Heartland Value Plus Fund Q1 2026 Portfolio Activity

The Value Plus Fund gained 4.95% in the first quarter, compared with the 4.96% gain for the Russell 2000 Value Index. For small-cap tech stocks, the first quarter proved to be quite strong, in part because this group had already suffered setbacks last year and, for the most part, valuations never got out of hand. One of the biggest detractors to our strategy's performance in the quarter was Stifel Financial.