Overall Morningstar Rating™ as of 4/30/12, out of 351 mid-cap value funds Morningstar Proprietary Ratings™ reflect historical risk-adjusted performance as of April 30, 2012. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year Morningstar Rating™ metrics.
The Select Value Fund seeks long-term capital appreciation without market capitalization constraints.
The Select Value Fund seeks to capture long-term capital appreciation through dynamic pursuit of value irrespective of market capitalization, making it compelling as a core holding. The Fund utilizes our disciplined and time-tested 10 Principles of Value Investing™ framework to identify companies with the potential for appreciation and a potential margin of safety to limit downside risk.
Certain asset classes perform differently depending on the market cycle. While small- and mid-cap stocks have historically generated greater returns than large-cap stocks, they also tend to be more volatile. Because we choose among all value stocks in the marketplace, the Fund is diversified among market caps, which may help to control volatility and generate a more consistent return profile.
The Select Value Fund was honored as #1 in the Multi-Cap Value Fund category for the 10-year period that ended December 31, 2011 (out of 113 funds). It is the sixth consecutive year the Fund has received a Lipper Award over a 3-, 5- or 10-year period.
Heartland’s experienced portfolio management team follows the disciplined process, Heartland’s 10 Principles of Value Investing.™
We focus on what we consider to be the best risk adjusted investment opportunities for patient, long-term investors. We believe those investment opportunities have the following attributes:
Ted Baszler, CFA, CPA , Will Nasgovitz and David Fondrie, CPA
"We strive for long-term consistent returns, believing that the power of compounding over time builds wealth for shareholders."
— David Fondrie
The above individuals are Registered Representatives of ALPS Distributors, Inc.
In addition to stocks of large companies, the Select Value Fund invests in small and mid-sized companies that are generally less liquid than large companies. Value investments are subject to the risk that their intrinsic values may not be recognized by the broad market. The Fund also invests in a smaller number of stocks (generally 40 to 60) than the average mutual fund. The performance of these holdings generally will increase the volatility of the Fund's returns.
©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance, rankings and ratings are no guarantee of future results. Rankings and ratings change monthly. Investment return and principal value will fluctuate so that your shares, when redeemed may be worth more or less than their original purchase price.
The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. As of 4/30/12 the Select Value Fund was rated against 351, 306 and 151 mid-cap value funds over the 3-, 5- and 10-year periods, respectively. The Select Value Fund has received Morningstar's 3-star rating for the 3- and 5-year periods and Morningstar's 4-star rating for the 10-year period. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar's risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately which may cause slight variations in the distribution percentages.) The Morningstar Ratings™ are for the specified share class; other classes may have different performance characteristics.
Lipper does not guarantee the accuracy of this information. Lipper numeric rankings are based on total returns. As of April 30, 2012, the Select Value Fund's Lipper numeric rankings were 18 of 110, 26 of 221, 94 of 251 and 233 of 302 for the 10-, 5-, 3- and 1-year periods, respectively, and the Fund experienced a negative return for the 1-year period. As of December 31, 2011, the Select Value Fund was ranked 16 of 114, 12 of 219, 104 of 263 and 244 of 309 for the 10-, 5-, 3- and 1-year periods, respectively, and the Fund experienced a negative return for the 1-year period.
CFA is a trademark owned by CFA Institute.
How a Multi-Cap Value Fund Fits into a Portfolio: Three Approaches We share ideas for incorporating a multi-cap value fund into investment portfolios. Each is potentially relevant depending on how asset allocations are constructed.
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