Summary

• In the first quarter, the Heartland Value Strategy gained 6.64% compared with the 4.96% return for the Russell 2000® Value Index.
• Small stocks outperformed large caps by a wide margin during the quarter before the flight to safety in March.
• We don’t believe geopolitical risks will derail the long-term rotation into small value.
• Our Strategy beat its benchmark in the quarter, as it has over the past one, three, five, and 10 years and since inception in 1988.

“Those who cannot remember the past are condemned to repeat it.”— George Santayana

Small caps outperformed large stocks by a wide margin at the start of the year, as AI-skepticism crept in and the outlook

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