Heartland Advisors, an investment management company, released its “Heartland Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Russell 2000® Value Index generated a return of 3.26% in the fourth quarter, outperforming 2.66% gains for the S&P 500. After the year-end surge, small stocks nearly caught up to large caps in 2025, their greatest performance since the pandemic. Due to an increase in the small-cap stock’s earnings, the investors are acknowledging thei ...