Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. As the overall stock market continues to widen, mid-caps are not experiencing the same. The high-quality value stocks continue to underperform, while speculative, low-quality, and momentum-driven sections of the market have received significant attention, and the valuation gaps are widening further. Against this backdrop, the Fund’s portfolio lost 1.92% in the quarter, versus the Russell Midcap® Value Index’s 1.42% return. The underperformance of its Quality Value holdings hit the performance of the strategy in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its fourth-quarter 2025 investor letter, Heartland Mid Cap Value Fund highlighted stocks such as MarketAxess Holdings Inc. (NASDAQ:MKTX). MarketAxess Holdings Inc. (NASDAQ:MKTX) is a leading electronic trading platform operator. On January 12, 2026, MarketAxess Holdings Inc. (NASDAQ:MKTX) stock closed at $170.10 per share. One-month return of MarketAxess Holdings Inc. (NASDAQ:MKTX) was -5.22%, and its shares lost 21.48% of their value over the last 52 weeks. MarketAxess Holdings Inc. (NASDAQ:MKTX) has a market capitalization of $6.356 billion.
Heartland Mid Cap Value Fund stated the following regarding MarketAxess Holdings Inc. (NASDAQ:MKTX) in its fourth quarter 2025 investor letter:
“Financials. In the quarter, we initiated a new position in MarketAxess Holdings Inc. (NASDAQ:MKTX), a Quality Value company that owns and operates the largest e-trading platform in the U.S. for corporate bonds.
