Heartland Advisors, an investment management company, released its second-quarter 2026 investor letter for the “Heartland Value Plus Fund”.
A copy of the letter can be downloaded here
Small-cap stocks rose in the second quarter, with the Russell 2000® Index increasing 21.49%, outpacing the 15.20% gain for the S&P 500 Index. The artificial intelligence trade continues to be a key theme in the market. Small-cap value is benefiting from a strengthening economic environment.
The Value Plus Fund rose 19.25% in the second quarter, compared with the 17.19% return for the Russell 2000 Value Index, driven by strong gains from Materials, Energy, and Real Estate holdings. In addition, you can check the Fund’s top 5 holdings to determine its best picks for 2026. In its Q2 2026 investor letter, Heartland Value Plus Fund highlighted FirstCash Holdings, Inc. (NASDAQ:FCFS).