Heartland Value Plus Fund Q1 2025 Commentary

Summary

• This is a market that requires patience, as hopes for improving demand dynamics were put on hold in the quarter amid concerns of a slowdown.
• Without accelerating growth to rely upon, it is more important than ever to focus on companies taking steps to strengthen their financial and competitive standing.
• We believe a balanced approach makes sense in this market, one that is neither ‘risk on‘ nor ‘risk off’ but focuses on businesses deploying ‘self-help’ strategies.

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First Quarter Market Discussion

Recently, we have been focusing our attention on companies with two levers of potential growth. These are businesses proactively taking steps to improve their own financial strength and competitive standing to boost their