Heartland Advisors Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Heartland Advisors Inc. reported 202 stock positions worth $1.7 billion. Its top holding was Texas Capital Bancshares (TCBI) at 2.1% of the portfolio, followed by Teledyne Technologies (TDY, 1.6%) and Mohawk Industries (MHK, 1.5%). Compared with Q4 2024, it opened 18 new positions, sold out of 14, added to 62 and reduced 93. The biggest buy was a new position in Encore Capital (ECPG) and the biggest sale an exit from Primo Brands (PRMB).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000937394
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0000892712-25-000061 ↗ filed May 7, 2025
Holdings Value
Holdings 202 stocks · $1.7B
| TCBI Texas Capital Bancshares Inc. | 2.05% | 479,038 | $35.8M | Reduce -18.7% |
| TDY Teledyne Technologies Inc. | 1.61% | 56,505 | $28.1M | Reduce -15.1% |
| MHK Mohawk Industries Inc. | 1.51% | 231,037 | $26.4M | Reduce -19.9% |
| PSA Public Storage | 1.51% | 88,084 | $26.4M | Reduce -0.9% |
| NOV Nov Inc. | 1.49% | 1,700,351 | $25.9M | Reduce -1.3% |
| CNC Centene Corp. | 1.36% | 391,285 | $23.8M | Reduce -14.3% |
| SIMO Silicon Motion Technol-ADR | 1.31% | 450,755 | $22.8M | Add +0.8% |
| BDX Becton Dickinson and Co. | 1.29% | 98,164 | $22.5M | Reduce -0.1% |
| SBCF Seacoast Banking Corp. | 1.29% | 870,063 | $22.4M | Reduce -3.0% |
| CCBG Capital City Bank Group Inc. | 1.22% | 589,850 | $21.2M | Reduce -1.8% |
| GBCI Glacier Bancorp Inc. | 1.20% | 473,669 | $20.9M | Reduce -16.3% |
| LINC Lincoln Educational Services | 1.18% | 1,300,000 | $20.6M | Reduce -3.8% |
| CASS Cass Information Systems Inc. | 1.18% | 473,926 | $20.5M | Add +13.7% |
| PRGO Perrigo Co. PLC | 1.15% | 716,650 | $20.1M | Reduce -17.3% |
| PCH Potlatchdeltic Corp. | 1.09% | 422,525 | $19.1M | Reduce -10.2% |
| IIIV I3 Verticals Inc. Class A | 1.08% | 759,200 | $18.7M | Reduce -6.5% |
| BBSI Barrett Business SVCS Inc. | 1.06% | 450,000 | $18.5M | Reduce -5.3% |
| KMB Kimberly-Clark Corp. | 1.03% | 126,086 | $17.9M | Reduce -20.8% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 1.02% | 119,964 | $17.7M | Reduce -7.4% |
| MTG Mgic Investment Corp. | 1.02% | 713,994 | $17.7M | Add +3.8% |
| NSA National Storage Affiliates | 1.00% | 440,400 | $17.4M | Reduce -0.0% |
| DGX Quest Diagnostics Inc. | 1.00% | 102,472 | $17.3M | Reduce -34.0% |
| ASB Associated Banc-Corp. | 1.00% | 769,546 | $17.3M | Add +92.4% |
| SYY Sysco Corp. | 0.98% | 228,519 | $17.1M | Add +17.8% |
| GTLS Chart Industries Inc. | 0.97% | 117,005 | $16.9M | Reduce -13.0% |
| FAF First American Financial | 0.97% | 256,408 | $16.8M | Reduce -14.1% |
| CCS Century Communities Inc. | 0.93% | 242,261 | $16.3M | Add +53.3% |
| KNX Knight-Swift Transportation | 0.87% | 348,461 | $15.2M | Add +0.2% |
| CPT Camden Property Trust | 0.87% | 123,772 | $15.1M | Reduce -29.3% |
| EOG EOG Resources Inc. | 0.85% | 114,939 | $14.7M | Reduce -2.0% |
| GTES Gates Industrial Corp. UK Ltd. | 0.83% | 785,091 | $14.5M | Add +27.6% |
| BALL Ball Corp. | 0.82% | 272,715 | $14.2M | Reduce -5.0% |
| CGAU Centerra Gold Inc. | 0.81% | 2,218,550 | $14.1M | Reduce -1.6% |
| XRAY Dentsply Sirona Inc. | 0.80% | 933,850 | $14.0M | Add +31.1% |
| THO Thor Industries Inc. | 0.79% | 181,677 | $13.8M | Add +33.4% |
| RHI Robert Half Inc. | 0.79% | 251,199 | $13.7M | Add +23.1% |
| DCI Donaldson Co. Inc. | 0.78% | 202,925 | $13.6M | Add +1.7% |
| NTRS Northern Trust Corp. | 0.78% | 137,904 | $13.6M | Reduce -20.8% |
| NWPX NWPX Infrastructure Inc. filed as NORTHWEST PIPE CO | 0.77% | 326,700 | $13.5M | No change |
| PPG PPG Industries Inc. | 0.76% | 121,610 | $13.3M | Add +2.6% |
| NGD New Gold Inc. | 0.76% | 3,555,600 | $13.2M | Reduce -26.6% |
| INGR Ingredion Inc. | 0.76% | 97,474 | $13.2M | Add +10.8% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.76% | 283,855 | $13.2M | Reduce -8.8% |
| LDOS Leidos Holdings Inc. | 0.75% | 97,360 | $13.1M | Add +3.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.75% | 183,590 | $13.1M | Reduce -24.2% |
| ORI Old Republic Intl Corp. | 0.72% | 321,610 | $12.6M | Reduce -22.4% |
| ESS Essex Property Trust Inc. | 0.68% | 38,771 | $11.9M | Reduce -44.2% |
| RDN Radian Group Inc. | 0.66% | 350,000 | $11.6M | Reduce -12.5% |
| UGI Ugi Corp. | 0.66% | 350,000 | $11.6M | No change |
| WTW Willis Towers Watson PLC | 0.66% | 33,888 | $11.5M | Reduce -20.0% |
| SKX Skechers USA Inc. Class A | 0.65% | 200,152 | $11.4M | Add +10.8% |
| CTRA Coterra Energy Inc. | 0.65% | 391,612 | $11.3M | Reduce -28.4% |
| VNOM Viper Energy Inc. | 0.65% | 250,000 | $11.3M | No change |
| MTN Vail Resorts Inc. | 0.64% | 70,073 | $11.2M | Add +27.1% |
| EZPW Ezcorp Inc. Class A | 0.63% | 750,000 | $11.0M | Reduce -29.8% |
| FE Firstenergy Corp. | 0.63% | 270,525 | $10.9M | Reduce -36.3% |
| EGO Eldorado Gold Corp. | 0.63% | 648,100 | $10.9M | Add +104.7% |
| AOS Smith (a.o.) Corp. | 0.62% | 166,151 | $10.9M | Add +60.4% |
| THG Hanover Insurance Group Inc./ | 0.61% | 61,556 | $10.7M | Reduce -4.4% |
| TEL Te Connectivity PLC | 0.61% | 75,665 | $10.7M | Add +146.7% |
| CSV Carriage Services Inc. | 0.61% | 273,491 | $10.6M | Reduce -18.0% |
| IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L | 0.60% | 400,000 | $10.5M | Reduce -25.9% |
| FOR Forestar Group Inc. | 0.60% | 491,900 | $10.4M | Add +25.3% |
| SNN Smith & Nephew PLC -Spon ADR | 0.59% | 359,854 | $10.2M | Reduce -17.6% |
| KMX Carmax Inc. | 0.59% | 130,894 | $10.2M | Add +31.4% |
| HSY The Hershey Co. | 0.58% | 59,285 | $10.1M | Reduce -23.9% |
| ECPG Encore Capital Group Inc. | 0.58% | 295,150 | $10.1M | New |
| SF Stifel Financial Corp. | 0.58% | 106,998 | $10.1M | Reduce -0.0% |
| SEE Sealed Air Corp. | 0.58% | 347,572 | $10.0M | Reduce -3.1% |
| TCBK Trico Bancshares | 0.57% | 250,000 | $10.0M | No change |
| WSO Watsco Inc. | 0.57% | 19,561 | $9.9M | Reduce -25.6% |
| HAE Haemonetics Corp. | 0.57% | 155,898 | $9.9M | Add +67.8% |
| CMCO Columbus McKinnon Corp. | 0.56% | 577,375 | $9.8M | Add +477.4% |
| BRC Brady Corporation Class A | 0.55% | 136,108 | $9.6M | Add +14.2% |
| HXL Hexcel Corp. | 0.54% | 172,922 | $9.5M | Add +42.4% |
| MIDD Middleby Corp. | 0.54% | 62,051 | $9.4M | Add +25.4% |
| CTS CTS Corp. | 0.54% | 224,709 | $9.3M | Reduce -0.0% |
| CUBI Customers Bancorp Inc. | 0.54% | 185,839 | $9.3M | Add +17.9% |
| PINE Alpine Income Property Trust | 0.53% | 553,030 | $9.2M | Reduce -12.3% |
| ON On Semiconductor | 0.52% | 224,482 | $9.1M | Add +2.0% |
| PLYM Plymouth Industrial REIT Inc. | 0.51% | 549,900 | $9.0M | Add +56.7% |
| STC Stewart Information Services | 0.51% | 125,000 | $8.9M | No change |
| EXC Exelon Corp. | 0.51% | 191,428 | $8.8M | Reduce -36.0% |
| LAMR Lamar Advertising Co. Class A | 0.49% | 74,910 | $8.5M | No change |
| CTBI Community Trust Bancorp Inc. | 0.49% | 169,025 | $8.5M | No change |
| NFG National Fuel Gas Co. | 0.48% | 104,861 | $8.3M | Reduce -27.5% |
| AUDC Audiocodes Ltd. | 0.48% | 880,250 | $8.3M | Add +2.5% |
| ASTE Astec Industries Inc. | 0.46% | 234,800 | $8.1M | Add +27.1% |
| WEC WEC Energy Group Inc. | 0.46% | 74,174 | $8.1M | Reduce -37.1% |
| FCFS Firstcash Holdings Inc. | 0.46% | 67,147 | $8.1M | Add +525.6% |
| DNOW Dnow Inc. | 0.44% | 450,000 | $7.7M | Reduce -14.6% |
| ARAY Accuray Inc. | 0.44% | 4,274,750 | $7.7M | Add +11.8% |
| LEU Centrus Energy Corp. Class A | 0.44% | 122,610 | $7.6M | Reduce -18.8% |
| LECO Lincoln Electric Holdings | 0.44% | 40,086 | $7.6M | Add +46.2% |
| HSTM Healthstream Inc. | 0.44% | 235,584 | $7.6M | Reduce -18.0% |
| FIS Fidelity National Info Serv | 0.44% | 101,510 | $7.6M | Reduce -39.8% |
| MGY Magnolia Oil & Gas Corp. Class A | 0.44% | 300,000 | $7.6M | No change |
| LKQ LKQ Corp. | 0.43% | 176,171 | $7.5M | New |
| MTRN Materion Corp. | 0.43% | 91,071 | $7.4M | No change |
| NVST Envista Holdings Corp. | 0.42% | 427,995 | $7.4M | Add +99.3% |
Portfolio Sells Q4 2024 → Q1 2025
| PRMB Primo Brands Corp. | Sold out | 0.00% | −0.67 |
| PDCO Patterson Cos Inc. | Sold out | 0.00% | −0.66 |
| PRIM Primoris Services Corp. | Reduce -50.0% | 0.33% | −0.50 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.49 |
| TCBI Texas Capital Bancshares Inc. | Reduce -18.7% | 2.05% | −0.45 |
| SMTC Semtech Corp. | Reduce -36.1% | 0.26% | −0.44 |
| GTLS Chart Industries Inc. | Reduce -13.0% | 0.97% | −0.43 |
| ESS Essex Property Trust Inc. | Reduce -44.2% | 0.68% | −0.40 |
| MHK Mohawk Industries Inc. | Reduce -19.9% | 1.51% | −0.35 |
| GBCI Glacier Bancorp Inc. | Reduce -16.3% | 1.20% | −0.34 |
| FIS Fidelity National Info Serv | Reduce -39.8% | 0.44% | −0.30 |
| FE Firstenergy Corp. | Reduce -36.3% | 0.63% | −0.29 |
| FMC FMC Corp. | Sold out | 0.00% | −0.28 |
| HNRG Hallador Energy Co. | Reduce -61.8% | 0.21% | −0.28 |
| DGX Quest Diagnostics Inc. | Reduce -34.0% | 1.00% | −0.28 |
| CPT Camden Property Trust | Reduce -29.3% | 0.87% | −0.23 |
| DK Delek US Holdings Inc. | Reduce -77.3% | 0.06% | −0.23 |
| PKG Packaging Corp. of America | Reduce -33.3% | 0.34% | −0.21 |
| NTRS Northern Trust Corp. | Reduce -20.8% | 0.78% | −0.19 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -7.4% | 1.02% | −0.18 |
| RJF Raymond James Financial Inc. | Reduce -49.1% | 0.15% | −0.16 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.16 |
| CEG Constellation Energy | Reduce -66.9% | 0.07% | −0.16 |
| CNC Centene Corp. | Reduce -14.3% | 1.36% | −0.14 |
| WEC WEC Energy Group Inc. | Reduce -37.1% | 0.46% | −0.14 |
| HSY The Hershey Co. | Reduce -23.9% | 0.58% | −0.13 |
| LOPE Grand Canyon Education Inc. | Reduce -30.9% | 0.39% | −0.12 |
| FBK FB Financial Corp. | Reduce -8.8% | 0.76% | −0.12 |
| CSV Carriage Services Inc. | Reduce -18.0% | 0.61% | −0.11 |
| CTRA Coterra Energy Inc. | Reduce -28.4% | 0.65% | −0.11 |
| LEU Centrus Energy Corp. Class A | Reduce -18.8% | 0.44% | −0.11 |
| CTS CTS Corp. | Reduce -0.0% | 0.54% | −0.11 |
| EXC Exelon Corp. | Reduce -36.0% | 0.51% | −0.11 |
| WSO Watsco Inc. | Reduce -25.6% | 0.57% | −0.11 |
| KMB Kimberly-Clark Corp. | Reduce -20.8% | 1.03% | −0.10 |
| TFX Teleflex Inc. | Reduce -3.4% | 0.40% | −0.10 |
| HBIO Harvard Bioscience Inc. | Reduce -7.6% | 0.04% | −0.10 |
| ALK Alaska Air Group Inc. | Reduce -8.4% | 0.28% | −0.10 |
| HAYW Hayward Holdings Inc. | Reduce -15.7% | 0.42% | −0.10 |
| IGIC International General Insura | Reduce -25.9% | 0.60% | −0.09 |
| ORI Old Republic Intl Corp. | Reduce -22.4% | 0.72% | −0.09 |
| SEE Sealed Air Corp. | Reduce -3.1% | 0.58% | −0.08 |
| VLO Valero Energy Corp. | Reduce -37.8% | 0.20% | −0.08 |
| APAM Artisan Partners Asset Ma -A | Reduce -14.2% | 0.36% | −0.08 |
| EZPW Ezcorp Inc. Class A | Reduce -29.8% | 0.63% | −0.08 |
| MU Micron Technology Inc. | Reduce -98.2% | 0.00% | −0.07 |
| KMT Kennametal Inc. | Reduce -29.1% | 0.13% | −0.07 |
| GVA Granite Construction Inc. | Reduce -6.2% | 0.37% | −0.06 |
| TDY Teledyne Technologies Inc. | Reduce -15.1% | 1.61% | −0.06 |
| WTW Willis Towers Watson PLC | Reduce -20.0% | 0.66% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| ECPG Encore Capital Group Inc. | New | 0.58% | +0.58 |
| ASB Associated Banc-Corp. | Add +92.4% | 1.00% | +0.48 |
| LKQ LKQ Corp. | New | 0.43% | +0.43 |
| FCFS Firstcash Holdings Inc. | Add +525.6% | 0.46% | +0.40 |
| FDS Factset Research Systems Inc. | New | 0.39% | +0.39 |
| DHI D.R. Horton Inc. | New | 0.38% | +0.38 |
| TEL Te Connectivity PLC | Add +146.7% | 0.61% | +0.38 |
| EGO Eldorado Gold Corp. | Add +104.7% | 0.63% | +0.37 |
| CMCO Columbus McKinnon Corp. | Add +477.4% | 0.56% | +0.36 |
| QRVO Qorvo Inc. | New | 0.34% | +0.34 |
| CPB The Campbell's Company | New | 0.31% | +0.31 |
| CCS Century Communities Inc. | Add +53.3% | 0.93% | +0.30 |
| GWRS Global Water Resources Inc. | New | 0.27% | +0.27 |
| CASS Cass Information Systems Inc. | Add +13.7% | 1.18% | +0.25 |
| LUV Southwest Airlines Co. | New | 0.25% | +0.25 |
| LSCC Lattice Semiconductor Corp. | New | 0.24% | +0.24 |
| AOS Smith (a.o.) Corp. | Add +60.4% | 0.62% | +0.24 |
| CWCO Consolidated Water Co.-Ord SH | Add +146.8% | 0.38% | +0.23 |
| LTRX Lantronix Inc. | New | 0.20% | +0.20 |
| NVST Envista Holdings Corp. | Add +99.3% | 0.42% | +0.20 |
| MCHP Microchip Technology Inc. | New | 0.19% | +0.19 |
| SYY Sysco Corp. | Add +17.8% | 0.98% | +0.18 |
| MIDD Middleby Corp. | Add +25.4% | 0.54% | +0.18 |
| PLYM Plymouth Industrial REIT Inc. | Add +56.7% | 0.51% | +0.18 |
| HAE Haemonetics Corp. | Add +67.8% | 0.57% | +0.17 |
| SIGI Selective Insurance Group | New | 0.17% | +0.17 |
| ASO Academy Sports & Outdoors Inc. | Add +110.6% | 0.39% | +0.17 |
| EGP Eastgroup Properties Inc. | New | 0.16% | +0.16 |
| LECO Lincoln Electric Holdings | Add +46.2% | 0.44% | +0.16 |
| ALEX Alexander & Baldwin Inc. | Add +60.0% | 0.40% | +0.15 |
| KMX Carmax Inc. | Add +31.4% | 0.59% | +0.14 |
| GTES Gates Industrial Corp. UK Ltd. | Add +27.6% | 0.83% | +0.14 |
| HXL Hexcel Corp. | Add +42.4% | 0.54% | +0.13 |
| MTG Mgic Investment Corp. | Add +3.8% | 1.02% | +0.13 |
| ASTE Astec Industries Inc. | Add +27.1% | 0.46% | +0.13 |
| CUBI Customers Bancorp Inc. | Add +17.9% | 0.54% | +0.12 |
| MRTN Marten Transport Ltd. | Add +100.0% | 0.24% | +0.11 |
| LYFT LYFT Inc. Class A | New | 0.10% | +0.10 |
| FNB FNB Corp. | New | 0.10% | +0.10 |
| INGR Ingredion Inc. | Add +10.8% | 0.76% | +0.10 |
| SEB Seaboard Corp. | Add +25.0% | 0.31% | +0.10 |
| OGS One Gas Inc. | Add +37.5% | 0.26% | +0.09 |
| AR Antero Resources Corp. | New | 0.09% | +0.09 |
| THO Thor Industries Inc. | Add +33.4% | 0.79% | +0.08 |
| MTN Vail Resorts Inc. | Add +27.1% | 0.64% | +0.08 |
| ST Sensata Technologies Holdplc | Add +114.7% | 0.15% | +0.08 |
| VVV Valvoline Inc. | New | 0.07% | +0.07 |
| BRC Brady Corporation Class A | Add +14.2% | 0.55% | +0.07 |
| LFUS Littelfuse Inc. | New | 0.07% | +0.07 |
| XRAY Dentsply Sirona Inc. | Add +31.1% | 0.80% | +0.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 244 | $2.2B | SIMO, CCS, CGAU, ECPG, TCBI |
| Q1 2026 | 244 | $2.0B | CGAU, TCBI, SIMO, ECPG, CCS |
| Q4 2025 | 253 | $1.9B | TCBI, CGAU, LINC, CCS, EGO |
| Q3 2025 | 237 | $1.9B | TCBI, SIMO, LINC, TDY, CCS |
| Q2 2025 | 213 | $1.8B | TCBI, SIMO, LINC, TDY, PSA |
| Q1 2025 | 202 | $1.7B | TCBI, TDY, MHK, PSA, NOV |
| Q4 2024 | 198 | $1.8B | TCBI, MHK, TDY, GBCI, CNC |
| Q3 2024 | 184 | $1.9B | MHK, TCBI, CNC, PSA, NOV |
| Q2 2024 | 178 | $1.8B | MHK, NOV, PRGO, DGX, TCBI |
| Q1 2024 | 175 | $1.9B | MHK, TCBI, NOV, PRGO, NTRS |