Fund Evaluator:
Heartland Mid Cap Value Investor (HRMDX)
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Best Performing in Mid-Cap Value Over the Last Year
| 40.0% | Fidelity Value Strategies (FSLSX) |
| 39.4% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 35.7% | Fidelity Advisor Value Z (FVLZX) |
| 35.5% | Fidelity Value (FDVLX) |
Fund Details
Heartland Mid Cap Value Investor Overview
Heartland Mid Cap Value Investor (HRMDX) is an actively managed U.S. Equity Mid-Cap Value fund. Heartland launched the fund in 2014.
The investment seeks long-term capital appreciation and modest current income. Under normal circumstances, at least 80% of the fund's net assets are invested in common stocks and other equity securities of mid-capitalization companies. It invests primarily in a concentrated number (generally 40 to 60) of mid-capitalization common stocks selected on a value basis and whose current market prices, in Heartland Advisors' judgment, are undervalued relative to their intrinsic value.
About Heartland Mid Cap Value Investor (HRMDX)
There are 3 members of the management team with an average tenure of 9.53 years: Will Nasgovitz (2015), Colin McWey (2014), Troy McGlone (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. Heartland Mid Cap Value Investor has 62 securities in its portfolio. The top 10 holdings constitute 33.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Heartland Mid Cap Value Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Heartland Mid Cap Value Investor has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7%. There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Heartland Mid Cap Value Investor has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $187 million in total assets, which is below the $647 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HRMDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Heartland Mid Cap Value Investor expense ratio is high compared to funds in the Mid-Cap Value category. Heartland Mid Cap Value Investor has an expense ratio of 1.10%, which is 7% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Heartland Mid Cap Value Investor has a portfolio turnover rate of 72%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Mid-Cap Value category.
Recently, in the month of June 2026, Heartland Mid Cap Value Investor returned 4.3%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 3.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Heartland Mid Cap Value Investor has a trailing yield of 1.07%, which is above the 0.90% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Heartland Mid Cap Value Investor Grades
Year to date, the fund has returned 14.4%, 0.6 percentage points better than the category, which translates into a grade of C. The fund has returned 14.0% over the past year (grade of F), 7.6% over the past three years (grade of F) and 6.6% per year over the past five years (grade of F) and 10.1% per year over the past 10 years (grade of C).
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HRMDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HRMDX Return (NAV) | 4.3% | 9.9% | 14.0% | 7.6% | 6.6% | 10.1% |
| HRMDX Grade | B | C | F | F | F | C |
| +/- Category | 1.1% | -1.6% | -8.6% | -6.8% | -2.4% | -0.3% |
| Mid-Cap Value Avg | 3.2% | 11.5% | 22.6% | 14.4% | 9.0% | 10.4% |
| HRMDX Tax Cost Ratio | na | na | 0.7% | 0.9% | 2.0% | 1.6% |
HRMDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HRMDX Return (NAV) | 14.4% | 0.1% | 3.6% | 13.4% | -3.0% | 28.1% | 6.9% | 25.3% | -8.6% | 8.1% | 28.7% |
| HRMDX Grade | C | F | F | B | A | C | B | D | A | F | A |
| +/- Category | 0.6% | -9.7% | -8.1% | -0.5% | 5.2% | 0.7% | 3.1% | -1.0% | 4.8% | -6.0% | 11.3% |
| Mid-Cap Value Avg | 13.8% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 14.3% |
| Total Risk Index: | 1.17 - Above Average |
| Category Risk Index: | 0.97 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.71 |
| R-Squared: | 43% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $495 Mil |
| Fund Total Assets: | $ 188 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 72% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.7 years | |||
| Average Tenure: 9.5 years | |||
| Managers (Year): McWey Colin (2014), Nasgovitz Will (2015), McGlone Troy (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 33.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Heartland |
| Phone Number: | 800-432-7856 |
| Website: | www.heartlandfunds.com |
| Status: | Open |
| Inception Date: | October 31, 2014 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.22% |
Expenses and Fees | |
| Expense Ratio (%): | 1.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Heartland Mid Cap Value Institutional |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
