Heartland Value Fund’s Views on Potbelly Corporation (PBPB)

Core Insights - Heartland Advisors reported a 10.04% gain for the Heartland Value Fund in Q3 2025, while the Russell 2000® Value Index returned 12.60% [1] - The fund highlighted Potbelly Corporation (NASDAQ:PBPB) as a significant investment, noting its one-month return of 0.35% and a remarkable 108.42% increase over the past 52 weeks [2] - Potbelly Corporation's stock closed at $17.07 on October 10, 2025, with a market capitalization of $516.448 million [2] Investment Strategy - The fund emphasized its value investing approach in a market characterized by high valuations and a focus on AI, identifying solid businesses with attractive valuations that are often overlooked [3] - The investment process is grounded in fundamentally driven, bottoms-up stock research, adhering to the 10 Principles of Value Investing™ [3]