Group 1 - Heartland Advisors released its "Heartland Value Fund" fourth-quarter 2025 investor letter, noting that the Russell 2000® Value Index generated a return of 3.26%, outperforming the S&P 500's 2.66% gains [1] - Small stocks nearly caught up to large caps in 2025, marking their best performance since the pandemic, driven by an increase in small-cap stock earnings and compelling valuations [1] - The Heartland Value Fund gained 2.61% in the quarter, underperforming the Russell 2000® Value Index due to stock selection issues, particularly in the healthcare sector [1] Group 2 - Columbus McKinnon Corporation (NASDAQ:CMCO) was highlighted in the investor letter, with its stock closing at $19.68 per share on January 12, 2026, reflecting an 11.88% one-month return but a 44.50% loss over the last 52 weeks [2] - The company has a market capitalization of $565.372 million [2] - Heartland Value Fund increased its position in Columbus McKinnon Corporation, which designs and manufactures materials handling products for various industrial applications [3] - Columbus McKinnon reported slower-than-expected Q3 results due to U.S. policy uncertainty, which typically would have led to a mid to high single-digit selloff [3] - The stock plummeted over 40% following the announcement of a $2.7 billion acquisition of competitor Kito Crosby, raising concerns about execution and increased leverage [3]