Heartland Small Cap Value Strategy Q4 2025 Portfolio Activity

Core Insights - The Heartland Small Cap Value Strategy achieved a return of 2.98% in Q4 2025, underperforming the Russell 2000® Value Index, which returned 3.26% [2] Performance Summary - The performance of the Heartland Small Cap Value Strategy in Q4 2025 was a gain of 2.98% [2] - The Russell 2000® Value Index outperformed the strategy with a return of 3.26% during the same period [2]