Core Insights - The Heartland Opportunistic Value Equity Strategy achieved a gain of 4.65% in Q3 2025, underperforming the Russell 3000® Value Index, which increased by 5.63% [2] Performance Analysis - Stock selection was positive in 5 of the sectors analyzed, indicating some successful investment choices despite overall underperformance relative to the benchmark [2]

Core Insights - The commentary emphasizes an opportunistic approach to the market, indicating a willingness to remain patient until fundamentally attractive investment opportunities arise [2] Group 1 - The strategy is characterized by a focus on value equity, suggesting a preference for undervalued stocks that have potential for growth [2] - The commentary reflects a cautious stance, highlighting the importance of timing in investment decisions [2]