HEARTLAND ADVISORS INC
Q4 2025 Form 13-F
MILWAUKEE, WISCONSIN
CIK 0000937394
· CRD 29433
· SEC-registered investment adviser
$1.9B Reported Value Total
HEARTLAND ADVISORS, INC. reports 93 total accounts under management (AUM). There are 93 discretionary accounts valued at $1,920,597,980, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Source: Form ADV filed 2026-02-26
Reported value
$1.9B
Quarter over quarter
+0.1%
Holdings
253
Top-10 concentration
14.2%
Filing Structure
Reports holdings for
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO · File #028-11160 · Q1 2024 – Q1 2026 · declared by one filing
Holdings reported by
- THE BANK OF NEW YORK MELLON CORPORATION · Q3 2020 – Q1 2024
Key People
Form ADV owners & control persons
William Richard Nasgovitz
DIRECTOR & CHIEF EXECUTIVE OFFICER & TRUSTEE OF TRUST
Nicole Jeannine Best
SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER & CHIEF ADMINSTRATIVE OFFICER
Andrew John Fleming
VICE PRESIDENT & PORTFOLIO MANAGER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
Loading 13F Metrics
Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 11, 2026 |
| Form | 13F-HR |
| Reported value | $1.9B |
| Positions | 253 |
| Change in reported value | -1.9% |
| New positions | 31 |
| Exited positions | 15 |
| Position turnover | 17.2% |
| Top-10 concentration | 14.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 11, 2026
|
244 | $2.2B |
|
Q1 2026 13F
Filed May 6, 2026
|
244 | $2.0B |
|
Q4 2025 13F
Filed Feb 11, 2026
|
253 | $1.9B |
|
Q3 2025 13F
Filed Nov 7, 2025
|
237 | $1.9B |
|
Q2 2025 13F
Filed Aug 12, 2025
|
213 | $1.8B |
|
Q1 2025 13F
Filed May 7, 2025
|
202 | $1.7B |
|
Q4 2024 13F
Filed Feb 12, 2025
|
198 | $1.8B |
|
Q3 2024 13F
Filed Nov 12, 2024
|
184 | $1.9B |
|
Q2 2024 13F
Filed Aug 8, 2024
|
178 | $1.8B |
|
Q1 2024 13F
Filed May 7, 2024
|
175 | $1.9B |
|
Q4 2023 13F
Filed Feb 8, 2024
|
183 | $1.9B |
|
Q3 2023 13F
Filed Nov 8, 2023
|
178 | $1.8B |
|
Q2 2023 13F
Filed Aug 10, 2023
|
174 | $1.7B |
|
Q1 2023 13F
Filed May 11, 2023
|
174 | $1.6B |
|
Q4 2022 13F
Filed Feb 8, 2023
|
182 | $1.6B |
|
Q3 2022 13F
Filed Nov 10, 2022
|
180 | $1.3B |
|
Q2 2022 13F
Filed Aug 12, 2022
|
189 | $1.4B |
|
Q1 2022 13F
Filed May 12, 2022
|
192 | $1.6B |
|
Q4 2021 13F
Filed Feb 9, 2022
|
202 | $1.7B |
|
Q3 2021 13F
Filed Nov 9, 2021
|
212 | $1.7B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TCBI TEXAS CAP BANCSHARES INC | $31.7M | 1.71% |
| 2 | CGAU CENTERRA GOLD INC | $31.6M | 1.7% |
| 3 | LINC LINCOLN EDL SVCS CORP | $31.2M | 1.68% |
| 4 | CCS CENTURY CMNTYS INC | $27.0M | 1.46% |
| 5 | EGO ELDORADO GOLD CORP NEW | $26.3M | 1.42% |
| 6 | TDY TELEDYNE TECHNOLOGIES INC | $25.6M | 1.38% |
| 7 | SIMO SILICON MOTION TECHNOLOGY CO | $25.3M | 1.36% |
| 8 | ASB ASSOCIATED BANC CORP | $22.6M | 1.22% |
| 9 | CCBG CAPITAL CITY BK GROUP INC | $21.3M | 1.15% |
| 10 | PSA PUBLIC STORAGE OPER CO | $21.0M | 1.13% |
| 11 | ECPG ENCORE CAP GROUP INC | $21.0M | 1.13% |
| 12 | VNOM VIPER ENERGY INC | $19.9M | 1.07% |
| 13 | SBCF SEACOAST BKG CORP FLA | $19.9M | 1.07% |
| 14 | BDX BECTON DICKINSON & CO | $19.5M | 1.05% |
| 15 | CASS CASS INFORMATION SYS INC | $19.3M | 1.04% |
| 16 | MHK MOHAWK INDS INC | $19.1M | 1.03% |
| 17 | ITGR INTEGER HLDGS CORP | $19.0M | 1.03% |
| 18 | HSY HERSHEY CO | $17.7M | 0.95% |
| 19 | ALGT ALLEGIANT TRAVEL CO | $17.7M | 0.95% |
| 20 | JBHT HUNT J B TRANS SVCS INC | $17.6M | 0.95% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.