HEARTLAND ADVISORS INC

CIK 0000937394 · Q1 2026

13F Equity AUM

$2.0B

+5.6% QoQ

Positions

244

-9 QoQ

AUM Rank

#1,806

Top 15%

Skill Alpha (FF)

+0.2%/yr^ns

No Clear Edge

Rank #2,139 · Top 26%

vs S&P -5.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 7.8%Top 10: 14.1%Top 20: 24.7%

CG2.0%

TCBI1.6%

SIMO1.4%

ECPG1.4%

CCS1.3%

TFX1.3%

TDY1.3%

VNOM1.3%

ELD1.2%

ASB1.2%

Others (234)86.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services22.5%

Industrials16.5%

Technology11.6%

Consumer Cyclical11.0%

Healthcare9.9%

Energy7.9%

Real Estate5.4%

Consumer Defensive5.4%

Other9.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 244Median: 0.33%Avg: 0.41%

0–0.5%

175(41.9%)

0.5–1%

51(35.4%)

1–3%

18(22.8%)

3–5%

0(0.0%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 240Unique: 4vs 20 funds

3.3%Low

244

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

4.5%

BlackRock, Inc.

5.9%

GEODE CAPITAL MANAGEMENT, LLC

6.7%

VANGUARD CAPITAL MANAGEMENT LLC

6.8%

STATE STREET CORP

6.7%

BANK OF AMERICA CORP /DE/

4.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

7.8%

JPMORGAN CHASE & CO

4.4%

FMR LLC

6.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New22Increased99Decreased90Exited31

New Positions

MUSA0.6%

+24K

GTY0.6%

+350K

LXP0.6%

+231K

ADTN0.5%

+750K

SAH0.4%

+123K

NIC0.4%

+56K

UTL0.4%

+150K

SHLS0.3%

+1.1M

SLB0.3%

+129K

CHH0.3%

+62K

Increased

AQN0.4%

+892K(+178%)

XRAY0.6%

+792K(+491%)

PRMB0.8%

+398K(+83%)

CTOS0.3%

+300K(+43%)

LYFT0.6%

+259K(+46%)

TTI0.3%

+251K(+69%)

NRC0.2%

+187K(+374%)

COLM0.7%

+156K(+199%)

GWRS0.3%

+145K(+21%)

AUDC0.4%

+132K(+16%)

Decreased

XEJ0.0%

-1,350,857(-41%)

SOY0.3%

-1,148,050(-53%)

LINC0.7%

-932,735(-72%)

LTRX0.2%

-700,000(-44%)

NSA0.4%

-282,125(-59%)

MTG0.6%

-125,035(-22%)

ICHR0.5%

-100,000(-33%)

ARMK0.3%

-84,251(-35%)

CVGW0.5%

-76,975(-16%)

PRGO0.1%

-73,764(-33%)

Exited

-319,000

-300,000

-97,860

-300,567

-255,533

-400,000

-26,855

-175,616

-300,000

-67,392

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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