Summary

• In the first quarter, the Heartland Value Strategy gained 6.64% compared with the 4.96% return for the Russell 2000® Value Index.
• We initiated a position in the ultra low cost airline last year, when the shares were depressed and its story was obscured by a non core hotel project that consumed capital and complicated the narrative.
• i3 Verticals shares have slumped to the low thirties last fall and closed the quarter at $22.
• XRN's management change and insider buying was a strong positive in our view.

The following segment was excerpted from Heartland Small Cap Value Strategy Q1 2026 Commentary.

Portfolio Activity

In the first quarter, the Heartland Value Strategy gained 6.64% compared with the 4.96% return for the Russell 2000® Value Index. The Strategy outperformed

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