HEARTLAND ADVISORS INC

MILWAUKEE, WI · CIK 937394 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 1983 · corporation

Assets managed$1.9bn
Staff26 · 10 in investment roles
Main clients (by assets)Mutual funds and ETFs 86%, High net worth individuals 9%, Companies 3%
Form ADV · 2026-02-26SEC adviser record

Legal entityHEARTLAND ADVISORS, INC. (US)

Kindmutual funds, futures
Others nearbyMilwaukee, WI

$2.2bn reported value +14.6% vs Q1 2026

244positions

13.7%in top 10

12 new 64 added 113 reduced 12 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SILICON MOTION TECHNOLOGY CO SPONSORED ADR SIMO	SIMO	123,895	$41.3m1.84%	1.84%	Reduced -128.2k	-128,189 -50.9%
2	CENTURY CMNTYS INC COM CCS	CCS	516,410	$37.0m1.65%	1.65%	Added +61.8k	+61,823 13.6%
3	CENTERRA GOLD INC COM CGAU	CGAU	2,148,931	$34.1m1.52%	1.52%	Reduced -67.3k	-67,285 -3.0%
4	ENCORE CAP GROUP INC COM ECPG	ECPG	362,825	$33.8m1.51%	1.51%	Reduced -25.6k	-25,600 -6.6%
5	TEXAS CAP BANCSHARES INC COM TCBI	TCBI	280,763	$29.0m1.29%	1.29%	Reduced -52.5k	-52,512 -15.8%
6	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	41,448	$27.6m1.23%	1.23%	Reduced -357	-357 -0.8%
7	TELEFLEX INCORPORATED COM TFX	TFX	211,848	$26.9m1.20%	1.20%	Reduced -4.2k	-4,150 -1.9%
8	ACADEMY SPORTS & OUTDOORS IN COM ASO	ASO	563,941	$26.6m1.18%	1.18%	Added +234.6k	+234,591 71.2%
9	QUAKER HOUGHTON COM KWR	KWR	165,289	$26.3m1.17%	1.17%	Added +35.5k	+35,496 27.4%
10	ASSOCIATED BANC CORP COM ASB	ASB	835,979	$25.7m1.15%	1.15%	Reduced -39.9k	-39,900 -4.6%
11	CASS INFORMATION SYS INC COM CASS	CASS	493,406	$25.3m1.13%	1.13%	Added +22.9k	+22,882 4.9%
12	CAPITAL CITY BK GROUP INC COM CCBG	CCBG	500,000	$24.7m1.10%	1.10%	Unchanged
13	EZCORP INC CL A NON VTG EZPW	EZPW	705,906	$24.4m1.09%	1.09%	Unchanged
14	EVERTEC INC COM EVTC	EVTC	840,400	$23.3m1.04%	1.04%	Added +590.4k	+590,400 236.2%
15	PRIMO BRANDS CORPORATION CLASS A COM SHS PRMB	PRMB	938,304	$22.9m1.02%	1.02%	Added +62.9k	+62,893 7.2%
16	VIPER ENERGY INC CL A VNOM	VNOM	536,382	$22.7m1.01%	1.01%	Added +5.9k	+5,903 1.1%
17	INTEGER HLDGS CORP COM ITGR	ITGR	240,234	$22.4m1.00%	1.00%	Reduced -7.7k	-7,743 -3.1%
18	PUBLIC STORAGE COM PSA	PSA	69,500	$22.1m0.99%	0.99%	Reduced -9.4k	-9,422 -11.9%
19	ELDORADO GOLD CORP NEW COM EGO	EGO	709,550	$22.1m0.98%	0.98%	Added +6.8k	+6,800 1.0%
20	GATES INDL CORP PLC ORD SHS 9666678D	9666678D	782,644	$21.9m0.97%	0.97%	Reduced -20.7k	-20,721 -2.6%
21	HUNT J B TRANS SVCS INC COM JBHT	JBHT	75,308	$21.8m0.97%	0.97%	Reduced -15.6k	-15,592 -17.1%
22	ALLEGIANT TRAVEL CO COM ALGT	ALGT	184,835	$21.7m0.97%	0.97%	Added +830	+830 0.5%
23	EOG RES INC COM EOG	EOG	166,284	$21.6m0.96%	0.96%	Added +19.5k	+19,494 13.3%
24	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	646,432	$21.5m0.96%	0.96%	Added +24.4k	+24,432 3.9%
25	NWPX INFRASTRUCTURE INC COM NWPX	NWPX	140,000	$21.0m0.93%	0.93%	Reduced -60.0k	-60,000 -30.0%
26	CHIRON REAL ESTATE INC COM NEW XRN	XRN	556,260	$20.9m0.93%	0.93%	Added +112.2k	+112,175 25.3%
27	CAMDEN PPTY TR SH BEN INT CPT	CPT	181,848	$20.8m0.93%	0.93%	Reduced -5.3k	-5,277 -2.8%
28	PHINIA INC COMMON STOCK PHIN	PHIN	252,333	$20.8m0.93%	0.93%	Reduced -5.0k	-5,000 -1.9%
29	WATSCO INC COM WSO	WSO	49,860	$20.8m0.93%	0.93%	Reduced -1.7k	-1,733 -3.4%
30	I3 VERTICALS INC COM CL A IIIV	IIIV	965,250	$20.6m0.92%	0.92%	Added +358.3k	+358,300 59.0%
31	NOV INC COM NOV	NOV	1,108,587	$20.6m0.92%	0.92%	Reduced -85.7k	-85,745 -7.2%
32	EXELON CORP COM EXC	EXC	437,106	$20.4m0.91%	0.91%	Reduced -318	-318 -0.1%
33	BECTON DICKINSON & CO COM BDX	BDX	129,740	$19.6m0.87%	0.87%	Added +13.4k	+13,396 11.5%
34	LXP INDUSTRIAL TRUST COM LXP	LXP	363,350	$19.6m0.87%	0.87%	Added +131.9k	+131,950 57.0%
35	GLACIER BANCORP INC NEW COM GBCI	GBCI	361,699	$18.7m0.83%	0.83%	Reduced -10.3k	-10,324 -2.8%
36	HEXCEL CORP NEW COM HXL	HXL	179,935	$18.0m0.80%	0.80%	Added +13.6k	+13,620 8.2%
37	BARRETT BUSINESS SVCS INC COM BBSI	BBSI	450,000	$16.0m0.71%	0.71%	Unchanged
38	ARCBEST CORP COM ARCB	ARCB	110,000	$15.8m0.70%	0.70%	Unchanged
39	MAGNOLIA OIL & GAS CORP CL A MGY	MGY	615,475	$15.7m0.70%	0.70%	Reduced -15.0k	-15,000 -2.4%
40	HERSHEY CO COM HSY	HSY	88,817	$15.6m0.69%	0.69%	Reduced -47	-47 -0.1%
41	COLUMBIA SPORTSWEAR CO COM COLM	COLM	250,091	$15.5m0.69%	0.69%	Added +15.0k	+15,000 6.4%
42	MOHAWK INDS INC COM MHK	MHK	126,088	$15.3m0.68%	0.68%	Reduced -21.6k	-21,580 -14.6%
43	FORESTAR GROUP INC COM FOR	FOR	474,813	$15.0m0.67%	0.67%	Reduced -30.3k	-30,277 -6.0%
44	HAEMONETICS CORP MASS COM HAE	HAE	200,000	$15.0m0.67%	0.67%	Added +115.0k	+115,000 135.3%
45	ASTEC INDS INC COM ASTE	ASTE	241,590	$14.8m0.66%	0.66%	Added +12.7k	+12,665 5.5%
46	COOPER COS INC COM COO	COO	203,834	$14.6m0.65%	0.65%	Reduced -17.8k	-17,822 -8.0%
47	SHOALS TECHNOLOGIES GROUP IN CL A SHLS	SHLS	1,466,050	$14.5m0.65%	0.65%	Added +409.9k	+409,875 38.8%
48	LYFT INC CL A COM LYFT	LYFT	990,050	$14.5m0.64%	0.64%	Added +166.8k	+166,850 20.3%
49	SENSATA TECHNOLOGIES HLDG PL SHS ST	ST	295,650	$14.1m0.63%	0.63%	Added +62.3k	+62,325 26.7%
50	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	39,354	$13.8m0.61%	0.61%	Reduced -1.3k	-1,322 -3.2%
51	TRICO BANCSHARES COM TCBK	TCBK	250,000	$13.5m0.60%	0.60%	Unchanged
52	THOR INDS INC COM THO	THO	171,154	$12.9m0.57%	0.57%	Reduced -12.4k	-12,386 -6.8%
53	MGIC INVT CORP WIS COM MTG	MTG	450,000	$12.7m0.57%	0.57%	Unchanged
54	SANMINA CORPORATION COM SANM	SANM	50,000	$12.7m0.56%	0.56%	Added +10.0k	+10,000 25.0%
55	WEC ENERGY GROUP INC COM WEC	WEC	108,279	$12.6m0.56%	0.56%	Added +48.8k	+48,762 81.9%
56	SONIC AUTOMOTIVE INC CL A SAH	SAH	147,598	$12.5m0.56%	0.56%	Added +24.4k	+24,373 19.8%
57	DENTSPLY SIRONA INC COM XRAY	XRAY	1,167,350	$12.4m0.55%	0.55%	Added +214.1k	+214,100 22.5%
58	PHOTRONICS INC COM PLAB	PLAB	379,795	$12.4m0.55%	0.55%	Added +9.1k	+9,120 2.5%
59	CORE LABORATORIES INC COM CLB	CLB	1,058,311	$12.3m0.55%	0.55%	Added +908.3k	+908,311 605.5%
60	UNITIL CORP COM UTL	UTL	232,349	$12.2m0.55%	0.55%	Added +82.3k	+82,349 54.9%
61	MATERION CORP COM MTRN	MTRN	40,550	$12.1m0.54%	0.54%	Reduced -7.8k	-7,802 -16.1%
62	MARKETAXESS HLDGS INC COM MKTX	MKTX	104,926	$11.9m0.53%	0.53%	Added +46.6k	+46,592 79.9%
63	DONALDSON INC COM DCI	DCI	132,479	$11.9m0.53%	0.53%	Reduced -128	-128 -0.1%
64	COMMUNITY TR BANCORP INC COM CTBI	CTBI	164,210	$11.9m0.53%	0.53%	Reduced -5.1k	-5,140 -3.0%
65	D R HORTON INC COM DHI	DHI	72,847	$11.9m0.53%	0.53%	Reduced -1.5k	-1,540 -2.1%
66	CUSTOMERS BANCORP INC COM CUBI	CUBI	150,000	$11.9m0.53%	0.53%	Reduced -20.8k	-20,775 -12.2%
67	HUMANA INC COM HUM	HUM	29,632	$11.8m0.52%	0.52%	Added +8.3k	+8,279 38.8%
68	GETTY RLTY CORP NEW COM GTY	GTY	350,000	$11.7m0.52%	0.52%	Unchanged
69	SYSCO CORP COM SYY	SYY	139,290	$11.6m0.52%	0.52%	Reduced -51.3k	-51,271 -26.9%
70	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	204,398	$11.5m0.51%	0.51%	Reduced -10.0k	-10,000 -4.7%
71	NORTHERN TR CORP COM NTRS	NTRS	65,924	$11.5m0.51%	0.51%	Reduced -1.9k	-1,855 -2.7%
72	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	1,000,100	$11.3m0.50%	0.50%	Added +386.3k	+386,300 62.9%
73	INNOVEX INTERNATIONAL INC COM INVX	INVX	444,373	$11.0m0.49%	0.49%	Added +37.0k	+37,041 9.1%
74	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	70,116	$10.9m0.49%	0.49%	Reduced -5.0k	-5,000 -6.7%
75	LITTELFUSE INC COM LFUS	LFUS	23,703	$10.8m0.48%	0.48%	Reduced -3.1k	-3,132 -11.7%
76	F N B CORP COM FNB	FNB	565,362	$10.8m0.48%	0.48%	Reduced -25.0k	-25,000 -4.2%
77	KINDER MORGAN INC DEL COM KMI	KMI	332,613	$10.6m0.47%	0.47%	Added +49.9k	+49,880 17.6%
78	FIRST INTERNET BANCORP COM INBK	INBK	375,900	$10.5m0.47%	0.47%	Reduced -9.0k	-9,000 -2.3%
79	ADTRAN HOLDINGS INC COM ADTN	ADTN	750,000	$10.4m0.46%	0.46%	Unchanged
80	FIRSTENERGY CORP COM FE	FE	217,875	$10.4m0.46%	0.46%	Reduced -44.7k	-44,711 -17.0%
81	RENASANT CORP COM RNST	RNST	239,965	$10.2m0.45%	0.45%	Added +52.4k	+52,411 27.9%
82	ALPHABET INC CAP STK CL A GOOGL	GOOGL	28,144	$10.1m0.45%	0.45%	Reduced -1.8k	-1,762 -5.9%
83	HENRY SCHEIN INC COM HSIC	HSIC	120,000	$10.0m0.45%	0.45%	Unchanged
84	PACKAGING CORP AMER COM PKG	PKG	41,808	$10.0m0.44%	0.44%	Reduced -3.0k	-2,997 -6.7%
85	XCEL ENERGY INC COM XEL	XEL	122,828	$9.9m0.44%	0.44%	Added +13.7k	+13,651 12.5%
86	CENTENE CORP DEL COM CNC	CNC	152,111	$9.8m0.43%	0.43%	Added +26.4k	+26,357 21.0%
87	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	44,877	$9.7m0.43%	0.43%	Reduced -2.6k	-2,569 -5.4%
88	QUEST DIAGNOSTICS INC COM DGX	DGX	45,311	$9.6m0.43%	0.43%	Reduced -1.7k	-1,675 -3.6%
89	MURPHY USA INC COM MUSA	MUSA	17,732	$9.6m0.43%	0.43%	Reduced -6.3k	-6,317 -26.3%
90	ALPINE INCOME PPTY TR INC COM PINE	PINE	455,175	$9.4m0.42%	0.42%	Added +23.3k	+23,255 5.4%
91	ARCH CAP GROUP LTD ORD ACGL	ACGL	96,117	$9.3m0.42%	0.42%	Reduced -7.4k	-7,380 -7.1%
92	ENVISTA HOLDINGS CORPORATION COM NVST	NVST	352,353	$9.3m0.41%	0.41%	Reduced -50.0k	-50,000 -12.4%
93	NICOLET BANKSHARES INC COM NIC	NIC	55,758	$9.2m0.41%	0.41%	Unchanged
94	PNC FINL SVCS GROUP INC COM PNC	PNC	37,357	$9.2m0.41%	0.41%	Reduced -1.1k	-1,103 -2.9%
95	WATERS CORP COM WAT	WAT	24,463	$9.2m0.41%	0.41%	Added +12.0k	+12,002 96.3%
96	ARAMARK COM ARMK	ARMK	159,926	$9.1m0.41%	0.41%	Unchanged
97	BANK MARIN BANCORP COM BMRC	BMRC	325,508	$9.0m0.40%	0.40%	Added +75.5k	+75,508 30.2%
98	FB FINL CORP COM FBK	FBK	162,481	$9.0m0.40%	0.40%	Reduced -25.0k	-25,000 -13.3%
99	NEOGEN CORP COM NEOG	NEOG	1,000,000	$9.0m0.40%	0.40%	Unchanged
100	MSA SAFETY INC COM MSA	MSA	51,275	$9.0m0.40%	0.40%	Added +22.1k	+22,146 76.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CALAVO GROWERS INC		400,000	$10.3m400.0k shares
NATIONAL STORAGE AFFILIATES NSA	NSA	200,000	$7.5m200.0k shares
SUNOPTA INC STKL	STKL	1,000,000	$6.5m1.0m shares
SEABOARD CORP DEL SEB	SEB	1,000	$5.7m1.0k shares
BLUELINX HLDGS INC BXC	BXC	92,075	$5.0m92.1k shares
RH RH	RH	35,000	$4.9m35.0k shares
RAYMOND JAMES FINL INC RJF	RJF	32,842	$4.8m32.8k shares
PERRIGO CO PLC PRGO	PRGO	150,219	$1.6m150.2k shares
ACCURAY INC ARAY	ARAY	1,977,450	$767.4k2.0m shares
SYNERGY CHC CORP SNYRQ	SNYRQ	550,000	$709.5k550.0k shares
HONEYWELL INTL INC		525	$237.3k525 shares
INVESCO EXCHANGE TRADED FD T PPA	PPA	375	$62.1k375 shares