Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the portfolio moved up more than 7.5% compared to a 12.1% increase in the Russell Midcap Value Index. Due in part to the large increase in value that highly leveraged and speculative equities have seen since late October, part of the underperformance was due to the companies that the fund doesn’t own. The Fund posted 13.4% in 2023 versus 12.7% gains for the benchmark. Stock selection led the outperformance in the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Heartland Mid Cap Value Fund featured stocks such as Northern Trust Corporation (NASDAQ:NTRS) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, Northern Trust Corporation (NASDAQ:NTRS) is a financial holding company. On January 10, 2024, Northern Trust Corporation (NASDAQ:NTRS) stock closed at $84.15 per share. One-month return of Northern Trust Corporation (NASDAQ:NTRS) was -2.07%, and its shares lost 13.54% of their value over the last 52 weeks. Northern Trust Corporation (NASDAQ:NTRS) has a market capitalization of $17.422 billion.
Heartland Mid Cap Value Fund stated the following regarding Northern Trust Corporation (NASDAQ:NTRS) in its fourth quarter 2023 investor letter:
“Below are several examples of quality-value businesses we own that are trading at deep-value-like valuations. Most of the time, the market appropriately rewards high return businesses with premium valuations, but the following companies trade at low valuations because there are fundamental questions about the industry or because there is a company-specific overhang.
Financials. A big beneficiary of the soft-landing narrative has been Financials, especially highly levered, low-quality companies. While we are underweight the sector, Northern Trust Corporation (NASDAQ:NTRS), is an example of a quality-value financial with less credit risk exposure than its peers.
NTRS operates two independent financial services businesses. Its Asset Servicing (AS) segment provides a full range of back-office services including custody, fund administration, and investment operations outsourcing to institutional investors globally. Its Wealth Management (WM) segment provides wealth advisory services to high-net-worth individuals and families, business owners, and privately held businesses. Through these operations, Northern Trust generates more than 70% of its revenue from fees, far more than a traditional bank…” (Click here to read the full text)
A financial adviser in a suit talking with a senior client about their life insurance policy.
Northern Trust Corporation (NASDAQ:NTRS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Northern Trust Corporation (NASDAQ:NTRS) at the end of third quarter which was 32 in the previous quarter.
We discussed Northern Trust Corporation (NASDAQ:NTRS) in another article and shared the list of the biggest publicly traded asset managers in the world. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
