Fund Evaluator:
Heartland Value Investor (HRTVX)
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Best Performing in Small Value Over the Last Year
| 44.7% | Bridgeway Omni Small-Cap Value N (BOSVX) |
| 43.3% | PGIM Quant Solutions Small-Cap Val Z (TASVX) |
| 42.5% | Goldman Sachs Small Cp Val Insghts Inv (GTTTX) |
| 40.5% | Auer Growth (AUERX) |
| 39.9% | Heartland Value Investor (HRTVX) |
Fund Details
Heartland Value Investor Overview
Heartland Value Investor (HRTVX) is an actively managed U.S. Equity Small Value fund. Heartland launched the fund in 1984.
The investment seeks long-term capital appreciation. The fund invests primarily in common stocks of small companies with market capitalizations less than the largest companies in the Russell 2000 ® Value Index, and may invest a significant portion of its assets in micro-capitalization securities, generally those with market capitalizations of less than $500 million at the time of purchase.
About Heartland Value Investor (HRTVX)
There are 4 members of the management team with an average tenure of 12.84 years: Will Nasgovitz (2019), William Nasgovitz (1984), Michael Warecki (2025), Jacob S. Westphal (2025). 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 2000 Value TR USD index with a weighting of 100%. Heartland Value Investor has 107 securities in its portfolio. The top 10 holdings constitute 21.3% 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 Value Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Heartland Value Investor has 15.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.3%. There is 15.1% 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 Value Investor has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $850 million in total assets, which is above the $417 million average for the Small 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.
HRTVX 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 Value Investor expense ratio is high compared to funds in the Small Value category. Heartland Value Investor has an expense ratio of 1.09%, which is 7% lower than its category average, making the fund expense ratio grade a C. 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 Value Investor has a portfolio turnover rate of 44%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.
Recently, in the month of July 2026, Heartland Value Investor returned -1.1%, which earned it a grade of D, as the Small Value category had an average return of -0.4%. 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 Value Investor has a trailing yield of 0.46%, which is below the 0.77% 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 Value Investor Grades
Year to date, the fund has returned 24.3%, 4.1 percentage points better than the category, which translates into a grade of A. The fund has returned 39.9% over the past year (grade of A), 20.6% over the past three years (grade of A) and 13.0% per year over the past five years (grade of A) and 11.8% per year over the past 10 years (grade of A).
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HRTVX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HRTVX Return (NAV) | -1.1% | 5.2% | 39.9% | 20.6% | 13.0% | 11.8% |
| HRTVX Grade | D | D | A | A | A | A |
| +/- Category | -0.7% | -1.1% | 9.3% | 7.2% | 3.9% | 1.8% |
| Small Value Avg | -0.4% | 6.4% | 30.6% | 13.4% | 9.1% | 9.9% |
| HRTVX Tax Cost Ratio | na | na | 2.1% | 1.9% | 1.9% | 1.5% |
HRTVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HRTVX Return (NAV) | 24.3% | 16.0% | 15.7% | 17.1% | -10.0% | 21.8% | 13.1% | 18.0% | -12.2% | 8.4% | 16.3% |
| HRTVX Grade | A | A | A | B | C | F | A | F | B | D | F |
| +/- Category | 4.1% | 9.4% | 6.0% | 1.3% | 0.3% | -8.5% | 9.1% | -5.0% | 2.5% | -1.8% | -8.4% |
| Small Value Avg | 20.1% | 6.6% | 9.7% | 15.8% | -10.3% | 30.3% | 4.1% | 23.0% | -14.7% | 10.2% | 24.7% |
| Risk Measures | |
| Standard Deviation: | 18.1% |
| Total Risk Index: | 1.48 - High |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.95 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1171 Mil |
| Fund Total Assets: | $ 851 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 44% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 41.6 years | |||
| Average Tenure: 12.8 years | |||
| Managers (Year): Nasgovitz William (1984), Nasgovitz Will (2019), Warecki Michael (2025), Westphal Jacob S. (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 107 |
| % in Top 10 Holdings: | 21.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 15.1% |
Portfolio Allocation |
|
| Domestic Stock: | 84.3% |
| Foreign Stock: | 15.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Heartland |
| Phone Number: | 800-432-7856 |
| Website: | www.heartlandfunds.com |
| Status: | Open |
| Inception Date: | December 28, 1984 |
| 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: | 0.16% |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | Heartland Value Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
