Heartland Advisors, an investment management company, released its “Heartland Value Plus Fund” second quarter 2024 investor letter. In one aspect, it was a difficult quarter for small-cap investors as the Russell 2000 Index fell 3.28% while the S&P 500 Index gained 4.28%. The strategy was down 7.37% compared to the Russell 2000 Small-Cap Value Index’s 3.64% fall. The underperformance was due to the stock selection in the Consumer Discretionary, Financials, and Energy sectors. On the other hand, the selection effect helped the Strategy to outperform the benchmark in the Information...
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