Heartland Advisors Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Heartland Advisors Inc. reported 213 stock positions worth $1.8 billion. Its top holding was Texas Capital Bancshares (TCBI) at 1.8% of the portfolio, followed by Silicon Motion Technol-ADR (SIMO, 1.7%) and Lincoln Educational Services (LINC, 1.7%). Compared with Q1 2025, it opened 28 new positions, sold out of 17, added to 72 and reduced 89. The biggest buy was Dentsply Sirona (XRAY, shares +63%) and the biggest sale an exit from WR Berkley (WRB).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000937394
- Portfolio Value
- $1.8B (Q2 2025)
- SEC Filing
- 0000892712-25-000090 ↗ filed Aug 12, 2025
Holdings Value
Holdings 213 stocks · $1.8B
| TCBI Texas Capital Bancshares Inc. | 1.79% | 405,169 | $32.2M | Reduce -15.4% |
| SIMO Silicon Motion Technol-ADR | 1.68% | 401,732 | $30.2M | Reduce -10.9% |
| LINC Lincoln Educational Services | 1.67% | 1,295,807 | $29.9M | Reduce -0.3% |
| TDY Teledyne Technologies Inc. | 1.63% | 57,203 | $29.3M | Add +1.2% |
| PSA Public Storage | 1.50% | 91,517 | $26.9M | Add +3.9% |
| PRGO Perrigo Co. PLC | 1.48% | 992,891 | $26.5M | Add +38.5% |
| XRAY Dentsply Sirona Inc. | 1.35% | 1,526,333 | $24.2M | Add +63.5% |
| CCS Century Communities Inc. | 1.32% | 419,482 | $23.6M | Add +73.2% |
| MHK Mohawk Industries Inc. | 1.29% | 220,845 | $23.2M | Reduce -4.4% |
| CNC Centene Corp. | 1.29% | 424,900 | $23.1M | Add +8.6% |
| NOV Nov Inc. | 1.25% | 1,807,707 | $22.5M | Add +6.3% |
| SBCF Seacoast Banking Corp. | 1.15% | 746,813 | $20.6M | Reduce -14.2% |
| CCBG Capital City Bank Group Inc. | 1.14% | 518,750 | $20.4M | Reduce -12.1% |
| CASS Cass Information Systems Inc. | 1.13% | 467,843 | $20.3M | Reduce -1.3% |
| GBCI Glacier Bancorp Inc. | 1.13% | 469,213 | $20.2M | Reduce -0.9% |
| ASB Associated Banc-Corp. | 1.11% | 818,644 | $20.0M | Add +6.4% |
| HSY The Hershey Co. | 1.09% | 117,809 | $19.6M | Add +98.7% |
| NTRS Northern Trust Corp. | 1.05% | 148,384 | $18.8M | Add +7.6% |
| BBSI Barrett Business SVCS Inc. | 1.05% | 450,000 | $18.8M | No change |
| GTES Gates Industrial Corp. UK Ltd. | 1.04% | 809,722 | $18.6M | Add +3.1% |
| EOG EOG Resources Inc. | 1.03% | 154,591 | $18.5M | Add +34.5% |
| MTG Mgic Investment Corp. | 1.03% | 663,467 | $18.5M | Reduce -7.1% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 1.01% | 126,285 | $18.1M | Add +5.3% |
| GTLS Chart Industries Inc. | 1.00% | 108,545 | $17.9M | Reduce -7.2% |
| DCI Donaldson Co. Inc. | 0.99% | 256,715 | $17.8M | Add +26.5% |
| IIIV I3 Verticals Inc. Class A | 0.99% | 646,592 | $17.8M | Reduce -14.8% |
| THO Thor Industries Inc. | 0.98% | 197,153 | $17.5M | Add +8.5% |
| LEU Centrus Energy Corp. Class A | 0.92% | 90,000 | $16.5M | Reduce -26.6% |
| KMX Carmax Inc. | 0.92% | 244,578 | $16.4M | Add +86.8% |
| CGAU Centerra Gold Inc. | 0.90% | 2,235,325 | $16.1M | Add +0.8% |
| SNN Smith & Nephew PLC -Spon ADR | 0.88% | 513,191 | $15.7M | Add +42.6% |
| EGO Eldorado Gold Corp. | 0.85% | 752,225 | $15.3M | Add +16.1% |
| BALL Ball Corp. | 0.84% | 268,495 | $15.1M | Reduce -1.6% |
| CPT Camden Property Trust | 0.80% | 127,877 | $14.4M | Add +3.3% |
| TEL Te Connectivity PLC | 0.80% | 85,394 | $14.4M | Add +12.9% |
| NSA National Storage Affiliates | 0.78% | 438,900 | $14.0M | Reduce -0.3% |
| SYY Sysco Corp. | 0.78% | 185,163 | $14.0M | Reduce -19.0% |
| LDOS Leidos Holdings Inc. | 0.75% | 85,288 | $13.5M | Reduce -12.4% |
| NWPX NWPX Infrastructure Inc. | 0.75% | 326,900 | $13.4M | Add +0.1% |
| ESS Essex Property Trust Inc. | 0.74% | 47,123 | $13.4M | Add +21.5% |
| KMB Kimberly-Clark Corp. | 0.74% | 102,743 | $13.2M | Reduce -18.5% |
| EXC Exelon Corp. | 0.73% | 301,326 | $13.1M | Add +57.4% |
| PPG PPG Industries Inc. | 0.72% | 113,342 | $12.9M | Reduce -6.8% |
| UGI Ugi Corp. | 0.71% | 350,000 | $12.7M | No change |
| LKQ LKQ Corp. | 0.70% | 341,472 | $12.6M | Add +93.8% |
| RDN Radian Group Inc. | 0.70% | 350,000 | $12.6M | No change |
| BDX Becton Dickinson and Co. | 0.69% | 72,363 | $12.5M | Reduce -26.3% |
| DHI D.R. Horton Inc. | 0.68% | 95,016 | $12.2M | Add +84.6% |
| MIDD Middleby Corp. | 0.67% | 83,249 | $12.0M | Add +34.2% |
| HAE Haemonetics Corp. | 0.65% | 156,538 | $11.7M | Add +0.4% |
| CSV Carriage Services Inc. | 0.65% | 254,550 | $11.6M | Reduce -6.9% |
| ECPG Encore Capital Group Inc. | 0.64% | 298,150 | $11.5M | Add +1.0% |
| RHI Robert Half Inc. | 0.64% | 277,431 | $11.4M | Add +10.4% |
| AOS Smith (a.o.) Corp. | 0.62% | 170,639 | $11.2M | Add +2.7% |
| PCH Potlatchdeltic Corp. | 0.62% | 288,875 | $11.1M | Reduce -31.6% |
| SF Stifel Financial Corp. | 0.62% | 106,735 | $11.1M | Reduce -0.3% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.61% | 240,950 | $10.9M | Reduce -15.1% |
| CUBI Customers Bancorp Inc. | 0.61% | 185,739 | $10.9M | Reduce -0.1% |
| ON On Semiconductor | 0.60% | 204,307 | $10.7M | Reduce -9.0% |
| WSO Watsco Inc. | 0.60% | 24,234 | $10.7M | Add +23.9% |
| PLYM Plymouth Industrial REIT Inc. | 0.59% | 657,100 | $10.6M | Add +19.5% |
| FOR Forestar Group Inc. | 0.58% | 516,050 | $10.3M | Add +4.9% |
| FE Firstenergy Corp. | 0.57% | 251,892 | $10.1M | Reduce -6.9% |
| TCBK Trico Bancshares | 0.56% | 250,000 | $10.1M | No change |
| MTN Vail Resorts Inc. | 0.56% | 63,548 | $10.0M | Reduce -9.3% |
| NVST Envista Holdings Corp. | 0.55% | 508,388 | $9.9M | Add +18.8% |
| NGD New Gold Inc. | 0.55% | 2,000,000 | $9.9M | Reduce -43.8% |
| EZPW Ezcorp Inc. Class A | 0.55% | 705,906 | $9.8M | Reduce -5.9% |
| ASTE Astec Industries Inc. | 0.54% | 233,700 | $9.7M | Reduce -0.5% |
| HXL Hexcel Corp. | 0.54% | 171,670 | $9.7M | Reduce -0.7% |
| VNOM Viper Energy Inc. | 0.53% | 250,000 | $9.5M | No change |
| CMCO Columbus McKinnon Corp. | 0.53% | 622,075 | $9.5M | Add +7.7% |
| BRC Brady Corporation Class A | 0.53% | 138,635 | $9.4M | Add +1.9% |
| LAMR Lamar Advertising Co. Class A | 0.53% | 77,629 | $9.4M | Add +3.6% |
| CVGW Calavo Growers Inc. | 0.52% | 353,625 | $9.4M | New |
| PBPB Potbelly Corp. | 0.52% | 765,700 | $9.4M | Reduce -0.1% |
| DGX Quest Diagnostics Inc. | 0.52% | 51,595 | $9.3M | Reduce -49.6% |
| CWCO Consolidated Water Co.-Ord SH | 0.52% | 308,050 | $9.2M | Add +14.1% |
| KWR Quaker Chemical Corporation | 0.52% | 82,609 | $9.2M | Add +40.5% |
| PLAB Photronics Inc. | 0.51% | 489,150 | $9.2M | Add +43.6% |
| CTBI Community Trust Bancorp Inc. | 0.50% | 169,025 | $8.9M | No change |
| LECO Lincoln Electric Holdings | 0.49% | 42,259 | $8.8M | Add +5.4% |
| AUDC Audiocodes Ltd. | 0.49% | 890,550 | $8.7M | Add +1.2% |
| CTS CTS Corp. | 0.48% | 203,441 | $8.7M | Reduce -9.5% |
| PNC PNC Financial Services Group | 0.48% | 46,458 | $8.7M | Add +90.0% |
| FAF First American Financial | 0.48% | 141,058 | $8.7M | Reduce -45.0% |
| FCFS Firstcash Holdings Inc. | 0.46% | 60,870 | $8.2M | Reduce -9.3% |
| THG Hanover Insurance Group Inc./ | 0.46% | 48,149 | $8.2M | Reduce -21.8% |
| PINE Alpine Income Property Trust | 0.45% | 553,630 | $8.1M | Add +0.1% |
| STC Stewart Information Services | 0.45% | 125,000 | $8.1M | No change |
| INGR Ingredion Inc. | 0.45% | 59,495 | $8.1M | Reduce -39.0% |
| ORI Old Republic Intl Corp. | 0.44% | 207,146 | $8.0M | Reduce -35.6% |
| FNB FNB Corp. | 0.44% | 535,430 | $7.8M | Add +300.0% |
| PRIM Primoris Services Corp. | 0.43% | 100,000 | $7.8M | No change |
| SXT Sensient Technologies Corp. | 0.43% | 78,767 | $7.8M | Reduce -2.0% |
| GVA Granite Construction Inc. | 0.43% | 82,902 | $7.8M | Reduce -3.2% |
| MTDR Matador Resources Co. | 0.41% | 153,460 | $7.3M | Add +14.7% |
| HUBB Hubbell Inc. | 0.40% | 17,759 | $7.3M | New |
| INBK First Internet Bancorp | 0.40% | 269,600 | $7.3M | Add +12.2% |
| HCSG Healthcare Services Group | 0.40% | 482,325 | $7.2M | Reduce -15.6% |
Portfolio Sells Q1 2025 → Q2 2025
| WRB WR Berkley Corp. | Sold out | 0.00% | −0.75 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.65 |
| BDX Becton Dickinson and Co. | Reduce -26.3% | 0.69% | −0.60 |
| KNX Knight-Swift Transportation | Reduce -67.9% | 0.28% | −0.59 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.58 |
| FAF First American Financial | Reduce -45.0% | 0.48% | −0.48 |
| DGX Quest Diagnostics Inc. | Reduce -49.6% | 0.52% | −0.48 |
| PCH Potlatchdeltic Corp. | Reduce -31.6% | 0.62% | −0.48 |
| LSEA Landsea Homes Corp. | Sold out | 0.00% | −0.41 |
| HSTM Healthstream Inc. | Reduce -72.5% | 0.10% | −0.34 |
| WTW Willis Towers Watson PLC | Reduce -43.6% | 0.33% | −0.33 |
| CTRA Coterra Energy Inc. | Reduce -41.4% | 0.32% | −0.33 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.32 |
| INGR Ingredion Inc. | Reduce -39.0% | 0.45% | −0.31 |
| KMB Kimberly-Clark Corp. | Reduce -18.5% | 0.74% | −0.29 |
| ORI Old Republic Intl Corp. | Reduce -35.6% | 0.44% | −0.28 |
| TCBI Texas Capital Bancshares Inc. | Reduce -15.4% | 1.79% | −0.26 |
| MHK Mohawk Industries Inc. | Reduce -4.4% | 1.29% | −0.22 |
| VFC VF Corp. | Reduce -66.7% | 0.07% | −0.22 |
| NSA National Storage Affiliates | Reduce -0.3% | 0.78% | −0.21 |
| HNRG Hallador Energy Co. | Sold out | 0.00% | −0.21 |
| NGD New Gold Inc. | Reduce -43.8% | 0.55% | −0.21 |
| SYY Sysco Corp. | Reduce -19.0% | 0.78% | −0.20 |
| IGIC International General Insura | Reduce -25.0% | 0.40% | −0.20 |
| FIS Fidelity National Info Serv | Reduce -47.1% | 0.24% | −0.19 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.19 |
| THG Hanover Insurance Group Inc./ | Reduce -21.8% | 0.46% | −0.16 |
| LOPE Grand Canyon Education Inc. | Reduce -43.1% | 0.24% | −0.16 |
| W Wayfair Inc. Class A | Sold out | 0.00% | −0.15 |
| FBK FB Financial Corp. | Reduce -15.1% | 0.61% | −0.15 |
| CPB The Campbell's Company | Reduce -29.9% | 0.16% | −0.15 |
| SBCF Seacoast Banking Corp. | Reduce -14.2% | 1.15% | −0.14 |
| KMT Kennametal Inc. | Sold out | 0.00% | −0.13 |
| VLO Valero Energy Corp. | Reduce -60.3% | 0.08% | −0.12 |
| NFG National Fuel Gas Co. | Reduce -24.7% | 0.37% | −0.10 |
| WEC WEC Energy Group Inc. | Reduce -15.8% | 0.36% | −0.10 |
| LUV Southwest Airlines Co. | Reduce -32.9% | 0.16% | −0.09 |
| EZPW Ezcorp Inc. Class A | Reduce -5.9% | 0.55% | −0.09 |
| MTN Vail Resorts Inc. | Reduce -9.3% | 0.56% | −0.09 |
| IIIV I3 Verticals Inc. Class A | Reduce -14.8% | 0.99% | −0.08 |
| STRR Star Equity Holdings Inc. | Reduce -29.0% | 0.10% | −0.08 |
| CCBG Capital City Bank Group Inc. | Reduce -12.1% | 1.14% | −0.08 |
| IP International Paper Co. | Reduce -9.5% | 0.27% | −0.08 |
| GBCI Glacier Bancorp Inc. | Reduce -0.9% | 1.13% | −0.08 |
| FDS Factset Research Systems Inc. | Reduce -13.0% | 0.32% | −0.07 |
| TWIN Twin Disc Inc. | Sold out | 0.00% | −0.07 |
| CEG Constellation Energy | Reduce -91.0% | 0.01% | −0.06 |
| PKG Packaging Corp. of America | Reduce -11.7% | 0.28% | −0.06 |
| FE Firstenergy Corp. | Reduce -6.9% | 0.57% | −0.06 |
| CHX Championx Corp. | Reduce -0.2% | 0.26% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| XRAY Dentsply Sirona Inc. | Add +63.5% | 1.35% | +0.55 |
| CVGW Calavo Growers Inc. | New | 0.52% | +0.52 |
| HSY The Hershey Co. | Add +98.7% | 1.09% | +0.51 |
| HUBB Hubbell Inc. | New | 0.40% | +0.40 |
| EG Everest Group Ltd. | New | 0.39% | +0.39 |
| CCS Century Communities Inc. | Add +73.2% | 1.32% | +0.38 |
| LRCX Lam Research Corp. | New | 0.38% | +0.38 |
| FNB FNB Corp. | Add +300.0% | 0.44% | +0.33 |
| KMX Carmax Inc. | Add +86.8% | 0.92% | +0.33 |
| PRGO Perrigo Co. PLC | Add +38.5% | 1.48% | +0.33 |
| DHI D.R. Horton Inc. | Add +84.6% | 0.68% | +0.31 |
| SNN Smith & Nephew PLC -Spon ADR | Add +42.6% | 0.88% | +0.29 |
| LKQ LKQ Corp. | Add +93.8% | 0.70% | +0.27 |
| PZZA Papa John's Intl Inc. | New | 0.27% | +0.27 |
| NTRS Northern Trust Corp. | Add +7.6% | 1.05% | +0.27 |
| ARMK Aramark | New | 0.25% | +0.25 |
| PHIN Phinia Inc. | New | 0.25% | +0.25 |
| PNC PNC Financial Services Group | Add +90.0% | 0.48% | +0.24 |
| EGO Eldorado Gold Corp. | Add +16.1% | 0.85% | +0.23 |
| EXC Exelon Corp. | Add +57.4% | 0.73% | +0.22 |
| DDI Doubledown Interactive -ADR | New | 0.21% | +0.21 |
| DCI Donaldson Co. Inc. | Add +26.5% | 0.99% | +0.21 |
| GTES Gates Industrial Corp. UK Ltd. | Add +3.1% | 1.04% | +0.21 |
| LYFT LYFT Inc. Class A | Add +130.3% | 0.31% | +0.21 |
| PBH Prestige Consumer Healthcare | New | 0.20% | +0.20 |
| STKL Sunopta Inc. | Add +73.9% | 0.39% | +0.20 |
| TEL Te Connectivity PLC | Add +12.9% | 0.80% | +0.19 |
| THO Thor Industries Inc. | Add +8.5% | 0.98% | +0.19 |
| EOG EOG Resources Inc. | Add +34.5% | 1.03% | +0.18 |
| SAIC Science Applications Inte | Add +71.4% | 0.38% | +0.15 |
| HRL Hormel Foods Corp. | New | 0.14% | +0.14 |
| CWCO Consolidated Water Co.-Ord SH | Add +14.1% | 0.52% | +0.14 |
| NVST Envista Holdings Corp. | Add +18.8% | 0.55% | +0.13 |
| MIDD Middleby Corp. | Add +34.2% | 0.67% | +0.13 |
| ASB Associated Banc-Corp. | Add +6.4% | 1.11% | +0.12 |
| LTRX Lantronix Inc. | Add +37.9% | 0.31% | +0.11 |
| PLAB Photronics Inc. | Add +43.6% | 0.51% | +0.11 |
| BLDR Builders Firstsource Inc. | New | 0.10% | +0.10 |
| KWR Quaker Chemical Corporation | Add +40.5% | 0.52% | +0.10 |
| LFUS Littelfuse Inc. | Add +108.5% | 0.17% | +0.10 |
| PESI Perma-Fix Environmental SVCS | Add +5.7% | 0.28% | +0.09 |
| CGAU Centerra Gold Inc. | Add +0.8% | 0.90% | +0.09 |
| EGP Eastgroup Properties Inc. | Add +66.6% | 0.25% | +0.09 |
| HAE Haemonetics Corp. | Add +0.4% | 0.65% | +0.08 |
| PLYM Plymouth Industrial REIT Inc. | Add +19.5% | 0.59% | +0.07 |
| BHE Benchmark Electronics Inc. | Add +37.0% | 0.27% | +0.07 |
| GOLF Acushnet Holdings Corp. | Add +59.6% | 0.17% | +0.07 |
| RJF Raymond James Financial Inc. | Add +33.0% | 0.21% | +0.06 |
| AMAT Applied Materials Inc. | New | 0.06% | +0.06 |
| ECPG Encore Capital Group Inc. | Add +1.0% | 0.64% | +0.06 |
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 |