Heartland Advisors, INC.

Heartland Advisors is an independent registered investment advisor founded in 1983 and based in Milwaukee, Wisconsin. The firm specializes in value-style investing, seeking out stocks that appear priced below their true fundamental value. Heartland Advisors provides investment management services primarily on a discretionary basis, meaning the investment team makes trades on behalf of clients based on approved strategies. The firm's advice centers on five distinct value equity strategies, including small-cap value, mid-cap value, and opportunistic value, as well as managing mutual funds. In addition to direct separate accounts, Heartland Advisors offers investment management through wrap fee programs and unified managed account programs sponsored by financial intermediaries. The investment process relies on fundamental research guided by internal value principles, evaluating factors such as low price-to-earnings ratios, financial soundness, and capable management. Heartland Advisors serves individuals, institutions, trusts, estates, charitable organizations, and pension plans.