Heartland Advisors Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Heartland Advisors Inc. reported 237 stock positions worth $1.9 billion. Its top holding was Texas Capital Bancshares (TCBI) at 1.8% of the portfolio, followed by Silicon Motion Technol-ADR (SIMO, 1.8%) and Lincoln Educational Services (LINC, 1.6%). Compared with Q2 2025, it opened 44 new positions, sold out of 20, added to 62 and reduced 99. The biggest buy was a new position in Essential Utilities (WTRG) and the biggest sale an exit from Chart Industries (GTLS).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0000937394
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0000892712-25-000143 ↗ filed Nov 7, 2025
Holdings Value
Holdings 237 stocks · $1.9B
| TCBI Texas Capital Bancshares Inc. | 1.83% | 410,903 | $34.7M | Add +1.4% |
| SIMO Silicon Motion Technol-ADR | 1.78% | 355,770 | $33.7M | Reduce -11.4% |
| LINC Lincoln Educational Services | 1.60% | 1,290,000 | $30.3M | Reduce -0.5% |
| TDY Teledyne Technologies Inc. | 1.59% | 51,214 | $30.0M | Reduce -10.5% |
| CCS Century Communities Inc. | 1.53% | 456,003 | $28.9M | Add +8.7% |
| CGAU Centerra Gold Inc. | 1.36% | 2,399,650 | $25.7M | Add +7.3% |
| PSA Public Storage | 1.35% | 88,606 | $25.6M | Reduce -3.2% |
| PRGO Perrigo Co. PLC | 1.28% | 1,084,778 | $24.2M | Add +9.3% |
| MHK Mohawk Industries Inc. | 1.24% | 182,280 | $23.5M | Reduce -17.5% |
| GBCI Glacier Bancorp Inc. | 1.19% | 464,114 | $22.6M | Reduce -1.1% |
| ASB Associated Banc-Corp. | 1.19% | 877,828 | $22.6M | Add +7.2% |
| EGO Eldorado Gold Corp. | 1.14% | 747,875 | $21.6M | Reduce -0.6% |
| CCBG Capital City Bank Group Inc. | 1.10% | 500,000 | $20.9M | Reduce -3.6% |
| SBCF Seacoast Banking Corp. | 1.06% | 662,458 | $20.2M | Reduce -11.3% |
| GTES Gates Industrial Corp. UK Ltd. | 1.06% | 810,652 | $20.1M | Add +0.1% |
| HSY The Hershey Co. | 1.06% | 107,184 | $20.0M | Reduce -9.0% |
| BBSI Barrett Business SVCS Inc. | 1.05% | 450,000 | $19.9M | No change |
| NSA National Storage Affiliates | 1.03% | 646,200 | $19.5M | Add +47.2% |
| EXC Exelon Corp. | 1.02% | 431,064 | $19.4M | Add +43.1% |
| MTG Mgic Investment Corp. | 1.00% | 664,607 | $18.9M | Add +0.2% |
| TFX Teleflex Inc. | 0.97% | 150,000 | $18.4M | Add +200.0% |
| CASS Cass Information Systems Inc. | 0.97% | 466,584 | $18.4M | Reduce -0.3% |
| NTRS Northern Trust Corp. | 0.95% | 133,728 | $18.0M | Reduce -9.9% |
| IIIV I3 Verticals Inc. Class A | 0.93% | 545,200 | $17.7M | Reduce -15.7% |
| THO Thor Industries Inc. | 0.93% | 169,770 | $17.6M | Reduce -13.9% |
| NWPX NWPX Infrastructure Inc. | 0.90% | 321,500 | $17.0M | Reduce -1.6% |
| BDX Becton Dickinson and Co. | 0.88% | 89,168 | $16.7M | Add +23.2% |
| DCI Donaldson Co. Inc. | 0.88% | 203,469 | $16.7M | Reduce -20.7% |
| XRAY Dentsply Sirona Inc. | 0.88% | 1,312,207 | $16.7M | Reduce -14.0% |
| EOG EOG Resources Inc. | 0.86% | 145,707 | $16.3M | Reduce -5.8% |
| KMB Kimberly-Clark Corp. | 0.86% | 130,763 | $16.3M | Add +27.3% |
| SYY Sysco Corp. | 0.81% | 185,522 | $15.3M | Add +0.2% |
| SNN Smith & Nephew PLC -Spon ADR | 0.79% | 412,993 | $15.0M | Reduce -19.5% |
| NOV Nov Inc. | 0.79% | 1,125,080 | $14.9M | Reduce -37.8% |
| WSO Watsco Inc. | 0.79% | 36,830 | $14.9M | Add +52.0% |
| FE Firstenergy Corp. | 0.79% | 324,856 | $14.9M | Add +29.0% |
| PHIN Phinia Inc. | 0.78% | 257,018 | $14.8M | Add +157.0% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.78% | 109,806 | $14.7M | Reduce -13.1% |
| WTRG Essential Utilities Inc. | 0.78% | 367,662 | $14.7M | New |
| ECPG Encore Capital Group Inc. | 0.77% | 350,850 | $14.6M | Add +17.7% |
| PLYM Plymouth Industrial REIT Inc. | 0.77% | 655,475 | $14.6M | Reduce -0.3% |
| CNC Centene Corp. | 0.73% | 389,109 | $13.9M | Reduce -8.4% |
| MGY Magnolia Oil & Gas Corp. Class A | 0.73% | 576,290 | $13.8M | Add +92.1% |
| FOR Forestar Group Inc. | 0.72% | 516,050 | $13.7M | No change |
| TEL Te Connectivity PLC | 0.72% | 62,450 | $13.7M | Reduce -26.9% |
| ASO Academy Sports & Outdoors Inc. | 0.72% | 273,617 | $13.7M | Add +71.9% |
| PNC PNC Financial Services Group | 0.72% | 67,645 | $13.6M | Add +45.6% |
| EZPW Ezcorp Inc. Class A | 0.71% | 705,906 | $13.4M | No change |
| CPT Camden Property Trust | 0.71% | 125,396 | $13.4M | Reduce -1.9% |
| VNOM Viper Energy Inc. Class A | 0.71% | 350,000 | $13.4M | New |
| DHI D.R. Horton Inc. | 0.70% | 77,716 | $13.2M | Reduce -18.2% |
| LYFT LYFT Inc. Class A | 0.69% | 594,800 | $13.1M | Add +68.2% |
| ALGT Allegiant Travel Co. | 0.67% | 209,765 | $12.7M | New |
| PRIM Primoris Services Corp. | 0.65% | 90,000 | $12.4M | Reduce -10.0% |
| LDOS Leidos Holdings Inc. | 0.65% | 65,174 | $12.3M | Reduce -23.6% |
| CUBI Customers Bancorp Inc. | 0.64% | 184,989 | $12.1M | Reduce -0.4% |
| KWR Quaker Chemical Corporation | 0.63% | 90,383 | $11.9M | Add +9.4% |
| AOS Smith (a.o.) Corp. | 0.60% | 155,593 | $11.4M | Reduce -8.8% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.60% | 203,530 | $11.3M | Reduce -15.5% |
| PLAB Photronics Inc. | 0.59% | 490,075 | $11.2M | Add +0.2% |
| SF Stifel Financial Corp. | 0.59% | 99,074 | $11.2M | Reduce -7.2% |
| ASTE Astec Industries Inc. | 0.59% | 233,450 | $11.2M | Reduce -0.1% |
| TCBK Trico Bancshares | 0.59% | 250,000 | $11.1M | No change |
| BALL Ball Corp. | 0.58% | 217,478 | $11.0M | Reduce -19.0% |
| PPG PPG Industries Inc. | 0.58% | 103,832 | $10.9M | Reduce -8.4% |
| RDN Radian Group Inc. | 0.57% | 300,000 | $10.9M | Reduce -14.3% |
| CWCO Consolidated Water Co.-Ord SH | 0.57% | 307,800 | $10.9M | Reduce -0.1% |
| HXL Hexcel Corp. | 0.56% | 169,275 | $10.6M | Reduce -1.4% |
| BRC Brady Corporation Class A | 0.55% | 133,909 | $10.4M | Reduce -3.4% |
| NVST Envista Holdings Corp. | 0.55% | 509,834 | $10.4M | Add +0.3% |
| FNB FNB Corp. | 0.53% | 621,234 | $10.0M | Add +16.0% |
| UGI Ugi Corp. | 0.53% | 300,000 | $10.0M | Reduce -14.3% |
| ESS Essex Property Trust Inc. | 0.53% | 37,221 | $10.0M | Reduce -21.0% |
| XEL Xcel Energy Inc. | 0.52% | 122,958 | $9.9M | New |
| ARMK Aramark | 0.52% | 257,992 | $9.9M | Add +138.6% |
| PINE Alpine Income Property Trust | 0.52% | 692,400 | $9.8M | Add +25.1% |
| AUDC Audiocodes Ltd. | 0.52% | 1,028,850 | $9.8M | Add +15.5% |
| MTRN Materion Corp. | 0.51% | 80,440 | $9.7M | Reduce -11.4% |
| DGX Quest Diagnostics Inc. | 0.50% | 50,007 | $9.5M | Reduce -3.1% |
| LAMR Lamar Advertising Co. Class A | 0.50% | 77,839 | $9.5M | Add +0.3% |
| MIDD Middleby Corp. | 0.50% | 71,164 | $9.5M | Reduce -14.5% |
| CTBI Community Trust Bancorp Inc. | 0.50% | 169,025 | $9.5M | No change |
| CSV Carriage Services Inc. | 0.49% | 207,300 | $9.2M | Reduce -18.6% |
| STC Stewart Information Services | 0.48% | 125,000 | $9.2M | No change |
| CVGW Calavo Growers Inc. | 0.48% | 353,625 | $9.1M | No change |
| FCFS Firstcash Holdings Inc. | 0.46% | 55,495 | $8.8M | Reduce -8.8% |
| ORI Old Republic Intl Corp. | 0.46% | 206,659 | $8.8M | Reduce -0.2% |
| HUBB Hubbell Inc. | 0.46% | 20,106 | $8.7M | Add +13.2% |
| LEU Centrus Energy Corp. Class A | 0.45% | 27,500 | $8.5M | Reduce -69.4% |
| ARAY Accuray Inc. | 0.44% | 4,996,500 | $8.3M | Reduce -1.2% |
| WTW Willis Towers Watson PLC | 0.44% | 23,959 | $8.3M | Add +25.4% |
| LRCX Lam Research Corp. | 0.42% | 59,909 | $8.0M | Reduce -14.2% |
| ACGL Arch Capital Group Ltd. | 0.42% | 87,701 | $8.0M | New |
| THG Hanover Insurance Group Inc./ | 0.41% | 42,876 | $7.8M | Reduce -10.9% |
| MTDR Matador Resources Co. | 0.41% | 170,788 | $7.7M | Add +11.3% |
| GOOGL Alphabet Inc. Class A | 0.40% | 31,160 | $7.6M | Reduce -1.0% |
| WEC WEC Energy Group Inc. | 0.40% | 65,844 | $7.5M | Add +5.4% |
| SXT Sensient Technologies Corp. | 0.39% | 78,592 | $7.4M | Reduce -0.2% |
| TIPT Tiptree Inc. | 0.39% | 384,155 | $7.4M | Add +28.1% |
| STKL Sunopta Inc. | 0.39% | 1,248,775 | $7.3M | Add +2.6% |
Portfolio Sells Q2 2025 → Q3 2025
| GTLS Chart Industries Inc. | Sold out | 0.00% | −1.00 |
| KMX Carmax Inc. | Reduce -80.7% | 0.11% | −0.80 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.70 |
| CNC Centene Corp. | Reduce -8.4% | 0.73% | −0.55 |
| PCH Potlatchdeltic Corp. | Reduce -87.0% | 0.08% | −0.54 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.53 |
| XRAY Dentsply Sirona Inc. | Reduce -14.0% | 0.88% | −0.47 |
| LEU Centrus Energy Corp. Class A | Reduce -69.4% | 0.45% | −0.47 |
| NOV Nov Inc. | Reduce -37.8% | 0.79% | −0.47 |
| RHI Robert Half Inc. | Reduce -54.7% | 0.23% | −0.41 |
| HCSG Healthcare Services Group | Sold out | 0.00% | −0.40 |
| HAE Haemonetics Corp. | Reduce -38.6% | 0.25% | −0.40 |
| SAIC Science Applications Inte | Sold out | 0.00% | −0.38 |
| NFG National Fuel Gas Co. | Sold out | 0.00% | −0.37 |
| FAF First American Financial | Reduce -74.5% | 0.12% | −0.36 |
| ON On Semiconductor | Reduce -47.1% | 0.28% | −0.32 |
| KNX Knight-Swift Transportation | Sold out | 0.00% | −0.28 |
| INGR Ingredion Inc. | Reduce -54.4% | 0.18% | −0.27 |
| OEC Orion SA | Reduce -66.7% | 0.08% | −0.27 |
| LNN Lindsay Corp. | Reduce -66.6% | 0.12% | −0.27 |
| MTN Vail Resorts Inc. | Reduce -42.4% | 0.29% | −0.27 |
| BALL Ball Corp. | Reduce -19.0% | 0.58% | −0.26 |
| CHX Championx Corp. | Sold out | 0.00% | −0.26 |
| APAM Artisan Partners Asset Ma -A | Reduce -82.6% | 0.05% | −0.26 |
| ALK Alaska Air Group Inc. | Reduce -80.2% | 0.06% | −0.24 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -13.1% | 0.78% | −0.23 |
| ESS Essex Property Trust Inc. | Reduce -21.0% | 0.53% | −0.22 |
| UGI Ugi Corp. | Reduce -14.3% | 0.53% | −0.18 |
| LECO Lincoln Electric Holdings | Reduce -40.3% | 0.31% | −0.17 |
| NGD New Gold Inc. | Reduce -50.0% | 0.38% | −0.17 |
| CMCO Columbus McKinnon Corp. | Reduce -24.1% | 0.36% | −0.17 |
| MIDD Middleby Corp. | Reduce -14.5% | 0.50% | −0.17 |
| EOG EOG Resources Inc. | Reduce -5.8% | 0.86% | −0.17 |
| CASS Cass Information Systems Inc. | Reduce -0.3% | 0.97% | −0.16 |
| PBPB Potbelly Corp. | Reduce -47.8% | 0.36% | −0.16 |
| CSV Carriage Services Inc. | Reduce -18.6% | 0.49% | −0.16 |
| CPB The Campbell's Company | Sold out | 0.00% | −0.16 |
| SIGI Selective Insurance Group | Sold out | 0.00% | −0.15 |
| PSA Public Storage | Reduce -3.2% | 1.35% | −0.15 |
| CTS CTS Corp. | Reduce -20.9% | 0.34% | −0.14 |
| PPG PPG Industries Inc. | Reduce -8.4% | 0.58% | −0.14 |
| FDS Factset Research Systems Inc. | Reduce -6.0% | 0.18% | −0.14 |
| RDN Radian Group Inc. | Reduce -14.3% | 0.57% | −0.13 |
| GVA Granite Construction Inc. | Reduce -35.3% | 0.31% | −0.12 |
| NWE Northwestern Energy Group Inc. | Reduce -61.4% | 0.08% | −0.12 |
| DCI Donaldson Co. Inc. | Reduce -20.7% | 0.88% | −0.11 |
| NJR New Jersey Resources Corp. | Reduce -57.0% | 0.08% | −0.11 |
| LDOS Leidos Holdings Inc. | Reduce -23.6% | 0.65% | −0.10 |
| NTRS Northern Trust Corp. | Reduce -9.9% | 0.95% | −0.10 |
| CPT Camden Property Trust | Reduce -1.9% | 0.71% | −0.10 |
Portfolio Buys Q2 2025 → Q3 2025
| WTRG Essential Utilities Inc. | New | 0.78% | +0.78 |
| VNOM Viper Energy Inc. Class A | New | 0.71% | +0.71 |
| ALGT Allegiant Travel Co. | New | 0.67% | +0.67 |
| TFX Teleflex Inc. | Add +200.0% | 0.97% | +0.64 |
| PHIN Phinia Inc. | Add +157.0% | 0.78% | +0.53 |
| XEL Xcel Energy Inc. | New | 0.52% | +0.52 |
| CGAU Centerra Gold Inc. | Add +7.3% | 1.36% | +0.46 |
| ACGL Arch Capital Group Ltd. | New | 0.42% | +0.42 |
| LYFT LYFT Inc. Class A | Add +68.2% | 0.69% | +0.38 |
| MGY Magnolia Oil & Gas Corp. Class A | Add +92.1% | 0.73% | +0.35 |
| ADT Adt Inc. | New | 0.33% | +0.33 |
| ASO Academy Sports & Outdoors Inc. | Add +71.9% | 0.72% | +0.33 |
| GNRC Generac Holdings Inc. | New | 0.32% | +0.32 |
| KDP Keurig Dr Pepper Inc. | New | 0.31% | +0.31 |
| EXC Exelon Corp. | Add +43.1% | 1.02% | +0.30 |
| BXC Bluelinx Holdings Inc. | New | 0.29% | +0.29 |
| PRMB Primo Brands Corp. | New | 0.28% | +0.28 |
| XRN Chiron Real Estate Inc. | New | 0.27% | +0.27 |
| ARMK Aramark | Add +138.6% | 0.52% | +0.27 |
| OXM Oxford Industries Inc. | New | 0.27% | +0.27 |
| NUE Nucor Corp. | New | 0.25% | +0.25 |
| NSA National Storage Affiliates | Add +47.2% | 1.03% | +0.25 |
| RH RH | New | 0.24% | +0.24 |
| PNC PNC Financial Services Group | Add +45.6% | 0.72% | +0.24 |
| GO Grocery Outlet Holding Corp. | New | 0.23% | +0.23 |
| SON Sonoco Products Co. | New | 0.23% | +0.23 |
| FE Firstenergy Corp. | Add +29.0% | 0.79% | +0.22 |
| WD Walker & Dunlop Inc. | New | 0.22% | +0.22 |
| CCS Century Communities Inc. | Add +8.7% | 1.53% | +0.21 |
| BLDR Builders Firstsource Inc. | Add +200.8% | 0.31% | +0.20 |
| AGG iShares Core U.S. Aggregate | New | 0.20% | +0.20 |
| LFUS Littelfuse Inc. | Add +100.5% | 0.37% | +0.20 |
| INVX Innovex International Inc. | New | 0.20% | +0.20 |
| WSO Watsco Inc. | Add +52.0% | 0.79% | +0.19 |
| BDX Becton Dickinson and Co. | Add +23.2% | 0.88% | +0.19 |
| RPRX Royalty Pharma PLC Class A | New | 0.18% | +0.18 |
| AMZN Amazon.com Inc. | New | 0.16% | +0.16 |
| JBSS John B. Sanfilippo & Son Inc. | Add +450.0% | 0.19% | +0.15 |
| EVTC Evertec Inc. | Add +81.8% | 0.36% | +0.14 |
| ECPG Encore Capital Group Inc. | Add +17.7% | 0.77% | +0.13 |
| KMB Kimberly-Clark Corp. | Add +27.3% | 0.86% | +0.12 |
| KWR Quaker Chemical Corporation | Add +9.4% | 0.63% | +0.11 |
| WTW Willis Towers Watson PLC | Add +25.4% | 0.44% | +0.11 |
| FNB FNB Corp. | Add +16.0% | 0.53% | +0.09 |
| EGP Eastgroup Properties Inc. | Add +40.4% | 0.34% | +0.09 |
| PLAB Photronics Inc. | Add +0.2% | 0.59% | +0.08 |
| MSFT Microsoft Corp. | New | 0.08% | +0.08 |
| ASB Associated Banc-Corp. | Add +7.2% | 1.19% | +0.08 |
| COLM Columbia Sportswear Co. | New | 0.07% | +0.07 |
| SNYRQ Synergy CHC Corp. | New | 0.07% | +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 |