Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” first quarter 2025 investor letter. A copy of the letter can be downloaded here. A growing number of businesses appear to be priced for a significant slowdown in the first quarter, if not a recession, due to the uncertainty surrounding federal policy. The fund returned 0.67% in the quarter compared to a 2.11% fall for the Russell Midcap® Value Index. As risk aversion returned and a focus on downside risk was rewarded, stock selection, which was difficult in a more speculative climate last...
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