,831,336	−65.1%	1.65%
TXN	Texas Instruments Inc Technology	Added	14,904	+78	$2,893,462	+12.5%	1.25%
AMAT	Applied Materials Inc /De Technology	Added	7,803	+23	$2,666,987	+33.4%	1.15%
CSCO	Cisco Systems, Inc. Technology	Added	31,447	+201	$2,439,972	+1.4%	1.05%
LRCX	Lam Research Corp Technology	Reduced	8,712	-24,038	$1,861,405	−66.8%	0.80%
TYL	Tyler Technologies Inc Technology	NEW	4,562	NEW	$1,561,937	NEW	0.67%
MSFT	Microsoft Corp Technology	Added	3,090	+180	$1,143,825	−18.7%	0.49%
AAPL	Apple Inc. Technology	Added	4,141	+528	$1,050,944	+7.0%	0.45%
NVDA	Nvidia Corp Technology	NEW	1,330	NEW	$231,952	NEW	0.10%
ADI	Analog Devices Inc Technology	Held	435	0	$138,390	+17.3%	0.06%
ORCL	Oracle Corp Technology	NEW	300	NEW	$44,133	NEW	0.02%