Nov. 18, 2003 — The Heartland Group:Value Fund (HRTVX), which has consistently outperformed its peers over the years, will close to most new investors on November 26 to keep it from getting too big to be manageable.
The decision to close the fund was based on its size, and the “availability” of stocks of “smaller companies that meet the fund’s investment criteria,” Heartland Funds said in a regulatory filing. The fund, which Heartland said had about $1.7 billion in assets on Sept. 30, had about $1.9 billion in assets at the end of October, according to Standard & Poor’s data.
This year through last month, Heartland Value returned 57.3%, versus 32.5% for the average small-cap value fund. The Heartland fund gained an average annualized 15%, versus 11.8% for similar funds, for the ten years ended in October.
The portfolio carries a 5-Star rank from Standard & Poor’s.